XML 56 R32.htm IDEA: XBRL DOCUMENT
v3.8.0.1

CONDENSED FINANCIAL INFORMATION OF REGISTRANT | 12 Months Ended
--- | ---
Dec. 31, 2017
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] |
CONDENSED FINANCIAL INFORMATION OF REGISTRANT | SCHEDULE 1 - CONDENSED FINANCIAL INFORMATION OF REGISTRANT CINEMARK HOLDINGS, INC. PARENT COMPANY BALANCE SHEETS (In thousands, except share data)
|  | December 31, |  |  | December 31, |
|  | 2016 |  |  | 2017 |
Assets |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 97 |  |  | $ | 132 |
Prepaid assets |  |  | 7 |  |  |  | — |
Investment in subsidiaries |  |  | 1,272,938 |  |  |  | 1,409,605 |
Total assets |  | $ | 1,273,042 |  |  | $ | 1,409,737 |
Liabilities and equity |  |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |  |
Accrued other current liabilities, including accounts payable to subsidiaries |  | $ | 10,504 |  |  | $ | 15,208 |
Other long-term liabilities |  |  | 720 |  |  |  | 734 |
Total liabilities |  |  | 11,224 |  |  |  | 15,942 |
Commitments and contingencies (see Note 6) |  |  |  |  |  |  |  |
Equity |  |  |  |  |  |  |  |
Common stock, $0.001 par value: 300,000,000 shares authorized, 120,657,254 shares issued and 116,210,252 shares outstanding at December 31, 2016 and 121,000,903 shares issued and 116,475,033 shares outstanding at December 31, 2017 |  |  | 121 |  |  |  | 121 |
Additional paid-in-capital |  |  | 1,128,442 |  |  |  | 1,141,088 |
Treasury stock, 4,447,002 and 4,525,870 common shares at cost at December 31, 2016 and December 31, 2017, respectively |  |  | (73,411 | ) |  |  | (76,354 | )
Retained earnings |  |  | 453,679 |  |  |  | 582,222 |
Accumulated other comprehensive loss |  |  | (247,013 | ) |  |  | (253,282 | )
Total equity |  |  | 1,261,818 |  |  |  | 1,393,795 |
Total liabilities and equity |  | $ | 1,273,042 |  |  | $ | 1,409,737 |
The accompanying notes are an integral part of the condensed financial information of the registrant. CINEMARK HOLDINGS, INC. PARENT COMPANY STATEMENTS OF INCOME YEARS ENDED DECEMBER 31, 2015, 2016 and 2017 (in thousands)
|  | 2015 |  |  | 2016 |  |  | 2017 |
Revenues |  | $ | — |  |  | $ | — |  |  | $ | — |
Cost of operations |  |  | 2,684 |  |  |  | 2,717 |  |  |  | 2,367 |
Operating loss |  |  | (2,684 | ) |  |  | (2,717 | ) |  |  | (2,367 | )
Other income |  |  | — |  |  |  | — |  |  |  | 6 |
Loss before income taxes and equity in income of subsidiaries |  |  | (2,684 | ) |  |  | (2,717 | ) |  |  | (2,361 | )
Income taxes |  |  | 1,020 |  |  |  | 1,033 |  |  |  | 897 |
Equity in income of subsidiaries, net of taxes |  |  | 218,533 |  |  |  | 256,775 |  |  |  | 265,644 |
Net income |  | $ | 216,869 |  |  | $ | 255,091 |  |  | $ | 264,180 |
The accompanying notes are an integral part of the condensed financial information of the registrant. CINEMARK HOLDINGS, INC. PARENT COMPANY STATEMENTS OF COMPREHENSIVE INCOME YEARS ENDED DECEMBER 31, 2015, 2016 and 2017 (In thousands)
|  | 2015 |  |  | 2016 |  |  | 2017 |
Net income |  | $ | 216,869 |  |  | $ | 255,091 |  |  | $ | 264,180 |
Other comprehensive income (loss), net of tax |  |  |  |  |  |  |  |  |  |  |  |
Unrealized gain due to fair value adjustments on interest rate swap agreements, net of taxes of $1,562, $138 and $0, net of settlements |  |  | 2,636 |  |  |  | 234 |  |  |  | — |
Unrealized loss due to fair value adjustments on available-for-sale securities, net of taxes of $572, $0 and $0 |  |  | (957 | ) |  |  | — |  |  |  | — |
Other comprehensive income (loss) in equity method investments |  |  | (3,119 | ) |  |  | 89 |  |  |  | 248 |
Foreign currency translation adjustments |  |  | (125,474 | ) |  |  | 26,361 |  |  |  | (4,966 | )
Total other comprehensive income (loss), net of tax |  |  | (126,914 | ) |  |  | 26,684 |  |  |  | (4,718 | )
Comprehensive income attributable to Cinemark Holdings, Inc. |  | $ | 89,955 |  |  | $ | 281,775 |  |  | $ | 259,462 |
The accompanying notes are an integral part of the condensed financial information of the registrant. CINEMARK HOLDINGS, INC. PARENT COMPANY STATEMENTS OF CASH FLOWS YEARS ENDED DECEMBER 31, 2015, 2016 and 2017 (in thousands)
|  | 2015 |  |  | 2016 |  |  | 2017 |
Operating Activities |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 216,869 |  |  | $ | 255,091 |  |  | $ | 264,180 |
Adjustments to reconcile net income to cash provided by operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Share based awards compensation expense |  |  | 885 |  |  |  | 981 |  |  |  | 857 |
Equity in income of subsidiaries |  |  | (218,533 | ) |  |  | (256,775 | ) |  |  | (265,644 | )
Changes in other assets and liabilities |  |  | 6,194 |  |  |  | 8,188 |  |  |  | 4,164 |
Net cash provided by operating activities |  |  | 5,415 |  |  |  | 7,485 |  |  |  | 3,557 |
Investing Activities |  |  |  |  |  |  |  |  |  |  |  |
Dividends received from subsidiaries |  |  | 115,225 |  |  |  | 124,900 |  |  |  | 134,500 |
Net cash provided by investing activities |  |  | 115,225 |  |  |  | 124,900 |  |  |  | 134,500 |
Financing Activities |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from stock option exercises |  |  | — |  |  |  | — |  |  |  | — |
Payroll taxes paid as a result of noncash stock option exercises and restricted stock withholdings |  |  | (4,770 | ) |  |  | (6,834 | ) |  |  | (2,943 | )
Dividends paid to stockholders |  |  | (115,863 | ) |  |  | (125,490 | ) |  |  | (135,079 | )
Net cash used for financing activities |  |  | (120,633 | ) |  |  | (132,324 | ) |  |  | (138,022 | )
Increase in cash and cash equivalents |  |  | 7 |  |  |  | 61 |  |  |  | 35 |
Cash and cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |
Beginning of period |  |  | 29 |  |  |  | 36 |  |  |  | 97 |
End of period |  | $ | 36 |  |  | $ | 97 |  |  |  | 132 |
The accompanying notes are an integral part of the condensed financial information of the registrant.
1. | BASIS OF PRESENTATION
Cinemark Holdings, Inc. conducts substantially all of its operations through its subsidiaries. These statements should be read in conjunction with the Company’s consolidated financial statements and notes included elsewhere in this annual report on Form 10-K. There are significant restrictions over Cinemark Holdings, Inc.’s ability to obtain funds from its subsidiaries through dividends, loans or advances as contained in Cinemark USA, Inc.’s senior secured credit facility and the indentures to each of the 4.875% Senior Notes and the 5.125% Senior Notes (collectively referred to herein as the “Notes”). These condensed parent company financial statements have been prepared in accordance with Rule 12-04, Schedule I of Regulation S-X, as the restricted net assets of Cinemark Holdings, Inc.’s subsidiaries under each of the debt agreements previously noted exceeds 25 percent of the consolidated net assets of Cinemark Holdings, Inc. As of December 31, 2017, the restricted net assets totaled approximately $1,140,026 and $1,171,387 under the senior secured credit facility and the Notes, respectively. See Note 10 to the Company’s consolidated financial statements included elsewhere in this annual report on Form 10-K.
2. | DIVIDEND PAYMENTS
Below is a summary of dividends declared for the fiscal periods indicated.
|  |  |  |  |  | Amount per |  |  | Total |
Date |  | Date of |  | Date |  | Common |  |  | Dividends |
Declared |  | Record |  | Paid |  | Share (1) |  |  | (in millions) (2) |
2/24/2016 |  | 3/7/2016 |  | 3/18/2016 |  | $ | 0.27 |  |  | $ | 31.5 |
5/26/2016 |  | 6/8/2016 |  | 6/22/2016 |  | $ | 0.27 |  |  | $ | 31.5 |
8/18/2016 |  | 8/31/2016 |  | 9/13/2016 |  | $ | 0.27 |  |  | $ | 31.5 |
11/16/2016 |  | 12/2/2016 |  | 12/16/2016 |  | $ | 0.27 |  |  | $ | 31.5 |
Total – Year ended December 31, 2016 |  |  | $ | 126.0 |
2/23/2017 |  | 3/8/2017 |  | 3/20/2017 |  | $ | 0.29 |  |  | $ | 33.9 |
5/25/2017 |  | 6/8/2017 |  | 6/22/2017 |  | $ | 0.29 |  |  | $ | 33.9 |
8/10/2017 |  | 8/31/2017 |  | 9/13/2017 |  | $ | 0.29 |  |  | $ | 33.9 |
11/17/2017 |  | 12/1/2017 |  | 12/15/2017 |  | $ | 0.29 |  |  | $ | 33.9 |
Total – Year ended December 31, 2017 |  |  | $ | 135.6 |
(1) | Beginning with the dividend declared on February 24, 2017, the Company’s board of directors raised the quarterly dividend to $0.29 per common share.
(1) | Of the dividends recorded during 2015, 2016 and 2017, $593, $554 and $558, respectively, were related to outstanding restricted stock units and will not be paid until such units vest. See Note 14.
3. | DIVIDENDS RECEIVED FROM SUBSIDIARIES
During the years ended December 31, 2015, 2016 and 2017, Cinemark Holdings, Inc. received cash dividends of $115,225, $124,900 and $134,500, respectively, from its subsidiary, Cinemark USA, Inc. Cinemark USA, Inc. also declared a noncash distribution to Cinemark Holdings, Inc. during the year ended December 31, 2015 of approximately $17,935.
4. | LONG-TERM DEBT
Cinemark Holdings, Inc. has no direct outstanding debt obligations, but its subsidiaries do. For a discussion of the debt obligations of Cinemark Holdings, Inc.’s subsidiaries, see Note 10 to the Company’s consolidated financial statements included elsewhere in this annual report on Form 10-K.
5. | CAPITAL STOCK
Cinemark Holdings, Inc.’s capital stock along with its long-term incentive plan and related activity are discussed in Note 14 of the Company’s consolidated financial statements included elsewhere in this annual report on Form 10-K.
6. | COMMITMENTS AND CONTINGENCIES
Cinemark Holdings, Inc. has no direct commitments and contingencies, but its subsidiaries do. See Note 17 of the Company’s consolidated financial statements included elsewhere in this annual report on Form 10-K

X
- References No definition available. + Details
Name: | us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.7-05(c)(Schedule II)) -URI http://asc.fasb.org/extlink&oid=6879921&loc=d3e569147-122900 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=96868048&loc=d3e5283-111683 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 235 -Section S99 -Paragraph 2 -Subparagraph (SX 210.9-06) -URI http://asc.fasb.org/extlink&oid=6882215&loc=d3e537971-122884 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 10 -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(c)(Schedule I)) -URI http://asc.fasb.org/extlink&oid=27047687&loc=d3e5864-122674 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e24072-122690 + Details
Name: | us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration