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v3.19.3

Segments (Tables) | 9 Months Ended
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Sep. 30, 2019
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, |
|  | 2019 |  |  | 2018 |  |  | 2019 |  |  | 2018 |
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. |  | $ | 636,628 |  |  | $ | 585,536 |  |  | $ | 1,941,545 |  |  | $ | 1,897,664 |
International |  |  | 188,772 |  |  |  | 171,960 |  |  |  | 563,509 |  |  |  | 535,567 |
Eliminations |  |  | (3,583 | ) |  |  | (3,261 | ) |  |  | (10,758 | ) |  |  | (9,972 | )
Total revenues |  | $ | 821,817 |  |  | $ | 754,235 |  |  | $ | 2,494,296 |  |  | $ | 2,423,259 |
Adjusted EBITDA |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. |  | $ | 132,347 |  |  | $ | 132,652 |  |  | $ | 453,404 |  |  | $ | 476,907 |
International |  |  | 37,411 |  |  |  | 35,740 |  |  |  | 113,346 |  |  |  | 106,518 |
Total Adjusted EBITDA |  | $ | 169,758 |  |  | $ | 168,392 |  |  | $ | 566,750 |  |  | $ | 583,425 |
Capital expenditures |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. |  | $ | 50,679 |  |  | $ | 65,458 |  |  | $ | 148,609 |  |  | $ | 195,104 |
International |  |  | 20,664 |  |  |  | 17,915 |  |  |  | 37,903 |  |  |  | 50,858 |
Total capital expenditures |  | $ | 71,343 |  |  | $ | 83,373 |  |  | $ | 186,512 |  |  | $ | 245,962 |
Reconciliation of Net Income to Adjusted EBITDA | The following table sets forth a reconciliation of net income to Adjusted EBITDA:
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
|  | 2019 |  |  | 2018 |  |  | 2019 |  |  | 2018 |
Net income |  | $ | 31,955 |  |  | $ | 50,621 |  |  | $ | 167,009 |  |  | $ | 195,262 |
Add (deduct): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income taxes |  |  | 14,053 |  |  |  | 16,169 |  |  |  | 64,152 |  |  |  | 59,592 |
Interest expense (1) (2) |  |  | 24,967 |  |  |  | 27,144 |  |  |  | 75,037 |  |  |  | 82,725 |
Other income, net (3) |  |  | (9,970 | ) |  |  | (8,810 | ) |  |  | (25,079 | ) |  |  | (15,247 | )
Loss on debt amendments and refinancing |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,484 |
Distributions from DCIP (4) |  |  | 2,694 |  |  |  | — |  |  |  | 7,912 |  |  |  | 5,201 |
Other cash distributions from equity investees (5) |  |  | 5,804 |  |  |  | 4,786 |  |  |  | 20,251 |  |  |  | 15,840 |
Depreciation and amortization (2) |  |  | 67,760 |  |  |  | 64,971 |  |  |  | 196,795 |  |  |  | 193,656 |
Impairment of long-lived assets |  |  | 27,304 |  |  |  | 1,641 |  |  |  | 45,382 |  |  |  | 5,020 |
Loss on disposal of assets and other |  |  | 2,453 |  |  |  | 7,826 |  |  |  | 8,057 |  |  |  | 28,666 |
Non-cash rent expense (6) |  |  | (1,102 | ) |  |  | — |  |  |  | (3,252 | ) |  |  | — |
Deferred lease expenses (2) |  |  | — |  |  |  | (20 | ) |  |  | — |  |  |  | (952 | )
Amortization of long-term prepaid rents (2) |  |  | — |  |  |  | 578 |  |  |  | — |  |  |  | 1,814 |
Share based awards compensation expense |  |  | 3,840 |  |  |  | 3,486 |  |  |  | 10,486 |  |  |  | 10,364 |
Adjusted EBITDA (2) |  | $ | 169,758 |  |  | $ | 168,392 |  |  | $ | 566,750 |  |  | $ | 583,425 |
| (1) | Includes amortization of debt issue costs.
| (2) | Amounts for the three and nine months ended September 30, 2019 were impacted by the adoption of ASC Topic 842 and the resulting change in the classification of certain of the Company’s leases.
| (3) | Includes interest income, foreign currency exchange loss, equity in income of affiliates and interest expense - NCM and excludes distributions from NCM.
| (4) | See discussion of cash distributions from DCIP, which were recorded as a reduction of the Company’s investment in DCIP, at Note 9.
| (5) | 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.
| (6) | The adoption of ASC Topic 842 impacted how the Company amortizes lease related assets and liabilities such as deferred lease expenses, favorable and unfavorable lease intangible assets, long-term prepaid rents and deferred lease incentives. Beginning January 1, 2019, these items are amortized to facility lease expense for theatre operating leases and utilities and other for equipment operating leases. See Note 3 for discussion of the impact of ASC Topic 842.
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 |  | 2019 |  |  | 2018 |  |  | 2019 |  |  | 2018 |
U.S. |  | $ | 636,628 |  |  | $ | 585,536 |  |  | $ | 1,941,545 |  |  | $ | 1,897,664 |
Brazil |  |  | 79,776 |  |  |  | 65,152 |  |  |  | 240,263 |  |  |  | 218,265 |
Other international countries |  |  | 108,996 |  |  |  | 106,808 |  |  |  | 323,246 |  |  |  | 317,302 |
Eliminations |  |  | (3,583 | ) |  |  | (3,261 | ) |  |  | (10,758 | ) |  |  | (9,972 | )
Total |  | $ | 821,817 |  |  | $ | 754,235 |  |  | $ | 2,494,296 |  |  | $ | 2,423,259 |
|  | As of |  |  | As of |
Theatre Properties and Equipment-net (1) |  | September 30, 2019 |  |  | December 31, 2018 |
U.S. |  | $ | 1,408,052 |  |  | $ | 1,479,603 |
Brazil |  |  | 111,297 |  |  |  | 140,570 |
Other international countries |  |  | 163,052 |  |  |  | 212,960 |
Total |  | $ | 1,682,401 |  |  | $ | 1,833,133 |
(1) See Note 3 for discussion of impact of ASC Topic 842 on capital lease assets.

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8736-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8813-108599 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=108376223&loc=d3e13816-109267 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8721-108599 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8906-108599 + Details
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