Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2021 | Nov. 04, 2021 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | CINEMARK USA INC /TX | |
Entity Central Index Key | 0000885975 | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Shell Company | false | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity File Number | 33-47040 | |
Entity Tax Identification Number | 75-2206284 | |
Entity Address, Address Line One | 3900 Dallas Parkway | |
Entity Address, City or Town | Plano | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 75093 | |
City Area Code | 972 | |
Local Phone Number | 665-1000 | |
Entity Incorporation, State or Country Code | TX | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Class A common stock | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 1,500 | |
Class B common stock | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 182,648 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | |
Current assets | |||
Cash and cash equivalents | $ 278,559 | $ 260,538 | |
Inventories | 15,244 | 12,593 | |
Accounts receivable | 36,748 | 25,257 | |
Current income tax receivable | 38,388 | 158,932 | |
Prepaid expenses and other | 35,850 | 34,400 | |
Accounts receivable from parent | 37,833 | 36,775 | |
Total current assets | 442,622 | 528,495 | |
Theatre properties and equipment | 3,365,455 | 3,403,103 | |
Less: accumulated depreciation and amortization | 1,929,981 | 1,788,041 | |
Theatre properties and equipment, net | 1,435,474 | 1,615,062 | |
Operating lease right-of-use assets, net | 1,220,898 | 1,278,191 | |
Other assets | |||
Goodwill | [1] | 1,250,135 | 1,253,840 |
Intangible assets, net | 312,025 | 314,195 | |
Investments in affiliates | 23,755 | 23,726 | |
Deferred charges and other assets, net | 27,042 | 33,199 | |
Total other assets | 1,752,954 | 1,776,922 | |
Total assets | 4,851,948 | 5,198,670 | |
Current liabilities | |||
Current portion of long-term debt | 20,288 | 18,056 | |
Current portion of operating lease obligations | 215,119 | 208,593 | |
Current portion of finance lease obligations | 14,406 | 16,407 | |
Current income tax payable | 5,632 | ||
Accounts payable and accrued expenses | 389,738 | 350,094 | |
Total current liabilities | 639,551 | 598,782 | |
Long-term liabilities | |||
Long-term debt, less current portion | 2,030,557 | 2,024,956 | |
Operating lease obligations, less current portion | 1,070,432 | 1,138,142 | |
Finance lease obligations, less current portion | 105,688 | 124,609 | |
Long-term deferred tax liability | 72,373 | 89,961 | |
Long-term liability for uncertain tax positions | 40,379 | 19,225 | |
Other long-term liabilities | 40,436 | 73,746 | |
Total long-term liabilities | 3,708,077 | 3,814,894 | |
Cinemark USA, Inc.'s stockholder's equity: | |||
Treasury stock, 57,245 Class B shares at cost | (24,233) | (24,233) | |
Additional paid-in-capital | 1,446,523 | 1,310,625 | |
Retained earnings | (575,954) | (163,284) | |
Accumulated other comprehensive loss | (402,380) | (398,653) | |
Total Cinemark USA, Inc.'s stockholder's equity | 493,499 | 773,998 | |
Noncontrolling interests | 10,821 | 10,996 | |
Total equity | 504,320 | 784,994 | |
Total liabilities and equity | 4,851,948 | 5,198,670 | |
NCM | |||
Other assets | |||
Investment in NCM | 139,997 | 151,962 | |
Long-term liabilities | |||
NCM screen advertising advances | 348,212 | 344,255 | |
Class A common stock | |||
Cinemark USA, Inc.'s stockholder's equity: | |||
Common stock | 0 | ||
Class B common stock | |||
Cinemark USA, Inc.'s stockholder's equity: | |||
Common stock | 49,543 | 49,543 | |
Total equity | $ 49,543 | $ 49,543 | |
[1] | Balances are presented net of accumulated impairment losses of $ 214,031 for the U.S. operating segment and $ 43,750 for the international operating segment. See discussion of the qualitative impairment analysis performed by the Company as of September 30, 2021 at Note 12. |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Sep. 30, 2021 | Dec. 31, 2020 |
Treasury stock, shares | 57,245 | 57,245 |
Class A common stock | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 10,000,000 | 10,000,000 |
Common stock, shares issued | 1,500 | 1,500 |
Common stock, shares outstanding | 1,500 | 1,500 |
Class B common stock | ||
Common stock, par value | $ 0 | $ 0 |
Common stock, shares authorized | 1,000,000 | 1,000,000 |
Common stock, shares issued | 239,893 | 239,893 |
Common stock, shares outstanding | 182,648 | 182,648 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF LOSS - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | ||
Revenues | |||||
Total revenues | $ 434,821 | $ 35,478 | $ 843,834 | $ 588,068 | |
Cost of operations | |||||
Film rentals and advertising | 117,047 | 8,257 | 216,839 | 165,262 | |
Concession supplies | 28,208 | 2,688 | 54,195 | 39,879 | |
Salaries and wages | 67,630 | 20,181 | 149,203 | 116,589 | |
Facility lease expense | 68,767 | 67,047 | 200,809 | 214,490 | |
Utilities and other | 81,723 | 43,412 | 192,052 | 178,806 | |
General and administrative expenses | 37,952 | 29,625 | 109,746 | 97,645 | |
Depreciation and amortization | 67,208 | 62,543 | 202,288 | 191,380 | |
Impairment of long-lived assets | 7,480 | 24,595 | 7,480 | 41,214 | |
Restructuring costs | (340) | 524 | (1,288) | 20,062 | |
(Gain) loss on disposal of assets and other | 1,020 | (13,327) | 7,883 | (10,997) | |
Total cost of operations | 476,695 | 245,545 | 1,139,207 | 1,054,330 | |
Operating loss | (41,874) | (210,067) | (295,373) | (466,262) | |
Other income (expense) | |||||
Interest expense | [1] | (31,902) | (32,235) | (93,480) | (87,942) |
Interest income | 844 | 1,322 | 5,273 | 4,208 | |
Loss on extinguishment of debt | (6,527) | ||||
Foreign currency exchange loss | (273) | (2,251) | (920) | (6,183) | |
Equity in loss of affiliates | (7,146) | (16,077) | (22,061) | (27,711) | |
Total other expense | (37,869) | (54,081) | (128,827) | (128,379) | |
Loss before income taxes | (79,743) | (264,148) | (424,200) | (594,641) | |
Income taxes | (7,467) | (119,273) | (11,355) | (220,287) | |
Net loss | (72,276) | (144,875) | (412,845) | (374,354) | |
Less: Net income (loss) attributable to noncontrolling interests | 241 | (444) | (175) | (702) | |
Net loss attributable to Cinemark USA, Inc. | (72,517) | (144,431) | (412,670) | (373,652) | |
Admissions | |||||
Revenues | |||||
Total revenues | 225,464 | 14,901 | 435,064 | 307,400 | |
Concession | |||||
Revenues | |||||
Total revenues | 164,258 | 9,116 | 313,560 | 199,596 | |
Other | |||||
Revenues | |||||
Total revenues | 45,099 | 11,461 | 95,210 | 81,072 | |
NCM | |||||
Other income (expense) | |||||
Distributions from NCM | 1,061 | 77 | 6,975 | ||
Interest expense - NCM | (5,926) | $ (5,901) | (17,723) | $ (17,726) | |
DCIP | |||||
Other income (expense) | |||||
Distributions from DCIP | $ 6,534 | $ 6,534 | |||
[1] | Includes amortization of debt issue costs and amortization of accumulated losses for amended swap agreements. |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net loss | $ (72,276) | $ (144,875) | $ (412,845) | $ (374,354) |
Other comprehensive income (loss), net of tax | ||||
Unrealized gain (loss) due to fair value adjustments on interest rate swap agreements, net of taxes of $835, $5,677, $3,682 and $3,696, net of settlements | 1,462 | 6,528 | 7,912 | (16,794) |
Foreign currency translation adjustments | (13,804) | (1,503) | (15,010) | (62,830) |
Total other comprehensive income (loss), net of tax | (12,342) | 5,025 | (7,098) | (79,624) |
Total comprehensive loss, net of tax | (84,618) | (139,850) | (419,943) | (453,978) |
Comprehensive (income) loss attributable to noncontrolling interests | (241) | 444 | 175 | 702 |
Comprehensive loss attributable to Cinemark USA, Inc. | $ (84,859) | $ (139,406) | $ (419,768) | $ (453,276) |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Unrealized loss due to fair value adjustments on interest rate swap agreements, taxes | $ 835 | $ 5,677 | $ 3,682 | $ 3,696 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | ||
Operating activities | |||||
Net loss | $ (72,276) | $ (144,875) | $ (412,845) | $ (374,354) | |
Adjustments to reconcile net loss to cash used for operating activities: | |||||
Depreciation | 200,262 | 187,748 | |||
Amortization of intangible and other assets | 2,026 | 3,632 | |||
Amortization of debt issue costs | 5,419 | 4,638 | |||
Amortization of accumulated losses for amended swap agreements | 3,371 | 5,338 | |||
Impairment of long-lived assets | 7,480 | 24,595 | 7,480 | 41,214 | |
Share based awards compensation expense | 5,782 | 4,198 | 15,898 | 12,172 | |
(Gain) loss on disposal of assets and other | 1,020 | (13,327) | 7,883 | (10,997) | |
Loss on extinguishment of debt | 6,527 | ||||
Non-cash rent expense | (1,124) | 816 | (1,803) | 1,649 | |
Equity in loss of affiliates | 7,146 | 16,077 | 22,061 | 27,711 | |
Deferred income tax expenses | (20,937) | (29,941) | |||
Distributions from equity investees | 156 | 25,430 | |||
Changes in assets and liabilities and other | 139,175 | (60,727) | |||
Net cash used for operating activities | (31,857) | (172,408) | |||
Investing activities | |||||
Additions to theatre properties and equipment | (24,425) | (20,659) | (57,244) | (67,618) | |
Proceeds from sale of theatre properties and equipment and other | 2,192 | 212 | |||
Investment in joint ventures and other, net | (50) | ||||
Net cash used for investing activities | (55,052) | (67,456) | |||
Financing activities | |||||
Contributions received from parent | 120,000 | ||||
Dividends paid to parent | (42,000) | ||||
Payroll taxes paid as a result of stock withholdings | (16) | (2,865) | |||
Proceeds from issuance of senior notes | 1,170,000 | 250,000 | |||
Proceeds from other borrowings | 9,706 | 7,167 | |||
Redemption of senior notes | (1,155,000) | ||||
Repayments of long-term debt | (7,220) | (4,947) | |||
Payment of debt issue costs | (17,272) | (7,859) | |||
Fees paid related to debt refinancing | (2,058) | ||||
Payments on finance leases | [1] | (11,045) | (11,497) | ||
Other | (392) | ||||
Net cash provided by (used for) financing activities | 107,095 | 187,607 | |||
Effect of exchange rate changes on cash and cash equivalents | (2,165) | (5,002) | |||
Increase (decrease) in cash and cash equivalents | 18,021 | (57,259) | |||
Cash and cash equivalents: | |||||
Beginning of period | 260,538 | 488,215 | |||
End of period | $ 278,559 | $ 430,956 | 278,559 | 430,956 | |
NCM | |||||
Adjustments to reconcile net loss to cash used for operating activities: | |||||
Interest accrued on NCM screen advertising advances | 17,723 | 17,726 | |||
Amortization of NCM screen advertising advances and other deferred revenues | $ (24,253) | $ (23,647) | |||
[1] | As discussed above at Lease Deferrals and Abatements , the Company negotiated certain lease amendments to defer and/or abate contractual payments as a result of the COVID-19 pandemic and temporary closure of theatres. In accordance with FASB Staff guidance, the Company did not recalculate lease liabilities and right of use assets for amendments that did not result in a substantial increase in the rights of the lessor or the obligations of the lessee. Contractual payment amounts for the nine months ended September 30, 2021 above are prior to the impact of deferred or abated rent amounts. |
The Company and Basis of Presen
The Company and Basis of Presentation | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
The Company and Basis of Presentation | 1. The Company and Basis of Presentation Cinemark USA, Inc., a wholly-owned subsidiary of Cinemark Holdings, Inc., and its subsidiaries operate in the motion picture exhibition industry, with theatres in the United States (“U.S.”), Brazil, Argentina, Chile, Colombia, Peru, Ecuador, Honduras, El Salvador, Nicaragua, Costa Rica, Panama, Guatemala, Bolivia, Curacao and Paraguay. The accompanying condensed consolidated balance sheet as of December 31, 2020 , which was derived from audited financial statements, and the unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete consolidated financial statements. In the opinion of management, all adjustments, consisting of normal recurring adjustments, considered necessary for a fair presentation have been included. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and the accompanying notes. Actual results could differ from these estimates. Majority-owned subsidiaries of which the Company has control are consolidated while those affiliates of which the Company owns between 20 % and 50 % and does not control are accounted for under the equity method. Those affiliates of which the Company owns less than 20 % are generally accounted for under the cost method, unless the Company is deemed to have the ability to exercise significant influence over the affiliate, in which case the Company would account for its investment under the equity method. The results of these subsidiaries and affiliates are included in the condensed consolidated financial statements effective with their formation or from their dates of acquisition. Intercompany balances and transactions are eliminated in consolidation. These condensed consolidated financial statements should be read in conjunction with the audited annual consolidated financial statements and the notes thereto for the year ended December 31, 2020, included in the Annual Report on Form 10-K filed March 3, 2021 by the Company under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Operating results for the three and nine months ended September 30, 2021 are not necessarily indicative of the results to be achieved for the full year. |
Impact of COVID-19 Pandemic
Impact of COVID-19 Pandemic | 9 Months Ended |
Sep. 30, 2021 | |
Risks And Uncertainties [Abstract] | |
Impact of COVID-19 Pandemic | 2. Impact of COVID-19 Pandemic As the Company has previously disclosed, the COVID-19 pandemic has had an unprecedented impact on the world and the movie exhibition industry. The social and economic effects have been widespread. As a movie exhibitor that operates spaces where patrons gather in close proximity, the Company continues to be impacted by the pandemic. To comply with government mandates at the initial outbreak of the COVID-19 pandemic, the Company temporarily closed all of its theatres in the U.S. and Latin America in March of 2020, implemented temporary personnel and salary reductions, halted non-essential operating and capital expenditures, and negotiated modified timing and/or abatement of contractual payments with landlords and other major suppliers until its theatres reopened. In addition, the Company suspended its quarterly dividend. As of September 30, 2021, all of the Company's domestic and international theatres were open. Theatre staffing levels remain reduced as compared to pre-COVID levels due to reduced operating hours in certain locations as well as the Company’s focus on initiatives to enhance productivity. The Company continues to limit capital expenditures to essential activities and projects. The Company worked with landlords and other vendors during the nine months ended September 30, 2021 to extend payment terms as it reopened theatres and continues to recover from the impacts of the COVID-19 pandemic. Based on the Company’s current estimates of recovery, it believes it has, and will generate, sufficient cash to sustain operations. Nonetheless, the COVID-19 pandemic has had, and continues to have, adverse effects on the Company’s business, results of operations, cash flows and financial condition. Restructuring Charges During June 2020, Company management approved and announced a restructuring plan to realign its operations to create a more efficient cost structure (referred to herein as the “Restructuring Plan”). The Restructuring Plan primarily included a permanent headcount reduction at its domestic corporate office and the permanent closure of certain domestic and international theatres. The following table summarizes activity recorded during the nine months ended September 30, 2021: U.S. Operating Segment International Operating Segment Consolidated Employee-related Costs Facility Closure Costs Total Charges Employee-related Costs Facility Closure Costs Total Charges Employee-related Costs Facility Closure Costs Total Charges Balance at December 31, 2020 $ 840 $ 5,740 $ 6,580 $ — $ 161 $ 161 $ 840 $ 5,901 $ 6,741 Amounts paid ( 350 ) — ( 350 ) — — — ( 350 ) — ( 350 ) Reserve adjustments — ( 208 ) ( 208 ) — — — — ( 208 ) ( 208 ) Balance at March 31, 2021 $ 490 $ 5,532 $ 6,022 $ — $ 161 $ 161 $ 490 $ 5,693 $ 6,183 Amounts paid — ( 200 ) ( 200 ) — — — — ( 200 ) ( 200 ) Reserve adjustments ( 60 ) ( 680 ) ( 740 ) — — — ( 60 ) ( 680 ) ( 740 ) Balance at June 30, 2021 $ 430 $ 4,652 $ 5,082 $ — $ 161 $ 161 $ 430 $ 4,813 $ 5,243 Reserve adjustments — ( 305 ) ( 305 ) — ( 35 ) ( 35 ) — ( 340 ) ( 340 ) Balance at September 30, 2021 $ 430 $ 4,347 $ 4,777 $ — $ 126 $ 126 $ 430 $ 4,473 $ 4,903 The remaining accrued restructuring costs of $ 4,903 are reflected in accounts payable and accrued expenses on the condensed consolidated balance sheet as of September 30, 2021. |
New Accounting Pronouncements
New Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Changes And Error Corrections [Abstract] | |
New Accounting Pronouncements | 3. New Accounting Pronouncements Accounting Standards Update (“ASU”) 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting , (“ASU 2020-04”) and ASU 2021-01, Reference Rate Reform (Topic 848): Scope , (“ASU 2021-01”) . The purpose of ASU 2020-04 is to provide optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. More specifically, the amendments in ASU 2020-04 provide optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in ASU 2021-01 clarify that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. The amendments in ASU 2020-04 and ASU 2021-01 are effective as of March 12, 2020 through December 31, 2022. The Company is evaluating the impact of ASU 2020-04 and ASU 2021-01 and their impact on its condensed consolidated financial statements. |
Lease Accounting
Lease Accounting | 9 Months Ended |
Sep. 30, 2021 | |
Leases [Abstract] | |
Lease Accounting | 4. Lease Accounting Lease Deferrals and Abatements Upon the temporary closure of theatres in March 2020, the Company initiated discussions with landlords to negotiate the deferral of rent and other lease-related payments with certain of its landlords. The amendments signed with the landlords involved varying concessions, including the abatement of rent payments during closure, alternative rent terms during closure, deferral of all or a portion of rent payments to later periods and deferrals of rent payments to later periods combined with an early exercise of an existing renewal option or extension of the lease term. In some cases, the Company was entitled to rent-free periods while theatres were closed due to local regulations in certain locations. In April 2020, the FASB staff released guidance indicating that in response to the COVID-19 crisis, an entity would not have to analyze each contract to determine whether enforceable rights and obligations for concessions exist in the contract and can elect to apply or not apply the lease modification guidance in Topic 842 to those contracts. The election is available for concessions related to the effects of the COVID-19 pandemic that do not result in a substantial increase in the rights of the lessor or the obligations of the lessee. For example, this election is available for concessions that result in the total payments required by the modified contract being substantially the same as or less than total payments required by the original contract. The Company elected to not remeasure the related lease liabilities and right-of-use assets for those leases where the concessions and deferrals did not result in a significant change in total payments under the lease and where the remaining lease term did not change as a result of the negotiation. For those leases that were renewed or extended as a result of the negotiation to defer rent payments, the Company recalculated the related lease liability and right-of-use asset based on the new terms. Total remaining deferred payments as of September 30, 2021 were $ 42,954 , of which $ 37,587 were included in accounts payable and accrued expenses and $ 5,367 were included in other long-term liabilities in the condensed consolidated balance sheet. The following table represents the Company’s aggregate lease costs, by lease classification, for the periods presented. Three Months Ended Nine Months Ended September 30 September 30 Lease Cost Classification 2021 2020 2021 2020 Operating lease costs Equipment (1) Utilities and other $ 699 $ 823 $ 1,567 $ 2,495 Real Estate (2)(3) Facility lease expense 69,492 65,970 200,930 211,088 Total operating lease costs $ 70,191 $ 66,793 $ 202,497 $ 213,583 Finance lease costs Amortization of leased assets Depreciation and amortization $ 3,142 $ 3,665 $ 9,533 $ 11,052 Interest on lease liabilities Interest expense 1,449 1,725 4,510 5,333 Total finance lease costs $ 4,591 $ 5,390 $ 14,043 $ 16,385 (1) Includes approximately $ 566 and $ ( 267 ) of short-term lease payments for the three months ended September 30, 2021 and 2020, respectively. Includes approximately $ 1,194 and $ ( 839 ) of short-term lease payments for the nine months ended September 30, 2021 and 2020 , respectively. (2) Includes approximately $ 1,862 and $ ( 191 ) of variable lease payments based on a change in index, such as CPI or inflation, variable payments based on revenues or attendance and variable common area maintenance costs for the three months ended September 30, 2021 and 2020, respectively. Includes approximately $ ( 81 ) and $ 9,146 of variable lease payments based on a change in index, such as CPI or inflation, variable payments based on revenues or attendance and variable common area maintenance costs for the nine months ended September 30, 2021 and 2020 , respectively. (3) Approximately $ 318 and $ 335 of lease payments are included in general and administrative expenses primarily related to office leases for the three months ended September 30, 2021 and 2020, respectively. Approximately $ 967 and $ 1,122 of lease payments are included in general and administrative expenses primarily related to office leases for the nine months ended September 30, 2021 and 2020 , respectively. The following table represents the minimum cash lease payments recorded as lease expense, interest expense and a reduction of lease liabilities, as well as the non-cash addition of lease assets for the periods indicated. Nine Months Ended September 30, Other Information 2021 2020 Contractual cash payments included in the measurement of lease liabilities (1) Cash outflows for operating leases $ 201,384 $ 205,276 Cash outflows for finance leases - operating activities $ 4,504 $ 5,304 Cash outflows for finance leases - financing activities $ 11,045 $ 11,497 Non-cash amount of leased assets obtained in exchange for: Operating lease liability additions, net $ 109,088 $ 84,241 (1) As discussed above at Lease Deferrals and Abatements , the Company negotiated certain lease amendments to defer and/or abate contractual payments as a result of the COVID-19 pandemic and temporary closure of theatres. In accordance with FASB Staff guidance, the Company did not recalculate lease liabilities and right of use assets for amendments that did not result in a substantial increase in the rights of the lessor or the obligations of the lessee. Contractual payment amounts for the nine months ended September 30, 2021 above are prior to the impact of deferred or abated rent amounts. As of September 30, 2021 , the Company had signed lease agreements with total contractual minimum lease payments of approximately $ 144,845 related to theatre leases that had not yet commenced. The timing of lease commencement is dependent on the completion of construction of the related theatre facility. Additionally, these amounts are often based on estimated square footage and costs to construct each facility and may be subject to adjustment upon final completion of each construction project. In accordance with ASC Topic 842, fixed minimum lease payments related to these theatre leases which have not yet commenced are excluded from the right-of-use assets and lease liabilities as of September 30, 2021 . |
Revenue Recognition
Revenue Recognition | 9 Months Ended |
Sep. 30, 2021 | |
Revenue From Contract With Customer [Abstract] | |
Revenue Recognition | 5. Revenue Recognition The Company’s patrons have the option to purchase movie tickets well in advance of a movie showtime or right before the movie showtime, or at any point in between those two timeframes depending on seat availability. The Company recognizes such admissions revenues when the showtime for a purchased movie ticket has passed. Concession revenues are recognized when products are sold to the consumer. Other revenues primarily consist of screen advertising and screen rental revenues, promotional income, studio trailer placements and transactional fees. Except for NCM screen advertising advances discussed below in Note 8, these revenues are generally recognized when the Company has performed the related services. The Company sells gift cards and discount ticket vouchers, the proceeds from which are recorded as deferred revenues. Deferred revenues for gift cards and discount ticket vouchers are recognized when they are redeemed for concession items or, if redeemed for movie tickets, when the showtime has passed. The Company offers a subscription program in the U.S. whereby patrons can pay a monthly fee to receive a monthly credit for use towards a future movie ticket purchase. The Company records the monthly subscription program fees as deferred revenues and records admissions revenues when the showtime for a movie ticket purchased with a credit has passed. The Company has loyalty programs in the U.S. and many of its international locations that either have a prepaid annual membership fee or award points to customers as purchases are made. For those loyalty programs that have an annual membership fee, the Company recognizes the fee collected as other revenues on a straight-line basis over the term of the membership. For those loyalty programs that award points to customers based on their purchases, the Company records a portion of the original transaction proceeds as deferred revenues based on the number of reward points issued to customers and recognizes the deferred revenues when the customer redeems such points. The value of loyalty points issued is based on the estimated fair value of the rewards offered. The Company generally records breakage revenue on gift cards and discount ticket vouchers based on redemption activity and historical experience with unused balances. The Company also records breakage revenue generally upon the expiration of loyalty points and subscription credits. Advances collected on concession and other contracts are deferred and recognized during the period in which the Company satisfies the related performance obligations, which may differ from the period in which the advances are collected. Accounts receivable as of September 30, 2021 and December 31, 2020 included approximately $ 11,151 and $ 6,232 , respectively, of receivables related to contracts with customers. The Company did no t record any assets related to the costs to obtain or fulfill a contract with customers during the nine months ended September 30, 2021 . Disaggregation of Revenue The following tables present revenues for the three and nine months ended September 30, 2021 and 2020, disaggregated based on major type of good or service and by reportable operating segment and disaggregated based on timing of revenue recognition. Three Months Ended Nine Months Ended September 30, 2021 September 30, 2021 U.S. International U.S. International Operating Operating Operating Operating Major Goods/Services Segment (1) Segment Consolidated Segment (1) Segment Consolidated Admissions revenues $ 195,307 $ 30,157 $ 225,464 $ 384,361 $ 50,703 $ 435,064 Concession revenues 142,634 21,624 164,258 275,032 38,528 313,560 Screen advertising, screen rental and promotional revenues (2) 18,054 4,845 22,899 44,543 7,628 52,171 Other revenues 19,532 2,668 22,200 37,941 5,098 43,039 Total revenues $ 375,527 $ 59,294 $ 434,821 $ 741,877 $ 101,957 $ 843,834 Three Months Ended Nine Months Ended September 30, 2020 September 30, 2020 U.S. International U.S. International Operating Operating Operating Operating Major Goods/Services Segment (1) Segment Consolidated Segment (1) Segment Consolidated Admissions revenues $ 14,794 $ 107 $ 14,901 $ 247,157 $ 60,243 $ 307,400 Concession revenues 8,861 255 9,116 161,674 37,922 199,596 Screen advertising, screen rental and promotional revenues (2) 9,227 513 9,740 35,319 13,437 48,756 Other revenues 1,527 194 1,721 25,857 6,459 32,316 Total revenues $ 34,409 $ 1,069 $ 35,478 $ 470,007 $ 118,061 $ 588,068 Three Months Ended Nine Months Ended September 30, 2021 September 30, 2021 U.S. International U.S. International Operating Operating Operating Operating Timing of Recognition Segment (1) Segment Consolidated Segment (1) Segment Consolidated Goods and services transferred at a point in time $ 348,484 $ 53,306 $ 401,790 $ 678,445 $ 91,519 $ 769,964 Goods and services transferred over time (2) 27,043 5,988 33,031 63,432 10,438 73,870 Total $ 375,527 $ 59,294 $ 434,821 $ 741,877 $ 101,957 $ 843,834 Three Months Ended Nine Months Ended September 30, 2020 September 30, 2020 U.S. International U.S. International Operating Operating Operating Operating Timing of Recognition Segment (1) Segment Consolidated Segment (1) Segment Consolidated Goods and services transferred at a point in time $ 24,945 $ 352 $ 25,297 $ 426,476 $ 101,681 $ 528,157 Goods and services transferred over time (2) 9,464 717 10,181 43,531 16,380 59,911 Total $ 34,409 $ 1,069 $ 35,478 $ 470,007 $ 118,061 $ 588,068 (1) U.S. segment revenues include eliminations of intercompany transactions with the international operating segment. See Note 16 for additional information on intercompany eliminations. (2) Amount includes amortization of NCM screen advertising advances. See Deferred Revenues below. Deferred Revenues The following table presents changes in the Company’s NCM screen advertising advances and deferred revenues for the nine months ended September 30, 2021. NCM screen advertising advances (1) Other (2) Balance at January 1, 2021 $ 344,255 $ 138,830 Amounts recognized as accounts receivable — 3,409 Cash received from customers in advance — 58,256 Common units received from NCM 10,237 — Interest accrued related to significant financing component 17,723 — Revenue recognized during period ( 24,003 ) ( 64,625 ) Foreign currency translation adjustments — ( 1,253 ) Balance at September 30, 2021 $ 348,212 $ 134,617 (1) See Note 8 for the maturity of NCM screen advertising advances as of September 30, 2021 . (2) Includes liabilities associated with outstanding gift cards and discount ticket vouchers, points or rebates outstanding under the Company’s loyalty and membership programs and revenues not yet recognized for screen advertising, screen rental and other promotional activities. Classified as accounts payable and accrued expenses or other long-term liabilities on the condensed consolidated balance sheet. The table below summarizes the aggregate amount of the transaction price allocated to performance obligations that are unsatisfied as of September 30, 202 1 and when the Company expects to recognize this revenue. Twelve Months Ended September 30, Remaining Performance Obligations 2022 2023 2024 2025 2026 Thereafter Total Other deferred revenues $ 117,093 $ 17,524 $ — $ — $ — $ — $ 134,617 |
Long Term Debt Activity
Long Term Debt Activity | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Long Term Debt Activity | 6. Long Term Debt Activity Senior Secured Credit Facility Cinemark USA, Inc. has a senior secured credit facility that includes a $ 700,000 term loan and a $ 100,000 revolving credit line (the “Credit Agreement”). As of September 30, 2021 , there was $ 634,785 outstanding under the term loan and no borrowings were outstanding under the revolving credit line. As of September 30, 2021 , $ 100,000 was available for borrowing under the revolving credit line. Quarterly principal payments of $ 1,649 are due on the term loan through December 31, 2024 , with a final principal payment of $ 613,351 due on March 29, 2025 . As a result of the June 15, 2021 amendment to the Credit Agreement discussed below, the revolving credit line matures on November 28, 2024 . The average interest rate applicable to outstanding term loan borrowings under the Credit Agreement as of September 30, 2021 was approximately 3.4 % per annum, after giving effect to the interest rate swap agreements discussed below. On April 17, 2020, in conjunction with the issuance of the 8.750 % Secured Notes discussed below, the Company obtained a waiver of the leverage covenant from the majority of revolving lenders under the Credit Agreement for the fiscal quarters ending September 30, 2020 and December 31, 2020. The waiver is subject to certain liquidity thresholds, restrictions on investments and the use of the Applicable Amount. On August 21, 2020, the Company further amended the waiver of the leverage covenant to extend through the fiscal quarter ending September 30, 2021. The amendment also (i) modifies the leverage covenant calculation beginning with the calculation for the trailing twelve-month period ended December 31, 2021, (ii) for purposes of testing the consolidated net senior secured leverage ratio for the fiscal quarters ending on December 31, 2021, March 31, 2022 and June 30, 2022, permits the Company to substitute Consolidated EBITDA for the first three fiscal quarters of 2019 in lieu of Consolidated EBITDA for the corresponding fiscal quarters of 2021, (iii) modifies the restrictions imposed by the covenant waiver, and (iv) makes such other changes to permit the issuance of Cinemark Holdings, Inc.’s 4.50 % convertible senior notes. On June 15, 2021, in conjunction with the issuance of the 5.25 % Senior Notes discussed below, the Credit Agreement was amended to, among other things, extend the maturity of the revolving credit line from November 28, 2022 to November 28, 2024 . The Company incurred debt issue costs of approximately $ 500 in connection with the extension of the revolving credit line, which are recorded as a reduction of long-term debt on the consolidated balance sheet. 5.875% Senior Notes On March 16, 2021, Cinemark USA, Inc. issued $ 405,000 aggregate principal amount of 5.875 % senior notes due 2026, at par value (the “5.875% Senior Notes”). Proceeds, after payment of fees, were used to fund a cash tender offer to purchase any and all of Cinemark USA’s 5.125% Senior Notes (the “5.125% Senior Notes”) and to redeem any of the 5.125% Senior Notes that remained outstanding after the tender offer. See further discussion of the tender offer below. Interest on the 5.875% Senior Notes is payable on March 15 and September 15 of each year, beginning September 15, 2021. The 5.875% Senior Notes mature on March 15, 2026 . The Company incurred debt issue costs of approximately $ 5,980 in connection with the issuance, which are recorded as a reduction of long-term debt, less current on the consolidated balance sheet. The 5.875% Senior Notes are fully and unconditionally guaranteed on a joint and several senior unsecured basis by certain of Cinemark USA, Inc.’s subsidiaries that guarantee, assume or become liable with respect to any of Cinemark USA, Inc.’s or a guarantor’s debt. The 5.875% Senior Notes and the guarantees are senior unsecured obligations and rank equally in right of payment with all of Cinemark USA, Inc.’s and its guarantor’s existing and future senior debt and are senior in right of payment to all of Cinemark USA, Inc.’s and its guarantors’ existing and future senior subordinated debt. The 5.875% Senior Notes and the guarantees are effectively subordinated to all of Cinemark USA, Inc.’s and its guarantor’s existing and future secured debt to the extent of the value of the collateral securing such debt, including all borrowings under Cinemark USA, Inc.’s amended senior secured credit facility. The 5.875% Senior Notes and the guarantees are structurally subordinated to all existing and future debt and other liabilities of Cinemark USA, Inc.’s subsidiaries that do not guarantee the 5.875% Senior Notes. The indenture to the 5.875% Senior Notes contains covenants that limit, among other things, the ability of Cinemark USA, Inc. and certain of its subsidiaries to (1) make investments or other restricted payments, including paying dividends, making other distributions or repurchasing subordinated debt or equity, (2) incur additional indebtedness and issue preferred stock, (3) enter into transactions with affiliates, (4) enter new lines of business, (5) merge or consolidate with, or sell all or substantially all of its assets to, another person and (6) create liens. Upon a change of control, as defined in the indenture, the Company would be required to make an offer to repurchase the 5.875% Senior Notes at a price equal to 101 % of the aggregate principal amount outstanding plus accrued and unpaid interest, if any, through the date of repurchase. The indenture governing the 5.875% Senior Notes allows Cinemark USA, Inc. to incur additional indebtedness if we satisfy the coverage ratio specified in the indenture, after giving effect to the incurrence of the additional indebtedness, and in certain other circumstances. 5.250% Senior Notes On June 15, 2021, Cinemark USA, Inc. issued $ 765,000 aggregate principal amount of 5.25 % senior notes due 2028, at par value (the “5.25% Senior Notes”). Proceeds, after payment of fees, were used to redeem all of Cinemark USA’s 4.875 % $ 755,000 aggregate principal amount of Senior Notes due 2023 (the “4.875% Senior Notes”). Interest on the 5.25% Senior Notes is payable on January 15 and July 15 of each year, beginning January 15, 2022. The 5.25% Senior Notes mature on July 15, 2028 . The Company incurred debt issue costs of approximately $ 10,684 in connection with the issuance, which are recorded as a reduction of long-term debt on the consolidated balance sheet. The 5.25% Senior Notes are fully and unconditionally guaranteed on a joint and several senior unsecured basis by certain of Cinemark USA, Inc.’s subsidiaries that guarantee, assume or become liable with respect to any of Cinemark USA, Inc.’s or a guarantor’s debt. The 5.25% Senior Notes and the guarantees will be Cinemark USA’s and the guarantors’ senior unsecured obligations and (i) rank equally in right of payment to Cinemark USA’s and the guarantors’ existing and future senior debt, including borrowings under Cinemark USA’s Credit Agreement (as defined below) and Cinemark USA’s existing senior notes, (ii) rank senior in right of payment to Cinemark USA’s and the guarantors’ future subordinated debt, (iii) are effectively subordinated to all of Cinemark USA’s and the guarantors’ existing and future secured debt, including all obligations under the Credit Agreement and Cinemark USA’s 8.750 % senior secured notes due 2025, in each case to the extent of the value of the collateral securing such debt, (iv) are structurally subordinated to all existing and future debt and other liabilities of Cinemark USA’s non-guarantor subsidiaries, and (v) are structurally senior to the 4.50 % convertible senior notes due 2025 issued by Cinemark Holdings. The indenture to the 5.25% Senior Notes contains covenants that limit, among other things, the ability of Cinemark USA, Inc. and certain of its subsidiaries to (1) make investments or other restricted payments, including paying dividends, making other distributions or repurchasing subordinated debt or equity, (2) incur additional indebtedness and issue preferred stock, (3) enter into transactions with affiliates, (4) enter new lines of business, (5) merge or consolidate with, or sell all or substantially all of its assets to, another person and (6) create liens. Upon a change of control, as defined in the indenture, the Company would be required to make an offer to repurchase the 5.25% Senior Notes at a price equal to 101 % of the aggregate principal amount outstanding plus accrued and unpaid interest, if any, through the date of repurchase. The indenture governing the 5.25% Senior Notes allows Cinemark USA, Inc. to incur additional indebtedness if we satisfy the coverage ratio specified in the indenture, after giving effect to the incurrence of the additional indebtedness, and in certain other circumstances. 4.875% Senior Notes On May 21, 2021, Cinemark USA, Inc. issued a conditional notice of optional redemption to redeem the $ 755,000 outstanding principal amount of the 4.875 % Senior Notes. In connection therewith, Cinemark USA deposited with Wells Fargo Bank, N.A., as Trustee for the 4.875% Senior Notes (the “Trustee”), funds sufficient to redeem all 4.875% Senior Notes remaining outstanding on June 21, 2021 (the “Redemption Date”). The redemption payment (the “Redemption Payment”) included $755,000 of outstanding principal at the redemption price equal to 100 .000% of the principal amount plus accrued and unpaid interest thereon to the Redemption Date. Upon deposit of the Redemption Payment with the Trustee on June 15, 2021, the indenture governing the 4.875% Senior Notes was fully satisfied and discharged. The Company recorded a loss on extinguishment of debt of $ 3,919 , which included the write-off of $ 3,301 unamortized debt issuance costs and the payment of $ 618 in related fees during the nine months ended September 30, 2021. 5.125% Senior Notes On March 16, 2021, Cinemark USA, Inc. completed a tender offer to purchase its previously outstanding 5.125 % Senior Notes, of which $ 333,990 was tendered at the expiration of the offer. On March 16, 2021, Cinemark USA, Inc. also issued a notice of optional redemption to redeem the remaining $ 66,010 principal amount of the 5.125% Senior Notes. In connection therewith, Cinemark USA deposited with Wells Fargo Bank, N.A., as Trustee for the 5.125% Senior Notes (the “Trustee”), funds sufficient to redeem all 5.125% Notes remaining outstanding on April 15, 2021 (the “Redemption Date”). The redemption payment (the “Redemption Payment”) included $66,010 of outstanding principal at the redemption price equal to 100 .000% of the principal amount plus accrued and unpaid interest thereon to the Redemption Date. Upon deposit of the Redemption Payment with the Trustee on March 16, 2021, the indenture governing the 5.125% Senior Notes was fully satisfied and discharged. The Company recorded a loss on extinguishment of debt of $ 2,603 during the nine months ended September 30, 2021 , which included the write-off of $ 1,168 unamortized debt issuance costs and the payment of $ 1,435 in tender and legal fees. Additional Borrowings of International Subsidiaries During the nine months ended September 30, 2021 , certain of the Company’s international subsidiaries borrowed an aggregate of $ 9,706 under various local bank loans. Below is a summary of these loans: Loan Amounts Loan Description (in USD) Interest Rates Covenants Maturity Peru bank loan $ 3,277 4.8% Negative covenants January 2024 Brazil bank loan $ 6,429 4.0% Negative covenants January 2029 Additionally, the Company deposited cash into a collateral account to support the issuance of bank letters of credit to the lenders for the international loans noted above. The total amount deposited during the nine months ended September 30, 2021 was $ 7,300 . Total deposits made to support bank letters of credit for the Company’s outstanding international loans is $ 21,147 and is considered restricted cash as of September 30, 2021. Interest Rate Swap Agreements Below is a summary of the Company’s interest rate swap agreements designated as cash flow hedges as of September 30, 2021: Estimated Fair Value at Notional September 30, Amount Effective Date Pay Rate Receive Rate Expiration Date 2021 (1) $ 137,500 December 31, 2018 2.12 % 1-Month LIBOR December 31, 2024 $ 6,562 $ 175,000 December 31, 2018 2.12 % 1-Month LIBOR December 31, 2024 8,419 $ 137,500 December 31, 2018 2.19 % 1-Month LIBOR December 31, 2024 6,918 $ 150,000 March 31, 2020 0.57 % 1-Month LIBOR March 31, 2022 354 Total $ 22,253 (1) Approximately $ 9,536 of the total is included in accounts payable and accrued expenses and $ 12,717 is included in other long-term liabilities on the condensed consolidated balance sheet as of September 30, 2021 . Upon amending the interest rate swap agreements effective March 31,2020, the Company determined that the interest payments hedged with the agreements are still probable to occur, therefore the loss that accumulated on the swaps prior to the amendments of $ 29,359 is being amortized to interest expense through December 31, 2022, the original maturity dates of the swaps. Approximately $ 1,124 and $ 3,372 was recorded in interest expense in the condensed consolidated income statement for the three and nine months ended September 30, 2021, respectively. The fair values of the amended interest rate swaps and the new interest rate swap are recorded on the Company’s condensed consolidated balance sheet as an asset or liability with the related gains or losses reported as a component of accumulated other comprehensive loss. The changes in fair value are reclassified from accumulated other comprehensive loss into earnings in the same period that the hedged items affect earnings. The valuation technique used to determine fair value is the income approach. Under this approach, the Company uses projected future interest rates, which fall in Level 2 of the U.S. GAAP hierarchy as defined by FASB ASC Topic 820-10-35, as provided by counterparties to the interest rate swap agreements and the fixed rates that the Company is obligated to pay under the agreements. Fair Value of Long-Term Debt The Company estimates the fair value of its long-term debt using the market approach, which utilizes quoted market prices that fall under Level 2 of the U.S. GAAP fair value hierarchy as defined by ASC 820, Fair Value Measurement (“ASC Topic 820”) . The carrying value of the Company’s long-term debt, excluding unamortized debt discounts and debt issue costs, was $ 2,083,099 and $ 2,067,900 as of September 30, 2021 and December 31, 2020, respectively. The fair value of the Company’s long-term debt was $ 2,071,750 and $ 1,978,322 as of September 30, 2021 and December 31, 2020, respectively. |
Equity
Equity | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Equity | 7. Equity Below is a summary of changes in stockholders’ equity attributable to Cinemark USA, Inc., noncontrolling interests and total equity for the three and nine months ended September 30, 2021 and 2020: Class A Common Stock Class B Common Stock Treasury Stock Additional Paid-In-Capital Retained Earnings Accumulated Other Comprehensive Loss Total Cinemark USA, Inc. Stockholder's Equity Noncontrolling Interests Total Equity Balance at January 1, 2021 $ — $ 49,543 $ ( 24,233 ) $ 1,310,625 $ ( 163,284 ) $ ( 398,653 ) $ 773,998 $ 10,996 $ 784,994 Share based awards compensation expense — — — 4,436 — — 4,436 — 4,436 Contributions from parent — — — 120,000 — — 120,000 — 120,000 Net loss — — — — ( 202,908 ) — ( 202,908 ) ( 602 ) ( 203,510 ) Unrealized gain due to fair value adjustments on interest rate swap agreements, net of taxes, net of settlements — — — — — 5,704 5,704 — 5,704 Amortization of accumulated losses for amended swap agreements — — — — — 1,124 1,124 — 1,124 Foreign currency translation adjustments — — — — — ( 9,465 ) ( 9,465 ) — ( 9,465 ) Balance at March 31, 2021 — 49,543 ( 24,233 ) 1,435,061 ( 366,192 ) ( 401,290 ) 692,889 10,394 703,283 Share based awards compensation expense — — — 5,680 — — 5,680 — 5,680 Net loss — — — — ( 137,245 ) — ( 137,245 ) 186 ( 137,059 ) Unrealized loss due to fair value adjustments on interest rate swap agreements, net of taxes, net of settlements — — — — — 746 746 — 746 Amortization of accumulated losses for amended swap agreements — — — — — 1,123 1,123 — 1,123 Foreign currency translation adjustments — — — — — 8,259 8,259 — 8,259 Balance at June 30, 2021 $ — $ 49,543 $ ( 24,233 ) $ 1,440,741 $ ( 503,437 ) $ ( 391,162 ) $ 571,452 $ 10,580 $ 582,032 Share based awards compensation expense — — — 5,782 — — 5,782 — 5,782 Net loss — — — — ( 72,517 ) — ( 72,517 ) 241 ( 72,276 ) Unrealized gain to fair value adjustments on interest rate swap agreements, net of taxes, net of settlements — — — — — 1,462 1,462 — 1,462 Amortization of accumulated losses for amended swap agreements — — — — — 1,124 1,124 — 1,124 Foreign currency translation adjustments — — — — — ( 13,804 ) ( 13,804 ) — ( 13,804 ) Balance at September 30, 2021 $ — $ 49,543 $ ( 24,233 ) $ 1,446,523 $ ( 575,954 ) $ ( 402,380 ) $ 493,499 $ 10,821 $ 504,320 Class A Common Stock Class B Common Stock Treasury Stock Additional Paid-In-Capital Retained Earnings Accumulated Other Comprehensive Loss Total Cinemark USA, Inc. Stockholder's Equity Noncontrolling Interests Total Equity Balance at January 1, 2020 $ — $ 49,543 $ ( 24,233 ) $ 1,291,618 $ 484,883 $ ( 340,112 ) $ 1,461,699 $ 12,508 $ 1,474,207 Share based awards compensation expense — — — 3,882 — — 3,882 — 3,882 Dividends paid to parent — — — — ( 42,000 ) — ( 42,000 ) — ( 42,000 ) Dividends paid to noncontrolling interests — — — — — — — (392 ) (392 ) Net loss — — — — ( 59,270 ) — ( 59,270 ) 169 ( 59,101 ) Unrealized loss due to fair value adjustments on interest rate swap agreements, net of taxes, net of settlements — — — — — ( 24,171 ) ( 24,171 ) — ( 24,171 ) Foreign currency translation adjustments — — — — — ( 57,625 ) ( 57,625 ) — ( 57,625 ) Balance at March 31, 2020 — 49,543 ( 24,233 ) 1,295,500 383,613 ( 421,908 ) 1,282,515 12,285 1,294,800 Share based awards compensation expense — — — 4,092 — — 4,092 — 4,092 Net loss — — — — ( 169,951 ) — ( 169,951 ) ( 427 ) ( 170,378 ) Unrealized gain due to fair value adjustments on interest rate swap agreements, net of taxes, net of settlements — — — — — 849 849 — 849 Amortization of accumulated losses for amended swap agreements — — — — — 2,669 2,669 — 2,669 Foreign currency translation adjustments — — — — — ( 3,702 ) ( 3,702 ) — ( 3,702 ) Tax impact of convertible notes issued $ — $ 49,543 $ ( 24,233 ) $ 1,299,593 $ 213,662 $ ( 422,092 ) $ 1,116,473 $ 11,859 $ 1,128,332 Share based awards compensation expense — — — 4,198 — — 4,198 — 4,198 Net loss — — — — ( 144,431 ) — ( 144,431 ) ( 444 ) ( 144,875 ) Unrealized gain to fair value adjustments on interest rate swap agreements, net of taxes, net of settlements — — — — — 6,528 6,528 — 6,528 Amortization of accumulated losses for amended swap agreements — — — — — 2,669 2,669 — 2,669 Foreign currency translation adjustments — — — — — ( 1,503 ) ( 1,503 ) ( 1,503 ) Balance at September 30, 2020 $ — $ 49,543 $ ( 24,233 ) $ 1,303,791 $ 69,231 $ ( 414,398 ) $ 983,934 $ 11,415 $ 995,349 |
Investment in National CineMedi
Investment in National CineMedia LLC | 9 Months Ended |
Sep. 30, 2021 | |
NCM | |
Investment in National CineMedia LLC | 8. Investment in National CineMedia LLC Below is a summary of activity with NCM included in the Company’s condensed consolidated financial statements: Investment NCM Screen Advertising Advances Distributions Equity in Other Interest Cash Balance as of January 1, 2021 $ 151,962 $ ( 344,255 ) Receipt of common units due to annual common unit adjustment ("CUA") 10,237 ( 10,237 ) — — — — — Screen rental revenues earned under ESA (1) — — — — ( 7,516 ) — 7,516 Interest accrued related to significant financing component — ( 17,723 ) — — — 17,723 — Receipt under tax receivable agreement ( 156 ) — ( 77 ) — — — 233 Equity in loss ( 22,046 ) — — 22,046 — — — Amortization of screen advertising advances — 24,003 — — ( 24,003 ) — — Balance as of and for the nine months ended September 30, 2021 $ 139,997 $ ( 348,212 ) $ ( 77 ) $ 22,046 $ ( 31,519 ) $ 17,723 $ 7,749 (1) Amounts include the per patron and per digital screen theatre access fees due to the Company, net of amounts due to NCM for on-screen advertising time provided to the Company’s beverage concessionaire of approximately $ 2,850 . Investment in National CineMedia NCM operates a digital in-theatre network in the U.S. for providing cinema advertising. The Company entered into an Exhibitor Services Agreement with NCM (“ESA”), pursuant to which NCM primarily provides advertising to our theatres. T he Company does not recognize undistributed equity in the earnings on its original NCM membership units (referred to herein as the Company’s Tranche 1 Investment) until NCM’s future net earnings, less distributions received, surpass the amount of the excess distribution. The Company recognizes equity in earnings on its Tranche 1 Investment only to the extent it receives cash distributions from NCM. The Company recognizes cash distributions it receives from NCM on its Tranche 1 Investment as a component of earnings as Distributions from NCM. The Company believes that the accounting model provided by ASC Topic 323-10-35-22 for recognition of equity investee losses in excess of an investor’s basis is analogous to the accounting for equity income subsequent to recognizing an excess distribution. Common Unit Adjustments The Company also periodically receives consideration in the form of common units from NCM. Annual adjustments to the common membership units are made primarily based on increases or decreases in the number of theatre screens operated and theatre attendance generated. The common units received are recorded at estimated fair value as an increase in the Company’s investment in NCM with an offset to NCM screen advertising advances. During March 2021, NCM performed its annual common unit adjustment calculation under the Common Unit Adjustment Agreement. As a result of the calculation, the Company received an additional 2,311,482 common units of NCM, on April 14, 2021. The Company recorded these additional common units at an estimated fair value of $ 10,237 with a corresponding adjustment to NCM screen advertising advances. The fair value of the common units received was estimated based on the market price of NCMI common stock (Level 1 input as defined in FASB ASC Topic 820) at the time the common units were determined, adjusted for volatility associated with the estimated time period it would take to convert the common units and register the respective shares. As of September 30, 2021, the Company owned a total of 43,161,550 common units of NCM representing an ownership interest of approximately 26 %. Each of the Company’s common units in NCM is convertible into one share of NCM, Inc. common stock. As of September 30, 2021, the estimated fair value of the Company’s investment in NCM was approximately $ 153,655 based on NCM, Inc.’s stock price as of September 30, 2021 of $ 3.56 per share (Level 1 input as defined in FASB ASC Topic 820). Exhibitor Services Agreement As discussed above, the Company’s domestic theatres are part of the in-theatre digital network operated by NCM under the ESA. NCM provides advertising to the Company’s theatres through its branded “ Noovie ” pre-show entertainment program and also handles lobby promotions and displays for our theatres. The Company receives monthly theatre access fees for participation in the NCM network for participation in the NCM network generally on a per patron and per screen basis. These fees earned under the ESA are reflected in other revenue on the condensed consolidated income statement. Prior to September 17, 2019, the ESA was accounted for under ASC Topic 606, Revenue from Contracts with Customers. Effective September 17, 2019, the Company signed an amendment to the ESA, under which the Company will provide incremental advertising time to NCM and has extended the term through February 2041. Since the agreement was amended, the Company was required to evaluate the revised contract under ASC Topic 842, Leases, and as a result, determined that the ESA met the definition of a lease. The Company leases nonconsecutive periods of use of its domestic theatre screens to NCM for purposes of showing third party advertising content. The lease, which is classified as an operating lease, generally requires variable lease payments based on the number of patrons attending the showtimes during which such advertising is shown. The lease agreement is considered short-term due to the fact that the nonconsecutive periods of use, or advertising time slots, are set on a weekly basis. The revenues earned under the ESA, both before and after the amendment, are reflected in other revenue on the consolidated income statement. The recognition of revenue related to the NCM screen advertising advances are recorded through February 2041. Twelve Months Ended September 30, Remaining Maturity 2022 2023 2024 2025 2026 Thereafter Total NCM screen advertising advances (1) $ 8,968 $ 9,587 $ 10,251 $ 10,962 $ 11,724 $ 296,720 $ 348,212 (1) Amounts are net of the estimated interest to be accrued for the periods presented. See discussion of significant financing component below. Significant Financing Component In connection with the completion of the NCMI initial public offering, the Company amended and restated its ESA with NCM and received approximately $ 174,000 in cash consideration from NCM. The proceeds were recorded as deferred revenue and are being amortized over the term of the modified ESA, or through February 2041. In addition to the consideration received upon the ESA modification during 2007, the Company also receives consideration in the form of common units from NCM, at each annual common unit adjustment settlement, in exchange for exclusive access to the Company’s newly opened domestic screens under the ESA. Due to the significant length of time between receiving the consideration from NCM and fulfillment of the related performance obligation, the ESA includes an implied significant financing component, as per the guidance in ASC Topic 606. As a result of the significant financing component, the Company recognized incremental screen rental revenue and interest expense of $ 24,003 and $ 17,723 , respectively, during the nine months ended September 30, 2021 and incremental screen rental revenue and interest expense of $ 23,464 and $ 17,726 , respectively, during the nine months ended September 30, 2020 . The interest expense was calculated using the Company’s incremental borrowing rates at the time when the cash was received from the NCMI IPO and each tranche of common units was received from NCM, which ranged from 4.4 % to 8.3 %. Effective September 17, 2019, upon the Company’s evaluation and determination that ASC Topic 842 applies to the amended ESA, the Company determined it acceptable to apply the significant financing component guidance from ASC Topic 606 by analogy as the economic substance of the agreement represents a financing arrangement. NCM Financial Information Below is summary financial information for NCM for the periods indicated: Three Months Ended Three Months ended Nine Months Ended Nine Months Ended September 30, 2021 September 24, 2020 September 30, 2021 September 24, 2020 Gross revenues $ 31,677 $ 6,000 $ 51,080 $ 74,700 Operating income (loss) $ ( 18,669 ) $ ( 20,073 ) $ ( 76,607 ) $ ( 38,973 ) Net loss $ ( 35,335 ) $ ( 34,950 ) $ ( 125,699 ) $ ( 81,350 ) As of As of September 30, 2021 December 31, 2020 Current assets $ 97,064 $ 142,566 Noncurrent assets $ 665,570 $ 685,643 Current liabilities $ 48,761 $ 46,872 Noncurrent liabilities $ 1,114,599 $ 1,072,207 Members deficit $ ( 400,726 ) $ ( 290,870 ) |
Other Investments
Other Investments | 9 Months Ended |
Sep. 30, 2021 | |
Financial Support For Nonconsolidated Legal Entity [Abstract] | |
Other Investments | 9. Other Investments Digital Cinema Implementation Partners LLC (“DCIP”) On February 12, 2007, the Company, AMC and Regal (the “Exhibitors”) entered into a joint venture known as DCIP to facilitate the implementation of digital cinema in the Company’s theatres and to establish agreements with major motion picture studios for the financing of digital cinema. As of September 30, 2021 , the Company had a 33 % voting interest in DCIP and a 24.3 % economic interest in DCIP. The Company accounts for its investment in DCIP and its subsidiaries under the equity method of accounting. On March 10, 2010, DCIP and its subsidiaries completed an initial financing transaction to enable the purchase, deployment and leasing of digital projection systems to the Exhibitors under equipment lease and installation agreements. On March 31, 2011, DCIP obtained incremental financing necessary to complete the deployment of digital projection systems. DCIP also entered into long-term Digital Cinema Deployment Agreements (“DCDAs”) with six major motion picture studios pursuant to which Kasima LLC, one of DCIP’s subsidiaries, receives a virtual print fee ("VPF") each time the studio books a film or certain other content on the leased digital projection systems. Other content distributors entered into similar DCDAs that provide for the payment of VPFs for bookings of the distributor's content on a leased digital projection system. The DCDAs end on the earlier to occur of (i) the tenth anniversary of the "mean deployment date" for all digital projection systems scheduled to be deployed over a period of up to five years, or (ii) the date DCIP achieves "cost recoupment", each as defined in the DCDAs. Cost recoupment occurs when revenues attributable to the digital projection systems exceed the financing, deployment, administration and other costs associated with the purchase of the digital projection systems. DCIP expects cost recoupment to occur during October 2021. The timing of cost recoupment is dependent on VPF payments from studios. Pursuant to the operating agreement between the Exhibitors and DCIP, DCIP could distribute excess cash to the Exhibitors upon the payoff of its outstanding debt, which began during the year ended December 31, 2019. Effective November 1, 2020, the Company amended the master equipment lease agreement (“MELA”) with Kasima LLC, which is an indirect subsidiary of DCIP, resulting in the termination of the MELA. Upon termination of the MELA, the Company received a distribution of the digital projection equipment that it previously leased. As the fair value of the distributed projectors was greater than the Company’s investment in DCIP at the time of the distribution, the investment in DCIP was reduced to zero at the time of the distribution. The Company does not recognize undistributed equity in the earnings or loss of its investment in DCIP until such time that future net earnings, less distributions received, surpass the amount of the excess distribution. Below is summary financial information for DCIP for the periods indicated: Three Months Ended Nine Months Ended September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020 Gross revenues $ 27,639 $ 1,084 $ 47,361 $ 20,809 Operating income (loss) $ 18,427 $ ( 29,878 ) $ 41,868 $ ( 72,422 ) Net income (loss) $ 18,976 $ ( 30,554 ) $ 42,933 $ ( 79,660 ) As of September 30, 2021 December 31, 2020 Current assets $ 41,625 $ 36,372 Noncurrent assets $ 63 $ 205 Current liabilities $ 14,562 $ 39,844 Noncurrent liabilities $ — $ 687 Members' equity (deficit) $ 27,126 $ ( 3,954 ) The Company had the following transactions with DCIP during the three and nine months ended September 30, 2021 and 2020: Three Months Ended Nine Months Ended September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020 Equipment lease payments (1)(2) $ — $ 346 $ — $ 1,384 Warranty reimbursements from DCIP (2) $ ( 84 ) $ — $ ( 784 ) $ ( 3,123 ) Management service fees (2) $ 21 $ — $ 36 $ 84 Distributions from DCIP (3) $ 6,534 $ — $ 6,534 $ — (1) As a result of the MELA amendment noted above, the Company recorded a lease termination liability during 2020. The lease termination payments made during the nine months ended September 30, 2021 reduced the liability outstanding. The remaining termination liability of $ 174 as of September 30, 2021 is reflected in accrued other current liabilities on the condensed consolidated balance sheet. (2) Amounts reflected in utilities and other costs on the condensed consolidated statements of loss. (3) Cash distributions received from DCIP are not treated as a reduction of the investment balance because, as discussed above, the Company's equity investment in DCIP is zero. Reflected as distributions from DCIP on the condensed consolidated statements of loss. Other Investment Activity Below is a summary of activity for each of the Company’s other investments for the nine months ended September 30, 2021: AC JV, DCDC FE Concepts Other Total Balance at January 1, 2021 $ 3,745 $ 1,255 $ 18,273 $ 453 $ 23,726 Equity income (loss) ( 1,099 ) 296 788 — ( 15 ) Other — — — 44 44 Balance at September 30, 2021 $ 2,646 $ 1,551 $ 19,061 $ 497 $ 23,755 Below is a summary of transactions with each of the Company’s other investees for the nine months ended September 30, 2021: Nine Months Ended Investee Transactions September 30, 2021 September 30, 2020 AC JV, LLC Event fees paid (1) $ 1,386 $ 2,258 DCDC Content delivery fees paid (1) $ 377 $ 208 FE Concepts Theatre service fees received (2) $ ( 47 ) $ ( 19 ) (1) Included in film rentals and advertising costs on the condensed consolidated statements of incom e. (2) Included in other revenues on the condensed consolidated statements of income. |
Share Based Awards
Share Based Awards | 9 Months Ended |
Sep. 30, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Share Based Awards | 10. Share Based Awards Restricted Stock During the nine months ended September 30, 2021, Cinemark Holdings, Inc. granted 1,077,926 shares of restricted stock to its directors and employees of the Company. The fair value of the restricted stock granted was determined based on the closing price of Cinemark Holdings, Inc.’s common stock on the day preceding the grant date, which ranged from $ 16.09 to $ 23.98 per share. The Company assumed forfeiture rates for the restricted stock awards that ranged from 0 % to 10 %. Certain of the restricted stock awards vested immediately on the grant date while others vest over periods ranging from one to four years . The recipients of restricted stock are entitled to receive non-forfeitable dividends and to vote their respective shares, however, the sale and transfer of the restricted shares is prohibited during the restriction period. Below is a summary of restricted stock activity for the nine months ended September 30, 2021: Shares of Weighted Restricted Grant Date Stock Fair Value Outstanding at January 1, 2021 1,431,975 $ 21.11 Granted 1,077,926 $ 21.24 Vested ( 115,712 ) $ 23.79 Forfeited ( 42,034 ) $ 18.13 Outstanding at September 30, 2021 2,352,155 $ 21.00 Unvested restricted stock at September 30, 2021 2,352,155 $ 21.00 Nine Months Ended 2021 2020 Compensation expense recognized by the Company during the period $ 13,066 $ 7,548 Additional compensation expense recognized by Cinemark Holdings, Inc. during the period $ 691 $ 687 Fair value of restricted shares held by Company employees that vested during the period $ 1,162 $ 8,567 Fair value of restricted shares held by Cinemark Holdings, Inc.’s $ 1,329 $ 377 Income tax benefit (cost) recognized upon vesting of restricted stock $ ( 383 ) $ 2,533 Additional income tax benefit recognized upon vesting of $ 278 $ 145 As of September 30, 2021 , the estimated remaining unrecognized compensation expense related to unvested restricted stock awards was $ 28,541 , of which $ 27,893 will be recognized by the Company and $ 648 will be recognized by Cinemark Holdings, Inc. The weighted average period over which this remaining compensation expense will be recognized is approximately two years . Restricted Stock Units Cinemark Holdings, Inc. did not grant any restricted stock units during the nine months ended September 30, 2021. During the nine months ended September 30, 2021, the Compensation Committee of Cinemark Holdings, Inc.’s Board of Directors evaluated the impact of the COVID-19 pandemic on the performance metric used for the restricted stock unit awards granted during February 2019 and February 2020 and determined that the COVID-19 pandemic significantly impacted the Company’s ability to meet the performance metric. The Compensation Committee made a discretionary decision to certify the vest of the 2019 and 2020 restricted stock unit awards at target based upon the unforeseen, external circumstances beyond management’s control, the projected macroeconomic conditions through 2021 and beyond, and the uncertain timing as to the recovery of the Company’s industry. The requirement to satisfy the applicable service period under the restricted stock unit awards was not changed. Below is a summary of restricted stock unit activity for the nine months ended September 30, 2021: Nine Months Ended September 30, 2021 2020 Number of restricted stock unit awards that vested during the period 15,230 120,293 Fair value of restricted stock unit awards that vested during the period $ 314 $ 3,669 Accumulated dividends paid upon vesting of restricted stock unit awards $ 62 $ 576 Compensation expense recognized during the period $ 2,832 $ 4,624 Income tax benefit (cost) related to stock unit awards $ ( 467 ) $ 215 As of September 30, 2021 , the estimated remaining unrecognized compensation expense related to outstanding restricted stock unit awards was $ 7,185 . The weighted average period over which this remaining compensation expense will be recognized is approximately 2 years. As of September 30, 2021 , the Company had restricted stock units outstanding that represented a total of 561,041 hypothetical shares of common stock, net of forfeitures, reflecting actual certified performance levels for all grants outstanding. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 9 Months Ended |
Sep. 30, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | 11. Goodwill and Other Intangible Assets A summary of the Company’s goodwill is as follows: U.S. International Balance at January 1, 2021 (1) $ 1,182,853 $ 70,987 $ 1,253,840 Foreign currency translation adjustments — ( 3,705 ) ( 3,705 ) Balance at September 30, 2021 (1) $ 1,182,853 $ 67,282 $ 1,250,135 (1) Balances are presented net of accumulated impairment losses of $ 214,031 for the U.S. operating segment and $ 43,750 for the international operating segment. See discussion of the qualitative impairment analysis performed by the Company as of September 30, 2021 at Note 12. A summary of the Company’s intangible assets is as follows: Balance at Additions (1) Amortization Foreign Currency Translation Adjustments Balance at September 30, 2021 Intangible assets with finite lives: Gross carrying amount $ 82,432 $ — $ — $ ( 132 ) $ 82,300 Accumulated amortization ( 68,416 ) ― ( 1,994 ) — ( 70,410 ) Total net intangible assets with finite lives $ 14,016 $ — $ ( 1,994 ) $ ( 132 ) $ 11,890 Intangible assets with indefinite lives: Tradename and other 300,179 146 — ( 190 ) 300,135 Total intangible assets, net $ 314,195 $ 146 $ (1,994 ) $ ( 322 ) $ 312,025 (1) Amount represents alcoholic beverage licenses acquired. The estimated aggregate future amortization expense for intangible assets is as follows: For the three months ended December 31, 2021 $ 680 For the twelve months ended December 31, 2022 2,519 For the twelve months ended December 31, 2023 2,429 For the twelve months ended December 31, 2024 2,429 For the twelve months ended December 31, 2025 2,316 Thereafter 1,517 Total $ 11,890 |
Impairment of Long-Lived Assets
Impairment of Long-Lived Assets | 9 Months Ended |
Sep. 30, 2021 | |
Impairment Or Disposal Of Tangible Assets Disclosure [Abstract] | |
Impairment of Long-Lived Assets | 12. Impairment of Long-Lived Assets The Company performed long-lived asset impairment evaluations at the end of each quarter during the nine months ended September 30, 2021. The following table is a summary of the evaluations performed by asset classification: Asset Impairment Valuation Valuation Category Test Type Approach Multiple First and Second Quarters Goodwill Qualitative N/A N/A Tradename Intangible Assets Qualitative N/A N/A Other Long-lived Assets Qualitative N/A N/A Third Quarter Goodwill Qualitative N/A N/A Tradename Intangible Assets Qualitative N/A N/A Other Long-lived Assets Quantitative (1) Market 3.1 to 6 times (1) Quantitative test performed for certain theatre level assets where indicators existed under a qualitative test. For theatre level asset evaluations performed, the Company used the lesser of the remaining theatre lease term or the applicable market multiple to determine impairment exposure. Goodwill – The Company evaluates goodwill for impairment as follows: Qualitative approach The Company’s qualitative assessment of goodwill for each reporting unit considers economic and market conditions, industry trading multiples and the impact of recent developments and events on the estimated fair values as determined during its most recent quantitative assessment Tradename Intangible assets – The Company evaluates tradename intangible assets for impairment as follows: Qualitative approach The Company’s qualitative assessment considers industry and market conditions and recent developments that may impact the revenue forecasts and other estimates used in its most recent quantitative assessment. Other Long-lived Assets – The Company evaluates other long-lived assets for impairment as follows: Quantitative approach The Company performs a quantitative evaluation at the theatre level using estimated undiscounted cash flows from continuing use through the remainder of the theatre’s useful life. Significant judgment, including management’s estimate of the impact of temporary theatre closures and other considerations as a result of COVID-19, was involved in estimating cash flows and fair value. Fair value is determined based on a multiple of cash flows. Management’s estimates, which fall under Level 3 of the U.S. GAAP fair value hierarchy, as defined by FASB ASC Topic 820-10-35, are based on projected operating performance, market transactions and industry trading multiples. Qualitative approach The Company performs a qualitative evaluation for certain theatres based on the results of the quantitative evaluation noted above. The Company’s qualitative evaluation considers relevant market transactions, industry trading multiples and recent developments that would impact its estimates of future cash flows. The following table is a summary of the impairment recorded as a result of the evaluations performed during the three and nine months ended September 30, 2021 and 2020: Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 U.S. Segment Theatre properties $ 4,801 $ 2,075 $ 4,801 $ 5,718 Theatre operating lease right-of-use assets 2,638 1,123 2,638 7,075 Cost method investment — 2,500 — 2,500 U.S. total 7,439 5,698 7,439 15,293 International segment Theatre properties 39 938 39 5,422 Theatre operating lease right-of-use assets 2 1,654 2 4,194 Goodwill — 16,128 — 16,128 Intangible assets — 177 — 177 International total 41 18,897 41 25,921 Total Impairment $ 7,480 $ 24,595 $ 7,480 $ 41,214 |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 13. Fair Value Measurements The Company determines fair value measurements in accordance with ASC Topic 820, which establishes a fair value hierarchy under which an asset or liability is categorized based on the lowest level of input significant to its fair value measurement. The levels of input defined by ASC Topic 820 are as follows: Level 1 – quoted market prices in active markets for identical assets or liabilities that are accessible at the measurement date; Level 2 – other than quoted market prices included in Level 1 that are observable for the asset or liability, either directly or indirectly; and Level 3 – unobservable and should be used to measure fair value to the extent that observable inputs are not available. Below is a summary of liabilities measured at fair value on a recurring basis by the Company under FASB ASC Topic 820 as of September 30, 2021 and December 31, 2020: Carrying Fair Value Hierarchy Description As of, Value Level 1 Level 2 Level 3 Interest rate swap liabilities (1) September 30, 2021 $ 22,253 $ — $ 22,253 $ — Interest rate swap liabilities (1) December 31, 2020 $ 33,847 $ — $ 33,847 $ — (1) See further discussion of interest rate swaps at Note 6. The Company uses the market approach for fair value measurements on a nonrecurring basis in the impairment evaluations of its goodwill, intangible assets and long-lived assets (see Note 11 and Note 12). See additional explanation of fair value measurement techniques used for long-lived assets, goodwill and intangible assets in “Critical Accounting Policies” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, filed March 3, 2021. There were no changes in valuation techniques. The Company elected to perform its goodwill impairment evaluation using both the market approach and the income approach for the nine months ended September 30, 2021 . There were no transfers in to or out of Level 1, Level 2 or Level 3 during the nine months ended September 30, 2021 . |
Foreign Currency Translation
Foreign Currency Translation | 9 Months Ended |
Sep. 30, 2021 | |
Foreign Currency [Abstract] | |
Foreign Currency Translation | 14. Foreign Currency Translation The accumulated other comprehensive loss account in stockholders’ equity of $ 402,380 and $ 398,653 as of September 30, 2021 and December 31, 2020, respectively, primarily includes cumulative foreign currency net losses of $ 390,654 and $ 375,644 , respectively, from translating the financial statements of the Company’s international subsidiaries and the cumulative changes in fair value of the Company’s interest rate swap agreements that are designated as hedges. As of September 30, 2021 , all foreign countries where the Company has operations, other than Argentina, are non-highly inflationary, and the local currency is the same as the functional currency in all of the locations. Thus, any fluctuation in the currency results in a cumulative foreign currency translation adjustment recorded to accumulated other comprehensive loss. The Company deemed Argentina to be highly inflationary beginning July 1, 2018. A highly inflationary economy is defined as an economy with a cumulative inflation rate of approximately 100 percent or more over a three-year period. If a country’s economy is classified as highly inflationary, the financial statements of the foreign entity operating in that country must be remeasured to the functional currency of the reporting entity. The financial information of the Company’s Argentina subsidiaries was remeasured in U.S. dollars in accordance with ASC Topic 830, Foreign Currency Matters , effective July 1, 2018. Below is a summary of the impact of translating the September 30, 2021 and 2020 financial statements of the Company’s international subsidiaries: Other Comprehensive Loss for Exchange Rate as of Nine Months Ended Country September 30, 2021 December 31, 2020 September 30, 2021 September 30, 2020 Brazil 5.43 5.20 $ ( 3,368 ) $ ( 51,453 ) Chile 811.13 714.14 ( 7,967 ) ( 5,046 ) Colombia 3,834.68 3,432.50 ( 140 ) ( 2,584 ) Peru 4.16 3.65 ( 3,609 ) ( 3,187 ) All other 74 ( 560 ) $ ( 15,010 ) $ ( 62,830 ) (1) Beginning July 1, 2018, Argentina was deemed highly inflationary. A gain of $ 345 and $ 1,053 for the nine months ended September 30, 2021 and 2020, respectively, is reflected as foreign currency exchange loss on the Company’s condensed consolidated statement of income as a result of translating Argentina financial results to U.S. dollars. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 9 Months Ended |
Sep. 30, 2021 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | 15. Supplemental Cash Flow Information The following is provided as supplemental information to the condensed consolidated statements of cash flows: Nine Months Ended September 30, 2021 2020 Cash paid for interest $ 69,479 $ 53,364 Cash paid (refunds received) for income taxes, net $ ( 136,937 ) $ ( 108,776 ) Cash deposited in restricted accounts (1) $ 7,300 $ — Noncash investing and financing activities: Change in accounts payable and accrued expenses for the acquisition of theatre properties and equipment (2) $ ( 2,409 ) $ ( 7,933 ) Interest expense - NCM (see Note 8) $ ( 17,723 ) $ ( 17,726 ) Investment in NCM – receipt of common units (see Note 8) $ 10,237 $ 3,620 (1) Represents cash deposited in a collateral account during the period to support the issuance of letters of credit to lenders. See further discussion at Note 6. (2) Additions to theatre properties and equipment included in accounts payable as of September 30, 2021 and December 31, 2020 were $ 25,841 and $ 28,250 , respectively. |
Segments
Segments | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Segments | 16. Segments The Company manages its international market and its U.S. market as separate reportable operating segments, with the international segment consisting of operations in Brazil, Argentina, Chile, Colombia, Peru, Ecuador, Honduras, El Salvador, Nicaragua, Costa Rica, Panama, Guatemala, Bolivia, Curacao and Paraguay. Each segment’s revenue is derived from admissions and concession sales and other ancillary revenues. The Company uses Adjusted EBITDA, as shown in the reconciliation table below, as the primary measure of segment profit and loss to evaluate performance and allocate its resources. The Company does not report total assets by segment because that information is not used to evaluate the performance of or allocate resources between segments. Below is a breakdown of selected financial information by reportable operating segment: Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Revenues U.S. $ 376,278 $ 34,639 $ 742,982 $ 472,096 International 59,294 1,069 101,957 118,061 Eliminations ( 751 ) ( 230 ) ( 1,105 ) ( 2,089 ) Total revenues $ 434,821 $ 35,478 $ 843,834 $ 588,068 Adjusted EBITDA U.S. $ 45,181 $ ( 105,279 ) $ ( 30,358 ) $ ( 144,918 ) International ( 495 ) ( 22,232 ) ( 27,788 ) ( 33,459 ) Total Adjusted EBITDA $ 44,686 $ ( 127,511 ) $ ( 58,146 ) $ ( 178,377 ) Capital expenditures U.S. $ 22,423 $ 17,903 $ 47,547 $ 54,604 International 2,002 2,756 9,697 13,014 Total capital expenditures $ 24,425 $ 20,659 $ 57,244 $ 67,618 The following table sets forth a reconciliation of net loss to Adjusted EBITDA: Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Net loss $ ( 72,276 ) $ ( 144,875 ) $ ( 412,845 ) $ ( 374,354 ) Add (deduct): Income taxes ( 7,467 ) ( 119,273 ) ( 11,355 ) ( 220,287 ) Interest expense (1) 31,902 32,235 93,480 87,942 Other expense, net (2) 12,501 22,907 35,433 47,412 Cash distributions from DCIP (3) — — — 10,383 Cash distributions from other equity investees (4) — 2,146 156 15,047 Depreciation and amortization 67,208 62,543 202,288 191,380 Impairment of long-lived assets 7,480 24,595 7,480 41,214 Restructuring costs ( 340 ) 524 ( 1,288 ) 20,062 Loss on disposal of assets and other 1,020 ( 13,327 ) 7,883 ( 10,997 ) Loss on extinguishment of debt — — 6,527 — Non-cash rent expense ( 1,124 ) 816 ( 1,803 ) 1,649 Share based awards compensation expense 5,782 4,198 15,898 12,172 Adjusted EBITDA $ 44,686 $ ( 127,511 ) $ ( 58,146 ) $ ( 178,377 ) (1) Includes amortization of debt issue costs and amortization of accumulated losses for amended swap agreements. (2) Includes interest income, foreign currency exchange loss, equity in income (loss) of affiliates and interest expense - NCM and excludes distributions from NCM and distributions from DCIP. (3) Includes cash distributions from DCIP that were recorded as a reduction of the Company’s investment in DCIP. These distributions are reported entirely within the U.S. operating segment. (4) Includes cash distributions received from equity investees, other than those from DCIP noted above, that were recorded as a reduction of the respective investment balances (see Notes 8 and 9). These distributions are reported entirely within the U.S. operating segment . Financial Information About Geographic Areas Below is a breakdown of selected financial information by geographic area: Three Months Ended Nine Months Ended September 30, September 30, Revenues 2021 2020 2021 2020 U.S. $ 376,278 $ 34,639 $ 742,982 $ 472,096 Brazil 20,632 513 30,533 53,829 Other international countries 38,662 556 71,424 64,232 Eliminations ( 751 ) ( 230 ) ( 1,105 ) ( 2,089 ) Total $ 434,821 $ 35,478 $ 843,834 $ 588,068 As of As of Theatre Properties and Equipment-net September 30, 2021 December 31, 2020 U.S. $ 1,249,490 $ 1,392,780 Brazil 60,020 72,080 Other international countries 125,964 150,202 Total $ 1,435,474 $ 1,615,062 |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 17. Related Party Transactions The Company manages a theatre for Laredo Theatre, Ltd. (“Laredo”). The Company is the sole general partner and owns 75 % of the limited partnership interests of Laredo. Lone Star Theatres, Inc. owns the remaining 25 % of the limited partnership interests in Laredo and is 100 % owned by Mr. David Roberts, Lee Roy Mitchell’s son-in-law. Lee Roy Mitchell is Cinemark Holdings, Inc.’s Chairman of the Board of Directors and directly and indirectly owns approximately 9 % of Cinemark Holdings, Inc.’s common stock. Under the agreement, management fees are paid by Laredo to the Company at a rate of 5 % of annual theatre revenues. The Company recorded $ 222 and $ 123 of management fee revenues during the nine months ended September 30, 2021 and 2020, respectively. All such amounts are included in the Company’s condensed consolidated financial statements with the intercompany amounts eliminated in consolidation. Walter Hebert, Mr. Mitchell’s brother-in-law, previously served as the Executive Vice President – Purchasing of the Company and retired in July 2021. Mr. Hebert now serves as a consultant to the Company until July 2022. During the nine months ended September 30, 2021, the Company has paid Mr. Hebert $ 62 related to consulting services. The Company has an Aircraft Time Sharing Agreement with Copper Beech Capital, LLC (“Copper Beech”) to use, on occasion, a private aircraft owned by Copper Beech. Copper Beech is owned by Mr. Mitchell and his wife, Tandy Mitchell. The private aircraft is used by Mr. Mitchell and other executives who accompany Mr. Mitchell to business meetings for the Company. The Company reimburses Copper Beech for the actual costs of fuel usage and the expenses of the pilots, landing fees, storage fees and similar expenses incurred during the trip. For the nine months ended September 30, 2021 and 2020, the aggregate amounts paid to Copper Beech for the use of the aircraft was $ 0 and $ 12 , respectively. The Company leases 14 theatres from Syufy Enterprises, LP (“Syufy”) or affiliates of Syufy. Raymond Syufy is one of the directors of Cinemark Holdings, Inc. and is an officer of the general partner of Syufy. Of these 14 leases, twelve have fixed minimum annual rent. The two leases without minimum annual rent have rent based upon a specified percentage of gross sales as defined in the lease . For the nine months ended September 30, 2021 and 2020, the Company paid total rent of $ 17,893 and $ 17,271 , respectively, to Syufy. The Company has a 50 % voting interest in FE Concepts, a joint venture with AWSR, an entity owned by Lee Roy Mitchell and Tandy Mitchell. FE Concepts operates a family entertainment center that offers bowling, gaming, movies and other amenities that opened during December 2019. See Note 9 for further discussion. The Company has paid certain fees on behalf of its parent, Cinemark Holdings, Inc., and Cinemark Holdings, Inc. has paid income taxes and other expenses on behalf of the Company. The net receivable from Cinemark Holdings, Inc. as of September 30, 2021 and December 31, 2020 was $ 37,833 and $ 36,775 , respectively. The Company received contributions from Cinemark Holdings, Inc. of $ 120,000 during the nine months ended September 30, 2021 and paid dividends of $ 42,000 to Cinemark Holdings, Inc. during the nine months ended September 30, 2020. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 18. Commitments and Contingencies From time to time, the Company is involved in various legal proceedings arising from the ordinary course of its business operations, such as personal injury claims, employment matters, patent claims, landlord-tenant disputes, contractual disputes with landlords over certain termination rights or the right to discontinue rent payments due to the COVID-19 pandemic and other contractual disputes, some of which are covered by insurance. The Company believes its potential liability with respect to proceedings currently pending is not material, individually or in the aggregate, to the Company’s financial position, results of operations and cash flows. Cinemark Holdings, Inc., et al vs Factory Mutual Insurance Company . The Company filed suit on November 18, 2020, in the District Court, 471 st Judicial District, Collin County, Texas. On December 22, 2020, the case was moved to the US District Court for the Eastern District of Texas, Sherman Division. The Company submitted a claim under its property insurance policy issued by Factory Mutual Insurance Company (the “FM Policy”) for losses sustained as a result of the COVID-19 pandemic and the forced closure of the Company’s theatres pursuant to orders issued by various government agencies. Factory Mutual Insurance Company (“FM”) denied the Company’s claim. The Company is seeking damages resulting from FM’s breach of contract, FM’s bad faith conduct and a declaration of the parties’ rights under the FM Policy. The Company cannot predict the outcome of this litigation . Intertrust Technologies Corporation (“Intertrust”) v. Cinemark Holdings, Inc., Regal, AMC, et al. This case was filed against the Company on August 7, 2019 in the Eastern District of Texas – Marshall Division alleging patent infringement. The Company firmly maintains that the contentions of the Plaintiff are without merit and will vigorously defend itself against the lawsuit. Although the Company does not believe that it has infringed on any of Intertrust’s patents, it cannot predict the outcome of this litigation. |
Impact of COVID-19 Pandemic (Ta
Impact of COVID-19 Pandemic (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Extraordinary And Unusual Items [Abstract] | |
Schedule of Restructuring Plan and Obligations Remained Outstanding | The following table summarizes activity recorded during the nine months ended September 30, 2021: U.S. Operating Segment International Operating Segment Consolidated Employee-related Costs Facility Closure Costs Total Charges Employee-related Costs Facility Closure Costs Total Charges Employee-related Costs Facility Closure Costs Total Charges Balance at December 31, 2020 $ 840 $ 5,740 $ 6,580 $ — $ 161 $ 161 $ 840 $ 5,901 $ 6,741 Amounts paid ( 350 ) — ( 350 ) — — — ( 350 ) — ( 350 ) Reserve adjustments — ( 208 ) ( 208 ) — — — — ( 208 ) ( 208 ) Balance at March 31, 2021 $ 490 $ 5,532 $ 6,022 $ — $ 161 $ 161 $ 490 $ 5,693 $ 6,183 Amounts paid — ( 200 ) ( 200 ) — — — — ( 200 ) ( 200 ) Reserve adjustments ( 60 ) ( 680 ) ( 740 ) — — — ( 60 ) ( 680 ) ( 740 ) Balance at June 30, 2021 $ 430 $ 4,652 $ 5,082 $ — $ 161 $ 161 $ 430 $ 4,813 $ 5,243 Reserve adjustments — ( 305 ) ( 305 ) — ( 35 ) ( 35 ) — ( 340 ) ( 340 ) Balance at September 30, 2021 $ 430 $ 4,347 $ 4,777 $ — $ 126 $ 126 $ 430 $ 4,473 $ 4,903 |
Lease Accounting (Tables)
Lease Accounting (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Leases [Abstract] | |
Schedule of Aggregate Lease Costs by Lease Classification | The following table represents the Company’s aggregate lease costs, by lease classification, for the periods presented. Three Months Ended Nine Months Ended September 30 September 30 Lease Cost Classification 2021 2020 2021 2020 Operating lease costs Equipment (1) Utilities and other $ 699 $ 823 $ 1,567 $ 2,495 Real Estate (2)(3) Facility lease expense 69,492 65,970 200,930 211,088 Total operating lease costs $ 70,191 $ 66,793 $ 202,497 $ 213,583 Finance lease costs Amortization of leased assets Depreciation and amortization $ 3,142 $ 3,665 $ 9,533 $ 11,052 Interest on lease liabilities Interest expense 1,449 1,725 4,510 5,333 Total finance lease costs $ 4,591 $ 5,390 $ 14,043 $ 16,385 (1) Includes approximately $ 566 and $ ( 267 ) of short-term lease payments for the three months ended September 30, 2021 and 2020, respectively. Includes approximately $ 1,194 and $ ( 839 ) of short-term lease payments for the nine months ended September 30, 2021 and 2020 , respectively. (2) Includes approximately $ 1,862 and $ ( 191 ) of variable lease payments based on a change in index, such as CPI or inflation, variable payments based on revenues or attendance and variable common area maintenance costs for the three months ended September 30, 2021 and 2020, respectively. Includes approximately $ ( 81 ) and $ 9,146 of variable lease payments based on a change in index, such as CPI or inflation, variable payments based on revenues or attendance and variable common area maintenance costs for the nine months ended September 30, 2021 and 2020 , respectively. (3) Approximately $ 318 and $ 335 of lease payments are included in general and administrative expenses primarily related to office leases for the three months ended September 30, 2021 and 2020, respectively. Approximately $ 967 and $ 1,122 of lease payments are included in general and administrative expenses primarily related to office leases for the nine months ended September 30, 2021 and 2020 , respectively. |
Schedule of Minimum Cash Lease Payments | The following table represents the minimum cash lease payments recorded as lease expense, interest expense and a reduction of lease liabilities, as well as the non-cash addition of lease assets for the periods indicated. Nine Months Ended September 30, Other Information 2021 2020 Contractual cash payments included in the measurement of lease liabilities (1) Cash outflows for operating leases $ 201,384 $ 205,276 Cash outflows for finance leases - operating activities $ 4,504 $ 5,304 Cash outflows for finance leases - financing activities $ 11,045 $ 11,497 Non-cash amount of leased assets obtained in exchange for: Operating lease liability additions, net $ 109,088 $ 84,241 As discussed above at Lease Deferrals and Abatements , the Company negotiated certain lease amendments to defer and/or abate contractual payments as a result of the COVID-19 pandemic and temporary closure of theatres. In accordance with FASB Staff guidance, the Company did not recalculate lease liabilities and right of use assets for amendments that did not result in a substantial increase in the rights of the lessor or the obligations of the lessee. Contractual payment amounts for the nine months ended September 30, 2021 above are prior to the impact of deferred or abated rent amounts. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Revenue From Contract With Customer [Abstract] | |
Summary of Revenues Disaggregated Based on Type of Good Or Service By Reportable Operating Segment and On Timing of Revenue Recognition | The following tables present revenues for the three and nine months ended September 30, 2021 and 2020, disaggregated based on major type of good or service and by reportable operating segment and disaggregated based on timing of revenue recognition. Three Months Ended Nine Months Ended September 30, 2021 September 30, 2021 U.S. International U.S. International Operating Operating Operating Operating Major Goods/Services Segment (1) Segment Consolidated Segment (1) Segment Consolidated Admissions revenues $ 195,307 $ 30,157 $ 225,464 $ 384,361 $ 50,703 $ 435,064 Concession revenues 142,634 21,624 164,258 275,032 38,528 313,560 Screen advertising, screen rental and promotional revenues (2) 18,054 4,845 22,899 44,543 7,628 52,171 Other revenues 19,532 2,668 22,200 37,941 5,098 43,039 Total revenues $ 375,527 $ 59,294 $ 434,821 $ 741,877 $ 101,957 $ 843,834 Three Months Ended Nine Months Ended September 30, 2020 September 30, 2020 U.S. International U.S. International Operating Operating Operating Operating Major Goods/Services Segment (1) Segment Consolidated Segment (1) Segment Consolidated Admissions revenues $ 14,794 $ 107 $ 14,901 $ 247,157 $ 60,243 $ 307,400 Concession revenues 8,861 255 9,116 161,674 37,922 199,596 Screen advertising, screen rental and promotional revenues (2) 9,227 513 9,740 35,319 13,437 48,756 Other revenues 1,527 194 1,721 25,857 6,459 32,316 Total revenues $ 34,409 $ 1,069 $ 35,478 $ 470,007 $ 118,061 $ 588,068 Three Months Ended Nine Months Ended September 30, 2021 September 30, 2021 U.S. International U.S. International Operating Operating Operating Operating Timing of Recognition Segment (1) Segment Consolidated Segment (1) Segment Consolidated Goods and services transferred at a point in time $ 348,484 $ 53,306 $ 401,790 $ 678,445 $ 91,519 $ 769,964 Goods and services transferred over time (2) 27,043 5,988 33,031 63,432 10,438 73,870 Total $ 375,527 $ 59,294 $ 434,821 $ 741,877 $ 101,957 $ 843,834 Three Months Ended Nine Months Ended September 30, 2020 September 30, 2020 U.S. International U.S. International Operating Operating Operating Operating Timing of Recognition Segment (1) Segment Consolidated Segment (1) Segment Consolidated Goods and services transferred at a point in time $ 24,945 $ 352 $ 25,297 $ 426,476 $ 101,681 $ 528,157 Goods and services transferred over time (2) 9,464 717 10,181 43,531 16,380 59,911 Total $ 34,409 $ 1,069 $ 35,478 $ 470,007 $ 118,061 $ 588,068 (1) U.S. segment revenues include eliminations of intercompany transactions with the international operating segment. See Note 16 for additional information on intercompany eliminations. (2) Amount includes amortization of NCM screen advertising advances. See Deferred Revenues below. |
Changes in NCM Screen Advertising Advances and Deferred Revenues | The following table presents changes in the Company’s NCM screen advertising advances and deferred revenues for the nine months ended September 30, 2021. NCM screen advertising advances (1) Other (2) Balance at January 1, 2021 $ 344,255 $ 138,830 Amounts recognized as accounts receivable — 3,409 Cash received from customers in advance — 58,256 Common units received from NCM 10,237 — Interest accrued related to significant financing component 17,723 — Revenue recognized during period ( 24,003 ) ( 64,625 ) Foreign currency translation adjustments — ( 1,253 ) Balance at September 30, 2021 $ 348,212 $ 134,617 (1) See Note 8 for the maturity of NCM screen advertising advances as of September 30, 2021 . (2) Includes liabilities associated with outstanding gift cards and discount ticket vouchers, points or rebates outstanding under the Company’s loyalty and membership programs and revenues not yet recognized for screen advertising, screen rental and other promotional activities. Classified as accounts payable and accrued expenses or other long-term liabilities on the condensed consolidated balance sheet. |
Aggregate Amount of Transaction Price Allocated To Performance Obligation That Are Unsatisfied And Expected To Be Recognized | The table below summarizes the aggregate amount of the transaction price allocated to performance obligations that are unsatisfied as of September 30, 202 1 and when the Company expects to recognize this revenue. Twelve Months Ended September 30, Remaining Performance Obligations 2022 2023 2024 2025 2026 Thereafter Total Other deferred revenues $ 117,093 $ 17,524 $ — $ — $ — $ — $ 134,617 |
Long Term Debt Activity (Tables
Long Term Debt Activity (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Summary of Company's Interest Rate Swap Agreements Designated as Cash Flow Hedges | Below is a summary of the Company’s interest rate swap agreements designated as cash flow hedges as of September 30, 2021: Estimated Fair Value at Notional September 30, Amount Effective Date Pay Rate Receive Rate Expiration Date 2021 (1) $ 137,500 December 31, 2018 2.12 % 1-Month LIBOR December 31, 2024 $ 6,562 $ 175,000 December 31, 2018 2.12 % 1-Month LIBOR December 31, 2024 8,419 $ 137,500 December 31, 2018 2.19 % 1-Month LIBOR December 31, 2024 6,918 $ 150,000 March 31, 2020 0.57 % 1-Month LIBOR March 31, 2022 354 Total $ 22,253 (1) Approximately $ 9,536 of the total is included in accounts payable and accrued expenses and $ 12,717 is included in other long-term liabilities on the condensed consolidated balance sheet as of September 30, 2021 . |
Subsidiaries [Member] | |
Summary of Loans | During the nine months ended September 30, 2021 , certain of the Company’s international subsidiaries borrowed an aggregate of $ 9,706 under various local bank loans. Below is a summary of these loans: Loan Amounts Loan Description (in USD) Interest Rates Covenants Maturity Peru bank loan $ 3,277 4.8% Negative covenants January 2024 Brazil bank loan $ 6,429 4.0% Negative covenants January 2029 |
Equity (Tables)
Equity (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Summary of Changes in Stockholder's Equity | Below is a summary of changes in stockholders’ equity attributable to Cinemark USA, Inc., noncontrolling interests and total equity for the three and nine months ended September 30, 2021 and 2020: Class A Common Stock Class B Common Stock Treasury Stock Additional Paid-In-Capital Retained Earnings Accumulated Other Comprehensive Loss Total Cinemark USA, Inc. Stockholder's Equity Noncontrolling Interests Total Equity Balance at January 1, 2021 $ — $ 49,543 $ ( 24,233 ) $ 1,310,625 $ ( 163,284 ) $ ( 398,653 ) $ 773,998 $ 10,996 $ 784,994 Share based awards compensation expense — — — 4,436 — — 4,436 — 4,436 Contributions from parent — — — 120,000 — — 120,000 — 120,000 Net loss — — — — ( 202,908 ) — ( 202,908 ) ( 602 ) ( 203,510 ) Unrealized gain due to fair value adjustments on interest rate swap agreements, net of taxes, net of settlements — — — — — 5,704 5,704 — 5,704 Amortization of accumulated losses for amended swap agreements — — — — — 1,124 1,124 — 1,124 Foreign currency translation adjustments — — — — — ( 9,465 ) ( 9,465 ) — ( 9,465 ) Balance at March 31, 2021 — 49,543 ( 24,233 ) 1,435,061 ( 366,192 ) ( 401,290 ) 692,889 10,394 703,283 Share based awards compensation expense — — — 5,680 — — 5,680 — 5,680 Net loss — — — — ( 137,245 ) — ( 137,245 ) 186 ( 137,059 ) Unrealized loss due to fair value adjustments on interest rate swap agreements, net of taxes, net of settlements — — — — — 746 746 — 746 Amortization of accumulated losses for amended swap agreements — — — — — 1,123 1,123 — 1,123 Foreign currency translation adjustments — — — — — 8,259 8,259 — 8,259 Balance at June 30, 2021 $ — $ 49,543 $ ( 24,233 ) $ 1,440,741 $ ( 503,437 ) $ ( 391,162 ) $ 571,452 $ 10,580 $ 582,032 Share based awards compensation expense — — — 5,782 — — 5,782 — 5,782 Net loss — — — — ( 72,517 ) — ( 72,517 ) 241 ( 72,276 ) Unrealized gain to fair value adjustments on interest rate swap agreements, net of taxes, net of settlements — — — — — 1,462 1,462 — 1,462 Amortization of accumulated losses for amended swap agreements — — — — — 1,124 1,124 — 1,124 Foreign currency translation adjustments — — — — — ( 13,804 ) ( 13,804 ) — ( 13,804 ) Balance at September 30, 2021 $ — $ 49,543 $ ( 24,233 ) $ 1,446,523 $ ( 575,954 ) $ ( 402,380 ) $ 493,499 $ 10,821 $ 504,320 Class A Common Stock Class B Common Stock Treasury Stock Additional Paid-In-Capital Retained Earnings Accumulated Other Comprehensive Loss Total Cinemark USA, Inc. Stockholder's Equity Noncontrolling Interests Total Equity Balance at January 1, 2020 $ — $ 49,543 $ ( 24,233 ) $ 1,291,618 $ 484,883 $ ( 340,112 ) $ 1,461,699 $ 12,508 $ 1,474,207 Share based awards compensation expense — — — 3,882 — — 3,882 — 3,882 Dividends paid to parent — — — — ( 42,000 ) — ( 42,000 ) — ( 42,000 ) Dividends paid to noncontrolling interests — — — — — — — (392 ) (392 ) Net loss — — — — ( 59,270 ) — ( 59,270 ) 169 ( 59,101 ) Unrealized loss due to fair value adjustments on interest rate swap agreements, net of taxes, net of settlements — — — — — ( 24,171 ) ( 24,171 ) — ( 24,171 ) Foreign currency translation adjustments — — — — — ( 57,625 ) ( 57,625 ) — ( 57,625 ) Balance at March 31, 2020 — 49,543 ( 24,233 ) 1,295,500 383,613 ( 421,908 ) 1,282,515 12,285 1,294,800 Share based awards compensation expense — — — 4,092 — — 4,092 — 4,092 Net loss — — — — ( 169,951 ) — ( 169,951 ) ( 427 ) ( 170,378 ) Unrealized gain due to fair value adjustments on interest rate swap agreements, net of taxes, net of settlements — — — — — 849 849 — 849 Amortization of accumulated losses for amended swap agreements — — — — — 2,669 2,669 — 2,669 Foreign currency translation adjustments — — — — — ( 3,702 ) ( 3,702 ) — ( 3,702 ) Tax impact of convertible notes issued $ — $ 49,543 $ ( 24,233 ) $ 1,299,593 $ 213,662 $ ( 422,092 ) $ 1,116,473 $ 11,859 $ 1,128,332 Share based awards compensation expense — — — 4,198 — — 4,198 — 4,198 Net loss — — — — ( 144,431 ) — ( 144,431 ) ( 444 ) ( 144,875 ) Unrealized gain to fair value adjustments on interest rate swap agreements, net of taxes, net of settlements — — — — — 6,528 6,528 — 6,528 Amortization of accumulated losses for amended swap agreements — — — — — 2,669 2,669 — 2,669 Foreign currency translation adjustments — — — — — ( 1,503 ) ( 1,503 ) ( 1,503 ) Balance at September 30, 2020 $ — $ 49,543 $ ( 24,233 ) $ 1,303,791 $ 69,231 $ ( 414,398 ) $ 983,934 $ 11,415 $ 995,349 |
Investment in National CineMe_2
Investment in National CineMedia LLC (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Aggregate Amount of Transaction Price Allocated To Performance Obligation That Are Unsatisfied And Expected To Be Recognized | The table below summarizes the aggregate amount of the transaction price allocated to performance obligations that are unsatisfied as of September 30, 202 1 and when the Company expects to recognize this revenue. Twelve Months Ended September 30, Remaining Performance Obligations 2022 2023 2024 2025 2026 Thereafter Total Other deferred revenues $ 117,093 $ 17,524 $ — $ — $ — $ — $ 134,617 |
NCM | |
Summary of Activity With Equity Investee Included in the Company's Condensed Consolidated Financial Statements | Below is a summary of activity with NCM included in the Company’s condensed consolidated financial statements: Investment NCM Screen Advertising Advances Distributions Equity in Other Interest Cash Balance as of January 1, 2021 $ 151,962 $ ( 344,255 ) Receipt of common units due to annual common unit adjustment ("CUA") 10,237 ( 10,237 ) — — — — — Screen rental revenues earned under ESA (1) — — — — ( 7,516 ) — 7,516 Interest accrued related to significant financing component — ( 17,723 ) — — — 17,723 — Receipt under tax receivable agreement ( 156 ) — ( 77 ) — — — 233 Equity in loss ( 22,046 ) — — 22,046 — — — Amortization of screen advertising advances — 24,003 — — ( 24,003 ) — — Balance as of and for the nine months ended September 30, 2021 $ 139,997 $ ( 348,212 ) $ ( 77 ) $ 22,046 $ ( 31,519 ) $ 17,723 $ 7,749 |
Summary Financial Information | Below is summary financial information for NCM for the periods indicated: Three Months Ended Three Months ended Nine Months Ended Nine Months Ended September 30, 2021 September 24, 2020 September 30, 2021 September 24, 2020 Gross revenues $ 31,677 $ 6,000 $ 51,080 $ 74,700 Operating income (loss) $ ( 18,669 ) $ ( 20,073 ) $ ( 76,607 ) $ ( 38,973 ) Net loss $ ( 35,335 ) $ ( 34,950 ) $ ( 125,699 ) $ ( 81,350 ) As of As of September 30, 2021 December 31, 2020 Current assets $ 97,064 $ 142,566 Noncurrent assets $ 665,570 $ 685,643 Current liabilities $ 48,761 $ 46,872 Noncurrent liabilities $ 1,114,599 $ 1,072,207 Members deficit $ ( 400,726 ) $ ( 290,870 ) |
NCM Screen Advertising Advances | |
Aggregate Amount of Transaction Price Allocated To Performance Obligation That Are Unsatisfied And Expected To Be Recognized | The recognition of revenue related to the NCM screen advertising advances are recorded through February 2041. Twelve Months Ended September 30, Remaining Maturity 2022 2023 2024 2025 2026 Thereafter Total NCM screen advertising advances (1) $ 8,968 $ 9,587 $ 10,251 $ 10,962 $ 11,724 $ 296,720 $ 348,212 (1) Amounts are net of the estimated interest to be accrued for the periods presented. See discussion of significant financing component below. |
Other Investments (Tables)
Other Investments (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Summary of Activity for Each of Company's Other Investments | Below is a summary of activity for each of the Company’s other investments for the nine months ended September 30, 2021: AC JV, DCDC FE Concepts Other Total Balance at January 1, 2021 $ 3,745 $ 1,255 $ 18,273 $ 453 $ 23,726 Equity income (loss) ( 1,099 ) 296 788 — ( 15 ) Other — — — 44 44 Balance at September 30, 2021 $ 2,646 $ 1,551 $ 19,061 $ 497 $ 23,755 Below is a summary of transactions with each of the Company’s other investees for the nine months ended September 30, 2021: Nine Months Ended Investee Transactions September 30, 2021 September 30, 2020 AC JV, LLC Event fees paid (1) $ 1,386 $ 2,258 DCDC Content delivery fees paid (1) $ 377 $ 208 FE Concepts Theatre service fees received (2) $ ( 47 ) $ ( 19 ) (1) Included in film rentals and advertising costs on the condensed consolidated statements of incom e. (2) Included in other revenues on the condensed consolidated statements of income. |
Digital Cinema Implementation Partners | |
Summary Financial Information | Below is summary financial information for DCIP for the periods indicated: Three Months Ended Nine Months Ended September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020 Gross revenues $ 27,639 $ 1,084 $ 47,361 $ 20,809 Operating income (loss) $ 18,427 $ ( 29,878 ) $ 41,868 $ ( 72,422 ) Net income (loss) $ 18,976 $ ( 30,554 ) $ 42,933 $ ( 79,660 ) As of September 30, 2021 December 31, 2020 Current assets $ 41,625 $ 36,372 Noncurrent assets $ 63 $ 205 Current liabilities $ 14,562 $ 39,844 Noncurrent liabilities $ — $ 687 Members' equity (deficit) $ 27,126 $ ( 3,954 ) |
Transactions with DCIP | The Company had the following transactions with DCIP during the three and nine months ended September 30, 2021 and 2020: Three Months Ended Nine Months Ended September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020 Equipment lease payments (1)(2) $ — $ 346 $ — $ 1,384 Warranty reimbursements from DCIP (2) $ ( 84 ) $ — $ ( 784 ) $ ( 3,123 ) Management service fees (2) $ 21 $ — $ 36 $ 84 Distributions from DCIP (3) $ 6,534 $ — $ 6,534 $ — (1) As a result of the MELA amendment noted above, the Company recorded a lease termination liability during 2020. The lease termination payments made during the nine months ended September 30, 2021 reduced the liability outstanding. The remaining termination liability of $ 174 as of September 30, 2021 is reflected in accrued other current liabilities on the condensed consolidated balance sheet. (2) Amounts reflected in utilities and other costs on the condensed consolidated statements of loss. (3) Cash distributions received from DCIP are not treated as a reduction of the investment balance because, as discussed above, the Company's equity investment in DCIP is zero. Reflected as distributions from DCIP on the condensed consolidated statements of loss. |
Share Based Awards (Tables)
Share Based Awards (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Summary of Restricted Stock Activity | Below is a summary of restricted stock activity for the nine months ended September 30, 2021: Shares of Weighted Restricted Grant Date Stock Fair Value Outstanding at January 1, 2021 1,431,975 $ 21.11 Granted 1,077,926 $ 21.24 Vested ( 115,712 ) $ 23.79 Forfeited ( 42,034 ) $ 18.13 Outstanding at September 30, 2021 2,352,155 $ 21.00 Unvested restricted stock at September 30, 2021 2,352,155 $ 21.00 |
Restricted Stock | |
Summary of Restricted Stock Award Activity | Nine Months Ended 2021 2020 Compensation expense recognized by the Company during the period $ 13,066 $ 7,548 Additional compensation expense recognized by Cinemark Holdings, Inc. during the period $ 691 $ 687 Fair value of restricted shares held by Company employees that vested during the period $ 1,162 $ 8,567 Fair value of restricted shares held by Cinemark Holdings, Inc.’s $ 1,329 $ 377 Income tax benefit (cost) recognized upon vesting of restricted stock $ ( 383 ) $ 2,533 Additional income tax benefit recognized upon vesting of $ 278 $ 145 |
Restricted Stock Units (RSUs) | |
Summary of Restricted Stock Unit Award Activity | Below is a summary of restricted stock unit activity for the nine months ended September 30, 2021: Nine Months Ended September 30, 2021 2020 Number of restricted stock unit awards that vested during the period 15,230 120,293 Fair value of restricted stock unit awards that vested during the period $ 314 $ 3,669 Accumulated dividends paid upon vesting of restricted stock unit awards $ 62 $ 576 Compensation expense recognized during the period $ 2,832 $ 4,624 Income tax benefit (cost) related to stock unit awards $ ( 467 ) $ 215 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Summary of Goodwill | A summary of the Company’s goodwill is as follows: U.S. International Balance at January 1, 2021 (1) $ 1,182,853 $ 70,987 $ 1,253,840 Foreign currency translation adjustments — ( 3,705 ) ( 3,705 ) Balance at September 30, 2021 (1) $ 1,182,853 $ 67,282 $ 1,250,135 (1) Balances are presented net of accumulated impairment losses of $ 214,031 for the U.S. operating segment and $ 43,750 for the international operating segment. See discussion of the qualitative impairment analysis performed by the Company as of September 30, 2021 at Note 12. |
Intangible Assets | A summary of the Company’s intangible assets is as follows: Balance at Additions (1) Amortization Foreign Currency Translation Adjustments Balance at September 30, 2021 Intangible assets with finite lives: Gross carrying amount $ 82,432 $ — $ — $ ( 132 ) $ 82,300 Accumulated amortization ( 68,416 ) ― ( 1,994 ) — ( 70,410 ) Total net intangible assets with finite lives $ 14,016 $ — $ ( 1,994 ) $ ( 132 ) $ 11,890 Intangible assets with indefinite lives: Tradename and other 300,179 146 — ( 190 ) 300,135 Total intangible assets, net $ 314,195 $ 146 $ (1,994 ) $ ( 322 ) $ 312,025 (1) Amount represents alcoholic beverage licenses acquired. |
Estimated Aggregate Future Amortization Expense for Intangible Assets | The estimated aggregate future amortization expense for intangible assets is as follows: For the three months ended December 31, 2021 $ 680 For the twelve months ended December 31, 2022 2,519 For the twelve months ended December 31, 2023 2,429 For the twelve months ended December 31, 2024 2,429 For the twelve months ended December 31, 2025 2,316 Thereafter 1,517 Total $ 11,890 |
Impairment of Long-Lived Asse_2
Impairment of Long-Lived Assets (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Impairment Or Disposal Of Tangible Assets Disclosure [Abstract] | |
Summary of Evaluations Performed by Asset Classification | The Company performed long-lived asset impairment evaluations at the end of each quarter during the nine months ended September 30, 2021. The following table is a summary of the evaluations performed by asset classification: Asset Impairment Valuation Valuation Category Test Type Approach Multiple First and Second Quarters Goodwill Qualitative N/A N/A Tradename Intangible Assets Qualitative N/A N/A Other Long-lived Assets Qualitative N/A N/A Third Quarter Goodwill Qualitative N/A N/A Tradename Intangible Assets Qualitative N/A N/A Other Long-lived Assets Quantitative (1) Market 3.1 to 6 times (1) Quantitative test performed for certain theatre level assets where indicators existed under a qualitative test. For theatre level asset evaluations performed, the Company used the lesser of the remaining theatre lease term or the applicable market multiple to determine impairment exposure. |
Long-Lived Asset Impairment Charges | The following table is a summary of the impairment recorded as a result of the evaluations performed during the three and nine months ended September 30, 2021 and 2020: Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 U.S. Segment Theatre properties $ 4,801 $ 2,075 $ 4,801 $ 5,718 Theatre operating lease right-of-use assets 2,638 1,123 2,638 7,075 Cost method investment — 2,500 — 2,500 U.S. total 7,439 5,698 7,439 15,293 International segment Theatre properties 39 938 39 5,422 Theatre operating lease right-of-use assets 2 1,654 2 4,194 Goodwill — 16,128 — 16,128 Intangible assets — 177 — 177 International total 41 18,897 41 25,921 Total Impairment $ 7,480 $ 24,595 $ 7,480 $ 41,214 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Summary of Liabilities Measured at Fair Value on a Recurring Basis | Below is a summary of liabilities measured at fair value on a recurring basis by the Company under FASB ASC Topic 820 as of September 30, 2021 and December 31, 2020: Carrying Fair Value Hierarchy Description As of, Value Level 1 Level 2 Level 3 Interest rate swap liabilities (1) September 30, 2021 $ 22,253 $ — $ 22,253 $ — Interest rate swap liabilities (1) December 31, 2020 $ 33,847 $ — $ 33,847 $ — (1) See further discussion of interest rate swaps at Note 6. |
Foreign Currency Translation (T
Foreign Currency Translation (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Summary of Impact of Translating Financial Statements of Company's International Subsidiaries | Below is a summary of the impact of translating the September 30, 2021 and 2020 financial statements of the Company’s international subsidiaries: Other Comprehensive Loss for Exchange Rate as of Nine Months Ended Country September 30, 2021 December 31, 2020 September 30, 2021 September 30, 2020 Brazil 5.43 5.20 $ ( 3,368 ) $ ( 51,453 ) Chile 811.13 714.14 ( 7,967 ) ( 5,046 ) Colombia 3,834.68 3,432.50 ( 140 ) ( 2,584 ) Peru 4.16 3.65 ( 3,609 ) ( 3,187 ) All other 74 ( 560 ) $ ( 15,010 ) $ ( 62,830 ) (1) Beginning July 1, 2018, Argentina was deemed highly inflationary. A gain of $ 345 and $ 1,053 for the nine months ended September 30, 2021 and 2020, respectively, is reflected as foreign currency exchange loss on the Company’s condensed consolidated statement of income as a result of translating Argentina financial results to U.S. dollars. |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Information to Condensed Consolidated Statements of Cash Flows | The following is provided as supplemental information to the condensed consolidated statements of cash flows: Nine Months Ended September 30, 2021 2020 Cash paid for interest $ 69,479 $ 53,364 Cash paid (refunds received) for income taxes, net $ ( 136,937 ) $ ( 108,776 ) Cash deposited in restricted accounts (1) $ 7,300 $ — Noncash investing and financing activities: Change in accounts payable and accrued expenses for the acquisition of theatre properties and equipment (2) $ ( 2,409 ) $ ( 7,933 ) Interest expense - NCM (see Note 8) $ ( 17,723 ) $ ( 17,726 ) Investment in NCM – receipt of common units (see Note 8) $ 10,237 $ 3,620 (1) Represents cash deposited in a collateral account during the period to support the issuance of letters of credit to lenders. See further discussion at Note 6. (2) Additions to theatre properties and equipment included in accounts payable as of September 30, 2021 and December 31, 2020 were $ 25,841 and $ 28,250 , respectively. |
Segments (Tables)
Segments (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Selected Financial Information by Reportable Operating Segment | Below is a breakdown of selected financial information by reportable operating segment: Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Revenues U.S. $ 376,278 $ 34,639 $ 742,982 $ 472,096 International 59,294 1,069 101,957 118,061 Eliminations ( 751 ) ( 230 ) ( 1,105 ) ( 2,089 ) Total revenues $ 434,821 $ 35,478 $ 843,834 $ 588,068 Adjusted EBITDA U.S. $ 45,181 $ ( 105,279 ) $ ( 30,358 ) $ ( 144,918 ) International ( 495 ) ( 22,232 ) ( 27,788 ) ( 33,459 ) Total Adjusted EBITDA $ 44,686 $ ( 127,511 ) $ ( 58,146 ) $ ( 178,377 ) Capital expenditures U.S. $ 22,423 $ 17,903 $ 47,547 $ 54,604 International 2,002 2,756 9,697 13,014 Total capital expenditures $ 24,425 $ 20,659 $ 57,244 $ 67,618 |
Reconciliation of Net Loss to Adjusted EBITDA | The following table sets forth a reconciliation of net loss to Adjusted EBITDA: Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Net loss $ ( 72,276 ) $ ( 144,875 ) $ ( 412,845 ) $ ( 374,354 ) Add (deduct): Income taxes ( 7,467 ) ( 119,273 ) ( 11,355 ) ( 220,287 ) Interest expense (1) 31,902 32,235 93,480 87,942 Other expense, net (2) 12,501 22,907 35,433 47,412 Cash distributions from DCIP (3) — — — 10,383 Cash distributions from other equity investees (4) — 2,146 156 15,047 Depreciation and amortization 67,208 62,543 202,288 191,380 Impairment of long-lived assets 7,480 24,595 7,480 41,214 Restructuring costs ( 340 ) 524 ( 1,288 ) 20,062 Loss on disposal of assets and other 1,020 ( 13,327 ) 7,883 ( 10,997 ) Loss on extinguishment of debt — — 6,527 — Non-cash rent expense ( 1,124 ) 816 ( 1,803 ) 1,649 Share based awards compensation expense 5,782 4,198 15,898 12,172 Adjusted EBITDA $ 44,686 $ ( 127,511 ) $ ( 58,146 ) $ ( 178,377 ) (1) Includes amortization of debt issue costs and amortization of accumulated losses for amended swap agreements. (2) Includes interest income, foreign currency exchange loss, equity in income (loss) of affiliates and interest expense - NCM and excludes distributions from NCM and distributions from DCIP. (3) Includes cash distributions from DCIP that were recorded as a reduction of the Company’s investment in DCIP. These distributions are reported entirely within the U.S. operating segment. (4) Includes cash distributions received from equity investees, other than those from DCIP noted above, that were recorded as a reduction of the respective investment balances (see Notes 8 and 9). These distributions are reported entirely within the U.S. operating segment . |
Selected Financial Information by Geographic Area | Below is a breakdown of selected financial information by geographic area: Three Months Ended Nine Months Ended September 30, September 30, Revenues 2021 2020 2021 2020 U.S. $ 376,278 $ 34,639 $ 742,982 $ 472,096 Brazil 20,632 513 30,533 53,829 Other international countries 38,662 556 71,424 64,232 Eliminations ( 751 ) ( 230 ) ( 1,105 ) ( 2,089 ) Total $ 434,821 $ 35,478 $ 843,834 $ 588,068 As of As of Theatre Properties and Equipment-net September 30, 2021 December 31, 2020 U.S. $ 1,249,490 $ 1,392,780 Brazil 60,020 72,080 Other international countries 125,964 150,202 Total $ 1,435,474 $ 1,615,062 |
The Company and Basis of Pres_2
The Company and Basis of Presentation - Additional Information (Detail) | Sep. 30, 2021 |
Minimum | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |
Equity method investment, ownership percentage | 20.00% |
Maximum | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |
Equity method investment, ownership percentage | 50.00% |
Cost method investment, ownership Percentage | 20.00% |
Impact of COVID-19 Pandemic - A
Impact of COVID-19 Pandemic - Additional Information (Detail) $ in Thousands | Sep. 30, 2021USD ($) |
Unusual Or Infrequent Item [Line Items] | |
Remaining accrued restructuring costs | $ 4,903 |
Impact of COVID-19 Pandemic - S
Impact of COVID-19 Pandemic - Schedule of Restructuring Plan and Obligations Remained Outstanding (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | |
Unusual Or Infrequent Item [Line Items] | |||
Ending balance | $ 4,903 | ||
2020 Restructuring Plan | U.S. Operating Segment | |||
Unusual Or Infrequent Item [Line Items] | |||
Beginning balance | 5,082 | $ 6,022 | $ 6,580 |
Amounts paid | (200) | (350) | |
Reserve adjustments | (305) | (740) | (208) |
Ending balance | 4,777 | 5,082 | 6,022 |
2020 Restructuring Plan | U.S. Operating Segment | Employee-related Costs | |||
Unusual Or Infrequent Item [Line Items] | |||
Beginning balance | 430 | 490 | 840 |
Amounts paid | (350) | ||
Reserve adjustments | (60) | ||
Ending balance | 430 | 430 | 490 |
2020 Restructuring Plan | U.S. Operating Segment | Facility Closure Costs | |||
Unusual Or Infrequent Item [Line Items] | |||
Beginning balance | 4,652 | 5,532 | 5,740 |
Amounts paid | (200) | ||
Reserve adjustments | (305) | (680) | (208) |
Ending balance | 4,347 | 4,652 | 5,532 |
2020 Restructuring Plan | International Operating Segment | |||
Unusual Or Infrequent Item [Line Items] | |||
Beginning balance | 161 | 161 | 161 |
Amounts paid | |||
Reserve adjustments | (35) | ||
Ending balance | 126 | 161 | 161 |
2020 Restructuring Plan | International Operating Segment | Facility Closure Costs | |||
Unusual Or Infrequent Item [Line Items] | |||
Beginning balance | 161 | 161 | 161 |
Amounts paid | |||
Reserve adjustments | (35) | ||
Ending balance | 126 | 161 | 161 |
2020 Restructuring Plan | Consolidated | |||
Unusual Or Infrequent Item [Line Items] | |||
Beginning balance | 5,243 | 6,183 | 6,741 |
Amounts paid | (200) | (350) | |
Reserve adjustments | (340) | (740) | (208) |
Ending balance | 4,903 | 5,243 | 6,183 |
2020 Restructuring Plan | Consolidated | Employee-related Costs | |||
Unusual Or Infrequent Item [Line Items] | |||
Beginning balance | 430 | 490 | 840 |
Amounts paid | (350) | ||
Reserve adjustments | (60) | ||
Ending balance | 430 | 430 | 490 |
2020 Restructuring Plan | Consolidated | Facility Closure Costs | |||
Unusual Or Infrequent Item [Line Items] | |||
Beginning balance | 4,813 | 5,693 | 5,901 |
Amounts paid | (200) | ||
Reserve adjustments | (340) | (680) | (208) |
Ending balance | $ 4,473 | $ 4,813 | $ 5,693 |
Lease Accounting - Additional I
Lease Accounting - Additional Information (Detail) $ in Thousands | Sep. 30, 2021USD ($) |
Lease [Line Items] | |
Total deferred payment | $ 42,954 |
Theatres | |
Lease [Line Items] | |
Contractual minimum lease payments payable under operating lease, lease not yet commenced | 144,845 |
Accounts Payable and Accrued Liabilities | |
Lease [Line Items] | |
Total deferred payment | 37,587 |
Other Noncurrent Liabilities | |
Lease [Line Items] | |
Total deferred payment | $ 5,367 |
Schedule of Aggregate Lease Cos
Schedule of Aggregate Lease Costs by Lease Classification (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | ||
Operating lease costs | |||||
Total operating lease costs | $ 70,191 | $ 66,793 | $ 202,497 | $ 213,583 | |
Finance lease costs | |||||
Total finance lease costs | 4,591 | 5,390 | 14,043 | 16,385 | |
Depreciation and Amortization | |||||
Finance lease costs | |||||
Amortization of leased assets | 3,142 | 3,665 | 9,533 | 11,052 | |
Interest Expense | |||||
Finance lease costs | |||||
Interest on lease liabilities | 1,449 | 1,725 | 4,510 | 5,333 | |
Equipment | Utilities and Other | |||||
Operating lease costs | |||||
Total operating lease costs | [1] | 699 | 823 | 1,567 | 2,495 |
Real Estate | Facility Lease Expense | |||||
Operating lease costs | |||||
Total operating lease costs | [2],[3] | $ 69,492 | $ 65,970 | $ 200,930 | $ 211,088 |
[1] | Includes approximately $ 566 and $ ( 267 ) of short-term lease payments for the three months ended September 30, 2021 and 2020, respectively. Includes approximately $ 1,194 and $ ( 839 ) of short-term lease payments for the nine months ended September 30, 2021 and 2020 , respectively. | ||||
[2] | Approximately $ 318 and $ 335 of lease payments are included in general and administrative expenses primarily related to office leases for the three months ended September 30, 2021 and 2020, respectively. Approximately $ 967 and $ 1,122 of lease payments are included in general and administrative expenses primarily related to office leases for the nine months ended September 30, 2021 and 2020 , respectively. | ||||
[3] | Includes approximately $ 1,862 and $ ( 191 ) of variable lease payments based on a change in index, such as CPI or inflation, variable payments based on revenues or attendance and variable common area maintenance costs for the three months ended September 30, 2021 and 2020, respectively. Includes approximately $ ( 81 ) and $ 9,146 of variable lease payments based on a change in index, such as CPI or inflation, variable payments based on revenues or attendance and variable common area maintenance costs for the nine months ended September 30, 2021 and 2020 , respectively. |
Schedule of Aggregate Lease C_2
Schedule of Aggregate Lease Costs by Lease Classification (Parenthetical) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | ||
Lease Cost [Line Items] | |||||
Lease payments | [1] | $ 201,384 | $ 205,276 | ||
Equipment | Utilities and Other | |||||
Lease Cost [Line Items] | |||||
Short term lease payments | $ 566 | $ (267) | 1,194 | (839) | |
Real Estate | Facility Lease Expense | |||||
Lease Cost [Line Items] | |||||
Variable lease payments | 1,862 | (191) | (81) | 9,146 | |
Lease payments | $ 318 | $ 335 | $ 967 | $ 1,122 | |
[1] | As discussed above at Lease Deferrals and Abatements , the Company negotiated certain lease amendments to defer and/or abate contractual payments as a result of the COVID-19 pandemic and temporary closure of theatres. In accordance with FASB Staff guidance, the Company did not recalculate lease liabilities and right of use assets for amendments that did not result in a substantial increase in the rights of the lessor or the obligations of the lessee. Contractual payment amounts for the nine months ended September 30, 2021 above are prior to the impact of deferred or abated rent amounts. |
Schedule of Minimum Cash Lease
Schedule of Minimum Cash Lease Payments (Detail) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | ||
Contractual cash payments included in the measurement of lease liabilities | |||
Cash outflows for operating leases | [1] | $ 201,384 | $ 205,276 |
Cash outflows for finance leases - operating activities | [1] | 4,504 | 5,304 |
Cash outflows for finance leases - financing activities | [1] | 11,045 | 11,497 |
Non-cash amount of leased assets obtained in exchange for: | |||
Operating lease liability additions, net | $ 109,088 | $ 84,241 | |
[1] | As discussed above at Lease Deferrals and Abatements , the Company negotiated certain lease amendments to defer and/or abate contractual payments as a result of the COVID-19 pandemic and temporary closure of theatres. In accordance with FASB Staff guidance, the Company did not recalculate lease liabilities and right of use assets for amendments that did not result in a substantial increase in the rights of the lessor or the obligations of the lessee. Contractual payment amounts for the nine months ended September 30, 2021 above are prior to the impact of deferred or abated rent amounts. |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Detail) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Revenue From Contract With Customer [Abstract] | ||
Receivables related to contracts with customers | $ 11,151,000 | $ 6,232,000 |
Assets related to costs to obtain or fulfill contract with customers | $ 0 |
Summary of Revenues Disaggregat
Summary of Revenues Disaggregated Based on Major Type of Good or Service and by Reportable Operating Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | ||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | $ 434,821 | $ 35,478 | $ 843,834 | $ 588,068 | |
U.S. Operating Segment | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | [1] | 375,527 | 34,409 | 741,877 | 470,007 |
International Operating Segment | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | 59,294 | 1,069 | 101,957 | 118,061 | |
Admissions Revenues | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | 225,464 | 14,901 | 435,064 | 307,400 | |
Admissions Revenues | U.S. Operating Segment | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | [1] | 195,307 | 14,794 | 384,361 | 247,157 |
Admissions Revenues | International Operating Segment | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | 30,157 | 107 | 50,703 | 60,243 | |
Concession Revenues | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | 164,258 | 9,116 | 313,560 | 199,596 | |
Concession Revenues | U.S. Operating Segment | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | [1] | 142,634 | 8,861 | 275,032 | 161,674 |
Concession Revenues | International Operating Segment | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | 21,624 | 255 | 38,528 | 37,922 | |
Other Revenues | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | 22,200 | 1,721 | 43,039 | 32,316 | |
Other Revenues | U.S. Operating Segment | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | [1] | 19,532 | 1,527 | 37,941 | 25,857 |
Other Revenues | International Operating Segment | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | 2,668 | 194 | 5,098 | 6,459 | |
Screen Advertising Screen Rental And Promotional Revenues | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | [2] | 22,899 | 9,740 | 52,171 | 48,756 |
Screen Advertising Screen Rental And Promotional Revenues | U.S. Operating Segment | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | [1],[2] | 18,054 | 9,227 | 44,543 | 35,319 |
Screen Advertising Screen Rental And Promotional Revenues | International Operating Segment | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | [2] | $ 4,845 | $ 513 | $ 7,628 | $ 13,437 |
[1] | U.S. segment revenues include eliminations of intercompany transactions with the international operating segment. See Note 16 for additional information on intercompany eliminations. | ||||
[2] | Amount includes amortization of NCM screen advertising advances. See Deferred Revenues below. |
Summary of Revenues Disaggreg_2
Summary of Revenues Disaggregated Based on Timing of Revenue Recognition (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | ||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | $ 434,821 | $ 35,478 | $ 843,834 | $ 588,068 | |
U.S. Operating Segment | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | [1] | 375,527 | 34,409 | 741,877 | 470,007 |
International Operating Segment | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | 59,294 | 1,069 | 101,957 | 118,061 | |
Goods and Services Transferred at a Point in Time | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | 401,790 | 25,297 | 769,964 | 528,157 | |
Goods and Services Transferred at a Point in Time | U.S. Operating Segment | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | [1] | 348,484 | 24,945 | 678,445 | 426,476 |
Goods and Services Transferred at a Point in Time | International Operating Segment | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | 53,306 | 352 | 91,519 | 101,681 | |
Goods and Services Transferred Over Time | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | [2] | 33,031 | 10,181 | 73,870 | 59,911 |
Goods and Services Transferred Over Time | U.S. Operating Segment | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | [1],[2] | 27,043 | 9,464 | 63,432 | 43,531 |
Goods and Services Transferred Over Time | International Operating Segment | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | [2] | $ 5,988 | $ 717 | $ 10,438 | $ 16,380 |
[1] | U.S. segment revenues include eliminations of intercompany transactions with the international operating segment. See Note 16 for additional information on intercompany eliminations. | ||||
[2] | Amount includes amortization of NCM screen advertising advances. See Deferred Revenues below. |
Changes in NCM Screen Advertisi
Changes in NCM Screen Advertising Advances and Deferred Revenues (Detail) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021USD ($) | ||
NCM Screen Advertising Advances | ||
Change in Contract with Customer Liability [Line Items] | ||
Balance at January 1, 2021 | $ 344,255 | [1] |
Common units received from NCM | 10,237 | [1] |
Interest accrued related to significant financing component | 17,723 | [1] |
Revenue recognized during period | (24,003) | [1] |
Balance at September 30, 2021 | 348,212 | [1] |
Other Deferred Revenues | ||
Change in Contract with Customer Liability [Line Items] | ||
Balance at January 1, 2021 | 138,830 | [2] |
Amounts recognized as accounts receivable | 3,409 | [2] |
Cash received from customers in advance | 58,256 | [2] |
Revenue recognized during period | (64,625) | [2] |
Foreign currency translation adjustments | (1,253) | [2] |
Balance at September 30, 2021 | $ 134,617 | [2] |
[1] | See Note 8 for the maturity of NCM screen advertising advances as of September 30, 2021 . | |
[2] | Includes liabilities associated with outstanding gift cards and discount ticket vouchers, points or rebates outstanding under the Company’s loyalty and membership programs and revenues not yet recognized for screen advertising, screen rental and other promotional activities. Classified as accounts payable and accrued expenses or other long-term liabilities on the condensed consolidated balance sheet. |
Aggregate Amount of Transaction
Aggregate Amount of Transaction Price Allocated To Performance Obligation That Are Unsatisfied And Expected To Be Recognized (Detail) $ in Thousands | Sep. 30, 2021USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-10-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-10-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-10-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-10-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2027-10-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Other Deferred Revenues | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Remaining performance obligations | $ 134,617 |
Other Deferred Revenues | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-10-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Remaining performance obligations | 117,093 |
Other Deferred Revenues | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-10-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Remaining performance obligations | $ 17,524 |
Aggregate Amount of Transacti_2
Aggregate Amount of Transaction Price Allocated To Performance Obligation That Are Unsatisfied And Expected To Be Recognized (Detail 1) $ in Thousands | Sep. 30, 2021USD ($) |
Other Deferred Revenues | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Remaining performance obligations | $ 134,617 |
Long Term Debt Activity - Addit
Long Term Debt Activity - Additional Information (Detail) - USD ($) $ in Thousands | Jun. 15, 2021 | May 21, 2021 | Mar. 16, 2021 | Sep. 30, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | Aug. 21, 2020 | Apr. 17, 2020 |
Debt Instrument [Line Items] | |||||||||
Interest rate | 8.75% | ||||||||
Proceeds received for international loans | $ 9,706 | ||||||||
Cash Deposit To Support Bank Letters Of Credit | 7,300 | $ 21,147 | |||||||
Loss accumulated on swaps prior to the amendments | $ 29,359 | 29,359 | |||||||
Carrying value of long-term debt | 2,083,099 | 2,083,099 | $ 2,067,900 | ||||||
Fair value of long-term debt | 2,071,750 | 2,071,750 | $ 1,978,322 | ||||||
Interest Rate Swap | |||||||||
Debt Instrument [Line Items] | |||||||||
Amortization of accumulated losses for amended swap agreements | 1,124 | 3,372 | |||||||
5.25% Senior Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Aggregate principal amount of add-on to Senior Notes | $ 765,000 | ||||||||
Interest rate | 5.25% | ||||||||
Debt issue cost paid | $ 10,684 | ||||||||
Debt instrument, maturity date | Jul. 15, 2028 | ||||||||
Debt instrument issue discount | 101.00% | ||||||||
5.875% senior notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Aggregate principal amount of add-on to Senior Notes | $ 405,000 | ||||||||
Interest rate | 5.875% | ||||||||
Debt issue cost paid | $ 5,980 | ||||||||
Debt instrument, maturity date | Mar. 15, 2026 | ||||||||
Debt instrument issue discount | 101.00% | ||||||||
5.125% senior note | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate | 5.125% | ||||||||
Debt Instrument Amount Tendered At Expiration | $ 333,990 | ||||||||
Debt Instrument Redemption Amount | $ 66,010 | ||||||||
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 100.00% | ||||||||
Debt Instrument, Redemption Period, End Date | Apr. 15, 2021 | ||||||||
Gain (loss) on extinguishment of debt, before write off of debt issuance cost | 2,603 | ||||||||
Write off deferred debt issuance cost | 1,168 | ||||||||
Tender and legal fees | 1,435 | ||||||||
4.875% Senior Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Aggregate principal amount of add-on to Senior Notes | $ 755,000 | $ 755,000 | |||||||
Interest rate | 4.875% | 4.875% | |||||||
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 100.00% | ||||||||
Gain (loss) on extinguishment of debt, before write off of debt issuance cost | 3,919 | ||||||||
Write off deferred debt issuance cost | 3,301 | ||||||||
Debt related fees | 618 | ||||||||
Senior Secured Notes Due 2025 | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate | 8.75% | ||||||||
Convertible Senior Notes Due 2025 | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate | 4.50% | ||||||||
Term Loan Credit Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Amount outstanding under the term loan | $ 634,785 | $ 634,785 | |||||||
Average interest rate on outstanding borrowings | 3.40% | 3.40% | |||||||
Term Loan Credit Facility | Senior Secured Credit Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Aggregate principal amount of add-on to Senior Notes | $ 700,000 | $ 700,000 | |||||||
Quarterly principal payments due | $ 1,649 | ||||||||
Last quarterly payment date | Dec. 31, 2024 | ||||||||
Final principal payment | 613,351 | $ 613,351 | |||||||
Final principal payment due date | Mar. 29, 2025 | ||||||||
Revolving Credit Line | |||||||||
Debt Instrument [Line Items] | |||||||||
Amount outstanding under the revolving credit line | 0 | $ 0 | |||||||
Available borrowing capacity | 100,000 | $ 100,000 | |||||||
Line of credit, maturity date | Nov. 28, 2024 | ||||||||
Revolving Credit Line | Senior Secured Credit Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Aggregate principal amount of add-on to Senior Notes | $ 100,000 | $ 100,000 | |||||||
Revolving Credit Line | 5.25% Senior Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate | 5.25% | ||||||||
Debt issue cost paid | $ 500 | ||||||||
Revolving Credit Line | 5.25% Senior Notes | Minimum | |||||||||
Debt Instrument [Line Items] | |||||||||
Line of credit, maturity date | Nov. 28, 2022 | ||||||||
Revolving Credit Line | 5.25% Senior Notes | Maximum | |||||||||
Debt Instrument [Line Items] | |||||||||
Line of credit, maturity date | Nov. 28, 2024 | ||||||||
Convertible Senior Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate | 4.50% |
Long Term Debt Activity - Summa
Long Term Debt Activity - Summary of Loans (Details) - Subsidiaries [Member] $ in Thousands | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Peru | |
Loan Description | Peru bank loan |
Loan Amounts | $ 3,277 |
Interest Rates | 4.8% |
Covenants | Negative covenants |
Maturity | January 2024 |
Brazil | |
Loan Description | Brazil bank loan |
Loan Amounts | $ 6,429 |
Interest Rates | 4.0% |
Covenants | Negative covenants |
Maturity | January 2029 |
Long Term Debt Activity - Sum_2
Long Term Debt Activity - Summary of Company's Interest Rate Swap Agreements Designated as Cash Flow Hedges (Detail) - Designated as Hedging Instrument - Cash Flow Hedging $ in Thousands | 9 Months Ended | |
Sep. 30, 2021USD ($) | ||
Debt Instrument [Line Items] | ||
Estimated Fair Value | $ 22,253 | [1] |
Interest Rate Swap Agreement 1 | ||
Debt Instrument [Line Items] | ||
Notional Amount | $ 137,500 | |
Effective Date | Dec. 31, 2018 | |
Pay Rate | 2.12% | |
Receive Rate | 1-Month LIBOR | |
Expiration Date | Dec. 31, 2024 | |
Estimated Fair Value | $ 6,562 | [1] |
Interest Rate Swap Agreement 2 | ||
Debt Instrument [Line Items] | ||
Notional Amount | $ 175,000 | |
Effective Date | Dec. 31, 2018 | |
Pay Rate | 2.12% | |
Receive Rate | 1-Month LIBOR | |
Expiration Date | Dec. 31, 2024 | |
Estimated Fair Value | $ 8,419 | [1] |
Interest Rate Swap Agreement 3 | ||
Debt Instrument [Line Items] | ||
Notional Amount | $ 137,500 | |
Effective Date | Dec. 31, 2018 | |
Pay Rate | 2.19% | |
Receive Rate | 1-Month LIBOR | |
Expiration Date | Dec. 31, 2024 | |
Estimated Fair Value | $ 6,918 | [1] |
Interest Rate Swap Agreement 4 | ||
Debt Instrument [Line Items] | ||
Notional Amount | $ 150,000 | |
Effective Date | Mar. 31, 2020 | |
Pay Rate | 0.57% | |
Receive Rate | 1-Month LIBOR | |
Expiration Date | Mar. 31, 2022 | |
Estimated Fair Value | $ 354 | [1] |
[1] | Approximately $ 9,536 of the total is included in accounts payable and accrued expenses and $ 12,717 is included in other long-term liabilities on the condensed consolidated balance sheet as of September 30, 2021 . |
Long Term Debt Activity - Sum_3
Long Term Debt Activity - Summary of Company's Interest Rate Swap Agreements Designated as Cash Flow Hedges (Parenthetical) (Detail) $ in Thousands | Sep. 30, 2021USD ($) |
Accounts Payable and Accrued Liabilities | |
Debt Instrument [Line Items] | |
Estimated Fair Value | $ 9,536 |
Other Noncurrent Liabilities | |
Debt Instrument [Line Items] | |
Estimated Fair Value | $ 12,717 |
Summary of Changes in Stockhold
Summary of Changes in Stockholders Equity (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Shareholders Equity [Line Items] | ||||||||
Total Equity, Beginning Balance | $ 582,032 | $ 703,283 | $ 784,994 | $ 1,128,332 | $ 1,294,800 | $ 1,474,207 | $ 784,994 | $ 1,474,207 |
Share based awards compensation expense | 5,782 | 5,680 | 4,436 | 4,198 | 4,092 | 3,882 | ||
Dividends paid to parent | (42,000) | |||||||
Contributions received from parent | 120,000 | 120,000 | ||||||
Net loss | (72,276) | (137,059) | (203,510) | (144,875) | (170,378) | (59,101) | (412,845) | (374,354) |
Unrealized gain (loss) due to fair value adjustments on interest rate swap agreements, net of taxes, net of settlements | 1,462 | 746 | 5,704 | 6,528 | 849 | (24,171) | 7,912 | (16,794) |
Amortization of accumulated losses for amended swap agreements | 1,124 | 1,123 | 1,124 | 2,669 | 2,669 | |||
Foreign currency translation adjustments | (13,804) | 8,259 | (9,465) | (1,503) | (3,702) | (57,625) | ||
Total Equity, Ending Balance | 504,320 | 582,032 | 703,283 | 995,349 | 1,128,332 | 1,294,800 | 504,320 | 995,349 |
Class B common stock | ||||||||
Shareholders Equity [Line Items] | ||||||||
Total Equity, Beginning Balance | 49,543 | 49,543 | 49,543 | 49,543 | 49,543 | 49,543 | 49,543 | 49,543 |
Total Equity, Ending Balance | 49,543 | 49,543 | 49,543 | 49,543 | 49,543 | 49,543 | 49,543 | 49,543 |
Treasury Stock | ||||||||
Shareholders Equity [Line Items] | ||||||||
Total Equity, Beginning Balance | (24,233) | (24,233) | (24,233) | (24,233) | (24,233) | (24,233) | (24,233) | (24,233) |
Total Equity, Ending Balance | (24,233) | (24,233) | (24,233) | (24,233) | (24,233) | (24,233) | (24,233) | (24,233) |
Additional Paid-In-Capital | ||||||||
Shareholders Equity [Line Items] | ||||||||
Total Equity, Beginning Balance | 1,440,741 | 1,435,061 | 1,310,625 | 1,299,593 | 1,295,500 | 1,291,618 | 1,310,625 | 1,291,618 |
Share based awards compensation expense | 5,782 | 5,680 | 4,436 | 4,198 | 4,092 | 3,882 | ||
Contributions received from parent | 120,000 | |||||||
Total Equity, Ending Balance | 1,446,523 | 1,440,741 | 1,435,061 | 1,303,791 | 1,299,593 | 1,295,500 | 1,446,523 | 1,303,791 |
Retained Earnings | ||||||||
Shareholders Equity [Line Items] | ||||||||
Total Equity, Beginning Balance | (503,437) | (366,192) | (163,284) | 213,662 | 383,613 | 484,883 | (163,284) | 484,883 |
Dividends paid to parent | 42,000 | |||||||
Net loss | (72,517) | (137,245) | (202,908) | (144,431) | (169,951) | (59,270) | ||
Total Equity, Ending Balance | (575,954) | (503,437) | (366,192) | 69,231 | 213,662 | 383,613 | (575,954) | 69,231 |
Accumulated Other Comprehensive Loss | ||||||||
Shareholders Equity [Line Items] | ||||||||
Total Equity, Beginning Balance | (391,162) | (401,290) | (398,653) | (422,092) | (421,908) | (340,112) | (398,653) | (340,112) |
Unrealized gain (loss) due to fair value adjustments on interest rate swap agreements, net of taxes, net of settlements | 1,462 | 746 | 5,704 | 6,528 | 849 | (24,171) | ||
Amortization of accumulated losses for amended swap agreements | 1,124 | 1,123 | 1,124 | 2,669 | 2,669 | |||
Foreign currency translation adjustments | (13,804) | 8,259 | (9,465) | (1,503) | (3,702) | (57,625) | ||
Total Equity, Ending Balance | (402,380) | (391,162) | (401,290) | (414,398) | (422,092) | (421,908) | (402,380) | (414,398) |
Total Cinemark USA, Inc.'s Stockholder's Equity | ||||||||
Shareholders Equity [Line Items] | ||||||||
Total Equity, Beginning Balance | 571,452 | 692,889 | 773,998 | 1,116,473 | 1,282,515 | 1,461,699 | 773,998 | 1,461,699 |
Share based awards compensation expense | 5,782 | 5,680 | 4,436 | 4,198 | 4,092 | 3,882 | ||
Dividends paid to parent | 42,000 | |||||||
Contributions received from parent | 120,000 | |||||||
Net loss | (72,517) | (137,245) | (202,908) | (144,431) | (169,951) | (59,270) | ||
Unrealized gain (loss) due to fair value adjustments on interest rate swap agreements, net of taxes, net of settlements | 1,462 | 746 | 5,704 | 6,528 | 849 | (24,171) | ||
Amortization of accumulated losses for amended swap agreements | 1,124 | 1,123 | 1,124 | 2,669 | 2,669 | |||
Foreign currency translation adjustments | (13,804) | 8,259 | (9,465) | (1,503) | (3,702) | (57,625) | ||
Total Equity, Ending Balance | 493,499 | 571,452 | 692,889 | 983,934 | 1,116,473 | 1,282,515 | 493,499 | 983,934 |
Noncontrolling Interests | ||||||||
Shareholders Equity [Line Items] | ||||||||
Total Equity, Beginning Balance | 10,580 | 10,394 | 10,996 | 11,859 | 12,285 | 12,508 | 10,996 | 12,508 |
Net loss | 241 | 186 | (602) | (444) | (427) | 169 | ||
Total Equity, Ending Balance | $ 10,821 | $ 10,580 | $ 10,394 | $ 11,415 | $ 11,859 | $ 12,285 | $ 10,821 | $ 11,415 |
Summary of Activity with NCM In
Summary of Activity with NCM Included in Company's Consolidated Financial Statements (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | ||
Schedule Of Equity Method Investments [Line Items] | |||||
Equity in loss | $ (7,146) | $ (16,077) | $ (22,061) | $ (27,711) | |
NCM | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Beginning Balance | 151,962 | ||||
Beginning Balance | (344,255) | ||||
Ending Balance | 139,997 | 139,997 | |||
Ending Balance | (348,212) | (348,212) | |||
Investment In NCM | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Beginning Balance | 151,962 | ||||
Receipt of common units due to annual common unit adjustment ("CUA") | 10,237 | ||||
Receipt under tax receivable agreement | (156) | ||||
Equity in loss | (22,046) | ||||
Ending Balance | 139,997 | 139,997 | |||
NCM Screen Advertising Advances | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Beginning Balance | (344,255) | ||||
Receipt of common units due to annual common unit adjustment ("CUA") | [1] | 10,237 | |||
Interest accrued related to significant financing component | (17,723) | ||||
Amortization of screen advertising advances | 24,003 | ||||
Ending Balance | (348,212) | (348,212) | |||
Distributions from NCM | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Receipt under tax receivable agreement | (77) | ||||
Ending Balance | (77) | (77) | |||
Equity Loss | NCM | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Equity in loss | 22,046 | ||||
Ending Balance | 22,046 | 22,046 | |||
Other Revenue | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Amortization of screen advertising advances | (24,003) | ||||
Ending Balance | (31,519) | (31,519) | |||
Other Revenue | Screen Advertising Rental Revenue | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Screen rental revenues earned under ESA | [2] | (7,516) | |||
Interest Expense - NCM | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Interest accrued related to significant financing component | 17,723 | ||||
Ending Balance | 17,723 | 17,723 | |||
Cash Received | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Receipt under tax receivable agreement | 233 | ||||
Total Cash Recieved | $ 7,749 | 7,749 | |||
Cash Received | Screen Advertising Rental Revenue | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Screen rental revenues earned under ESA | [2] | $ 7,516 | |||
[1] | See Note 8 for the maturity of NCM screen advertising advances as of September 30, 2021 . | ||||
[2] | Amounts include the per patron and per digital screen theatre access fees due to the Company, net of amounts due to NCM for on-screen advertising time provided to the Company’s beverage concessionaire of approximately $ 2,850 . |
Summary of Activity with NCM _2
Summary of Activity with NCM Included in Company's Consolidated Financial Statements (Parenthetical) (Detail) $ in Thousands | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Equity Method Investments And Joint Ventures [Abstract] | |
Company's beverage concessionaire advertising costs | $ 2,850 |
Investment in National CineMe_3
Investment in National CineMedia LLC - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |
Mar. 31, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | |
Schedule Of Equity Method Investments [Line Items] | |||
Number of additional common units of NCM received under common unit adjustment agreement | 2,311,482 | ||
Value of common units received from company one | $ 10,237 | $ 3,620 | |
Number of common units of NCM owned by Company | 43,161,550 | ||
Interest in common units of NCM owned by Company | 26.00% | ||
Recognized incremental interest expense | $ 17,723 | 17,726 | |
Minimum | |||
Schedule Of Equity Method Investments [Line Items] | |||
Percentage of incremental borrowing rates | 4.40% | ||
Maximum | |||
Schedule Of Equity Method Investments [Line Items] | |||
Percentage of incremental borrowing rates | 8.30% | ||
NCM | |||
Schedule Of Equity Method Investments [Line Items] | |||
Proceeds from ESA modification | $ 174,000 | ||
Recognized incremental screen rental revenue | $ 24,003 | $ 23,464 | |
Investment In NCM | |||
Schedule Of Equity Method Investments [Line Items] | |||
Value of common units received from company one | $ 10,237 | ||
Common unit convertible into share of NCMI common stock, conversion ratio | 1 | ||
Estimated fair value of investment using NCM's stock price | $ 153,655 | ||
NCMI common stock price | $ 3.56 |
Summary of Recognition of Reven
Summary of Recognition of Revenue Related to Deferred Revenue (Detail) $ in Thousands | Sep. 30, 2021USD ($) | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-10-01 | ||
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | ||
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-10-01 | ||
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | ||
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-10-01 | ||
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | ||
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-10-01 | ||
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | ||
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2027-10-01 | ||
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | ||
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year | |
NCM Screen Advertising Advances | ||
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | ||
Revenue remaining performance obligation, amount | $ 348,212 | [1] |
NCM Screen Advertising Advances | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-10-01 | ||
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | ||
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year | |
Revenue remaining performance obligation, amount | $ 8,968 | [1] |
NCM Screen Advertising Advances | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-10-01 | ||
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | ||
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year | |
Revenue remaining performance obligation, amount | $ 9,587 | [1] |
NCM Screen Advertising Advances | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-10-01 | ||
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | ||
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year | |
Revenue remaining performance obligation, amount | $ 10,251 | [1] |
NCM Screen Advertising Advances | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-10-01 | ||
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | ||
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year | |
Revenue remaining performance obligation, amount | $ 10,962 | [1] |
NCM Screen Advertising Advances | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2026-10-01 | ||
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | ||
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year | |
Revenue remaining performance obligation, amount | $ 11,724 | [1] |
NCM Screen Advertising Advances | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2027-10-01 | ||
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | ||
Revenue remaining performance obligation, amount | $ 296,720 | [1] |
[1] | Amounts are net of the estimated interest to be accrued for the periods presented. See discussion of significant financing component below. |
Summary of Recognition of Rev_2
Summary of Recognition of Revenue Related to Deferred Revenue (Detail1) $ in Thousands | Sep. 30, 2021USD ($) | |
NCM Screen Advertising Advances | ||
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | ||
Revenue remaining performance obligation, amount | $ 348,212 | [1] |
[1] | Amounts are net of the estimated interest to be accrued for the periods presented. See discussion of significant financing component below. |
Summary Financial Information f
Summary Financial Information for National CineMedia (Detail) - NCM - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 24, 2020 | Sep. 30, 2021 | Sep. 24, 2020 | Sep. 30, 2020 | |
Schedule Of Equity Method Investments [Line Items] | |||||
Gross revenues | $ 31,677 | $ 6,000 | $ 51,080 | $ 74,700 | |
Operating income (loss) | (18,669) | (20,073) | (76,607) | (38,973) | |
Net loss | (35,335) | $ (34,950) | (125,699) | $ (81,350) | |
Current assets | 97,064 | 97,064 | $ 142,566 | ||
Noncurrent assets | 665,570 | 665,570 | 685,643 | ||
Current liabilities | 48,761 | 48,761 | 46,872 | ||
Noncurrent liabilities | 1,114,599 | 1,114,599 | 1,072,207 | ||
Members deficit | $ (400,726) | $ (400,726) | $ (290,870) |
Other Investments - Additional
Other Investments - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2021 | |
Schedule Of Equity Method Investments [Line Items] | |
Description of digital cinema deployment agreements | The DCDAs end on the earlier to occur of (i) the tenth anniversary of the "mean deployment date" for all digital projection systems scheduled to be deployed over a period of up to five years, or (ii) the date DCIP achieves "cost recoupment", each as defined in the DCDAs. |
Maximum | |
Schedule Of Equity Method Investments [Line Items] | |
Percentage of voting interest | 50.00% |
Minimum | |
Schedule Of Equity Method Investments [Line Items] | |
Percentage of voting interest | 20.00% |
Digital Cinema Implementation Partners | |
Schedule Of Equity Method Investments [Line Items] | |
Percentage of voting interest | 33.00% |
Economic interest in Digital Cinema Implementation Partners | 24.30% |
Other Investments - Summary Fin
Other Investments - Summary Financial Information for DCIP (Detail) - Other Affiliates - Digital Cinema Implementation Partners - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Schedule Of Equity Method Investments [Line Items] | |||||
Gross revenues | $ 27,639 | $ 1,084 | $ 47,361 | $ 20,809 | |
Operating income (loss) | 18,427 | (29,878) | 41,868 | (72,422) | |
Net income (loss) | 18,976 | $ (30,554) | 42,933 | $ (79,660) | |
Current assets | 41,625 | 41,625 | $ 36,372 | ||
Noncurrent assets | 63 | 63 | 205 | ||
Current liabilities | 14,562 | 14,562 | 39,844 | ||
Noncurrent liabilities | 687 | ||||
Members' equity | $ 27,126 | $ 27,126 | $ (3,954) |
Other Investments - Transaction
Other Investments - Transactions with DCIP (Detail) - Digital Cinema Implementation Partners - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | ||
Schedule Of Equity Method Investments [Line Items] | |||||
Equipment lease payments | [1],[2] | $ 346 | $ 1,384 | ||
Warranty reimbursements from DCIP | [1] | $ 84 | $ 784 | 3,123 | |
Management service fees | [1] | 21 | 36 | $ 84 | |
Distributions from Affiliates | [3] | $ 6,534 | $ 6,534 | ||
[1] | Amounts reflected in utilities and other costs on the condensed consolidated statements of loss. | ||||
[2] | As a result of the MELA amendment noted above, the Company recorded a lease termination liability during 2020. The lease termination payments made during the nine months ended September 30, 2021 reduced the liability outstanding. The remaining termination liability of $ 174 as of September 30, 2021 is reflected in accrued other current liabilities on the condensed consolidated balance sheet. | ||||
[3] | Cash distributions received from DCIP are not treated as a reduction of the investment balance because, as discussed above, the Company's equity investment in DCIP is zero. Reflected as distributions from DCIP on the condensed consolidated statements of loss. |
Other Investments - Transacti_2
Other Investments - Transactions with DCIP (Parenthetical) (Detail) $ in Thousands | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Equity Method Investments And Joint Ventures [Abstract] | |
Lease Termination Liability | $ 174 |
Other Investments - Summary of
Other Investments - Summary of Activity for Each of Company's Other Investments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Schedule Of Equity Method Investments [Line Items] | ||||
Investments, beginning balance | $ 23,726 | |||
Equity in loss of affiliates | $ (7,146) | $ (16,077) | (22,061) | $ (27,711) |
Investments, ending balance | 23,755 | 23,755 | ||
Other Affiliates | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Investments, beginning balance | 23,726 | |||
Equity in loss of affiliates | (15) | |||
Other | 44 | |||
Investments, ending balance | 23,755 | 23,755 | ||
Other Affiliates | AC JV, LLC | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Investments, beginning balance | 3,745 | |||
Equity in loss of affiliates | (1,099) | |||
Investments, ending balance | 2,646 | 2,646 | ||
Other Affiliates | Digital Cinema Distribution Coalition | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Investments, beginning balance | 1,255 | |||
Equity in loss of affiliates | 296 | |||
Investments, ending balance | 1,551 | 1,551 | ||
Other Affiliates | FE Concepts, LLC | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Investments, beginning balance | 18,273 | |||
Equity in loss of affiliates | 788 | |||
Investments, ending balance | 19,061 | 19,061 | ||
Other Affiliates | Other Investments | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Investments, beginning balance | 453 | |||
Other | 44 | |||
Investments, ending balance | $ 497 | $ 497 |
Other Investments - Transacti_3
Other Investments - Transactions of Other Investees (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | ||
Schedule Of Equity Method Investments [Line Items] | |||||
Total revenues | $ 434,821 | $ 35,478 | $ 843,834 | $ 588,068 | |
AC JV, LLC | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Event fees paid | [1] | 1,386 | 2,258 | ||
Digital Cinema Distribution Coalition | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Content delivery fees paid | [1] | 377 | 208 | ||
Theatre Services | A W S R Investments Limited Liability Company | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Total revenues | [2] | $ (47) | $ (19) | ||
[1] | Included in film rentals and advertising costs on the condensed consolidated statements of incom | ||||
[2] | Included in other revenues on the condensed consolidated statements of income. |
Share Based Awards - Additional
Share Based Awards - Additional Information (Detail) $ / shares in Units, $ in Thousands | 9 Months Ended |
Sep. 30, 2021USD ($)$ / sharesshares | |
Restricted Stock | |
Stockholders Equity Note [Line Items] | |
Number of restricted shares granted | shares | 1,077,926 |
Market value of common stock on the dates of grant | $ / shares | $ 21.24 |
Restricted Stock | Minimum | |
Stockholders Equity Note [Line Items] | |
Forfeiture rate for restricted stock awards | 0.00% |
Award vesting period for restricted stock | 1 year |
Restricted Stock | Maximum | |
Stockholders Equity Note [Line Items] | |
Forfeiture rate for restricted stock awards | 10.00% |
Award vesting period for restricted stock | 4 years |
Restricted Stock | Cinemark Holdings, Inc. | |
Stockholders Equity Note [Line Items] | |
Number of restricted shares granted | shares | 1,077,926 |
Restricted Stock | Cinemark Holdings, Inc. | Minimum | |
Stockholders Equity Note [Line Items] | |
Market value of common stock on the dates of grant | $ / shares | $ 16.09 |
Restricted Stock | Cinemark Holdings, Inc. | Maximum | |
Stockholders Equity Note [Line Items] | |
Market value of common stock on the dates of grant | $ / shares | $ 23.98 |
Unvested Restricted Stock Awards | |
Stockholders Equity Note [Line Items] | |
Unrecognized compensation expense | $ 28,541 |
Remaining Compensation Expense recognition period (in years) | 2 years |
Unvested Restricted Stock Awards | Cinemark USA, Inc. | |
Stockholders Equity Note [Line Items] | |
Unrecognized compensation expense | $ 27,893 |
Unvested Restricted Stock Awards | Cinemark Holdings, Inc. | |
Stockholders Equity Note [Line Items] | |
Unrecognized compensation expense | 648 |
Restricted Stock Units (RSUs) | |
Stockholders Equity Note [Line Items] | |
Unrecognized compensation expense | $ 7,185 |
Remaining Compensation Expense recognition period (in years) | 2 years |
Number of hypothetical shares of common stock at stated IRR levels | shares | 561,041 |
Summary of Restricted Stock Act
Summary of Restricted Stock Activity (Detail) - Restricted Stock | 9 Months Ended |
Sep. 30, 2021$ / sharesshares | |
Shares of Restricted Stock | |
Shares of Restricted Stock, Beginning balance | shares | 1,431,975 |
Shares of Restricted Stock, Granted | shares | 1,077,926 |
Shares of Restricted Stock, Vested | shares | (115,712) |
Shares of Restricted Stock, Forfeited | shares | (42,034) |
Shares of Restricted Stock, Ending balance | shares | 2,352,155 |
Shares of Restricted Stock, Unvested restricted stock | shares | 2,352,155 |
Weighted Average Grant Date Fair Value | |
Weighted Average Grant Date Fair Value Outstanding, Beginning | $ / shares | $ 21.11 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 21.24 |
Weighted Average Grant Date Fair Value, Vested | $ / shares | 23.79 |
Weighted Average Grant Date Fair Value, Forfeited | $ / shares | 18.13 |
Weighted Average Grant Date Fair Value Outstanding, Ending | $ / shares | 21 |
Weighted Average Grant Date Fair Value, Unvested restricted stock | $ / shares | $ 21 |
Summary of Restricted Stock Awa
Summary of Restricted Stock Award Activity (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Restricted Stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Compensation expense recognized by the Company during the period | $ 13,066 | $ 7,548 |
Number of restricted stock unit awards that vested during the period | 115,712 | |
Restricted Stock | Employees | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Fair value of share based awards that vested during the period | $ 1,162 | 8,567 |
Income tax benefit (cost) recognized upon vesting of restricted stock awards held by Company employees | (383) | 2,533 |
Restricted Stock | Cinemark Holdings, Inc. | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Compensation expense recognized by the Company during the period | 691 | 687 |
Restricted Stock | Cinemark Holdings, Inc. | Directors | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Fair value of share based awards that vested during the period | 1,329 | 377 |
Income tax benefit (cost) recognized upon vesting of restricted stock awards held by Company employees | 278 | 145 |
Restricted Stock Units (RSUs) | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Compensation expense recognized by the Company during the period | 2,832 | 4,624 |
Fair value of share based awards that vested during the period | 314 | 3,669 |
Income tax benefit (cost) recognized upon vesting of restricted stock awards held by Company employees | $ (467) | $ 215 |
Number of restricted stock unit awards that vested during the period | 15,230 | 120,293 |
Accumulated dividends paid upon vesting of restricted stock unit awards | $ 62 | $ 576 |
Summary of Goodwill (Detail)
Summary of Goodwill (Detail) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021USD ($) | ||
Goodwill [Line Items] | ||
Beginning Balance | $ 1,253,840 | [1] |
Foreign currency translation adjustments | (3,705) | |
Ending Balance | 1,250,135 | [1] |
U.S. Operating Segment | ||
Goodwill [Line Items] | ||
Beginning Balance | 1,182,853 | [1] |
Ending Balance | 1,182,853 | [1] |
International Operating Segment | ||
Goodwill [Line Items] | ||
Beginning Balance | 70,987 | [1] |
Foreign currency translation adjustments | (3,705) | |
Ending Balance | $ 67,282 | [1] |
[1] | Balances are presented net of accumulated impairment losses of $ 214,031 for the U.S. operating segment and $ 43,750 for the international operating segment. See discussion of the qualitative impairment analysis performed by the Company as of September 30, 2021 at Note 12. |
Summary of Goodwill (Parentheti
Summary of Goodwill (Parenthetical) (Detail) $ in Thousands | Sep. 30, 2021USD ($) |
U.S. Operating Segment | |
Goodwill [Line Items] | |
Accumulated impairment losses | $ 214,031 |
International Operating Segment | |
Goodwill [Line Items] | |
Accumulated impairment losses | $ 43,750 |
Intangible Assets (Detail)
Intangible Assets (Detail) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021USD ($) | ||
Intangible Assets Net Excluding Goodwill [Abstract] | ||
Intangible assets with finite lives, Beginning balance | $ 82,432 | |
Other, Gross carrying amount | (132) | |
Intangible assets with finite lives, Ending balance | 82,300 | |
Intangible assets with finite lives, Accumulated amortization, Beginning balance | (68,416) | |
Accumulated amortization | (1,994) | |
Intangible assets with finite lives, Accumulated amortization, Ending balance | (70,410) | |
Net intangible assets with finite lives, Beginning balance | 14,016 | |
Amortization, intangible assets | (1,994) | |
Other, Finite lived intangible assets | (132) | |
Net intangible assets with finite lives, Ending balance | 11,890 | |
Indefinite-lived Intangible Assets, Tradename and Other, Beginning Balance | 300,179 | |
Indefinite lived intangible assets, additions | 146 | [1] |
Tradename and Other | (190) | |
Indefinite-lived Intangible Assets, Tradename and Other, Ending Balance | 300,135 | |
Total intangible assets - net, Beginning balance | 314,195 | |
Other, Total intangible assets - net | (322) | |
Total intangible assets - net, Ending balance | $ 312,025 | |
[1] | Amount represents alcoholic beverage licenses acquired. |
Estimated Aggregate Future Amor
Estimated Aggregate Future Amortization Expense for Intangible Assets (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Finite Lived Intangible Assets Net [Abstract] | ||
For the three months ended December 31, 2021 | $ 680 | |
For the twelve months ended December 31, 2022 | 2,519 | |
For the twelve months ended December 31, 2023 | 2,429 | |
For the twelve months ended December 31, 2024 | 2,429 | |
For the twelve months ended December 31, 2025 | 2,316 | |
Thereafter | 1,517 | |
Total | $ 11,890 | $ 14,016 |
Impairment of Long-Lived Asse_3
Impairment of Long-Lived Assets - Summary of Evaluations Performed by Asset Classification (Detail) - Quantitative - Valuation, Market Approach - Other Long-Lived Assets | 3 Months Ended |
Sep. 30, 2021 | |
Minimum | |
Impaired Long-Lived Assets Held and Used [Line Items] | |
Valuation multiple | 3.1 |
Maximum | |
Impaired Long-Lived Assets Held and Used [Line Items] | |
Valuation multiple | 6 |
Impairment of Long-Lived Asse_4
Impairment of Long-Lived Assets - Long-Lived Asset Impairment Charges (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Impairment of long-lived assets | $ 7,480 | $ 24,595 | $ 7,480 | $ 41,214 |
U.S. Operating Segment | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Theatre properties | 4,801 | 2,075 | 4,801 | 5,718 |
Theatre operating lease right-of-use assets | 2,638 | 1,123 | 2,638 | 7,075 |
Cost method investment | 2,500 | 2,500 | ||
Impairment of long-lived assets | 7,439 | 5,698 | 7,439 | 15,293 |
International Operating Segment | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Theatre properties | 39 | 938 | 39 | 5,422 |
Theatre operating lease right-of-use assets | 2 | 1,654 | 2 | 4,194 |
Goodwill | 16,128 | 16,128 | ||
Intangible assets | 177 | 177 | ||
Impairment of long-lived assets | $ 41 | $ 18,897 | $ 41 | $ 25,921 |
Summary of Liabilities Measured
Summary of Liabilities Measured at Fair Value on Recurring Basis (Detail) - Fair Value Measurements, Recurring - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Interest rate swap liabilities | [1] | $ 22,253 | $ 33,847 |
Level 2 | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Interest rate swap liabilities | [1] | $ 22,253 | $ 33,847 |
[1] | See further discussion of interest rate swaps at Note 6. |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Fair Value Disclosures [Abstract] | |
Fair value of assets transfers in or out, level 1 to level 2 | $ 0 |
Fair value of assets transfers in or out, level 2 to level 1 | 0 |
Fair value, asset transfers into Level 3 | 0 |
Fair value, asset transfers out of Level 3 | $ 0 |
Foreign Currency Translation -
Foreign Currency Translation - Additional Information (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | |
Foreign Currency [Abstract] | ||
Accumulated other comprehensive income (loss) | $ 402,380 | $ 398,653 |
Cumulative foreign currency adjustments | $ 390,654 | $ 375,644 |
Cumulative inflation rate | 100.00% | |
Cumulative inflation period | 3 years |
Summary of Impact of Translatin
Summary of Impact of Translating Financial Statements of Company's International Subsidiaries (Detail) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Dec. 31, 2020 | |
Foreign Currency Translation [Line Items] | |||||
Other Comprehensive Loss | $ (13,804) | $ (1,503) | $ (15,010) | $ (62,830) | |
Brazil | |||||
Foreign Currency Translation [Line Items] | |||||
Exchange Rate | 5.43 | 5.43 | 5.20 | ||
Other Comprehensive Loss | $ (3,368) | (51,453) | |||
Chile | |||||
Foreign Currency Translation [Line Items] | |||||
Exchange Rate | 811.13 | 811.13 | 714.14 | ||
Other Comprehensive Loss | $ (7,967) | (5,046) | |||
Colombia | |||||
Foreign Currency Translation [Line Items] | |||||
Exchange Rate | 3,834.68 | 3,834.68 | 3,432.50 | ||
Other Comprehensive Loss | $ (140) | (2,584) | |||
Peru | |||||
Foreign Currency Translation [Line Items] | |||||
Exchange Rate | 4.16 | 4.16 | 3.65 | ||
Other Comprehensive Loss | $ (3,609) | (3,187) | |||
Other foreign countries | |||||
Foreign Currency Translation [Line Items] | |||||
Other Comprehensive Loss | 74 | (560) | |||
International Subsidiaries | |||||
Foreign Currency Translation [Line Items] | |||||
Other Comprehensive Loss | $ (15,010) | $ (62,830) |
Summary of Impact of Translat_2
Summary of Impact of Translating Financial Statements of Company's International Subsidiaries (Parenthetical) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Foreign Currency Translation [Line Items] | ||||
Foreign currency exchange loss | $ (273) | $ (2,251) | $ (920) | $ (6,183) |
Argentina | ||||
Foreign Currency Translation [Line Items] | ||||
Foreign currency exchange loss | $ 345 | $ 1,053 |
Supplemental Information to Con
Supplemental Information to Condensed Consolidated Statements of Cash Flows (Detail) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | ||
Schedule Of Cash Flow Supplemental [Line Items] | |||
Cash paid for interest | $ 69,479 | $ 53,364 | |
Cash paid (refunds received) for income taxes, net | (136,937) | (108,776) | |
Cash deposited in restricted accounts | [1] | 7,300 | |
Noncash investing and financing activities: | |||
Change in accounts payable and accrued expenses for the acquisition of theatre properties and equipment | [2] | (2,409) | (7,933) |
Investment in NCM – receipt of common units (see Note 8) | 10,237 | 3,620 | |
NCM | |||
Noncash investing and financing activities: | |||
Interest expense - NCM (see Note 8) | $ (17,723) | $ (17,726) | |
[1] | Represents cash deposited in a collateral account during the period to support the issuance of letters of credit to lenders. See further discussion at Note 6. | ||
[2] | Additions to theatre properties and equipment included in accounts payable as of September 30, 2021 and December 31, 2020 were $ 25,841 and $ 28,250 , respectively. |
Supplemental Information to C_2
Supplemental Information to Condensed Consolidated Statements of Cash Flows (Parenthetical) (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Supplemental Cash Flow Elements [Abstract] | ||
Additions to theatre properties and equipment included in accounts payable | $ 25,841 | $ 28,250 |
Selected Financial Information
Selected Financial Information by Reportable Operating Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | ||
Segment Reporting Information [Line Items] | |||||
Revenues | $ 434,821 | $ 35,478 | $ 843,834 | $ 588,068 | |
Adjusted EBITDA | 44,686 | (127,511) | (58,146) | (178,377) | |
Capital expenditures | 24,425 | 20,659 | 57,244 | 67,618 | |
U.S. Operating Segment | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | [1] | 375,527 | 34,409 | 741,877 | 470,007 |
International Operating Segment | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 59,294 | 1,069 | 101,957 | 118,061 | |
Operating Segments | U.S. Operating Segment | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 376,278 | 34,639 | 742,982 | 472,096 | |
Adjusted EBITDA | 45,181 | (105,279) | (30,358) | (144,918) | |
Capital expenditures | 22,423 | 17,903 | 47,547 | 54,604 | |
Operating Segments | International Operating Segment | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 59,294 | 1,069 | 101,957 | 118,061 | |
Adjusted EBITDA | (495) | (22,232) | (27,788) | (33,459) | |
Capital expenditures | 2,002 | 2,756 | 9,697 | 13,014 | |
Eliminations | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | $ (751) | $ (230) | $ (1,105) | $ (2,089) | |
[1] | U.S. segment revenues include eliminations of intercompany transactions with the international operating segment. See Note 16 for additional information on intercompany eliminations. |
Reconciliation of Net Loss to A
Reconciliation of Net Loss to Adjusted EBITDA (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |||||
Segment Reporting Information [Line Items] | ||||||||||||
Net loss | $ (72,276) | $ (137,059) | $ (203,510) | $ (144,875) | $ (170,378) | $ (59,101) | $ (412,845) | $ (374,354) | ||||
Add (deduct): | ||||||||||||
Income taxes | (7,467) | (119,273) | (11,355) | (220,287) | ||||||||
Interest expense | [1] | 31,902 | 32,235 | 93,480 | 87,942 | |||||||
Other expense, net | [2] | 12,501 | 22,907 | 35,433 | 47,412 | |||||||
Equity Method Investment Dividends Or Distributions | 156 | 25,430 | ||||||||||
Depreciation and amortization | 67,208 | 62,543 | 202,288 | 191,380 | ||||||||
Impairment of long-lived assets | 7,480 | 24,595 | 7,480 | 41,214 | ||||||||
Restructuring costs | (340) | 524 | (1,288) | 20,062 | ||||||||
Loss on disposal of assets and other | 1,020 | (13,327) | 7,883 | (10,997) | ||||||||
Loss on extinguishment of debt | 6,527 | |||||||||||
Non-cash rent expense | (1,124) | 816 | (1,803) | 1,649 | ||||||||
Share based awards compensation expense | 5,782 | 4,198 | 15,898 | 12,172 | ||||||||
Adjusted EBITDA | 44,686 | (127,511) | (58,146) | (178,377) | ||||||||
Digital Cinema Implementation Partners | ||||||||||||
Add (deduct): | ||||||||||||
Equity Method Investment Dividends Or Distributions | 10,383 | [3] | ||||||||||
Other Equity Investees | ||||||||||||
Add (deduct): | ||||||||||||
Equity Method Investment Dividends Or Distributions | $ 2,146 | [4] | $ 156 | [4] | $ 15,047 | [4] | ||||||
[1] | Includes amortization of debt issue costs and amortization of accumulated losses for amended swap agreements. | |||||||||||
[2] | Includes interest income, foreign currency exchange loss, equity in income (loss) of affiliates and interest expense - NCM and excludes distributions from NCM and distributions from DCIP. | |||||||||||
[3] | Includes cash distributions from DCIP that were recorded as a reduction of the Company’s investment in DCIP. These distributions are reported entirely within the U.S. operating segment. | |||||||||||
[4] | Includes cash distributions received from equity investees, other than those from DCIP noted above, that were recorded as a reduction of the respective investment balances (see Notes 8 and 9). These distributions are reported entirely within the U.S. operating segment |
Selected Financial Informatio_2
Selected Financial Information by Geographic Area (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Revenues | $ 434,821 | $ 35,478 | $ 843,834 | $ 588,068 | |
Theatre Properties and Equipment - net | 1,435,474 | 1,435,474 | $ 1,615,062 | ||
Reportable Geographical Components | U.S. | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Revenues | 376,278 | 34,639 | 742,982 | 472,096 | |
Theatre Properties and Equipment - net | 1,249,490 | 1,249,490 | 1,392,780 | ||
Reportable Geographical Components | Brazil | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Revenues | 20,632 | 513 | 30,533 | 53,829 | |
Theatre Properties and Equipment - net | 60,020 | 60,020 | 72,080 | ||
Reportable Geographical Components | Other international countries | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Revenues | 38,662 | 556 | 71,424 | 64,232 | |
Theatre Properties and Equipment - net | 125,964 | 125,964 | $ 150,202 | ||
Eliminations | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Revenues | $ (751) | $ (230) | $ (1,105) | $ (2,089) |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2021USD ($)LeaseTheatre | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($) | |
Related Party Transaction [Line Items] | |||
Consulting Service Fees | $ 62 | ||
Net receivable from Cinemark Holdings, Inc. | 37,833 | $ 36,775 | |
Cash dividends paid to Cinemark Holdings, Inc. | $ 42,000 | ||
FE Concepts LLC | |||
Related Party Transaction [Line Items] | |||
Equity method investment, ownership percentage | 50.00% | ||
Laredo Theatre, Ltd | |||
Related Party Transaction [Line Items] | |||
Company's interest in Laredo | 75.00% | ||
Lone Star Theatre's interest in Laredo | 25.00% | ||
Ownership interest held by David Roberts | 100.00% | ||
Percentage of common stock held by Chairman of the Board of Directors | 9.00% | ||
Percentage of management fees based on theatre revenues | 5.00% | ||
Management fee revenues | $ 222 | 123 | |
Copper Beech Capital LLC | |||
Related Party Transaction [Line Items] | |||
Amount paid for the use of aircraft | $ 0 | 12 | |
Syufy Enterprises, LP | |||
Related Party Transaction [Line Items] | |||
Number of theatres leased | Theatre | 14 | ||
Total number of leases | Lease | 14 | ||
Number of leases with minimum annual rent | Lease | 12 | ||
Number of leases without minimum annual rent | Lease | 2 | ||
Total rent paid to Syufy | $ 17,893 | 17,271 | |
Cinemark Holdings, Inc. | |||
Related Party Transaction [Line Items] | |||
Net receivable from Cinemark Holdings, Inc. | 37,833 | $ 36,775 | |
Cash dividends paid to Cinemark Holdings, Inc. | $ 120,000 | $ 42,000 |