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REVENUE RECOGNITION | 12 Months Ended
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Dec. 31, 2021
Revenue from Contract with Customer [Abstract] |
Revenue Recognition | 5. REVENUE RECOGNITION Revenue Recognition Policy 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 revenue when the showtime for a purchased movie ticket has passed. Concession revenue is 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. Except for NCM screen advertising advances discussed below in Note 9, these revenues are generally recognized when the Company has performed the related services. The Company sells gift cards and discount ticket vouchers called Supersavers, the proceeds from which are recorded as deferred revenue. Deferred revenue for gift cards and discount ticket vouchers is recognized when they are redeemed for concession items or, if redeemed for movie tickets, when the showtime has passed. 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 offers a subscription program in the U.S. whereby patrons can pay a monthly or annual fee to receive a monthly credit for use towards a future movie ticket purchase. The Company records the subscription program fees as deferred revenue and records admissions revenue 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 fee or award points to customers as purchases are made. For those loyalty programs that have a prepaid annual fee, the Company recognizes the fee collected as other revenue on a straight-line basis over the term of the program. 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 revenue based on the number of reward points issued to customers and recognizes the deferred revenue 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 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 included approximately $6,232 and $23,453 of receivables related to contracts with customers as of December 31, 2020 and 2021, respectively. The Company did no t record any assets related to the costs to obtain or fulfill a contract with customers during the years ended December 31, 2020 or 2021. Disaggregation of Revenue The following tables present revenues for the periods indicated, disaggregated based on major type of good or service and by reportable operating segment.
|  | Year Ended December 31, 2021 |
|  | U.S. |  |  | International |  |  |  |
|  | Operating |  |  | Operating |  |  |  |
Major Goods/Services |  | Segment (1) |  |  | Segment |  |  | Consolidated |
Admissions revenues |  | $ | 671,750 |  |  | $ | 108,290 |  |  | $ | 780,040 |
Concession revenues |  |  | 482,750 |  |  |  | 78,902 |  |  |  | 561,652 |
Screen advertising, screen rental and promotional revenues |  |  | 66,192 |  |  |  | 17,892 |  |  |  | 84,084 |
Other revenues |  |  | 72,930 |  |  |  | 11,758 |  |  |  | 84,688 |
Total revenues |  | $ | 1,293,622 |  |  | $ | 216,842 |  |  | $ | 1,510,464 |
|  | Year Ended December 31, 2020 |
|  | U.S. |  |  | International |  |  |  |
|  | Operating |  |  | Operating |  |  |  |
Major Goods/Services |  | Segment (1) |  |  | Segment |  |  | Consolidated |
Admissions revenues |  | $ | 291,636 |  |  | $ | 64,872 |  |  | $ | 356,508 |
Concession revenues |  |  | 189,561 |  |  |  | 41,485 |  |  |  | 231,046 |
Screen advertising, screen rental and promotional revenues |  |  | 46,199 |  |  |  | 16,332 |  |  |  | 62,531 |
Other revenues |  |  | 29,513 |  |  |  | 6,712 |  |  |  | 36,225 |
Total revenues |  | $ | 556,909 |  |  | $ | 129,401 |  |  | $ | 686,310 |
|  | Year Ended December 31, 2019 |
|  | U.S. |  |  | International |  |  |  |
|  | Operating |  |  | Operating |  |  |  |
Major Goods/Services |  | Segment (1) |  |  | Segment |  |  | Consolidated |
Admissions revenues |  | $ | 1,431,790 |  |  | $ | 373,531 |  |  | $ | 1,805,321 |
Concession revenues |  |  | 936,241 |  |  |  | 224,842 |  |  |  | 1,161,083 |
Screen advertising, screen rental and promotional revenues |  |  | 128,839 |  |  |  | 35,888 |  |  |  | 164,727 |
Other revenues |  |  | 84,033 |  |  |  | 67,935 |  |  |  | 151,968 |
Total revenues |  | $ | 2,580,903 |  |  | $ | 702,196 |  |  | $ | 3,283,099 |
(1) U.S. segment revenues exclude intercompany transactions with the international operating segment. See Note 21 for additional information on intercompany eliminations. The following tables present revenues for the periods indicated, disaggregated based on timing of revenue recognition (as discussed above).
|  | Year Ended December 31, 2021 |
|  | U.S. |  |  | International |  |  |  |
|  | Operating |  |  | Operating |  |  |  |
|  | Segment (1) |  |  | Segment |  |  | Consolidated |
Goods and services transferred at a point in time |  | $ | 1,201,206 |  |  | $ | 193,658 |  |  | $ | 1,394,864 |
Goods and services transferred over time |  |  | 92,416 |  |  |  | 23,184 |  |  |  | 115,600 |
Total |  | $ | 1,293,622 |  |  | $ | 216,842 |  |  | $ | 1,510,464 |
|  | Year Ended December 31, 2020 |
|  | U.S. |  |  | International |  |  |  |
|  | Operating |  |  | Operating |  |  |  |
|  | Segment (1) |  |  | Segment |  |  | Consolidated |
Goods and services transferred at a point in time |  | $ | 497,338 |  |  | $ | 109,997 |  |  | $ | 607,335 |
Goods and services transferred over time |  |  | 59,571 |  |  |  | 19,404 |  |  |  | 78,975 |
Total |  | $ | 556,909 |  |  | $ | 129,401 |  |  | $ | 686,310 |
|  | Year Ended December 31, 2019 |
|  | U.S. |  |  | International |  |  |  |
|  | Operating |  |  | Operating |  |  |  |
|  | Segment (1) |  |  | Segment |  |  | Consolidated |
Goods and services transferred at a point in time |  | $ | 2,488,716 |  |  | $ | 621,785 |  |  | $ | 3,110,501 |
Goods and services transferred over time |  |  | 92,187 |  |  |  | 80,411 |  |  |  | 172,598 |
Total |  | $ | 2,580,903 |  |  | $ | 702,196 |  |  | $ | 3,283,099 |
(1) U.S. segment revenues exclude intercompany transactions with the international operating segment. See Note 21 for additional information on intercompany eliminations. Screen Advertising Advances and Other Deferred Revenue The following table presents changes in the Company’s deferred revenue for the years ended December 31, 2020 and 2021:
Deferred Revenue |  | NCM Screen Advertising Advances (1) |  |  | Other Deferred Revenue (2) |
Balance at January 1, 2020 |  | $ | 348,354 |  |  | $ | 138,426 |
Amounts recognized as accounts receivable |  |  | — |  |  |  | 2,915 |
Cash received from customers in advance |  |  | — |  |  |  | 56,772 |
Common units received from NCM (see Note 8) |  |  | 3,620 |  |  |  | — |
Interest accrued related to significant financing component |  |  | 23,595 |  |  |  | — |
Revenue recognized during period |  |  | (31,314 | ) |  |  | (57,625 | )
Foreign currency translation adjustments |  |  | — |  |  |  | (1,658 | )
Balance at December 31, 2020 |  |  | 344,255 |  |  |  | 138,830 |
Amounts recognized as accounts receivable |  |  | — |  |  |  | 2,170 |
Cash received from customers in advance |  |  | — |  |  |  | 132,179 |
Common units received from NCM (see Note 8) |  |  | 10,237 |  |  |  | — |
Interest accrued related to significant financing component |  |  | 23,612 |  |  |  | — |
Revenue recognized during period |  |  | (32,078 | ) |  |  | (111,228 | )
Foreign currency translation adjustments |  |  | — |  |  |  | (1,693 | )
Balance at December 31, 2021 |  | $ | 346,026 |  |  | $ | 160,258 |
(1) See Significant Financing Component in Note 8 for discussion of NCM screen advertising advances and maturity of balances as of December 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 and other promotional activities. Amount is classified as accounts payable and accrued expenses or other long-term liabilities on the consolidated balance sheets. The table below summarizes the aggregate amount of the transaction price allocated to performance obligations that are unsatisfied for other deferred revenue in the table above as of December 31, 2021 and when the Company expects to recognize this revenue.
|  | Year Ended December 31, |  |  |  |  |  |  |
Remaining Performance Obligations |  | 2022 |  |  | 2023 |  |  | Thereafter |  |  | Total |
Other deferred revenue |  | $ | 138,945 |  |  |  | 21,313 |  |  |  | — |  |  | $ | 160,258 |

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- 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=123351226&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=123351226&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=123351226&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=123351226&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=123351226&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=123351226&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=123351226&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=123351226&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=123351226&loc=SL49130554-203045 + Details
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