XML 23 R12.htm IDEA: XBRL DOCUMENT
v3.21.1

Revenue Recognition | 3 Months Ended
--- | ---
Mar. 31, 2021
Revenue From Contract With Customer [Abstract] |
Revenue Recognition |
5. | Revenue Recognition
The Company’s patrons have the option to purchase movie tickets well in advance of a movie showtime or right before the movie showtime, or at any point in between those two timeframes depending on seat availability. The Company recognizes such admissions revenues when the showtime for a purchased movie ticket has passed. Concession revenues are recognized when products are sold to the consumer. Other revenues primarily consist of screen advertising and screen rental revenues, promotional income, studio trailer placements and transactional fees. The Company sells gift cards and discount ticket vouchers, the proceeds from which are recorded as deferred revenues. Deferred revenues for gift cards and discount ticket vouchers are recognized when they are redeemed for concession items or, if redeemed for movie tickets, when the showtime has passed. The Company offers a subscription program in the U.S. whereby patrons can pay a monthly fee to receive a monthly credit for use towards a future movie ticket purchase. The Company records the monthly subscription program fees as deferred revenues and records admissions revenues when the showtime for a movie ticket purchased with a credit has passed. The Company has loyalty programs in the U.S. and many of its international locations that either have a prepaid annual membership fee or award points to customers as purchases are made. For those loyalty programs that have an annual membership fee, the Company recognizes the fee collected as other revenues on a straight-line basis over the term of the membership. For those loyalty programs that award points to customers based on their purchases, the Company records a portion of the original transaction proceeds as deferred revenues based on the number of reward points issued to customers and recognizes the deferred revenues when the customer redeems such points. The value of loyalty points issued is based on the estimated fair value of the rewards offered. The Company generally records breakage revenue on gift cards and discount ticket vouchers based on redemption activity and historical experience with unused balances. The Company also records breakage revenue generally upon the expiration of loyalty points and subscription credits. Advances collected on concession and other contracts are deferred and recognized during the period in which the Company satisfies the related performance obligations, which may differ from the period in which the advances are collected. Accounts receivable as of March 31, 2021 and December 31, 2020 included approximately $6,484 and $6,232 of receivables, respectively, related to contracts with customers. The Company did not record any assets related to the costs to obtain or fulfill a contract with customers during the three months ended March 31, 2021 or March 31, 2020. Disaggregation of Revenue The following tables present revenues for the three months ended March 31, 2021 and 2020, disaggregated based on major type of good or service and by reportable operating segment and disaggregated based on timing of revenue recognition.
| Three Months Ended |
| March 31, 2021 |
| U.S. |  |  | International |  |  |  |  |
| Operating |  |  | Operating |  |  |  |  |
Major Goods/Services | Segment (1) |  |  | Segment |  |  | Consolidated |
Admissions revenues | $ | 48,487 |  |  | $ | 7,634 |  |  | $ | 56,121 |
Concession revenues |  | 33,041 |  |  |  | 6,447 |  |  |  | 39,488 |
Screen advertising, screen rental and promotional revenues (2) |  | 11,167 |  |  |  | 2,201 |  |  |  | 13,368 |
Other revenues |  | 4,394 |  |  |  | 990 |  |  |  | 5,384 |
Total revenues | $ | 97,089 |  |  | $ | 17,272 |  |  | $ | 114,361 |
| Three Months Ended |
| March 31, 2020 |
| U.S. |  |  | International |  |  |  |  |
| Operating |  |  | Operating |  |  |  |  |
Major Goods/Services | Segment (1) |  |  | Segment |  |  | Consolidated |
Admissions revenues | $ | 232,326 |  |  | $ | 60,136 |  |  | $ | 292,462 |
Concession revenues |  | 152,758 |  |  |  | 37,598 |  |  |  | 190,356 |
Screen advertising, screen rental and promotional revenues |  | 18,209 |  |  |  | 12,446 |  |  |  | 30,655 |
Other revenues |  | 24,150 |  |  |  | 5,993 |  |  |  | 30,143 |
Total revenues | $ | 427,443 |  |  | $ | 116,173 |  |  | $ | 543,616 |
|  | Three Months Ended |
|  | March 31, 2021 |
|  | U.S. |  |  | International |  |  |  |  |
|  | Operating |  |  | Operating |  |  |  |  |
Timing of Recognition |  | Segment (1) |  |  | Segment |  |  | Consolidated |
Goods and services transferred at a point in time |  | $ | 80,534 |  |  | $ | 14,312 |  |  | $ | 94,846 |
Goods and services transferred over time (2) |  |  | 16,555 |  |  |  | 2,960 |  |  |  | 19,515 |
Total |  | $ | 97,089 |  |  | $ | 17,272 |  |  | $ | 114,361 |
|  | Three Months Ended |
|  | March 31, 2020 |
|  | U.S. |  |  | International |  |  |  |  |
|  | Operating |  |  | Operating |  |  |  |  |
Timing of Recognition |  | Segment (1) |  |  | Segment |  |  | Consolidated |
Goods and services transferred at a point in time |  | $ | 401,442 |  |  | $ | 101,252 |  |  | $ | 502,694 |
Goods and services transferred over time |  |  | 26,001 |  |  |  | 14,921 |  |  |  | 40,922 |
Total |  | $ | 427,443 |  |  | $ | 116,173 |  |  | $ | 543,616 |
| (1) | U.S. segment revenues include eliminations of intercompany transactions with the international operating segment. See Note 17 for additional information on intercompany eliminations.
| (2) | Amount includes amortization of NCM screen advertising advances. See Deferred Revenues below.
Deferred Revenues The following table presents changes in the Company’s NCM screen advertising advances and deferred revenues for the three months ended March 31, 2021.
|  | NCM screen advertising advances (1) |  |  | Other Deferred Revenues (2) |  |  | Total |
Balance at January 1, 2021 |  | $ | 344,255 |  |  | $ | 138,830 |  |  | $ | 483,085 |
Amounts recognized as accounts receivable |  |  | — |  |  |  | 93 |  |  |  | 93 |
Cash received from customers in advance |  |  | — |  |  |  | 8,024 |  |  |  | 8,024 |
Interest accrued related to significant financing component |  |  | 5,835 |  |  |  | — |  |  |  | 5,835 |
Revenue recognized during period |  |  | (7,850 | ) |  |  | (13,258 | ) |  |  | (21,108 | )
Foreign currency translation adjustments |  |  | — |  |  |  | (1,071 | ) |  |  | (1,071 | )
Balance at March 31, 2021 |  | $ | 342,240 |  |  | $ | 132,618 |  |  | $ | 474,858 |
| (1) | See Note 9 for the maturity of balance as of March 31, 2021.
| (2) | Includes liabilities associated with outstanding gift cards and discount ticket vouchers, points or rebates outstanding under the Company’s loyalty and membership programs and revenues not yet recognized for screen advertising, screen rental and other promotional activities. Classified as accounts payable and accrued expenses or other long-term liabilities on the condensed consolidated balance sheet.
The table below summarizes the aggregate amount of the transaction price allocated to performance obligations that are unsatisfied as of March 31, 2021 and when the Company expects to recognize this revenue.
|  | Twelve Months Ended March 31, |  |  |  |  |  |  |  |  |
Remaining Performance Obligations |  | 2022 |  |  | 2023 |  |  | 2024 |  |  | 2025 |  |  | 2026 |  |  | Thereafter |  |  | Total |
Other deferred revenues |  | $ | 118,836 |  |  | $ | 13,782 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 132,618 |

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

X
- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI http://asc.fasb.org/topic&trid=49130388 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b)(2) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 + Details
Name: | us-gaap_RevenueFromContractWithCustomerTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration