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SEGMENTS (Tables) | 12 Months Ended
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Dec. 31, 2020
Segment Reporting [Abstract] |
Selected Financial Information by Reportable Operating Segment | 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.
Reconciliation of Net Income to Adjusted EBITDA | 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.
Selected Financial Information by 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 Tabular disclosure of information concerning material long-lived assets (excluding financial instruments, customer relationships with financial institutions, mortgage and other servicing rights, deferred policy acquisition costs, and deferred taxes assets) located in identified geographic areas and/or the amount of revenue from external customers attributed to that country from which revenue is material. An entity may also provide subtotals of geographic information about groups of countries. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -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 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.1) -URI http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227 + Details
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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=120311839&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=120311839&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=121556970&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 30 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599 + Details
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