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INVESTMENT IN NATIONAL CINEMEDIA LLC (Tables)
 12 Months Ended
Dec. 31, 2022
Aggregate Amount of Transaction Price Allocated To Performance Obligation That Are Unsatisfied And Expected To Be Recognized

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, 2022 and when the Company expects to recognize this revenue.

 

 

Year Ended December 31,

 

 

 

 

 

 

 

Remaining Performance Obligations

 

2023

 

 

2024

 

 

Thereafter

 

 

Total

 

Other deferred revenue

 

$

172.2

 

 

 

22.7

 

 

 

—

 

 

$

194.9

 
NCM Screen Advertising Advances  
Aggregate Amount of Transaction Price Allocated To Performance Obligation That Are Unsatisfied And Expected To Be Recognized

The recognition of revenue related to the NCM screen advertising advances will continue to be recorded on a straight-line basis over the new term of the amended ESA through February 2041.

 

 

Year Ended December 31,

 

 

 

 

 

 

 

Remaining Maturity

 

2023

 

 

2024

 

 

2025

 

 

2026

 

 

2027

 

 

Thereafter

 

 

Total

 

NCM screen advertising advances (1)

 

$

9.8

 

 

 

10.5

 

 

 

11.2

 

 

 

12.0

 

 

 

12.8

 

 

 

281.9

 

 

$

338.2

 
(1)
Amounts are net of the estimated interest to be accrued for the periods presented.
NCM  
Summary of Activity With Equity Investee Included in the Company's Consolidated Financial Statements

Summary of Activity with NCM

Below is a summary of activity with NCM included in each of Holdings’ and CUSA’s consolidated financial statements for the periods indicated. See Note 5 for discussion of related revenue recognition.

 

 

Investment
 in NCM

 

 

NCM Screen Advertising Advances

 

 

Distributions from NCM (3)

 

 

Equity
in Loss

 

 

Other Revenue

 

 

Interest Expense
- NCM

 

 

Cash Received

 

Balance as of January 1, 2020

 

$

265.8

 

 

$

(348.4

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Receipt of common units due to annual common unit adjustment

 

 

3.6

 

 

 

(3.6

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Revenues earned under ESA (1)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(4.7

)

 

 

—

 

 

 

4.7

 

Interest accrued related to significant financing component

 

 

—

 

 

 

(23.6

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

23.6

 

 

 

—

 

Receipt of excess cash distributions

 

 

(12.0

)

 

 

—

 

 

 

(5.9

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

17.9

 

Receipt under tax receivable agreement

 

 

(2.1

)

 

 

—

 

 

 

(1.1

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

3.2

 

Equity in loss

 

 

(10.6

)

 

 

—

 

 

 

—

 

 

 

10.6

 

 

 

—

 

 

 

—

 

 

 

—

 

Impairment of investment in NCM (2)

 

 

(92.7

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

Amortization of screen advertising advances

 

 

—

 

 

 

31.3

 

 

 

—

 

 

 

—

 

 

 

(31.3

)

 

 

—

 

 

 

—

 

Balance as of and for the year ended December 31, 2020

 

$

152.0

 

 

$

(344.3

)

 

$

(7.0

)

 

$

10.6

 

 

$

(36.0

)

 

$

23.6

 

 

$

25.8

 

Receipt of common units due to annual common unit adjustment

 

 

10.2

 

 

 

(10.2

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Revenues earned under ESA (1)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(12.0

)

 

 

—

 

 

 

12.0

 

Interest accrued related to significant financing component

 

 

—

 

 

 

(23.6

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

23.6

 

 

 

—

 

Receipt under tax receivable agreement

 

 

(0.2

)

 

 

—

 

 

 

(0.1

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

0.3

 

Equity in loss

 

 

(26.6

)

 

 

—

 

 

 

—

 

 

 

26.6

 

 

 

—

 

 

 

—

 

 

 

—

 

Amortization of screen advertising advances

 

 

—

 

 

 

32.1

 

 

 

—

 

 

 

—

 

 

 

(32.1

)

 

 

—

 

 

 

—

 

Balance as of and for the year ended December 31, 2021

 

$

135.4

 

 

$

(346.0

)

 

$

(0.1

)

 

$

26.6

 

 

$

(44.1

)

 

$

23.6

 

 

$

12.3

 

Receipt of common units due to annual common unit adjustment

 

 

1.3

 

 

 

(1.3

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Revenues earned under ESA (1)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(19.9

)

 

 

—

 

 

 

19.9

 

Interest accrued related to significant financing component

 

 

—

 

 

 

(23.2

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

23.2

 

 

 

—

 

Equity in loss

 

 

(13.9

)

 

 

—

 

 

 

—

 

 

 

13.9

 

 

 

—

 

 

 

—

 

 

 

—

 

Impairment of investment in NCM (2)

 

 

(113.2

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Amortization of screen advertising advances

 

 

—

 

 

 

32.3

 

 

 

—

 

 

 

—

 

 

 

(32.3

)

 

 

—

 

 

 

—

 

Balance as of and for the year ended December 31, 2022

 

$

9.6

 

 

$

(338.2

)

 

$

—

 

 

$

13.9

 

 

$

(52.2

)

 

$

23.2

 

 

$

19.9

 
(1)
Amounts include the per patron and per digital screen theatre access fees, net of amounts due to NCM for on-screen advertising time provided to the Company’s beverage concessionaire. The amounts due to NCM for on-screen advertising time provided to the Company’s beverage concessionaire were approximately $2.6, $4.9 and $7.5 for the years ended December 31, 2020, 2021 and 2022, respectively. Amounts unpaid and reflected in accounts receivable were $4.5 and $4.9 as of the years ended December 31, 2021 and 2022, respectively.
(2)
Reflected in impairment of long-lived and other assets on the consolidated income statement for the year indicated. See further discussion at Fair Value of Investment in NCM below.
(3)
Excess cash distributions are restricted through December 2023 in accordance with NCM’s credit agreement amendment.
Summary of Common Units Received Under Common Unit Adjustment Agreement

Below is a summary of common units received by the Company under the Common Unit Adjustment (“CUA”) Agreement during the years ended December 31, 2020, 2021 and 2022:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Event

 

Date Common Units Received

 

Number of Common Units Received

 

 

Fair Value of Common Units Received

 

2020 annual common unit adjustment

 

3/31/2020

 

 

1.1

 

 

$

3.6

 

2021 annual common unit adjustment

 

4/14/2021

 

 

2.3

 

 

$

10.2

 

2022 annual common unit adjustment

 

4/13/2022

 

 

0.5

 

 

$

1.3

 
Summary Financial Information

Summary Financial Information for NCM

The tables below present summary financial information for NCM for its fiscal periods indicated:

 

 

 

Year Ended

 

 

Year Ended

 

 

Year Ended

 

 

 

December 31, 2020

 

 

December 30, 2021

 

 

December 29, 2022

 

Revenue

 

$

89.9

 

 

$

114.6

 

 

$

249.2

 

Operating income (loss)

 

$

(59.7

)

 

$

(68.6

)

 

$

10.9

 

Net loss

 

$

(115.8

)

 

$

(134.6

)

 

$

(69.8

)

 

 

 

 

As of

 

 

As of

 

 

 

December 30, 2021

 

 

December 29, 2022

 

Current assets

 

$

114.6

 

 

$

148.6

 

Noncurrent assets

 

$

658.4

 

 

$

628.2

 

Current liabilities

 

$

66.8

 

 

$

97.5

 

Noncurrent liabilities

 

$

1,114.7

 

 

$

1,161.6

 

Members' deficit

 

$

(408.5

)

 

$

(482.3

)