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Segments | 9 Months Ended
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Sep. 30, 2011
Segments [Abstract] |
Segments | 18. Segments The Company manages its international market and its U.S. market as separate reportable operating segments. The international segment consists of operations in Brazil, Mexico, Chile, Colombia, Argentina, Ecuador, Peru, Honduras, El Salvador, Nicaragua, Costa Rica, Panama and Guatemala. The U.S. segment includes U.S. and Canada operations (note that the Company’s only Canadian theatre was sold during November 2010.) Each segment’s revenue is derived from admissions and concession sales and other ancillary revenues, primarily screen advertising. The measure of segment profit and loss the Company uses to evaluate performance and allocate its resources is Adjusted EBITDA, as defined in the reconciliation table below. The Company does not report asset information 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, |
|  | 2011 |  |  | 2010 |  |  | 2011 |  |  | 2010 |
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. |  | $ | 441,334 |  |  | $ | 400,277 |  |  | $ | 1,216,679 |  |  | $ | 1,199,856 |
International |  |  | 201,637 |  |  |  | 161,492 |  |  |  | 534,828 |  |  |  | 420,404 |
Eliminations |  |  | (2,958 | ) |  |  | (1,534 | ) |  |  | (7,765 | ) |  |  | (4,025 | )
Total revenues |  | $ | 640,013 |  |  | $ | 560,235 |  |  | $ | 1,743,742 |  |  | $ | 1,616,235 |
Adjusted EBITDA |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. |  | $ | 110,285 |  |  | $ | 87,778 |  |  | $ | 289,091 |  |  | $ | 273,731 |
International |  |  | 43,988 |  |  |  | 37,299 |  |  |  | 117,679 |  |  |  | 98,243 |
Total Adjusted EBITDA |  | $ | 154,273 |  |  | $ | 125,077 |  |  | $ | 406,770 |  |  | $ | 371,974 |
Capital expenditures |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. |  | $ | 17,871 |  |  | $ | 11,564 |  |  | $ | 57,316 |  |  | $ | 47,571 |
International |  |  | 23,010 |  |  |  | 19,733 |  |  |  | 68,867 |  |  |  | 40,685 |
Total capital expenditures |  | $ | 40,881 |  |  | $ | 31,297 |  |  | $ | 126,183 |  |  | $ | 88,256 |
The following table sets forth a reconciliation of net income to Adjusted EBITDA:
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
|  | 2011 |  |  | 2010 |  |  | 2011 |  |  | 2010 |
Net income |  | $ | 47,648 |  |  | $ | 33,883 |  |  | $ | 113,979 |  |  | $ | 111,353 |
Add (deduct): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income taxes |  |  | 29,337 |  |  |  | 15,877 |  |  |  | 61,646 |  |  |  | 45,918 |
Interest expense (1) |  |  | 32,249 |  |  |  | 28,938 |  |  |  | 91,316 |  |  |  | 83,553 |
Loss on early retirement of debt |  |  | — |  |  |  | — |  |  |  | 4,945 |  |  |  | — |
Other income (2) |  |  | (2,816 | ) |  |  | (647 | ) |  |  | (8,289 | ) |  |  | (5 | )
Depreciation and amortization(3) |  |  | 40,542 |  |  |  | 34,984 |  |  |  | 119,579 |  |  |  | 103,990 |
Impairment of long-lived assets |  |  | 992 |  |  |  | 1,022 |  |  |  | 3,601 |  |  |  | 6,057 |
Loss on sale of assets and other |  |  | 1,809 |  |  |  | 7,548 |  |  |  | 7,975 |  |  |  | 11,906 |
Deferred lease expenses |  |  | 1,260 |  |  |  | 1,079 |  |  |  | 2,910 |  |  |  | 2,776 |
Amortization of long-term prepaid rents |  |  | 692 |  |  |  | 468 |  |  |  | 1,976 |  |  |  | 1,247 |
Share based awards compensation expense |  |  | 2,560 |  |  |  | 1,925 |  |  |  | 7,132 |  |  |  | 5,179 |
Adjusted EBITDA |  | $ | 154,273 |  |  | $ | 125,077 |  |  | $ | 406,770 |  |  | $ | 371,974 |
(1) |  | Includes amortization of debt issue costs.
(2) |  | Includes interest income, foreign currency exchange gain (loss) and equity in income (loss) of affiliates and excludes distributions from NCM. Distributions from NCM are reported entirely within the U.S. operating segment.
(3) |  | Includes amortization of favorable/unfavorable leases.
Financial Information About Geographic Areas The Company has operations in the U.S., Brazil, Mexico, Chile, Colombia, Argentina, Ecuador, Peru, Honduras, El Salvador, Nicaragua, Costa Rica, Panama and Guatemala, which are reflected in the condensed consolidated financial statements. Below is a breakdown of selected financial information by geographic area:
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
Revenues |  | 2011 |  |  | 2010 |  |  | 2011 |  |  | 2010 |
U.S. |  | $ | 441,334 |  |  | $ | 400,277 |  |  | $ | 1,216,679 |  |  | $ | 1,199,856 |
Brazil |  |  | 100,605 |  |  |  | 87,339 |  |  |  | 279,048 |  |  |  | 226,556 |
Mexico |  |  | 21,649 |  |  |  | 20,213 |  |  |  | 59,141 |  |  |  | 55,310 |
Other foreign countries |  |  | 79,383 |  |  |  | 53,940 |  |  |  | 196,639 |  |  |  | 138,538 |
Eliminations |  |  | (2,958 | ) |  |  | (1,534 | ) |  |  | (7,765 | ) |  |  | (4,025 | )
Total |  | $ | 640,013 |  |  | $ | 560,235 |  |  | $ | 1,743,742 |  |  | $ | 1,616,235 |
|  | September 30, |  |  | December 31, |
Theatre Properties and Equipment-net |  | 2011 |  |  | 2010 |
U.S. |  | $ | 935,039 |  |  | $ | 972,358 |
Brazil |  |  | 131,181 |  |  |  | 129,361 |
Mexico |  |  | 41,574 |  |  |  | 43,127 |
Other foreign countries |  |  | 100,960 |  |  |  | 70,600 |
Total |  | $ | 1,208,754 |  |  | $ | 1,215,446 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 33 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8971-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 131 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8844-108599 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9054-108599 Reference 15: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599 + Details
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