Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2020 | Jun. 24, 2020 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 1-8625 | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | READING INTERNATIONAL INC | |
Entity Incorporation, State or Country Code | NV | |
Entity Tax Identification Number | 95-3885184 | |
Entity Address, Address Line One | 5995 Sepulveda Boulevard | |
Entity Address, Address Line Two | Suite 300 | |
Entity Address, City or Town | Culver City | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 90230 | |
City Area Code | 213 | |
Local Phone Number | 235-2240 | |
Entity Central Index Key | 0000716634 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Class A [Member] | ||
Title of 12(b) Security | Class A Nonvoting Common Stock, $0.01 par value | |
Trading Symbol | RDI | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 20,067,635 | |
Class B [Member] | ||
Title of 12(b) Security | Class B Voting Common Stock, $0.01 par value | |
Trading Symbol | RDIB | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 1,680,590 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Current Assets: | ||
Cash and cash equivalents | $ 54,893 | $ 12,135 |
Receivables | 2,865 | 7,085 |
Inventory | 1,355 | 1,674 |
Prepaid and other current assets | 10,305 | 6,105 |
Total current assets | 69,418 | 26,999 |
Operating properties, net | 236,907 | 258,138 |
Operating lease right-of-use assets | 213,907 | 229,879 |
Investment and development property, net | 116,163 | 114,024 |
Investment in unconsolidated joint ventures | 4,290 | 5,069 |
Goodwill | 24,306 | 26,448 |
Intangible assets, net | 4,421 | 4,320 |
Deferred tax asset, net | 2,592 | 3,444 |
Other assets | 5,718 | 6,668 |
Total assets | 677,722 | 674,989 |
Current Liabilities: | ||
Accounts payable and accrued liabilities | 24,420 | 29,436 |
Film rent payable | 3,599 | 8,716 |
Debt – current portion | 171,426 | 36,736 |
Subordinated debt - current portion | 651 | 644 |
Derivative financial instruments - current portion | 199 | 109 |
Taxes payable - current | 85 | 140 |
Deferred current revenue | 9,726 | 11,324 |
Operating lease liabilities - current portion | 19,717 | 20,379 |
Other current liabilities | 3,310 | 3,653 |
Total current liabilities | 233,133 | 111,137 |
Debt – long-term portion | 59,252 | 140,602 |
Derivative financial instruments - non-current portion | 358 | 233 |
Subordinated debt, net | 29,058 | 29,030 |
Noncurrent tax liabilities | 12,520 | 12,353 |
Operating lease liabilities - non-current portion | 207,697 | 223,164 |
Other liabilities | 18,304 | 18,854 |
Total liabilities | 560,322 | 535,373 |
Commitments and contingencies (Note 14) | ||
Stockholders' equity: | ||
Nonvoting preferred stock, par value $0.01, 12,000 shares authorized and no issued or outstanding shares at March 31, 2020 and December 31, 2019 | ||
Additional paid-in capital | 148,908 | 148,602 |
Retained earnings | 14,772 | 20,647 |
Treasury shares | (40,407) | (39,737) |
Accumulated other comprehensive income | (10,290) | 5,589 |
Total Reading International, Inc. stockholders' equity | 113,231 | 135,349 |
Noncontrolling interests | 4,169 | 4,267 |
Total stockholders' equity | 117,400 | 139,616 |
Total liabilities and stockholders’ equity | 677,722 | 674,989 |
Class A [Member] | ||
Stockholders' equity: | ||
Common stock | 231 | 231 |
Class B [Member] | ||
Stockholders' equity: | ||
Common stock | $ 17 | $ 17 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2020 | Dec. 31, 2019 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 12,000 | 12,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Class A [Member] | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 32,982,873 | 32,963,489 |
Common stock, shares outstanding | 20,046,762 | 20,102,535 |
Class B [Member] | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 20,000,000 | 20,000,000 |
Common stock, shares issued | 1,680,590 | 1,680,590 |
Common stock, shares outstanding | 1,680,590 | 1,680,590 |
Consolidated Statements Of Inco
Consolidated Statements Of Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Revenue | ||
Total revenue | $ 49,228 | $ 61,492 |
Costs and expenses | ||
Depreciation and amortization | (5,270) | (5,594) |
General and administrative | (5,945) | (6,484) |
Total costs and expenses | (56,267) | (62,852) |
Operating income (loss) | (7,039) | (1,360) |
Interest expense, net | (1,789) | (1,852) |
Other income (expense) | (218) | (20) |
Income (loss) before income tax expense and equity earnings of unconsolidated joint ventures | (9,046) | (3,232) |
Equity earnings of unconsolidated joint ventures | 78 | 34 |
Income (loss) before income taxes | (8,968) | (3,198) |
Income tax benefit (expense) | 3,013 | 1,057 |
Net income (loss) | (5,955) | (2,141) |
Less: net income (loss) attributable to noncontrolling interests | (80) | (16) |
Net income (loss) attributable to Reading International, Inc. common shareholders | $ (5,875) | $ (2,125) |
Basic earnings (loss) per share attributable to Reading International, Inc. common shareholders | $ (0.27) | $ (0.09) |
Diluted earnings (loss) per share attributable to Reading International, Inc. common shareholders | $ (0.27) | $ (0.09) |
Weighted average number of shares outstanding-basic | 21,752,371 | 22,920,486 |
Weighted average number of shares outstanding-diluted | 22,119,621 | 23,124,106 |
Cinema [Member] | ||
Revenue | ||
Total revenue | $ 46,310 | $ 57,927 |
Costs and expenses | ||
Total costs and expenses | (42,292) | (48,329) |
Real Estate [Member] | ||
Revenue | ||
Total revenue | 2,918 | 3,565 |
Costs and expenses | ||
Total costs and expenses | $ (2,760) | $ (2,445) |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Consolidated Statements Of Comprehensive Income [Abstract] | ||
Net income (loss) | $ (5,955) | $ (2,141) |
Foreign currency translation gain (loss) | (15,698) | 1,526 |
Gain (loss) on cash flow hedges | (214) | (69) |
Others | 33 | 53 |
Comprehensive income (loss) | (21,834) | (631) |
Less: net income (loss) attributable to noncontrolling interests | (80) | (16) |
Less: comprehensive income (loss) attributable to noncontrolling interests | (18) | 1 |
Comprehensive income (loss) attributable to Reading International, Inc. | $ (21,736) | $ (616) |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Operating Activities | ||
Net income (loss) | $ (5,955) | $ (2,141) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Equity earnings of unconsolidated joint ventures | (78) | (34) |
Distributions of earnings from unconsolidated joint ventures | 229 | 249 |
Amortization of operating leases | 5,028 | 5,895 |
Amortization of finance leases | 39 | 41 |
Change in operating lease liabilities | (4,833) | (5,754) |
Interest on hedged derivatives | (5) | |
Change in net deferred tax assets | 471 | (166) |
Depreciation and amortization | 5,270 | 5,594 |
Other amortization | 217 | 341 |
Stock-based compensation expense | 335 | 280 |
Net changes in operating assets and liabilities: | ||
Receivables | 3,867 | 993 |
Prepaid and other assets | (4,027) | (1,957) |
Payments for accrued pension | (171) | (171) |
Accounts payable and accrued expenses | (3,552) | (2,145) |
Film rent payable | (4,821) | (2,132) |
Taxes payable | (49) | (1,151) |
Deferred revenue and other liabilities | (642) | (1,579) |
Net cash provided by (used in) operating activities | (8,672) | (3,842) |
Investing Activities | ||
Purchases of and additions to operating and investment properties | (9,804) | (11,476) |
Acquisition of business combinations | (1,380) | |
Change in restricted cash | 243 | |
Net cash provided by (used in) investing activities | (9,804) | (12,613) |
Financing Activities | ||
Repayment of long-term borrowings | (22,733) | (6,113) |
Repayment of finance lease principle | (40) | (41) |
Proceeds from borrowings | 84,648 | 22,349 |
Capitalized borrowing costs | (270) | |
Repurchase of Class A Nonvoting Common Stock | (671) | (9) |
(Cash paid) proceeds from the settlement of employee share transactions | (29) | (259) |
Noncontrolling interest contributions | 18 | |
Noncontrolling interest distributions | (27) | |
Net cash provided by (used in) financing activities | 60,905 | 15,918 |
Effect of exchange rate changes on cash and cash equivalents | 329 | 57 |
Net increase (decrease) in cash and cash equivalents | 42,758 | (480) |
Cash and cash equivalents at January 1 | 12,135 | 13,127 |
Cash and cash equivalents at March 31 | 54,893 | 12,647 |
Supplemental Disclosures | ||
Interest paid | 2,381 | 2,304 |
Income taxes paid | 1,426 | 1,883 |
Non-Cash Transactions | ||
Additions to operating and investing properties through accrued expenses | $ 5,671 | $ 3,423 |
Description Of Business And Seg
Description Of Business And Segment Reporting | 3 Months Ended |
Mar. 31, 2020 | |
Description Of Business And Segment Reporting [Abstract] | |
Description Of Business And Segment Reporting | Note 1 – Description of Business and Segment Reporting The Company Reading International, Inc., a Nevada corporation (“RDI” and collectively with our consolidated subsidiaries and corporate predecessors, the “Company,” “Reading,” and “we,” “us,” or “our”) was incorporated in 1999. Our businesses consist primarily of: · the development, ownership, and operation of multiplex cinemas in the United States, Australia, and New Zealand; and, · the development, ownership, operation and/or rental of retail, commercial and live venue real estate assets in the United States, Australia, and New Zealand. Business Segments Reported below are the operating segments of the Company for which separate financial information is available and evaluated regularly by the Chief Executive Officer, the chief operating decision-maker of the Company. As part of our real estate activities, we hold undeveloped land in urban and suburban centers in the United States, Australia, and New Zealand . The table below summarizes the results of operations for each of our business segments for the quarter ended March 31, 2020 and 2019 , respectively. Operating expense includes costs associated with the day-to-day operations of the cinemas and the management of rental properties, including our live theatre assets. Three Months Ended March 31, (Dollars in thousands) 2020 2019 Revenue: Cinema exhibition $ 46,310 $ 57,927 Real estate 4,602 5,431 Inter-segment elimination (1,684) (1,866) $ 49,228 $ 61,492 Segment operating income (loss): Cinema exhibition $ (2,654) $ 2,583 Real estate 187 1,159 $ (2,467) $ 3,742 A reconciliation of segment operating income to income before income taxes is as follows: Three Months Ended March 31, (Dollars in thousands) 2020 2019 Segment operating income (loss) $ (2,467) $ 3,742 Unallocated corporate expense Depreciation and amortization expense (192) (61) General and administrative expense (4,380) (5,041) Interest expense, net (1,789) (1,852) Equity earnings of unconsolidated joint ventures 78 34 Other income (expense) (218) (20) Income (loss) before income tax expense $ (8,968) $ (3,198) |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2020 | |
Summary Of Significant Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | Note 2 – Summary of Significant Accounting Policies Basis of Consolidation The accompanying consolidated financial statements include the accounts of the Company’s wholly-owned subsidiaries as well as majority-owned subsidiaries that the Company controls, and should be read in conjunction with the Company’s Annual Report on Form 10-K as of and for the year ended December 31, 2019 (“ 2019 Form 10-K”). All significant intercompany balances and transactions have been eliminated on consolidation. These consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim reporting with the instructions for Form 10-Q and Rule 10-01 of Regulation S-X of the Securities and Exchange Commission (“SEC”). As such, they do not include all information and footnotes required by U.S. GAAP for complete financial statements. We believe that we have included all normal and recurring adjustments necessary for a fair presentation of the results for the interim period. Operating results for the quarter ended March 31, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020 . Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and footnotes thereto. Significant estimates include (i) projections we make regarding the recoverability and impairment of our assets (including goodwill and intangibles), (ii) valuations of our derivative instruments, (iii) recoverability of our deferred tax assets, (iv) estimation of breakage and redemption experience rates, which drive how we recognize breakage on our gift card and gift certificates, and revenue from our customer loyalty program, (v) allocation of insurance proceeds to various recoverable components , and (vi) estimation of our Incremental Borrowing Rate (“IBR”) as relates to the valuation of our right-of-use assets and lease liabilities. Actual results may differ from those estimates. Recently Adopted and Issued Accounting Pronouncements Adopted: 1) On January 1, 2020, we adopted ASU 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. This new guidance removes the second step of the two-step impairment test for measuring goodwill and is to be applied on a prospective basis only. Adoption of this standard has no material effect on our consolidated financial statements. 2) On January 1, 2020, we adopted ASU 2016-13, Financial Instruments – Credit Losses (Topic 326) . This new guidance replaces the incurred loss impairment methodology under prior GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. We have no history of significant bad debt losses and as such adoption of this standard has no material effect on our consolidated financial statements. 3) On January 1, 2019, we adopted ASU 2016-02 Leases (Topic 842) using the current adjustment method. We recognized the cumulative effect of initially applying the new leasing standard as an adjustment to the opening balance of retained earnings. The comparative information was not restated. Adoption of this standard has no material effect on our consolidated financial statements. Issued: v ASUs Effective 2020 and Beyond 1) In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting . The amendments in this update provide optional expedients and exceptions for applying generally accepted accounting principles to contracts, hedging relationships and other transactions that reference London Interbank Offered Rate ( “ LIBOR ” ) or another reference rate expected to be discontinued because of reference rate reform. ASC 2020-04 is effective as of March 12, 2020 through December 31, 2022. The Company is currently evaluating the effect the new standard will have on its consolidated financial statements. Prior period financial statement correction of immaterial errors Sales tax During the fourth quarter of 2019, we identified immaterial errors related to the accounting for sales tax on certain products sold from cinemas dating back to 2017. These errors resulted in an overstatement of revenue for certain periods. We assessed the materiality of these errors on our financial statements for prior periods in accordance with the SEC Staff Accounting Bulletin (“SAB”) No. 99, Materiality, codified in ASC 250, Presentation of Financial Statements, and concluded that they were not material to any prior annual or interim periods. However, the aggregate amount of $993,000 related to the prior period immaterial errors through September 30, 2019, would have been material to the full year Consolidated Statement of Operations to December 31, 2019, presented within the December 31, 2019, Form 10-K. Consequently, in accordance with ASC 250 (specifically SAB No. 108, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements), we have corrected these errors for all prior periods presented by revising the consolidated financial statements and other financial information included herein. The following is a summary of the previously issued financial statement line items for all periods and statements included in this Form 10-Q report affected by the correction. Consolidated Statements of Operations: Quarter Ended March 31, 2019 (Dollars in thousands) As Reported Adjustment As Revised Cinema revenue $ 57,986 (59) 57,927 Total revenue 61,551 (59) 61,492 Operating income (loss) (1,301) (59) (1,360) Income (loss) before income taxes (3,139) (59) (3,198) Income tax (expense) benefit 1,042 15 1,057 Net income (loss) (2,097) (44) (2,141) Net income (loss) attributable to Reading International, Inc. common shareholders (2,081) (44) (2,125) Basic earnings (loss) per share $ (0.09) (0.00) (0.09) Diluted earnings (loss) per share (0.09) (0.00) (0.09) Consolidated Balance Sheets: Summary of Equity (Dollars in thousands) As Reported Adjustment As Revised Equity at January 1, 2019 $ 180,547 $ (568) $ 179,979 Net income (loss) attributable to Reading International, Inc. common shareholders (2,097) (44) (2,141) Equity at March 31, 2019 179,946 (612) 179,334 Consolidated Statements of Cash Flows: Quarter Ended March 31, 2019 (Dollars in thousands) As Reported Adjustment As Revised Net income (loss) $ (2,097) $ (44) $ (2,141) Change in net deferred tax assets (151) (15) (166) Accounts payable and accrued expenses (2,204) 59 (2,145) Net cash provided by operating activities (3,842) — (3,842) |
Impact Of COVID-19 Pandemic And
Impact Of COVID-19 Pandemic And Liquidity | 3 Months Ended |
Mar. 31, 2020 | |
Impact Of COVID-19 Pandemic And Liquidity [Abstract] | |
Impact Of COVID-19 Pandemic And Liquidity | Note 3 – Impact of COVID-19 Pandemic and Liquidity On March 11, 2020, the World Health Organization (“WHO”) declared the recent spread of the novel coronavirus, COVID-19, a global pandemic. Since the date of this declaration, a number of nations have, either voluntarily or through government legislation, gone into various states of self-isolation in order to slow the spread of COVID-19. These measures involved closure of all business deemed ‘non-essential’, and that all ‘non-essential’ workers, and all members of the public, remain in their homes until further notice. These measures are widely expected to continue, in one form or another, until the COVID-19 spread is considered contained. There is no reliable estimate as to how long this may be. Recently, several jurisdictions have begun relaxing these measures but principally due to pressure on their economies, rather than material containment of the COVID-19 virus. As a result of COVID-19 and the associated local government legislation, beginning in March 2020 and continuing through and beyond the end of the f irst q uarter of 2020 , we temporarily closed all of our live theatres and cinema operations in the U.S., Australia and New Zealand. Trading restrictions enforced by the local governments in Australia and New Zealand have also affected many of our tenants at our centers, most of which remained open for trading through the COVID-19 crisis. As of the date of this Form 10-Q, all of our New Zealand cinemas are open with no social distancing measures, and approximately half our Australian cinemas are open, albeit with social distancing measures in place. We expect that, for a period of time, the number of patrons returning to our cinemas will be lower than that experienced before COVID-19. The repercussions of COVID-19 resulted in a significant decrease in the Company’s revenues and earnings in the first quarter of 2020. During the period in which our cinemas and theat er s are closed, we will continue to experience a significant decline in earnings. Our cinema and live theat re operations will generate effectively no revenue while they are closed to the public . Our real estate revenue and earnings will be affected by the closure of a number of our tenants’ businesses and the potential need to issue certain tenants with abatements in order to assist them through this period. The Company may continue to be significantly impacted by COVID-19 even after some or all of our theaters are re - opened. The global economic impact of COVID-19 has led to high levels of unemployment in our operating jurisdictions and may lead to lower consumer spending in the near term. The timing of a recovery of consumer behavior and willingness to spend discretionary income on movie-going may delay our ability to produce financial results at pre-COVID-19 levels until such time as consumer spending recovers. As discussed below in Note 11 – Debt, due to the matters noted above, there is uncertainty regarding our ability to continue to meet future debt covenants per our lending agreements with Bank of America and National Australia Bank. While we have to date been able to obtain waivers of these covenants, the determination whether to grant or not grant such waivers is in the hands of our lenders. Accordingly, as mandated by U.S. GAAP, we have classified a portion of our debt as current. As of March 31, 2020, the Company had negative working capital of $163.7 million. In response to the uncertainties associated with COVID-19, the Company has taken and is continuing to take significant steps to preserve cash by eliminating non-essential costs, reducing employee hours and deferring all non-essential capital expenditures to minimum levels. The Company has successfully negotiated rent abatements and deferrals with a number of its landlords and continues to pursue additional concessions. The Company has also successfully secured access to government wage subsidy programs in Australia and New Zealand. The Company continues to review and apply for additional financial support where appropriate, but there can be no guarantee that the Company will be successful, or the degree that it may be successful, in its applications for such support. Management has drawn down in full the debt facilities available to the Company and has reviewed the potential sale of certain non-core real estate assets or the use of our unencumbered properties to provide collateral to support current or new financings in order to meet future liquidity demands. The Company considers that the events and factors described above constitute impairment indicators under ASC 360 Property, Plant and Equipment . The Company performed a quantitative recoverability test of the carrying values of all of its asset groups. The Company estimated the undiscounted future cash flows expected to result from the use of these asset groups and determined that there was no impairment as of March 31, 2020. The cash flow estimates used in this review are consistent with budgetary revisions performed by management in response to COVID-19. The realization of these forecasts is dependent on a number of variables and conditions, many of which are due to the uncertainties associated with COVID-19 and as a result, actual results may materially differ from management’s estimates. The Company considers that the events and factors described above constitute impairment indicators under ASC 350 Intangibles – Goodwill and Other . The Company performed a quantitative goodwill impairment test and determined that its goodwill was no t impaired as of March 31, 2020. The test was performed at reporting unit level by comparing each reporting unit’s carrying value, including goodwill, to its fair value. The fair value of each reporting unit was assessed using a discounted cash flow model based on the budgetary revisions performed by management in response to COVID-19. The realization of these forecasts is dependent on a number of variables and conditions, many of which are due to the uncertainties associated with COVID-19 and as a result, actual results may materially differ from management’s estimates. |
Operations In Foreign Currency
Operations In Foreign Currency | 3 Months Ended |
Mar. 31, 2020 | |
Operations In Foreign Currency [Abstract] | |
Operations In Foreign Currency | Note 4 – Operations in Foreign Currency We have significant assets in Australia and New Zealand. Historically, we have conducted our Australian and New Zealand operations (collectively “foreign operations”) on a self-funding basis where we use cash flows generated by our foreign operations to pay for the expense of foreign operations. Our Australian and New Zealand assets and liabilities are translated from their functional currencies of Australian dollar (“AU$”) and New Zealand dollar (“NZ$”), respectively, to the U.S. dollar based on the exchange rate as of March 31, 2020 . The carrying value of the assets and liabilities of our foreign operations fluctuates as a result of changes in the exchange rates between the functional currencies of the foreign operations and the U.S. dollar. The translation adjustments are accumulated in the Accumulated Other Comprehensive Income in the Consolidated Balance Sheets. Due to the natural- hedge nature of our funding policy, we have not historically used derivative financial instruments to hedge against the risk of foreign currency exposure. However, in certain circumstances, we move funds between jurisdictions where circumstances encouraged us to do so from an overall economic standpoint. Going forward, particularly in light of recent tax law changes, we intend to take a more global view of our financial resources, and to be more flexible in making use of resources from one jurisdiction in other jurisdictions. Presented in the table below are the currency exchange rates for Australia and New Zealand: Foreign Currency / USD As of and for the quarter ended As of and for the twelve months ended As of and for the quarter ended March 31, 2020 December 31, 2019 March 31, 2019 Spot Rate Australian Dollar 0.6139 0.7030 0.7104 New Zealand Dollar 0.5959 0.6745 0.6820 Average Rate Australian Dollar 0.6578 0.6954 0.7123 New Zealand Dollar 0.6349 0.6593 0.6816 |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 5 – Earnings Per Share Basic earnings per share (“EPS”) is calculated by dividing the net income attributable to the Company’s common stockholders by the weighted average number of common shares outstanding during the period. Diluted EPS is calculated by dividing the net income attributable to the Company’s common stockholders by the weighted average number of common and common equivalent shares outstanding during the period and is calculated using the treasury stock method for equity-based compensation awards . The following table sets forth the computation of basic and diluted EPS and a reconciliation of the weighted average number of common and common equivalent shares outstanding: Three Months Ended March 31, (Dollars in thousands, except share data) 2020 2019 Numerator: Net income (loss) attributable to RDI common stockholders $ (5,875) $ (2,125) Denominator: Weighted average number of common stock – basic 21,752,371 22,920,486 Weighted average dilutive impact of awards 367,250 203,620 Weighted average number of common stock – diluted 22,119,621 23,124,106 Basic earnings (loss) per share attributable to RDI common stockholders $ (0.27) $ (0.09) Diluted earnings (loss) per share attributable to RDI common stockholders $ (0.27) $ (0.09) Awards excluded from diluted earnings (loss) per share 678,377 496,089 Our weighted average number of common stock - basic decrea sed, primarily as a result of the repurchase of shares of Class A Non-Voting Common Stock pursuant to our current stock repurchase program offset by the vesting of restricted stock units. During the first three months of 2020 , we repurchased 75,157 shares of Class A Non-Voting Common Stock at an average price of $8.92 per share. |
Properties And Equipment
Properties And Equipment | 3 Months Ended |
Mar. 31, 2020 | |
Properties And Equipment [Abstract] | |
Properties And Equipment | Note 6 – Property and Equipment Operating Property, net As of March 31, 2020 and December 31, 2019 , property associated with our operating activities is summarized as follows: March 31, December 31, (Dollars in thousands) 2020 2019 Land $ 70,006 $ 75,663 Building and improvements 132,704 149,852 Leasehold improvements 55,563 56,912 Fixtures and equipment 173,802 186,949 Construction-in-progress 10,430 5,484 Total cost 442,505 474,860 Less: accumulated depreciation (205,598) (216,722) Operating property, net $ 236,907 $ 258,138 Depreciation expense for operating property was $5.2 million for the quarter ended March 31, 2020 and $5.4 million for the quarter ended March 31, 2019 . Investment and Development Property, net As of March 31, 2020 and December 31, 2019 , our investment and development property is summarized below: March 31, December 31, (Dollars in thousands) 2020 2019 Land $ 23,098 $ 24,446 Building 1,900 1,900 Construction-in-progress (including capitalized interest) 91,165 87,678 Investment and development property $ 116,163 $ 114,024 Construction-in-Progress – Operating and Investing Properties Construction-in-Progress balances are included in both our operating and development properties. The balances of our major projects along with the movements for the three months ended March 31, 2020 are shown below: (Dollars in thousands) Balance, December 31, 2019 Additions during the period (1) Completed during the period Foreign currency translation Balance, March 31, 2020 Union Square development $ 81,934 $ 4,075 $ — $ — $ 86,009 Courtenay Central development 6,364 345 — (762) 5,947 Cinema developments and improvements 3,032 5,426 (616) (111) 7,731 Other real estate projects 1,832 491 (234) (181) 1,908 Total $ 93,162 $ 10,337 $ (850) $ (1,054) $ 101,595 (1) Includes capitalized interest of $0.9 million for the quarter ended March 31, 2020 . Real Estate Transactions Exercise of Option to Acquire Ground Lessee’s interest in Ground Lease and Improvements Constituting the Village East Cinema – On August 28, 2019, we exercised our option to acquire the ground lessee’s interest in the ground lease underlying and the real property assets constituting our Village East Cinema in Manhattan. The purchase price under the option is $5.9 million. It is anticipated that the transaction will close on or about May 31, 202 1. |
Investments In Unconsolidated J
Investments In Unconsolidated Joint Ventures | 3 Months Ended |
Mar. 31, 2020 | |
Investments In Unconsolidated Joint Ventures [Abstract] | |
Investments In Unconsolidated Joint Ventures | Note 7 – Investments in Unconsolidated Joint Ventures Our investments in unconsolidated joint ventures are accounted for under the equity method of accounting. The table below summarizes our active investment holdings in two (2) unconsolidated joint ventures as of March 31, 2020 and December 31, 2019 : March 31, December 31, (Dollars in thousands) Interest 2020 2019 Rialto Cinemas 50.0% $ 994 $ 1,175 Mt. Gravatt 33.3% 3,296 3,894 Total investments $ 4,290 $ 5,069 For the quarter ended March 31, 2020 and 2019 , the recognized share of equity earnings from our investments in unconsolidated joint ventures are as follows: Three Months Ended March 31, (Dollars in thousands) 2020 2019 Rialto Cinemas $ (14) $ (56) Mt. Gravatt 92 90 Total equity earnings $ 78 $ 34 |
Goodwill And Intangible Assets
Goodwill And Intangible Assets | 3 Months Ended |
Mar. 31, 2020 | |
Goodwill And Intangible Assets [Abstract] | |
Goodwill And Intangible Assets | Note 8 – Goodwill and Intangible Assets The table below summarizes goodwill by business segment as of March 31, 2020 and December 31, 2019 . (Dollars in thousands) Cinema Real Estate Total Balance at December 31, 2019 $ 21,224 $ 5,224 $ 26,448 Change in goodwill due to a purchase of a business combination 107 — 107 Foreign currency translation adjustment (2,249) — (2,249) Balance at March 31, 2020 $ 19,082 $ 5,224 $ 24,306 The Company is required to test goodwill and other intangible assets for impairment on an annual basis and, if current events or circumstances require, on an interim basis. The Company has performed an interim goodwill assessment as described in Note 3 – Impact of COVID-19 Pandemic and Liquidity . Our next annual evaluation of goodwill and other intangible assets is scheduled during the fourth quarter of 2020 . To test the impairment of goodwill, the Company compares the fair value of each reporting unit to its carrying amount, including the goodwill, to determine if there is potential goodwill impairment. A reporting unit is generally one level below the operating segment . As of March 31, 2020 , we were not aware that any events indicating potential impairment of goodwill had occurred outside of those described at Note 3 – Impact of COVID-19 Pandemic and Liquidity . The tables below summarize intangible assets other than goodwill, as of March 31, 2020 and December 31, 2019 , respectively. As of March 31, 2020 (Dollars in thousands) Beneficial Leases Trade Name Other Intangible Assets Total Gross carrying amount $ 12,044 $ 9,062 $ 4,314 $ 25,420 Less: Accumulated amortization (10,032) (7,148) (3,819) (20,999) Net intangible assets other than goodwill $ 2,012 $ 1,914 $ 495 $ 4,421 As of December 31, 2019 (Dollars in thousands) Beneficial Leases Trade Name Other Intangible Assets Total Gross carrying amount $ 15,048 $ 7,258 $ 3,145 $ 25,451 Less: Accumulated amortization (14,496) (5,449) (1,186) (21,131) Net intangible assets other than goodwill $ 552 $ 1,809 $ 1,959 $ 4,320 Beneficial leases obtained in business combinations where we are the landlord are amortized over the life of the relevant leases. Trade names are amortized based on the accelerated amortization method over their estimated useful life of 30 years, and other intangible assets are amortized over their estimated useful lives of up to 30 years (except for transferrable liquor licenses, which are indefinite-lived assets). The table below summarizes the amortization expense of intangible assets for the quarter ended March 31, 2020 . Three Months Ended March 31, (Dollars in thousands) 2020 2019 Beneficial lease amortization $ 25 $ 79 Other amortization 76 22 Total intangible assets amortization $ 101 $ 101 |
Prepaid And Other Assets
Prepaid And Other Assets | 3 Months Ended |
Mar. 31, 2020 | |
Prepaid And Other Assets [Abstract] | |
Prepaid And Other Assets | Note 9 – Prepaid and Other Assets Prepaid and other assets are summarized as follows: March 31, December 31, (Dollars in thousands) 2020 2019 Prepaid and other current assets Prepaid expenses $ 2,443 $ 2,163 Prepaid rent 39 1,093 Prepaid taxes 791 912 Income taxes receivable 6,767 1,669 Deposits 234 214 Investment in marketable securities 24 47 Restricted cash 7 7 Total prepaid and other current assets $ 10,305 $ 6,105 Other non-current assets Straight-line rent 3,738 4,689 Other non-cinema and non-rental real estate assets 1,134 1,134 Investment in Reading International Trust I 838 838 Long-term deposits 8 7 Total other non-current assets $ 5,718 $ 6,668 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2020 | |
Income Taxes [Abstract] | |
Income Taxes | Note 10 – Income Taxes The U.S. Coronavirus Aid, Relief, and Economic Security Act (the “ CARES Act”) was enacted on March 27, 2020 to provide , among other things, tax relief to companies impacted by the COVID-19 pandemic. The CARES Act includes, among other items, provisions for net operating loss carryback, modifications to the business interest expense deduction, a technical correction to tax depreciation methods for qualified improvement property, and alternative minimum tax credit refunds. During the quarter ended March 31, 20 20 , we recorded a tax benefit arising from the carryback of the net operating loss generated in the taxable year ended December 31, 2019. The interim provision for income taxes is different from the amount determined by applying the U.S. federal statutory rate to consolidated income before taxes. The differences are attributable to foreign tax rate differential, unrecognized tax benefits, and foreign tax credit. Our effective tax rate was 33.6% and 33.1% for the three months ended March 31, 2020 and 2019, respectively. The change between 2020 and 2019 is primarily related to tax benefits from the carryback of the Company’s 2019 net operating loss, as a result of the CARES Act, to 2015 and 2016 tax years where the federal tax rate was 35% , offset by an increase in valuation allowance in 2020. The forecasted effective tax rate is updated each quarter as new information becomes available. |
Debt
Debt | 3 Months Ended |
Mar. 31, 2020 | |
Debt [Abstract] | |
Debt | Note 11 – Debt The Company’s borrowings at March 31, 2020 and December 31, 2019 , net of deferred financing costs and including the impact of interest rate derivatives on effective interest rates, are summarized below: As of March 31, 2020 (Dollars in thousands) Maturity Date Contractual Facility Balance, Gross Balance, Net (1) Stated Interest Rate Effective Interest Rate Denominated in USD Trust Preferred Securities (USA) April 30, 2027 $ 27,913 $ 27,913 $ 26,340 5.77% 5.77% Bank of America Credit Facility (USA) March 6, 2023 55,000 55,000 54,986 3.99% 3.99% Bank of America Line of Credit (USA) March 6, 2023 5,000 5,000 5,000 3.99% 3.99% Cinemas 1, 2, 3 Term Loan (USA) April 1, 2022 25,000 25,000 24,504 4.25% 4.25% Minetta & Orpheum Theatres Loan (USA) (2) November 1, 2023 8,000 8,000 7,894 3.63% 5.15% U.S. Corporate Office Term Loan (USA) January 1, 2027 9,199 9,199 9,096 4.64% / 4.44% 4.61% Purchase Money Promissory Note September 18, 2024 3,204 3,204 3,204 5.00% 5.00% Union Square Construction Financing (USA) December 29, 2020 50,000 36,947 36,782 5.50% 5.50% Denominated in foreign currency ("FC") (3) NAB Corporate Term Loan (AU) December 31, 2023 73,668 73,668 73,512 1.69% 1.69% Westpac Bank Corporate (NZ) December 31, 2023 19,069 19,069 19,069 2.30% 2.30% $ 276,053 $ 263,000 $ 260,387 (1) Net of deferred financing costs amounting to $2.6 million. (2) The interest rate derivative associated with the Minetta & Orpheum loan provides for an effective fixed rate of 5.15% . (3) The contractual facilities a nd outstanding balances of the foreign currency denominated borrowings were translated into U.S. dollars based on the applicable exchange rates as of March 31, 2020 . As of December 31, 2019 (Dollars in thousands) Maturity Date Contractual Facility Balance, Gross Balance, Net (1) Stated Interest Rate Effective Interest Rate Denominated in USD Trust Preferred Securities (USA) April 30, 2027 $ 27,913 $ 27,913 $ 26,311 5.94% 5.94% Bank of America Credit Facility (USA) March 6, 2023 55,000 33,500 33,445 4.80% 4.80% Bank of America Line of Credit (USA) March 6, 2023 5,000 — — 4.80% 4.80% Cinemas 1, 2, 3 Term Loan (USA) April 1, 2022 18,658 18,658 18,532 3.25% 3.25% Minetta & Orpheum Theatres Loan (USA) (2) November 1, 2023 8,000 8,000 7,887 3.74% 5.15% U.S. Corporate Office Term Loan (USA) January 1, 2027 9,260 9,260 9,153 4.64% / 4.44% 4.64% Union Square Construction Financing (USA) December 29, 2020 50,000 36,048 36,035 6.02% 6.02% Purchase Money Promissory Note September 18, 2024 3,363 3,363 3,363 5.00% 5.00% Denominated in foreign currency ("FC") (3) NAB Corporate Term Loan (AU) December 31, 2023 84,360 65,731 65,541 1.77% 1.77% Westpac Bank Corporate (NZ) December 31, 2023 21,584 6,745 6,745 3.05% 3.05% Total $ 283,138 $ 209,218 $ 207,012 (1) Net of deferred financing costs amounting to $2.2 million. (2) The interest rate derivative associated with the Minetta & Orpheum loan provides for an effective fixed rate of 5.15%. (3) The contractual facilities and outstanding balances of the foreign currency denominated borrowings were translated into U.S. dollars based on the applicable exchange rates as of December 31, 2019 . Our loan arrangements are presented, net of the deferred financing costs, on the face of our consolidated balance sheet as follows: March 31, December 31, Balance Sheet Caption 2020 2019 Debt - current portion $ 171,426 $ 36,736 Debt - long-term portion 59,252 140,602 Subordinated debt - current portion 651 644 Subordinated debt - long-term portion 29,058 29,030 Total borrowings $ 260,387 $ 207,012 Impact of COVID-19 As of March 31, 2020, we were in breach of certain covenants with Bank of America and National Australia Bank (“NAB”). During the second quarter, we received bank covenant waivers from Bank of America for the first quarter of 2020, and from National Australia Bank for the second and third quarters of 2020. As of March 31, 2020, we were not in breach of any debt covenants with respect to any of our other borrowing. Due to the continuing uncertainties relating to the effects of COVID-19, it is uncertain whether we will continue to meet our covenant requirements for the 12 months from March 31, 2020. We anticipate continuing to receive covenant waivers from the relevant lenders, although these waivers are not in our control and no assurances can be given that we will receive such waivers for a period of one year subsequent to the issuance of these financial statements . We are required by U.S. GAAP to classif y the Bank of America and NAB debt as current liabilities . Bank of America Credit Facility On March 6, 2020, we amended our $55.0 million credit facility with Bank of America extending the maturity date to March 6, 2023 . The refinanced facility carries an interest rate of 2.5% - 3.0% , depending on certain financial ratios plus a variable rate based on the loan defined “Eurodollar” interest rate. Bank of America Line of Credit On March 6, 2020, the term of our $5.0 million line of credit was extended to March 6, 2023 . Minetta and Orpheum Theatres Loan On October 12, 2018, we refinanced our $7.5 million loan with Santander Bank, which is secured by our Minetta and Orpheum Theatres, with a loan for a five - year term of $8.0 million. Such modification was not considered to be substantial under US GAAP. 44 Union Square Construction Financing On December 29, 2016, we closed our construction finance facilities totaling $57.5 million to fund the non-equity portion of the anticipated construction costs of the redevelopment of our property at 44 Union Square in New York City. The combined facilities consisted of $50.0 million in aggregate loans (comprised of three loan tranches) from Bank of the Ozarks (“BOTO”), and a $7.5 million mezzanine loan from Tammany Mezz Investor, LLC, an affiliate of Fisher Brothers. As of December 31, 2016, BOTO advanced $8.0 million to repay the existing $8.0 million loan with East West Bank. On August 8, 2019, we repaid in full the $7.5 million mezzanine loan from Tammany Mezz Investor, LLC. On January 24, 2020, we exercised the first of our two extension options on the BOTO loan, taking the maturity to December 29, 2020 . U.S. Corporate Office Term Loan On December 13, 2016, we obtained a ten -year $8.4 million mortgage loan on our new Los Angeles Corporate Headquarters at a fixed annual interest rate of 4.64% . This loan provided for a second loan upon completion of certain improvements. On June 26, 2017, we obtained a further $1.5 million under this provision at a fixed annual interest rate of 4.44% . Cinemas 1,2,3 Term Loan On March 13, 2020, Sutton Hill Properties LLC (“SHP”), a 75% subsidiary of RDI, refinanced its $20.0 million term loan with Valley National Bank with a new term loan of $25.0 million, an interest rate of 4.25% , and maturity date of April 1, 2022 with two six -month options to extend. Purchase Money Promissory Note On September 18, 2019, we purchased 407,000 Company Class A shares in a privately negotiated transaction under our Share Repurchase Program for $5.5 million . Of this amount, $3.5 million was paid by the issuance of a Purchase Money Promissory Note, which bears an interest rate of 5.0% per annum , payable in equal quarterly payments of principal plus accrued interest. The Purchase Money Promissory Note matures on September 18, 2024 . Westpac Bank Corporate Credit Facility (NZ) On December 20, 2018, we restructured our Westpac Corporate Credit Facilities. The maturity of the 1 st tranche (general/non-construction credit line) was extended to December 31, 2023 , with the available facility being reduced from NZ$35.0 million to NZ$32.0 million. The facility bears an interest rate of 1.75% above the Bank Bill Bid Rate on the drawn down balance and a 1.1% line of credit charge on the entire facility. The 2 nd tranche (construction line) with a facility of NZ$18.0 million was removed. Australian NAB Corporate Term Loan (AU) On March 15, 2019, we amended our Revolving Corporate Markets Loan Facility with National Australia Bank (“NAB”) from a facility comprised of (i) a AU$66.5 million loan facility with an interest rate of 0.95% above the Bank Bill Swap Bid Rate (“BBSY”) and a maturity date of June 30, 2019 and (ii) a bank guarantee of AU$5.0 million at a rate of 1.90% per annum into a (i) AU$120.0 million Corporate Loan facility at rates of 0.85% - 1.30% above BBSY depending on certain ratios with a due date of December 31, 2023 , of which AU$80.0 million is revolving and AU$40.0 million is core and (ii) a Bank Guarantee Facility of AU$5.0 million at a rate of 1.85% per annum. Such modifications of this particular term loan were not considered to be substantial under U.S. GAAP. |
Other Liabilities
Other Liabilities | 3 Months Ended |
Mar. 31, 2020 | |
Other Liabilities [Abstract] | |
Other Liabilities | Note 12 – Other Liabilities Other liabilities are summarized as follows: March 31, December 31, (Dollars in thousands) 2020 2019 Current liabilities Liability for demolition costs 2,425 2,745 Accrued pension 684 684 Security deposit payable 108 114 Finance lease liabilities 60 93 Other 33 17 Other current liabilities $ 3,310 $ 3,653 Other liabilities Lease make-good provision 6,243 6,667 Accrued pension 4,366 4,469 Environmental reserve 1,656 1,656 Lease liability 5,900 5,900 Acquired leases 31 37 Finance lease liabilities 102 116 Other 6 9 Other liabilities $ 18,304 $ 18,854 Pension Liability – Supplemental Executive Retirement Plan On August 29, 2014, the Supplemental Executive Retirement Plan (“SERP”) that has been effective since March 1, 2007, was ended and replaced in accordance with the terms of a pension annuity. As a result of the termination of the SERP program, the accrued pension liability of $7.6 million was reversed and replaced with this pension annuity liability of $7.5 million. The valuation of the liability is based on the present value of $10.2 million discounted at a rate of 4.25% over a 15 -year term, resulting in a monthly payment of $57,000 . The discounted value of $2.7 million (which is the difference between the estimated payout of $10.2 million and the present value of $7.5 million) as of August 29, 2014 will be amortized and expensed based on the 15-year term. In addition, the accumulated actuarial loss of $3.1 million recorded, as part of other comprehensive income will also be amortized based on the 15 - year term. In February 2018, we made a payment of $2.4 million relating to the annuity representing payments for the 42 months outstanding at the time. Monthly ongoing payments of $57,000 are now being made. As a result of the above, included in our current and non-current liabilities are accrued pension costs of $5.1 million at March 31, 2020 . The benefits of our pension plan are fully vested and therefore no service costs were recognized for the quarter ended March 31, 2020 and 2019 . Our pension plan is unfunded. During the quarter ended March 31, 2020 , the interest cost was $68,000 , and the actuarial loss was $52,000 . During the quarter ended March 31, 2019 , the interest cost was $51,000 , and the actuarial loss was $51,000 respectively. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 3 Months Ended |
Mar. 31, 2020 | |
Accumulated Other Comprehensive Income [Abstract] | |
Accumulated Other Comprehensive Income | Note 13 – Accumulated Other Comprehensive Income The following table summarizes the changes in each component of accumulated other comprehensive income attributable to RDI: (Dollars in thousands) Foreign Currency Items Unrealized Gain (Losses) on Available- for-Sale Investments Accrued Pension Service Costs Hedge Accounting Reserve Total Balance at January 1, 2020 $ 8,118 $ 10 $ (2,287) $ (252) $ 5,589 Change related to derivatives Total change in hedge fair value recorded in Other Comprehensive Income — — — (243) (243) Other comprehensive income before reclassifications — — Amounts reclassified from accumulated other comprehensive income — — — 29 29 Net change related to derivatives — — — (214) (214) Net current-period other comprehensive income (loss) (15,698) (19) 52 (214) (15,879) Balance at March 31, 2020 $ (7,580) $ (9) $ (2,235) $ (466) $ (10,290) |
Commitments And Contingencies
Commitments And Contingencies | 3 Months Ended |
Mar. 31, 2020 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | Note 14 – Commitments and Contingencies Litigation General We are currently involved in certain legal proceedings and, as required, have accrued estimates of probable and estimable losses for the resolution of these claims, including legal costs. · Where we are a plaintiff , we accrue legal fees as incurred on an on-going basis and make no provision for any potential settlement amounts until received. In Australia, the prevailing party is usually entitled to recover its attorneys’ fees, which recoveries typically work out to be approximately 60% of the amounts actually spent where first-class legal counsel is engaged at customary rates. Where we are a plaintiff, we have likewise made no provision for the liability for the defendant’s attorneys' fees in the event we are determined not to be the prevailing party. · Where we are a defendant , we accrue for probable damages that insurance may not cover as they become known and can be reasonably estimated, as permitted under ASC 450-20 Loss Contingencies . In our opinion, any claims and litigation in which we are currently involved are not reasonably likely to have a material adverse effect on our business, results of operations, financial position, or liquidity. I t is possible, however, that future results of the operations for any particular quarterly or annual period could be materially affected by the ultimate outcome of the legal proceedings. From time-to-time, we are involved with claims and lawsuits arising in the ordinary course of our business that may include contractual obligations, insurance claims, tax claims, employment matters, and anti-trust issues, among other matters. All of these matters require significant judgments based on the facts known to us. These judgments are inherently uncertain and can change significantly when additional facts become known. We provide accruals for matters that have probable likelihood of occurrence and can be properly estimated as to their expected negative outcome. We do not record expected gains until the proceeds are received by us. However, we typically make no accruals for potential costs of defense, as such amounts are inherently uncertain and dependent upon the scope, extent and aggressiveness of the activities of the applicable plaintiff. Environmental and Asbestos Claims on Reading Legacy Operations Certain of our subsidiaries were historically involved in railroad operations, coal mining, and manufacturing. Also, certain of these subsidiaries appear in the chain-of-title of properties that may suffer from pollution. Accordingly, certain of these subsidiaries have, from time-to-time, been named in and may in the future be named in various actions brought under applicable environmental laws. Also, we are in the real estate development business and may encounter from time-to-time unanticipated environmental conditions at properties that we have acquired for development. These environmental conditions can increase the cost of such projects and adversely affect the value and potential for profit of such projects. We do not currently believe that our exposure under applicable environmental laws is material in amount. From time to time, there are claims brought against us relating to the exposure of former employees of our railroad operations to asbestos and coal dust. These are generally covered by an insurance settlement reached in September 1990 with our insurance providers. However, this insurance settlement does not cover litigation by people who were not our employees and who may claim second-hand exposure to asbestos, coal dust and/or other chemicals or elements now recognized as potentially causing cancer in humans. Our known exposure to these types of claims, asserted or probable of being asserted, is not material. Cotter Jr. Derivative Litigation This action was originally brought by James J. Cotter, Jr. (“Cotter Jr.”) in June 2015 in the Nevada District Court against all of the Directors of the Company and against the Company as a nominal defendant: James J. Cotter, Jr., individually and derivatively on behalf of Reading International, Inc. vs. Margaret Cotter, et al.” Case No: A-15-719860-V. Summary judgment has been entered against Cotter, Jr., and in favor of all defendants and a $1.55 million cost judgment has been entered against Cotter, Jr., and in favor of our Company. Cotter, Jr. has appealed both judgements. Our application for attorney’s fees was denied, and we have appealed that determination. The issues on appeal are currently being briefed. No date for oral argument has been set. It is unlikely that any hearing will be held this year. As the Directors and Officers Liability Insurance Policy covering Cotter, Jr.’s claims in the Derivative Case ($10.0 million) has been exhausted, the financial burden of defending our Directors against these claims, as required by applicable Nevada Law, has fallen upon our Company. During 2019, out-of-pocket third-party costs in the amount of approximately $925,000 were incurred by our Company in defending against these claims. For the first quarter ended March 31, 2020, an additional $105,000 had been expensed, relating principally to the preparation of appellate briefs with respect to the Derivative Litigation. Employment Litigation The Company is currently involved in two California employment matters which include substantially overlapping wage and hour claims: Taylor Brown, individually, and on behalf of other members of the general public similarly situated vs. Reading Cinemas et al. Superior Court of the State of California for the County of Kern, Case No. BCV-19-1000390 (“Brown v. RC,” and the “Brown Class Action Complaint” respectively) and Peter M. Wagner, Jr., an individual, vs. Consolidated Entertainment, Inc. et al., Superior Court of the State of California for the County of San Diego, Case NO. 37-2019-00030695-CU-WT-CTL (“Wagner v. CEI,” and the “Wagner Individual Complaint” respectively). Brown v. RC was initially filed in December 2018, as an individual action and refiled as a putative class action in February 2019, but not served until June 24, 2019. These lawsuits seek damages, and attorneys’ fees, relating to alleged violations of California labor laws relating to meal periods, rest periods, reporting time pay, unpaid wages, timely pay upon termination and wage statements violations. Wagner v. CEI was filed as a discrimination and retaliation lawsuit in June 2019. The following month, in July 2019, a notice was served on us by separate counsel for Mr. Wagner under the California Private Attorney General Act of 2004 (Cal. Labor Code Section 2698, et seq) (the “Wagner PAGA Claim”) purportedly asserting in a representational capacity claims under the PAGA statute, overlapping, in substantial part, the allegations set forth in the Brown Class Action Complaint. On March 6, 2020, Wagner filed a purported class action in the Superior Court of California, County of San Diego, again covering basically the same allegations as set forth in the Brown Class Action Complaint, and titled Peter M. Wagner, an individual, on behalf of himself and all others similarly situated vs. Reading International, Inc., Consolidated Entertainment, Inc. and Does 1 through 25, Case No. 37-2020-000127-CU-OE-CTL (the “Wagner Class Action”). Neither plaintiff has specified the amount of damages sought. The Company is investigating and intends to vigorously defend the allegations of the Brown Class Action Complaint, the Wagner Individual Complaint, the Wagner PAGA Claim and the Wagner Class Action Complaint. In addition, we have denied that a PAGA representative action is appropriate. These matters are in their early stages, and the putative class actions have not been certified. As these cases are in early stages, the Company is unable to predict the outcome of the litigation or the range of potential loss, if any; however, the Company believes that its potential liability with respect to such matters is not material to its overall financial position, results of operations and cash flows. Accordingly, the Company has not established a reserve for loss in connection with these matters. |
Non-controlling Interests
Non-controlling Interests | 3 Months Ended |
Mar. 31, 2020 | |
Non-controlling Interests [Abstract] | |
Non-controlling Interests | Note 15 – Non-controlling Interests These are composed of the following enterprises: · Australia Country Cinemas Pty Ltd. - 25% noncontrolling interest owned by Panorama Group International Pty Ltd.; · Shadow View Land and Farming, LLC - 50% noncontrolling membership interest owned by either the estate of Mr. James J. Cotter, Sr. (the “Cotter Estate”) and/or the James J. Cotter, Sr. Living Trust (the “Cotter Trust”); and, · Sutton Hill Properties, LLC - 25% noncontrolling interest owned by Sutton Hill Capital, LLC (which in turn is 50% owned by the Cotter Estate and/or the Cotter Trust). The components of noncontrolling interests are as follows: March 31, December 31, (Dollars in thousands) 2020 2019 Australian Country Cinemas, Pty Ltd $ 101 $ 119 Shadow View Land and Farming, LLC 2,124 2,145 Sutton Hill Properties, LLC 1,944 2,003 Noncontrolling interests in consolidated subsidiaries $ 4,169 $ 4,267 The components of income attributable to noncontrolling interests are as follows: Three Months Ended March 31, (Dollars in thousands) 2020 2019 Australian Country Cinemas, Pty Ltd $ (1) $ 9 Shadow View Land and Farming, LLC (21) (14) Sutton Hill Properties, LLC (58) (11) Net income (loss) attributable to noncontrolling interests $ (80) $ (16) Summary of Controlling and Noncontrolling Stockholders’ Equity A summary of the changes in controlling and noncontrolling stockholders’ equity is as follows: Common Shares Retained Accumulated Reading Class A Class A Class B Class B Additional Earnings Other International Inc. Total Non-Voting Par Voting Par Paid-In (Accumulated Treasury Comprehensive Stockholders’ Noncontrolling Stockholders’ (Dollars in thousands, except shares) Shares Value Shares Value Capital Deficit) Shares Income (Loss) Equity Interests Equity At January 1, 2020 20,103 $ 231 1,680 $ 17 $ 148,602 $ 20,647 $ (39,737) $ 5,589 $ 135,349 $ 4,267 $ 139,616 Net income (loss) — — — — — (5,875) — — (5,875) (80) (5,955) Other comprehensive income, net — — — — — — — (15,879) (15,879) (18) (15,897) Share-based compensation expense — — — — 336 — — — 336 — 336 Share repurchase plan (75) — — — — — (670) — (671) — (671) In-kind exchange of share for the exercise of options, net issued — — — — — — — — — — — Restricted Stock Units 19 — — (30) — — — (30) — (30) Contributions from noncontrolling stockholders — — — — — — — — — — — Distributions to noncontrolling stockholders — — — — — — — — — — — At March 31, 2020 20,047 $ 231 1,680 $ 17 $ 148,908 $ 14,772 $ (40,407) $ (10,290) $ 113,231 $ 4,169 $ 117,400 Common Shares Retained Accumulated Reading Class A Class A Class B Class B Additional Earnings Other International Inc. Total Non-Voting Par Voting Par Paid-In (Accumulated Treasury Comprehensive Stockholders’ Noncontrolling Stockholders’ (Dollars in thousands, except shares) Shares Value Shares Value Capital Deficit) Shares Income (Loss) Equity Interests Equity At January 1, 2019 21,195 $ 232 1,680 $ 17 $ 147,452 $ 47,048 $ (25,222) $ 6,115 $ 175,642 $ 4,337 $ 179,979 Net income (loss) — — — — — (2,125) — — (2,125) (16) (2,141) Adjustments to opening retained earnings on adoption of ASC 842 — — — — — 28 — — 28 (46) (18) Other comprehensive income, net — — — — — — — 1,510 1,510 1 1,511 Share-based compensation expense — — — — 280 — — — 280 — 280 Share repurchase plan — — — — — — (9) — (9) — (9) Class A common stock issued for share-based bonuses and options exercised — — — — (185) — — — (185) — (185) Restricted Stock Units 40 1 — — (75) — — — (74) — (74) Contributions from noncontrolling stockholders — — — — — — — — — 18 18 Distributions to noncontrolling stockholders — — — — — — — — — (27) (27) At March 31, 2019 21,235 $ 233 1,680 $ 17 $ 147,472 $ 44,951 $ (25,231) $ 7,625 $ 175,067 $ 4,267 $ 179,334 |
Share-Based Compensation And Sh
Share-Based Compensation And Share Repurchase Plans | 3 Months Ended |
Mar. 31, 2020 | |
Share-Based Compensation And Share Repurchase Plans [Abstract] | |
Share-Based Compensation And Share Repurchase Plans | Note 16 – Stock-Based Compensation and Stock Repurchases Employee and Director Stock Option Plan The Company may grant stock options and other share-based payment awards of our Common Stock to eligible employees, directors, and consultants under the 2010 Stock Incentive Plan, as amended (the “Plan”). The aggregate total number of shares of the Common Stock authorized for issuance under the Plan at March 31, 2020 was 2,197,460 , of which 521,297 remain available for future issuance. In total, 1,676,163 shares of Common Stock had, as of that date, been issued pursuant to the exercise of previously granted options and/or the vesting of restricted stock units. Stock options are generally granted at exercise prices equal to the grant-date market prices and typically expire no later than five years from the grant date. In contrast to a stock option where the grantee buys the Company’s share at an exercise price determined on grant date, a restricted stock unit (“RSU”) entitles the grantee to receive one share for every RSU based on a vesting plan, typically between one and f our years from grant. Grants to directors and certain executive officers are subject to Board approval; discretion to make grants to other officers and employees has been delegated to the Compensation and Stock Options Committee. At the time the options are exercised or RSUs vest and are settled, at the discretion of management, we will issue treasury shares or make a new issuance of shares to the option or RSU holder. Stock Options We estimate the grant-date fair value of our stock options using the Black-Scholes option-valuation model, which takes into account assumptions such as the dividend yield, the risk-free interest rate, the expected stock price volatility, and the expected life of the options. We expense the estimated grant-date fair values of options over the vesting period on a straight-line basis. Based on our historical experience, the “deemed exercise” of expiring in-the-money options and the relative market price to strike price of the options, we have not hereto estimated any forfeitures of vested or unvested options. There were nil and 219,408 stock options issued in the quarter ended March 31, 2020 and March 31, 2019, resp ectively. The weighted average assumptions used in the option-valuation model were as follows: Three Months Ended March 31, 2020 2019 Stock option exercise price $ — $ 16.12 Risk-free interest rate — 2.42% Expected dividend yield — — Expected option life in years — 3.75 Expected volatility — 23.32% Weighted average fair value $ — $ 3.50 For the quarters ended March 31, 2020 and 2019 , we recorded compensation expense of $120,000 and $70,000 , respectively with respect to our prior stock option grants. At March 31, 2020 , the total unrecognized estimated compensation expense related to non-vested stock options was $1.0 million, which we expect to recognize over a weighted average vesting period of 1.69 years. The intrinsic, unrealized value of all options outstanding vested and expected to vest, at March 31, 2020 was nil , as the closing price of our Common Stock on that date was $3.89 . The following table summarizes the number of options outstanding and exercisable as of March 31, 2020 and December 31, 2019 : Outstanding Stock Options - Class A Shares Number of Options Weighted Average Exercise Price Weighted Average Remaining Years of Contractual Life Aggregate Intrinsic Value Class A Class A Class A Class A Balance - December 31, 2018 586,469 $ 14.01 2.88 $ 1,530,528 Granted 219,408 16.12 — — Exercised (69,500) 13.42 — 185,175 Forfeited (25,000) 13.42 — — Balance - December 31, 2019 711,377 $ 14.74 2.79 $ 136,350 Granted — — — — Exercised — — — — Forfeited (8,000) 12.34 — — Balance - March 31, 2020 703,377 $ 14.79 1.69 $ — Restricted Stock Units We estimate the grant-date fair values of our RSUs using our Company’s stock price at grant-date and record such fair values as compensation expense over the vesting period on a straight-line basis. The following table summarizes the status of the RSUs granted to-date as of March 31, 2020 : Outstanding Restricted Stock Units RSU Grants (in units) Vested, Unvested, Forfeited, Grant Date Directors Management Total Grants March 31, 2020 March 31, 2020 March 31, 2020 March 10, 2016 35,147 27,381 62,528 62,262 — 266 April 11, 2016 — 5,625 5,625 3,962 1,146 517 March 23, 2017 30,681 32,463 63,144 54,196 8,416 532 August 29, 2017 — 7,394 7,394 5,546 1,848 — January 2, 2018 29,393 — 29,393 29,393 — — April 12, 2018 — 29,596 29,596 7,409 21,412 775 April 13, 2018 — 14,669 14,669 3,668 11,001 — July 6, 2018 — 932 932 — — 932 November 7, 2018 23,010 — 23,010 23,010 — — March 13, 2019 — 24,366 24,366 5,316 15,946 3,104 March 14, 2019 — 23,327 23,327 5,832 17,495 — May 7, 2019 11,565 — 11,565 — 11,565 — March 10, 2020 — 271,131 271,131 — 271,131 — Total 129,796 436,884 566,680 200,594 359,960 6,126 RSU awards to management vest 25% on the anniversary of the grant date over a period of four years. Beginning this year, a performance component has been added to RSUs granted to Management. On March 10, 2020, RSUs covering 271,131 shares were issued to members of executive management and other employees of our Company. Prior to November 7, 2018, RSU awards to non-employee directors vested 100% in January of the following year in which such RSUs were granted. At the November 7, 2018 Board meeting, it was determined that it would be more appropriate for the vesting of RSUs to align with the director ’ s term of office. Accordingly, the RSUs granted on November 7, 2018, vest on the first to occur of (i) 5:00 pm, Los Angeles, CA time on the last business day prior to the one-year anniversary of the grant date, or (ii) the date on which the recipient’s term as a director shall end and the recipient, or as the case may be, the recipient’s successor is elected to the board of directors at the next occurring annual meeting or special meeting of stockholders called for such purpose (the “Vesting Date”). This means that the Vesting Date of the RSUs granted to directors on November 7, 2018 was the date of the 2019 annual meetin g of stockholders . Due to the fact that our Company moved up our annual meeting of stockholders from November to May in 2019 , an unanticipated shorter than normal vesting period for the RSUs issued on November 7, 2018 resulted . In order to adjust for this factor, the award of RSUs to directors made immediately following the 2019 Annual Meeting of Stockholders was determined using a value of $35,000 or one half of the dollar amount of the prior year's annual grant. The RSUs issued to non-employee directors on May 7, 2019 vested on May 6, 2020. RSUs were issued to the directors in January 2020 pursuant to the RSU agreement. No RSUs were granted to non-employee directors during the first quarter of 2020. For the quarter ended March 31, 2020 and 2019 , we recorded compensation expense of $216,000 and $209,000 , respectively. The total unrecognized compensation expense related to the non-vested RSUs was $2.7 million as of March 31, 2020 , which we expect to recognize over a weighted average vesting period of 2.12 years. Stock Repurchase Program On March 2, 2017, the Company's Board of Directors authorized management, at its discretion, to spend up to an aggregate of $25.0 million to acquire shares of Reading’s Class A Non-Voting Common Stock. On March 14, 2019, the Board of Directors extended this stock buy-back program for two years, through March 2, 2021. On March 10, 2020, the Board increased the authorized amount by $25.0 million and extended it to March 2, 2022. At the present time, the repurchase program authorization is $26.0 million. The repurchase program allows Reading to repurchase its shares in accordance with the requirements of the SEC on the open market, in block trades and in privately negotiated transactions, depending on market conditions and other factors. All purchases are subject to the availability of shares at prices that are acceptable to Reading, and accordingly, no assurances can be given as to the timing or number of shares that may ultimately be acquired pursuant to this authorization. Under the stock repurchase program, as of March 31, 2020 , the Company ha d reacquired a total of 1,792,819 shares of Class A Non-Voting Common Stock for $24.0 million at an average price o f $13.39 per share (excluding transaction costs). 75,157 shares of Class A Non-Voting Common Stock were purchased during the quarter ended March 31, 2020 at an average price of $8.92 per share. This leaves $26.0 million available under the March 2, 2017 program, as extended, to March 2, 202 2 . |
Leases
Leases | 3 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
Leases | Note 1 7 - Leases In all leases, whether we are the lessor or lessee, we define lease term as the non-cancellable term of the lease plus any renewals covered by renewal options that are reasonably certain of exercise based on our assessment of economic factors relevant to the lessee. The non-cancellable term of the lease commences on the date the lessor makes the underlying property in the lease available to the lessee, irrespective of when lease payments begin under the contract. As Lessee We have operating leases for certain cinemas and corporate offices, and finance leases for certain equipment assets. Our leases have remaining lease terms of 1 to 20 years, with certain leases having options to extend to up to a further 20 years. Contracts are analyzed in accordance with the criteria set out in ASC 842 to determine if there is a lease present. For contracts that contain an operating lease, we account for the lease component and the non-lease component together as a single component. For contracts that contain a finance lease we account for the lease component and the non-lease component separately in accordance with ASC 842. In leases where we are the lessee, we recognize a right of use asset and lease liability at lease commencement, which is measured by discounting lease payments using an incremental borrowing rate applicable to the relevant country and lease term of the lease as the discount rate. Subsequent amortization of the right of use asset and accretion of the lease liability for an operating lease is recognized as a single lease cost, on a straight-line basis, over the term of the lease. A finance lease right-of-use asset is depreciated on a straight-line basis over the lesser of the useful life of the leased asset or the lease term. Interest on each finance lease liability is determined as the amount that results in a constant periodic discount rate on the remaining balance of the liability. Property taxes and other non-lease costs are accounted for on an accrual basis. Lease payments for our cinema operating leases consist of fixed base rent, and for certain leases, variable lease payments consisting of contracted percentages of revenue, changes in the relevant CPI, and/or other contracted financial metrics. The components of lease expense are as follows: Three Months Ended March 31, (Dollars in thousands) 2020 2019 Lease cost Finance lease cost: Amortization of right-of-use assets $ 39 $ 41 Interest on lease liabilities 2 3 Operating lease cost 7,719 7,921 Variable lease cost 48 105 Total lease cost $ 7,808 $ 8,070 Supplemental cash flow information related to leases is as follows: Three Months Ended March 31, (Dollars in thousands) 2020 2019 Cash flows relating to lease cost Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for finance leases $ 41 $ 44 Operating cash flows for operating leases 7,528 7,780 Right-of-use assets obtained in exchange for new finance lease liabilities — — Right-of-use assets obtained in exchange for new operating lease liabilities — 2,181 Supplemental balance sheet information related to leases is as follows: March 31, December 31, (Dollars in thousands) 2020 2019 Operating leases Operating lease right-of-use assets $ 213,907 $ 229,879 Operating lease liabilities - current portion 19,717 20,379 Operating lease liabilities - non-current portion 207,697 223,164 Total operating lease liabilities $ 227,414 $ 243,543 Finance leases Property plant and equipment, gross 351 370 Accumulated depreciation (194) (165) Property plant and equipment, net $ 157 $ 205 Other current liabilities 60 93 Other long-term liabilities 102 116 Total finance lease liabilities $ 162 $ 209 Other information Weighted-average remaining lease term - finance leases 3 3 Weighted-average remaining lease term - operating leases 11 11 Weighted-average discount rate - finance leases 5.19% 5.13% Weighted-average discount rate - operating leases 4.89% 4.86% The maturities of our leases were as follows: (Dollars in thousands) Operating leases Finance leases 2020 $ 22,780 $ 54 2021 30,780 51 2022 30,806 42 2023 30,145 28 2024 28,357 — Thereafter 153,958 — Total lease payments $ 296,826 $ 175 Less imputed interest (69,412) (13) Total $ 227,414 $ 162 As of March 31, 2020 , we have additional operating leases, primarily for cinemas, that have not yet commenced operations of approximately $36.0 million . It is anticipated that these operating leases will commence between fiscal year 2020 and fiscal year 2021 with lease terms of 15 to 20 years. As Lessor We have entered into various leases as a lessor for our owned real estate properties. These leases vary in length between 1 and 20 years, with certain leases containing options to extend at the behest of the applicable tenants. Lease components consist of fixed base rent, and for certain leases, variable lease payments consisting of contracted percentages of revenue, changes in the relevant CPI, and/or other contracted financial metrics. None of our leases grant any right to the tenant to purchase the underlying asset. We recognize lease payments for operating leases as property revenue on a straight-line basis over the lease term. Lease incentive payments we make to lessees are amortized as a reduction in property revenue over the lease term. Lease income relating to operating lease payments was as follows: Three Months Ended March 31, (Dollars in thousands) 2020 2019 Components of lease income Lease payments $ 2,237 $ 2,229 Variable lease payments 263 265 Total lease income $ 2,500 $ 2,494 The book value of underlying assets under operating leases from owned assets was as follows: March 31, December 31, (Dollars in thousands) 2020 2019 Building and improvements Gross balance $ 59,694 $ 67,766 Accumulated depreciation (18,306) (20,220) Net Book Value $ 41,388 $ 47,546 The Maturity of our leases were as follows: (Dollars in thousands) Operating leases 2020 $ 6,197 2021 6,183 2022 5,474 2023 4,793 2024 3,846 Thereafter 5,351 Total $ 31,844 |
Hedge Accounting
Hedge Accounting | 3 Months Ended |
Mar. 31, 2020 | |
Hedge Accounting [Abstract] | |
Hedge Accounting | Note 18 – Hedge Accounting As of March 31, 2020 and December 31, 2019 , the Company held interest rate derivatives in the total notional amount of $8.0 million and $8.0 million , respectively. The derivatives are recorded on the balance sheet at fair value and are included in the following line items: Liability Derivatives March 31, December 31, 2020 2019 (Dollars in thousands) Balance sheet location Fair value Balance sheet location Fair value Interest rate contracts Derivative financial instruments - current portion $ 199 Derivative financial instruments - current portion $ 109 Derivative financial instruments - non-current portion 358 Derivative financial instruments - non-current portion 233 Total derivatives designated as hedging instruments $ 557 $ 342 Total derivatives $ 557 $ 342 We have no derivatives designated as hedging instruments which are in asset positions. The changes in fair value are recorded in Other Comprehensive Income and released into interest expense in the same period(s) in which the hedged transactions affect earnings. In the quarter ended to March 31, 2020 and March 31, 2019 , respectively, the derivative instruments affected Comprehensive Income as follows: (Dollars in thousands) Location of Loss Recognized in Income on Derivatives Amount of Loss Recognized in Income on Derivatives Three Months Ended March 31, 2020 2020 2019 Interest rate contracts Interest expense $ 29 $ 12 Total $ 29 $ 12 Loss Recognized in OCI on Derivatives (Effective Portion) (Dollars in thousands) Amount Three Months Ended March 31 2020 2019 Interest rate contracts $ 243 $ 81 Total $ 243 $ 81 Loss Reclassified from AOCI into Income (Effective Portion) Line Item Amount Three Months Ended March 31 2020 2019 Interest expense $ 29 $ 12 Total $ 29 $ 12 The derivative has no ineffective portion, and consequently no losses have been recognized directly in income. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | Note 19 – Fair Value Measurements ASC 820, Fair Value Measurement establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The statement requires that assets and liabilities carried at fair value be classified and disclosed in one of the following three categories: · Level 1: Quoted market prices in active markets for identical assets or liabilities; · Level 2: Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets; and, · Level 3: Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. As of March 31, 2020 and December 31, 2019 we had derivative financial liabilities carried and measured at fair value on a recurring basis of $557,000 and $342,000 respectively. The following tables summarize our financial liabilities that are carried at cost and measured at fair value on a non-recurring basis as of March 31, 2020 and December 31, 2019 , by level within the fair value hierarchy. Fair Value Measurement at March 31, 2020 (Dollars in thousands) Carrying Value (1) Level 1 Level 2 Level 3 Total Notes payable $ 231,883 $ — $ — $ 228,695 $ 228,695 Subordinated debt 31,117 — — 21,913 21,913 $ 263,000 $ — $ — $ 250,608 $ 250,608 Fair Value Measurement at December 31, 2019 (Dollars in thousands) Carrying Value (1) Level 1 Level 2 Level 3 Total Notes payable $ 177,942 $ — $ — $ 181,916 $ 181,916 Subordinated debt 31,276 — — 22,132 22,132 $ 209,218 $ — $ — $ 204,048 $ 204,048 (1) These balances are presented before any deduction for deferred financing costs. Following is a description of the valuation methodologies used to estimate the fair value of our financial assets and liabilities. There have been no changes in the methodologies used at March 31, 2020 and December 31, 2019 . · Level 1 investments in marketable securities primarily consist of investments associated with the ownership of marketable securities in U.S. and New Zealand. These investments are valued based on observable market quotes on the last trading date of the reporting period. · Level 2 derivative financial instruments are valued based on discounted cash flow models that incorporate observable inputs such as interest rates and yield curves from the derivative counterparties. The credit valuation adjustments associated with our non-performance risk and counterparty credit risk are incorporated in the fair value estimates of our derivatives. As of March 31, 2020 and December 31, 2019 , we concluded that the credit valuation adjustments were not significant to the overall valuation of our derivatives. · Level 3 borrowings include our secured and unsecured notes payable, trust preferred securities and other debt instruments. The borrowings are valued based on discounted cash flow models that incorporate appropriate market discount rates. We calculated the market discount rate by obtaining period-end treasury rates for fixed-rate debt, or LIBOR for variable-rate debt, for maturities that correspond to the maturities of our debt, adding appropriate credit spreads derived from information obtained from third-party financial institutions. These credit spreads take into account factors such as our credit rate, debt maturity, types of borrowings, and the loan-to-value ratios of the debt. The Company’s financial instruments also include cash, cash equivalents, receivables and accounts payable. The carrying values of these financial instruments approximate the fair values due to their short maturities. Additionally, there were no transfers of assets and liabilities between levels 1, 2, or 3 during the quarter ended March 31, 2020 and March 31, 2019 . |
Business Combinations
Business Combinations | 3 Months Ended |
Mar. 31, 2020 | |
Business Combinations [Abstract] | |
Business Combinations | Note 20 – Business Combination s Devonport, Tasmania, Australia On January 30, 2019, we purchased the tenant’s interest and other operating assets of an established four-screen cinema in Devonport, Tasmania, Australia, for $1.4 million ( AU$1.95 million). We commenced trading from this new cinema site on January 30, 2019. The total purchase price was allocated to the identifiable assets acquired based on our estimates of their fair values on the acquisition date. The identified assets included fixtures and equipment and immaterial working capital balances . There were immaterial liabilities assumed. Our final purchase price allocation is as follows: (Dollars in thousands) Preliminary Purchase Price Allocation (1) Measurement Period Adjustments (2) Final Purchase Price Allocation (1) Tangible Assets Operating property: Fixtures and equipment $ 153 $ — $ 153 Intangible Assets Goodwill 1,248 (23) 1,225 Total assets acquired 1,401 (23) 1,378 Net assets acquired $ 1,401 $ (23) $ 1,378 (1) The balances were translated into U.S. Dollars based on the applicable exchange rate as of the date of acquisition, January 30, 2019. (2) The measurement period adjustments relate to finalization of immaterial employee obligations. State Cinema Hobart, Tasmania, Australia On December 3, 2019, we purchased the tenant’s interest and other operating assets of an established ten-screen cinema in Hobart, Tasmania, Australia, for $6.2m ( AU$9.0m ). We commenced trading from this new cinema site on December 5, 2019. The Company finalized its purchase price allocation in the first quarter of 2020. The total purchase price was allocated to the identifiable assets acquired based on our estimates of their fair values on the acquisition date. The identified assets include fixtures and equipment, the State Cinema brand, inventory and immaterial working capital balances. The determination of the fair values of the acquired assets (and the related determination of their estimated lives where depreciation is permitted) requires significant judgment. There were immaterial liabilities assumed, including certain gift card obligations. Our final purchase price allocation is as follows: (Dollars in thousands) Preliminary Purchase Price Allocation (1) Measurement Period Adjustments Final Purchase Price Allocation (1) Tangible Assets Operating property: Fixtures and equipment $ 481 (119) $ 362 Deferred tax 5 — 5 Current assets: Inventory 333 — 333 Intangible Assets Brand name — 250 250 Liquor license 1 1 Goodwill 5,617 (132) 5,485 Total assets acquired 6,436 — 6,436 Liabilities Employee liabilities (20) — (20) Deferred revenue balances (236) — (236) Total liabilities acquired (256) — (256) Net assets acquired $ 6,180 — $ 6,180 (1) The balances were translated into U.S. Dollars based on the applicable exchange rate as of the date of acquisition, December 5 , 2019. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 21 – Subsequent Events Lender Waivers As a result of the impact of COVID-19 on our business, we were in default of certain covenants under our principal credit facilities. See Note 11 – Debt , above . We have sought and received waivers with respect to such defaults. These waivers pertained to our $55.0 million Bank of America Credit Facility, our $5.0 million Bank of American Line of Credit, and AUS$120.0 million Corporate Term loan with National Australia Bank. Copies of these waivers are attached as exhibits to our Report on 8K filed on June 2, 2020. Our remaining loans do not have covenants or default triggers that have been impacted by COVID-19. |
Summary Of Significant Accoun_2
Summary Of Significant Accounting Policies (Policy) | 3 Months Ended |
Mar. 31, 2020 | |
Summary Of Significant Accounting Policies [Abstract] | |
Basis Of Consolidation | Basis of Consolidation The accompanying consolidated financial statements include the accounts of the Company’s wholly-owned subsidiaries as well as majority-owned subsidiaries that the Company controls, and should be read in conjunction with the Company’s Annual Report on Form 10-K as of and for the year ended December 31, 2019 (“ 2019 Form 10-K”). All significant intercompany balances and transactions have been eliminated on consolidation. These consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim reporting with the instructions for Form 10-Q and Rule 10-01 of Regulation S-X of the Securities and Exchange Commission (“SEC”). As such, they do not include all information and footnotes required by U.S. GAAP for complete financial statements. We believe that we have included all normal and recurring adjustments necessary for a fair presentation of the results for the interim period. Operating results for the quarter ended March 31, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020 . |
Use Of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and footnotes thereto. Significant estimates include (i) projections we make regarding the recoverability and impairment of our assets (including goodwill and intangibles), (ii) valuations of our derivative instruments, (iii) recoverability of our deferred tax assets, (iv) estimation of breakage and redemption experience rates, which drive how we recognize breakage on our gift card and gift certificates, and revenue from our customer loyalty program, (v) allocation of insurance proceeds to various recoverable components , and (vi) estimation of our Incremental Borrowing Rate (“IBR”) as relates to the valuation of our right-of-use assets and lease liabilities. Actual results may differ from those estimates. |
Recently Adopted And Issued Accounting Pronouncements | Recently Adopted and Issued Accounting Pronouncements Adopted: 1) On January 1, 2020, we adopted ASU 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. This new guidance removes the second step of the two-step impairment test for measuring goodwill and is to be applied on a prospective basis only. Adoption of this standard has no material effect on our consolidated financial statements. 2) On January 1, 2020, we adopted ASU 2016-13, Financial Instruments – Credit Losses (Topic 326) . This new guidance replaces the incurred loss impairment methodology under prior GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. We have no history of significant bad debt losses and as such adoption of this standard has no material effect on our consolidated financial statements. 3) On January 1, 2019, we adopted ASU 2016-02 Leases (Topic 842) using the current adjustment method. We recognized the cumulative effect of initially applying the new leasing standard as an adjustment to the opening balance of retained earnings. The comparative information was not restated. Adoption of this standard has no material effect on our consolidated financial statements. Issued: v ASUs Effective 2020 and Beyond 1) In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting . The amendments in this update provide optional expedients and exceptions for applying generally accepted accounting principles to contracts, hedging relationships and other transactions that reference London Interbank Offered Rate ( “ LIBOR ” ) or another reference rate expected to be discontinued because of reference rate reform. ASC 2020-04 is effective as of March 12, 2020 through December 31, 2022. The Company is currently evaluating the effect the new standard will have on its consolidated financial statements. |
Prior Period Financial Statement Correction Of Immaterial Errors | Prior period financial statement correction of immaterial errors Sales tax During the fourth quarter of 2019, we identified immaterial errors related to the accounting for sales tax on certain products sold from cinemas dating back to 2017. These errors resulted in an overstatement of revenue for certain periods. We assessed the materiality of these errors on our financial statements for prior periods in accordance with the SEC Staff Accounting Bulletin (“SAB”) No. 99, Materiality, codified in ASC 250, Presentation of Financial Statements, and concluded that they were not material to any prior annual or interim periods. However, the aggregate amount of $993,000 related to the prior period immaterial errors through September 30, 2019, would have been material to the full year Consolidated Statement of Operations to December 31, 2019, presented within the December 31, 2019, Form 10-K. Consequently, in accordance with ASC 250 (specifically SAB No. 108, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements), we have corrected these errors for all prior periods presented by revising the consolidated financial statements and other financial information included herein. The following is a summary of the previously issued financial statement line items for all periods and statements included in this Form 10-Q report affected by the correction. Consolidated Statements of Operations: Quarter Ended March 31, 2019 (Dollars in thousands) As Reported Adjustment As Revised Cinema revenue $ 57,986 (59) 57,927 Total revenue 61,551 (59) 61,492 Operating income (loss) (1,301) (59) (1,360) Income (loss) before income taxes (3,139) (59) (3,198) Income tax (expense) benefit 1,042 15 1,057 Net income (loss) (2,097) (44) (2,141) Net income (loss) attributable to Reading International, Inc. common shareholders (2,081) (44) (2,125) Basic earnings (loss) per share $ (0.09) (0.00) (0.09) Diluted earnings (loss) per share (0.09) (0.00) (0.09) Consolidated Balance Sheets: Summary of Equity (Dollars in thousands) As Reported Adjustment As Revised Equity at January 1, 2019 $ 180,547 $ (568) $ 179,979 Net income (loss) attributable to Reading International, Inc. common shareholders (2,097) (44) (2,141) Equity at March 31, 2019 179,946 (612) 179,334 Consolidated Statements of Cash Flows: Quarter Ended March 31, 2019 (Dollars in thousands) As Reported Adjustment As Revised Net income (loss) $ (2,097) $ (44) $ (2,141) Change in net deferred tax assets (151) (15) (166) Accounts payable and accrued expenses (2,204) 59 (2,145) Net cash provided by operating activities (3,842) — (3,842) |
Description Of Business And S_2
Description Of Business And Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Description Of Business And Segment Reporting [Abstract] | |
Summary Of Results Of Operations For Principal Business Segments | Three Months Ended March 31, (Dollars in thousands) 2020 2019 Revenue: Cinema exhibition $ 46,310 $ 57,927 Real estate 4,602 5,431 Inter-segment elimination (1,684) (1,866) $ 49,228 $ 61,492 Segment operating income (loss): Cinema exhibition $ (2,654) $ 2,583 Real estate 187 1,159 $ (2,467) $ 3,742 |
Reconciliation To Net Income Attributable To Common Shareholders | Three Months Ended March 31, (Dollars in thousands) 2020 2019 Segment operating income (loss) $ (2,467) $ 3,742 Unallocated corporate expense Depreciation and amortization expense (192) (61) General and administrative expense (4,380) (5,041) Interest expense, net (1,789) (1,852) Equity earnings of unconsolidated joint ventures 78 34 Other income (expense) (218) (20) Income (loss) before income tax expense $ (8,968) $ (3,198) |
Summary Of Significant Accoun_3
Summary Of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Standards Update 2016-02 [Member] | |
Changes To Financial Statements | Consolidated Statements of Operations: Quarter Ended March 31, 2019 (Dollars in thousands) As Reported Adjustment As Revised Cinema revenue $ 57,986 (59) 57,927 Total revenue 61,551 (59) 61,492 Operating income (loss) (1,301) (59) (1,360) Income (loss) before income taxes (3,139) (59) (3,198) Income tax (expense) benefit 1,042 15 1,057 Net income (loss) (2,097) (44) (2,141) Net income (loss) attributable to Reading International, Inc. common shareholders (2,081) (44) (2,125) Basic earnings (loss) per share $ (0.09) (0.00) (0.09) Diluted earnings (loss) per share (0.09) (0.00) (0.09) Consolidated Balance Sheets: Summary of Equity (Dollars in thousands) As Reported Adjustment As Revised Equity at January 1, 2019 $ 180,547 $ (568) $ 179,979 Net income (loss) attributable to Reading International, Inc. common shareholders (2,097) (44) (2,141) Equity at March 31, 2019 179,946 (612) 179,334 Consolidated Statements of Cash Flows: Quarter Ended March 31, 2019 (Dollars in thousands) As Reported Adjustment As Revised Net income (loss) $ (2,097) $ (44) $ (2,141) Change in net deferred tax assets (151) (15) (166) Accounts payable and accrued expenses (2,204) 59 (2,145) Net cash provided by operating activities (3,842) — (3,842) |
Operations In Foreign Currency
Operations In Foreign Currency (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Operations In Foreign Currency [Abstract] | |
Summary Of Currency Exchange Rates | Foreign Currency / USD As of and for the quarter ended As of and for the twelve months ended As of and for the quarter ended March 31, 2020 December 31, 2019 March 31, 2019 Spot Rate Australian Dollar 0.6139 0.7030 0.7104 New Zealand Dollar 0.5959 0.6745 0.6820 Average Rate Australian Dollar 0.6578 0.6954 0.7123 New Zealand Dollar 0.6349 0.6593 0.6816 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Computation Of Basic And Diluted Earnings (Loss) Per Share | Three Months Ended March 31, (Dollars in thousands, except share data) 2020 2019 Numerator: Net income (loss) attributable to RDI common stockholders $ (5,875) $ (2,125) Denominator: Weighted average number of common stock – basic 21,752,371 22,920,486 Weighted average dilutive impact of awards 367,250 203,620 Weighted average number of common stock – diluted 22,119,621 23,124,106 Basic earnings (loss) per share attributable to RDI common stockholders $ (0.27) $ (0.09) Diluted earnings (loss) per share attributable to RDI common stockholders $ (0.27) $ (0.09) Awards excluded from diluted earnings (loss) per share 678,377 496,089 |
Properties And Equipment (Table
Properties And Equipment (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Properties And Equipment [Abstract] | |
Schedule Of Property And Equipment | March 31, December 31, (Dollars in thousands) 2020 2019 Land $ 70,006 $ 75,663 Building and improvements 132,704 149,852 Leasehold improvements 55,563 56,912 Fixtures and equipment 173,802 186,949 Construction-in-progress 10,430 5,484 Total cost 442,505 474,860 Less: accumulated depreciation (205,598) (216,722) Operating property, net $ 236,907 $ 258,138 |
Summary Of Investment And Development Property | March 31, December 31, (Dollars in thousands) 2020 2019 Land $ 23,098 $ 24,446 Building 1,900 1,900 Construction-in-progress (including capitalized interest) 91,165 87,678 Investment and development property $ 116,163 $ 114,024 |
Construction-In-Progress Balance | (Dollars in thousands) Balance, December 31, 2019 Additions during the period (1) Completed during the period Foreign currency translation Balance, March 31, 2020 Union Square development $ 81,934 $ 4,075 $ — $ — $ 86,009 Courtenay Central development 6,364 345 — (762) 5,947 Cinema developments and improvements 3,032 5,426 (616) (111) 7,731 Other real estate projects 1,832 491 (234) (181) 1,908 Total $ 93,162 $ 10,337 $ (850) $ (1,054) $ 101,595 (1) Includes capitalized interest of $0.9 million for the quarter ended March 31, 2020 . |
Investments In Unconsolidated_2
Investments In Unconsolidated Joint Ventures (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Investments In Unconsolidated Joint Ventures [Abstract] | |
Summary Of The Investments In Unconsolidated Joint Ventures And Entities | March 31, December 31, (Dollars in thousands) Interest 2020 2019 Rialto Cinemas 50.0% $ 994 $ 1,175 Mt. Gravatt 33.3% 3,296 3,894 Total investments $ 4,290 $ 5,069 |
Summary Of Equity Earnings From Investments In Unconsolidated Joint Ventures | Three Months Ended March 31, (Dollars in thousands) 2020 2019 Rialto Cinemas $ (14) $ (56) Mt. Gravatt 92 90 Total equity earnings $ 78 $ 34 |
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Goodwill And Intangible Assets [Abstract] | |
Summary Of Goodwill | (Dollars in thousands) Cinema Real Estate Total Balance at December 31, 2019 $ 21,224 $ 5,224 $ 26,448 Change in goodwill due to a purchase of a business combination 107 — 107 Foreign currency translation adjustment (2,249) — (2,249) Balance at March 31, 2020 $ 19,082 $ 5,224 $ 24,306 |
Summary Of Intangible Assets Other Than Goodwill | As of March 31, 2020 (Dollars in thousands) Beneficial Leases Trade Name Other Intangible Assets Total Gross carrying amount $ 12,044 $ 9,062 $ 4,314 $ 25,420 Less: Accumulated amortization (10,032) (7,148) (3,819) (20,999) Net intangible assets other than goodwill $ 2,012 $ 1,914 $ 495 $ 4,421 As of December 31, 2019 (Dollars in thousands) Beneficial Leases Trade Name Other Intangible Assets Total Gross carrying amount $ 15,048 $ 7,258 $ 3,145 $ 25,451 Less: Accumulated amortization (14,496) (5,449) (1,186) (21,131) Net intangible assets other than goodwill $ 552 $ 1,809 $ 1,959 $ 4,320 |
Summary Of Amortization Expense | Three Months Ended March 31, (Dollars in thousands) 2020 2019 Beneficial lease amortization $ 25 $ 79 Other amortization 76 22 Total intangible assets amortization $ 101 $ 101 |
Prepaid And Other Assets (Table
Prepaid And Other Assets (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Prepaid And Other Assets [Abstract] | |
Summary Of Prepaid And Other Assets | March 31, December 31, (Dollars in thousands) 2020 2019 Prepaid and other current assets Prepaid expenses $ 2,443 $ 2,163 Prepaid rent 39 1,093 Prepaid taxes 791 912 Income taxes receivable 6,767 1,669 Deposits 234 214 Investment in marketable securities 24 47 Restricted cash 7 7 Total prepaid and other current assets $ 10,305 $ 6,105 Other non-current assets Straight-line rent 3,738 4,689 Other non-cinema and non-rental real estate assets 1,134 1,134 Investment in Reading International Trust I 838 838 Long-term deposits 8 7 Total other non-current assets $ 5,718 $ 6,668 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Debt [Abstract] | |
Summary Of Borrowings | As of March 31, 2020 (Dollars in thousands) Maturity Date Contractual Facility Balance, Gross Balance, Net (1) Stated Interest Rate Effective Interest Rate Denominated in USD Trust Preferred Securities (USA) April 30, 2027 $ 27,913 $ 27,913 $ 26,340 5.77% 5.77% Bank of America Credit Facility (USA) March 6, 2023 55,000 55,000 54,986 3.99% 3.99% Bank of America Line of Credit (USA) March 6, 2023 5,000 5,000 5,000 3.99% 3.99% Cinemas 1, 2, 3 Term Loan (USA) April 1, 2022 25,000 25,000 24,504 4.25% 4.25% Minetta & Orpheum Theatres Loan (USA) (2) November 1, 2023 8,000 8,000 7,894 3.63% 5.15% U.S. Corporate Office Term Loan (USA) January 1, 2027 9,199 9,199 9,096 4.64% / 4.44% 4.61% Purchase Money Promissory Note September 18, 2024 3,204 3,204 3,204 5.00% 5.00% Union Square Construction Financing (USA) December 29, 2020 50,000 36,947 36,782 5.50% 5.50% Denominated in foreign currency ("FC") (3) NAB Corporate Term Loan (AU) December 31, 2023 73,668 73,668 73,512 1.69% 1.69% Westpac Bank Corporate (NZ) December 31, 2023 19,069 19,069 19,069 2.30% 2.30% $ 276,053 $ 263,000 $ 260,387 (1) Net of deferred financing costs amounting to $2.6 million. (2) The interest rate derivative associated with the Minetta & Orpheum loan provides for an effective fixed rate of 5.15% . (3) The contractual facilities a nd outstanding balances of the foreign currency denominated borrowings were translated into U.S. dollars based on the applicable exchange rates as of March 31, 2020 . As of December 31, 2019 (Dollars in thousands) Maturity Date Contractual Facility Balance, Gross Balance, Net (1) Stated Interest Rate Effective Interest Rate Denominated in USD Trust Preferred Securities (USA) April 30, 2027 $ 27,913 $ 27,913 $ 26,311 5.94% 5.94% Bank of America Credit Facility (USA) March 6, 2023 55,000 33,500 33,445 4.80% 4.80% Bank of America Line of Credit (USA) March 6, 2023 5,000 — — 4.80% 4.80% Cinemas 1, 2, 3 Term Loan (USA) April 1, 2022 18,658 18,658 18,532 3.25% 3.25% Minetta & Orpheum Theatres Loan (USA) (2) November 1, 2023 8,000 8,000 7,887 3.74% 5.15% U.S. Corporate Office Term Loan (USA) January 1, 2027 9,260 9,260 9,153 4.64% / 4.44% 4.64% Union Square Construction Financing (USA) December 29, 2020 50,000 36,048 36,035 6.02% 6.02% Purchase Money Promissory Note September 18, 2024 3,363 3,363 3,363 5.00% 5.00% Denominated in foreign currency ("FC") (3) NAB Corporate Term Loan (AU) December 31, 2023 84,360 65,731 65,541 1.77% 1.77% Westpac Bank Corporate (NZ) December 31, 2023 21,584 6,745 6,745 3.05% 3.05% Total $ 283,138 $ 209,218 $ 207,012 (1) Net of deferred financing costs amounting to $2.2 million. (2) The interest rate derivative associated with the Minetta & Orpheum loan provides for an effective fixed rate of 5.15%. (3) The contractual facilities and outstanding balances of the foreign currency denominated borrowings were translated into U.S. dollars based on the applicable exchange rates as of December 31, 2019 . |
Schedule Of Long-term Debt Instruments, Net Of The Deferred Financing Costs | March 31, December 31, Balance Sheet Caption 2020 2019 Debt - current portion $ 171,426 $ 36,736 Debt - long-term portion 59,252 140,602 Subordinated debt - current portion 651 644 Subordinated debt - long-term portion 29,058 29,030 Total borrowings $ 260,387 $ 207,012 |
Other Liabilities (Tables)
Other Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Other Liabilities [Abstract] | |
Summary Of Other Liabilities Including Pension | March 31, December 31, (Dollars in thousands) 2020 2019 Current liabilities Liability for demolition costs 2,425 2,745 Accrued pension 684 684 Security deposit payable 108 114 Finance lease liabilities 60 93 Other 33 17 Other current liabilities $ 3,310 $ 3,653 Other liabilities Lease make-good provision 6,243 6,667 Accrued pension 4,366 4,469 Environmental reserve 1,656 1,656 Lease liability 5,900 5,900 Acquired leases 31 37 Finance lease liabilities 102 116 Other 6 9 Other liabilities $ 18,304 $ 18,854 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Accumulated Other Comprehensive Income [Abstract] | |
Summary Of Accumulated Other Comprehensive Income | (Dollars in thousands) Foreign Currency Items Unrealized Gain (Losses) on Available- for-Sale Investments Accrued Pension Service Costs Hedge Accounting Reserve Total Balance at January 1, 2020 $ 8,118 $ 10 $ (2,287) $ (252) $ 5,589 Change related to derivatives Total change in hedge fair value recorded in Other Comprehensive Income — — — (243) (243) Other comprehensive income before reclassifications — — Amounts reclassified from accumulated other comprehensive income — — — 29 29 Net change related to derivatives — — — (214) (214) Net current-period other comprehensive income (loss) (15,698) (19) 52 (214) (15,879) Balance at March 31, 2020 $ (7,580) $ (9) $ (2,235) $ (466) $ (10,290) |
Non-controlling Interests (Tabl
Non-controlling Interests (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Non-controlling Interests [Abstract] | |
Components Of Non-controlling Interests | March 31, December 31, (Dollars in thousands) 2020 2019 Australian Country Cinemas, Pty Ltd $ 101 $ 119 Shadow View Land and Farming, LLC 2,124 2,145 Sutton Hill Properties, LLC 1,944 2,003 Noncontrolling interests in consolidated subsidiaries $ 4,169 $ 4,267 |
Components Of Income Attributable To Non-controlling Interest | Three Months Ended March 31, (Dollars in thousands) 2020 2019 Australian Country Cinemas, Pty Ltd $ (1) $ 9 Shadow View Land and Farming, LLC (21) (14) Sutton Hill Properties, LLC (58) (11) Net income (loss) attributable to noncontrolling interests $ (80) $ (16) |
Summary Of Changes In Controlling And Non-controlling Stockholders’ Equity | Common Shares Retained Accumulated Reading Class A Class A Class B Class B Additional Earnings Other International Inc. Total Non-Voting Par Voting Par Paid-In (Accumulated Treasury Comprehensive Stockholders’ Noncontrolling Stockholders’ (Dollars in thousands, except shares) Shares Value Shares Value Capital Deficit) Shares Income (Loss) Equity Interests Equity At January 1, 2020 20,103 $ 231 1,680 $ 17 $ 148,602 $ 20,647 $ (39,737) $ 5,589 $ 135,349 $ 4,267 $ 139,616 Net income (loss) — — — — — (5,875) — — (5,875) (80) (5,955) Other comprehensive income, net — — — — — — — (15,879) (15,879) (18) (15,897) Share-based compensation expense — — — — 336 — — — 336 — 336 Share repurchase plan (75) — — — — — (670) — (671) — (671) In-kind exchange of share for the exercise of options, net issued — — — — — — — — — — — Restricted Stock Units 19 — — (30) — — — (30) — (30) Contributions from noncontrolling stockholders — — — — — — — — — — — Distributions to noncontrolling stockholders — — — — — — — — — — — At March 31, 2020 20,047 $ 231 1,680 $ 17 $ 148,908 $ 14,772 $ (40,407) $ (10,290) $ 113,231 $ 4,169 $ 117,400 Common Shares Retained Accumulated Reading Class A Class A Class B Class B Additional Earnings Other International Inc. Total Non-Voting Par Voting Par Paid-In (Accumulated Treasury Comprehensive Stockholders’ Noncontrolling Stockholders’ (Dollars in thousands, except shares) Shares Value Shares Value Capital Deficit) Shares Income (Loss) Equity Interests Equity At January 1, 2019 21,195 $ 232 1,680 $ 17 $ 147,452 $ 47,048 $ (25,222) $ 6,115 $ 175,642 $ 4,337 $ 179,979 Net income (loss) — — — — — (2,125) — — (2,125) (16) (2,141) Adjustments to opening retained earnings on adoption of ASC 842 — — — — — 28 — — 28 (46) (18) Other comprehensive income, net — — — — — — — 1,510 1,510 1 1,511 Share-based compensation expense — — — — 280 — — — 280 — 280 Share repurchase plan — — — — — — (9) — (9) — (9) Class A common stock issued for share-based bonuses and options exercised — — — — (185) — — — (185) — (185) Restricted Stock Units 40 1 — — (75) — — — (74) — (74) Contributions from noncontrolling stockholders — — — — — — — — — 18 18 Distributions to noncontrolling stockholders — — — — — — — — — (27) (27) At March 31, 2019 21,235 $ 233 1,680 $ 17 $ 147,472 $ 44,951 $ (25,231) $ 7,625 $ 175,067 $ 4,267 $ 179,334 |
Share-Based Compensation And _2
Share-Based Compensation And Share Repurchase Plans (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Share-Based Compensation And Share Repurchase Plans [Abstract] | |
Schedule Of Fair Value Of Options, Weighted Average Assumptions | Three Months Ended March 31, 2020 2019 Stock option exercise price $ — $ 16.12 Risk-free interest rate — 2.42% Expected dividend yield — — Expected option life in years — 3.75 Expected volatility — 23.32% Weighted average fair value $ — $ 3.50 |
Summary Of Vested And Unvested Stock Options | Outstanding Stock Options - Class A Shares Number of Options Weighted Average Exercise Price Weighted Average Remaining Years of Contractual Life Aggregate Intrinsic Value Class A Class A Class A Class A Balance - December 31, 2018 586,469 $ 14.01 2.88 $ 1,530,528 Granted 219,408 16.12 — — Exercised (69,500) 13.42 — 185,175 Forfeited (25,000) 13.42 — — Balance - December 31, 2019 711,377 $ 14.74 2.79 $ 136,350 Granted — — — — Exercised — — — — Forfeited (8,000) 12.34 — — Balance - March 31, 2020 703,377 $ 14.79 1.69 $ — |
Schedule Of Restricted Stock Units Issued And Vested | Outstanding Restricted Stock Units RSU Grants (in units) Vested, Unvested, Forfeited, Grant Date Directors Management Total Grants March 31, 2020 March 31, 2020 March 31, 2020 March 10, 2016 35,147 27,381 62,528 62,262 — 266 April 11, 2016 — 5,625 5,625 3,962 1,146 517 March 23, 2017 30,681 32,463 63,144 54,196 8,416 532 August 29, 2017 — 7,394 7,394 5,546 1,848 — January 2, 2018 29,393 — 29,393 29,393 — — April 12, 2018 — 29,596 29,596 7,409 21,412 775 April 13, 2018 — 14,669 14,669 3,668 11,001 — July 6, 2018 — 932 932 — — 932 November 7, 2018 23,010 — 23,010 23,010 — — March 13, 2019 — 24,366 24,366 5,316 15,946 3,104 March 14, 2019 — 23,327 23,327 5,832 17,495 — May 7, 2019 11,565 — 11,565 — 11,565 — March 10, 2020 — 271,131 271,131 — 271,131 — Total 129,796 436,884 566,680 200,594 359,960 6,126 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
Components Of Lease Expense | Three Months Ended March 31, (Dollars in thousands) 2020 2019 Lease cost Finance lease cost: Amortization of right-of-use assets $ 39 $ 41 Interest on lease liabilities 2 3 Operating lease cost 7,719 7,921 Variable lease cost 48 105 Total lease cost $ 7,808 $ 8,070 |
Supplemental Cash Flow Information Related To Leases | Three Months Ended March 31, (Dollars in thousands) 2020 2019 Cash flows relating to lease cost Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for finance leases $ 41 $ 44 Operating cash flows for operating leases 7,528 7,780 Right-of-use assets obtained in exchange for new finance lease liabilities — — Right-of-use assets obtained in exchange for new operating lease liabilities — 2,181 |
Supplemental Balance Sheet Information Related To Leases | March 31, December 31, (Dollars in thousands) 2020 2019 Operating leases Operating lease right-of-use assets $ 213,907 $ 229,879 Operating lease liabilities - current portion 19,717 20,379 Operating lease liabilities - non-current portion 207,697 223,164 Total operating lease liabilities $ 227,414 $ 243,543 Finance leases Property plant and equipment, gross 351 370 Accumulated depreciation (194) (165) Property plant and equipment, net $ 157 $ 205 Other current liabilities 60 93 Other long-term liabilities 102 116 Total finance lease liabilities $ 162 $ 209 Other information Weighted-average remaining lease term - finance leases 3 3 Weighted-average remaining lease term - operating leases 11 11 Weighted-average discount rate - finance leases 5.19% 5.13% Weighted-average discount rate - operating leases 4.89% 4.86% |
Maturity Of Leases As Lessee | (Dollars in thousands) Operating leases Finance leases 2020 $ 22,780 $ 54 2021 30,780 51 2022 30,806 42 2023 30,145 28 2024 28,357 — Thereafter 153,958 — Total lease payments $ 296,826 $ 175 Less imputed interest (69,412) (13) Total $ 227,414 $ 162 |
Components Of Lease Income | Three Months Ended March 31, (Dollars in thousands) 2020 2019 Components of lease income Lease payments $ 2,237 $ 2,229 Variable lease payments 263 265 Total lease income $ 2,500 $ 2,494 |
Book Value Of Assets Under Operating Leases From Owned Assets | March 31, December 31, (Dollars in thousands) 2020 2019 Building and improvements Gross balance $ 59,694 $ 67,766 Accumulated depreciation (18,306) (20,220) Net Book Value $ 41,388 $ 47,546 |
Maturity Of Leases As Lessor | (Dollars in thousands) Operating leases 2020 $ 6,197 2021 6,183 2022 5,474 2023 4,793 2024 3,846 Thereafter 5,351 Total $ 31,844 |
Hedge Accounting (Tables)
Hedge Accounting (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Hedge Accounting [Abstract] | |
Schedule Of Derivative Instruments On The Balance Sheet At Fair Value | Liability Derivatives March 31, December 31, 2020 2019 (Dollars in thousands) Balance sheet location Fair value Balance sheet location Fair value Interest rate contracts Derivative financial instruments - current portion $ 199 Derivative financial instruments - current portion $ 109 Derivative financial instruments - non-current portion 358 Derivative financial instruments - non-current portion 233 Total derivatives designated as hedging instruments $ 557 $ 342 Total derivatives $ 557 $ 342 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Measurements [Abstract] | |
Schedule Of Fair Value Carried At Cost And Measured On A Nonrecurring Basis | Fair Value Measurement at March 31, 2020 (Dollars in thousands) Carrying Value (1) Level 1 Level 2 Level 3 Total Notes payable $ 231,883 $ — $ — $ 228,695 $ 228,695 Subordinated debt 31,117 — — 21,913 21,913 $ 263,000 $ — $ — $ 250,608 $ 250,608 Fair Value Measurement at December 31, 2019 (Dollars in thousands) Carrying Value (1) Level 1 Level 2 Level 3 Total Notes payable $ 177,942 $ — $ — $ 181,916 $ 181,916 Subordinated debt 31,276 — — 22,132 22,132 $ 209,218 $ — $ — $ 204,048 $ 204,048 (1) These balances are presented before any deduction for deferred financing costs. |
Business Combinations (Tables)
Business Combinations (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Schedule Of Purchase Price Allocation | (Dollars in thousands) Preliminary Purchase Price Allocation (1) Measurement Period Adjustments (2) Final Purchase Price Allocation (1) Tangible Assets Operating property: Fixtures and equipment $ 153 $ — $ 153 Intangible Assets Goodwill 1,248 (23) 1,225 Total assets acquired 1,401 (23) 1,378 Net assets acquired $ 1,401 $ (23) $ 1,378 (1) The balances were translated into U.S. Dollars based on the applicable exchange rate as of the date of acquisition, January 30, 2019. The measurement period adjustments relate to finalization of immaterial employee obligations. |
State Cinema Hobart, Tasmania, Australia [Member] | |
Schedule Of Purchase Price Allocation | (Dollars in thousands) Preliminary Purchase Price Allocation (1) Measurement Period Adjustments Final Purchase Price Allocation (1) Tangible Assets Operating property: Fixtures and equipment $ 481 (119) $ 362 Deferred tax 5 — 5 Current assets: Inventory 333 — 333 Intangible Assets Brand name — 250 250 Liquor license 1 1 Goodwill 5,617 (132) 5,485 Total assets acquired 6,436 — 6,436 Liabilities Employee liabilities (20) — (20) Deferred revenue balances (236) — (236) Total liabilities acquired (256) — (256) Net assets acquired $ 6,180 — $ 6,180 (1) The balances were translated into U.S. Dollars based on the applicable exchange rate as of the date of acquisition, December 5 , 2019. |
Description Of Business And S_3
Description Of Business And Segment Reporting (Summary Of Results Of Operations For Principal Business Segments) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Revenue | $ 49,228 | $ 61,492 |
Segment operating income (loss) | (7,039) | (1,360) |
Operating Segments [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Revenue | 49,228 | 61,492 |
Segment operating income (loss) | (2,467) | 3,742 |
Intersegment Eliminations [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Revenue | (1,684) | (1,866) |
Cinema Exhibition [Member] | Operating Segments [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Revenue | 46,310 | 57,927 |
Segment operating income (loss) | (2,654) | 2,583 |
Real Estate [Member] | Operating Segments [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Revenue | 4,602 | 5,431 |
Segment operating income (loss) | $ 187 | $ 1,159 |
Description Of Business And S_4
Description Of Business And Segment Reporting (Reconciliation To Net Income Attributable To Common Shareholders) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Segment Reporting Information [Line Items] | ||
Operating income (loss) | $ (7,039) | $ (1,360) |
Depreciation and amortization expense | (5,270) | (5,594) |
General and administrative expense | (5,945) | (6,484) |
Equity earnings of unconsolidated joint ventures | 78 | 34 |
Other income (expense) | (218) | (20) |
Income (loss) before income taxes | (8,968) | (3,198) |
Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Operating income (loss) | (2,467) | 3,742 |
Unallocated Corporate Expense [Member] | ||
Segment Reporting Information [Line Items] | ||
Depreciation and amortization expense | (192) | (61) |
General and administrative expense | (4,380) | (5,041) |
Interest expense, net | $ (1,789) | $ (1,852) |
Summary Of Significant Accoun_4
Summary Of Significant Accounting Policies (Narrative) (Details) | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Tax Year 2019 [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Prior period immaterial error amount | $ 993,000 |
Summary Of Significant Accoun_5
Summary Of Significant Accounting Policies (Accounting Changes To Consolidated Statements Of Income) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Revenue | $ 49,228 | $ 61,492 |
Operating income (loss) | (7,039) | (1,360) |
Income (loss) before income taxes | (8,968) | (3,198) |
Income tax benefit (expense) | 3,013 | 1,057 |
Net income (loss) | (5,955) | (2,141) |
Net income (loss) attributable to Reading International, Inc. common shareholders | $ (5,875) | $ (2,125) |
Basic earnings (loss) per share | $ (0.27) | $ (0.09) |
Diluted earnings (loss) per share | $ (0.27) | $ (0.09) |
Cinema [Member] | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Revenue | $ 46,310 | $ 57,927 |
Tax Year 2019 [Member] | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Revenue | 61,492 | |
Operating income (loss) | (1,360) | |
Income (loss) before income taxes | (3,198) | |
Income tax benefit (expense) | 1,057 | |
Net income (loss) | (2,141) | |
Net income (loss) attributable to Reading International, Inc. common shareholders | $ (2,125) | |
Basic earnings (loss) per share | $ (0.09) | |
Diluted earnings (loss) per share | $ (0.09) | |
Tax Year 2019 [Member] | Cinema [Member] | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Revenue | $ 57,927 | |
Tax Year 2019 [Member] | As Reported [Member] | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Revenue | 61,551 | |
Operating income (loss) | (1,301) | |
Income (loss) before income taxes | (3,139) | |
Income tax benefit (expense) | 1,042 | |
Net income (loss) | (2,097) | |
Net income (loss) attributable to Reading International, Inc. common shareholders | $ (2,081) | |
Basic earnings (loss) per share | $ (0.09) | |
Diluted earnings (loss) per share | $ (0.09) | |
Tax Year 2019 [Member] | As Reported [Member] | Cinema [Member] | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Revenue | $ 57,986 | |
Tax Year 2019 [Member] | Adjustments [Member] | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Revenue | (59) | |
Operating income (loss) | (59) | |
Income (loss) before income taxes | (59) | |
Income tax benefit (expense) | 15 | |
Net income (loss) | (44) | |
Net income (loss) attributable to Reading International, Inc. common shareholders | $ (44) | |
Basic earnings (loss) per share | $ 0 | |
Diluted earnings (loss) per share | $ 0 | |
Tax Year 2019 [Member] | Adjustments [Member] | Cinema [Member] | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Revenue | $ (59) |
Summary Of Significant Accoun_6
Summary Of Significant Accounting Policies (Accounting Changes To Consolidated Balance Sheets) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Balance | $ 139,616 | $ 179,979 |
Net income (loss) | (5,955) | (2,141) |
Balance | 117,400 | 179,334 |
Reading International Inc. Stockholders' Equity [Member] | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Balance | 135,349 | 175,642 |
Net income (loss) | (5,875) | (2,125) |
Balance | $ 113,231 | 175,067 |
Tax Year 2019 [Member] | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Balance | 179,979 | |
Net income (loss) | (2,141) | |
Balance | 179,334 | |
Tax Year 2019 [Member] | As Reported [Member] | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Balance | 180,547 | |
Net income (loss) | (2,097) | |
Balance | 179,946 | |
Tax Year 2019 [Member] | Adjustments [Member] | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Balance | (568) | |
Net income (loss) | (44) | |
Balance | $ (612) |
Summary Of Significant Accoun_7
Summary Of Significant Accounting Policies (Accounting Changes To Consolidated Statements Of Cash Flows) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Net income (loss) | $ (5,955) | $ (2,141) |
Change in net deferred tax assets | 471 | (166) |
Accounts payable and accrued expenses | (3,552) | (2,145) |
Net cash provided by operating activities | $ (8,672) | (3,842) |
Tax Year 2019 [Member] | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Net income (loss) | (2,141) | |
Change in net deferred tax assets | (166) | |
Accounts payable and accrued expenses | (2,145) | |
Net cash provided by operating activities | (3,842) | |
Tax Year 2019 [Member] | As Reported [Member] | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Net income (loss) | (2,097) | |
Change in net deferred tax assets | (151) | |
Accounts payable and accrued expenses | (2,204) | |
Net cash provided by operating activities | (3,842) | |
Tax Year 2019 [Member] | Adjustments [Member] | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Net income (loss) | (44) | |
Change in net deferred tax assets | (15) | |
Accounts payable and accrued expenses | $ 59 |
Impact of COVID-19 Pandemic A_2
Impact of COVID-19 Pandemic And Liquidity (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Impact Of COVID-19 Pandemic And Liquidity [Abstract] | |
Impairment of property | $ 0 |
Goodwill impairment | 0 |
Working capital | $ 163,700,000 |
Operations In Foreign Currenc_2
Operations In Foreign Currency (Summary Of Currency Exchange Rates) (Details) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Australian Dollar [Member] | Spot Rate [Member] | |||
Currency Exchange Rates [Line Items] | |||
Foreign currency exchange rate | 0.6139 | 0.7104 | 0.7030 |
Australian Dollar [Member] | Average Rate [Member] | |||
Currency Exchange Rates [Line Items] | |||
Foreign currency exchange rate | 0.6578 | 0.7123 | 0.6954 |
New Zealand Dollar [Member] | Spot Rate [Member] | |||
Currency Exchange Rates [Line Items] | |||
Foreign currency exchange rate | 0.5959 | 0.6820 | 0.6745 |
New Zealand Dollar [Member] | Average Rate [Member] | |||
Currency Exchange Rates [Line Items] | |||
Foreign currency exchange rate | 0.6349 | 0.6816 | 0.6593 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - Class A [Member] | 3 Months Ended |
Mar. 31, 2020$ / sharesshares | |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table] | |
Stock Repurchased During Period, Shares | 75,157 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |
Shares repurchased plan, shares | 75,157 |
Share price | $ / shares | $ 8.92 |
Earnings Per Share (Computation
Earnings Per Share (Computation Of Basic And Diluted Earnings (Loss) Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Earnings Per Share [Abstract] | ||
Net income (loss) attributable to RDI common shareholders | $ (5,875) | $ (2,125) |
Weighted average shares of common stock – basic | 21,752,371 | 22,920,486 |
Weighted average dilutive impact of awards | 367,250 | 203,620 |
Weighted average number of common stock – diluted | 22,119,621 | 23,124,106 |
Basic earnings (loss) per share attributable to RDI common stockholders | $ (0.27) | $ (0.09) |
Diluted earnings (loss) per share attributable to RDI common stockholders | $ (0.27) | $ (0.09) |
Awards excluded from diluted earnings (loss) per share | 678,377 | 496,089 |
Properties And Equipment (Narra
Properties And Equipment (Narrative) (Details) - USD ($) $ in Millions | Aug. 28, 2019 | Mar. 31, 2020 | Mar. 31, 2019 |
Property, Plant and Equipment [Line Items] | |||
Depreciation expense for operating property | $ 5.2 | $ 5.4 | |
Capitalized interest | $ 0.9 | ||
Village East Cinema, Manhattan [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Payment to acquire property | $ 5.9 |
Properties And Equipment (Sched
Properties And Equipment (Schedule Of Property And Equipment) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Properties And Equipment [Abstract] | ||
Land | $ 70,006 | $ 75,663 |
Building and improvements | 132,704 | 149,852 |
Leasehold improvements | 55,563 | 56,912 |
Fixtures and equipment | 173,802 | 186,949 |
Construction-in-progress | 10,430 | 5,484 |
Total cost | 442,505 | 474,860 |
Less: accumulated depreciation | (205,598) | (216,722) |
Operating property, net | $ 236,907 | $ 258,138 |
Properties And Equipment (Summa
Properties And Equipment (Summary Of Investment And Development Property) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Property, Plant and Equipment [Line Items] | ||
Investment and development property | $ 116,163 | $ 114,024 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Investment and development property | 23,098 | 24,446 |
Building [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Investment and development property | 1,900 | 1,900 |
Construction-In-Progress (Including Capitalized Interest) [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Investment and development property | $ 91,165 | $ 87,678 |
Property And Equipment (Constru
Property And Equipment (Construction-In-Progress Balance) (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020USD ($) | ||
Property, Plant and Equipment [Line Items] | ||
Balance | $ 5,484 | |
Balance | 10,430 | |
Capitalized interest | 900 | |
Operating And Investing Properties [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Balance | 93,162 | |
Additions during the period | 10,337 | [1] |
Completed during the period | (850) | |
Foreign currency translation | (1,054) | |
Balance | 101,595 | |
Operating And Investing Properties [Member] | Union Square Development [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Balance | 81,934 | |
Additions during the period | 4,075 | [1] |
Completed during the period | ||
Foreign currency translation | ||
Balance | 86,009 | |
Operating And Investing Properties [Member] | Courtenay Central Development [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Balance | 6,364 | |
Additions during the period | 345 | [1] |
Completed during the period | ||
Foreign currency translation | (762) | |
Balance | 5,947 | |
Operating And Investing Properties [Member] | Cinema Developments And Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Balance | 3,032 | |
Additions during the period | 5,426 | [1] |
Completed during the period | (616) | |
Foreign currency translation | (111) | |
Balance | 7,731 | |
Operating And Investing Properties [Member] | Other Real Estate Projects [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Balance | 1,832 | |
Additions during the period | 491 | [1] |
Completed during the period | (234) | |
Foreign currency translation | (181) | |
Balance | $ 1,908 | |
[1] | Includes capitalized interest of $0.9 million for the quarter ended March 31, 2020. |
Investments In Unconsolidated_3
Investments In Unconsolidated Joint Ventures (Narrative) (Details) | Mar. 31, 2020item |
Investments In Unconsolidated Joint Ventures [Abstract] | |
Number of joint venture investments | 2 |
Investments In Unconsolidated_4
Investments In Unconsolidated Joint Ventures (Summary Of The Investments In Unconsolidated Joint Ventures And Entities) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Schedule of Equity Method Investments [Line Items] | ||
Total investments | $ 4,290 | $ 5,069 |
Mt. Gravatt Cinema [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Interest | 33.30% | |
Total investments | $ 3,296 | 3,894 |
Rialto Cinemas [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Interest | 50.00% | |
Total investments | $ 994 | $ 1,175 |
Investments In Unconsolidated_5
Investments In Unconsolidated Joint Ventures (Summary Of Equity Earnings From Investments In Unconsolidated Joint Ventures) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Schedule of Equity Method Investments [Line Items] | ||
Total equity earnings | $ 78 | $ 34 |
Mt. Gravatt Cinema [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total equity earnings | 92 | 90 |
Rialto Cinemas [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total equity earnings | $ (14) | $ (56) |
Goodwill And Intangible Asset_2
Goodwill And Intangible Assets (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2020 | |
Trade Name [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible assets estimated useful life | 30 years |
Other Intangible Assets [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible assets estimated useful life | 30 years |
Goodwill And Intangible Asset_3
Goodwill And Intangible Assets (Summary Of Goodwill) (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Goodwill [Line Items] | |
Beginning balance | $ 26,448 |
Change in goodwill due to a purchase of business | 107 |
Foreign currency translation adjustment | (2,249) |
Ending balance | 24,306 |
Cinema [Member] | |
Goodwill [Line Items] | |
Beginning balance | 21,224 |
Change in goodwill due to a purchase of business | 107 |
Foreign currency translation adjustment | (2,249) |
Ending balance | 19,082 |
Real Estate [Member] | |
Goodwill [Line Items] | |
Beginning balance | 5,224 |
Change in goodwill due to a purchase of business | |
Foreign currency translation adjustment | |
Ending balance | $ 5,224 |
Goodwill And Intangible Asset_4
Goodwill And Intangible Assets (Summary Of Intangible Assets Other Than Goodwill) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 25,420 | $ 25,451 |
Less: Accumulated amortization | (20,999) | (21,131) |
Net intangible assets other than goodwill | 4,421 | 4,320 |
Beneficial Leases [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 12,044 | 15,048 |
Less: Accumulated amortization | (10,032) | (14,496) |
Net intangible assets other than goodwill | 2,012 | 552 |
Trade Name [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 9,062 | 7,258 |
Less: Accumulated amortization | (7,148) | (5,449) |
Net intangible assets other than goodwill | 1,914 | 1,809 |
Other Intangible Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 4,314 | 3,145 |
Less: Accumulated amortization | (3,819) | (1,186) |
Net intangible assets other than goodwill | $ 495 | $ 1,959 |
Goodwill And Intangible Asset_5
Goodwill And Intangible Assets (Summary Of Amortization Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets amortization | $ 101 | $ 101 |
Beneficial Lease Amortization [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets amortization | 25 | 79 |
Other Intangible Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets amortization | $ 76 | $ 22 |
Prepaid And Other Assets (Summa
Prepaid And Other Assets (Summary Of Prepaid And Other Assets) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Prepaid And Other Assets [Abstract] | ||
Prepaid expenses | $ 2,443 | $ 2,163 |
Prepaid rent | 39 | 1,093 |
Prepaid taxes | 791 | 912 |
Income taxes receivable | 6,767 | 1,669 |
Deposits | 234 | 214 |
Investment in marketable securities | 24 | 47 |
Restricted cash | 7 | 7 |
Total prepaid and other current assets | 10,305 | 6,105 |
Straight-line rent asset | 3,738 | 4,689 |
Other non-cinema and non-rental real estate assets | 1,134 | 1,134 |
Investment in Reading International Trust I | 838 | 838 |
Long-term deposits | 8 | 7 |
Total other non-current assets | $ 5,718 | $ 6,668 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Taxes [Abstract] | ||||
Effective tax rate | 33.60% | 33.10% | 35.00% | 35.00% |
Debt (Bank Of America Credit Fa
Debt (Bank Of America Credit Facility) (Narrative) (Details) - USD ($) $ in Thousands | Mar. 06, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | |||
Contractual facility | $ 276,053 | $ 283,138 | |
Bank Of America Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Contractual facility | $ 55,000 | $ 55,000 | $ 55,000 |
Maturity date | Mar. 6, 2023 | Mar. 6, 2023 | Mar. 6, 2023 |
Minimum [Member] | Bank Of America Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate | 2.50% | ||
Maximum [Member] | Bank Of America Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate | 3.00% |
Debt (Bank Of America Line Of C
Debt (Bank Of America Line Of Credit) (Narrative) (Details) - USD ($) $ in Thousands | Mar. 06, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | |||
Contractual facility | $ 276,053 | $ 283,138 | |
Bank Of America Line Of Credit [Member] | |||
Debt Instrument [Line Items] | |||
Maturity date | Mar. 6, 2023 | Mar. 6, 2023 | Mar. 6, 2023 |
Contractual facility | $ 5,000 | $ 5,000 | $ 5,000 |
Debt (Minetta And Orpheum Theat
Debt (Minetta And Orpheum Theatres Loan) (Narrative) (Details) - USD ($) $ in Thousands | Oct. 12, 2018 | Mar. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Debt Instrument [Line Items] | ||||||
Loan amount | $ 276,053 | $ 283,138 | ||||
Minetta And Orpheum Theatres Loan [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Loan amount | $ 8,000 | [1] | $ 8,000 | [1] | $ 7,500 | |
Minetta And Orpheum Theatres Loan [Member] | Santander Bank [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Loan amount | $ 8,000 | |||||
Debt instrument term | 5 years | |||||
[1] | The interest rate derivative associated with the Minetta & Orpheum loan provides for an effective fixed rate of 5.15%. |
Debt (44 Union Square Construct
Debt (44 Union Square Construction Financing) (Narrative) (Details) $ in Thousands | Jan. 24, 2020item | Aug. 08, 2019USD ($) | Dec. 29, 2016USD ($)loan | Mar. 31, 2020USD ($)item | Mar. 31, 2019USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2016USD ($) |
Debt Instrument [Line Items] | |||||||
Contractual facility | $ 276,053 | $ 283,138 | |||||
Repayment of long-term borrowings | $ 22,733 | $ 6,113 | |||||
44 Union Square [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Contractual facility | $ 57,500 | ||||||
Number of extension options | item | 2 | ||||||
Number of extension options exercised | item | 1 | ||||||
Maturity date | Dec. 29, 2020 | ||||||
44 Union Square [Member] | Bank Of The Ozarks [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Number of loan tranches | loan | 3 | ||||||
Facility Limit | $ 50,000 | ||||||
44 Union Square [Member] | Tammany Mezz Investor, LLC [Member] | Mezzanine Loan [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Contractual facility | $ 7,500 | ||||||
Repayment of long-term borrowings | $ 7,500 | ||||||
44 Union Square [Member] | Tammany Mezz Investor, LLC [Member] | Senior Loan [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Advanced-to-Date | $ 8,000 | ||||||
Facility Limit | $ 8,000 |
Debt (U.S. Corporate Office Ter
Debt (U.S. Corporate Office Term Loan) (Narrative) (Details) - USD ($) $ in Thousands | Jun. 26, 2017 | Dec. 13, 2016 | Mar. 31, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||||
Contractual facility | $ 276,053 | $ 283,138 | ||
U.S. Corporate Office Term Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument term | 10 years | |||
Contractual facility | $ 8,400 | $ 9,199 | $ 9,260 | |
Interest rate | 4.44% | 4.64% | ||
Debt increase | $ 1,500 |
Debt (Cinema 1, 2, 3 Term Loan)
Debt (Cinema 1, 2, 3 Term Loan) (Narrative) (Details) $ in Thousands | Mar. 13, 2020USD ($) | Mar. 12, 2020USD ($) | Mar. 31, 2020USD ($)item | Dec. 31, 2019USD ($) |
Debt Instrument [Line Items] | ||||
Contractual facility | $ 276,053 | $ 283,138 | ||
Sutton Hill Properties [Member] | ||||
Debt Instrument [Line Items] | ||||
Ownership percentage by parent | 75.00% | |||
US Cinema 1, 2, 3 Term Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Contractual facility | $ 25,000 | $ 20,000 | $ 25,000 | $ 18,658 |
Interest rate | 4.25% | |||
Number of extension options | item | 2 | |||
Extension period | 6 months | |||
Maturity date | Apr. 1, 2022 | Apr. 1, 2022 | Apr. 1, 2022 |
Debt (Purchase Money Promissory
Debt (Purchase Money Promissory Note) (Narrative) (Details) - USD ($) $ in Millions | Sep. 18, 2019 | Mar. 31, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | |||
Payment to repurchase shares | $ 5.5 | ||
Purchase Money Promissory Note [Member] | |||
Debt Instrument [Line Items] | |||
Maturity date | Sep. 18, 2024 | Sep. 18, 2024 | Sep. 18, 2024 |
Interest rate | 5.00% | ||
Shares repurchased plan, shares | 407,000 | ||
Payment to repurchase shares | $ 3.5 |
Debt (Westpac Bank Corporate Cr
Debt (Westpac Bank Corporate Credit Facility (NZ)) (Narrative) (Details) $ in Thousands, $ in Millions | Dec. 20, 2018NZD ($) | Dec. 20, 2018USD ($) | Dec. 19, 2018NZD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Debt Instrument [Line Items] | |||||
Contractual facility | $ 276,053 | $ 283,138 | |||
Westpac Bank Corporate Credit Facility, Tranche 1 [Member] | |||||
Debt Instrument [Line Items] | |||||
Contractual facility | $ 32 | $ 35 | |||
Maturity date | Dec. 31, 2023 | ||||
Interest rate | 1.10% | 1.10% | |||
Westpac Bank Corporate Credit Facility, Tranche 1 [Member] | Bank Bill Swap Bid Rate [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 1.75% | 1.75% | |||
Westpac Bank Corporate Credit Facility, Tranche 2 [Member] | |||||
Debt Instrument [Line Items] | |||||
Contractual facility | $ 18,000 |
Debt (Australian NAB Corporate
Debt (Australian NAB Corporate Term Loan (AU)) (Narrative) (Details) - AUD ($) $ in Millions | Mar. 15, 2019 | Dec. 17, 2018 | Mar. 31, 2020 | Dec. 31, 2019 |
Australian NAB Corporate Loan Facility Tier 1 [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, maximum borrowing capacity | $ 66.5 | |||
Spread on variable interest rate | 0.95% | |||
Maturity date | Jun. 30, 2019 | |||
Australian NAB Corporate Loan Facility Tier 2 [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, maximum borrowing capacity | $ 5 | |||
Spread on variable interest rate | 1.90% | |||
Australian NAB Corporate Loan Facility Tier 3 [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, maximum borrowing capacity | $ 120 | |||
Maturity date | Dec. 31, 2023 | |||
Australian NAB Corporate Loan Facility Tier 3 [Member] | Bank Guarantee Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, maximum borrowing capacity | $ 5 | |||
Spread on variable interest rate | 1.85% | |||
Australian NAB Corporate Loan Facility Tier 3 [Member] | Core Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, maximum borrowing capacity | $ 40 | |||
Australian NAB Corporate Loan Facility Tier 3 [Member] | Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, maximum borrowing capacity | $ 80 | |||
Minimum [Member] | Australian NAB Corporate Loan Facility Tier 3 [Member] | ||||
Debt Instrument [Line Items] | ||||
Spread on variable interest rate | 0.85% | |||
Maximum [Member] | Australian NAB Corporate Loan Facility Tier 3 [Member] | ||||
Debt Instrument [Line Items] | ||||
Spread on variable interest rate | 1.30% |
Debt (Summary Of Borrowings) (D
Debt (Summary Of Borrowings) (Details) - USD ($) $ in Thousands | Mar. 13, 2020 | Mar. 12, 2020 | Mar. 06, 2020 | Sep. 18, 2019 | Dec. 13, 2016 | Mar. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||
Debt Instrument [Line Items] | |||||||||||
Contractual Facility | $ 276,053 | $ 283,138 | |||||||||
Balance Gross | 263,000 | 209,218 | |||||||||
Balance Net | 260,387 | [1] | 207,012 | [2] | |||||||
Deferred financing costs, net | $ 2,600 | $ 2,200 | |||||||||
Trust Preferred Securities [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Maturity date | Apr. 30, 2027 | Apr. 30, 2027 | |||||||||
Contractual Facility | $ 27,913 | $ 27,913 | |||||||||
Balance Gross | 27,913 | 27,913 | |||||||||
Balance Net | $ 26,340 | [1] | $ 26,311 | [2] | |||||||
Stated Interest Rate | 5.77% | 5.94% | |||||||||
Effective interest rate | 5.77% | [3] | 5.94% | ||||||||
Bank Of America Credit Facility [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Maturity date | Mar. 6, 2023 | Mar. 6, 2023 | Mar. 6, 2023 | ||||||||
Contractual Facility | $ 55,000 | $ 55,000 | $ 55,000 | ||||||||
Balance Gross | 55,000 | 33,500 | |||||||||
Balance Net | $ 54,986 | [1] | $ 33,445 | [2] | |||||||
Stated Interest Rate | 3.99% | 4.80% | |||||||||
Effective interest rate | 3.99% | [3] | 4.80% | ||||||||
Bank Of America Line Of Credit [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Maturity date | Mar. 6, 2023 | Mar. 6, 2023 | Mar. 6, 2023 | ||||||||
Contractual Facility | $ 5,000 | $ 5,000 | $ 5,000 | ||||||||
Balance Gross | 5,000 | ||||||||||
Balance Net | [1] | $ 5,000 | |||||||||
Stated Interest Rate | 3.99% | 4.80% | |||||||||
Effective interest rate | 3.99% | [3] | 4.80% | ||||||||
US Cinema 1, 2, 3 Term Loan [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Maturity date | Apr. 1, 2022 | Apr. 1, 2022 | Apr. 1, 2022 | ||||||||
Contractual Facility | $ 25,000 | $ 20,000 | $ 25,000 | $ 18,658 | |||||||
Balance Gross | 25,000 | 18,658 | |||||||||
Balance Net | $ 24,504 | [1] | $ 18,532 | [2] | |||||||
Stated Interest Rate | 4.25% | 3.25% | |||||||||
Effective interest rate | 4.25% | [3] | 3.25% | ||||||||
Minetta And Orpheum Theatres Loan [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Maturity date | [3] | Nov. 1, 2023 | Nov. 1, 2023 | ||||||||
Contractual Facility | $ 8,000 | [3] | $ 8,000 | [3] | $ 7,500 | ||||||
Balance Gross | [3] | 8,000 | 8,000 | ||||||||
Balance Net | [3] | $ 7,894 | [1] | $ 7,887 | [2] | ||||||
Stated Interest Rate | [3] | 3.63% | 3.74% | ||||||||
Effective interest rate | [3] | 5.15% | 5.15% | ||||||||
U.S. Corporate Office Term Loan [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Maturity date | Jan. 1, 2027 | Jan. 1, 2027 | |||||||||
Contractual Facility | $ 8,400 | $ 9,199 | $ 9,260 | ||||||||
Balance Gross | 9,199 | 9,260 | |||||||||
Balance Net | $ 9,096 | [1] | $ 9,153 | [2] | |||||||
Effective interest rate | 4.61% | [3] | 4.64% | ||||||||
Purchase Money Promissory Note [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Maturity date | Sep. 18, 2024 | Sep. 18, 2024 | Sep. 18, 2024 | ||||||||
Contractual Facility | $ 3,204 | $ 3,363 | |||||||||
Balance Gross | 3,204 | 3,363 | |||||||||
Balance Net | $ 3,204 | [1] | $ 3,363 | [2] | |||||||
Stated Interest Rate | 5.00% | 5.00% | |||||||||
Effective interest rate | 5.00% | [3] | 5.00% | ||||||||
Union Square Construction Financing [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Maturity date | Dec. 29, 2020 | Dec. 29, 2020 | |||||||||
Contractual Facility | $ 50,000 | $ 50,000 | |||||||||
Balance Gross | 36,947 | 36,048 | |||||||||
Balance Net | $ 36,782 | [1] | $ 36,035 | [2] | |||||||
Stated Interest Rate | 5.50% | 6.02% | |||||||||
Effective interest rate | 5.50% | [3] | 6.02% | ||||||||
NAB Corporate Loan Facility [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Maturity date | Dec. 31, 2023 | [4] | Dec. 31, 2023 | [5] | |||||||
Contractual Facility | $ 73,668 | [4] | $ 84,360 | [5] | |||||||
Balance Gross | 73,668 | [4] | 65,731 | [5] | |||||||
Balance Net | $ 73,512 | [1],[4] | $ 65,541 | [2],[5] | |||||||
Stated Interest Rate | 1.69% | [4] | 1.77% | [5] | |||||||
Effective interest rate | 1.69% | [3],[4] | 1.77% | [5] | |||||||
New Zealand Corporate Credit Facility [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Maturity date | Dec. 31, 2023 | [4] | Dec. 31, 2023 | [5] | |||||||
Contractual Facility | $ 19,069 | [4] | $ 21,584 | [5] | |||||||
Balance Gross | 19,069 | [4] | 6,745 | [5] | |||||||
Balance Net | $ 19,069 | [1],[4] | $ 6,745 | [2],[5] | |||||||
Stated Interest Rate | 2.30% | [4] | 3.05% | [5] | |||||||
Effective interest rate | 2.30% | [3],[4] | 3.05% | [5] | |||||||
Minimum [Member] | U.S. Corporate Office Term Loan [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Stated Interest Rate | 4.44% | 4.44% | |||||||||
Maximum [Member] | U.S. Corporate Office Term Loan [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Stated Interest Rate | 4.64% | 4.64% | |||||||||
[1] | Net of deferred financing costs amounting to $2.6 million. | ||||||||||
[2] | Net of deferred financing costs amounting to $2.2 million. | ||||||||||
[3] | The interest rate derivative associated with the Minetta & Orpheum loan provides for an effective fixed rate of 5.15%. | ||||||||||
[4] | The contractual facilities and outstanding balances of the foreign currency denominated borrowings were translated into U.S. dollars based on the applicable exchange rates as of March 31, 2020. | ||||||||||
[5] | The contractual facilities and outstanding balances of the foreign currency denominated borrowings were translated into U.S. dollars based on the applicable exchange rates as of December 31, 2019. |
Debt (Schedule Of Long-term Deb
Debt (Schedule Of Long-term Debt Instruments, Net Of The Deferred Financing Costs) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | ||
Debt [Abstract] | ||||
Debt – current portion | $ 171,426 | $ 36,736 | ||
Debt – long-term portion | 59,252 | 140,602 | ||
Subordinated debt - current portion | 651 | 644 | ||
Subordinated debt - long-term portion | 29,058 | 29,030 | ||
Total borrowings | $ 260,387 | [1] | $ 207,012 | [2] |
[1] | Net of deferred financing costs amounting to $2.6 million. | |||
[2] | Net of deferred financing costs amounting to $2.2 million. |
Other Liabilities (Narrative) (
Other Liabilities (Narrative) (Details) - USD ($) | 1 Months Ended | 3 Months Ended | ||||
Feb. 28, 2018 | Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2014 | Aug. 29, 2014 | |
Other Liabilities [Line Items] | ||||||
Accrued pension liability | $ 4,366,000 | $ 4,469,000 | $ 7,500,000 | $ 7,500,000 | ||
Service cost | 0 | $ 0 | ||||
Interest cost | 68,000 | 51,000 | ||||
Actuarial loss (gain) | $ (52,000) | $ (51,000) | ||||
Discount rate | 4.25% | |||||
Discount term | 15 years | |||||
Monthly estate payment amount | $ 57,000 | |||||
Discounted value | 2,700,000 | |||||
Accumulated prior service cost | $ 3,100,000 | |||||
Accumulated prior service cost amortization period | 15 years | |||||
Accrued pension costs included in other liabilities | $ 5,100,000 | |||||
Payment related to annuity | $ 2,400,000 | |||||
Payment period | 42 months | |||||
Benefit obligation, gross | $ 10,200,000 | |||||
Supplemental Executive Retirement Plans [Member] | ||||||
Other Liabilities [Line Items] | ||||||
Accrued pension liability | $ 7,600,000 |
Other Liabilities (Summary Of O
Other Liabilities (Summary Of Other Liabilities Including Pension) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2014 | Aug. 29, 2014 |
Liability, Retirement and Postemployment Benefits [Abstract] | ||||
Liability for demolition costs | $ 2,425 | $ 2,745 | ||
Accrued pension | 684 | 684 | ||
Security deposit payable | 108 | 114 | ||
Finance lease liabilities | 60 | 93 | ||
Other | 33 | 17 | ||
Other current liabilities | 3,310 | 3,653 | ||
Lease make-good provision | 6,243 | 6,667 | ||
Accrued pension | 4,366 | 4,469 | $ 7,500 | $ 7,500 |
Environmental reserve | 1,656 | 1,656 | ||
Lease liability | 5,900 | 5,900 | ||
Acquired leases | 31 | 37 | ||
Finance lease liabilities | 102 | 116 | ||
Other | 6 | 9 | ||
Other liabilities | $ 18,304 | $ 18,854 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Summary Of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance | $ 5,589 | |
Total change in hedge fair value recorded in Other Comprehensive Income | (243) | |
Amounts reclassified from accumulated other comprehensive income | 29 | |
Net change related to derivatives | (214) | $ (69) |
Net current-period other comprehensive income | (15,879) | |
Balance | (10,290) | |
Foreign Currency Items [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance | 8,118 | |
Net current-period other comprehensive income | (15,698) | |
Balance | (7,580) | |
Unrealized Gain (Losses) On Available-For-Sale Investments [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance | 10 | |
Net current-period other comprehensive income | (19) | |
Balance | (9) | |
Accrued Pension Service Costs [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance | (2,287) | |
Total change in hedge fair value recorded in Other Comprehensive Income | ||
Other comprehensive income before reclassifications | ||
Amounts reclassified from accumulated other comprehensive income | ||
Net change related to derivatives | ||
Net current-period other comprehensive income | 52 | |
Balance | (2,235) | |
Hedge Accounting Reserve [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance | (252) | |
Total change in hedge fair value recorded in Other Comprehensive Income | (243) | |
Amounts reclassified from accumulated other comprehensive income | 29 | |
Net change related to derivatives | (214) | |
Net current-period other comprehensive income | (214) | |
Balance | $ (466) |
Non-controlling Interests (Narr
Non-controlling Interests (Narrative) (Details) | Mar. 31, 2020 |
Australia Country Cinemas [Member] | |
Noncontrolling Interest [Line Items] | |
Ownership percentage by noncontrolling interest | 25.00% |
Sutton Hill Properties [Member] | |
Noncontrolling Interest [Line Items] | |
Ownership percentage by noncontrolling interest | 25.00% |
Shadow View Land And Farming, LLC [Member] | |
Noncontrolling Interest [Line Items] | |
Ownership percentage by noncontrolling interest | 50.00% |
Sutton Hill Capital, LLC [Member] | |
Noncontrolling Interest [Line Items] | |
Ownership percentage by noncontrolling interest | 50.00% |
Non-controlling Interests (Comp
Non-controlling Interests (Components Of Non-controlling Interests) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
Noncontrolling Interest [Line Items] | ||
Net income (loss) attributable to non-controlling interests in consolidated subsidiaries | $ 4,169 | $ 4,267 |
Australia Country Cinemas [Member] | ||
Noncontrolling Interest [Line Items] | ||
Net income (loss) attributable to non-controlling interests in consolidated subsidiaries | 101 | 119 |
Shadow View Land And Farming, LLC [Member] | ||
Noncontrolling Interest [Line Items] | ||
Net income (loss) attributable to non-controlling interests in consolidated subsidiaries | 2,124 | 2,145 |
Sutton Hill Properties [Member] | ||
Noncontrolling Interest [Line Items] | ||
Net income (loss) attributable to non-controlling interests in consolidated subsidiaries | $ 1,944 | $ 2,003 |
Non-controlling Interests (Co_2
Non-controlling Interests (Components Of Income Attributable To Non-controlling Interest) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Noncontrolling Interest [Line Items] | ||
Net income (loss) attributable to noncontrolling interests in consolidated subsidiaries | $ (80) | $ (16) |
Australia Country Cinemas [Member] | ||
Noncontrolling Interest [Line Items] | ||
Net income (loss) attributable to noncontrolling interests in consolidated subsidiaries | (1) | 9 |
Shadow View Land And Farming, LLC [Member] | ||
Noncontrolling Interest [Line Items] | ||
Net income (loss) attributable to noncontrolling interests in consolidated subsidiaries | (21) | (14) |
Sutton Hill Properties [Member] | ||
Noncontrolling Interest [Line Items] | ||
Net income (loss) attributable to noncontrolling interests in consolidated subsidiaries | $ (58) | $ (11) |
Noncontrolling Interests (Summa
Noncontrolling Interests (Summary Of Changes In Controlling And Non-controlling Stockholders’ Equity) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Balance | $ 139,616 | $ 179,979 |
Net income | (5,955) | (2,141) |
Other comprehensive income, net | (15,897) | 1,511 |
Share-based compensation expense | 336 | 280 |
Share repurchase plan | (671) | (9) |
Class A common stock issued for share-based bonuses and options exercised | (185) | |
Restricted Stock Units | (30) | (74) |
Contributions from noncontrolling stockholders | 18 | |
Distributions to noncontrolling stockholders | (27) | |
Balance | 117,400 | 179,334 |
Additional Paid-In Capital [Member] | ||
Balance | 148,602 | 147,452 |
Share-based compensation expense | 336 | 280 |
Class A common stock issued for share-based bonuses and options exercised | (185) | |
Restricted Stock Units | (30) | (75) |
Balance | 148,908 | 147,472 |
Retained Earnings (Accumulated Deficit) [Member] | ||
Balance | 20,647 | 47,048 |
Net income | (5,875) | (2,125) |
Balance | $ 14,772 | $ 44,951 |
Treasury Shares [Member] | ||
Balance, shares | (39,737) | (25,222) |
Share repurchase plan, shares | (670) | (9) |
Balance, shares | (40,407) | (25,231) |
Accumulated Other Comprehensive Income/(Loss) [Member] | ||
Balance | $ 5,589 | $ 6,115 |
Other comprehensive income, net | (15,879) | 1,510 |
Balance | (10,290) | 7,625 |
Reading International Inc. Stockholders' Equity [Member] | ||
Balance | 135,349 | 175,642 |
Net income | (5,875) | (2,125) |
Other comprehensive income, net | (15,879) | 1,510 |
Share-based compensation expense | 336 | 280 |
Share repurchase plan | (671) | (9) |
Class A common stock issued for share-based bonuses and options exercised | (185) | |
Restricted Stock Units | (30) | (74) |
Balance | 113,231 | 175,067 |
Noncontrolling Stockholders' Equity [Member] | ||
Balance | 4,267 | 4,337 |
Net income | (80) | (16) |
Other comprehensive income, net | (18) | 1 |
Contributions from noncontrolling stockholders | 18 | |
Distributions to noncontrolling stockholders | (27) | |
Balance | $ 4,169 | 4,267 |
Accounting Standards Update 2016-02 [Member] | ||
Adjustments to opening retained earnings on adoption of ASC 842 | (18) | |
Accounting Standards Update 2016-02 [Member] | Retained Earnings (Accumulated Deficit) [Member] | ||
Adjustments to opening retained earnings on adoption of ASC 842 | 28 | |
Accounting Standards Update 2016-02 [Member] | Reading International Inc. Stockholders' Equity [Member] | ||
Adjustments to opening retained earnings on adoption of ASC 842 | 28 | |
Accounting Standards Update 2016-02 [Member] | Noncontrolling Stockholders' Equity [Member] | ||
Adjustments to opening retained earnings on adoption of ASC 842 | (46) | |
Class A [Member] | ||
Balance, shares | 20,102,535 | |
Balance, shares | 20,046,762 | |
Class A [Member] | Common Stock Shares Outstanding [Member] | ||
Balance | $ 231 | $ 232 |
Balance, shares | 20,103 | 21,195 |
Share repurchase plan, shares | (75) | |
Restricted Stock Units | $ 1 | |
Restricted Stock Units, shares | 19 | 40 |
Balance | $ 231 | $ 233 |
Balance, shares | 20,047 | 21,235 |
Class B [Member] | ||
Balance, shares | 1,680,590 | |
Balance, shares | 1,680,590 | |
Class B [Member] | Common Stock Shares Outstanding [Member] | ||
Balance | $ 17 | $ 17 |
Balance, shares | 1,680 | 1,680 |
Balance | $ 17 | $ 17 |
Balance, shares | 1,680 | 1,680 |
Stock-Based Compensation And St
Stock-Based Compensation And Stock Repurchases (Narrative) (Details) - USD ($) | Aug. 07, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | Mar. 10, 2020 | Mar. 02, 2017 |
Equity And Stock-Based Compensation [Line Items] | ||||||
Common Stock authorized for issuance under 2010 Stock Incentive Plan | 1,676,163 | |||||
Shares granted | 219,408 | |||||
Stock Option [Member] | ||||||
Equity And Stock-Based Compensation [Line Items] | ||||||
Compensation expense | $ 120,000 | $ 70,000 | ||||
Unrecognized estimated compensation cost related to non-vested stock options granted | $ 1,000,000 | |||||
Recognition period of unrecognized compensation cost | 1 year 8 months 9 days | |||||
Share price | $ 3.89 | |||||
Intrinsic unrealized value of all options outstanding, vested and expected to vest | ||||||
Restricted Stock Units (RSUs) [Member] | ||||||
Equity And Stock-Based Compensation [Line Items] | ||||||
Compensation expense | $ 35,000 | 216,000 | $ 209,000 | |||
Unrecognized estimated compensation cost related to non-vested stock options granted | $ 2,700,000 | |||||
Vesting period of stock options and RSU | 2 years 1 month 13 days | |||||
Percentage of shares vested | 100.00% | |||||
Number of options, Grants | 566,680 | |||||
Restricted Stock Units (RSUs) [Member] | Directors [Member] | ||||||
Equity And Stock-Based Compensation [Line Items] | ||||||
Number of options, Grants | 129,796 | |||||
Restricted Stock Units (RSUs) [Member] | Management [Member] | ||||||
Equity And Stock-Based Compensation [Line Items] | ||||||
Percentage of shares vested | 25.00% | |||||
Number of options, Grants | 436,884 | |||||
2017 Stock Repurchase Plan [Member] | ||||||
Equity And Stock-Based Compensation [Line Items] | ||||||
Repurchase program, amount authorized | $ 25,000,000 | |||||
Repurchase program, remaining amount authorized | $ 26,000,000 | |||||
Stock buy-back program period | 2 years | |||||
Class A Nonvoting Common Stock [Member] | ||||||
Equity And Stock-Based Compensation [Line Items] | ||||||
Common Stock authorized for issuance under 2010 Stock Incentive Plan | 2,197,460 | |||||
Class A Nonvoting Common Stock [Member] | $25 Million Stock Repurchase Program [Member] | ||||||
Equity And Stock-Based Compensation [Line Items] | ||||||
Repurchase value | $ 24,000,000 | |||||
Share price | $ 13.39 | |||||
Shares repurchased plan, shares | 1,792,819 | |||||
Class A Nonvoting Common Stock [Member] | $25 Million Stock Repurchased At $8.92 [Member] | ||||||
Equity And Stock-Based Compensation [Line Items] | ||||||
Share price | $ 8.92 | |||||
Shares repurchased plan, shares | 75,157 | |||||
Class A [Member] | ||||||
Equity And Stock-Based Compensation [Line Items] | ||||||
Share price | $ 8.92 | |||||
Shares granted | 219,408 | |||||
Shares repurchased plan, shares | 75,157 | |||||
Forfeiture of shares | 8,000 | 25,000 | ||||
Class A [Member] | 2017 Stock Repurchase Plan [Member] | ||||||
Equity And Stock-Based Compensation [Line Items] | ||||||
Repurchase program, remaining amount authorized | $ 26,000,000 | |||||
Class A [Member] | $25 Million Stock Repurchase Program [Member] | ||||||
Equity And Stock-Based Compensation [Line Items] | ||||||
Repurchase program, amount authorized | $ 25,000,000 | |||||
2010 Stock Incentive Plan [Member] | Class A Nonvoting Common Stock [Member] | ||||||
Equity And Stock-Based Compensation [Line Items] | ||||||
Common Stock shares remaining for future issuances | 521,297 |
Stock-Based Compensation And _2
Stock-Based Compensation And Stock Repurchases (Schedule Of Fair Value Of Options, Weighted Average Assumptions) (Details) | 3 Months Ended |
Mar. 31, 2019$ / shares | |
Share-Based Compensation And Share Repurchase Plans [Abstract] | |
Stock option exercise price | $ 16.12 |
Risk-free interest rate | 2.42% |
Expected option life in years | 3 years 9 months |
Expected volatility | 23.32% |
Weighted average fair value | $ 3.50 |
Stock-Based Compensation And _3
Stock-Based Compensation And Stock Repurchases (Schedule Of Stock Options Outstanding And Exercisable) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Equity And Stock-Based Compensation [Line Items] | ||||
Number of Stock Options, Granted | 219,408 | |||
Weighted Average Exercise Price of Options Outstanding, Granted | $ 16.12 | |||
Class A [Member] | ||||
Equity And Stock-Based Compensation [Line Items] | ||||
Number of Stock Options, Beginning balance | 711,377 | 586,469 | 586,469 | |
Number of Stock Options, Granted | 219,408 | |||
Number of Stock Options, Exercised | (69,500) | |||
Number of Stock Options, Forfeited | (8,000) | (25,000) | ||
Number of Stock Options Outstanding, Ending balance | 703,377 | 711,377 | 586,469 | |
Weighted Average Exercise Price of Options Outstanding, Beginning price | $ 14.74 | $ 14.01 | $ 14.01 | |
Weighted Average Exercise Price of Options Outstanding, Granted | 16.12 | |||
Weighted Average Exercise Price of Options Outstanding, Exercised | 13.42 | |||
Weighted Average Exercise Price of Options Outstanding, Forfeited | 12.34 | 13.42 | ||
Weighted Average Exercise Price of Options Outstanding, Ending price | $ 14.79 | $ 14.74 | $ 14.01 | |
Weighted Average Remaining Years of Contractual Life | 1 year 8 months 9 days | 2 years 9 months 15 days | 2 years 10 months 17 days | |
Aggregate Intrinsic Value, Beginning balance | $ 136,350 | $ 1,530,528 | $ 1,530,528 | |
Aggregate Intrinsic Value, Exercised | 185,175 | |||
Aggregate Intrinsic Value, Ending balance | $ 136,350 | $ 1,530,528 |
Stock-Based Compensation And _4
Stock-Based Compensation And Stock Repurchases (Schedule Of Restricted Stock Units Issued And Vested) (Details) - Restricted Stock Units (RSUs) [Member] - shares | 3 Months Ended | |
Mar. 31, 2020 | Mar. 10, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options, Grants | 566,680 | |
Number of options, Vested | 200,594 | |
Number of options, Forfeited | 6,126 | |
Number of options, Unvested | 359,960 | |
March 10, 2016 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options, Grants | 62,528 | |
Number of options, Vested | 62,262 | |
Number of options, Forfeited | 266 | |
April 11, 2016 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options, Grants | 5,625 | |
Number of options, Vested | 3,962 | |
Number of options, Forfeited | 517 | |
Number of options, Unvested | 1,146 | |
March 23, 2017 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options, Grants | 63,144 | |
Number of options, Vested | 54,196 | |
Number of options, Forfeited | 532 | |
Number of options, Unvested | 8,416 | |
August 29, 2017 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options, Grants | 7,394 | |
Number of options, Vested | 5,546 | |
Number of options, Unvested | 1,848 | |
January 2, 2018 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options, Grants | 29,393 | |
Number of options, Vested | 29,393 | |
April 12, 2018 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options, Grants | 29,596 | |
Number of options, Vested | 7,409 | |
Number of options, Forfeited | 775 | |
Number of options, Unvested | 21,412 | |
April 13, 2018 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options, Grants | 14,669 | |
Number of options, Vested | 3,668 | |
Number of options, Unvested | 11,001 | |
July 6, 2018 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options, Grants | 932 | |
Number of options, Forfeited | 932 | |
November 7, 2018 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options, Grants | 23,010 | |
Number of options, Vested | 23,010 | |
March 13, 2019 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options, Grants | 24,366 | |
Number of options, Vested | 5,316 | |
Number of options, Forfeited | 3,104 | |
Number of options, Unvested | 15,946 | |
March 14, 2019 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options, Grants | 23,327 | |
Number of options, Vested | 5,832 | |
Number of options, Unvested | 17,495 | |
May 7, 2019 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options, Grants | 11,565 | |
Number of options, Unvested | 11,565 | |
March 10, 2020 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options, Grants | 271,131 | 271,131 |
Number of options, Unvested | 271,131 | |
Directors [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options, Grants | 129,796 | |
Directors [Member] | March 10, 2016 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options, Grants | 35,147 | |
Directors [Member] | March 23, 2017 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options, Grants | 30,681 | |
Directors [Member] | January 2, 2018 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options, Grants | 29,393 | |
Directors [Member] | November 7, 2018 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options, Grants | 23,010 | |
Directors [Member] | May 7, 2019 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options, Grants | 11,565 | |
Management [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options, Grants | 436,884 | |
Management [Member] | March 10, 2016 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options, Grants | 27,381 | |
Management [Member] | April 11, 2016 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options, Grants | 5,625 | |
Management [Member] | March 23, 2017 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options, Grants | 32,463 | |
Management [Member] | August 29, 2017 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options, Grants | 7,394 | |
Management [Member] | April 12, 2018 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options, Grants | 29,596 | |
Management [Member] | April 13, 2018 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options, Grants | 14,669 | |
Management [Member] | July 6, 2018 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options, Grants | 932 | |
Management [Member] | March 13, 2019 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options, Grants | 24,366 | |
Management [Member] | March 14, 2019 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options, Grants | 23,327 | |
Management [Member] | March 10, 2020 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options, Grants | 271,131 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Operating Leased Assets [Line Items] | |
Operating leases not yet commenced | $ 36 |
Minimum [Member] | |
Operating Leased Assets [Line Items] | |
Lease term | 1 year |
Maximum [Member] | |
Operating Leased Assets [Line Items] | |
Lease term | 20 years |
Renewal term | 20 years |
Real Estate [Member] | Minimum [Member] | |
Operating Leased Assets [Line Items] | |
Lease term of contract | 1 year |
Real Estate [Member] | Maximum [Member] | |
Operating Leased Assets [Line Items] | |
Lease term of contract | 20 years |
Cinema [Member] | Minimum [Member] | |
Operating Leased Assets [Line Items] | |
Lease term | 15 years |
Cinema [Member] | Maximum [Member] | |
Operating Leased Assets [Line Items] | |
Lease term | 20 years |
Leases (Components Of Lease Exp
Leases (Components Of Lease Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Leases [Abstract] | ||
Amortization of right-of-use assets | $ 39 | $ 41 |
Interest on lease liabilities | 2 | 3 |
Operating lease cost | 7,719 | 7,921 |
Variable lease cost | 48 | 105 |
Total lease cost | $ 7,808 | $ 8,070 |
Leases (Supplemental Cash Flow
Leases (Supplemental Cash Flow Information Related To Leases) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Leases [Abstract] | ||
Operating cash flows for finance leases | $ 41 | $ 44 |
Operating cash flows for operating leases | $ 7,528 | 7,780 |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 2,181 |
Leases (Supplemental Balance Sh
Leases (Supplemental Balance Sheet Information Related To Leases) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
Operating lease right-of-use assets | $ 213,907 | $ 229,879 |
Operating lease liabilities - current portion | 19,717 | 20,379 |
Operating lease liabilities - non-current portion | 207,697 | 223,164 |
Total operating lease liabilities | 227,414 | 243,543 |
Property plant and equipment, gross | 351 | 370 |
Accumulated depreciation | (194) | (165) |
Property plant and equipment, net | 157 | 205 |
Other current liabilities | 60 | 93 |
Other long-term liabilities | 102 | 116 |
Total finance lease liabilities | $ 162 | $ 209 |
Weighted-average remaining lease term - finance leases | 3 years | 3 years |
Weighted-average remaining lease term - operating leases | 11 years | 11 years |
Weighted-average discount rate - finance leases | 5.19% | 5.13% |
Weighted-average discount rate - operating leases | 4.89% | 4.86% |
Leases (Maturity Of Leases As L
Leases (Maturity Of Leases As Lessee) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
Operating leases, 2020 | $ 22,780 | |
Operating leases, 2021 | 30,780 | |
Operating leases, 2022 | 30,806 | |
Operating leases, 2023 | 30,145 | |
Operating leases, 2024 | 28,357 | |
Operating leases, Thereafter | 153,958 | |
Operating leases, Total lease payments | 296,826 | |
Operating lease, Less imputed interest | (69,412) | |
Total operating lease liabilities | 227,414 | $ 243,543 |
Finance leases, 2020 | 54 | |
Finance leases, 2021 | 51 | |
Finance leases, 2022 | 42 | |
Finance leases, 2023 | 28 | |
Finance leases, Total lease payments | 175 | |
Finance lease, Less imputed interest | (13) | |
Total finance lease liabilities | $ 162 | $ 209 |
Leases (Components Of Lease Inc
Leases (Components Of Lease Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Leases [Abstract] | ||
Lease payments | $ 2,237 | $ 2,229 |
Variable lease payments | 263 | 265 |
Total lease income | $ 2,500 | $ 2,494 |
Leases (Book Value Of Assets Un
Leases (Book Value Of Assets Under Operating Leases From Owned Assets) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Property Subject to or Available for Operating Lease [Line Items] | ||
Net Book Value | $ 41,388 | $ 47,546 |
Building And Improvements [Member] | ||
Property Subject to or Available for Operating Lease [Line Items] | ||
Gross balance | 59,694 | 67,766 |
Accumulated depreciation | $ (18,306) | $ (20,220) |
Leases (Maturity Of Leases As_2
Leases (Maturity Of Leases As Lessor) (Details) $ in Thousands | Mar. 31, 2020USD ($) |
Leases [Abstract] | |
2020 | $ 6,197 |
2021 | 6,183 |
2022 | 5,474 |
2023 | 4,793 |
2024 | 3,846 |
Thereafter | 5,351 |
Total | $ 31,844 |
Hedge Accounting (Narrative) (D
Hedge Accounting (Narrative) (Details) - Designated as Hedging Instrument [Member] - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional amount | $ 8,000,000 | $ 8,000,000 |
Derivative asset | 0 | |
Derivative ineffective portion | 0 | |
Derivative loss | $ 0 |
Hedge Accounting (Schedule Of D
Hedge Accounting (Schedule Of Derivative Instruments On The Balance Sheet At Fair Value) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Derivatives, Fair Value [Line Items] | ||
Derivative financial instruments - current portion | $ 199 | $ 109 |
Derivative financial instruments - non-current portion | 358 | 233 |
Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Total derivatives designated as hedging instruments | 557 | 342 |
Total derivatives | 557 | 342 |
Designated as Hedging Instrument [Member] | Other Noncurrent Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative financial instruments - non-current portion | 358 | 233 |
Interest Rate Contract [Member] | Designated as Hedging Instrument [Member] | Other Current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative financial instruments - current portion | $ 199 | $ 109 |
Hedge Accounting (Summary Of He
Hedge Accounting (Summary Of Hedged Transactions That Affect Earnings) (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Hedge Accounting [Abstract] | |
Loss Recognized in OCI on Derivatives (Effective Portion) | $ (243) |
Loss Reclassified from OCI into Income (Effective Portion) | $ 29 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Transfers of assets and liabilities between level 1, 2, 3 | $ 0 | $ 0 | |
Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial liabilities | $ 557,000 | $ 342,000 |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule Of Fair Value Carried At Cost And Measured On A Nonrecurring Basis) (Details) - Nonrecurring [Member] - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Notes payable | $ 228,695 | $ 181,916 | |
Subordinated debt | 21,913 | 22,132 | |
Financial liabilities total | 250,608 | 204,048 | |
Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Notes payable | 228,695 | 181,916 | |
Subordinated debt | 21,913 | 22,132 | |
Financial liabilities total | 250,608 | 204,048 | |
Carrying Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Notes payable | [1] | 231,883 | 177,942 |
Subordinated debt | [1] | 31,117 | 31,276 |
Financial liabilities total | [1] | $ 263,000 | $ 209,218 |
[1] | These balances are presented before any deduction for deferred financing costs. |
Business Combinations (Narrativ
Business Combinations (Narrative) (Details) $ in Thousands, $ in Thousands | Mar. 31, 2020USD ($) | [1] | Dec. 03, 2019AUD ($) | Dec. 03, 2019USD ($) | [2] | Jan. 30, 2019AUD ($) | Jan. 30, 2019USD ($) | [1] |
Devonport, Tasmania, Australia [Member] | ||||||||
Assets acquired | $ 1,378 | $ 1,950 | $ 1,401 | |||||
State Cinema Hobart, Tasmania, Australia [Member] | ||||||||
Assets acquired | $ 6,180 | $ 9,000 | $ 6,180 | |||||
[1] | The balances were translated into U.S. Dollars based on the applicable exchange rate as of the date of acquisition, January 30, 2019. | |||||||
[2] | The balances were translated into U.S. Dollars based on the applicable exchange rate as of the date of acquisition, December 5, 2019. |
Business Combinations (Schedule
Business Combinations (Schedule Of Purchase Price Allocation) (Details) $ in Thousands, $ in Thousands | 2 Months Ended | 4 Months Ended | |||||||||
Mar. 31, 2020USD ($) | Mar. 31, 2020USD ($) | Dec. 03, 2019AUD ($) | Dec. 03, 2019USD ($) | [3] | Jan. 30, 2019AUD ($) | Jan. 30, 2019USD ($) | |||||
Devonport, Tasmania, Australia [Member] | |||||||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||||||
Fixtures and equipment | [1] | $ 153 | $ 153 | $ 153 | |||||||
Goodwill | [1] | 1,225 | 1,225 | 1,248 | |||||||
Total assets acquired | [1] | 1,378 | 1,378 | 1,401 | |||||||
Net assets acquired | 1,378 | [1] | 1,378 | [1] | $ 1,950 | $ 1,401 | [1] | ||||
Goodwill, Measurement Period Adjustments | [2] | (23) | |||||||||
Total intangible assets acquired, Measurement Period Adjustments | [2] | (23) | |||||||||
Total assets acquired, Measurement Period Adjustments | [2] | (23) | |||||||||
State Cinema Hobart, Tasmania, Australia [Member] | |||||||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||||||
Fixtures and equipment | 362 | [1] | 362 | [1] | $ 481 | ||||||
Deferred tax | 5 | [1] | 5 | [1] | 5 | ||||||
Inventory | 333 | [1] | 333 | [1] | 333 | ||||||
Brand name | [1] | 250 | 250 | ||||||||
Liquor license | [1] | 1 | 1 | ||||||||
Goodwill | 5,485 | [1] | 5,485 | [1] | 5,617 | ||||||
Total assets acquired | 6,436 | [1] | 6,436 | [1] | 6,436 | ||||||
Employee liabilities | (20) | [1] | (20) | [1] | (20) | ||||||
Deferred revenue balances | (236) | [1] | (236) | [1] | (236) | ||||||
Total liabilities acquired | (256) | [1] | (256) | [1] | (256) | ||||||
Net assets acquired | $ 6,180 | [1] | 6,180 | [1] | $ 9,000 | $ 6,180 | |||||
Fixtures and equipment, Measurement Period Adjustments | [2] | (119) | |||||||||
Brand name, Measurement Period Adjustments | [2] | 250 | |||||||||
Liquor license, Measurement Period Adjustments | [2] | 1 | |||||||||
Goodwill, Measurement Period Adjustments | [2] | $ (132) | |||||||||
[1] | The balances were translated into U.S. Dollars based on the applicable exchange rate as of the date of acquisition, January 30, 2019. | ||||||||||
[2] | The measurement period adjustments relate to finalization of immaterial employee obligations. | ||||||||||
[3] | The balances were translated into U.S. Dollars based on the applicable exchange rate as of the date of acquisition, December 5, 2019. |
Subsequent Events (Narrative) (
Subsequent Events (Narrative) (Details) $ in Thousands, $ in Millions | Mar. 06, 2020USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Mar. 31, 2020AUD ($) | ||
Subsequent Event [Line Items] | ||||||
Contractual facility | $ 276,053 | $ 283,138 | ||||
Bank Of America Credit Facility [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Contractual facility | $ 55,000 | 55,000 | 55,000 | |||
Bank Of America Line Of Credit [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Contractual facility | $ 5,000 | 5,000 | 5,000 | |||
NAB Corporate Loan Facility [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Contractual facility | $ 73,668 | [1] | $ 84,360 | [2] | ||
Line of credit facility, maximum borrowing capacity | $ 120 | |||||
[1] | The contractual facilities and outstanding balances of the foreign currency denominated borrowings were translated into U.S. dollars based on the applicable exchange rates as of March 31, 2020. | |||||
[2] | The contractual facilities and outstanding balances of the foreign currency denominated borrowings were translated into U.S. dollars based on the applicable exchange rates as of December 31, 2019. |