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SEGMENTS | 12 Months Ended
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Dec. 31, 2020
Segment Reporting [Abstract] |
SEGMENTS |
21. | 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 asset information by segment because that information is not used to evaluate Company performance or allocate resources between segments. Below is a breakdown of select financial information by reportable operating segment:
|  | Year Ended December 31, |
|  | 2018 |  |  | 2019 |  |  | 2020 |
Revenues |  |  |  |  |  |  |  |  |  |  |  |
U.S. |  | $ | 2,551,719 |  |  | $ | 2,594,246 |  |  | $ | 559,184 |
International |  |  | 682,778 |  |  |  | 702,196 |  |  |  | 129,401 |
Eliminations |  |  | (12,762 | ) |  |  | (13,343 | ) |  |  | (2,275 | )
Total revenues |  | $ | 3,221,735 |  |  | $ | 3,283,099 |  |  | $ | 686,310 |
Adjusted EBITDA (1) |  |  |  |  |  |  |  |  |  |  |  |
U.S. |  | $ | 648,576 |  |  | $ | 615,161 |  |  | $ | (226,981 | )
International |  |  | 132,941 |  |  |  | 129,884 |  |  |  | (49,899 | )
Total Adjusted EBITDA |  | $ | 781,517 |  |  | $ | 745,045 |  |  | $ | (276,880 | )
Capital expenditures |  |  |  |  |  |  |  |  |  |  |  |
U.S. |  | $ | 270,870 |  |  | $ | 230,561 |  |  | $ | 64,026 |
International |  |  | 75,203 |  |  |  | 73,066 |  |  |  | 19,904 |
Total capital expenditures |  | $ | 346,073 |  |  | $ | 303,627 |  |  | $ | 83,930 |
| (1) | Distributions from equity investees are reported entirely within the U.S. operating segment.
The following table sets forth a reconciliation of net income to Adjusted EBITDA:
|  | Year Ended December 31, |
|  | 2018 |  |  | 2019 |  |  | 2020 |
Net income (loss) |  | $ | 215,305 |  |  | $ | 193,848 |  |  | $ | (617,948 | )
Add (deduct): |  |  |  |  |  |  |  |  |  |  |  |
Income taxes |  |  | 95,429 |  |  |  | 79,912 |  |  |  | (309,376 | )
Interest expense (1) |  |  | 109,994 |  |  |  | 99,941 |  |  |  | 129,871 |
Loss on debt amendments and refinancing |  |  | 1,484 |  |  |  | — |  |  |  | — |
Other income (2) |  |  | (18,472 | ) |  |  | (22,441 | ) |  |  | 62,369 |
Distributions from DCIP (3) |  |  | 5,799 |  |  |  | 23,696 |  |  |  | 10,383 |
Other cash distributions from equity investees (4) |  |  | 24,344 |  |  |  | 29,670 |  |  |  | 15,047 |
Non-cash distributions from other equity investee (5) |  |  | — |  |  |  | — |  |  |  | (12,915 | )
Depreciation and amortization |  |  | 261,162 |  |  |  | 261,155 |  |  |  | 259,776 |
Impairment of long-lived assets and investments |  |  | 32,372 |  |  |  | 57,001 |  |  |  | 152,706 |
(Gain) loss on disposal of assets and other |  |  | 38,702 |  |  |  | 12,008 |  |  |  | (8,923 | )
Restructuring charges |  |  | — |  |  |  | — |  |  |  | 20,369 |
Non-cash rent expense |  |  | — |  |  |  | (4,360 | ) |  |  | 2,357 |
Deferred lease expenses |  |  | (1,320 | ) |  |  | — |  |  |  | — |
Amortization of long-term prepaid rents |  |  | 2,382 |  |  |  | — |  |  |  | — |
Share based awards compensation expense |  |  | 14,336 |  |  |  | 14,615 |  |  |  | 19,404 |
Adjusted EBITDA |  | $ | 781,517 |  |  | $ | 745,045 |  |  | $ | (276,880 | )
| (1) | Includes amortization of debt issue costs.
| (2) | Includes interest income, foreign currency exchange gain (loss), interest expense – NCM and equity in income of affiliates and excludes distributions from NCM.
| (3) | See discussion of cash distributions from DCIP, which were recorded as a reduction of the Company’s investment in DCIP, at Note 9. These distributions are reported entirely within the U.S. operating segment.
| (4) | Reflects 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.
| (5) | Reflects non-cash distribution of projectors from DCIP (see Note 9). These distributions are reported entirely within the U.S. operating segment.
Financial Information About Geographic Area Below is a breakdown of select financial information by geographic area:
|  | Year Ended December 31, |
|  | 2018 |  |  | 2019 |  |  | 2020 |
Revenues |  |  |  |  |  |  |  |  |  |  |  |
U.S. |  | $ | 2,551,719 |  |  | $ | 2,594,246 |  |  | $ | 559,184 |
Brazil |  |  | 283,009 |  |  |  | 302,074 |  |  |  | 59,321 |
Other international countries |  |  | 399,769 |  |  |  | 400,122 |  |  |  | 70,080 |
Eliminations |  |  | (12,762 | ) |  |  | (13,343 | ) |  |  | (2,275 | )
Total |  | $ | 3,221,735 |  |  | $ | 3,283,099 |  |  | $ | 686,310 |
|  | December 31, 2019 |  |  | December 31, 2020 |
Theatre Properties and Equipment-net |  |  |  |  |  |  |  |
U.S. |  | $ | 1,479,603 |  |  | $ | 1,392,780 |
Brazil |  |  | 140,570 |  |  |  | 72,080 |
Other international countries |  |  | 212,960 |  |  |  | 150,202 |
Total |  | $ | 1,735,247 |  |  | $ | 1,615,062 |

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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/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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