Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Mar. 15, 2022 | Jun. 30, 2020 | |
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity File Number | 1-8625 | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2021 | ||
Document Fiscal Year Focus | 2021 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | READING INTERNATIONAL, INC. | ||
Entity Incorporation, State or Country Code | NV | ||
Entity Tax Identification Number | 95-3885184 | ||
Entity Address, Address Line One | 189 Second Avenue | ||
Entity Address, Address Line Two | Suite 2S | ||
Entity Address, City or Town | New York | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 10003 | ||
City Area Code | 213 | ||
Local Phone Number | 235-2240 | ||
Entity Central Index Key | 0000716634 | ||
Entity Filer Category | Non-accelerated Filer | ||
ICFR Auditor Attestation Flag | true | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Interactive Data Current | Yes | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 124,342,409 | ||
Documents Incorporated by Reference | Documents Incorporated by ReferenceCertain portions of the registrant’s definitive Proxy Statement for the 2022 annual meeting of the stockholders to be filed with the Securities and Exchange Commission within 120 days after the end of the fiscal year ended December 31, 2021 are incorporated by reference into Part III of this Annual Report on Form 10-K. | ||
Auditor Firm ID | 248 | ||
Auditor Location | Los Angeles, California | ||
Auditor Name | GRANT THORNTON LLP | ||
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 | 20,314,372 | ||
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 | Dec. 31, 2021 | Dec. 31, 2020 |
Current Assets: | ||
Cash and cash equivalents | $ 83,251 | $ 26,826 |
Restricted cash | 5,320 | 8 |
Receivables | 5,360 | 2,438 |
Inventory | 1,408 | 1,059 |
Derivative financial instruments - current portion | 96 | |
Prepaid and other current assets | 4,871 | 8,406 |
Land held for sale | 17,730 | |
Total current assets | 100,306 | 56,467 |
Operating property, net | 306,657 | 353,125 |
Operating lease right-of-use assets | 227,367 | 220,503 |
Investment and development property, net | 9,570 | 11,570 |
Investment in unconsolidated joint ventures | 4,993 | 5,025 |
Goodwill | 26,758 | 28,116 |
Intangible assets, net | 3,258 | 3,971 |
Deferred tax assets, net | 2,220 | 3,362 |
Derivative financial instruments - non-current portion | 112 | |
Other assets | 6,461 | 8,030 |
Total assets | 687,702 | 690,169 |
Current Liabilities: | ||
Accounts payable and accrued liabilities | 39,678 | 38,877 |
Film rent payable | 7,053 | 2,473 |
Debt – current portion | 11,349 | 41,459 |
Subordinated debt - current portion | 711 | 840 |
Derivative financial instruments - current portion | 181 | 218 |
Taxes payable | 10,655 | 82 |
Deferred current revenue | 9,996 | 10,133 |
Operating lease liabilities - current portion | 23,737 | 22,699 |
Other current liabilities | 3,619 | 3,826 |
Total current liabilities | 106,979 | 120,607 |
Debt – long-term portion | 195,198 | 213,779 |
Derivative financial instruments - non-current portion | 212 | |
Subordinated debt - non-current portion | 26,728 | 26,505 |
Noncurrent tax liabilities | 7,467 | 13,070 |
Operating lease liabilities - non-current portion | 223,364 | 212,806 |
Other non-current liabilities | 22,906 | 22,017 |
Total liabilities | 582,642 | 608,996 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Nonvoting preferred shares, par value $0.01, 12,000 shares authorized and no issued or outstanding shares at December 31, 2021 and 2020 | ||
Additional paid-in capital | 151,981 | 149,979 |
Retained earnings (accumulated deficit) | (12,632) | (44,553) |
Treasury shares, at cost | (40,407) | (40,407) |
Accumulated other comprehensive income | 4,882 | 12,502 |
Total Reading International, Inc. stockholders' equity | 104,074 | 77,769 |
Noncontrolling Interests | 986 | 3,404 |
Total stockholders' equity | 105,060 | 81,173 |
Total Liabilities and Stockholders’ Equity | 687,702 | 690,169 |
Class A [Member] | ||
Stockholders' equity: | ||
Common stock | 233 | 231 |
Class B [Member] | ||
Stockholders' equity: | ||
Common stock | $ 17 | $ 17 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2021 | Dec. 31, 2020 |
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 | 33,198,500 | 33,004,717 |
Common stock, shares outstanding | 20,262,390 | 20,068,606 |
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 ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenues | |||
Total revenues | $ 139,060,000 | $ 77,862,000 | $ 276,768,000 |
Costs and expenses | |||
Depreciation and amortization | (22,746,000) | (22,317,000) | (22,747,000) |
General and administrative | (25,100,000) | (16,998,000) | (25,395,000) |
Impairment of long-lived assets | 0 | (217,000) | 0 |
Total costs and expenses | (180,853,000) | (139,175,000) | (267,645,000) |
Operating income (loss) | (41,793,000) | (61,313,000) | 9,123,000 |
Interest expense, net | (13,688,000) | (9,354,000) | (7,904,000) |
Gain (loss) on sale of assets | 92,219,000 | (1,000) | (2,000) |
Other income (expense) | 3,762,000 | 293,000 | 325,000 |
Income (loss) before income tax expense and equity earnings of unconsolidated joint ventures | 40,500,000 | (70,375,000) | 1,542,000 |
Equity earnings of unconsolidated joint ventures | 258,000 | (449,000) | 792,000 |
Income (loss) before income taxes | 40,758,000 | (70,824,000) | 2,334,000 |
Income tax benefit (expense) | (5,944,000) | 4,967,000 | (28,837,000) |
Net income (loss) | 34,814,000 | (65,857,000) | (26,503,000) |
Less: net income (loss) attributable to noncontrolling interests | 2,893,000 | (657,000) | (74,000) |
Net income (loss) attributable to Reading International, Inc. | $ 31,921,000 | $ (65,200,000) | $ (26,429,000) |
Basic earnings (loss) per share | $ 1.46 | $ (3) | $ (1.17) |
Diluted earnings (loss) per share | $ 1.42 | $ (3) | $ (1.17) |
Weighted average number of shares outstanding-basic | 21,801,719 | 21,749,155 | 22,631,754 |
Weighted average number of shares outstanding-diluted | 22,406,816 | 22,215,511 | 22,784,122 |
Cinema [Member] | |||
Revenues | |||
Total revenues | $ 126,812,000 | $ 67,014,000 | $ 262,189,000 |
Costs and expenses | |||
Total costs and expenses | (122,901,000) | (91,065,000) | (210,050,000) |
Real Estate [Member] | |||
Revenues | |||
Total revenues | 12,248,000 | 10,848,000 | 14,579,000 |
Costs and expenses | |||
Total costs and expenses | $ (10,106,000) | $ (8,578,000) | $ (9,453,000) |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Consolidated Statements Of Comprehensive Income [Abstract] | |||
Net income (loss) | $ 34,814 | $ (65,857) | $ (26,503) |
Foreign currency translation gain (loss) | (8,123) | 6,837 | (567) |
Gain (loss) on cash flow hedges | 340 | (65) | (115) |
Other | 164 | 130 | 158 |
Comprehensive income (loss) | 27,195 | (58,955) | (27,027) |
Less: net income (loss) attributable to noncontrolling interests | 2,893 | (657) | (74) |
Less: comprehensive income (loss) attributable to noncontrolling interests | 1 | (11) | 2 |
Comprehensive income (loss) | $ 24,301 | $ (58,287) | $ (26,955) |
Consolidated Statements Of Stoc
Consolidated Statements Of Stockholders' Equity - USD ($) $ in Thousands | Cumulative Effect, Period of Adoption, Adjustment [Member]Reading International Inc. Stockholders' Equity [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Retained Earnings (Accumulated Deficit) [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Noncontrolling Interests [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Common Shares [Member]Class A [Member] | Common Shares [Member]Class B [Member] | Treasury Shares [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Reading International Inc. Stockholders' Equity [Member] | Additional Paid-In Capital [Member] | Retained Earnings (Accumulated Deficit) [Member] | Noncontrolling Interests [Member] | Class A [Member] | Class B [Member] | Total |
Balance at Dec. 31, 2018 | $ 232 | $ 17 | $ 6,115 | $ 175,642 | $ 147,452 | $ 47,048 | $ 4,337 | $ 179,979 | |||||||
Balance, shares at Dec. 31, 2018 | 21,196,000 | 1,680,000 | (25,222,000) | ||||||||||||
Net income (loss) | (26,429) | (26,429) | (74) | (26,503) | |||||||||||
Other comprehensive income, net | (526) | (526) | 2 | (524) | |||||||||||
Share-based compensation expense | 1,463 | 1,463 | 1,463 | ||||||||||||
Share repurchase plan | (14,518) | (14,518) | |||||||||||||
Share repurchase plan, shares | (1,159,000) | (14,518,000) | |||||||||||||
Class A common stock issued for share-based bonuses and options exercised | (185) | (185) | (185) | ||||||||||||
Retirements | $ (2) | $ 2 | 2 | 2 | |||||||||||
Restricted Stock Units | $ 1 | (128) | (128) | (128) | |||||||||||
Restricted Stock Units, shares | 66,000 | ||||||||||||||
Contributions from noncontrolling stockholders | 90 | 90 | |||||||||||||
Distributions to noncontrolling stockholders | (42) | (42) | |||||||||||||
Balance (Accounting Standards Update 2014-09 [Member]) at Dec. 31, 2019 | $ 28 | $ 28 | $ (46) | $ (18) | |||||||||||
Balance at Dec. 31, 2019 | $ 231 | $ 17 | $ (39,737) | 5,589 | 135,349 | 148,602 | 20,647 | 4,267 | 139,616 | ||||||
Balance, shares at Dec. 31, 2019 | 20,103,000 | 1,680,000 | |||||||||||||
Net income (loss) | (65,857) | ||||||||||||||
Other comprehensive income, net | 6,913 | 6,913 | (11) | 6,902 | |||||||||||
Share-based compensation expense | 1,421 | 1,421 | 1,421 | ||||||||||||
Share repurchase plan | (670) | (670) | |||||||||||||
Share repurchase plan, shares | (75,000) | (670,000) | |||||||||||||
Restricted Stock Units | (44) | (44) | (44) | ||||||||||||
Restricted Stock Units, shares | 41,000 | ||||||||||||||
Contributions from noncontrolling stockholders | 55 | 55 | |||||||||||||
Distributions to noncontrolling stockholders | (250) | (250) | |||||||||||||
Balance (Accounting Standards Update 2014-09 [Member]) at Dec. 31, 2020 | $ (65,200) | $ (65,200) | $ (657) | $ (65,857) | |||||||||||
Balance at Dec. 31, 2020 | $ 231 | $ 17 | 12,502 | 77,769 | 149,979 | (44,553) | 3,404 | 81,173 | |||||||
Balance, shares at Dec. 31, 2020 | 20,069,000 | 1,680,000 | (40,407,000) | 20,068,606 | 1,680,590 | ||||||||||
Net income (loss) | 31,921 | 31,921 | 2,893 | 34,814 | |||||||||||
Other comprehensive income, net | (7,620) | (7,620) | 1 | (7,619) | |||||||||||
Share-based compensation expense | 2,152 | 2,152 | 2,152 | ||||||||||||
Restricted Stock Units | $ 2 | (148) | (150) | (148) | |||||||||||
Restricted Stock Units, shares | 191,000 | ||||||||||||||
Contributions from noncontrolling stockholders | 3 | 3 | |||||||||||||
Distributions to noncontrolling stockholders | (5,315) | (5,315) | |||||||||||||
Balance at Dec. 31, 2021 | $ 233 | $ 17 | $ 4,882 | $ 104,074 | $ 151,981 | $ (12,632) | $ 986 | $ 105,060 | |||||||
Balance, shares at Dec. 31, 2021 | 20,260,000 | 1,680,000 | (40,407,000) | 20,262,390 | 1,680,590 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Operating Activities | |||
Net income (loss) | $ 34,814,000 | $ (65,857,000) | $ (26,503,000) |
Adjustments to reconcile net income to net cash flows from operating activities: | |||
Equity earnings of unconsolidated joint ventures | (258,000) | 449,000 | (792,000) |
Distributions of earnings from unconsolidated joint ventures | 240,000 | 864,000 | |
Gain recognized on foreign currency transactions | (2,085,000) | ||
Net loss (gain) on sale of assets | (92,219,000) | 1,000 | 2,000 |
Amortization of operating leases | 23,357,000 | 21,458,000 | 20,765,000 |
Amortization of finance leases | 49,000 | 93,000 | 165,000 |
Change in operating lease liabilities | (21,506,000) | (20,400,000) | (20,137,000) |
Interest on hedged derivatives | (56,000) | (10,000) | |
Change in net deferred tax assets | 967,000 | 401,000 | 23,115,000 |
Purchase of derivative instruments | (62,000) | ||
Depreciation and amortization | 22,746,000 | 22,317,000 | 22,747,000 |
Impairment of long-lived assets | 0 | 217,000 | 0 |
Other amortization | 1,368,000 | 1,046,000 | 952,000 |
Share-based compensation expense | 2,152,000 | 1,421,000 | 1,463,000 |
Net changes in operating assets and liabilities: | |||
Receivables | (2,817,000) | 4,805,000 | 704,000 |
Prepaid and other assets | 2,122,000 | (1,307,000) | (216,000) |
Payments for accrued pension | (683,000) | (683,000) | (683,000) |
Accounts payable and accrued expenses | 6,313,000 | 9,330,000 | 508,000 |
Film rent payable | 4,725,000 | (6,323,000) | 48,000 |
Taxes payable | 10,943,000 | (34,000) | (1,514,000) |
Deferred revenue and other liabilities | (3,368,000) | 2,626,000 | 3,129,000 |
Net cash provided by (used in) operating activities | (13,498,000) | (30,200,000) | 24,607,000 |
Investing Activities | |||
Proceeds from sale of assets | 145,165,000 | ||
Purchases of and additions to operating and investment properties | (15,555,000) | (18,526,000) | (45,709,000) |
Acquisition of business | (7,877,000) | ||
Cash settlement on insurance claim | 323,000 | ||
Contributions to unconsolidated joint ventures | (245,000) | ||
Net cash provided by (used in) investing activities | 129,610,000 | (18,771,000) | (53,263,000) |
Financing Activities | |||
Repayment of long-term borrowings | (88,417,000) | (29,896,000) | (52,394,000) |
Repayment of finance lease principal | (49,000) | (92,000) | (160,000) |
Proceeds from borrowings | 45,337,000 | 90,323,000 | 90,507,000 |
Capitalized borrowing costs | (1,691,000) | (97,000) | (526,000) |
Repurchase of Class A Nonvoting Common Stock | (670,000) | (11,152,000) | |
Proceeds (payments) from stock option exercises | (148,000) | (43,000) | (315,000) |
Noncontrolling interest contributions | 3,000 | 55,000 | 90,000 |
Noncontrolling interest distributions | (5,315,000) | (250,000) | (42,000) |
Net cash provided by (used in) financing activities | (50,280,000) | 59,330,000 | 26,008,000 |
Effect of exchange rate on cash and restricted cash | (4,095,000) | 4,333,000 | 322,000 |
Net increase (decrease) in cash and cash equivalents and restricted cash | 61,737,000 | 14,692,000 | (2,326,000) |
Cash and cash equivalents and restricted cash at the beginning of the year | 26,834,000 | 12,142,000 | 14,468,000 |
Cash and cash equivalents and restricted cash at the end of the year | 88,571,000 | 26,834,000 | 12,142,000 |
Cash and cash equivalents and restricted cash consists of: | |||
Cash and cash equivalents | 83,251,000 | 26,826,000 | 12,135,000 |
Restricted cash | 5,320,000 | 8,000 | 7,000 |
Total | 88,571,000 | 26,834,000 | 12,142,000 |
Supplemental Disclosures | |||
Interest paid | 12,394,000 | 10,240,000 | 10,650,000 |
Income taxes paid (refunded), net | (6,479,000) | (2,333,000) | 7,038,000 |
Non-Cash Transactions | |||
Lease make-good accrual | 288,000 | 62,000 | 902,000 |
Additions to long-term borrowings | 3,519,000 | ||
Additions to operating and investing properties through accrued expenses | $ 3,177,000 | $ 4,346,000 | $ 6,003,000 |
Description Of Business And Seg
Description Of Business And Segment Reporting | 12 Months Ended |
Dec. 31, 2021 | |
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 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 Australia, New Zealand, and the United States. Business Segments Our business is comprised of two operating segments, as follows: (i) cinema exhibition and (ii) real estate. Each of these segments has discrete and separate financial information and for which operating results are evaluated regularly by our Chief Executive Officer, the chief operating decision-maker of the Company. As part of our real estate activities, we have historically held undeveloped land in urban and suburban centers in the United States, Australia, and New Zealand. However, in 2021, we monetized certain raw landholdings and other real estate assets as detailed at Note 5 – Real Estate Transactions. The tables below summarize the results of operations for each of our business segments. 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. 2021 2020 2019(Dollars in thousands) Cinema RealEstate Total Cinema RealEstate Total Cinema RealEstate TotalRevenue - third party $ 126,812 $ 12,248 $ 139,060 $ 67,014 $ 10,848 $ 77,862 $ 262,189 $ 14,579 $ 276,768Inter-segment revenue (1) — 515 515 — 2,115 2,115 — 7,326 7,326Total segment revenue 126,812 12,763 139,575 67,014 12,963 79,977 262,189 21,905 284,094Operating expense Operating Expense - Third Party (122,901) (10,106) (133,007) (91,065) (8,578) (99,643) (210,050) (9,453) (219,503)Inter-Segment Operating Expenses (1) (515) — (515) (2,115) — (2,115) (7,326) — (7,326)Total of services and products (excluding depreciation and amortization) (123,416) (10,106) (133,522) (93,180) (8,578) (101,758) (217,376) (9,453) (226,829)Depreciation and amortization (14,422) (7,092) (21,514) (15,246) (6,101) (21,347) (16,940) (5,393) (22,333)Impairment of long-lived assets — — — (217) — (217) — — —General and administrative expense (7,611) (920) (8,531) (3,427) (747) (4,174) (4,544) (1,918) (6,462)Total operating expense (145,449) (18,118) (163,567) (112,070) (15,426) (127,496) (238,860) (16,764) (255,624)Segment operating income (loss) $ (18,637) $ (5,355) $ (23,992) $ (45,056) $ (2,463) $ (47,519) $ 23,329 $ 5,141 $ 28,470 (1)Inter-segment Revenues and Operating Expense relates to the internal charge between the two segments where the cinema operates within real estate owned within the group. A reconciliation of segment operating income to income before income taxes is as follows: (Dollars in thousands) 2021 2020 2019Segment operating income (loss) $ (23,992) $ (47,519) $ 28,470Unallocated corporate expense: Depreciation and amortization expense (1,232) (970) (414)General and administrative expense (16,569) (12,824) (18,933)Interest expense, net (13,688) (9,354) (7,904)Equity earnings (loss) of unconsolidated joint ventures 258 (449) 792Gain (loss) on sale of assets 92,219 (1) (2)Other (expense) income 3,762 293 325Income (loss) before income taxes $ 40,758 $ (70,824) $ 2,334 Assuming cash and cash equivalents are accounted for as corporate assets, total assets by business segment and by country are presented as follows: December 31,(Dollars in thousands) 2021 2020By segment: Cinema $ 316,169 $ 357,196Real estate 257,224 312,832Corporate (1) 114,309 20,141Total assets $ 687,702 $ 690,169By country: United States $ 336,029 $ 340,836Australia 274,330 267,153New Zealand 77,343 82,180Total assets $ 687,702 $ 690,169 (1)Corporate Assets includes cash and cash equivalents of $83.3 million and $26.8 million as of December 31, 2021 and 2020, respectively. The following table sets forth our operating properties by country: December 31,(Dollars in thousands) 2021 2020United States $ 177,918 $ 182,416Australia 107,343 144,573New Zealand 21,396 26,136Total operating property $ 306,657 $ 353,125 The table below summarizes capital expenditures for the three years ended December 31, 2021: (Dollars in thousands) 2021 2020 2019Segment capital expenditures $ 14,428 $ 16,686 $ 47,555Corporate capital expenditures — 73 167Total capital expenditures $ 14,428 $ 16,759 $ 47,722 |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Summary Of Significant Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Significant Accounting Policies Basis of Consolidation Our consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). These consolidated financial statements include the accounts of our wholly owned subsidiaries, which are RDGE, CRG, and CDL. We have also consolidated the following entities that are not wholly owned for which we have control:Australia Country Cinemas Pty, Limited, a company in which we own a 75% interest and whose only assets are our leasehold cinema at Dubbo, Australia and our owned cinema at Townsville, Australia;Sutton Hill Properties, LLC (“SHP”), a company based in New York in which we own a 75% interest and whose only asset is the fee interest in the Cinemas 1,2,3; and, Shadow View Land and Farming, LLC in which we own a 50% controlling membership interest and whose only asset was a 202-acre land parcel in Coachella, California as of December 31, 2020. This land was sold in March 2021, and the company is now in the process of winding up. Our investment interests in certain joint venture arrangements, for which we own between 20% to 50% and for which we have no control over the operations, are accounted for as unconsolidated joint ventures, and hence, recorded in the consolidated financial statements under the equity method. These investment interests include our: 33.3% undivided interest in the unincorporated joint venture that owns the Mt. Gravatt cinema in a suburb of Brisbane, Australia; 50% undivided interest in the unincorporated joint venture that owns Rialto Cinemas in New Zealand. We consider that we have control over our partially owned subsidiaries and joint venture interests (collectively “investee”) when these conditions exist: (i)we own a majority of the voting rights or interests of the investee (typically above 50%), or (ii)in the case when we own less than the majority voting rights or interests, we have the power over the investee when the voting rights or interests are sufficient to give it the practical ability to direct the relevant activities of the investee unilaterally. The Company considers all relevant facts and circumstances in assessing whether or not our voting rights in the investee are sufficient to give it power, including: (i)the size of our voting rights and interests relative to the size and dispersion of holdings of other vote holders; (ii)potential voting rights and interests held by us;(iii)rights and interests arising from other contractual arrangements; and,(iv)any additional other relevant facts. All intercompany balances and transactions have been eliminated on the consolidation. 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. Hence, actual results may differ from those estimates. Significant estimates and assumptions include, but are not limited to: (i)projections we make regarding the recoverability and impairment of our assets (including goodwill and intangibles); (ii)valuations of our derivative instruments;(iii)allocation of insurance proceeds to various recoverable components;(iv)recoverability of our deferred tax;(v)estimation of our Incremental Borrowing Rate (“IBR”) as relates to the valuation of our right-of-use assets and lease liabilities; and,(vi)estimation of gift card and gift certificate breakage where we have concluded that the likelihood of redemption is remote. Revenue Recognition (i)Cinema Exhibition Segment (all net of related taxes):Sales of Cinema tickets (excluding bulk and advanced ticket sales) and food and beverage (“F&B”) sales – recognized when sold and collected, either in cash or credit card at our theatre locations and through our online selling channels; Sales of Bulk and Advanced Cinema Ticket Sales – deferred and recognized as revenue when the promised performance or movie that the ticket has been purchased for is shown;Gift Cards and Gift Certificate Sales – deferred and recognized as revenue when redeemed, except for the breakage portion, as described below; Breakage Income – recognized for unredeemed cards and certificates using the proportional method, whereby breakage revenue is recognized in proportion to the pattern of rights exercised by the customer when the Company expects that it is probable that a significant revenue reversal would not occur for any estimated breakage amounts. This is based on a breakage ‘experience rate’ which is determined by historical redemption data; Loyalty Income - a component of revenue from members of our loyalty programs relating to the earning of loyalty rewards is deferred until such a time as members redeem rewards, or until we believe the likelihood of redemption by the member is remote. Deferral is based on the progress made toward the next reward, the fair value of that reward, and the likelihood of redemption, determined by historical redemption data, and;Advertising Revenues – recognized based on contractual arrangements or relevant admissions information, as appropriate, when the related performance obligation is satisfied. (ii)Real Estate Segment: Property Rentals –we contractually retain substantially all of the risks and benefits of ownership of our real estate properties and therefore, we account for our tenant leases as operating leases. Accordingly, rental revenue is recognized on a straight-line basis over the lease term; and, Live Theatre License Fees – we have real property interest in and license theatre space to third parties for the presentation of theatrical productions. Revenue is recognized in accordance with the license agreement, and is typically recorded on a weekly basis after the performance of a show has occurred.Cash and Cash Equivalents We consider all highly liquid investments with original maturities of three months or less at the time of purchase as cash equivalents for which cost approximates fair value. Receivables Our receivables balance is composed primarily of credit card and booking agent receivables, representing the purchase price of tickets, food & beverage items, or coupon books sold at our various businesses. Sales charged on customer credit cards are collected when the credit card transactions are processed. The remaining receivables balance is primarily made up of the net Goods and Service Tax (“GST”) receivable from our Australian taxing authorities, rents receivable from our third-party tenants, and the management fee receivable from the managed cinemas. We have no history of significant bad debt losses but we have established an allowance for accounts that we deem uncollectible. Inventory Inventory is composed of food and beverage items in our theater operations and books and associated stationery items at our State Cinema bookstore, and is stated at the lower of cost (first-in, first-out method) or net realizable value. Restricted Cash Restricted cash includes those cash accounts for which the use of funds is restricted by any contract or bank covenant. At December 31, 2021 and 2020, our restricted cash balance was $5.3 million and $8,000, respectively. Derivative Financial Instruments From time to time, we purchase interest rate derivative instruments to hedge the interest rate risk that results from the variability of our floating-rate borrowings. Our use of derivative transactions is intended to reduce long-term fluctuations in cash flows caused by market movements. Derivative instruments are recorded on the balance sheet at fair value with changes in fair value through interest expense in the Consolidated Statements of Operations or, in the case of accounting hedges, in Other Comprehensive Income and then reclassified into interest expense in the same period(s) during which the hedged transactions affect earnings. The cash flows from interest rate derivatives are classified as cashflows provided by operating activities in the Consolidated Cashflow Statement, as are the hedged transactions. As of December 31, 2021 and 2020 we have unfavorable derivative positions designated as accounting hedges of $181,000 and $430,000, respectively, and favorable derivative positions designated as accounting hedges of $208,000 and $nil, respectively. With regards to accounting hedges, the Company has elected, by reference to certain practical expedients contained within ASC 848 Reference Rate Reform, to continue the method of assessing effectiveness as document in the original hedge, so that the reference rate on the hypothetical derivative matches the reference rate on the hedging instrument. In addition, the Company has elected the expedient permitting the assertion of probability of the hedged interest payments regardless of any expected modification in the terms related to reference rate reform. Operating Properties, net Our Operating Properties consist of land, buildings and improvements, leasehold improvements, fixtures and equipment, which we use to derive operating income associated with our two business segments, cinema exhibition and real estate. Buildings and improvements, leasehold improvements, fixtures and equipment are initially recorded at the lower of cost or fair market value and depreciated over the useful lives of the related assets. Land is not depreciated. Expenditures relating to renovations, betterments or improvements to existing assets are capitalized if they improve or extend the lives of the respective assets and/or provide long-term future net cash inflows, including the potential for cost savings. Depreciation and amortization are provided using the straight-line method over the estimated useful lives of the assets. The estimated useful lives are generally as follows: Building and improvements15 – 60 yearsLeasehold improvementsShorter of the lease term or useful life of the improvementTheater equipment7 yearsFurniture and fixtures3 – 10 years Investment and Development Properties, net Investment and Development Properties consist of land, buildings and improvements under development, and their associated capitalized interest and other development costs that we are either holding for development, currently developing, or holding for investment appreciation purposes. These properties are initially recorded at the lower of cost or fair market value. Within this category are building and improvement costs directly associated with the development of potential cinemas (whether for sale or lease), the development of entertainment-themed centers (“ETCs”), or other improvements to real property. As incurred, we expense start-up costs (such as pre-opening cinema advertising and training expense) and other costs not directly related to the acquisition and development of long-term assets. We cease cost capitalization (including interest) on a development property when the property is complete and ready for its intended use, or if activities necessary to get the property ready for its intended use have been substantially curtailed. However, we do not suspend cost capitalization for brief interruptions and interruptions that are externally imposed, such as mandates from governmental authorities. Impairment of Long-Lived Assets We review long-lived assets, including goodwill and intangibles, for impairment as part of our annual budgeting process, at the beginning of the fourth quarter, and whenever events or changes in circumstances indicate that the carrying amount of the asset may not be fully recoverable. In 2020, due to the impacts of the COVID-19 pandemic, we have reviewed our long-lived assets, including goodwill and intangibles, for impairment at the end of each reporting quarter. Due to improvements in performance from our long-lived assets in 2021, our impairment testing occurred only at the beginning of the fourth quarter. We review internal management reports on a monthly basis as well as monitor current and potential future competition in film markets for indications of potential impairment. (i)Impairment of Long-lived Assets (other than Goodwill and Intangible Assets with indefinite lives) – we evaluate our long-lived assets and finite-lived intangible assets using historical and projected data of cash flows as our primary indicator of potential impairment and we take into consideration the seasonality of our business. If the sum of the estimated, undiscounted future cash flows is less than the carrying amount of the asset, then an impairment is recognized for the amount by which the carrying value of the asset exceeds its estimated fair value based on an appraisal or a discounted cash flow calculation. Following the adoption of Accounting Standards Codification 842 Leases, we include all relevant right-of-use assets in our impairment assessments and exclude the related lease liabilities and payments. For certain non-income producing properties or for those assets with no consistent historical or projected cash flows, we obtain appraisals or other evidence to evaluate whether there are impairment indicators for these assets. No impairment losses were recorded for long-lived and finite-lived intangible assets for the year ended December 31, 2021, based on historical information and projected cash flow. $217,000 of impairment losses were recorded for long-lived and finite-lived intangible assets for the year ended December 31, 2020. No impairment losses were recorded for the year ended December 31, 2019. (ii)Impairment of Goodwill and Intangible Assets with indefinite lives – goodwill and intangible assets with indefinite useful lives are not amortized, but instead, tested for impairment at least annually on a reporting unit basis. The impairment evaluation is based on the present value of estimated future cash flows of the reporting unit plus the expected terminal value. There are significant assumptions and estimates used in determining the future cash flows and terminal value. The most significant assumptions include our cost of debt and cost of equity assumptions that comprise the weighted average cost of capital for each reporting unit. Accordingly, actual results could vary materially from such estimates. No impairment losses were recorded for goodwill and indefinite-lived intangible assets for the three years ended December 31, 2021. For a detailed discussion of our impairment assessments, refer to Note 3 – Impact of COVID-19 Pandemic on Liquidity. Variable Interest Entity The Company enters into relationships or investments with other entities that may be a variable interest entity (“VIE”). A VIE is consolidated in the financial statements if the Company has the power to direct activities that most significantly impact the economic performance of the VIE and has the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. Reading International Trust I is a VIE. It is not consolidated in our financial statements because we are not the primary beneficiary. We carry our investment in the Reading International Trust I, recorded under “Other Assets”, using the equity method of accounting because we have the ability to exercise significant influence (but not control) over operating and financial policies of the entity. We eliminate transactions with an equity method entity to the extent of our ownership in such an entity. Accordingly, our share of net income/(loss) of this equity method entity is included in consolidated net income/(loss). We have no implicit or explicit obligation to further fund our investment in Reading International Trust I. Land and Property Held for Sale When a property is classified as held for sale, we present the respective assets and liabilities related to the property held for sale separately on the balance sheet and cease to record depreciation and amortization expense. Properties held for sale are reported at the lower of their carrying value or their estimated fair value less the estimated costs to sell. As of December 31, 2020, we classified our landholding at Coachella, California and Manukau, New Zealand, as held for sale. We had no properties held for sale as of December 31, 2021. There were no adjustments necessary to reduce the carrying value of these assets on transfer to held for sale were subsequently held at historical cost on the consolidated balance sheet until their sale in the first quarter of 2021. Refer to Note 5 – Real Estate Transactions for details. Deferred Leasing/Financing Costs Direct costs incurred in connection with obtaining tenants and or financing are amortized over the respective term of the loan utilizing the effective interest method, or straight-line method if the result is not materially different. In addition, interest on loans with increasing interest rates and scheduled principal pre-payments are also recognized using the effective interest method. Net deferred financing costs are presented as a reduction in the associated debt account (see Note 11 – Borrowings). Film Rental Costs Film rental costs are accrued based on the applicable box office receipts and estimates of the final settlement to the film licensors. Advertising Expense We expense our advertising as incurred. The amount of our advertising expense was $0.7 million, $0.7 million, and $1.8 million in 2021, 2020, and 2019, respectively. Operating Leases As LesseeWe determine if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets and operating lease liabilities, current and non-current, in our consolidated balance sheets. Finance leases are included in operating properties, other current liabilities, and other long-term liabilities in our consolidated balance sheets.ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. We use the implicit rate when readily determinable. The operating lease ROU asset also includes any prepaid lease payments made and excludes lease incentives received. Our lease terms may include options to extend or not to terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term.We have lease agreements with lease and non-lease components, which we do not separate. For certain equipment leases, such as cinema equipment, we account for the lease and non-lease components as a single lease component. As a result of the impacts of COVID-19, we have obtained certain concessions from our landlords. Where we have obtained rent concessions from our landlords, or provided concessions to our tenants, we have elected not to perform the standard Topic 842 modification evaluation where the concession does not result in the total consideration required by the contract being substantially less than the total consideration originally required by the contract. We have elected to account for these concessions as if there have been no changes to the underlying contracts, thereby recognizing abatements secured as variable lease expenses, and increasing payables for lease payment deferrals. As LessorAs part of our real estate operations, we own certain real estate property in the U.S., Australia and New Zealand which we lease to third parties. 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. The lease term includes all non-cancellable periods contracted for within the lease and excludes any option periods which a tenant may hold. As a result of the impacts of COVID-19, we have provided certain concessions to specific tenants. Where we have received or provided deferrals of rent, we have recorded the deferrals as receivables or payables, and where we have received or provided abatements, we have recorded these as variable rents in the consolidated statements of income. Share-based Compensation The determination of the compensation cost for our share-based awards (primarily in the form of stock options or restricted stock units) is made at the grant date based on the estimated fair value of the award, and such cost is recognized over the grantee’s requisite service period (which typically equates to our vesting term). Previously recognized compensation cost shall be reversed for any forfeited award to the extent unvested at the time of forfeiture. Refer to Note 15 – Share-based Compensation and Repurchase Plans for further details. Treasury Shares In recent years, we repurchased our own Class A common shares as part of a publicly announced stock repurchase plan. We account for these repurchases using the cost method and present these as a separate line within the Stockholders’ Equity section in our consolidated balance sheets. Refer to Note 15 – Share-based Compensation and Repurchase Plans for further details of our stock repurchase plan. Insurance Recoveries and Other Contingency Matters (i)Loss contingencies – we record any loss contingencies if there is a “probable” likelihood that the liability had been incurred, and the amount of the loss can be reasonably estimated. (ii)Gain contingencies:Insurance recoveries – in the event we incur a loss attributable to an impairment of an asset or incurrence of a liability that is recoverable, in whole or in part, through an insurance claim, we record an insurance recoverable (not to exceed the amount of the total losses incurred) only when the collectability of such claim is probable. To evaluate the probable collectability of an insurance claim, we consider communications with third parties (such as with our insurance company), in addition to advice from legal counsel. Others – other gain contingencies typically result from legal settlements and we record those settlements in income when cash or other forms of payments are received. Legal costs relating to our litigation matters, whether we are the plaintiff or the defendant, are recorded when incurred. For the years ended December 31, 2021, 2020, and 2019, we recorded gains/(losses) relating to litigation settlement of $0.8 million, $3,000, and ($67,000), respectively. Currency Translation Policy The financial statements and transactions of our Australian and New Zealand cinema and real estate operations are recorded in their functional currencies, namely Australian and New Zealand dollars, respectively, and are then translated into U.S. dollars. Assets and liabilities of these operations are denominated in their functional currencies and are then translated at exchange rates in effect at the balance sheet date. Revenue and expenses are translated at the average exchange rate for the reporting period. Translation adjustments are reported in “Accumulated Other Comprehensive Income,” a component of Stockholders’ Equity. The carrying values of our Australian and New Zealand assets fluctuate due to changes in the exchange rate between the U.S. dollar and the Australian and New Zealand dollars. Presented in the table below are the currency exchange rates for Australia and New Zealand as of and for the three years ended December 31, 2021: As of andfor the year endedDecember 31, 2021 As of andfor the year endedDecember 31, 2020 As of andfor the year endedDecember 31, 2019Spot Rate Australian Dollar 0.7260 0.7709 0.7030New Zealand Dollar 0.6839 0.7194 0.6745Average Rate Australian Dollar 0.7517 0.6904 0.6954New Zealand Dollar 0.7077 0.6504 0.6593 Income Taxes We account for income taxes under an asset and liability approach. Under the asset and liability method, deferred tax assets and liabilities are recognized for the expected future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and the respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled and are classified as noncurrent on the balance sheets in accordance with current U.S. GAAP. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. Income tax expense (benefit) is the tax payable (refundable) for the period and the change during the period in deferred tax assets and liabilities. The effect of a change in tax rates or law on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. We recognize deferred tax assets to the extent that we believe that these assets are more likely than not to be realized. In evaluating our ability to recover our deferred tax assets within the jurisdiction from which they arise, we consider all available positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax planning strategies and recent financial operations. A tax benefit from an uncertain tax position may be recognized when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits. We recognize tax liabilities for uncertain tax positions and adjust these liabilities when our judgment changes as a result of the evaluation of new information not previously available. We record interest and penalties related to income tax matters as part of income tax expense and record the related liabilities in income tax related balance sheet accounts. Due to the complexity of some of these uncertainties, the ultimate resolution may result in a payment that is materially different from our current estimate of the tax liabilities. These differences will be reflected as increases or decreases to income tax expense in the period in which it is determined a change in recognition or measurement is appropriate. The U.S. Tax Cuts and Jobs Act of 2017 (the “Tax Act”) creates a new requirement for U.S. corporations to include in U.S. taxable income certain earnings of their foreign subsidiaries, effective beginning tax year 2018. The Global Intangible Low Taxed Income (“GILTI”) framework introduces a new tax on foreign earnings of U.S. based consolidated groups. We record taxes related to GILTI as a current-period expense when incurred. Earnings (Loss) Per Share The Company presents both basic and diluted earnings (loss) per share amounts. Basic earnings (loss) per share is calculated by dividing net income (loss) attributable to the Company by the weighted average number of common shares outstanding during the year. Diluted earnings (loss) per share is based upon the weighted average number of common and common equivalent shares outstanding during the year, which is calculated using the treasury-stock method for equity-based awards. Common equivalent shares are excluded from the computation of diluted earnings (loss) per share in periods for which they have an anti-dilutive effect. Stock options for which the exercise price exceeds the average market price over the period are anti-dilutive and, accordingly, are excluded from the calculation. Government Grants In the second quarter of 2020, in order to account for certain wage subsidies received from the Australian and New Zealand governments, we adopted International Accounting Standard 20 - Accounting for Government Grants and Disclosure of Government Assistance (“IAS 20”). The aim of these Australian and New Zealand government subsidies is to protect as many jobs as possible during the COVID-19 pandemic by subsidizing the wages of employees, using the administrative capabilities of employers to forward such subsidies to their employees. The subsidies are not loans to employees or employers. Other than the disclosure requirements promulgated by ASU 2021-10, U.S. GAAP has no other codified accounting guidance concerning the measurement and presentation of such government grants for for-profit entities, and in lieu of such guidance, common practice is to refer to IAS 20. IAS 20 permits entities to account for government grants on a gross basis, showing grants receivable as income and the associated expense as costs, or on a net basis, by deducting the grant from the related expense. The nature of the wage subsidies is such that, without them, our Company would likely have reduced its wages and salaries expense through the termination of certain employees. In order to faithfully present the transaction, our Company has therefore elected to present wages and salaries expense net of government grants. The impacted wages and salaries costs are contained within ‘other operating expenses’ and ‘general and administrative expenses’ in our cinema and real estate segments. In the year to December 31, 2021, we received subsidies totaling $2.6 million (AU$3.5 million) in Australia and $366,000 (NZ$518,000) in New Zealand, respectively. In the year to December 31, 2020, we received subsidies totaling $9.5 million (AU$12.3 million) and $1.4 million (NZ$1.9 million) in Australia and New Zealand, respectively. There are no unfulfilled conditions or contingencies relating to these subsidies as of December 31, 2021. Business Acquisition Valuation and Purchase Price Allocation In recent years, our business acquisition efforts have been focused on our real estate segment however, in 2019 we completed two acquisitions of established cinemas in Tasmania, Australia. For acquisitions meeting the definition of a “business” in accordance with ASC 805, Business Combinations, the assets acquired, and the liabilities assumed are recorded at their fair values as of the acquisition date. To accomplish this, we typically obtain third-party valuations to allocate the purchase price to the assets acquired and liabilities assumed, including both tangible and intangible components. The determination of the fair values of the acquisition components and its related determination of the estimated lives of depreciable tangible assets and amortizing intangible assets/liabilities require significant judgment and several considerations, described as follows: (i)Tangible assets – we allocate the purchase price to the tangible assets of an acquired property (which typically includes land, building and site/tenant improvements) based on the estimated fair values of those tangible assets assuming the building was vacant. Estimates of fair value for land are based on factors such as comparisons to other properties sold in the same geographic area adjusted for unique characteristics. Estimates of fair values of buildings, and site/tenant improvements are based on present values determined based upon the application of hypothetical leases with market rates and terms. Estimates of plant and equipment, leasehold improvements and any cinema related equipment are based on their current market values with relation to their age and condition. Building and site improvements are depreciated over their remaining economic lives, while tenant improvements are depreciated over the remaining non-cancelable terms of the respective leases. Plant and equipment, leasehold improvements and any cinema related equipment are depreciated over the shorter of their useful economic lives and the underlying cinema lease. (ii)Intangible assets and liabilities – the valuation of the intangible assets and liabilities in a typical real estate acquisition is described below:Above-market and below-market leases – where we are the lessor, we record above-market and below-market in-place lease values for acquired properties based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) management’s estimate of fair market lease rates for the corresponding in-place leases, measured over a period |
Impact Of COVID-19 Pandemic On
Impact Of COVID-19 Pandemic On Liquidity | 12 Months Ended |
Dec. 31, 2021 | |
Impact Of COVID-19 Pandemic On Liquidity [Abstract] | |
Impact Of COVID-19 Pandemic On Liquidity | NOTE 3 – IMPACT OF COVID-19 PANDEMIC ON LIQUIDITY GeneralOn March 11, 2020, the World Health Organization (“WHO”) declared the novel coronavirus, COVID-19, a global pandemic. In March 2020 we temporarily closed all of our live theatres and cinema operations in the U.S., Australia and New Zealand. Operating restrictions adopted in Australia and New Zealand also affected many of our tenants at our retail shopping centers. These closures materially negatively impacted our revenues and profitability. Our cinemas began reopening at various times throughout the last quarter of 2020 and into 2021. COVID-19 has progressed through several variants, with the most current variant affecting the jurisdictions in which we do business being the Omicron variant. Vaccination programs are advancing, and it appears that societies are moving towards relaxing restrictions. There can be no assurances, however, that the current trend of reduced restrictions will continue, nor that there will be no further variants of COVID-19 which could lead to material business disruption. During 2020, we successfully implemented our COVID-19 response plans, generating cash inflows from strategic asset monetizations of $179.1 million and reducing or refinancing key debt. As a result of this, and the increasing health of the cinema segment, we have concluded that our Company has sufficient resources to meet its obligations as they become due within one year after the issuance of this Form 10-K. Cinema Segment Ongoing ImpactAs of December 31, 2021, none of our cinemas are closed as a result of COVID-19 government closure orders. As of the date of this report, substantially all of our U.S. cinemas are trading. On March 3, 2022, we reopened our Consolidated Theatre in Kapolei following a renovation. All of our New Zealand cinemas are trading except Courtenay Central which continues to be closed due to non-COVID related seismic concerns which predated the pandemic. A return to operation of this center has been delayed, however, by among other things our efforts to respond to COVID-19. Our Australian circuit is fully open. Real Estate Segment Ongoing ImpactSubstantially all of our tenants in our Australian and New Zealand real estate businesses (excluding Courtenay Central) are currently open for trading. In the U.S., much of our real estate income has traditionally been generated by rental revenue from our live theatres. As of the date of this report, our Minetta and Orpheum theatres are conducting public performances. Liquidity ImpactThe continued disruption of our global cinemas caused by COVID-19 led to a significant decrease in our Company’s revenues and earnings for the year ended December 31, 2021, as compared to pre-COVID-19 operations. Such effects will likely continue, to varying degrees, until the virus is materially contained and its impact on the cinema going public abates. As compared to the year ended December 31, 2020, our revenues and earnings have increased as we have been able to reopen, and keep open, many of our cinemas. Even though we are encouraged by the return of patrons to our cinemas and theatres and the movie releases expected in the coming months, we cannot provide any assurances as to the nature or pace of a return to prior operating levels. With regards to our real estate operations, while all our New Zealand and Australian real estate tenants are currently trading (other than certain tenants who have closed for reasons unrelated to COVID-19), our real estate revenue and earnings may again be affected by any rent relief that we may deem necessary to provide to certain tenants experiencing continuing impacts from COVID-19. Going ConcernWe continue to evaluate the going concern assertion required by ASC 205-40 Going Concern as it relates to our Company. Management’s evaluation is informed by current liquidity positions, cash flow estimates, known capital and other expenditure requirements and commitments and management’s current business plan and strategies. Our Company’s business plan - two businesses (real estate and cinema) in three countries (Australia, New Zealand and the U.S.) - has served us well since the onset of COVID-19 and is key to management’s overall evaluation of ASC 205-40 Going Concern. The cumulative impact of COVID-19 on our cinema business led to the conclusion in the third quarter of 2020 that there was substantial doubt regarding our Company’s ability to continue as a going concern; however, management’s plans to alleviate such substantial doubt included the adoption of plans to refinance our 44 Union Square property and the monetization of certain real estate assets. By June 2021 we had successfully executed these plans, as detailed in Note 5 – Real Estate Transactions and Note 11 – Borrowings. The execution of these plans generated cash inflows of $179.1 million. Furthermore, we have reduced our debt from $282.6 million at December 31, 2020 to $234.0 million at December 31, 2021. We have no debt maturing until March 2023, being our Bank of America facility as presented at Note 11 - Borrowings, and we have the funds to repay this debt in the event that our refinancing efforts are unsuccessful. There have been no material business developments in the period since the execution of our plans that have negatively impacted our assessment of our going concern position. We acknowledge the impact of the Omicron variant on the cinema industry, but its impact is proving to be less than those of past variants. We believe that our current cash holdings, and the current and expected future improvements in the cinema industry, are such that our going concern assessment has not changed since the execution of management’s plans. Our current financial position, forecasts and cash flow estimates based on our current expectations of industry performance and recovery, mean that our Company has sufficient resources to meet its obligations as they become due within one year after the issuance of this report on Form 10-K. Our forecasts and cash flow estimates are based on the current expectation that the global cinema industry will continue to recover in 2022 and 2023. Forecasts are by their nature inherently uncertain, but the effects of COVID-19 continue to cause greater forecasting difficulties than would otherwise exist in more stable economic times. While we are seeing substantial evidence of recovery, our forecasts rely upon the ability and desire of moviegoers to return to the movie theatres. Many factors influencing this are outside of management’s control, but are, nevertheless, material, individually and in the aggregate, to the realization of management’s forecasts and expectations throughout the period of COVID-19. Impairment Considerations Our Company considers that the events and factors described above continue to constitute impairment indicators under ASC 360 Property, Plant and Equipment. At December 31, 2021, our Company performed a quantitative recoverability test of the carrying values of all its asset groups. Our Company estimated the undiscounted future cash flows expected to result from the use of these asset groups and found that no impairment charge was necessary. This was due to our improved financial performance at the asset group level, and our more favorable expectations for future trading. Actual performance against our forecasts is dependent on several variables and conditions, many of which are subject to the uncertainties associated with COVID-19 and as a result, actual results may materially differ from management’s estimates. Our Company also considers that the events and factors described above continue to constitute impairment indicators under ASC 350 Intangibles – Goodwill and Other. Our Company performed a quantitative goodwill impairment test and determined that our goodwill was not impaired as of December 31, 2021. The test was performed at a 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 and the developing market conditions. Actual performance against our forecasts is dependent on several variables and conditions, many of which are subject to the uncertainties associated with COVID-19 and as a result, actual results may materially differ from management’s estimates. |
Earnings (Loss) Per Share
Earnings (Loss) Per Share | 12 Months Ended |
Dec. 31, 2021 | |
Earnings (Loss) Per Share [Abstract] | |
Earnings (Loss) Per Share | NOTE 4 – EARNINGS (LOSS) PER SHARE The following table sets forth the computation of basic and diluted earnings (loss) per share and a reconciliation of the weighted average number of common and common equivalent shares outstanding for the three years ended December 31, 2021: (Dollars in thousands, except share and per share data) 2021 2020 2019Numerator: Net income (loss) attributable to Reading International, Inc. $ 31,921 $ (65,200) $ (26,429)Denominator: Weighted average shares of common stock – basic 21,801,719 21,749,155 22,631,754Weighted average dilutive impact of stock-based awards 605,097 466,356 152,368Weighted average shares of common stock – diluted 22,406,816 22,215,511 22,784,122Basic earnings (loss) per share $ 1.46 $ (3.00) $ (1.17)Diluted earnings (loss) per share $ 1.42 $ (3.00) $ (1.17)Awards excluded from diluted earnings (loss) per share 517,344 674,676 516,010 Outstanding awards of 674,676 for the year ended December 31, 2020, and 516,010 for the year ended December 31, 2019, were excluded from the computation of dilutive shares, as they were anti-dilutive because of the net loss from continuing operations. |
Real Estate Transactions
Real Estate Transactions | 12 Months Ended |
Dec. 31, 2021 | |
Real Estate Transactions [Abstract] | |
Real Estate Transactions | NOTE 5 – REAL ESTATE TRANSACTIONS Discussed below are the real estate transactions affecting the presentation in our consolidated balance sheets as of December 31, 2021 and 2020, and the profitability determination in our consolidated statements of income for the three years ended December 31, 2021: Real Estate Monetizations Beginning in 2020, we reviewed our various real estate holdings in light of the fact that our cash flow from cinema operations had been adversely affected by the governmentally mandated cinema closings ordered in response to the COVID-19 pandemic and that, for the foreseeable future, other sources of cash would be needed to support our operations and that only very limited funds would be available for capital investment in our properties. Between the fourth quarter of 2020 and the second quarter of 2021, we classified as assets held for sale disposal groups and thereafter monetized the following real estate assets: The Auburn/Redyard Entertainment Themed Center (“ETC”), the Royal George Theatre, Coachella (land), and Manukau (land). In addition, in the third quarter of 2021, we monetized our Invercargill, New Zealand, property, comprised of a cinema and ancillary land. A ‘disposal group’ represents assets to be disposed of in a single transaction. A disposal group may represent a single asset, or multiple assets. Each of these transactions is discussed separately below. Auburn/Redyard, New South Wales In January 2021, we classified our Auburn / Redyard ETC as held for sale, reflecting the fact that approximately 2.6 acres of this property was non-income producing land. This disposal group, which consisted of land, the ETC building and related property, plant and equipment, was transferred to Land and Property Held for Sale at its book value of $30.2 million (AU$39.1 million), being the lower of cost and fair value less costs to sell. No adjustments to the book value of the assets contained within this disposal group were required. The sale of Auburn/Redyard was completed on June 9, 2021, for $69.6 million (AU$90.0 million). As part of the transaction, we entered into a lease with the purchaser for the cinema portion of the Auburn/Redyard site. The gain on sale of this property is calculated as follows: June 30(Dollars in thousands) 2021Sales price $ 69,579Net book value (30,231)Gain on sale, gross of direct costs 39,348Direct sale costs incurred (622)Gain on sale, net of direct costs $ 38,726 Manukau, New Zealand In December 2020, we classified our non-income producing land at Manukau, New Zealand, as held for sale. This disposal group, which consisted of land and certain improvements to that land, was transferred to Land Held for Sale at its book value of $13.6 million, being the lower of cost and fair value less costs to sell. No adjustments to the book value of this asset were required. The sale of this land was completed on March 4, 2021, for $56.1 million (NZ$77.2 million), of which NZ$1.0 million was received on February 23, 2021, and the balance of funds was received on March 4, 2021. The gain on sale of this property is calculated as follows: March 31,(Dollars in thousands) 2021Sales price $ 56,058Net book value (13,618)Gain on sale, gross of direct costs 42,440Direct sale costs incurred (1,514)Gain on sale, net of direct costs $ 40,926 Coachella, California In December 2020, we classified the non-income producing land at Coachella (held through Shadow View Land and Farming LLC) as held for sale. This disposal group, which consisted of land and certain improvements to that land, was transferred to Land and Property Held for Sale at its book value of $4.4 million, being the lower of cost and fair value less costs to sell. No adjustments to the book value of this asset were required. The sale of this land was completed on March 5, 2021 for $11.0 million. As a 50% member in Shadow View Land and Farming LLC, our Company received the benefit of 50% of the sale proceeds, being $5.3 million. As the other 50% member was Estate of James J. Cotter, Sr., these actions were approved by our Audit and Conflicts Committee. The gain on sale of this property, including both our interests and those of the other 50% owner of Shadow View Land and Farming, LLC, is calculated as follows: March 31,(Dollars in thousands) 2021Sales price $ 11,000Net book value (4,351)Gain on sale, gross of direct costs 6,649Direct sale costs incurred (301)Gain on sale, net of direct costs $ 6,348 Royal George Theatre, Chicago In February 2021, we classified our Royal George Theatre as held for sale as part of our strategy to monetize certain real estate assets. This disposal group, which consisted of the Royal George Theatre building and the associated property, plant and equipment, was transferred to Land and Property Held for Sale at its book value of $1.8 million, being the lower of cost and fair value less costs to sell. No adjustments to the book value of the assets contained within this disposal group were required. On June 30, 2021, we received net sale proceeds of $6.8 million (net of closing costs). The gain on sale of this property is calculated as follows: June 30(Dollars in thousands) 2021Sales price $ 7,075Net book value (1,824)Gain on sale, gross of direct costs 5,251Direct sale costs incurred (295)Gain on sale, net of direct costs $ 4,956 Invercargill, New Zealand On August 30, 2021, we monetized our cinema building and land in Invercargill for $3.8 million (NZ$5.4 million) to the owner of the adjacent property, which is currently undergoing a major redevelopment. This property, not then classified as held for sale, was monetized in a transaction whereby the purchaser leased back the Reading Cinema to our company. The gain on sale on this property is calculated as follows: September 30(Dollars in thousands) 2021Sales price $ 3,803Net book value (1,425)Gain on sale, gross of direct costs 2,378Direct sale costs incurred (6)Gain on sale, net of direct costs $ 2,372 Real Estate Acquisitions 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 13-year ground lease underlying and the real property assets constituent with our Village East Cinema in Manhattan. The purchase price under the option is $5.9 million. The transaction is expected to close on January 1, 2023. Further information is at Note 21 – Related Parties. |
Properties And Equipment
Properties And Equipment | 12 Months Ended |
Dec. 31, 2021 | |
Properties And Equipment [Abstract] | |
Properties And Equipment | NOTE 6 – PROPERTIES AND EQUIPMENT Operating Property, Net Property associated with our operating activities is summarized as follows: December 31,(Dollars in thousands) 2021 2020Land $ 69,459 $ 82,286Building and improvements 219,580 253,419Leasehold improvements 58,349 59,054Fixtures and equipment 202,837 201,518Construction-in-progress 5,395 9,285Total cost 555,620 605,562Less: accumulated depreciation (248,963) (252,437)Operating Properties, net $ 306,657 $ 353,125 Of our total operating properties as disclosed above, the gross and carrying amounts of the portion of our properties currently on lease or held for leasing as of December 31, 2021 and 2020 are as follows: December 31,(Dollars in thousands) 2021 2020Building and improvements Gross balance $ 140,028 $ 153,643Less: Accumulated depreciation (23,923) (26,107)Net Book Value $ 116,105 $ 127,536 Depreciation expense for operating property was $22.0 million, $21.5 million, and $22.0 million for the year ended December 31, 2021, 2020 and 2019, respectively. Investment and Development Property Investment and development property is summarized as follows: December 31,(Dollars in thousands) 2021 2020Land $ 4,193 $ 5,936Construction-in-progress (including capitalized interest) 5,377 5,634Investment and development property, net $ 9,570 $ 11,570 We did capitalize any interest charges for the year ended December 31, 2021 pertaining to our on-going development projects. For the year ended December 31, 2020 we capitalized interest charges of $2.4 million. |
Investments In Unconsolidated J
Investments In Unconsolidated Joint Ventures | 12 Months Ended |
Dec. 31, 2021 | |
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 unconsolidated joint ventures: December 31,(Dollars in thousands) Interest 2021 2020Mt. Gravatt 33.3% $ 3,976 $ 3,960Rialto Cinemas 50.0% 1,017 1,065Total Joint Ventures $ 4,993 $ 5,025 Our recorded share of equity earnings (losses) from our investments in unconsolidated joint ventures are as follows: (Dollars in thousands) 2021 2020 2019Mt. Gravatt $ 254 $ (249) $ 674Rialto Cinemas 4 (200) 118Total equity earnings $ 258 $ (449) $ 792 Mt. Gravatt We own an undivided 33.3% interest in Mt. Gravatt, an unincorporated joint venture that owns and operates a sixteen-screen multiplex cinema in Australia. Rialto Cinemas We own an undivided 50.0% interest in the assets and liabilities of the Rialto Entertainment joint venture that owns and operates two (2) movie theaters, with 13 screens in New Zealand. |
Goodwill And Intangible Assets
Goodwill And Intangible Assets | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill And Intangible Assets [Abstract] | |
Goodwill And Intangible Assets | NOTE 8 – GOODWILL AND INTANGIBLE ASSETS The table below summarizes goodwill by business segment: (Dollars in thousands) Cinema Real Estate TotalBalance at January 1, 2020 $ 21,224 $ 5,224 $ 26,448Change in goodwill due to purchase of business 120 — 120Foreign currency translation adjustment 1,548 — 1,548Balance at December 31, 2020 $ 22,892 $ 5,224 $ 28,116Foreign currency translation adjustment (1,358) — (1,358)Balance at December 31, 2021 $ 21,534 $ 5,224 $ 26,758 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. 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. The most recent annual assessment occurred in the fourth quarter of 2021. The assessment results, as described at Note 3 – Impact of COVID-19 Pandemic and Liquidity, indicated that there is no impairment to our goodwill as of December 31, 2021. The tables below summarize intangible assets other than goodwill: December 31, 2021(Dollars in thousands) BeneficialLeases TradeName OtherIntangibleAssets TotalGross carrying amount $ 12,335 $ 9,058 $ 4,996 $ 26,389Less: accumulated amortization (12,002) (7,660) (3,452) (23,114)Less: impairment charges — — (17) (17)Net intangible assets other than goodwill $ 333 $ 1,398 $ 1,527 $ 3,258 December 31, 2020(Dollars in thousands) BeneficialLeases TradeName OtherIntangibleAssets TotalGross carrying amount $ 12,451 $ 9,058 $ 4,764 $ 26,273Less: accumulated amortization (10,375) (7,377) (4,533) (22,285)Less: impairment charges — — (17) (17)Net intangible assets other than goodwill $ 2,076 $ 1,681 $ 214 $ 3,971 Beneficial leases obtained from business combinations relating to our arrangements as lessee were amortized over the life of the lease up to 30 years until January 1, 2019. Under ASC 842 they are now incorporated into the relevant right-of-use asset. The remaining balance of beneficial leases relates to our operations as lessor. Trade names are amortized using an accelerated amortization method over an estimated useful life of 30 years, and other intangible assets over their estimated useful life of up to 30 years (except for transferrable liquor licenses, which are indefinite-lived assets, with a balance of $757,000 and $490,000 as of December 31, 2021 and 2020). For the years ended December 31, 2021, 2020, and 2019, our amortization expense was $0.7 million, $0.9 million, and $0.7 million, respectively. As of December 31, 2021, the estimated amortization expense for our amortizable intangibles, in the five succeeding years and thereafter is as follows: (Dollars in thousands) EstimatedFutureAmortizationExpense2022 $ 8242023 4052024 2252025 1402026 127Thereafter 780Total future amortization expense $ 2,501 |
Prepaid And Other Assets
Prepaid And Other Assets | 12 Months Ended |
Dec. 31, 2021 | |
Prepaid And Other Assets [Abstract] | |
Prepaid And Other Assets | NOTE 9 – PREPAID AND OTHER ASSETS Prepaid and other assets are summarized as follows: December 31,(Dollars in thousands) 2021 2020Prepaid and other current assets Prepaid expenses $ 1,185 $ 1,946Prepaid taxes 1,929 455Income taxes receivable 52 5,572Prepaid rent 1,438 162Deposits 244 245Investments in marketable securities 23 26Total prepaid and other current assets $ 4,871 $ 8,406Other non-current assets Other non-cinema and non-rental real estate assets $ 1,134 $ 1,134Investment in Reading International Trust I 838 838Straight-line rent asset 4,477 6,050Long-term deposits 12 8Total non-current assets $ 6,461 $ 8,030 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Taxes [Abstract] | |
Income Taxes | NOTE 10 - INCOME TAXES Income before income taxes includes the following: (Dollars in thousands) 2021 2020 2019United States $ (35,835) $ (56,709) $ (11,539)Foreign 76,335 (13,666) 13,081Income (loss) before income taxes and equity earnings of unconsolidated joint ventures $ 40,500 $ (70,375) $ 1,542Equity earnings of unconsolidated joint ventures: United States — — —Foreign 258 (449) 792Income (loss) before income taxes $ 40,758 $ (70,824) $ 2,334 Significant components of the provision for income taxes are as follows: (Dollars in thousands) 2021 2020 2019Current income tax expense (benefit) Federal $ (5,727) $ 349 $ 239State (6,426) 424 391Foreign 17,217 (2,233) 5,648Total 5,064 (1,460) 6,278Deferred income tax expense (benefit) Federal (119) (3,263) 17,277State (32) (5) 6,204Foreign 1,031 (239) (922)Total 880 (3,507) 22,559Total income tax expense (benefit) $ 5,944 $ (4,967) $ 28,837 Deferred income taxes reflect the “temporary differences” between the financial statement carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes, adjusted by the relevant tax rate. The components of the deferred tax assets and liabilities are as follows: December 31,(Dollars in thousands) 2021 2020Deferred Tax Assets: Net operating loss carry-forwards $ 18,917 $ 21,498Foreign Tax Credit 3,743 3,743Compensation and employee benefits 3,539 3,255Deferred revenue 2,642 2,552Accrued expenses 8,646 9,691Accrued taxes — 2,313Lease obligations 69,342 64,859Land and property 958 4,842Total Deferred Tax Assets 107,787 112,753Deferred Tax Liabilities: Lease liabilities (63,293) (60,886)Accrued taxes (523) —Intangibles (396) (429)Other (461) (1,020)Total Deferred Tax Liabilities (64,673) (62,335)Net deferred tax assets before valuation allowance 43,114 50,418Valuation allowance (40,894) (47,056)Net deferred tax asset $ 2,220 $ 3,362 We record net deferred tax assets to the extent we believe these assets will more-likely-than-not be realized. In making such determination, we considered all available positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax planning strategies and recent financial performance. As of December 31, 2021, based on all available evidence, we believe the U.S. and state deferred tax assets do not support a conclusion of being more-likely-than-not to be realized. The New Zealand loss carry-forwards became more-likely-than-not to be realized. Accordingly, we recorded a decrease to valuation allowance of $ 6.2 million. We reassess the valuation allowance quarterly and a tax benefit is recorded if future evidence allows for a partial or full release of the valuation allowance. As of December 31, 2021, we had the following carry-forwards:approximately $46.5 million in Federal loss carry-forwards with no expiration date;approximately $34.8 million in California loss carry-forwards expiring in 2041;approximately $25.5 million in Hawaii loss carry-forwards expiring in 2041;approximately $1.7 million in New Jersey state loss carry-forwards expiring in 2041;approximately $51.1 million in New York state loss carry-forwards substantially expiring in 2035; approximately $48.5 million in New York city loss carry-forwards substantially expiring in 2035; and, We expect no substantial limitations on the future use of U.S. loss carry-forwards. The provision for income taxes is different from amounts computed by applying U.S. statutory rates to consolidated losses before taxes. The significant reason for these differences is as follows: (Dollars in thousands) 2021 2020 2019Expected tax provision $ 8,559 $ (14,873) $ 490Increase (decrease) in tax expense resulting from: Foreign tax rate differential 6,473 (1,159) 1,269Change in valuation allowance (6,339) 11,424 19,950State and local tax provision (6,458) 418 6,595Tax rate change — (1,397) —Prior year adjustment (211) 877 85Unrecognized tax benefits (3,937) 246 257GILTI 7,858 — 103Foreign Tax Credit — — (81)Other (1) (503) 169Total income tax expense (benefit) $ 5,944 $ (4,967) $ 28,837 The undistributed earnings of the Company's Australian subsidiaries are not indefinitely reinvested. Due to the enactment of the Tax Act, future repatriations of foreign earnings will generally not be subject to U.S. federal taxation but may incur minimal state taxes. The following table is a summary of the activity related to unrecognized tax benefits, excluding interest and penalties, for the years ended December 31, 2021, 2020, and 2019: (Dollars in thousands) 2021 2020 2019Unrecognized tax benefits – gross beginning balance $ 2,086 $ 4,082 $ 4,709Gross increase (decrease) - prior year tax positions (1,664) (1,996) (148)Gross increase (decrease) - current year tax positions 11,114 — —Settlements — — (479)Unrecognized tax benefits – gross ending balance $ 11,536 $ 2,086 $ 4,082 As of December 31, 2021 and 2020, if recognized, $11.5 million and $2.1 million respectively, of the unrecognized tax benefits would impact the Company’s effective tax rate. During the year ended December 31, 2021, we recorded a decrease to tax interest of $10.5 million, resulting in a total $0.4 million in interest. During the year ended December 31, 2020, we recorded an increase to tax interest of $0.7 million, resulting in a total $10.9 million in interest. It is difficult to predict the timing and resolution of uncertain tax positions. Based upon the Company’s assessment of many factors, including past experience and judgments about future events, it is probable that within the next 12 months the reserve for uncertain tax positions will increase within a range of $500,000 to $1.5 million. The reasons for such change include but are not limited to tax positions expected to be taken during 2021, revaluation of current uncertain tax positions, and expiring statutes of limitations. Generally, changes to our federal and most state income tax returns for the calendar year 2016 and earlier are barred by statutes of limitations. As of December 31, 2021, federal income tax returns for 2018 and after are open for examination. California worldwide unitary income tax returns for 2017 and after are open for examination. Australia income tax returns for calendar years 2017 and after are open for examination. Generally, New Zealand returns for calendar years 2016 and after remain open for examination. |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2021 | |
Borrowings [Abstract] | |
Borrowings | NOTE 11 – BORROWINGS The Company’s borrowings at December 31, 2021 and 2020, net of deferred financing costs and incorporating the impact of interest rate swaps on our effective interest rates, are summarized below: As of December 31, 2021(Dollars in thousands) Maturity Date ContractualFacility Balance,Gross Balance,Net(1) StatedInterestRate EffectiveInterestRateDenominated in USD Trust Preferred Securities (US) April 30, 2027 $ 27,913 $ 27,913 $ 26,728 4.13% 4.13%Bank of America Credit Facility (US) March 6, 2023 39,500 39,500 39,364 5.75% 5.75%Cinemas 1, 2, 3 Term Loan (US) April 1, 2022 24,039 24,039 23,680 4.25% 4.25%Minetta & Orpheum Theatres Loan (US)(2) November 1, 2023 8,000 8,000 7,944 2.14% 5.15%U.S. Corporate Office Term Loan (US) January 1, 2027 8,936 8,936 8,860 4.64% / 4.44% 4.64%Union Square Financing (US) May 6, 2024 55,000 43,000 42,002 7.00% 7.00%Purchase Money Promissory Note (US) September 18, 2024 2,043 2,043 2,043 5.00% 5.00%Denominated in foreign currency ("FC")(3) NAB Corporate Term Loan (AU) December 31, 2023 74,052 74,052 73,900 1.82% 1.82%Westpac Bank Corporate (NZ) December 31, 2023 9,465 9,465 9,465 3.45% 3.45%Total $ 248,948 $ 236,948 $ 233,986 (1)Net of deferred financing costs amounting to $3.0 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 FC-denominated borrowings were translated into U.S. dollars based on exchange rates as of December 31, 2021. As of December 31, 2020(Dollars in thousands) Maturity Date ContractualFacility Balance,Gross Balance,Net(1) StatedInterestRate EffectiveInterestRateDenominated in USD Trust Preferred Securities (US) April 30, 2027 $ 27,913 $ 27,913 $ 26,505 4.27% 4.27%Bank of America Credit Facility (US) March 6, 2023 55,000 51,200 50,990 4.00% 4.00%Bank of America Line of Credit (US) March 6, 2023 5,000 5,000 5,000 3.15% 3.15%Cinemas 1, 2, 3 Term Loan (US) April 1, 2022 24,625 24,625 24,248 4.25% 4.25%Minetta & Orpheum Theatres Loan (US)(2) November 1, 2023 8,000 8,000 7,914 2.20% 5.15%U.S. Corporate Office Term Loan (US) January 1, 2027 9,186 9,186 9,095 4.64% / 4.44% 4.64%Union Square Financing (US) March 31, 2021 50,000 40,623 40,620 17.50% 17.50%Purchase Money Promissory Note September 18, 2024 2,883 2,883 2,883 5.00% 5.00%Denominated in foreign currency ("FC")(3) NAB Corporate Term Loan (AU) December 31, 2023 94,821 92,508 92,307 1.81% 1.81%Westpac Bank Corporate (NZ) December 31, 2023 23,021 23,021 23,021 2.95% 2.95%Total $ 300,449 $ 284,959 $ 282,583 (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 FC-denominated borrowings were translated into U.S. dollar based on exchange rates as of December 31, 2020. Our loan arrangements are presented, net of the deferred financing costs, on the face of our consolidated balance sheet as follows: (Dollars in thousands) December 31,Balance Sheet Caption 2021 2020Debt - current portion $ 11,349 $ 41,459Debt - long-term portion 195,198 213,779Subordinated debt - current portion 711 840Subordinated debt - long-term portion 26,728 26,505Total borrowings $ 233,986 $ 282,583 Impact of COVID-19 To address the impact of COVID-19 on our business, we sought and obtained certain modifications to our loan agreements with the Bank of America, National Australia Bank, and Westpac. These loan modifications included changes to some of the covenant compliance terms and waivers of certain covenant testing periods. We are currently in compliance with our loan covenants as so modified. To date it has not been necessary for us to seek modifications or waivers with respect to our other loan agreements, as we continue to be in compliance with the terms of such loan agreements without the need for any such modifications or waivers. Debt denominated in USD 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. On August 7, 2020, we modified certain financial covenants within this credit facility and temporarily suspended the testing of certain other covenant tests through the measurement period ending September 30, 2021. The testing of the financial covenant resumes for the measurement period ending December 31, 2021. In addition to the covenant modifications, the interest rate on borrowings under this facility was fixed at 3.0% above the “Eurodollar” rate, which itself now has a floor of 1.0%. Such a modification was not considered to be substantial under U.S. GAAP. On November 8, 2021, Bank of America replaced all of our covenants with a single liquidity test and converted the credit facility into a term loan with scheduled repayments, maturing on March 6, 2023. Such modification was not considered to be substantial under U.S. GAAP. We also repaid $2.8 million of the facility on this date. 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. On August 7, 2020, we modified the interest rate on this line of credit, wherein the LIBOR portion of the rate now had a floor of 1.0%. On November 8, 2021, we repaid in full and retired this line of credit. 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 Theaters, with a loan for a five year term of $8.0 million. Such modification was not considered to be substantial under U.S. GAAP. Union Square Financing On December 29, 2016, we closed 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 facilities consisted of a first mortgage component of $50.0 million and a mezzanine component of $7.5 million. On August 8, 2019, we repaid the $7.5 million mezzanine loan. On January 24, 2020, we exercised the first of our two one year extension options on the first mortgage loan, taking the maturity to December 29, 2020. On December 29, 2020, we further extended the maturity of this loan to March 31, 2021, at an interest rate of 17.5%. On May 7, 2021, we closed on a new three year $55.0 million loan facility with Emerald Creek Capital secured by our 44 Union Square property and certain limited guarantees. The facility bears a variable interest rate of one month LIBOR plus 6.9% with a floor of 7.0 % and includes provisions for a prepaid interest and property tax reserve fund. The loan contains a reserve for existing mechanic’s liens. The loan has two 12-month options to extend, but may be repaid at any time, subject to notice and a minimum interest payment equal to the positive difference between interest paid on the loan through the pre-payment date and one year’s interest. In effect, the loan may be repaid after May 7, 2022 without the payment of any premium. 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 property 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 and Line of Credit On August 31, 2016, Sutton Hill Properties LLC (“SHP”), a 75% subsidiary of RDI, refinanced its $15.0 million Santander Bank term loan with a new lender, Valley National Bank. This new $20.0 million loan is collateralized by our Cinema 1,2,3 property and bears an interest rate of 3.25% per annum, with principal installments and accruing interest paid monthly. The loan had an option to extend the maturity date for a period of 12 months to March 1, 2021. On March 13, 2020, we refinanced this loan 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. We executed the first extension option on March 3, 2022, taking the maturity to October 1, 2022. With the availability of the remaining loan extension, we continue to keep the loan long-term. The related party aspect of this loan is discussed at Note 21 – Related Parties. Purchase Money Promissory Note On September 18, 2019, we purchased 407,000 Company 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. Trust Preferred Securities (“TPS”) On February 5, 2007, we issued $51.5 million in 20-year fully subordinated notes to a trust over which we have significant influence, which in turn issued $51.5 million in securities. Of the $51.5 million, $50.0 million in TPS were issued to unrelated investors in a private placement and $1.5 million of common trust securities were issued by the trust to Reading called “Investment in Reading International Trust I” on our balance sheets. Effective May 1, 2012, the interest rate on our Trust Preferred Securities changed from a fixed rate of 9.22%, which was in effect for five years, to a variable rate of three month LIBOR plus 4.00%, which will reset each quarter through the end of the loan unless we exercise our right to re-fix the rate at the current market rate at that time. There are no principal payments due until maturity in 2027 when the notes and the trust securities are scheduled to be paid in full. We may pay off the debt after the first five years at 100% of the principal amount without any penalty. The trust is essentially a pass through, and the transaction is accounted for on our books as the issuance of fully subordinated notes. The credit facility includes a number of affirmative and negative covenants designed to monitor our ability to service the debt. The most restrictive covenant of the facility requires that we must maintain a fixed charge coverage ratio at a certain level. However, on December 31, 2008, we secured a waiver of all financial covenants with respect to our TPS for a period of nine years (through December 31, 2017), in consideration of the payment of $1.6 million, consisting of an initial payment of $1.1 million, a payment of $270,000 made in December 2011, and a payment of $270,000 in December 2014. The covenant waiver expired January 1, 2018, after which a further covenant waiver was secured on October 11, 2018 for the remaining term of the loan, in consideration of payments totaling $1.6 million, consisting of an initial payment of $1.1 million paid on October 31, 2018, and a further payment made of $270,000 in October 2021 and $225,000 payable in October 2025. During the first quarter of 2009, we took advantage of the then current market illiquidity for securities such as our TPS to repurchase $22.9 million in face value of those securities through an exchange of $11.5 million worth of marketable securities purchased during the period for the express purpose of executing this exchange transaction with the third-party holder of these TPS. During the twelve months ended 2009, we amortized $106,000 of discount to interest income associated with the holding of these securities prior to their extinguishment. On April 30, 2009, we extinguished $22.9 million of these TPS, which resulted in a gain on retirement of subordinated debt (TPS) of $10.7 million net of loss on the associated write-off of deferred loan costs of $749,000 and a reduction in our Investment in Reading International Trust I from $1.5 million to $838,000. During the three years ended December 31, 2021, we paid $1.8 million in 2019, $1.4 million in 2020 and $1.1 million in 2021 in preferred dividends to unrelated investors that are included in interest expense. At December 31, 2021 and 2020, we had preferred dividends payable of $193,000 and $195,000, respectively. Interest payments for this loan are required every three months. Debt denominated in foreign currencies Australian NAB Corporate Loan Facility On March 15, 2019, we amended our Revolving Corporate Markets Loan Facility with National Australia Bank (“NAB”) converting it from a facility comprised of (i) an 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. On August 6, 2020, we modified certain covenants within this Revolving Corporate Markets Loan Facility. These modifications applied until the quarter ended June 30, 2021. In addition, for the period in which these covenant modifications applied, the interest rate on amounts borrowed under the facility was 1.75%. Such a modification was not considered to be substantial under U.S. GAAP. On December 29, 2020, we modified the core portion of our Revolving Corporate Markets Loan Facility, increasing it to AU$43.0 million. The AU$3.0 million increase was provided to fund the completion of our recently opened cinema at Jindalee, Queensland, and is repayable in semi-annual installments of AU$500,000, the first installment being April 30, 2021, until fully repaid on October 31, 2023. This amendment increases the Facility Limit to AU$123.0 million, which will be reduced back to AU$120.0 million as the Jindalee funding is repaid. We further modified certain covenants within this Revolving Corporate Markets Loan Facility with NAB. The Fixed Charge Cover Ratio testing periods were further modified through the quarter ended September 30, 2021. The Leverage Ratio was also modified through the quarter ended June 30, 2022. On June 9, 2021, incident to our sale of our Auburn ETC, we repaid AU$20.0 million of the revolving portion of this debt, in a permanent reduction of this facility. On November 2, 2021, NAB modified our Fixed Charge Cover Ratio and Leverage Ratio covenants, reducing the measurement requirements and in some instances removing the requirement to test certain covenants. New Zealand Westpac Bank Corporate Credit Facility On December 20, 2018, we restructured our Westpac Corporate Credit Facilities. The maturity of the 1st 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 2nd tranche (construction line) with a facility of NZ$18.0 million was removed. On June 29, 2020, Westpac pushed out the June 30, 2020, covenant testing date to July 31, 2020. On July 27, 2020, Westpac waived the requirement to test certain covenants as of July 31, 2020. This agreement also increased the interest rate and line of credit charge to 2.40% above the Bank Bill Bid Rate and 1.65% respectively. The maturity date was extended to January 1, 2024. Such modifications of this facility were not considered to be substantial under U.S. GAAP. On September 15, 2020, Westpac waived the requirement to test certain covenants as of September 30, 2020. On December 8, 2020, Westpac waived the requirement to test certain covenants as of December 31, 2020. On April 29, 2021, Westpac waived the requirement to test certain covenants as of March 31, 2021. On May 7, 2021, we repaid NZ$16.0 million of this debt, in a permanent reduction of this facility to NZ$16.0 million. On June 8, 2021, Westpac waived the requirement to test certain covenants as of June 30, 2021. On August 30, 2021, we repaid a further NZ$2.2 million of this debt, in a permanent reduction of this facility to NZ$13.8 million. On this same date, Westpac waived the requirement to test certain covenants as of September 30, 2021. On December 14, 2021, Westpac waived the requirement to test certain covenants as of December 31, 2021. Aggregate amount of future principal debt payments As of December 31, 2021, our aggregate amount of future principal debt payments is estimated as follows: (Dollars in thousands) FuturePrincipalDebt Payments2022 $ 33,4872023 123,5622024 43,8732025 3002026 313Thereafter 35,413 Total future principal debt payments $ 236,948 The estimated amount of future principal payments in U.S. dollars is subject to change because the payments in U.S. dollars on the debt denominated in foreign currencies, which represent a significant portion of our total outstanding debt balance, will fluctuate based on the applicable foreign currency exchange rates. |
Pension And Other Liabilities
Pension And Other Liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Pension And Other Liabilities [Abstract] | |
Pension And Other Liabilities | NOTE 12 – PENSION AND OTHER LIABILITIES Other liabilities including pension are summarized as follows: December 31,(Dollars in thousands) 2021 2020Current liabilities Liability for demolition and remediation costs $ 2,783 $ 2,928Accrued pension(1) 684 684Security deposit payable 69 132Finance lease liabilities 40 49Other 43 33Other current liabilities $ 3,619 $ 3,826Other liabilities Accrued pension(1) 3,605 4,048Lease make-good provision 7,766 7,408Deferred rent liability 3,930 2,897Environmental reserve 1,656 1,656Lease liability(2) 5,900 5,900Acquired leases 21 31Finance lease liabilities 28 69Other — 8Other non-current liabilities $ 22,906 $ 22,017 (1)Represents the pension liability associated with the Supplemental Executive Retirement Plan explained below. (2)Represents the lease liability of the option associated with the ground lease purchase of the Village East Cinema. See Note 21 – Related Parties for more information. Pension Liability – Supplemental Executive Retirement Plan On August 29, 2014, the Supplemental Executive Retirement Plan (“SERP”) that was effective since March 1, 2007, was ended and replaced with a new 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 a new pension annuity liability of $7.5 million. The valuation of the liability is based on the present value of $10.2 million discounted at 4.25% over a 15-year term, resulting in a monthly payment of $57,000 payable to the estate of Mr. James J. Cotter, Sr. 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) 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. As a result of the above, included in our other current and non-current liabilities are accrued pension costs of $4.3 million and $4.7 million as of December 31, 2021 and 2020, respectively. The benefits of our pension plans are fully vested and therefore no service costs were recognized 2021 and 2020. Our pension plans are unfunded. The change in the SERP pension benefit obligation and the funded status are as follows: December 31,(Dollars in thousands) 2021 2020Benefit obligation at January 1 $ 4,732 $ 5,153Service cost Interest cost 240 262Payments made (683) (683)Benefit obligation at December 31 $ 4,289 $ 4,732Unfunded status at December 31 $ (4,289) $ (4,732) Amounts recognized in the balance sheet consists of: December 31,(Dollars in thousands) 2021 2020Current liabilities $ 684 $ 684Other liabilities - Non current 3,605 4,048Total pension liability $ 4,289 $ 4,732 The components of the net periodic benefit cost and other amounts recognized in other comprehensive income are as follows: December 31,(Dollars in thousands) 2021 2020Net periodic benefit cost Interest cost $ 240 $ 262Amortization of prior service costs — —Amortization of net actuarial gain 166 152Net periodic benefit cost $ 406 $ 414Items recognized in other comprehensive income Net loss $ — $ —Amortization of net loss (166) (152)Total recognized in other comprehensive income $ (166) $ (152)Total recognized in net periodic benefit cost and other comprehensive income $ 240 $ 262 Items not yet recognized as a component of net periodic pension cost consist of the following: December 31,(Dollars in thousands) 2021 2020Unamortized actuarial loss $ 1,969 $ 2,135Accumulated other comprehensive income $ 1,969 $ 2,135 The estimated unamortized actuarial loss for the defined benefit pension plan that will be amortized from accumulated other comprehensive income into net periodic benefit cost over the next fiscal year will be $207,000 (gross of any tax effects). The following table presents estimated future benefit payments for the next five years and thereafter as of December 31, 2021: (Dollars in thousands) EstimatedFuturePensionPayments2022 $ 6842023 6842024 6842025 6842026 684Thereafter 869Total pension payments $ 4,289 Lease Make-Good Provision We recognize obligations for future leasehold restoration costs relating to properties that we use mostly on our cinema operations under operating lease arrangements. Each lease is unique to the negotiated conditions with the lessor, but in general most leases require for the removal of cinema-related assets and improvements. There are no assets specifically restricted to settle this obligation. A reconciliation of the beginning and ending carrying amounts of the lease make-good provision is presented in the following table: (Dollars in thousands) As of and forthe year endedDecember 31,2021 As of and forthe year endedDecember 31,2020Lease make-good provision, at January 1 $ 7,408 $ 6,667Liabilities incurred during the year 288 62Liabilities settled during the year — —Accretion expense 343 291Effect of changes in foreign currency (273) 388Lease make-good provision, at December 31 $ 7,766 $ 7,408 |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | NOTE 13 – COMMITMENTS AND CONTINGENCIES Insofar as our Company is aware, there are no claims, arbitration proceedings, or litigation proceedings that constitute material contingent liabilities of our Company. Such 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. Discussed below are certain litigation matters which, however, have been significant to our Company. Litigation Matters 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 the plaintiffs, 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 the defendants, 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. It 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. 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 environmental conditions at properties that we have acquired for development and which will need to be addressed in the future as part of the development process. 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 to asbestos and/or 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 employees of our historic railroad operations and who may claim direct or 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. Related Litigation Matters The following table provides a list of legal matters and their current status relating to the derivative action brought against the Company and our directors by James J. Cotter, Jr. (“Cotter, Jr.”) and to Cotter, Jr.’s efforts to cause a change of control of the Company. DescriptionPlaintiffFiled withCurrent Status Cotter, Jr. Derivative Litigation against all Director: James J. Cotter, Jr., individually and derivatively on behalf of Reading International, Inc. vs. Margaret Cotter, et al.” Case No,: A-15-719860-V Cotter, Jr.Nevada District CourtOn October 1, 2020, the Nevada Supreme Court determined that the District Court had erred when it denied the defendants’ motions to dismiss the case for lack of standing on the part of Cotter, Jr., to bring such an action, vacated the District Court’s orders denying the motions to dismiss and remanded for entry of judgment. The Supreme Court sustained the District Court’s award to our Company of costs in the amount of $809,000 and having received such amount, Reading authorized the District Court to enter satisfaction of judgment on January 6, 2021. This matter is now at an end. Cotter Trust Litigation: Determination of Status of Cotter, Jr., as Trustee: In re James J. Cotter Living Trust dated August 1, 2000 (Case No. BP159755) Our Company is not a party to the Trust Litigation. However, as the Cotter Voting Trust is anticipated to at some currently undetermined future date, to hold a majority of our Company’s voting control, we include here certain information as to the status of that litigation. Ellen Cotter and Margaret Cotter, as TrusteesCalifornia Superior CourtThe California Superior Court has ruled that Cotter, Jr., is not a trustee of either the James J. Cotter Living Trust (the “Cotter Living Trust”) or of the voting trust established under the Cotter Living Trust (the “Cotter Voting Trust”) to eventually hold the Class B Voting Common Stock beneficially owned by Mr. Cotter, Sr., at the time of his passing. The California Superior Court further determined that Ellen Cotter and Margaret Cotter are the sole trustees of the Cotter Living Trust and that Margaret Cotter is the sole trustee of the Cotter Voting Trust. Accordingly, Cotter, Jr., has neither dispositive power nor voting power over any of the Class B Voting Common Stock currently held by the Cotter Estate or the Cotter Living Trust, or which it is anticipated will be held by the Cotter Voting Trust. The time to appeal that ruling has now lapsed. The California Superior Court has also determined that the amendment to the Cotter Living Trust championed by Mr. Cotter, Jr., was not effective as Mr. Cotter, Sr. was not competent at the time it was purportedly executed and as it was procured by undue influence (the “Living Trust Ruling”). At December 31, 2021, the Cotter Estate held 427,808 shares of Class B Voting Stock, representing 25.5% of the voting power of such class. The Cotter Living Trust held 696,080 shares of Class B Voting Stock at such date, representing 41.4% of the voting power of such class. It is anticipated that, when funded, the Cotter Voting Trust will own 1,123,888 shares of Class B Voting Stock, representing 66.9% of the voting power of such class (the “Cotter Voting Stock”). Cotter Trust Litigation: Motions re sale of: In re James J. Cotter Living Trust dated August 1, 2000 (Case No. BP159755)Cotter, Jr. and Guardian Ad LitemCalifornia Superior CourtIn response to the ex parte petition of Cotter, Jr. filed on March 23, 2016, the California Superior Court on March 23, 2018 directed that an unnamed temporary trustee ad litem be appointed to solicit offers to purchase the Cotter Voting Stock. On appellate review, the California Court of Appeal reversed the California Superior Court, determined that Cotter, Jr. did not have standing to purse that ex parte motion. However, issues as to the ongoing control of our Company are still uncertain. The Superior Court, at the request of Mr. Cotter, Jr., appointed a guardian ad litem (the “GAL”) to represent the interests of the beneficiaries of the Cotter Voting Trust. The GAL has motions pending (i) to divide the Cotter Voting Trust into separate trusts, one for the benefit of Margaret Cotter’s children and one for the benefit of James J. Cotter, Jr.’s children, (ii) in order to achieve diversification of the assets of these trusts, to sell the Class B stock eventually to be held by the Cotter Voting Trust, and (iii) to immediately retain a valuation expert to advise him as to value of the Class B Voting Stock to be eventually held by the Cotter Voting Trust. A petition brought by Margaret Cotter and Ellen Cotter, as Co-Trustees of the Cotter Living Trust, to disqualify the GAL on the basis that he cannot simultaneously represent the interests of Margaret Cotter and James J. Cotter, Jr’s, children as the interests of those children differ, was denied by the California Superior Court and that order is currently subject to appeal. Ellen Cotter and Margaret Cotter, as Co-Trustees of the Cotter Living Trust, have advised that they believe that it was the intention of their father that the Class B Voting Stock be held in the Cotter Voting Trust as long as possible and that they intend to oppose any splitting of the Cotter Voting Trust and/or sale of the Class B Voting Stock eventually to be held by the Cotter Voting Trust. James J. Cotter, Jr., has a pending petition to remove Ellen Cotter and Margaret Cotter as trustees of the Cotter Living Trust (a motion for which no discovery schedule, briefing schedule or hearing date has been set). Also, James J. Cotter, Jr., has historically supported the above described petition brought by the GAL to divide up the Cotter Voting Trust and sell the Class B Voting Stock to be held by the Cotter Voting Trust. The status of these petitions is uncertain, as James J. Cotter, Jr., passed away on March 10, 2021. As a consequence of the Superior Court’s Living Trust Ruling, Ellen Cotter and Margaret Cotter, as Co-Trustees of the Cotter Living Trust, have brought a petition to enforce the no-contest clause of the Cotter Living Trust, which if successful would remove Mr. Cotter, Jr., and his descendants as beneficiaries of the Cotter Living Trust, It would also moot Mr. Cotter, Jr.’s petitions (to the extent that they survive his passing), as he would be neither a trustee nor a beneficiary of the Cotter Living Trust. Mr. Cotter, Jr. has opposed the Co-Trustees petition to enforce the no-contest clause and brought an Anti-SLAPP claim against the Co-Trustees. That Anti-SLAPP claim was dismissed by the California Superior Court, which dismissal is now on appeal. The parties to these legal proceedings, including the GAL, have reached a Settlement in Principle, subject to Court approval, which Settlement in Principle is described above. These outstanding legal proceedings have been temporarily stayed pending a final determination on the Settlement in Principle by the Superior Court of the State of California. California Employment Litigation Our Company is currently a defendant in certain California employment matters which include substantially overlapping wage and hour claims relating to our California cinema operations as described below. 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”) 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. 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”) 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” and the “Wagner Class Action Complaint”). Following mediation, the Wagner Individual Complaint was settled, and final judgment entered on February 10, 2021, at what we believe to have been its nuisance value. The remaining 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. On July 13, 2021, following a mediation, the parties agreed to settle the claims set forth in the remaining lawsuits (specifically, the Brown Class Action Complaint, the Wagner PAGA Claim and the Wagner Class Action Complaint) for the Company’s payment of $4.0 million (the “Settlement Amount”). The settlement is contingent upon the execution and delivery of a final settlement agreement (which is currently being negotiated) and final court approval. The Settlement Amount is to be paid in two installments, one-half within 30 days of final court approval and the balance nine-months thereafter. A court hearing on the settlement is not expected until the second quarter of this year. We have accrued the Settlement Amount in cinema segment administrative expense. General Distributors Limited v. Reading Wellington Properties Arbitration On June 18, 2021, General Distributors Limited (“GDL”), an owner and operator of supermarkets in New Zealand, filed an arbitration statement of claim (the “Statement of Claim”) in Auckland, New Zealand, against our wholly owned subsidiary, Reading Wellington Properties, Limited (“RWPL”), relating to the enforceability of an Agreement to Lease (the “ATL”) entered into between the parties in February 2013, contemplating the construction by RWPL and the lease by GDL of a supermarket in Wellington, New Zealand on property owned by RWPL. The ATL contemplated that GDL would also obtain certain rights to use parking spaces in an adjacent 9 story parking structure owned by another of our wholly owned subsidiaries, Courtenay Carpark Limited (the “Parking Garage”). However, as a result of the Kaikōura earthquake on November 14, 2016, it was necessary to demolish the Parking Garage. It has not been rebuilt and there is currently no plan to rebuild it and neither RWPL nor Courtenay Carpark Limited have any legal right to rebuild it under presently existing laws controlling land use in Wellington. Accordingly, we believe that it became impossible to deliver the specific parking rights contemplated by the ATL and, given the materiality of these parking rights to the transaction contemplated by the ATL, that the ATL has been frustrated and is of no ongoing force and effect. GDL asserts a different view and is seeking a declaration that the ATL remains binding upon the parties and for specific performance by RWPL of the ATL. RWPL has filed a response contesting GDL’s claims, and raising various affirmative defenses, including frustration and a failure of the parties to reach any specifically enforceable agreement as to certain fundament construction and construction cost issues. No damages are being sought by GDL, other than costs, and no reserves for this matter have been established. RWPL is a limited liability company, its only asset being the parcel of unimproved land on which the supermarket was to be built. The first round of discovery is complete, and arbitration is currently slated for the 4th quarter of this year, if settlement is not reached. Under applicable New Zealand law, the arbitrator’s findings of fact are final, but asserted errors of law may be appealed to the court. In the interim, the parties have been, and are continuing to have, “without prejudice” discussions as to possible alternatives pursuant to which a grocery store of the type contemplated by the parties could be developed and leased to GDL. |
Non-controlling Interests
Non-controlling Interests | 12 Months Ended |
Dec. 31, 2021 | |
Non-controlling Interests [Abstract] | |
Non-controlling Interests | NOTE 14 – NON-CONTROLLING INTERESTS As of December 31, 2021, the non-controlling interests in our consolidated subsidiaries are comprised of the following:Australia Country Cinemas Pty Ltd. – 25% non-controlling interest owned by Panorama Group International Pty.;Shadow View Land and Farming, LLC – 50% non-controlling membership interest owned by either the estate of Mr. James J. Cotter, Sr. (the “Cotter Estate”) or the James J. Cotter Sr. Living Trust (the “Cotter Trust”); and,Sutton Hill Properties, LLC – 25% non-controlling 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 non-controlling interest are as follows: December 31,(Dollars in thousands) 2021 2020Australian Country Cinemas, Pty Ltd $ 48 $ (51)Shadow View Land and Farming, LLC (4) 2,131Sutton Hill Properties, LLC 942 1,324Non-controlling interests in consolidated subsidiaries $ 986 $ 3,404 The components of income/(loss) attributable to non-controlling interests are as follows: (Dollars in thousands) 2021 2020 2019Australian Country Cinemas, Pty Ltd $ 111 $ (158) $ 117Shadow View Land and Farming, LLC 3,163 (69) (99)Sutton Hill Properties, LLC (381) (430) (92)Net income (loss) attributable to non-controlling interests in consolidated subsidiaries $ 2,893 $ (657) $ (74) Shadow View Land and Farming, LLC On March 5, 2021, Shadow View Land and Farming, LLC, sold its only asset, being certain land holdings in Coachella, California, for $11.0 million and is currently in the process of winding up and liquidating. See Note 5 Real Estate Transactions. |
Share-Based Compensation And Sh
Share-Based Compensation And Share Repurchase Plans | 12 Months Ended |
Dec. 31, 2021 | |
Share-Based Compensation And Share Repurchase Plans [Abstract] | |
Share-Based Compensation And Share Repurchase Plans | NOTE 15 – SHARE-BASED COMPENSATION AND SHARE REPURCHASE PLANS 2010 Stock Incentive Plan Our 2010 Stock Incentive Plan (as amended, the “2010 Plan”) under which our Company has granted stock options and other share-based payment awards of our Common Stock to eligible employees, directors, and consultants has expired. In total, 1,505,598 shares of Class A Common Stock were issued or reserved for issuance pursuant to the previously granted options or restricted stock units under that plan. 2020 Stock Incentive Plan On November 4, 2020, the Company enacted the 2020 Stock Incentive Plan, which was also approved by the Company’s stockholders on December 8, 2020 (the “2020 Plan”). Under the 2020 Plan, the Company may grant stock options and other share-based payment awards of our Class A Common Stock to eligible employees, directors and consultants. The aggregate total number of shares of Class A Common Stock authorized for issuance under the 2020 Plan at December 31, 2020 was 1,250,000, of which 735,738 remain available for future issuance, and 200,000 shares of Class B stock. In addition, if any awards that were outstanding under the 2010 Plan are subsequently forfeited or if the related shares are repurchased, a corresponding number of shares will automatically become available for issuance under the 2020 Plan, thus resulting in a potential increase in the number of shares available for issuance under the 2020 Plan. At December 31, 2021, this potential increase in the number of shares eligible for issuance under the 2020 Plan was 183,692 of Class A Common Stock. Stock options are 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 our Company’s share at an exercise price determined on the 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 year and four years from grant. Beginning in 2020, a performance component has been added to certain of the RSUs granted to management, which vests on the third anniversary of their grant date based on the achievement of certain performance metrics. 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 have estimated 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 expensed 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 estimated any forfeitures of vested or unvested options. No stock options were issued in the year ended December 31, 2021. The weighted average assumptions used in the option-valuation model for the years 2021, 2020 and 2019 were as follows: 2021 2020 2019Stock option exercise price $ — $ 4.66 $ 16.12Risk-free interest rate 0.00% 0.25% 2.42%Expected dividend yield — — —Expected option life in years — 3.75 3.75Expected volatility 0.00% 51.83% 23.32%Weighted average fair value $ — $ 1.80 $ 3.50 We recorded stock-based compensation expense of $402,000, $460,000, and $458,000 for 2021, 2020, and 2019, respectively. At December 31, 2021, the total unrecognized estimated compensation cost related to non-vested stock options was $248,000 which is expected to be recognized over a weighted average vesting period of 1.14 years. No cash was received from option exercises in 2021 or 2020. Cash consideration received from option exercises during 2019 totaled $906,000 . The following is a summary of the status of RDI’s outstanding stock options for the three years ended December 31, 2021: Outstanding Stock Options Number ofOptions Weighted AverageExercise Price Weighted AverageRemaining Years ofContractual Life AggregateIntrinsicValue Class A Class B Class A Class B Class A&B Class A&BOutstanding - January 1, 2019 586,469 — $ 14.01 $ — 2.88 $ 1,530,528Granted 219,408 — 16.12 — Exercised (69,500) — 13.42 — 185,175Expired (25,000) — 13.42 — Outstanding - December 31, 2019 711,377 — $ 14.74 $ — 2.79 $ 136,350Granted 38,803 — 4.66 — Exercised — — — — —Expired (36,701) — 14.74 — Outstanding - December 31, 2020 713,479 — $ 14.64 $ — 2.18 $ 13,969Granted — — — — Exercised (38,803) — 4.66 — 63,831Expired (157,332) — 11.87 — Outstanding - December 31, 2021 517,344 — $ 15.42 $ — 1.66 $ — The following is a summary of the status of RDI’s vested and unvested stock options as of December 31, 2021, 2020 and 2019: Vested and Unvested Stock Options Number ofOptions Weighted AverageExercise Price Weighted AverageRemaining Years ofContractual Life AggregateIntrinsicValue Class A Class B Class A Class B Class A&B Class A&BVested December 31, 2021 384,189 — $ 13.87 $ — 1.42 $ —December 31, 2020 418,435 — 13.87 — 1.64 —December 31, 2019 273,866 — 12.59 — 1.87 136,350Unvested December 31, 2021 133,155 — $ 15.65 $ — 2.29 $ —December 31, 2020 295,044 — 15.77 — 2.47 13,969December 31, 2019 437,511 — 15.78 — 3.36 — Restricted Stock Units RSU awards to management vest 25% on the anniversary of the grant date over a period of four years. Beginning in 2020, a performance component has been added to certain of the RSUs granted to management, which vest on the third anniversary of their grant date based on the achievement of certain performance metrics. On March 10, 2020, RSUs covering 287,163 shares were issued to members of executive management and other employees of our Company. Between December 14, 2020 and December 16, 2020, RSUs covering 114,803 shares were issued to members of executive management and other employees of our Company, all of which vest 100% on the anniversary of the grant date over a period of one year. Of these, we granted non-employee directors 60,084 RSUs (as well as 38,803 options) on December 16, 2020. In April 2021, RSUs covering 262,830 shares were issued to members of executive management. These RSUs have two structures, which include time vesting and performance. The majority of RSUs vest 75% evenly over a period of four years, with the remaining 25%, contingent upon the achievement of certain performance metrics, vesting in full on the third anniversary of the date of the grant. In the case of our Chief Executive Officer, RSUs vest 50% evenly over a period of four years with the remaining 50%, contingent upon the achievement of certain performance metrics, vesting in full on the third anniversary of the grant date. RSUs covering 22,888 shares were also issued to other employees of our Company. These awards vest 25% on the anniversary of the grant date over a period of four years. On August 11, 2021, RSUs covering 26,924 shares were issued to non-employee directors; RSUs covering a further 48,951 shares were issued to non-employee directors on December 8, 2021. We estimate the grant-date fair values of our RSUs using the Company’s stock price at grant-date and record such fair values as compensation expense over the vesting period on a straight-line basis. 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, vested 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 ended and the recipient or, as the case may be, the recipient’s successor was elected to the board of directors. Accordingly, the RSUs granted to directors on November 7, 2018, vested on May 7, 2019, annual meeting of stockholders. Due to the fact that our Company held our annual meeting of stockholders in May 2019, the vesting period for the RSUs issued on November 7, 2018 was shorter than anticipated. 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. The RSUs issued to non-employee directors on August 11, 2021 vested on December 8, 2021. During the years ended December 31, 2021 and December 31, 2020, we recognized compensation expense related to RSUs of $1.8 million and $1.0 million respectively. The total unrecognized compensation expense related to these unvested RSUs was $2.9 million as of December 31, 2021. Below is a table that shows the restricted stock units that have been issued and vested during the years ending December 31, 2021 along with the dollar value of these awards: Number of RSUs $ value of RSUs Granted Vesting Forfeited Unvested Granted Vesting Forfeited Unvested2016 68,153 67,372 781 — $ 815,160 805,759 9,400 —2017 70,538 70,006 532 — 1,124,348 1,115,852 8,496 —2018 97,600 84,491 2,903 10,206 1,581,512 1,366,610 47,408 167,4932019 59,258 33,861 3,104 22,293 944,070 534,575 50,005 359,4902020 401,966 162,282 1,755 237,929 2,281,899 817,792 9,172 1,454,9362021 361,593 26,924 — 334,669 2,185,222 140,005 — 2,045,217Total 1,059,108 444,936 9,075 605,097 $ 8,932,211 $ 4,780,593 $ 124,481 $ 4,027,136 2017 Stock Repurchase Plan On March 14, 2019, the Board of Directors extended our Company’s stock repurchase program for two years, through March 2, 2021. The Board did not increase the authorized amount, which was initially fixed at $25.0 million. 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 December 31, 2021, our Company had reacquired a total of 1,792,819 shares of Class A Non-Voting Common Stock for $24.0 million at an average price of $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. No shares have been repurchased since. The last share repurchase made by our Company was made on March 5, 2020, at which time 25,000 shares were purchased at an average cost per share of $7.30. This leaves $26.0 million available under the March 2, 2017 program, as extended, to March 2, 2022. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 12 Months Ended |
Dec. 31, 2021 | |
Accumulated Other Comprehensive Income [Abstract] | |
Accumulated Other Comprehensive Income | NOTE 16 – ACCUMULATED OTHER COMPREHENSIVE INCOME The following table summarizes the changes in each component of accumulated other comprehensive income attributable to RDI: (Dollars in thousands) ForeignCurrencyItems(1) UnrealizedGain (Losses)on Available-for-SaleInvestments AccruedPensionServiceCosts(2) HedgeAccountingReserve(3) TotalBalance at January 1, 2021 $ 14,966 $ (12) $ (2,135) $ (317) $ 12,502 Change related to derivatives Total change in hedge fair value recorded in Other Comprehensive Income — — — 153 153Amounts reclassified from accumulated other comprehensive income — — — 187 187Net change related to derivatives — — — 340 340 Net current-period other comprehensive income (8,124) (2) 166 340 (7,620)Balance at December 31, 2021 $ 6,842 $ (14) $ (1,969) $ 23 $ 4,882 (1)Net of income tax expense of $36,000.(2)Net of income tax expense of $41,000.(3)Net of income tax expense of $66,000. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | NOTE 17 – FAIR VALUE MEASUREMENTS Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. If quoted prices in an active market are available, fair value is determined by reference to these prices. If quoted prices are not available, fair value is determined by valuation models that primarily use, as inputs, market-based or independently sourced parameters, including but not limited to interest rates, volatilities, and credit curves. Additionally, we may reference prices for similar instruments, quoted prices or recent transactions in less active markets. We use prices and inputs that are current as of the measurement date. Assets and liabilities that are carried at fair value (either recurring or non-recurring basis) are classified and disclosed in one of the following categories:Level 1: Quoted (unadjusted) prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. This consist primarily of investments in marketable securities which are our 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: Quoted prices in active markets for similar assets and liabilities, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability. This category includes our derivative financial instruments which 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 December 31, 2021 and 2020, we concluded that the credit valuation adjustments were not significant to the overall valuation of our derivatives.Level 3: Unobservable inputs that are supported by little or no market activity may require significant judgment in order to determine the fair value of the assets and liabilities. This category includes:i.Debt – includes 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.ii.Goodwill, Other Intangibles and Other Long-lived Assets – refer to the “Impairment of Long-Lived Assets” section in Note 2 – Summary of Significant Accounting Policies for a description of valuation methodology used for fair value measurements of goodwill, intangible assets and long-lived assets. Given this category represents several lines in our Consolidated Balance Sheet and since the recorded values agree to fair values, we did not include this in the subsequent tables presented. Also, our Level 1 financial instruments include cash and cash equivalents, receivables, and accounts payable and accrued liabilities. The carrying values of these financial instruments approximate the fair values due to their short maturities. There have been no changes in the methodologies used at December 31, 2021 and 2020. Additionally, there were no transfers of assets and liabilities between Levels 1, 2, or 3 during the three years ended December 31, 2021. Recurring Fair Value Measurements As of December 31, 2021 and 2020, we had derivative financial assets carried and measured at fair value on a recurring basis of $208,000 and $nil, respectively. As of December 31, 2021 and 2020, we had derivative financial liabilities carried and measured at fair value on a recurring basis of $181,000 and $430,000 respectively. Nonrecurring Fair Value Measurements The following tables provide information about financial assets and liabilities not carried at fair value on a nonrecurring basis in our consolidated balance sheets: Carrying Fair Value Measurements at December 31, 2021(Dollars in thousands) Balance Sheet Location Value(1) Level 1 Level 2 Level 3 TotalFinancial liabilities Notes payable Debt - current and long-term portion $ 209,035 $ — $ — $ 207,817 $ 207,817 Subordinated debt Subordinated debt - current and long-term portion 27,913 — — 20,494 20,494Total $ 236,948 $ — $ — $ 228,311 $ 228,311 Carrying Fair Value Measurements at December 31, 2020(Dollars in thousands) Balance Sheet Location Value(1) Level 1 Level 2 Level 3 TotalFinancial liabilities Notes payable Debt - current and long-term portion $ 257,046 $ — $ — $ 258,525 $ 258,525 Subordinated debt Subordinated debt 27,913 — — 20,423 20,423Total $ 284,959 $ — $ — $ 278,948 $ 278,948 (1)These balances are presented gross of deferred financing costs. |
Hedge Accounting
Hedge Accounting | 12 Months Ended |
Dec. 31, 2021 | |
Hedge Accounting [Abstract] | |
Hedge Accounting | NOTE 18 – HEDGE ACCOUNTING As of December 31, 2021 and 2020, the Company held interest rate derivatives in the total notional amount of $63.0 million and $8.0, respectively. The derivatives are recorded on the balance sheet at fair value and are included in the following line items: Asset Derivatives December 31, 2021 2020(Dollars in thousands) Balance sheet location Fair value Balance sheet location Fair valueInterest rate contracts Derivative financial instruments - current portion $ 96 Derivative financial instruments - current portion $- Derivative financial instruments - non-current portion 112 Derivative financial instruments - non-current portion -Total derivatives designated as hedging instruments $ 208 $ —Total derivatives $ 208 $ — Liability Derivatives December 31, 2021 2020(Dollars in thousands) Balance sheet location Fair value Balance sheet location Fair valueInterest rate contracts Derivative financial instruments - current portion $ 181 Derivative financial instruments - current portion $ 218 Derivative financial instruments - non-current portion — Derivative financial instruments - non-current portion 212 Total derivatives designated as hedging instruments $ 181 $ 430 Total derivatives $ 181 $ 430 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 2021 and 2020, 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 2021 2020Interest rate contracts Interest expense, net $ 253 $ 202Total $ 253 $ 202 Loss Recognized in OCI on Derivatives (Effective Portion) Loss Reclassified from OCI into Income (Effective Portion) Loss Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing)(Dollars in thousands) Amount Line Item Amount Line Item Amount 2021 2020 2021 2020 2021 2020Interest rate contracts $ (153) $ 267 Interest expense, net $ (253) $ 202 Interest expense, net $ — $ —Total $ (153) $ 267 $ (253) $ 202 $ — $ — In 2022, the Company expects to release $159,000 to earnings. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Leases | NOTE 19 – 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 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. Lease term includes option periods where we determine that we are reasonably certain to be exercising those options. 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. As a result of the impacts of COVID-19, we have obtained certain concessions from our landlords. We have elected to account for these concessions as if there have been no changes to the underlying contracts, thereby recognizing abatements secured as variable lease expenses, and increasing payables for lease payment deferrals. The components of lease expense are as follows: December 31,(Dollars in thousands) 2021 2020Lease cost Finance lease cost: Amortization of right-of-use assets $ 49 $ 93Interest on lease liabilities 5 8Operating lease cost 33,782 33,462Variable lease cost (7,068) (4,445)Total lease cost $ 26,768 $ 29,118 Supplemental cash flow information related to leases is as follows: December 31,(Dollars in thousands) 2021 2020Cash flows relating to lease cost Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for finance leases $ 53 $ 105Operating cash flows for operating leases 26,057 14,060Right-of-use assets obtained in exchange for new operating lease liabilities $ 39,090 $ (2,054) Supplemental balance sheet information related to leases is as follows: December 31,(Dollars in thousands) 2021 2020Operating leases Operating lease right-of-use assets $ 227,367 $ 220,503Operating lease liabilities - current portion 23,737 22,699Operating lease liabilities - non-current portion 223,364 212,806Total operating lease liabilities $ 247,101 $ 235,505Finance leases —Property plant and equipment, gross $ 374 $ 383Accumulated depreciation (311) (271)Property plant and equipment, net $ 63 $ 112Other current liabilities 40 49Other long-term liabilities 28 69Total finance lease liabilities $ 68 $ 118 Other information Weighted-average remaining lease term - finance leases 2 3Weighted-average remaining lease term - operating leases 11 11Weighted-average discount rate - finance leases 5.24% 5.27%Weighted-average discount rate - operating leases 4.47% 4.71% The Maturities of our leases were as follows: (Dollars in thousands) Operating leases Finance leases2022 $ 34,324 $ 432023 34,281 282024 32,838 —2025 30,855 —2026 28,608 —Thereafter 158,713 —Total lease payments $ 319,619 $ 71Less imputed interest (72,518) (3)Total $ 247,101 $ 68 As of December 31, 2021, we have additional operating leases, primarily for cinemas, that have not yet commenced of approximately $8.7 million. It is anticipated that these operating leases will commence in 2022 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. As a result of the impacts of COVID-19, we have provided certain concessions to specific tenants. We have elected to account for these concessions as if there have been no changes to the underlying contracts, thereby recognizing abatements granted as variable lease payments through revenue and increasing receivables for lease payment deferrals. Lease income relating to operating lease payments was as follows: December 31,(Dollars in thousands) 2021 2020Components of lease income Lease payments $ 9,679 $ 9,432Variable lease payments 655 (131)Total lease income $ 10,334 $ 9,301 The book value of underlying assets under operating leases from owned assets was as follows: December 31, December 31,(Dollars in thousands) 2021 2020Building and improvements Gross balance $ 140,028 $ 153,643Accumulated depreciation (23,923) (26,107)Net Book Value $ 116,105 $ 127,536 The Maturity of our leases were as follows: (Dollars in thousands) Operating leases2022 $ 7,2252023 6,7612024 6,0072025 4,9912026 2,383Thereafter 2,642Total $ 30,009 |
Business Combinations
Business Combinations | 12 Months Ended |
Dec. 31, 2021 | |
Business Combinations [Abstract] | |
Business Combinations | NOTE 20 – BUSINESS COMBINATIONS 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 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. 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) $ 362Deferred tax 5 — 5Current assets: Inventory 333 — 333 Intangible Assets Brand name — 250 250Liquor license 1 1Goodwill 5,617 (132) 5,485Total 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 3, 2019. |
Related Parties
Related Parties | 12 Months Ended |
Dec. 31, 2021 | |
Related Parties [Abstract] | |
Related Parties | NOTE 21 – RELATED PARTIES The following table identifies our related parties as of December 31, 2021, in accordance with ASC 850, Related Party Transactions: CategoriesRelated PartiesDiscussion Notes Principal Owners and immediate families Cotter Family’s Estate and Living Trust (controlling family) Mark Cuban (above 10% voting ownership)The Cotter Family is involved in certain litigation matters. Refer to Note 13 – Commitments and Contingencies for further details. Key Executive Officers and immediate families Ellen M. Cotter Margaret Cotter Gilbert Avanes Andrzej J. Matyczynski S Craig Tompkins Robert F. Smerling Mark DouglasPresident and Chief Executive Officer EVP Real Estate Development and Management (NY)EVP Chief Financial Officer and TreasurerEVP Global OperationsEVP General CounselPresident – U.S. CinemasManaging Director, Australia and New Zealand Investments in Joint Ventures accounted for under equity method Rialto Cinemas Mt. GravattRefer to Note 7 – Investment in Joint Ventures Other Affiliates Entities under common control All subsidiaries of RDIRefer to Exhibit 21 of this 2021 Form 10-K filing for the complete list of subsidiaries. Refer below for further discussions on certain key transactions with related parties, including those with minority interests. Sutton Hill Capital In 2001, we entered into a transaction with Sutton Hill Capital, LLC (“SHC”) regarding the master leasing, with an option to purchase, of certain cinemas located in Manhattan including our Village East and Cinemas 1,2,3 theaters. In connection with that transaction, we also agreed (i) to lend certain amounts to SHC, to provide liquidity in its investment, pending our determination whether or not to exercise our option to purchase and (ii) to manage the 86th Street Cinema on a fee basis. SHC is a limited liability company owned in equal shares by the Cotter Estate or the Cotter Trust and a third party. As previously reported, over the years, two of the cinemas subject to the master leasing agreement have been redeveloped and one (the Cinemas 1,2,3 discussed below) has been acquired. The Village East is the only cinema that remains subject to this master lease. Village East On June 29, 2010, we agreed to extend our existing lease from SHC of the Village East Cinema by 10 years, with a new termination date of June 30, 2020. This amendment was reviewed and approved by our Audit and Conflicts Committee. The Village East lease includes a sub-lease of the ground underlying the cinema that is subject to a longer-term ground lease between SHC and an unrelated third party that expires in June 2031 (the “cinema ground lease”). The extended lease provides for a call option pursuant to which Reading may purchase the cinema ground lease for $5.9 million at the end of the lease term. Additionally, the lease has a put option pursuant to which SHC may require our Company to purchase all or a portion of SHC’s interest in the existing cinema lease and the cinema ground lease at any time between July 1, 2013 and December 4, 2019. Because our late Chairman, Chief Executive Officer, and controlling shareholder, Mr. James J. Cotter, Sr. was also the managing member of SHC, RDI and SHC are considered entities under common control. As a result, we have recorded the Village East Cinema building as a property asset of $4.7 million on our balance sheet based on the cost carry-over basis from an entity under common control with a corresponding lease liability of $0.0 million presented under other liabilities which accreted up to the $5.9 million liability through July 1, 2013. On August 28, 2019, we exercised our option to acquire the ground lessee’s interest. It was initially agreed that the transaction would close on or about May 31, 2021.On March 12, 2020, we amended the original agreement to (i) extend the term of the Citadel Cinemas, Inc. lease with Sutton Hill to January 31, 2022 and extend the put option to December 4, 2021 and (ii) at SHC’s request, in connection with our deferral of the closing date for our acquisition of SHC’s interest in the Village East Cinema, the Company reinstated and extended until December 4, 2021 SHC’s right to put that interest to us. That put right had previously expired on December 4, 2019. We were advised by SHC that it wanted this reinstatement and extension in order to assure itself that, in the event of the non-performance by us of our current contractual obligation to close our purchase of the interest in the ground lease on or about the extended date of May 31, 2021, that it could (as, in effect, an additional remedy) exercise this reinstated and extended put right. We believe that the reinstatement and extension of this put right is immaterial to our Company, since we have in fact already exercised our option, are in fact under contract with SHC to acquire SHC’s interest in the Village East Cinema and have every intention of completing that acquisition. On March 29, 2021, we extended this closing date to January 1, 2023. The put right was not renewed. In each of the years 2019 to 2021 we were charged rent of $590,000 for this cinema. We paid this balance in full in 2019. In 2020 we deferred $442,000 of this cost, repaying it in full in 2021 along with our 2021 obligation. Cinemas 1, 2, 3 In 2005, we acquired (i) from a third party the fee interest underlying the Cinemas 1,2,3 and (ii) from SHC its interest in the ground lease estate underlying and the improvements constituting the Cinemas 1,2,3. The ground lease estate and the improvements acquired from SHC were originally a part of the master lease transaction, discussed above. In connection with that transaction, we granted to SHC an option to acquire at cost a 25% interest in the special purpose entity (Sutton Hill Properties, LLC) formed to acquire these fee, leasehold and improvements interests. On June 28, 2007, SHC exercised this option, paying $3.0 million and assuming a proportionate share of SHP’s liabilities. At the time of the option exercise and the closing of the acquisition of the 25% interest, SHP had debt of $26.9 million, including a $2.9 million, non-interest-bearing intercompany loan from the Company. Since the acquisition by SHC of its 25% interest, SHP has covered its operating costs and debt service through cash flow from the Cinema 1,2,3, (ii) borrowings from third parties, and (iii) pro-rata contributions from the members. We receive an annual management fee equal to 5% of SHP’s gross income for managing the cinema and the property, amounting to $177,000 during 2015. In February 2015, we and SHP amended the management agreement dated as of June 27, 2007 relating to our management of the Cinemas 1,2,3. The amendment, which was retroactive to December 1, 2014, memorialized our undertaking to SHP to fund up to $750,000 (the “Renovation Funding Amount”) of renovations to Cinemas 1,2,3. In consideration of our funding of the renovations, our annual management fee was increased commencing January 1, 2015 by an amount equivalent to 100% of any incremental positive cash flow of Cinemas 1,2,3 over the average annual positive cash flow of the Cinemas 1,2,3 over the three year period ended December 31, 2014 (not to exceed a cumulative aggregate amount equal to the Renovation Funding Amount), plus a 15% annual cash-on-cash return on the balance outstanding from time to time of the Renovation Funding Amount, payable at the time of the payment of the annual management fee (the “Improvements Fee”). Under the amended management agreement, we retained ownership of (and any right to depreciate) any furniture, fixtures and equipment purchased by us in connection with such renovation and had the right (but not the obligation) to remove all such furniture, fixtures and equipment (at our own cost and expense) from the Cinemas 1,2,3 upon the termination of the management agreement. The amendment also provided that, during the term of the management agreement, SHP would be responsible for the cost of repair and maintenance of the renovations. In 2020 and 2019 we charged Improvements Fees of $0 and $96,000, respectively. This amendment was approved by SHC and by the Audit and Conflicts Committee of our Board of Directors. On November 6, 2020, we and SHP further amended the management agreement to terminate the Investments Fee in consideration of a one time payment to us of $112,500 and the reimbursement in full of the Renovation Funding Amount, and transferred to SHC all of our ownership rights in the renovation assets. This amendment was approved by SHC and by the Audit and Conflicts Committee of our Board of Directors. On August 31, 2016, we refinanced the debt of Cinemas 1,2,3, pursuant to a $20.0 million loan from Valley National Bank. Refer to Note 11 – Borrowings for further details on this loan transaction and its maturity. The proceeds from the loan were used to retire an existing $15.0 million first mortgage loan and the above-referenced $2.9 million intercompany loan, with the remainder to be used for working capital and to cover cash flow shortfalls. Since the cash flow from the Cinemas 1,2,3 is not sufficient to service this loan, it is anticipated that the members of SHP (our Company and SHC) will ultimately need to make periodic contributions to the capital of SHP in order to avoid dilution of their respective interests in SHP. In 2016, our Company and SHC funded capital calls of $506,000 and $169,000, respectively. No capital contributions were called or made in 2019, 2020 or 2021. The Valley National Loan has been guaranteed by our Company and an environmental indemnity has been provided by our Company. SHC has agreed to indemnify our Company to the extent of 25% of any loss incurred by our Company with respect to any such guarantee and/or indemnity (a percentage reflecting SHC’s membership interest in SHP). The refinancing transaction, including the guarantee and indemnity, were review and approved by the Audit and Conflicts Committee of our Board of Directors. On October 1, 2020, SHP made a distribution of $1.0 million, paying $750,000 to our Company and $250,000 to SHC. East 86th Street During the second quarter of 2019, our management agreement for the operation of the 86th Street Cinema terminated due to the expiration of the underlying lease. We received management fees of $45,000 during 2019. We received no further management fees in 2020 or 2021. Live Theatre Play Investment From time to time, our Officers and Directors may invest in plays that lease our live theatres. The play STOMP has been playing in our Orpheum Theatre since prior to the time we acquired the theatre in 2001. The Cotter Estate or the Cotter Trust and a third party own an approximately 5% interest in that play, an interest that they have held since prior to our acquisition of the theatre. Shadow View Land and Farming LLC During 2012, Mr. James J. Cotter, Sr., our then Chairman, Chief Executive Officer and controlling stockholder, contributed $2.5 million cash and $255,000 of his 2011 bonus as his 50% share of the purchase price of a land parcel in Coachella, California and to cover his 50% share of certain costs associated with that acquisition. The property was held in Shadow View Land and Farming, LLC, in which the Cotter Estate or the Cotter Trust owns a 50% interest and was held debt free and operating and holding costs were covered by member contributions. The Audit and Conflicts Committee of the Board of Directors was charged with responsibility for oversight of our management of Shadow View. As discussed at Note 5 – Real Estate Transactions, the land held by Shadow View Land and Farming LLC was sold on March 5, 2021. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 22 – SUBSEQUENT EVENTS On January 27, 2022, we entered into a long-term lease with a leading national retailer for three floors of our 44 Union Square building. On March 3, 2022, we exercised the first of two six month options to extend the Cinemas 1,2,3 Term Loan, taking the maturity to October 1, 2022. |
Schedule II - Valuation And Qua
Schedule II - Valuation And Qualifying Accounts | 12 Months Ended |
Dec. 31, 2021 | |
Schedule II - Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation And Qualifying Accounts | Schedule II – Valuation and Qualifying Accounts Balance atJanuary 1 Increase Decrease Balance atDecember 31Allowance for doubtful accounts 2021 $ 1,382 $ 50 263 $ 1,1692020 $ 1,519 $ 386 523 $ 1,3822019 $ 1,048 $ 1,526 1,055 $ 1,519Tax valuation allowance 2021 $ 47,056 $ — 6,162 $ 40,8942020 $ 33,946 $ 13,110 — $ 47,0562019 $ 6,720 $ 27,226 — $ 33,946 |
Summary Of Significant Accoun_2
Summary Of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2021 | |
Summary Of Significant Accounting Policies [Abstract] | |
Basis Of Consolidation | Basis of Consolidation Our consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). These consolidated financial statements include the accounts of our wholly owned subsidiaries, which are RDGE, CRG, and CDL. We have also consolidated the following entities that are not wholly owned for which we have control:Australia Country Cinemas Pty, Limited, a company in which we own a 75% interest and whose only assets are our leasehold cinema at Dubbo, Australia and our owned cinema at Townsville, Australia;Sutton Hill Properties, LLC (“SHP”), a company based in New York in which we own a 75% interest and whose only asset is the fee interest in the Cinemas 1,2,3; and, Shadow View Land and Farming, LLC in which we own a 50% controlling membership interest and whose only asset was a 202-acre land parcel in Coachella, California as of December 31, 2020. This land was sold in March 2021, and the company is now in the process of winding up. Our investment interests in certain joint venture arrangements, for which we own between 20% to 50% and for which we have no control over the operations, are accounted for as unconsolidated joint ventures, and hence, recorded in the consolidated financial statements under the equity method. These investment interests include our: 33.3% undivided interest in the unincorporated joint venture that owns the Mt. Gravatt cinema in a suburb of Brisbane, Australia; 50% undivided interest in the unincorporated joint venture that owns Rialto Cinemas in New Zealand. We consider that we have control over our partially owned subsidiaries and joint venture interests (collectively “investee”) when these conditions exist: (i)we own a majority of the voting rights or interests of the investee (typically above 50%), or (ii)in the case when we own less than the majority voting rights or interests, we have the power over the investee when the voting rights or interests are sufficient to give it the practical ability to direct the relevant activities of the investee unilaterally. The Company considers all relevant facts and circumstances in assessing whether or not our voting rights in the investee are sufficient to give it power, including: (i)the size of our voting rights and interests relative to the size and dispersion of holdings of other vote holders; (ii)potential voting rights and interests held by us;(iii)rights and interests arising from other contractual arrangements; and,(iv)any additional other relevant facts. All intercompany balances and transactions have been eliminated on the consolidation. |
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. Hence, actual results may differ from those estimates. Significant estimates and assumptions include, but are not limited to: (i)projections we make regarding the recoverability and impairment of our assets (including goodwill and intangibles); (ii)valuations of our derivative instruments;(iii)allocation of insurance proceeds to various recoverable components;(iv)recoverability of our deferred tax;(v)estimation of our Incremental Borrowing Rate (“IBR”) as relates to the valuation of our right-of-use assets and lease liabilities; and,(vi)estimation of gift card and gift certificate breakage where we have concluded that the likelihood of redemption is remote. |
Revenue Recognition | Revenue Recognition (i)Cinema Exhibition Segment (all net of related taxes):Sales of Cinema tickets (excluding bulk and advanced ticket sales) and food and beverage (“F&B”) sales – recognized when sold and collected, either in cash or credit card at our theatre locations and through our online selling channels; Sales of Bulk and Advanced Cinema Ticket Sales – deferred and recognized as revenue when the promised performance or movie that the ticket has been purchased for is shown;Gift Cards and Gift Certificate Sales – deferred and recognized as revenue when redeemed, except for the breakage portion, as described below; Breakage Income – recognized for unredeemed cards and certificates using the proportional method, whereby breakage revenue is recognized in proportion to the pattern of rights exercised by the customer when the Company expects that it is probable that a significant revenue reversal would not occur for any estimated breakage amounts. This is based on a breakage ‘experience rate’ which is determined by historical redemption data; Loyalty Income - a component of revenue from members of our loyalty programs relating to the earning of loyalty rewards is deferred until such a time as members redeem rewards, or until we believe the likelihood of redemption by the member is remote. Deferral is based on the progress made toward the next reward, the fair value of that reward, and the likelihood of redemption, determined by historical redemption data, and;Advertising Revenues – recognized based on contractual arrangements or relevant admissions information, as appropriate, when the related performance obligation is satisfied. (ii)Real Estate Segment: Property Rentals –we contractually retain substantially all of the risks and benefits of ownership of our real estate properties and therefore, we account for our tenant leases as operating leases. Accordingly, rental revenue is recognized on a straight-line basis over the lease term; and, Live Theatre License Fees – we have real property interest in and license theatre space to third parties for the presentation of theatrical productions. Revenue is recognized in accordance with the license agreement, and is typically recorded on a weekly basis after the performance of a show has occurred. |
Cash And Cash Equivalents | Cash and Cash Equivalents We consider all highly liquid investments with original maturities of three months or less at the time of purchase as cash equivalents for which cost approximates fair value. |
Receivables | Receivables Our receivables balance is composed primarily of credit card and booking agent receivables, representing the purchase price of tickets, food & beverage items, or coupon books sold at our various businesses. Sales charged on customer credit cards are collected when the credit card transactions are processed. The remaining receivables balance is primarily made up of the net Goods and Service Tax (“GST”) receivable from our Australian taxing authorities, rents receivable from our third-party tenants, and the management fee receivable from the managed cinemas. We have no history of significant bad debt losses but we have established an allowance for accounts that we deem uncollectible. |
Inventory | Inventory Inventory is composed of food and beverage items in our theater operations and books and associated stationery items at our State Cinema bookstore, and is stated at the lower of cost (first-in, first-out method) or net realizable value. |
Restricted Cash | Restricted Cash Restricted cash includes those cash accounts for which the use of funds is restricted by any contract or bank covenant. At December 31, 2021 and 2020, our restricted cash balance was $5.3 million and $8,000, respectively. |
Derivative Financial Instruments | Derivative Financial Instruments From time to time, we purchase interest rate derivative instruments to hedge the interest rate risk that results from the variability of our floating-rate borrowings. Our use of derivative transactions is intended to reduce long-term fluctuations in cash flows caused by market movements. Derivative instruments are recorded on the balance sheet at fair value with changes in fair value through interest expense in the Consolidated Statements of Operations or, in the case of accounting hedges, in Other Comprehensive Income and then reclassified into interest expense in the same period(s) during which the hedged transactions affect earnings. The cash flows from interest rate derivatives are classified as cashflows provided by operating activities in the Consolidated Cashflow Statement, as are the hedged transactions. As of December 31, 2021 and 2020 we have unfavorable derivative positions designated as accounting hedges of $181,000 and $430,000, respectively, and favorable derivative positions designated as accounting hedges of $208,000 and $nil, respectively. With regards to accounting hedges, the Company has elected, by reference to certain practical expedients contained within ASC 848 Reference Rate Reform, to continue the method of assessing effectiveness as document in the original hedge, so that the reference rate on the hypothetical derivative matches the reference rate on the hedging instrument. In addition, the Company has elected the expedient permitting the assertion of probability of the hedged interest payments regardless of any expected modification in the terms related to reference rate reform. |
Operating Properties, Net | Operating Properties, net Our Operating Properties consist of land, buildings and improvements, leasehold improvements, fixtures and equipment, which we use to derive operating income associated with our two business segments, cinema exhibition and real estate. Buildings and improvements, leasehold improvements, fixtures and equipment are initially recorded at the lower of cost or fair market value and depreciated over the useful lives of the related assets. Land is not depreciated. Expenditures relating to renovations, betterments or improvements to existing assets are capitalized if they improve or extend the lives of the respective assets and/or provide long-term future net cash inflows, including the potential for cost savings. Depreciation and amortization are provided using the straight-line method over the estimated useful lives of the assets. The estimated useful lives are generally as follows: Building and improvements15 – 60 yearsLeasehold improvementsShorter of the lease term or useful life of the improvementTheater equipment7 yearsFurniture and fixtures3 – 10 years |
Investment And Development Properties, Net | Investment and Development Properties, net Investment and Development Properties consist of land, buildings and improvements under development, and their associated capitalized interest and other development costs that we are either holding for development, currently developing, or holding for investment appreciation purposes. These properties are initially recorded at the lower of cost or fair market value. Within this category are building and improvement costs directly associated with the development of potential cinemas (whether for sale or lease), the development of entertainment-themed centers (“ETCs”), or other improvements to real property. As incurred, we expense start-up costs (such as pre-opening cinema advertising and training expense) and other costs not directly related to the acquisition and development of long-term assets. We cease cost capitalization (including interest) on a development property when the property is complete and ready for its intended use, or if activities necessary to get the property ready for its intended use have been substantially curtailed. However, we do not suspend cost capitalization for brief interruptions and interruptions that are externally imposed, such as mandates from governmental authorities. |
Impairment Of Long-Lived Assets | Impairment of Long-Lived Assets We review long-lived assets, including goodwill and intangibles, for impairment as part of our annual budgeting process, at the beginning of the fourth quarter, and whenever events or changes in circumstances indicate that the carrying amount of the asset may not be fully recoverable. In 2020, due to the impacts of the COVID-19 pandemic, we have reviewed our long-lived assets, including goodwill and intangibles, for impairment at the end of each reporting quarter. Due to improvements in performance from our long-lived assets in 2021, our impairment testing occurred only at the beginning of the fourth quarter. We review internal management reports on a monthly basis as well as monitor current and potential future competition in film markets for indications of potential impairment. (i)Impairment of Long-lived Assets (other than Goodwill and Intangible Assets with indefinite lives) – we evaluate our long-lived assets and finite-lived intangible assets using historical and projected data of cash flows as our primary indicator of potential impairment and we take into consideration the seasonality of our business. If the sum of the estimated, undiscounted future cash flows is less than the carrying amount of the asset, then an impairment is recognized for the amount by which the carrying value of the asset exceeds its estimated fair value based on an appraisal or a discounted cash flow calculation. Following the adoption of Accounting Standards Codification 842 Leases, we include all relevant right-of-use assets in our impairment assessments and exclude the related lease liabilities and payments. For certain non-income producing properties or for those assets with no consistent historical or projected cash flows, we obtain appraisals or other evidence to evaluate whether there are impairment indicators for these assets. No impairment losses were recorded for long-lived and finite-lived intangible assets for the year ended December 31, 2021, based on historical information and projected cash flow. $217,000 of impairment losses were recorded for long-lived and finite-lived intangible assets for the year ended December 31, 2020. No impairment losses were recorded for the year ended December 31, 2019. (ii)Impairment of Goodwill and Intangible Assets with indefinite lives – goodwill and intangible assets with indefinite useful lives are not amortized, but instead, tested for impairment at least annually on a reporting unit basis. The impairment evaluation is based on the present value of estimated future cash flows of the reporting unit plus the expected terminal value. There are significant assumptions and estimates used in determining the future cash flows and terminal value. The most significant assumptions include our cost of debt and cost of equity assumptions that comprise the weighted average cost of capital for each reporting unit. Accordingly, actual results could vary materially from such estimates. No impairment losses were recorded for goodwill and indefinite-lived intangible assets for the three years ended December 31, 2021. For a detailed discussion of our impairment assessments, refer to Note 3 – Impact of COVID-19 Pandemic on Liquidity. |
Variable Interest Entity | Variable Interest Entity The Company enters into relationships or investments with other entities that may be a variable interest entity (“VIE”). A VIE is consolidated in the financial statements if the Company has the power to direct activities that most significantly impact the economic performance of the VIE and has the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. Reading International Trust I is a VIE. It is not consolidated in our financial statements because we are not the primary beneficiary. We carry our investment in the Reading International Trust I, recorded under “Other Assets”, using the equity method of accounting because we have the ability to exercise significant influence (but not control) over operating and financial policies of the entity. We eliminate transactions with an equity method entity to the extent of our ownership in such an entity. Accordingly, our share of net income/(loss) of this equity method entity is included in consolidated net income/(loss). We have no implicit or explicit obligation to further fund our investment in Reading International Trust I. |
Land And Property Held For Sale | Land and Property Held for Sale When a property is classified as held for sale, we present the respective assets and liabilities related to the property held for sale separately on the balance sheet and cease to record depreciation and amortization expense. Properties held for sale are reported at the lower of their carrying value or their estimated fair value less the estimated costs to sell. As of December 31, 2020, we classified our landholding at Coachella, California and Manukau, New Zealand, as held for sale. We had no properties held for sale as of December 31, 2021. There were no adjustments necessary to reduce the carrying value of these assets on transfer to held for sale were subsequently held at historical cost on the consolidated balance sheet until their sale in the first quarter of 2021. Refer to Note 5 – Real Estate Transactions for details. |
Deferred Leasing/Financing Costs | Deferred Leasing/Financing Costs Direct costs incurred in connection with obtaining tenants and or financing are amortized over the respective term of the loan utilizing the effective interest method, or straight-line method if the result is not materially different. In addition, interest on loans with increasing interest rates and scheduled principal pre-payments are also recognized using the effective interest method. Net deferred financing costs are presented as a reduction in the associated debt account (see Note 11 – Borrowings). |
Film Rental Costs | Film Rental Costs Film rental costs are accrued based on the applicable box office receipts and estimates of the final settlement to the film licensors. |
Advertising Expense | Advertising Expense We expense our advertising as incurred. The amount of our advertising expense was $0.7 million, $0.7 million, and $1.8 million in 2021, 2020, and 2019, respectively. |
Operating Leases | Operating Leases As LesseeWe determine if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets and operating lease liabilities, current and non-current, in our consolidated balance sheets. Finance leases are included in operating properties, other current liabilities, and other long-term liabilities in our consolidated balance sheets.ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. We use the implicit rate when readily determinable. The operating lease ROU asset also includes any prepaid lease payments made and excludes lease incentives received. Our lease terms may include options to extend or not to terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term.We have lease agreements with lease and non-lease components, which we do not separate. For certain equipment leases, such as cinema equipment, we account for the lease and non-lease components as a single lease component. As a result of the impacts of COVID-19, we have obtained certain concessions from our landlords. Where we have obtained rent concessions from our landlords, or provided concessions to our tenants, we have elected not to perform the standard Topic 842 modification evaluation where the concession does not result in the total consideration required by the contract being substantially less than the total consideration originally required by the contract. We have elected to account for these concessions as if there have been no changes to the underlying contracts, thereby recognizing abatements secured as variable lease expenses, and increasing payables for lease payment deferrals. As LessorAs part of our real estate operations, we own certain real estate property in the U.S., Australia and New Zealand which we lease to third parties. 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. The lease term includes all non-cancellable periods contracted for within the lease and excludes any option periods which a tenant may hold. As a result of the impacts of COVID-19, we have provided certain concessions to specific tenants. Where we have received or provided deferrals of rent, we have recorded the deferrals as receivables or payables, and where we have received or provided abatements, we have recorded these as variable rents in the consolidated statements of income. |
Share-Based Compensation | Share-based Compensation The determination of the compensation cost for our share-based awards (primarily in the form of stock options or restricted stock units) is made at the grant date based on the estimated fair value of the award, and such cost is recognized over the grantee’s requisite service period (which typically equates to our vesting term). Previously recognized compensation cost shall be reversed for any forfeited award to the extent unvested at the time of forfeiture. Refer to Note 15 – Share-based Compensation and Repurchase Plans for further details. |
Treasury Shares | Treasury Shares In recent years, we repurchased our own Class A common shares as part of a publicly announced stock repurchase plan. We account for these repurchases using the cost method and present these as a separate line within the Stockholders’ Equity section in our consolidated balance sheets. Refer to Note 15 – Share-based Compensation and Repurchase Plans for further details of our stock repurchase plan. |
Insurance Recoveries And Other Contingency Matters | Insurance Recoveries and Other Contingency Matters (i)Loss contingencies – we record any loss contingencies if there is a “probable” likelihood that the liability had been incurred, and the amount of the loss can be reasonably estimated. (ii)Gain contingencies:Insurance recoveries – in the event we incur a loss attributable to an impairment of an asset or incurrence of a liability that is recoverable, in whole or in part, through an insurance claim, we record an insurance recoverable (not to exceed the amount of the total losses incurred) only when the collectability of such claim is probable. To evaluate the probable collectability of an insurance claim, we consider communications with third parties (such as with our insurance company), in addition to advice from legal counsel. Others – other gain contingencies typically result from legal settlements and we record those settlements in income when cash or other forms of payments are received. Legal costs relating to our litigation matters, whether we are the plaintiff or the defendant, are recorded when incurred. For the years ended December 31, 2021, 2020, and 2019, we recorded gains/(losses) relating to litigation settlement of $0.8 million, $3,000, and ($67,000), respectively. |
Currency Translation Policy | Currency Translation Policy The financial statements and transactions of our Australian and New Zealand cinema and real estate operations are recorded in their functional currencies, namely Australian and New Zealand dollars, respectively, and are then translated into U.S. dollars. Assets and liabilities of these operations are denominated in their functional currencies and are then translated at exchange rates in effect at the balance sheet date. Revenue and expenses are translated at the average exchange rate for the reporting period. Translation adjustments are reported in “Accumulated Other Comprehensive Income,” a component of Stockholders’ Equity. The carrying values of our Australian and New Zealand assets fluctuate due to changes in the exchange rate between the U.S. dollar and the Australian and New Zealand dollars. Presented in the table below are the currency exchange rates for Australia and New Zealand as of and for the three years ended December 31, 2021: As of andfor the year endedDecember 31, 2021 As of andfor the year endedDecember 31, 2020 As of andfor the year endedDecember 31, 2019Spot Rate Australian Dollar 0.7260 0.7709 0.7030New Zealand Dollar 0.6839 0.7194 0.6745Average Rate Australian Dollar 0.7517 0.6904 0.6954New Zealand Dollar 0.7077 0.6504 0.6593 |
Income Taxes | Income Taxes We account for income taxes under an asset and liability approach. Under the asset and liability method, deferred tax assets and liabilities are recognized for the expected future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and the respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled and are classified as noncurrent on the balance sheets in accordance with current U.S. GAAP. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. Income tax expense (benefit) is the tax payable (refundable) for the period and the change during the period in deferred tax assets and liabilities. The effect of a change in tax rates or law on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. We recognize deferred tax assets to the extent that we believe that these assets are more likely than not to be realized. In evaluating our ability to recover our deferred tax assets within the jurisdiction from which they arise, we consider all available positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax planning strategies and recent financial operations. A tax benefit from an uncertain tax position may be recognized when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits. We recognize tax liabilities for uncertain tax positions and adjust these liabilities when our judgment changes as a result of the evaluation of new information not previously available. We record interest and penalties related to income tax matters as part of income tax expense and record the related liabilities in income tax related balance sheet accounts. Due to the complexity of some of these uncertainties, the ultimate resolution may result in a payment that is materially different from our current estimate of the tax liabilities. These differences will be reflected as increases or decreases to income tax expense in the period in which it is determined a change in recognition or measurement is appropriate. The U.S. Tax Cuts and Jobs Act of 2017 (the “Tax Act”) creates a new requirement for U.S. corporations to include in U.S. taxable income certain earnings of their foreign subsidiaries, effective beginning tax year 2018. The Global Intangible Low Taxed Income (“GILTI”) framework introduces a new tax on foreign earnings of U.S. based consolidated groups. We record taxes related to GILTI as a current-period expense when incurred. |
Earnings (Loss) Per Share | Earnings (Loss) Per Share The Company presents both basic and diluted earnings (loss) per share amounts. Basic earnings (loss) per share is calculated by dividing net income (loss) attributable to the Company by the weighted average number of common shares outstanding during the year. Diluted earnings (loss) per share is based upon the weighted average number of common and common equivalent shares outstanding during the year, which is calculated using the treasury-stock method for equity-based awards. Common equivalent shares are excluded from the computation of diluted earnings (loss) per share in periods for which they have an anti-dilutive effect. Stock options for which the exercise price exceeds the average market price over the period are anti-dilutive and, accordingly, are excluded from the calculation. |
Government Grants | Government Grants In the second quarter of 2020, in order to account for certain wage subsidies received from the Australian and New Zealand governments, we adopted International Accounting Standard 20 - Accounting for Government Grants and Disclosure of Government Assistance (“IAS 20”). The aim of these Australian and New Zealand government subsidies is to protect as many jobs as possible during the COVID-19 pandemic by subsidizing the wages of employees, using the administrative capabilities of employers to forward such subsidies to their employees. The subsidies are not loans to employees or employers. Other than the disclosure requirements promulgated by ASU 2021-10, U.S. GAAP has no other codified accounting guidance concerning the measurement and presentation of such government grants for for-profit entities, and in lieu of such guidance, common practice is to refer to IAS 20. IAS 20 permits entities to account for government grants on a gross basis, showing grants receivable as income and the associated expense as costs, or on a net basis, by deducting the grant from the related expense. The nature of the wage subsidies is such that, without them, our Company would likely have reduced its wages and salaries expense through the termination of certain employees. In order to faithfully present the transaction, our Company has therefore elected to present wages and salaries expense net of government grants. The impacted wages and salaries costs are contained within ‘other operating expenses’ and ‘general and administrative expenses’ in our cinema and real estate segments. In the year to December 31, 2021, we received subsidies totaling $2.6 million (AU$3.5 million) in Australia and $366,000 (NZ$518,000) in New Zealand, respectively. In the year to December 31, 2020, we received subsidies totaling $9.5 million (AU$12.3 million) and $1.4 million (NZ$1.9 million) in Australia and New Zealand, respectively. There are no unfulfilled conditions or contingencies relating to these subsidies as of December 31, 2021. |
Business Acquisition Valuation And Purchase Price Allocation | Business Acquisition Valuation and Purchase Price Allocation In recent years, our business acquisition efforts have been focused on our real estate segment however, in 2019 we completed two acquisitions of established cinemas in Tasmania, Australia. For acquisitions meeting the definition of a “business” in accordance with ASC 805, Business Combinations, the assets acquired, and the liabilities assumed are recorded at their fair values as of the acquisition date. To accomplish this, we typically obtain third-party valuations to allocate the purchase price to the assets acquired and liabilities assumed, including both tangible and intangible components. The determination of the fair values of the acquisition components and its related determination of the estimated lives of depreciable tangible assets and amortizing intangible assets/liabilities require significant judgment and several considerations, described as follows: (i)Tangible assets – we allocate the purchase price to the tangible assets of an acquired property (which typically includes land, building and site/tenant improvements) based on the estimated fair values of those tangible assets assuming the building was vacant. Estimates of fair value for land are based on factors such as comparisons to other properties sold in the same geographic area adjusted for unique characteristics. Estimates of fair values of buildings, and site/tenant improvements are based on present values determined based upon the application of hypothetical leases with market rates and terms. Estimates of plant and equipment, leasehold improvements and any cinema related equipment are based on their current market values with relation to their age and condition. Building and site improvements are depreciated over their remaining economic lives, while tenant improvements are depreciated over the remaining non-cancelable terms of the respective leases. Plant and equipment, leasehold improvements and any cinema related equipment are depreciated over the shorter of their useful economic lives and the underlying cinema lease. (ii)Intangible assets and liabilities – the valuation of the intangible assets and liabilities in a typical real estate acquisition is described below:Above-market and below-market leases – where we are the lessor, we record above-market and below-market in-place lease values for acquired properties based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) management’s estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining non-cancelable term of the lease. We amortize any capitalized above-market lease values (an intangible asset) and capitalized below-market lease values (an intangible liability) over the remaining non-cancelable terms of the respective leases. Where we are the lessee, lease arrangements entered into are assessed under ASC 842 Leases.Benefit of avoided costs due to existing tenancies – this typically includes (i) in-place leases (the value of avoided lease-up costs) and (ii) leasing commissions and legal/marketing costs avoided with the leases in place. We measure the fair values of the in-place leases based on the difference between (i) the property valued with existing in-place leases adjusted to market rental rates and (ii) the property valued as if vacant. Factors considered in the fair value determination include an estimate of carrying costs during hypothetical expected lease-up periods considering current market conditions, and costs to execute similar leases. We also consider information obtained about each property as a result of our pre-acquisition due diligence, marketing, and leasing activities in estimating the fair value of the intangible assets acquired. In estimating carrying costs, management includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the expected lease-up periods. Management also estimates costs to execute similar leases including leasing commissions, legal, and other related expenses to the extent that such costs are not already incurred in connection with a new lease origination as part of the transaction. We amortize the value of in-place leases and unamortized leasing origination costs to expense over the remaining term of the respective leases. Should a tenant terminate its lease, the unamortized portion of the in-place lease values and leasing origination costs will be charged to expense. Intangible assets acquired in cinema business combination typically relate to the brand of the underlying business being acquired. These assessments have a direct impact on revenue and net income, particularly on the depreciable base of the allocated assets which will impact the timing of expense allocation. In accordance with our adoption of ASU 2015-16, we record the changes in depreciation and amortization in the period we finalized our purchase price allocation. |
New Accounting Standards And Accounting Changes | New Accounting Standards and Accounting Changes Recently Adopted and Issued Accounting Pronouncements Adopted: ASU 2021-10 Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance / IAS 20 – Accounting for Government Grants and Disclosure of Government Assistance On December 15, 2021, we early adopted ASU 2021-10, Government Assistance: Disclosures by Business Entities about Government Assistance (Topic 832). This ASU applies to transactions with a government that are accounted for by analogizing to accounting standards such as International Accounting Standard 20 - Accounting for Government Grants and Disclosure of Government Assistance (“IAS 20”), which we adopted in the second quarter of 2020 in order to account for the receipt of certain government grants in Australia and New Zealand. The early adoption of the ASU has no material effect on our consolidated financial statements. ASU 2020-04 – Reference Rate Reform In the fourth quarter of 2020, we adopted certain practical expedients provided by ASU 2020-04 Reference Rate Reform (Topic 848). This new guidance contains optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships and other transactions affected by reference rate reform. We have elected certain expedients which permit us to i) continue the method of assessing hedge effectiveness such that the reference rate on the hypothetical derivative matches the reference rate on the hedging instrument and ii) to continue to assert probability of the relevant hedged interest payments regardless of any expected modification in terms related to reference reform. The guidance allows for different expedient elections to be made at different points in time, and to this end the Company intends to reassess its elections of such expedients as and when alternations become necessary. ASU 2017-04 Intangibles – Goodwill and Other (Topic 305): Simplifying the Test for Goodwill ImpairmentOn 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. ASU 2016-13 Financial Instruments – Credit Losses (Topic 326) 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. |
Description Of Business And S_2
Description Of Business And Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Description Of Business And Segment Reporting [Abstract] | |
Summary Of Results Of Operations For Principal Business Segments | 2021 2020 2019(Dollars in thousands) Cinema RealEstate Total Cinema RealEstate Total Cinema RealEstate TotalRevenue - third party $ 126,812 $ 12,248 $ 139,060 $ 67,014 $ 10,848 $ 77,862 $ 262,189 $ 14,579 $ 276,768Inter-segment revenue (1) — 515 515 — 2,115 2,115 — 7,326 7,326Total segment revenue 126,812 12,763 139,575 67,014 12,963 79,977 262,189 21,905 284,094Operating expense Operating Expense - Third Party (122,901) (10,106) (133,007) (91,065) (8,578) (99,643) (210,050) (9,453) (219,503)Inter-Segment Operating Expenses (1) (515) — (515) (2,115) — (2,115) (7,326) — (7,326)Total of services and products (excluding depreciation and amortization) (123,416) (10,106) (133,522) (93,180) (8,578) (101,758) (217,376) (9,453) (226,829)Depreciation and amortization (14,422) (7,092) (21,514) (15,246) (6,101) (21,347) (16,940) (5,393) (22,333)Impairment of long-lived assets — — — (217) — (217) — — —General and administrative expense (7,611) (920) (8,531) (3,427) (747) (4,174) (4,544) (1,918) (6,462)Total operating expense (145,449) (18,118) (163,567) (112,070) (15,426) (127,496) (238,860) (16,764) (255,624)Segment operating income (loss) $ (18,637) $ (5,355) $ (23,992) $ (45,056) $ (2,463) $ (47,519) $ 23,329 $ 5,141 $ 28,470 (1)Inter-segment Revenues and Operating Expense relates to the internal charge between the two segments where the cinema operates within real estate owned within the group. |
Reconciliation To Net Income Attributable To Common Shareholders | (Dollars in thousands) 2021 2020 2019Segment operating income (loss) $ (23,992) $ (47,519) $ 28,470Unallocated corporate expense: Depreciation and amortization expense (1,232) (970) (414)General and administrative expense (16,569) (12,824) (18,933)Interest expense, net (13,688) (9,354) (7,904)Equity earnings (loss) of unconsolidated joint ventures 258 (449) 792Gain (loss) on sale of assets 92,219 (1) (2)Other (expense) income 3,762 293 325Income (loss) before income taxes $ 40,758 $ (70,824) $ 2,334 |
Summary Of Assets | December 31,(Dollars in thousands) 2021 2020By segment: Cinema $ 316,169 $ 357,196Real estate 257,224 312,832Corporate (1) 114,309 20,141Total assets $ 687,702 $ 690,169By country: United States $ 336,029 $ 340,836Australia 274,330 267,153New Zealand 77,343 82,180Total assets $ 687,702 $ 690,169 (1)Corporate Assets includes cash and cash equivalents of $83.3 million and $26.8 million as of December 31, 2021 and 2020, respectively. |
Schedule Of Operating Property By Country | December 31,(Dollars in thousands) 2021 2020United States $ 177,918 $ 182,416Australia 107,343 144,573New Zealand 21,396 26,136Total operating property $ 306,657 $ 353,125 |
Summary Of Capital Expenditures | (Dollars in thousands) 2021 2020 2019Segment capital expenditures $ 14,428 $ 16,686 $ 47,555Corporate capital expenditures — 73 167Total capital expenditures $ 14,428 $ 16,759 $ 47,722 |
Summary Of Significant Accoun_3
Summary Of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Summary Of Significant Accounting Policies [Abstract] | |
Schedule Of Estimated Useful Lives Of Assets | Building and improvements15 – 60 yearsLeasehold improvementsShorter of the lease term or useful life of the improvementTheater equipment7 yearsFurniture and fixtures3 – 10 years |
Summary Of Currency Exchange Rates | As of andfor the year endedDecember 31, 2021 As of andfor the year endedDecember 31, 2020 As of andfor the year endedDecember 31, 2019Spot Rate Australian Dollar 0.7260 0.7709 0.7030New Zealand Dollar 0.6839 0.7194 0.6745Average Rate Australian Dollar 0.7517 0.6904 0.6954New Zealand Dollar 0.7077 0.6504 0.6593 |
Earnings (Loss) Per Share (Tabl
Earnings (Loss) Per Share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings (Loss) Per Share [Abstract] | |
Computation Of Basic And Diluted Earnings (Loss) Per Share | (Dollars in thousands, except share and per share data) 2021 2020 2019Numerator: Net income (loss) attributable to Reading International, Inc. $ 31,921 $ (65,200) $ (26,429)Denominator: Weighted average shares of common stock – basic 21,801,719 21,749,155 22,631,754Weighted average dilutive impact of stock-based awards 605,097 466,356 152,368Weighted average shares of common stock – diluted 22,406,816 22,215,511 22,784,122Basic earnings (loss) per share $ 1.46 $ (3.00) $ (1.17)Diluted earnings (loss) per share $ 1.42 $ (3.00) $ (1.17)Awards excluded from diluted earnings (loss) per share 517,344 674,676 516,010 |
Real Estate Transactions (Table
Real Estate Transactions (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Auburn/Redyard [Member] | |
Property, Plant and Equipment [Line Items] | |
Schedule Of The Total Transaction Gain | June 30(Dollars in thousands) 2021Sales price $ 69,579Net book value (30,231)Gain on sale, gross of direct costs 39,348Direct sale costs incurred (622)Gain on sale, net of direct costs $ 38,726 |
Manukau [Member] | |
Property, Plant and Equipment [Line Items] | |
Schedule Of The Total Transaction Gain | March 31,(Dollars in thousands) 2021Sales price $ 56,058Net book value (13,618)Gain on sale, gross of direct costs 42,440Direct sale costs incurred (1,514)Gain on sale, net of direct costs $ 40,926 |
Coachella [Member] | |
Property, Plant and Equipment [Line Items] | |
Schedule Of The Total Transaction Gain | March 31,(Dollars in thousands) 2021Sales price $ 11,000Net book value (4,351)Gain on sale, gross of direct costs 6,649Direct sale costs incurred (301)Gain on sale, net of direct costs $ 6,348 |
Royal George Theatre [Member] | |
Property, Plant and Equipment [Line Items] | |
Schedule Of The Total Transaction Gain | June 30(Dollars in thousands) 2021Sales price $ 7,075Net book value (1,824)Gain on sale, gross of direct costs 5,251Direct sale costs incurred (295)Gain on sale, net of direct costs $ 4,956 |
Invercargill [Member] | |
Property, Plant and Equipment [Line Items] | |
Schedule Of The Total Transaction Gain | September 30(Dollars in thousands) 2021Sales price $ 3,803Net book value (1,425)Gain on sale, gross of direct costs 2,378Direct sale costs incurred (6)Gain on sale, net of direct costs $ 2,372 |
Properties And Equipment (Table
Properties And Equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Properties And Equipment [Abstract] | |
Schedule Of Property And Equipment | December 31,(Dollars in thousands) 2021 2020Land $ 69,459 $ 82,286Building and improvements 219,580 253,419Leasehold improvements 58,349 59,054Fixtures and equipment 202,837 201,518Construction-in-progress 5,395 9,285Total cost 555,620 605,562Less: accumulated depreciation (248,963) (252,437)Operating Properties, net $ 306,657 $ 353,125 |
Schedule Of The Gross And Carrying Amounts Of The Properties Leased Of Held-For-Leasing | December 31,(Dollars in thousands) 2021 2020Building and improvements Gross balance $ 140,028 $ 153,643Less: Accumulated depreciation (23,923) (26,107)Net Book Value $ 116,105 $ 127,536 |
Summary Of Investment And Development Property | December 31,(Dollars in thousands) 2021 2020Land $ 4,193 $ 5,936Construction-in-progress (including capitalized interest) 5,377 5,634Investment and development property, net $ 9,570 $ 11,570 |
Investments In Unconsolidated_2
Investments In Unconsolidated Joint Ventures (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Investments In Unconsolidated Joint Ventures [Abstract] | |
Summary Of The Investments In Unconsolidated Joint Ventures And Entities | December 31,(Dollars in thousands) Interest 2021 2020Mt. Gravatt 33.3% $ 3,976 $ 3,960Rialto Cinemas 50.0% 1,017 1,065Total Joint Ventures $ 4,993 $ 5,025 |
Summary Of Equity Earnings (Losses) From Investments In Unconsolidated Joint Ventures | (Dollars in thousands) 2021 2020 2019Mt. Gravatt $ 254 $ (249) $ 674Rialto Cinemas 4 (200) 118Total equity earnings $ 258 $ (449) $ 792 |
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill And Intangible Assets [Abstract] | |
Summary Of Goodwill | (Dollars in thousands) Cinema Real Estate TotalBalance at January 1, 2020 $ 21,224 $ 5,224 $ 26,448Change in goodwill due to purchase of business 120 — 120Foreign currency translation adjustment 1,548 — 1,548Balance at December 31, 2020 $ 22,892 $ 5,224 $ 28,116Foreign currency translation adjustment (1,358) — (1,358)Balance at December 31, 2021 $ 21,534 $ 5,224 $ 26,758 |
Summary Of Intangible Assets Other Than Goodwill | December 31, 2021(Dollars in thousands) BeneficialLeases TradeName OtherIntangibleAssets TotalGross carrying amount $ 12,335 $ 9,058 $ 4,996 $ 26,389Less: accumulated amortization (12,002) (7,660) (3,452) (23,114)Less: impairment charges — — (17) (17)Net intangible assets other than goodwill $ 333 $ 1,398 $ 1,527 $ 3,258 December 31, 2020(Dollars in thousands) BeneficialLeases TradeName OtherIntangibleAssets TotalGross carrying amount $ 12,451 $ 9,058 $ 4,764 $ 26,273Less: accumulated amortization (10,375) (7,377) (4,533) (22,285)Less: impairment charges — — (17) (17)Net intangible assets other than goodwill $ 2,076 $ 1,681 $ 214 $ 3,971 |
Schedule Of Estimated Amortization Expense | (Dollars in thousands) EstimatedFutureAmortizationExpense2022 $ 8242023 4052024 2252025 1402026 127Thereafter 780Total future amortization expense $ 2,501 |
Prepaid And Other Assets (Table
Prepaid And Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Prepaid And Other Assets [Abstract] | |
Summary Of Prepaid And Other Assets | December 31,(Dollars in thousands) 2021 2020Prepaid and other current assets Prepaid expenses $ 1,185 $ 1,946Prepaid taxes 1,929 455Income taxes receivable 52 5,572Prepaid rent 1,438 162Deposits 244 245Investments in marketable securities 23 26Total prepaid and other current assets $ 4,871 $ 8,406Other non-current assets Other non-cinema and non-rental real estate assets $ 1,134 $ 1,134Investment in Reading International Trust I 838 838Straight-line rent asset 4,477 6,050Long-term deposits 12 8Total non-current assets $ 6,461 $ 8,030 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Taxes [Abstract] | |
Schedule Of Income (Loss) Before Income Tax Expense | (Dollars in thousands) 2021 2020 2019United States $ (35,835) $ (56,709) $ (11,539)Foreign 76,335 (13,666) 13,081Income (loss) before income taxes and equity earnings of unconsolidated joint ventures $ 40,500 $ (70,375) $ 1,542Equity earnings of unconsolidated joint ventures: United States — — —Foreign 258 (449) 792Income (loss) before income taxes $ 40,758 $ (70,824) $ 2,334 |
Schedule Of Significant Components Of The Provision For Income Taxes | (Dollars in thousands) 2021 2020 2019Current income tax expense (benefit) Federal $ (5,727) $ 349 $ 239State (6,426) 424 391Foreign 17,217 (2,233) 5,648Total 5,064 (1,460) 6,278Deferred income tax expense (benefit) Federal (119) (3,263) 17,277State (32) (5) 6,204Foreign 1,031 (239) (922)Total 880 (3,507) 22,559Total income tax expense (benefit) $ 5,944 $ (4,967) $ 28,837 |
Schedule Of Components Of Deferred Tax Assets And Liabilities | December 31,(Dollars in thousands) 2021 2020Deferred Tax Assets: Net operating loss carry-forwards $ 18,917 $ 21,498Foreign Tax Credit 3,743 3,743Compensation and employee benefits 3,539 3,255Deferred revenue 2,642 2,552Accrued expenses 8,646 9,691Accrued taxes — 2,313Lease obligations 69,342 64,859Land and property 958 4,842Total Deferred Tax Assets 107,787 112,753Deferred Tax Liabilities: Lease liabilities (63,293) (60,886)Accrued taxes (523) —Intangibles (396) (429)Other (461) (1,020)Total Deferred Tax Liabilities (64,673) (62,335)Net deferred tax assets before valuation allowance 43,114 50,418Valuation allowance (40,894) (47,056)Net deferred tax asset $ 2,220 $ 3,362 |
Schedule Of Income Tax Reconciliation Items | (Dollars in thousands) 2021 2020 2019Expected tax provision $ 8,559 $ (14,873) $ 490Increase (decrease) in tax expense resulting from: Foreign tax rate differential 6,473 (1,159) 1,269Change in valuation allowance (6,339) 11,424 19,950State and local tax provision (6,458) 418 6,595Tax rate change — (1,397) —Prior year adjustment (211) 877 85Unrecognized tax benefits (3,937) 246 257GILTI 7,858 — 103Foreign Tax Credit — — (81)Other (1) (503) 169Total income tax expense (benefit) $ 5,944 $ (4,967) $ 28,837 |
Summary Of The Activity Related To Unrecognized Tax Benefits | (Dollars in thousands) 2021 2020 2019Unrecognized tax benefits – gross beginning balance $ 2,086 $ 4,082 $ 4,709Gross increase (decrease) - prior year tax positions (1,664) (1,996) (148)Gross increase (decrease) - current year tax positions 11,114 — —Settlements — — (479)Unrecognized tax benefits – gross ending balance $ 11,536 $ 2,086 $ 4,082 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Borrowings [Abstract] | |
Summary Of Borrowings | As of December 31, 2021(Dollars in thousands) Maturity Date ContractualFacility Balance,Gross Balance,Net(1) StatedInterestRate EffectiveInterestRateDenominated in USD Trust Preferred Securities (US) April 30, 2027 $ 27,913 $ 27,913 $ 26,728 4.13% 4.13%Bank of America Credit Facility (US) March 6, 2023 39,500 39,500 39,364 5.75% 5.75%Cinemas 1, 2, 3 Term Loan (US) April 1, 2022 24,039 24,039 23,680 4.25% 4.25%Minetta & Orpheum Theatres Loan (US)(2) November 1, 2023 8,000 8,000 7,944 2.14% 5.15%U.S. Corporate Office Term Loan (US) January 1, 2027 8,936 8,936 8,860 4.64% / 4.44% 4.64%Union Square Financing (US) May 6, 2024 55,000 43,000 42,002 7.00% 7.00%Purchase Money Promissory Note (US) September 18, 2024 2,043 2,043 2,043 5.00% 5.00%Denominated in foreign currency ("FC")(3) NAB Corporate Term Loan (AU) December 31, 2023 74,052 74,052 73,900 1.82% 1.82%Westpac Bank Corporate (NZ) December 31, 2023 9,465 9,465 9,465 3.45% 3.45%Total $ 248,948 $ 236,948 $ 233,986 (1)Net of deferred financing costs amounting to $3.0 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 FC-denominated borrowings were translated into U.S. dollars based on exchange rates as of December 31, 2021. As of December 31, 2020(Dollars in thousands) Maturity Date ContractualFacility Balance,Gross Balance,Net(1) StatedInterestRate EffectiveInterestRateDenominated in USD Trust Preferred Securities (US) April 30, 2027 $ 27,913 $ 27,913 $ 26,505 4.27% 4.27%Bank of America Credit Facility (US) March 6, 2023 55,000 51,200 50,990 4.00% 4.00%Bank of America Line of Credit (US) March 6, 2023 5,000 5,000 5,000 3.15% 3.15%Cinemas 1, 2, 3 Term Loan (US) April 1, 2022 24,625 24,625 24,248 4.25% 4.25%Minetta & Orpheum Theatres Loan (US)(2) November 1, 2023 8,000 8,000 7,914 2.20% 5.15%U.S. Corporate Office Term Loan (US) January 1, 2027 9,186 9,186 9,095 4.64% / 4.44% 4.64%Union Square Financing (US) March 31, 2021 50,000 40,623 40,620 17.50% 17.50%Purchase Money Promissory Note September 18, 2024 2,883 2,883 2,883 5.00% 5.00%Denominated in foreign currency ("FC")(3) NAB Corporate Term Loan (AU) December 31, 2023 94,821 92,508 92,307 1.81% 1.81%Westpac Bank Corporate (NZ) December 31, 2023 23,021 23,021 23,021 2.95% 2.95%Total $ 300,449 $ 284,959 $ 282,583 (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 FC-denominated borrowings were translated into U.S. dollar based on exchange rates as of December 31, 2020. |
Schedule Of Long-term Debt Instruments, Net Of The Deferred Financing Costs | (Dollars in thousands) December 31,Balance Sheet Caption 2021 2020Debt - current portion $ 11,349 $ 41,459Debt - long-term portion 195,198 213,779Subordinated debt - current portion 711 840Subordinated debt - long-term portion 26,728 26,505Total borrowings $ 233,986 $ 282,583 |
Schedule Of Future Principal Loan Payments | (Dollars in thousands) FuturePrincipalDebt Payments2022 $ 33,4872023 123,5622024 43,8732025 3002026 313Thereafter 35,413 Total future principal debt payments $ 236,948 |
Pension And Other Liabilities (
Pension And Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Pension And Other Liabilities [Abstract] | |
Summary Of Other Liabilities Including Pension | December 31,(Dollars in thousands) 2021 2020Current liabilities Liability for demolition and remediation costs $ 2,783 $ 2,928Accrued pension(1) 684 684Security deposit payable 69 132Finance lease liabilities 40 49Other 43 33Other current liabilities $ 3,619 $ 3,826Other liabilities Accrued pension(1) 3,605 4,048Lease make-good provision 7,766 7,408Deferred rent liability 3,930 2,897Environmental reserve 1,656 1,656Lease liability(2) 5,900 5,900Acquired leases 21 31Finance lease liabilities 28 69Other — 8Other non-current liabilities $ 22,906 $ 22,017 (1)Represents the pension liability associated with the Supplemental Executive Retirement Plan explained below. (2)Represents the lease liability of the option associated with the ground lease purchase of the Village East Cinema. See Note 21 – Related Parties for more information. |
Schedule Of Change In Pension Benefit Obligation And Funded Status | December 31,(Dollars in thousands) 2021 2020Benefit obligation at January 1 $ 4,732 $ 5,153Service cost Interest cost 240 262Payments made (683) (683)Benefit obligation at December 31 $ 4,289 $ 4,732Unfunded status at December 31 $ (4,289) $ (4,732) |
Schedule Of Pension Benefit Obligation Recognized In Balance Sheets | December 31,(Dollars in thousands) 2021 2020Current liabilities $ 684 $ 684Other liabilities - Non current 3,605 4,048Total pension liability $ 4,289 $ 4,732 |
Schedule Of The Components Of Net Periodic Benefit Cost And Other Amounts Recognized In Other Comprehensive Income | December 31,(Dollars in thousands) 2021 2020Net periodic benefit cost Interest cost $ 240 $ 262Amortization of prior service costs — —Amortization of net actuarial gain 166 152Net periodic benefit cost $ 406 $ 414Items recognized in other comprehensive income Net loss $ — $ —Amortization of net loss (166) (152)Total recognized in other comprehensive income $ (166) $ (152)Total recognized in net periodic benefit cost and other comprehensive income $ 240 $ 262 |
Schedule Of Items Not Recognized As A Component Of Net Periodic Pension Cost | December 31,(Dollars in thousands) 2021 2020Unamortized actuarial loss $ 1,969 $ 2,135Accumulated other comprehensive income $ 1,969 $ 2,135 |
Schedule Of Expected Benefit Payments | (Dollars in thousands) EstimatedFuturePensionPayments2022 $ 6842023 6842024 6842025 6842026 684Thereafter 869Total pension payments $ 4,289 |
Schedule Of Reconciliation Of The Lease Make-Good Provision | (Dollars in thousands) As of and forthe year endedDecember 31,2021 As of and forthe year endedDecember 31,2020Lease make-good provision, at January 1 $ 7,408 $ 6,667Liabilities incurred during the year 288 62Liabilities settled during the year — —Accretion expense 343 291Effect of changes in foreign currency (273) 388Lease make-good provision, at December 31 $ 7,766 $ 7,408 |
Non-controlling Interests (Tabl
Non-controlling Interests (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Non-controlling Interests [Abstract] | |
Components Of Non-controlling Interests | December 31,(Dollars in thousands) 2021 2020Australian Country Cinemas, Pty Ltd $ 48 $ (51)Shadow View Land and Farming, LLC (4) 2,131Sutton Hill Properties, LLC 942 1,324Non-controlling interests in consolidated subsidiaries $ 986 $ 3,404 |
Components Of Income Attributable To Non-controlling Interest | (Dollars in thousands) 2021 2020 2019Australian Country Cinemas, Pty Ltd $ 111 $ (158) $ 117Shadow View Land and Farming, LLC 3,163 (69) (99)Sutton Hill Properties, LLC (381) (430) (92)Net income (loss) attributable to non-controlling interests in consolidated subsidiaries $ 2,893 $ (657) $ (74) |
Share-Based Compensation And _2
Share-Based Compensation And Share Repurchase Plans (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share-Based Compensation And Share Repurchase Plans [Abstract] | |
Schedule Of Fair Value Of Options, Weighted Average Assumptions | 2021 2020 2019Stock option exercise price $ — $ 4.66 $ 16.12Risk-free interest rate 0.00% 0.25% 2.42%Expected dividend yield — — —Expected option life in years — 3.75 3.75Expected volatility 0.00% 51.83% 23.32%Weighted average fair value $ — $ 1.80 $ 3.50 |
Schedule Of Stock Options Outstanding And Exercisable | Outstanding Stock Options Number ofOptions Weighted AverageExercise Price Weighted AverageRemaining Years ofContractual Life AggregateIntrinsicValue Class A Class B Class A Class B Class A&B Class A&BOutstanding - January 1, 2019 586,469 — $ 14.01 $ — 2.88 $ 1,530,528Granted 219,408 — 16.12 — Exercised (69,500) — 13.42 — 185,175Expired (25,000) — 13.42 — Outstanding - December 31, 2019 711,377 — $ 14.74 $ — 2.79 $ 136,350Granted 38,803 — 4.66 — Exercised — — — — —Expired (36,701) — 14.74 — Outstanding - December 31, 2020 713,479 — $ 14.64 $ — 2.18 $ 13,969Granted — — — — Exercised (38,803) — 4.66 — 63,831Expired (157,332) — 11.87 — Outstanding - December 31, 2021 517,344 — $ 15.42 $ — 1.66 $ — |
Summary Of Stock Options Outstanding And Exercisable | Vested and Unvested Stock Options Number ofOptions Weighted AverageExercise Price Weighted AverageRemaining Years ofContractual Life AggregateIntrinsicValue Class A Class B Class A Class B Class A&B Class A&BVested December 31, 2021 384,189 — $ 13.87 $ — 1.42 $ —December 31, 2020 418,435 — 13.87 — 1.64 —December 31, 2019 273,866 — 12.59 — 1.87 136,350Unvested December 31, 2021 133,155 — $ 15.65 $ — 2.29 $ —December 31, 2020 295,044 — 15.77 — 2.47 13,969December 31, 2019 437,511 — 15.78 — 3.36 — |
Schedule Of Restricted Stock Units Issued And Vested | Number of RSUs $ value of RSUs Granted Vesting Forfeited Unvested Granted Vesting Forfeited Unvested2016 68,153 67,372 781 — $ 815,160 805,759 9,400 —2017 70,538 70,006 532 — 1,124,348 1,115,852 8,496 —2018 97,600 84,491 2,903 10,206 1,581,512 1,366,610 47,408 167,4932019 59,258 33,861 3,104 22,293 944,070 534,575 50,005 359,4902020 401,966 162,282 1,755 237,929 2,281,899 817,792 9,172 1,454,9362021 361,593 26,924 — 334,669 2,185,222 140,005 — 2,045,217Total 1,059,108 444,936 9,075 605,097 $ 8,932,211 $ 4,780,593 $ 124,481 $ 4,027,136 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accumulated Other Comprehensive Income [Abstract] | |
Summary Of Accumulated Other Comprehensive Income | (Dollars in thousands) ForeignCurrencyItems(1) UnrealizedGain (Losses)on Available-for-SaleInvestments AccruedPensionServiceCosts(2) HedgeAccountingReserve(3) TotalBalance at January 1, 2021 $ 14,966 $ (12) $ (2,135) $ (317) $ 12,502 Change related to derivatives Total change in hedge fair value recorded in Other Comprehensive Income — — — 153 153Amounts reclassified from accumulated other comprehensive income — — — 187 187Net change related to derivatives — — — 340 340 Net current-period other comprehensive income (8,124) (2) 166 340 (7,620)Balance at December 31, 2021 $ 6,842 $ (14) $ (1,969) $ 23 $ 4,882 (1)Net of income tax expense of $36,000.(2)Net of income tax expense of $41,000.(3)Net of income tax expense of $66,000. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Measurements [Abstract] | |
Schedule Of Fair Value Carried At Cost And Measured On A Nonrecurring Basis | Carrying Fair Value Measurements at December 31, 2021(Dollars in thousands) Balance Sheet Location Value(1) Level 1 Level 2 Level 3 TotalFinancial liabilities Notes payable Debt - current and long-term portion $ 209,035 $ — $ — $ 207,817 $ 207,817 Subordinated debt Subordinated debt - current and long-term portion 27,913 — — 20,494 20,494Total $ 236,948 $ — $ — $ 228,311 $ 228,311 Carrying Fair Value Measurements at December 31, 2020(Dollars in thousands) Balance Sheet Location Value(1) Level 1 Level 2 Level 3 TotalFinancial liabilities Notes payable Debt - current and long-term portion $ 257,046 $ — $ — $ 258,525 $ 258,525 Subordinated debt Subordinated debt 27,913 — — 20,423 20,423Total $ 284,959 $ — $ — $ 278,948 $ 278,948 (1)These balances are presented gross of deferred financing costs. |
Hedge Accounting (Tables)
Hedge Accounting (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Hedge Accounting [Abstract] | |
Schedule Of Derivative Instruments On The Balance Sheet At Fair Value | Asset Derivatives December 31, 2021 2020(Dollars in thousands) Balance sheet location Fair value Balance sheet location Fair valueInterest rate contracts Derivative financial instruments - current portion $ 96 Derivative financial instruments - current portion $- Derivative financial instruments - non-current portion 112 Derivative financial instruments - non-current portion -Total derivatives designated as hedging instruments $ 208 $ —Total derivatives $ 208 $ — Liability Derivatives December 31, 2021 2020(Dollars in thousands) Balance sheet location Fair value Balance sheet location Fair valueInterest rate contracts Derivative financial instruments - current portion $ 181 Derivative financial instruments - current portion $ 218 Derivative financial instruments - non-current portion — Derivative financial instruments - non-current portion 212 Total derivatives designated as hedging instruments $ 181 $ 430 Total derivatives $ 181 $ 430 |
Schedule Of Changes in Fair value | (Dollars in thousands) Location of Loss Recognized in Income on Derivatives Amount of Loss Recognized in Income on Derivatives 2021 2020Interest rate contracts Interest expense, net $ 253 $ 202Total $ 253 $ 202 |
Summary Of Hedged Transactions That Affect Earnings | Loss Recognized in OCI on Derivatives (Effective Portion) Loss Reclassified from OCI into Income (Effective Portion) Loss Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing)(Dollars in thousands) Amount Line Item Amount Line Item Amount 2021 2020 2021 2020 2021 2020Interest rate contracts $ (153) $ 267 Interest expense, net $ (253) $ 202 Interest expense, net $ — $ —Total $ (153) $ 267 $ (253) $ 202 $ — $ — |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Components Of Lease Expense | December 31,(Dollars in thousands) 2021 2020Lease cost Finance lease cost: Amortization of right-of-use assets $ 49 $ 93Interest on lease liabilities 5 8Operating lease cost 33,782 33,462Variable lease cost (7,068) (4,445)Total lease cost $ 26,768 $ 29,118 |
Supplemental Cash Flow Information Related To Leases | December 31,(Dollars in thousands) 2021 2020Cash flows relating to lease cost Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for finance leases $ 53 $ 105Operating cash flows for operating leases 26,057 14,060Right-of-use assets obtained in exchange for new operating lease liabilities $ 39,090 $ (2,054) |
Supplemental Balance Sheet Information Related To Leases | December 31,(Dollars in thousands) 2021 2020Operating leases Operating lease right-of-use assets $ 227,367 $ 220,503Operating lease liabilities - current portion 23,737 22,699Operating lease liabilities - non-current portion 223,364 212,806Total operating lease liabilities $ 247,101 $ 235,505Finance leases —Property plant and equipment, gross $ 374 $ 383Accumulated depreciation (311) (271)Property plant and equipment, net $ 63 $ 112Other current liabilities 40 49Other long-term liabilities 28 69Total finance lease liabilities $ 68 $ 118 Other information Weighted-average remaining lease term - finance leases 2 3Weighted-average remaining lease term - operating leases 11 11Weighted-average discount rate - finance leases 5.24% 5.27%Weighted-average discount rate - operating leases 4.47% 4.71% |
Maturity Of Leases As Lessee | (Dollars in thousands) Operating leases Finance leases2022 $ 34,324 $ 432023 34,281 282024 32,838 —2025 30,855 —2026 28,608 —Thereafter 158,713 —Total lease payments $ 319,619 $ 71Less imputed interest (72,518) (3)Total $ 247,101 $ 68 |
Components Of Lease Income | December 31,(Dollars in thousands) 2021 2020Components of lease income Lease payments $ 9,679 $ 9,432Variable lease payments 655 (131)Total lease income $ 10,334 $ 9,301 |
Book Value Of Assets Under Operating Leases From Owned Assets | December 31, December 31,(Dollars in thousands) 2021 2020Building and improvements Gross balance $ 140,028 $ 153,643Accumulated depreciation (23,923) (26,107)Net Book Value $ 116,105 $ 127,536 |
Maturity Of Leases As Lessor | (Dollars in thousands) Operating leases2022 $ 7,2252023 6,7612024 6,0072025 4,9912026 2,383Thereafter 2,642Total $ 30,009 |
Business Combinations (Tables)
Business Combinations (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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) $ 362Deferred tax 5 — 5Current assets: Inventory 333 — 333 Intangible Assets Brand name — 250 250Liquor license 1 1Goodwill 5,617 (132) 5,485Total 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 3, 2019. |
Description Of Business And S_3
Description Of Business And Segment Reporting (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2021segment | |
Description Of Business And Segment Reporting [Abstract] | |
Number of operating segments | 2 |
Description Of Business And S_4
Description Of Business And Segment Reporting (Summary Of Results Of Operations For Principal Business Segments) (Details) | 12 Months Ended | ||
Dec. 31, 2021USD ($)segment | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Revenue | $ 139,060,000 | $ 77,862,000 | $ 276,768,000 |
Depreciation and amortization | (22,746,000) | (22,317,000) | (22,747,000) |
General and administrative expense | (25,100,000) | (16,998,000) | (25,395,000) |
Impairment of long-lived assets | 0 | (217,000) | 0 |
Total costs and expenses | (180,853,000) | (139,175,000) | (267,645,000) |
Segment operating income (loss) | $ (41,793,000) | (61,313,000) | 9,123,000 |
Number of operating segments | segment | 2 | ||
Operating Segments [Member] | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Revenue | $ 139,575,000 | 79,977,000 | 284,094,000 |
Costs and expenses | (133,522,000) | (101,758,000) | (226,829,000) |
Depreciation and amortization | (21,514,000) | (21,347,000) | (22,333,000) |
Total costs and expenses | (163,567,000) | (127,496,000) | (255,624,000) |
Segment operating income (loss) | (23,992,000) | (47,519,000) | 28,470,000 |
Intersegment Eliminations [Member] | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Revenue | (515,000) | (2,115,000) | (7,326,000) |
Costs and expenses | (515,000) | (2,115,000) | (7,326,000) |
Cinema Exhibition [Member] | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Impairment of long-lived assets | (217,000) | ||
Cinema Exhibition [Member] | Operating Segments [Member] | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Revenue | 126,812,000 | 67,014,000 | 262,189,000 |
Costs and expenses | (123,416,000) | (93,180,000) | (217,376,000) |
Depreciation and amortization | (14,422,000) | (15,246,000) | (16,940,000) |
Total costs and expenses | (145,449,000) | (112,070,000) | (238,860,000) |
Segment operating income (loss) | (18,637,000) | (45,056,000) | 23,329,000 |
Cinema Exhibition [Member] | Intersegment Eliminations [Member] | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Costs and expenses | (515,000) | (2,115,000) | (7,326,000) |
Real Estate [Member] | Operating Segments [Member] | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Revenue | 12,763,000 | 12,963,000 | 21,905,000 |
Costs and expenses | (10,106,000) | (8,578,000) | (9,453,000) |
Depreciation and amortization | (7,092,000) | (6,101,000) | (5,393,000) |
Total costs and expenses | (18,118,000) | (15,426,000) | (16,764,000) |
Segment operating income (loss) | (5,355,000) | (2,463,000) | 5,141,000 |
Real Estate [Member] | Intersegment Eliminations [Member] | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Revenue | (515,000) | (2,115,000) | (7,326,000) |
Segment [Member] | Operating Segments [Member] | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
General and administrative expense | (8,531,000) | (4,174,000) | (6,462,000) |
Segment [Member] | Cinema Exhibition [Member] | Operating Segments [Member] | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
General and administrative expense | (7,611,000) | (3,427,000) | (4,544,000) |
Segment [Member] | Real Estate [Member] | Operating Segments [Member] | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
General and administrative expense | (920,000) | (747,000) | (1,918,000) |
Third Party [Member] | Operating Segments [Member] | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Revenue | 139,060,000 | 77,862,000 | 276,768,000 |
Costs and expenses | (133,007,000) | (99,643,000) | (219,503,000) |
Third Party [Member] | Cinema Exhibition [Member] | Operating Segments [Member] | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Revenue | 126,812,000 | 67,014,000 | 262,189,000 |
Costs and expenses | (122,901,000) | (91,065,000) | (210,050,000) |
Third Party [Member] | Real Estate [Member] | Operating Segments [Member] | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Revenue | 12,248,000 | 10,848,000 | 14,579,000 |
Costs and expenses | $ (10,106,000) | $ (8,578,000) | $ (9,453,000) |
Description Of Business And S_5
Description Of Business And Segment Reporting (Reconciliation To Net Income Attributable To Common Shareholders) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||
Segment operating income (loss) | $ (41,793) | $ (61,313) | $ 9,123 |
Depreciation and amortization expense | (22,746) | (22,317) | (22,747) |
General and administrative expense | (25,100) | (16,998) | (25,395) |
Equity earnings of unconsolidated joint ventures | 258 | (449) | 792 |
Gain (loss) on sale of assets | 92,219 | (1) | (2) |
Other income (expense) | 3,762 | 293 | 325 |
Income (loss) before income taxes | 40,758 | (70,824) | 2,334 |
Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Segment operating income (loss) | (23,992) | (47,519) | 28,470 |
Depreciation and amortization expense | (21,514) | (21,347) | (22,333) |
Unallocated Corporate Expense [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization expense | (1,232) | (970) | (414) |
General and administrative expense | (16,569) | (12,824) | (18,933) |
Interest expense, net | (13,688) | (9,354) | (7,904) |
Equity earnings of unconsolidated joint ventures | 258 | (449) | 792 |
Gain (loss) on sale of assets | 92,219 | (1) | (2) |
Other income (expense) | 3,762 | 293 | 325 |
Income (loss) before income taxes | $ 40,758 | $ (70,824) | $ 2,334 |
Description Of Business And S_6
Description Of Business And Segment Reporting (Summary Of Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Segment Reporting Information [Line Items] | |||
Total Assets | $ 687,702 | $ 690,169 | |
Cash and cash equivalents | 83,251 | 26,826 | $ 12,135 |
United States [Member] | |||
Segment Reporting Information [Line Items] | |||
Total Assets | 336,029 | 340,836 | |
Australia [Member] | |||
Segment Reporting Information [Line Items] | |||
Total Assets | 274,330 | 267,153 | |
New Zealand [Member] | |||
Segment Reporting Information [Line Items] | |||
Total Assets | 77,343 | 82,180 | |
Country [Member] | |||
Segment Reporting Information [Line Items] | |||
Total Assets | 687,702 | 690,169 | |
Cinema Exhibition [Member] | |||
Segment Reporting Information [Line Items] | |||
Total Assets | 316,169 | 357,196 | |
Real Estate [Member] | |||
Segment Reporting Information [Line Items] | |||
Total Assets | 257,224 | 312,832 | |
Corporate [Member] | |||
Segment Reporting Information [Line Items] | |||
Total Assets | $ 114,309 | $ 20,141 |
Description Of Business And S_7
Description Of Business And Segment Reporting (Schedule Of Operating Property By Country) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Segment Reporting Information [Line Items] | ||
Total operating property | $ 306,657 | $ 353,125 |
United States [Member] | ||
Segment Reporting Information [Line Items] | ||
Total operating property | 177,918 | 182,416 |
Australia [Member] | ||
Segment Reporting Information [Line Items] | ||
Total operating property | 107,343 | 144,573 |
New Zealand [Member] | ||
Segment Reporting Information [Line Items] | ||
Total operating property | $ 21,396 | $ 26,136 |
Description Of Business And S_8
Description Of Business And Segment Reporting (Summary Of Capital Expenditures) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||
Total capital expenditures | $ 14,428 | $ 16,759 | $ 47,722 |
Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Total capital expenditures | $ 14,428 | 16,686 | 47,555 |
Corporate [Member] | |||
Segment Reporting Information [Line Items] | |||
Total capital expenditures | $ 73 | $ 167 |
Summary Of Significant Accoun_4
Summary Of Significant Accounting Policies (Narrative) (Details) $ in Thousands, $ in Millions | 12 Months Ended | ||||||
Dec. 31, 2021USD ($)asegment | Dec. 31, 2021AUD ($)segment | Dec. 31, 2021NZD ($)segment | Dec. 31, 2020USD ($) | Dec. 31, 2020AUD ($) | Dec. 31, 2020NZD ($) | Dec. 31, 2019USD ($) | |
Summary Of Significant Accounting Policies [Line Items] | |||||||
Cash position | $ 88,571,000 | $ 26,834,000 | $ 12,142,000 | ||||
Restricted cash, Current | $ 5,320,000 | 8,000 | 7,000 | ||||
Number of operating segments | segment | 2 | 2 | 2 | ||||
Impairment of long-lived assets | $ 0 | 217,000 | 0 | ||||
Goodwill impairment | 0 | 0 | 0 | ||||
Advertising expense | 700,000 | 700,000 | 1,800,000 | ||||
Gains/(losses) on the settlement of litigation | 800,000 | 3,000 | $ (67,000) | ||||
Unfavorable [Member] | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Derivative position | 181,000 | 430,000 | |||||
Favorable [Member] | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Derivative position | $ 208,000 | ||||||
Non Income Producing Properties [Member] | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Impairment of long-lived assets | 217,000 | ||||||
Mt. Gravatt [Member] | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Ownership percentage | 33.30% | ||||||
Rialto Cinemas [Member] | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Ownership percentage | 50.00% | ||||||
Australia [Member] | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Subsidies received | $ 2,600,000 | $ 3.5 | 9,500,000 | $ 12.3 | |||
New Zealand [Member] | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Subsidies received | $ 366,000 | $ 518 | $ 1,400,000 | $ 1,900 | |||
Australian Country Cinemas, Pty Ltd [Member] | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Ownership percentage by parent | 75.00% | ||||||
Sutton Hill Properties, LLC [Member] | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Ownership percentage by parent | 75.00% | ||||||
Shadow View Land And Farming, LLC [Member] | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Ownership percentage by parent | 50.00% | ||||||
Area of property | a | 202 | ||||||
Minimum [Member] | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Ownership percentage | 20.00% | ||||||
Maximum [Member] | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Ownership percentage | 50.00% |
Summary Of Significant Accoun_5
Summary Of Significant Accounting Policies (Schedule Of Estimated Useful Lives Of Assets) (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Building And Improvements [Member] | Minimum [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Estimated useful life | 15 years |
Building And Improvements [Member] | Maximum [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Estimated useful life | 60 years |
Theater Equipment [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Estimated useful life | 7 years |
Furniture And Fixtures [Member] | Minimum [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Estimated useful life | 3 years |
Furniture And Fixtures [Member] | Maximum [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Estimated useful life | 10 years |
Summary Of Significant Accoun_6
Summary Of Significant Accounting Policies (Summary Of Currency Exchange Rates) (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Australian Dollar [Member] | Spot Rate [Member] | |||
Currency Exchange Rates [Line Items] | |||
Foreign currency exchange rate | 0.7260 | 0.7709 | 0.7030 |
Australian Dollar [Member] | Average Rate [Member] | |||
Currency Exchange Rates [Line Items] | |||
Foreign currency exchange rate | 0.7517 | 0.6904 | 0.6954 |
New Zealand Dollar [Member] | Spot Rate [Member] | |||
Currency Exchange Rates [Line Items] | |||
Foreign currency exchange rate | 0.6839 | 0.7194 | 0.6745 |
New Zealand Dollar [Member] | Average Rate [Member] | |||
Currency Exchange Rates [Line Items] | |||
Foreign currency exchange rate | 0.7077 | 0.6504 | 0.6593 |
Impact Of COVID-19 Pandemic O_2
Impact Of COVID-19 Pandemic On Liquidity (Details) $ in Millions | Aug. 30, 2021NZD ($) | May 07, 2021NZD ($) | Jun. 30, 2021USD ($) | Dec. 31, 2021USD ($)segment | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Impact Of Covid [Line Items] | ||||||
Change in cash | $ 179,100,000 | $ 61,737,000 | $ 14,692,000 | $ (2,326,000) | ||
Debt and Capital Lease Obligations | 234,000,000 | 282,600,000 | ||||
Contractual Facility | $ 248,948,000 | 300,449,000 | ||||
Number of operating segments | segment | 2 | |||||
Impairment of long-lived assets | $ 0 | 217,000 | 0 | |||
Goodwill, Impairment Loss | 0 | 0 | 0 | |||
Proceeds from sale of assets | 145,165,000 | |||||
Repayment of long-term borrowings | $ 88,417,000 | 29,896,000 | $ 52,394,000 | |||
Shadow View Land And Farming, LLC [Member] | ||||||
Impact Of Covid [Line Items] | ||||||
Ownership percentage by noncontrolling interest | 50.00% | |||||
Bank Of America Credit Facility [Member] | ||||||
Impact Of Covid [Line Items] | ||||||
Contractual Facility | $ 39,500,000 | 55,000,000 | ||||
Westpac Bank Corporate Credit Facility [Member] | ||||||
Impact Of Covid [Line Items] | ||||||
Contractual Facility | $ 9,465,000 | 23,021,000 | ||||
Repayment of long-term borrowings | $ 2.2 | $ 16 | ||||
NAB Corporate Loan Facility [Member] | ||||||
Impact Of Covid [Line Items] | ||||||
Contractual Facility | 94,821,000 | |||||
COVID-19 [Member] | ||||||
Impact Of Covid [Line Items] | ||||||
Working capital | $ 179,100,000 |
Earnings (Loss) Per Share (Deta
Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Earnings (Loss) Per Share [Abstract] | |||
Net income (loss) attributable to RDI common stockholders | $ 31,921 | $ (65,200) | $ (26,429) |
Weighted average number of common stock – basic | 21,801,719 | 21,749,155 | 22,631,754 |
Weighted average dilutive impact of awards | 605,097 | 466,356 | 152,368 |
Weighted average number of common stock – diluted | 22,406,816 | 22,215,511 | 22,784,122 |
Basic earnings (loss) per share attributable to RDI common stockholders | $ 1.46 | $ (3) | $ (1.17) |
Diluted earnings (loss) per share attributable to RDI common stockholders | $ 1.42 | $ (3) | $ (1.17) |
Awards excluded from diluted earnings (loss) per share | 517,344 | 674,676 | 516,010 |
Real Estate Transactions (Narra
Real Estate Transactions (Narrative) (Details) a in Millions, $ in Millions, $ in Millions | Jun. 30, 2021USD ($) | Mar. 05, 2021USD ($) | Feb. 28, 2021USD ($) | Jan. 31, 2021USD ($)a | Dec. 31, 2020USD ($) | Mar. 31, 2021USD ($) | Dec. 31, 2021 | Sep. 30, 2021USD ($) | Aug. 30, 2021USD ($) | Aug. 30, 2021NZD ($) | Jun. 09, 2021USD ($) | Jun. 09, 2021AUD ($) | Mar. 04, 2021USD ($) | Mar. 04, 2021NZD ($) | Feb. 23, 2021NZD ($) | Jan. 31, 2021AUD ($) | Aug. 28, 2019USD ($) |
Auburn/Redyard [Member] | |||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||
Selling price | $ 69,579,000 | $ 69,600,000 | $ 90 | ||||||||||||||
Auburn/Redyard [Member] | Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations [Member] | |||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||
Acres of land announced to be sold | a | 2.6 | ||||||||||||||||
Reclassified the current carrying value of property | $ 30,200,000 | $ 39.1 | |||||||||||||||
Adjustment to sale price | $ 0 | ||||||||||||||||
Manukau [Member] | |||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||
Selling price | $ 56,058,000 | $ 56,100,000 | $ 77.2 | $ 1 | |||||||||||||
Manukau [Member] | Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations [Member] | |||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||
Reclassified the current carrying value of property | $ 13,600,000 | ||||||||||||||||
Adjustment to sale price | 0 | ||||||||||||||||
Coachella [Member] | |||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||
Selling price | $ 11,000,000 | ||||||||||||||||
Proceeds from the sale property | $ 5,300,000 | ||||||||||||||||
Coachella [Member] | Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations [Member] | |||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||
Reclassified the current carrying value of property | 4,400,000 | ||||||||||||||||
Adjustment to sale price | $ 0 | ||||||||||||||||
Royal George Theatre [Member] | |||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||
Selling price | 7,075,000 | ||||||||||||||||
Proceeds from the sale property | $ 6,800,000 | ||||||||||||||||
Royal George Theatre [Member] | Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations [Member] | |||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||
Reclassified the current carrying value of property | $ 1,800,000 | ||||||||||||||||
Adjustment to sale price | $ 0 | ||||||||||||||||
Invercargill [Member] | |||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||
Selling price | $ 3,803,000 | $ 3,800,000 | $ 5.4 | ||||||||||||||
Village East Cinema [Member] | |||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||
Selling price | $ 5,900,000 | ||||||||||||||||
Lease term | 13 years | ||||||||||||||||
Shadow View Land And Farming, LLC [Member] | |||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||
Noncontrolling interests | 50.00% | ||||||||||||||||
Shadow View Land And Farming, LLC [Member] | Coachella [Member] | |||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||
Percentage of share of the 5-screen Elsternwick Classic cinema | 50.00% | 50.00% | |||||||||||||||
Selling price | $ 11,000,000 | ||||||||||||||||
Estate of James J. Cotter, Sr. [Member] | Coachella [Member] | |||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||
Percentage of share of the 5-screen Elsternwick Classic cinema | 50.00% |
Real Estate Transactions (Sched
Real Estate Transactions (Schedule Of The Total Transaction Gain) (Details) $ in Thousands, $ in Millions, $ in Millions | Sep. 30, 2021USD ($) | Aug. 30, 2021USD ($) | Aug. 30, 2021NZD ($) | Jun. 30, 2021USD ($) | Jun. 09, 2021USD ($) | Jun. 09, 2021AUD ($) | Mar. 31, 2021USD ($) | Mar. 04, 2021USD ($) | Mar. 04, 2021NZD ($) | Feb. 23, 2021NZD ($) |
Auburn/Redyard [Member] | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Selling price | $ 69,579 | $ 69,600 | $ 90 | |||||||
Less: Property book value | (30,231) | |||||||||
Total transaction gain, gross | 39,348 | |||||||||
Less: Direct costs incurred | (622) | |||||||||
Total transaction gain, net | 38,726 | |||||||||
Manukau [Member] | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Selling price | $ 56,058 | $ 56,100 | $ 77.2 | $ 1 | ||||||
Less: Property book value | (13,618) | |||||||||
Total transaction gain, gross | 42,440 | |||||||||
Less: Direct costs incurred | (1,514) | |||||||||
Total transaction gain, net | 40,926 | |||||||||
Coachella [Member] | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Selling price | 11,000 | |||||||||
Less: Property book value | (4,351) | |||||||||
Total transaction gain, gross | 6,649 | |||||||||
Less: Direct costs incurred | (301) | |||||||||
Total transaction gain, net | $ 6,348 | |||||||||
Royal George Theatre [Member] | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Selling price | 7,075 | |||||||||
Less: Property book value | (1,824) | |||||||||
Total transaction gain, gross | 5,251 | |||||||||
Less: Direct costs incurred | (295) | |||||||||
Total transaction gain, net | $ 4,956 | |||||||||
Invercargill [Member] | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Selling price | $ 3,803 | $ 3,800 | $ 5.4 | |||||||
Less: Property book value | (1,425) | |||||||||
Total transaction gain, gross | 2,378 | |||||||||
Less: Direct costs incurred | (6) | |||||||||
Total transaction gain, net | $ 2,372 |
Properties And Equipment (Narra
Properties And Equipment (Narrative) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021USD ($)a | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Property, Plant and Equipment [Line Items] | |||
Depreciation expense for operating property | $ 22,000 | $ 21,500 | $ 22,000 |
Capitalized interest | $ 2,400 | ||
Proceeds from sale of assets | $ 145,165 | ||
Shadow View Land And Farming, LLC [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Area of property | a | 202 | ||
Ownership percentage by parent | 50.00% |
Properties And Equipment (Sched
Properties And Equipment (Schedule Of Property And Equipment) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Properties And Equipment [Abstract] | ||
Land | $ 69,459 | $ 82,286 |
Building and improvements | 219,580 | 253,419 |
Leasehold improvements | 58,349 | 59,054 |
Fixtures and equipment | 202,837 | 201,518 |
Construction-in-progress | 5,395 | 9,285 |
Total cost | 555,620 | 605,562 |
Less: accumulated depreciation | (248,963) | (252,437) |
Operating property, net | $ 306,657 | $ 353,125 |
Properties And Equipment (Sch_2
Properties And Equipment (Schedule Of The Gross And Carrying Amounts Of The Properties Leased Of Held-For-Leasing) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Properties And Equipment [Abstract] | ||
Gross balance | $ 140,028 | $ 153,643 |
Less: Accumulated depreciation | (23,923) | (26,107) |
Net Book Value | $ 116,105 | $ 127,536 |
Properties And Equipment (Summa
Properties And Equipment (Summary Of Investment And Development Property) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Investment and development property | $ 9,570 | $ 11,570 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Investment and development property | 4,193 | 5,936 |
Construction-In-Progress (Including Capitalized Interest) [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Investment and development property | $ 5,377 | $ 5,634 |
Investments In Unconsolidated_3
Investments In Unconsolidated Joint Ventures (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2021item | |
Mt. Gravatt [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Number of screens on property | 16 |
Interest | 33.30% |
Rialto Cinemas [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Number of movie theatre | 2 |
Number of screens on property | 13 |
Interest | 50.00% |
Investments In Unconsolidated_4
Investments In Unconsolidated Joint Ventures (Summary Of The Investments In Unconsolidated Joint Ventures And Entities) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Schedule of Equity Method Investments [Line Items] | ||
Total Joint Ventures | $ 4,993 | $ 5,025 |
Mt. Gravatt [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Interest | 33.30% | |
Total Joint Ventures | $ 3,976 | 3,960 |
Rialto Cinemas [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Interest | 50.00% | |
Total Joint Ventures | $ 1,017 | $ 1,065 |
Investments In Unconsolidated_5
Investments In Unconsolidated Joint Ventures (Summary Of Equity Earnings (Losses) From Investments In Unconsolidated Joint Ventures) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of Equity Method Investments [Line Items] | |||
Total equity earnings | $ 258 | $ (449) | $ 792 |
Mt. Gravatt [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Total equity earnings | 254 | (249) | 674 |
Rialto Cinemas [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Total equity earnings | $ 4 | $ (200) | $ 118 |
Goodwill And Intangible Asset_2
Goodwill And Intangible Assets (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Finite-Lived Intangible Assets [Line Items] | |||
Goodwill impairment | $ 0 | $ 0 | $ 0 |
Intangible Assets, Net (Excluding Goodwill) | 3,258,000 | 3,971,000 | |
Finite-Lived Intangible Assets, Amortization Expense | $ 700,000 | 900,000 | $ 700,000 |
Beneficial Leases [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets estimated useful life | 30 years | ||
Intangible Assets, Net (Excluding Goodwill) | $ 333,000 | 2,076,000 | |
Trade Name [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible Assets, Net (Excluding Goodwill) | $ 1,398,000 | 1,681,000 | |
Other Intangible Assets [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets estimated useful life | 30 years | ||
Intangible Assets, Net (Excluding Goodwill) | $ 1,527,000 | 214,000 | |
Maximum [Member] | Trade Name [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets estimated useful life | 30 years | ||
Liquor Licenses [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible Assets, Net (Excluding Goodwill) | $ 757,000 | $ 490,000 |
Goodwill And Intangible Asset_3
Goodwill And Intangible Assets (Summary Of Goodwill) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Goodwill [Line Items] | ||
Beginning balance | $ 28,116 | $ 26,448 |
Change in goodwill due to purchase of business | 120 | |
Foreign currency translation adjustment | (1,358) | 1,548 |
Ending balance | 26,758 | 28,116 |
Cinema [Member] | ||
Goodwill [Line Items] | ||
Beginning balance | 22,892 | 21,224 |
Change in goodwill due to purchase of business | 120 | |
Foreign currency translation adjustment | (1,358) | 1,548 |
Ending balance | 21,534 | 22,892 |
Real Estate [Member] | ||
Goodwill [Line Items] | ||
Beginning balance | 5,224 | 5,224 |
Ending balance | $ 5,224 | $ 5,224 |
Goodwill And Intangible Asset_4
Goodwill And Intangible Assets (Summary Of Intangible Assets Other Than Goodwill) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 26,389 | $ 26,273 |
Less: accumulated amortization | (23,114) | (22,285) |
Less: impairment charges | (17) | |
Net intangible assets other than goodwill | 3,258 | 3,971 |
Beneficial Leases [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 12,335 | 12,451 |
Less: accumulated amortization | (12,002) | (10,375) |
Net intangible assets other than goodwill | 333 | 2,076 |
Trade Name [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 9,058 | 9,058 |
Less: accumulated amortization | (7,660) | (7,377) |
Net intangible assets other than goodwill | 1,398 | 1,681 |
Other Intangible Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 4,996 | 4,764 |
Less: accumulated amortization | (3,452) | (4,533) |
Less: impairment charges | (17) | |
Net intangible assets other than goodwill | $ 1,527 | $ 214 |
Goodwill And Intangible Asset_5
Goodwill And Intangible Assets (Schedule Of Estimated Amortization Expense) (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Goodwill And Intangible Assets [Abstract] | |
2022 | $ 824 |
2023 | 405 |
2024 | 225 |
2025 | 140 |
2026 | 127 |
Thereafter | 780 |
Total future amortization expense | $ 2,501 |
Prepaid And Other Assets (Detai
Prepaid And Other Assets (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2009 | Feb. 05, 2007 |
Prepaid And Other Assets [Abstract] | ||||
Prepaid expenses | $ 1,185,000 | $ 1,946,000 | ||
Prepaid taxes | 1,929,000 | 455,000 | ||
Income taxes receivable | 52,000 | 5,572,000 | ||
Prepaid rent | 1,438,000 | 162,000 | ||
Deposits | 244,000 | 245,000 | ||
Investment in marketable securities | 23,000 | 26,000 | ||
Total prepaid and other current assets | 4,871,000 | 8,406,000 | ||
Other non-cinema and non-rental real estate assets | 1,134,000 | 1,134,000 | ||
Investment in Reading International Trust I | 838,000 | 838,000 | $ 838,000 | $ 1,500,000 |
Straight-line asset | 4,477,000 | 6,050,000 | ||
Long-term deposits | 12,000 | 8,000 | ||
Total other non-current assets | $ 6,461,000 | $ 8,030,000 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Line Items] | |||
Increase (decrease) to unrecognized tax interest | $ 10,500,000 | $ 700,000 | |
Unrecognized tax interest | 400,000 | 10,900,000 | |
Impact of effective tax rate if recognized | 11,500,000 | 2,100,000 | |
Income tax benefit (expense) | 5,944,000 | (4,967,000) | $ 28,837,000 |
Change in valuation allowance on net deferred tax assets | 6,200,000 | ||
Valuation allowance | 40,894,000 | $ 47,056,000 | |
Domestic Tax Authority [Member] | |||
Income Tax Disclosure [Line Items] | |||
Alternative minimum tax credit carry-forwards | 46,500,000 | ||
California [Member] | |||
Income Tax Disclosure [Line Items] | |||
Alternative minimum tax credit carry-forwards | 34,800,000 | ||
Hawaii [Member] | |||
Income Tax Disclosure [Line Items] | |||
Alternative minimum tax credit carry-forwards | 25,500,000 | ||
New Jersey [Member] | |||
Income Tax Disclosure [Line Items] | |||
Alternative minimum tax credit carry-forwards | 1,700,000 | ||
New York State [Member] | |||
Income Tax Disclosure [Line Items] | |||
Alternative minimum tax credit carry-forwards | 51,100,000 | ||
New York City [Member] | |||
Income Tax Disclosure [Line Items] | |||
Alternative minimum tax credit carry-forwards | 48,500,000 | ||
Minimum [Member] | |||
Income Tax Disclosure [Line Items] | |||
Uncertain tax position probable changes in next 12 months | 500,000 | ||
Maximum [Member] | |||
Income Tax Disclosure [Line Items] | |||
Uncertain tax position probable changes in next 12 months | $ 1,500,000 |
Income Taxes (Schedule Of Incom
Income Taxes (Schedule Of Income (Loss) Before Income Tax Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Line Items] | |||
Income (loss) before income taxes and equity earnings of unconsolidated joint ventures | $ 40,500 | $ (70,375) | $ 1,542 |
Equity earnings of unconsolidated joint ventures | 258 | (449) | 792 |
Income (loss) before income taxes | 40,758 | (70,824) | 2,334 |
United States [Member] | |||
Income Tax Disclosure [Line Items] | |||
Income (loss) before income taxes and equity earnings of unconsolidated joint ventures | (35,835) | (56,709) | (11,539) |
Equity earnings of unconsolidated joint ventures | |||
Foreign [Member] | |||
Income Tax Disclosure [Line Items] | |||
Income (loss) before income taxes and equity earnings of unconsolidated joint ventures | 76,335 | (13,666) | 13,081 |
Equity earnings of unconsolidated joint ventures | $ 258 | $ (449) | $ 792 |
Income Taxes (Schedule Of Signi
Income Taxes (Schedule Of Significant Components Of The Provision For Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Taxes [Abstract] | |||
Current income tax expense (benefit), Federal | $ (5,727) | $ 349 | $ 239 |
Current income tax expense (benefit), State | (6,426) | 424 | 391 |
Current income tax expense (benefit), Foreign | 17,217 | (2,233) | 5,648 |
Total current income tax expense (benefit) | 5,064 | (1,460) | 6,278 |
Deferred income tax expense (benefit), Federal | (119) | (3,263) | 17,277 |
Deferred income tax expense (benefit), State | (32) | (5) | 6,204 |
Deferred income tax expense (benefit), Foreign | 1,031 | (239) | (922) |
Total deferred income tax expense (benefit) | 880 | (3,507) | 22,559 |
Total income tax expense (benefit) | $ 5,944 | $ (4,967) | $ 28,837 |
Income Taxes (Schedule Of Compo
Income Taxes (Schedule Of Components Of Deferred Tax Assets And Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Income Taxes [Abstract] | ||
Net operating loss carry-forwards | $ 18,917 | $ 21,498 |
Foreign Tax Credit | 3,743 | 3,743 |
Compensation and employee benefits | 3,539 | 3,255 |
Deferred revenue | 2,642 | 2,552 |
Accrued expenses | 8,646 | 9,691 |
Accrued taxes | 2,313 | |
Lease Obligations | 69,342 | 64,859 |
Land and property | 958 | 4,842 |
Total Deferred Tax Assets | 107,787 | 112,753 |
Lease liabilities | (63,293) | (60,886) |
Accrued taxes | 523 | |
Intangibles | (396) | (429) |
Other | (461) | (1,020) |
Total Deferred Tax Liabilities | (64,673) | (62,335) |
Net deferred tax assets before valuation allowance | 43,114 | 50,418 |
Valuation allowance | (40,894) | (47,056) |
Net deferred tax asset | $ 2,220 | $ 3,362 |
Income Taxes (Schedule Of Inc_2
Income Taxes (Schedule Of Income Tax Reconciliation Items) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Taxes [Abstract] | |||
Expected tax provision | $ 8,559 | $ (14,873) | $ 490 |
Foreign tax rate differential | 6,473 | (1,159) | 1,269 |
Change in valuation allowance | (6,339) | 11,424 | 19,950 |
State and local tax provision | (6,458) | 418 | 6,595 |
Tax rate change | (1,397) | ||
Prior year adjustments | (211) | 877 | 85 |
Unrecognized tax benefits | (3,937) | 246 | 257 |
GILTI | 7,858 | 103 | |
Foreign Tax Credit | (81) | ||
Other | (1) | (503) | 169 |
Total income tax expense (benefit) | $ 5,944 | $ (4,967) | $ 28,837 |
Income Taxes (Summary Of The Ac
Income Taxes (Summary Of The Activity Related To Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Taxes [Abstract] | |||
Unrecognized tax benefits – gross beginning balance | $ 2,086 | $ 4,082 | $ 4,709 |
Gross increase (decrease) - prior year tax positions | (1,664) | (1,996) | (148) |
Gross increase (decrease) – current period tax positions | 11,114 | ||
Settlements | (479) | ||
Unrecognized tax benefits – gross ending balance | $ 11,536 | $ 2,086 | $ 4,082 |
Borrowings (Bank Of America Cre
Borrowings (Bank Of America Credit Facility) (Narrative) (Details) - USD ($) $ in Thousands | Nov. 08, 2021 | Aug. 07, 2020 | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||||
Contractual facility | $ 248,948 | $ 300,449 | ||
Bank Of America Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Spread over LIBOR | 1.00% | |||
Repayment of debt | $ 2,800 | |||
Contractual facility | $ 39,500 | $ 55,000 | ||
Maturity date | Mar. 6, 2023 | Mar. 6, 2023 | ||
Bank Of America Credit Facility [Member] | Eurodollar [Member] | ||||
Debt Instrument [Line Items] | ||||
Spread over LIBOR | 3.00% | |||
United States Bank Of America Credit Facility, Amended [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, maximum borrowing capacity | $ 55,000 | |||
Minimum [Member] | United States Bank Of America Credit Facility, Amended [Member] | Eurodollar [Member] | ||||
Debt Instrument [Line Items] | ||||
Spread over LIBOR | 2.50% | |||
Maximum [Member] | United States Bank Of America Credit Facility, Amended [Member] | Eurodollar [Member] | ||||
Debt Instrument [Line Items] | ||||
Spread over LIBOR | 3.00% |
Borrowings (Bank Of America Lin
Borrowings (Bank Of America Line Of Credit) (Narrative) (Details) - USD ($) $ in Thousands | Mar. 06, 2020 | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | |||
Contractual facility | $ 248,948 | $ 300,449 | |
Bank Of America Line Of Credit [Member] | |||
Debt Instrument [Line Items] | |||
Line of credit facility, previous borrowing capacity | $ 5,000 | ||
Maturity date | Mar. 6, 2023 | ||
Contractual facility | $ 5,000 | ||
London Interbank Offered Rate (LIBOR) [Member] | Bank Of America Line Of Credit [Member] | |||
Debt Instrument [Line Items] | |||
Spread over LIBOR | 1.00% |
Borrowings (Minetta And Orpheum
Borrowings (Minetta And Orpheum Theatres Loan) (Narrative) (Details) - USD ($) $ in Thousands | Oct. 12, 2018 | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | |||
Loan amount | $ 248,948 | $ 300,449 | |
Minetta And Orpheum Theatres Loan [Member] | |||
Debt Instrument [Line Items] | |||
Loan amount | $ 7,500 | $ 8,000 | $ 8,000 |
Minetta And Orpheum Theatres Loan [Member] | Santander Bank [Member] | |||
Debt Instrument [Line Items] | |||
Loan amount | $ 8,000 | ||
Debt instrument term | 5 years |
Borrowings (U.S. Corporate Offi
Borrowings (U.S. Corporate Office Term Loan) (Narrative) (Details) - USD ($) $ in Thousands | Jun. 26, 2017 | Dec. 13, 2016 | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||||
Contractual facility | $ 248,948 | $ 300,449 | ||
U.S. Corporate Office Term Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument term | 10 years | |||
Contractual facility | $ 8,400 | $ 8,936 | $ 9,186 | |
Interest rate | 4.44% | 4.64% | ||
Debt increase | $ 1,500 |
Borrowings (Cinema 1, 2, 3 Term
Borrowings (Cinema 1, 2, 3 Term Loan) (Narrative) (Details) $ in Thousands | Mar. 13, 2020USD ($)item | Aug. 31, 2016USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) |
Debt Instrument [Line Items] | ||||
Contractual facility | $ 248,948 | $ 300,449 | ||
Sutton Hill Properties, LLC [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 | $ 24,039 | $ 24,625 |
Interest rate | 4.25% | 3.25% | ||
Line of credit facility, maximum borrowing capacity | $ 20,000 | |||
Number of extension options | item | 2 | |||
Extension period | 6 months | 12 months | ||
Maturity date | Apr. 1, 2022 | Apr. 1, 2022 | ||
US Cinema 1, 2, 3 Term Loan [Member] | Sutton Hill Properties, LLC [Member] | ||||
Debt Instrument [Line Items] | ||||
Ownership percentage by parent | 75.00% | |||
Santander Bank [Member] | US Cinema 1, 2, 3 Term Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Contractual facility | $ 15,000 |
Borrowings (Union Square Theatr
Borrowings (Union Square Theatre Term Loan) (Narrative) (Details) - USD ($) $ in Millions | May 07, 2021 | Jan. 24, 2020 | Aug. 08, 2019 | Dec. 29, 2020 | Dec. 29, 2016 |
US Union Square Term Loan - Sun Life [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, maximum borrowing capacity | $ 57.5 | ||||
United States Union Square Term Loan – First Mortgage [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, maximum borrowing capacity | 50 | ||||
Line of credit facility, term | 1 year | ||||
Interest rate | 17.50% | ||||
United States Union Square Term Loan – Messanine [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, maximum borrowing capacity | $ 7.5 | ||||
Repayment of debt | $ 7.5 | ||||
United States Union Square Term Loan – Emerald Creek Capital [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, maximum borrowing capacity | $ 55 | ||||
Line of credit facility, term | 3 years | ||||
United States Union Square Term Loan – Emerald Creek Capital, Extension [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, term | 12 months | ||||
London Interbank Offered Rate (LIBOR) [Member] | United States Union Square Term Loan – Emerald Creek Capital [Member] | |||||
Debt Instrument [Line Items] | |||||
Spread over LIBOR | 6.90% | ||||
London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | United States Union Square Term Loan – Emerald Creek Capital [Member] | |||||
Debt Instrument [Line Items] | |||||
Spread over LIBOR | 7.00% |
Borrowings (Purchase Money Prom
Borrowings (Purchase Money Promissory Note) (Narrative) (Details) - USD ($) $ in Millions | Sep. 18, 2019 | Dec. 31, 2021 | Dec. 31, 2020 |
Purchase Money Promissory Note [Member] | |||
Debt Instrument [Line Items] | |||
Maturity date | Sep. 18, 2024 | Sep. 18, 2024 | |
Interest rate | 5.00% | ||
Payment to repurchase shares | $ 3.5 | ||
Share Repurchased Program [Member] | |||
Debt Instrument [Line Items] | |||
Shares repurchased plan, shares | 407,000 | ||
Payment to repurchase shares | $ 5.5 |
Borrowings (Trust Preferred Sec
Borrowings (Trust Preferred Securities) (Narrative) (Details) - USD ($) | Oct. 11, 2018 | May 01, 2012 | Apr. 30, 2009 | Dec. 31, 2008 | Feb. 05, 2007 | Dec. 31, 2011 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2009 | Dec. 31, 2008 | Oct. 31, 2018 | Dec. 31, 2015 | Mar. 31, 2009 |
Debt Instrument [Line Items] | ||||||||||||||
Investment in common trust securities | $ 1,500,000 | $ 838,000 | $ 838,000 | $ 838,000 | ||||||||||
Preferred stock dividends payable | 193,000 | 195,000 | ||||||||||||
Marketable securities | $ 11,500,000 | |||||||||||||
Loan amount | $ 248,948,000 | $ 300,449,000 | ||||||||||||
Trust Preferred Securities [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Trust preferred securities | $ 51,500,000 | $ 22,900,000 | ||||||||||||
Debt instrument term | 20 years | |||||||||||||
Trust preferred securities issued | $ 51,500,000 | |||||||||||||
Trust preferred securities issued to third party | 50,000,000 | |||||||||||||
Trust preferred securities issued to parent | $ 1,500,000 | |||||||||||||
Initial interest rate | 9.22% | |||||||||||||
Period of initial interest rate | 5 years | |||||||||||||
LIBOR period | 3 months | |||||||||||||
Spread over LIBOR | 4.00% | |||||||||||||
Maturity date | Apr. 30, 2027 | Apr. 30, 2027 | ||||||||||||
Principal payment | $ 0 | |||||||||||||
Initial period of payoff restriction | 5 years | |||||||||||||
Percentage of principal that may be paid without penalty after initial restriction period | 100.00% | |||||||||||||
Period of waiver on all financial covenants | 9 years | |||||||||||||
Financial covenant waiver payment due | $ 1,600,000 | $ 1,600,000 | $ 270,000 | |||||||||||
Financial covenant waiver payment | $ 1,100,000 | $ 270,000 | ||||||||||||
Trust preferred dividends paid | $ 1,100,000 | $ 1,400,000 | $ 1,800,000 | |||||||||||
Frequency of interest payment | 3 months | |||||||||||||
Extinguishment of debt | $ 22,900,000 | |||||||||||||
Amortization of debt discount | $ 106,000 | |||||||||||||
Gain on retirement of subordinated debt | 10,700,000 | |||||||||||||
Write-off of deferred loan costs | $ 749,000 | |||||||||||||
Loan amount | $ 1,600,000 | $ 27,913,000 | $ 27,913,000 | |||||||||||
Initial payment | $ 1,100,000 | |||||||||||||
Contractual obligation due in October 2021 | 270,000 | |||||||||||||
Contractual obligation due in October 2025 | $ 225,000 |
Borrowings (Westpac Bank Corpor
Borrowings (Westpac Bank Corporate Credit Facility (NZ)) (Narrative) (Details) $ in Thousands, $ in Millions | Aug. 30, 2021NZD ($) | May 07, 2021NZD ($) | Jun. 29, 2020 | Dec. 20, 2018NZD ($) | Dec. 19, 2018NZD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Debt Instrument [Line Items] | ||||||||
Contractual facility | $ 248,948 | $ 300,449 | ||||||
Repayment of long-term borrowings | 88,417 | 29,896 | $ 52,394 | |||||
Westpac Bank Corporate Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit facility, increase in maximum borrowing capacity | $ 13.8 | $ 16 | ||||||
Contractual facility | $ 9,465 | $ 23,021 | ||||||
Maturity date | Dec. 31, 2023 | Dec. 31, 2023 | ||||||
Interest rate | 1.65% | |||||||
Repayment of long-term borrowings | $ 2.2 | $ 16 | ||||||
Westpac Bank Corporate Credit Facility [Member] | Bank Bill Swap Bid Rate [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Increase in spread on variable interest rate | 2.40% | |||||||
Westpac Bank Corporate Credit Facility, Tranche 1 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit facility, increase in maximum borrowing capacity | $ 32 | $ 35 | ||||||
Interest rate | 1.10% | |||||||
Westpac Bank Corporate Credit Facility, Tranche 1 [Member] | Bank Bill Swap Bid Rate [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Increase in spread on variable interest rate | 1.75% | |||||||
Westpac Bank Corporate Credit Facility, Tranche 2 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit facility, increase in maximum borrowing capacity | $ 18 |
Borrowings (Australian NAB Corp
Borrowings (Australian NAB Corporate Term Loan (AU)) (Narrative) (Details) $ in Millions | Dec. 29, 2021AUD ($) | Jun. 09, 2021USD ($) | Mar. 15, 2019AUD ($) | Aug. 06, 2021 |
Revolving Corporate Markets Loan Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, maximum borrowing capacity | $ 43,000,000 | $ 66,500,000 | ||
Repayment of debt | $ 20 | |||
Interest rate | 1.75% | |||
Revolving Corporate Markets Loan Facility, Amended [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, maximum borrowing capacity | 123,000,000 | $ 5,000,000 | ||
Interest rate | 1.90% | |||
Revolving Corporate Markets Loan Facility, Amended [Member] | Scenario, Actual [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, maximum borrowing capacity | 120,000,000 | |||
Corporate Loan Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, maximum borrowing capacity | $ 120,000,000 | |||
Corporate Loan Facility [Member] | Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, maximum borrowing capacity | 80,000,000 | |||
Corporate Loan Facility [Member] | Core Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, maximum borrowing capacity | 40,000,000 | |||
Bank Guarantee Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, maximum borrowing capacity | $ 5,000,000 | |||
Interest rate | 1.85% | |||
Jindalee, Queensland [Member] | Revolving Corporate Markets Loan Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, maximum borrowing capacity | 3,000,000 | |||
Semi-Annual principal payment | $ 500,000 | |||
Minimum [Member] | Corporate Loan Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Spread on variable interest rate | 0.85% | |||
Maximum [Member] | Corporate Loan Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Spread on variable interest rate | 1.30% | |||
Bank Bill Swap Bid Rate [Member] | Revolving Corporate Markets Loan Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Spread on variable interest rate | 0.95% |
Borrowings (Summary Of Borrowin
Borrowings (Summary Of Borrowings) (Details) - USD ($) $ in Thousands | Mar. 13, 2020 | Oct. 12, 2018 | Oct. 11, 2018 | Dec. 13, 2016 | Aug. 31, 2016 | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | |||||||
Contractual Facility | $ 248,948 | $ 300,449 | |||||
Balance Gross | 236,948 | 284,959 | |||||
Balance Net | 233,986 | 282,583 | |||||
Deferred financing costs, net | $ 3,000 | $ 2,200 | |||||
Trust Preferred Securities [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Maturity Date | Apr. 30, 2027 | Apr. 30, 2027 | |||||
Contractual Facility | $ 1,600 | $ 27,913 | $ 27,913 | ||||
Balance Gross | 27,913 | 27,913 | |||||
Balance Net | $ 26,728 | $ 26,505 | |||||
Stated Interest Rate | 4.13% | 4.27% | |||||
Effective Interest Rate | 4.13% | 4.27% | |||||
Bank Of America Credit Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Maturity Date | Mar. 6, 2023 | Mar. 6, 2023 | |||||
Contractual Facility | $ 39,500 | $ 55,000 | |||||
Balance Gross | 39,500 | 51,200 | |||||
Balance Net | $ 39,364 | $ 50,990 | |||||
Stated Interest Rate | 5.75% | 4.00% | |||||
Effective Interest Rate | 5.75% | 4.00% | |||||
Bank Of America Line Of Credit [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Maturity Date | Mar. 6, 2023 | ||||||
Contractual Facility | $ 5,000 | ||||||
Balance Gross | 5,000 | ||||||
Balance Net | $ 5,000 | ||||||
Stated Interest Rate | 3.15% | ||||||
Effective Interest Rate | 3.15% | ||||||
US Cinema 1, 2, 3 Term Loan [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Maturity Date | Apr. 1, 2022 | Apr. 1, 2022 | |||||
Contractual Facility | $ 25,000 | $ 20,000 | $ 24,039 | $ 24,625 | |||
Balance Gross | 24,039 | 24,625 | |||||
Balance Net | $ 23,680 | $ 24,248 | |||||
Stated Interest Rate | 4.25% | 4.25% | |||||
Effective Interest Rate | 4.25% | 4.25% | |||||
Minetta And Orpheum Theatres Loan [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Maturity Date | Nov. 1, 2023 | Nov. 1, 2023 | |||||
Contractual Facility | $ 7,500 | $ 8,000 | $ 8,000 | ||||
Balance Gross | 8,000 | 8,000 | |||||
Balance Net | $ 7,944 | $ 7,914 | |||||
Stated Interest Rate | 2.14% | 2.20% | |||||
Effective Interest Rate | 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 | $ 8,936 | $ 9,186 | ||||
Balance Gross | 8,936 | 9,186 | |||||
Balance Net | $ 8,860 | $ 9,095 | |||||
Effective Interest Rate | 4.64% | 4.64% | |||||
Union Square Construction Financing [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Maturity Date | May 6, 2024 | Mar. 31, 2021 | |||||
Contractual Facility | $ 55,000 | $ 50,000 | |||||
Balance Gross | 43,000 | 40,623 | |||||
Balance Net | $ 42,002 | $ 40,620 | |||||
Stated Interest Rate | 7.00% | 17.50% | |||||
Effective Interest Rate | 7.00% | 17.50% | |||||
Purchase Money Promissory Note [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Maturity Date | Sep. 18, 2024 | Sep. 18, 2024 | |||||
Contractual Facility | $ 2,043 | $ 2,883 | |||||
Balance Gross | 2,043 | 2,883 | |||||
Balance Net | $ 2,043 | $ 2,883 | |||||
Stated Interest Rate | 5.00% | 5.00% | |||||
Effective Interest Rate | 5.00% | 5.00% | |||||
NAB Australian Corporate Term Loan [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Maturity Date | Dec. 31, 2023 | ||||||
Contractual Facility | $ 74,052 | ||||||
Balance Gross | 74,052 | ||||||
Balance Net | $ 73,900 | ||||||
Stated Interest Rate | 1.82% | ||||||
Effective Interest Rate | 1.82% | ||||||
NAB Corporate Loan Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Maturity Date | Dec. 31, 2023 | ||||||
Contractual Facility | $ 94,821 | ||||||
Balance Gross | 92,508 | ||||||
Balance Net | $ 92,307 | ||||||
Stated Interest Rate | 1.81% | ||||||
Effective Interest Rate | 1.81% | ||||||
Westpac Bank Corporate Credit Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Maturity Date | Dec. 31, 2023 | Dec. 31, 2023 | |||||
Contractual Facility | $ 9,465 | $ 23,021 | |||||
Balance Gross | 9,465 | 23,021 | |||||
Balance Net | $ 9,465 | $ 23,021 | |||||
Stated Interest Rate | 3.45% | 2.95% | |||||
Effective Interest Rate | 3.45% | 2.95% | |||||
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% |
Borrowings (Schedule Of Long-te
Borrowings (Schedule Of Long-term Debt Instruments, Net Of The Deferred Financing Costs) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Borrowings [Abstract] | ||
Debt – current portion | $ 11,349 | $ 41,459 |
Debt – long-term portion | 195,198 | 213,779 |
Subordinated debt - current portion | 711 | 840 |
Subordinated debt - long-term portion | 26,728 | 26,505 |
Total borrowings | $ 233,986 | $ 282,583 |
Borrowings (Schedule Of Future
Borrowings (Schedule Of Future Principal Loan Payments) (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Borrowings [Abstract] | |
2022 | $ 33,487 |
2023 | 123,562 |
2024 | 43,873 |
2025 | 300 |
2026 | 313 |
Thereafter | 35,413 |
Total future principle debt payments | $ 236,948 |
Pension And Other Liabilities_2
Pension And Other Liabilities (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Aug. 29, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Total operating property | $ 306,657,000 | $ 353,125,000 | |
Operating lease liabilities - current | 23,737,000 | 22,699,000 | |
Accrued pension liability | 3,605,000 | 4,048,000 | $ 7,500,000 |
Benefit obligation, gross | $ 10,200,000 | ||
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 | $ 4,300,000 | 4,700,000 | |
Service cost | 0 | 0 | |
Lease liability | 5,900,000 | $ 5,900,000 | |
Chief Executive Officer [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated amortization of prior service cost next fiscal year | 207,000 | ||
Supplemental Executive Retirement Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Accrued pension liability | $ 7,600,000 | ||
Village East Cinema [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Operating lease liabilities - current | 0 | ||
Village East Cinema [Member] | Sutton Hill Capital, LLC [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Purchase option | 5,900,000 | ||
Total operating property | 4,700,000 | ||
Operating lease liabilities - current | $ 5,900,000 | ||
Lease term | 10 years |
Pension And Other Liabilities_3
Pension And Other Liabilities (Summary Of Other Liabilities Including Pension) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Aug. 29, 2014 |
Other Liabilities [Abstract] | ||||
Liability for demolition costs | $ 2,783 | $ 2,928 | ||
Accrued pension | 684 | 684 | ||
Security deposit payable | 69 | 132 | ||
Finance lease liabilities | 40 | 49 | ||
Other | 43 | 33 | ||
Other current liabilities | 3,619 | 3,826 | ||
Accrued pension | 3,605 | 4,048 | $ 7,500 | |
Lease make-good provision | 7,766 | 7,408 | $ 6,667 | |
Deferred rent liability | 3,930 | 2,897 | ||
Environmental reserve | 1,656 | 1,656 | ||
Lease liability | 5,900 | 5,900 | ||
Acquired leases | 21 | 31 | ||
Finance lease liabilities | 28 | 69 | ||
Other | 8 | |||
Other non-current liabilities | $ 22,906 | $ 22,017 |
Pension And Other Liabilities_4
Pension And Other Liabilities (Schedule Of Change In Pension Benefit Obligation And Funded Status) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Pension And Other Liabilities [Abstract] | ||
Benefit obligation at beginning of period | $ 4,732,000 | $ 5,153,000 |
Service cost | 0 | 0 |
Interest cost | 240,000 | 262,000 |
Payments made | (683,000) | (683,000) |
Benefit obligation at end of period | 4,289,000 | 4,732,000 |
Unfunded status at end of period | $ (4,289,000) | $ (4,732,000) |
Pension And Other Liabilities_5
Pension And Other Liabilities (Schedule Of Pension Benefit Obligation Recognized In Balance Sheets) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Pension And Other Liabilities [Abstract] | ||
Current liabilities | $ 684 | $ 684 |
Other liabilities - Non current | 3,605 | 4,048 |
Total pension liability | $ 4,289 | $ 4,732 |
Pension And Other Liabilities_6
Pension And Other Liabilities (Schedule Of The Components Of Net Periodic Benefit Cost And Other Amounts Recognized In Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Pension And Other Liabilities [Abstract] | ||
Interest cost | $ 240 | $ 262 |
Amortization of prior service costs | ||
Amortization of net actuarial gain | 166 | 152 |
Net periodic benefit cost | 406 | 414 |
Amortization of net loss | (166) | (152) |
Total recognized in other comprehensive income | (166) | (152) |
Total recognized in net periodic benefit cost and other comprehensive income | $ 240 | $ 262 |
Pension And Other Liabilities_7
Pension And Other Liabilities (Schedule Of Items Not Recognized As A Component Of Net Periodic Pension Cost) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Pension And Other Liabilities [Abstract] | ||
Unamortized actuarial loss | $ 1,969 | $ 2,135 |
Accumulated other comprehensive income | $ 1,969 | $ 2,135 |
Pension And Other Liabilities_8
Pension And Other Liabilities (Schedule Of Expected Benefit Payments) (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Pension And Other Liabilities [Abstract] | |
2021 | $ 684 |
2022 | 684 |
2023 | 684 |
2024 | 684 |
2025 | 684 |
Thereafter | 869 |
Total pension payments | $ 4,289 |
Pension And Other Liabilities_9
Pension And Other Liabilities (Schedule Of Reconciliation Of The Lease Make-Good Provision) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Pension And Other Liabilities [Abstract] | ||
Lease make-good provision, Beginning balance | $ 7,408 | $ 6,667 |
Liabilities incurred during the year | 288 | 62 |
Liabilities settled during the year | ||
Accretion expense | 343 | 291 |
Effect of changes in foreign currency | (273) | 388 |
Lease make-good provision, Ending balance | $ 7,766 | $ 7,408 |
Commitments And Contingencies (
Commitments And Contingencies (Details) - USD ($) | Oct. 01, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Commitments And Contingencies [Line Items] | ||||
(Increase) decrease in prepaid and other assets | $ (2,122,000) | $ 1,307,000 | $ 216,000 | |
Cotter, Jr., Derivative Litigation [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Damages sought | $ 809,000 | |||
Class B [Member] | Cotter Estate [Member] | Cotter, Jr. Related Litigation Matters [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Shares held by estate | 427,808 | |||
Voting stock percent | 25.50% | |||
Class B [Member] | Cotter Trust [Member] | Cotter, Jr. Related Litigation Matters [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Shares held by estate | 696,080 | |||
Voting stock percent | 41.40% | |||
Class B [Member] | Cotter Voting Trust [Member] | Cotter, Jr. Related Litigation Matters [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Shares held by estate | 1,123,888 | |||
Voting stock percent | 66.90% |
Non-controlling Interests (Narr
Non-controlling Interests (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Mar. 05, 2021 |
Noncontrolling Interest [Line Items] | ||
Proceeds from sale of subsidiary's share to our joint venture partner | $ 11 | |
Australian Country Cinemas, Pty Ltd [Member] | ||
Noncontrolling Interest [Line Items] | ||
Ownership percentage by noncontrolling interest | 25.00% | |
Sutton Hill Properties, LLC [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 | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Noncontrolling Interest [Line Items] | ||
Net income (loss) attributable to non-controlling interests in consolidated subsidiaries | $ 986 | $ 3,404 |
Australian Country Cinemas, Pty Ltd [Member] | ||
Noncontrolling Interest [Line Items] | ||
Net income (loss) attributable to non-controlling interests in consolidated subsidiaries | 48 | (51) |
Shadow View Land And Farming, LLC [Member] | ||
Noncontrolling Interest [Line Items] | ||
Net income (loss) attributable to non-controlling interests in consolidated subsidiaries | (4) | 2,131 |
Sutton Hill Properties, LLC [Member] | ||
Noncontrolling Interest [Line Items] | ||
Net income (loss) attributable to non-controlling interests in consolidated subsidiaries | $ 942 | $ 1,324 |
Non-controlling Interests (Co_2
Non-controlling Interests (Components Of Income Attributable To Non-controlling Interest) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Noncontrolling Interest [Line Items] | |||
Net income (loss) attributable to noncontrolling interests in consolidated subsidiaries | $ 2,893 | $ (657) | $ (74) |
Australian Country Cinemas, Pty Ltd [Member] | |||
Noncontrolling Interest [Line Items] | |||
Net income (loss) attributable to noncontrolling interests in consolidated subsidiaries | 111 | (158) | 117 |
Shadow View Land And Farming, LLC [Member] | |||
Noncontrolling Interest [Line Items] | |||
Net income (loss) attributable to noncontrolling interests in consolidated subsidiaries | 3,163 | (69) | (99) |
Sutton Hill Properties, LLC [Member] | |||
Noncontrolling Interest [Line Items] | |||
Net income (loss) attributable to noncontrolling interests in consolidated subsidiaries | $ (381) | $ (430) | $ (92) |
Share-Based Compensation And _3
Share-Based Compensation And Share Repurchase Plans (Narrative) (Details) - USD ($) | Dec. 08, 2021 | Aug. 11, 2021 | Dec. 16, 2020 | Dec. 16, 2020 | Mar. 10, 2020 | Mar. 05, 2020 | Apr. 30, 2021 | Jun. 30, 2021 | Sep. 30, 2018 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2021 | Mar. 14, 2019 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Unrecognized estimated compensation cost related to non-vested stock options granted | $ 248,000 | $ 248,000 | ||||||||||||
Recognition period of unrecognized compensation cost | 1 year 1 month 20 days | |||||||||||||
Intrinsic unrealized value of all options outstanding, vested and expected to vest | $ 136,350,000 | |||||||||||||
Number of Stock Options, Granted | 0 | |||||||||||||
Stock option expiry period | 5 years | |||||||||||||
Stock Option [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Compensation expense | $ 402,000 | $ 460,000 | 458,000 | |||||||||||
Proceeds from stock option exercises | $ 0 | $ 906,000 | ||||||||||||
2020 Stock Incentive Plan [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Common Stock authorized for issuance | 1,250,000 | |||||||||||||
Common Stock shares remaining for future issuances | 735,738 | |||||||||||||
Class A [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Common Stock authorized for issuance | 1,505,598 | 1,505,598 | ||||||||||||
Number of Stock Options, Granted | 38,803 | 219,408 | ||||||||||||
Class A [Member] | 2020 Stock Incentive Plan [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Common Stock shares remaining for future issuances | 183,692 | 183,692 | ||||||||||||
Class B [Member] | 2020 Stock Incentive Plan [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Common Stock authorized for issuance | 200,000 | |||||||||||||
2017 Stock Repurchase Plan [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Repurchase program, amount authorized | $ 25,000,000 | |||||||||||||
Repurchase program, remaining amount authorized | $ 26,000,000 | $ 26,000,000 | ||||||||||||
Stock buy-back program period | 2 years | |||||||||||||
2017 Stock Repurchase Plan [Member] | Class A [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Repurchase program, remaining amount authorized | $ 26,000,000 | |||||||||||||
$25 Million Stock Repurchase Program [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Repurchase program, amount authorized | $ 25,000,000 | |||||||||||||
$25 Million Stock Repurchase Program [Member] | Class A Nonvoting Common Stock [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Repurchase value | $ 24,000,000 | $ 24,000,000 | ||||||||||||
Share price | $ 13.39 | |||||||||||||
Shares repurchased plan, shares | 1,792,819 | |||||||||||||
$25 Million Stock Repurchased At $8.92 [Member] | Class A Nonvoting Common Stock [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Share price | $ 8.92 | |||||||||||||
Shares repurchased plan, shares | 75,157 | 0 | ||||||||||||
$25 Million Stock Repurchased At $7.30 [Member] | Class A Nonvoting Common Stock [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Share price | $ 7.30 | |||||||||||||
Shares repurchased plan, shares | 25,000 | |||||||||||||
Restricted Stock Units (RSUs) [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Compensation expense | $ 1,800,000 | $ 1,000,000 | ||||||||||||
Unrecognized estimated compensation cost related to non-vested stock options granted | $ 2,900,000 | $ 2,900,000 | ||||||||||||
Vesting period of stock options and RSU | 1 year | 4 years | ||||||||||||
Number of options, Granted | 114,803 | 287,163 | 262,830 | 1,059,108 | ||||||||||
Restricted Stock Units (RSUs) [Member] | Tranche One [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 100.00% | 100.00% | 25.00% | |||||||||||
Restricted Stock Units (RSUs) [Member] | Tranche Two [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% | |||||||||||||
Non-employee Director [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Number of Stock Options, Granted | 38,803 | |||||||||||||
Non-employee Director [Member] | Restricted Stock Units (RSUs) [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Number of options, Granted | 48,951 | 26,924 | 60,084 | |||||||||||
Non-employee Director [Member] | Restricted Stock Units (RSUs) [Member] | Tranche One [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 75.00% | |||||||||||||
Vesting period of stock options and RSU | 4 years | |||||||||||||
Non-employee Director [Member] | Restricted Stock Units (RSUs) [Member] | Tranche Two [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | |||||||||||||
Non-employee Director [Member] | Restricted Stock Units (RSUs) [Member] | Tranche Three [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% | |||||||||||||
Vesting period of stock options and RSU | 4 years | |||||||||||||
Employees [Member] | Restricted Stock Units (RSUs) [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Vesting period of stock options and RSU | 4 years | |||||||||||||
Number of options, Granted | 22,888 | |||||||||||||
Employees [Member] | Restricted Stock Units (RSUs) [Member] | Tranche One [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% |
Share-Based Compensation And _4
Share-Based Compensation And Share Repurchase Plans (Schedule Of Fair Value Of Options, Weighted Average Assumptions) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-Based Compensation And Share Repurchase Plans [Abstract] | |||
Stock option exercise price | $ 4.66 | $ 16.12 | |
Risk-free interest rate | 0.00% | 0.25% | 2.42% |
Expected option life in years | 3 years 9 months | 3 years 9 months | |
Expected volatility | 0.00% | 51.83% | 23.32% |
Weighted average fair value | $ 1.80 | $ 3.50 |
Share-Based Compensation And _5
Share-Based Compensation And Share Repurchase Plans (Summary Of Stock Options Outstanding And Exercisable) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of Stock Options, Granted | 0 | |||
Weighted Average Exercise Price of Options Outstanding, Granted | $ 4.66 | $ 16.12 | ||
Weighted Average Remaining Years of Contractual Life | 1 year 7 months 28 days | 2 years 2 months 4 days | 2 years 9 months 14 days | 2 years 10 months 17 days |
Aggregate Intrinsic Value, Beginning balance | $ 13,969 | $ 136,350 | $ 1,530,528 | |
Aggregate Intrinsic Value, Exercised | $ 63,831 | 185,175 | ||
Aggregate Intrinsic Value, Ending balance | $ 13,969 | $ 136,350 | $ 1,530,528 | |
Class A [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of Stock Options, Beginning balance | 713,479 | 711,377 | 586,469 | |
Number of Stock Options, Granted | 38,803 | 219,408 | ||
Number of Stock Options, Exercised | (38,803) | (69,500) | ||
Number of Stock Options, Expired | (157,332) | (36,701) | (25,000) | |
Number of Stock Options Outstanding, Ending balance | 517,344 | 713,479 | 711,377 | 586,469 |
Weighted Average Exercise Price of Options Outstanding, Beginning price | $ 14.64 | $ 14.74 | $ 14.01 | |
Weighted Average Exercise Price of Options Outstanding, Granted | 4.66 | 16.12 | ||
Weighted Average Exercise Price of Options Outstanding, Exercised | 4.66 | 13.42 | ||
Weighted Average Exercise Price of Options Outstanding, Expired | 11.87 | 14.74 | 13.42 | |
Weighted Average Exercise Price of Options Outstanding, Ending price | $ 15.42 | $ 14.64 | $ 14.74 | $ 14.01 |
Share-Based Compensation And _6
Share-Based Compensation And Share Repurchase Plans (Summary Of Vested And Unvested Stock Options) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted average remaining years of contractual life, Vested | 1 year 5 months 1 day | 1 year 7 months 20 days | 1 year 10 months 13 days |
Aggregate intrinsic value, Vested | $ 136,350 | ||
Weighted average remaining years of contractual life, Nonvested | 2 years 3 months 14 days | 2 years 5 months 19 days | 3 years 4 months 9 days |
Aggregate intrinsic value, Nonvested | $ 13,969 | ||
Class A [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vested | 384,189 | 418,435 | 273,866 |
Weighted average exercise price, Vested | $ 13.87 | $ 13.87 | $ 12.59 |
Unvested | 133,155 | 295,044 | 437,511 |
Weighted average exercise price, Nonvested | $ 15.65 | $ 15.77 | $ 15.78 |
Share-Based Compensation And _7
Share-Based Compensation And Share Repurchase Plans (Schedule Of Restricted Stock Units Issued And Vested) (Details) - USD ($) $ in Thousands | Dec. 16, 2020 | Mar. 10, 2020 | Apr. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Value of options, Unvested | $ 13,969 | ||||
Restricted Stock Units (RSUs) [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of options, Granted | 114,803 | 287,163 | 262,830 | 1,059,108 | |
Number of options, Vesting | 444,936 | ||||
Number of options, Forfeited | 9,075 | ||||
Number of options, Unvested | 605,097 | ||||
Value of options, Granted | $ 8,932,211 | ||||
Value of options, Vesting | 4,780,593 | ||||
Value of options, Forfeited | 124,481 | ||||
Value of options, Unvested | $ 4,027,136 | ||||
Restricted Stock Units (RSUs) [Member] | Award Date 1 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of options, Granted | 68,153 | ||||
Number of options, Vesting | 67,372 | ||||
Number of options, Forfeited | 781 | ||||
Value of options, Granted | $ 815,160 | ||||
Value of options, Vesting | 805,759 | ||||
Value of options, Forfeited | $ 9,400 | ||||
Restricted Stock Units (RSUs) [Member] | Award Date 2 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of options, Granted | 70,538 | ||||
Number of options, Vesting | 70,006 | ||||
Number of options, Forfeited | 532 | ||||
Value of options, Granted | $ 1,124,348 | ||||
Value of options, Vesting | 1,115,852 | ||||
Value of options, Forfeited | $ 8,496 | ||||
Restricted Stock Units (RSUs) [Member] | Award Date 3 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of options, Granted | 97,600 | ||||
Number of options, Vesting | 84,491 | ||||
Number of options, Forfeited | 2,903 | ||||
Number of options, Unvested | 10,206 | ||||
Value of options, Granted | $ 1,581,512 | ||||
Value of options, Vesting | 1,366,610 | ||||
Value of options, Forfeited | 47,408 | ||||
Value of options, Unvested | $ 167,493 | ||||
Restricted Stock Units (RSUs) [Member] | Award Date 4 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of options, Granted | 59,258 | ||||
Number of options, Vesting | 33,861 | ||||
Number of options, Forfeited | 3,104 | ||||
Number of options, Unvested | 22,293 | ||||
Value of options, Granted | $ 944,070 | ||||
Value of options, Vesting | 534,575 | ||||
Value of options, Forfeited | 50,005 | ||||
Value of options, Unvested | $ 359,490 | ||||
Restricted Stock Units (RSUs) [Member] | Award Date 5 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of options, Granted | 401,966 | ||||
Number of options, Vesting | 162,282 | ||||
Number of options, Forfeited | 1,755 | ||||
Number of options, Unvested | 237,929 | ||||
Value of options, Granted | $ 2,281,899 | ||||
Value of options, Vesting | 817,792 | ||||
Value of options, Forfeited | 9,172 | ||||
Value of options, Unvested | $ 1,454,936 | ||||
Restricted Stock Units (RSUs) [Member] | Award Date 6 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of options, Granted | 361,593 | ||||
Number of options, Vesting | 26,924 | ||||
Number of options, Unvested | 334,669 | ||||
Value of options, Granted | $ 2,185,222 | ||||
Value of options, Vesting | 140,005 | ||||
Value of options, Unvested | $ 2,045,217 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance | $ 12,502,000 | ||
Total change in hedge fair value recorded in Other Comprehensive Income | 153,000 | ||
Amounts reclassified from accumulated other comprehensive income | 187,000 | ||
Net change related to derivatives | 340,000 | $ (65,000) | $ (115,000) |
Net current-period other comprehensive income (loss) | (7,620,000) | ||
Balance | 4,882,000 | 12,502,000 | |
Foreign Currency Items [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance | 14,966,000 | ||
Total change in hedge fair value recorded in Other Comprehensive Income | |||
Amounts reclassified from accumulated other comprehensive income | |||
Net change related to derivatives | |||
Net current-period other comprehensive income (loss) | (8,124,000) | ||
Balance | 6,842,000 | 14,966,000 | |
Net of income tax benefit (expense) | (36,000) | ||
Unrealized Gain (Losses) On Available-For-Sale Investments [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance | (12,000) | ||
Total change in hedge fair value recorded in Other Comprehensive Income | |||
Amounts reclassified from accumulated other comprehensive income | |||
Net change related to derivatives | |||
Net current-period other comprehensive income (loss) | (2,000) | ||
Balance | (14,000) | (12,000) | |
Accrued Pension Service Costs [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance | (2,135,000) | ||
Total change in hedge fair value recorded in Other Comprehensive Income | |||
Amounts reclassified from accumulated other comprehensive income | |||
Net change related to derivatives | |||
Net current-period other comprehensive income (loss) | 166,000 | ||
Balance | (1,969,000) | (2,135,000) | |
Net of income tax benefit (expense) | (41,000) | ||
Hedge Accounting Reserve [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance | (317,000) | ||
Total change in hedge fair value recorded in Other Comprehensive Income | 153,000 | ||
Amounts reclassified from accumulated other comprehensive income | 187,000 | ||
Net change related to derivatives | 340,000 | ||
Net current-period other comprehensive income (loss) | 340,000 | ||
Balance | 23,000 | $ (317,000) | |
Net of income tax benefit (expense) | $ 66,000 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Assets, Level 1 to Level 2 Transfers, Amount | $ 0 | $ 0 | $ 0 |
Fair Value, Assets, Level 2 to Level 1 Transfers, Amount | 0 | 0 | 0 |
Fair Value, Liabilities, Level 1 to Level 2 Transfers, Amount | 0 | 0 | 0 |
Fair Value, Liabilities, Level 2 to Level 1 Transfers, Amount | 0 | 0 | $ 0 |
Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 208,000 | ||
Financial liabilities | $ 181,000 | $ 430,000 |
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 | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial liabilities total | $ 228,311 | $ 278,948 |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial liabilities total | 228,311 | 278,948 |
Debt, Current And Long-term Portion [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Notes payable | 207,817 | 258,525 |
Debt, Current And Long-term Portion [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Notes payable | 207,817 | 258,525 |
Subordinated Debt [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Subordinated debt | 20,494 | 20,423 |
Subordinated Debt [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Subordinated debt | 20,494 | 20,423 |
Carrying Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial liabilities total | 236,948 | 284,959 |
Carrying Value [Member] | Debt, Current And Long-term Portion [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Notes payable | 209,035 | 257,046 |
Carrying Value [Member] | Subordinated Debt [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Subordinated debt | $ 27,913 | $ 27,913 |
Hedge Accounting (Narrative) (D
Hedge Accounting (Narrative) (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Release to earnings | $ 159,000 | |
Designated as Hedging Instrument [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional amount | 63,000,000 | $ 8,000,000 |
Derivative asset | $ 208,000 |
Hedge Accounting (Schedule Of D
Hedge Accounting (Schedule Of Derivative Instruments On The Balance Sheet At Fair Value) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Derivatives, Fair Value [Line Items] | ||
Derivative financial instruments - current portion | $ 181 | $ 218 |
Derivative financial instruments - non-current portion | 212 | |
Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Interest rate cap asset, Book Value | 112 | |
Total derivatives designated as heding instruments | 208 | |
Derivative financial instruments - non-current portion | 212 | |
Total derivatives designated as hedging instruments | 181 | 430 |
Interest Rate Contracts [Member] | Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Current | 96 | |
Derivative financial instruments - current portion | $ 181 | $ 218 |
Hedge Accounting (Schedule Of C
Hedge Accounting (Schedule Of Changes in Fair value) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Loss Recognized in Income on Derivatives | $ 253 | $ 202 |
Interest Expense [Member] | Interest Rate Contracts [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Loss Recognized in Income on Derivatives | $ 253 | $ 202 |
Hedge Accounting (Summary Of He
Hedge Accounting (Summary Of Hedged Transactions That Affect Earnings) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Loss Recognized in Income on Derivatives (Effective Portion) | $ 153 | |
Loss Reclassified from OCI into Income (Effective Portion) | 187 | |
Designated as Hedging Instrument [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Loss Recognized in Income on Derivatives (Effective Portion) | (153) | $ 267 |
Loss Reclassified from OCI into Income (Effective Portion) | (253) | 202 |
Designated as Hedging Instrument [Member] | Interest Expense [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Loss Reclassified from OCI into Income (Effective Portion) | (253) | 202 |
Designated as Hedging Instrument [Member] | Interest Rate Contracts [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Loss Recognized in Income on Derivatives (Effective Portion) | $ (153) | $ 267 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Operating Leased Assets [Line Items] | |
Operating leases not yet commenced | $ 8.7 |
Minimum [Member] | |
Operating Leased Assets [Line Items] | |
Remaining lease term | 1 year |
Maximum [Member] | |
Operating Leased Assets [Line Items] | |
Remaining 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 | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | |||
Amortization of right-of-use assets | $ 49 | $ 93 | $ 165 |
Interest on lease liabilities | 5 | 8 | |
Operating lease cost | 33,782 | 33,462 | |
Variable lease cost | (7,068) | (4,445) | |
Total lease cost | $ 26,768 | $ 29,118 |
Leases (Supplemental Cash Flow
Leases (Supplemental Cash Flow Information Related To Leases) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Leases [Abstract] | ||
Operating cash flows for finance leases | $ 53 | $ 105 |
Operating cash flows for operating leases | 26,057 | 14,060 |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 39,090 | $ (2,054) |
Leases (Supplemental Balance Sh
Leases (Supplemental Balance Sheet Information Related To Leases) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
Operating lease right-of-use assets | $ 227,367 | $ 220,503 |
Operating lease liabilities - current portion | 23,737 | 22,699 |
Operating lease liabilities - non-current portion | 223,364 | 212,806 |
Total operating lease liabilities | 247,101 | 235,505 |
Property plant and equipment, gross | 374 | 383 |
Accumulated depreciation | (311) | (271) |
Property plant and equipment, net | 63 | 112 |
Other current liabilities | 40 | 49 |
Other long-term liabilities | 28 | 69 |
Total finance lease liabilities | $ 68 | $ 118 |
Weighted-average remaining lease term - finance leases | 2 years | 3 years |
Weighted-average remaining lease term - operating leases | 11 years | 11 years |
Weighted-average discount rate - finance leases | 5.24% | 5.27% |
Weighted-average discount rate - operating leases | 4.47% | 4.71% |
Leases (Maturity Of Leases As L
Leases (Maturity Of Leases As Lessee) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
Operating leases, 2022 | $ 34,324 | |
Operating leases, 2023 | 34,281 | |
Operating leases, 2024 | 32,838 | |
Operating leases, 2025 | 30,855 | |
Operating leases, 2025 | 28,608 | |
Operating leases, Thereafter | 158,713 | |
Operating leases, Total lease payments | 319,619 | |
Operating leases, Less imputed interest | (72,518) | |
Total operating lease liabilities | 247,101 | $ 235,505 |
Finance leases, 2022 | 43 | |
Finance leases, 2023 | 28 | |
Finance leases, Total lease payments | 71 | |
Finance leases, Less imputed interest | (3) | |
Total finance lease liabilities | $ 68 | $ 118 |
Leases (Components Of Lease Inc
Leases (Components Of Lease Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Leases [Abstract] | ||
Lease payments | $ 9,679 | $ 9,432 |
Variable lease payments | 655 | (131) |
Total lease income | $ 10,334 | $ 9,301 |
Leases (Book Value Of Assets Un
Leases (Book Value Of Assets Under Operating Leases From Owned Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Property Subject to or Available for Operating Lease [Line Items] | ||
Gross balance | $ 555,620 | $ 605,562 |
Accumulated depreciation | (248,963) | (252,437) |
Operating property, net | 306,657 | 353,125 |
Building And Improvements [Member] | ||
Property Subject to or Available for Operating Lease [Line Items] | ||
Gross balance | 140,028 | 153,643 |
Accumulated depreciation | (23,923) | (26,107) |
Operating property, net | $ 116,105 | $ 127,536 |
Leases (Maturity Of Leases As_2
Leases (Maturity Of Leases As Lessor) (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Leases [Abstract] | |
2022 | $ 7,225 |
2023 | 6,761 |
2024 | 6,007 |
2025 | 4,991 |
2026 | 2,383 |
Thereafter | 2,642 |
Total | $ 30,009 |
Business Combinations (Narrativ
Business Combinations (Narrative) (Details) $ in Thousands, $ in Millions | Mar. 31, 2020USD ($) | Dec. 03, 2019AUD ($) | Dec. 03, 2019USD ($) |
State Cinema Hobart, Tasmania, Australia [Member] | |||
Assets acquired | $ 6,180 | $ 9 | $ 6,180 |
Business Combinations (Schedule
Business Combinations (Schedule Of Purchase Price Allocation) (Details) - State Cinema Hobart, Tasmania, Australia [Member] $ in Thousands, $ in Millions | 4 Months Ended | ||
Mar. 31, 2020USD ($) | Dec. 03, 2019AUD ($) | Dec. 03, 2019USD ($) | |
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Fixtures and equipment | $ 362 | $ 481 | |
Deferred tax | 5 | 5 | |
Inventory | 333 | 333 | |
Brand name | 250 | ||
Liquor license | 1 | ||
Goodwill | 5,485 | 5,617 | |
Total assets acquired | 6,436 | 6,436 | |
Employee liabilities | (20) | (20) | |
Deferred revenue balances | (236) | (236) | |
Total liabilities acquired | (256) | (256) | |
Net assets acquired | 6,180 | $ 9 | $ 6,180 |
Fixtures and equipment, Measurement Period Adjustments | (119) | ||
Brand name, Measurement Period Adjustments | 250 | ||
Liquor license, Measurement Period Adjustments | 1 | ||
Goodwill, Measurement Period Adjustments | $ (132) |
Related Parties (Details)
Related Parties (Details) | Nov. 06, 2020USD ($) | Oct. 01, 2020USD ($) | Mar. 13, 2020USD ($)item | Aug. 31, 2016USD ($) | Jan. 01, 2015 | Jun. 28, 2007USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2012USD ($) | Feb. 28, 2015USD ($) |
Related Party Transaction [Line Items] | ||||||||||||
Total operating property | $ 306,657,000 | $ 353,125,000 | ||||||||||
Operating lease liabilities - current | 23,737,000 | 22,699,000 | ||||||||||
Contributions from noncontrolling stockholders | 3,000 | 55,000 | $ 90,000 | |||||||||
Debt amount | 234,000,000 | 282,600,000 | ||||||||||
Renovation amount | 219,580,000 | 253,419,000 | ||||||||||
Capital call | 0 | 0 | 0 | $ 506,000 | ||||||||
Contractual facility | 248,948,000 | 300,449,000 | ||||||||||
Rent charge | 319,619,000 | |||||||||||
Proceeds from contributions | $ 750,000 | |||||||||||
US Cinema 1, 2, 3 Term Loan [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Contractual facility | $ 25,000,000 | $ 20,000,000 | $ 24,039,000 | $ 24,625,000 | ||||||||
Maturity date | Apr. 1, 2022 | Apr. 1, 2022 | ||||||||||
Number of extension options | item | 2 | |||||||||||
Extension period | 6 months | 12 months | ||||||||||
Interest rate | 4.25% | 3.25% | ||||||||||
Shadow View Land And Farming, LLC [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Noncontrolling interests | 50.00% | |||||||||||
Sutton Hill Properties, LLC [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Payments of distributions | 1,000,000 | |||||||||||
Sutton Hill Properties, LLC [Member] | US Cinema 1, 2, 3 Term Loan [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Contractual facility | $ 15,000,000 | |||||||||||
Cinemas 1, 2, 3 [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Improvement fee | $ 0 | 96,000 | ||||||||||
Management fee | 177,000 | |||||||||||
Incremental positive cash flow percentage | 100.00% | |||||||||||
Average annual positive cash flow period | 3 years | |||||||||||
Annual cash-on-cash return percent | 15.00% | |||||||||||
Sutton Hill Capital, LLC [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Payment to acquire interest in special purpose entity | $ 3,000,000 | |||||||||||
Management fee | $ 112,500 | |||||||||||
Debt amount | 26,900,000 | |||||||||||
Due from related party | $ 2,900,000 | |||||||||||
Renovation amount | $ 750,000 | |||||||||||
Capital call | $ 169,000 | |||||||||||
Guarantee and indemnity percentage | 25.00% | |||||||||||
Sutton Hill Capital, LLC [Member] | Sutton Hill Properties, LLC [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Payments of distributions | $ 250,000 | |||||||||||
Sutton Hill Capital, LLC [Member] | Cinemas 1, 2, 3 [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Percent of management fee equal to SHP's gross income | 5.00% | |||||||||||
Sutton Hill Capital's Interest In Sutton Hill Properties [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Special purpose entity purchase option, percentage | 25.00% | |||||||||||
James Cotter And Michael Forman [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Ownership percentage in live theater play investment | 5.00% | |||||||||||
Chief Executive Officer [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Contributions from noncontrolling stockholders | $ 2,500,000 | |||||||||||
Bonus contributed to acquire land | $ 255,000 | |||||||||||
Chief Executive Officer [Member] | Shadow View Land And Farming, LLC [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Noncontrolling interests | 50.00% | |||||||||||
Percentage of costs associated with acquisition | 50.00% | |||||||||||
86th Street Cinema [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Management fee | $ 0 | 0 | $ 45,000 | |||||||||
Village East Cinema [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Operating lease liabilities - current | 0 | |||||||||||
Rent charge | $ 590,000 | |||||||||||
Deferred rent | $ 442,000 | |||||||||||
Village East Cinema [Member] | Sutton Hill Capital, LLC [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Lease term | 10 years | |||||||||||
Purchase option | $ 5,900,000 | |||||||||||
Total operating property | 4,700,000 | |||||||||||
Operating lease liabilities - current | $ 5,900,000 |
Valuation And Qualifying Accoun
Valuation And Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Allowance For Doubtful Accounts [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at beginning of year | $ 1,382 | $ 1,519 | $ 1,048 |
Increase | 50 | 386 | 1,526 |
Decrease | 263 | 523 | 1,055 |
Balance at end of year | 1,169 | 1,382 | 1,519 |
Tax Valuation Allowance [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at beginning of year | 47,056 | 33,946 | 6,720 |
Increase | 13,110 | 27,226 | |
Decrease | 6,162 | ||
Balance at end of year | $ 40,894 | $ 47,056 | $ 33,946 |