XML 28 R17.htm IDEA: XBRL DOCUMENT
v3.25.1

Long Term Debt | 3 Months Ended
--- | ---
Mar. 31, 2025
Debt Disclosure [Abstract] |
Long Term Debt | 7. Long-Term Debt Long-term debt of Holdings and CUSA consisted of the following for the periods presented:
| March 31, |  |  | December 31, |
| 2025 |  |  | 2024 |
Cinemark Holdings, Inc. 4.50% convertible senior notes due August 2025 | $ | 460.0 |  |  | $ | 460.0 |
Cinemark USA, Inc. term loan due May 2030 |  | 637.1 |  |  |  | 638.7 |
Cinemark USA, Inc. 5.25% senior notes due July 2028 |  | 765.0 |  |  |  | 765.0 |
Cinemark USA, Inc. 7.00% senior notes due August 2032 |  | 500.0 |  |  |  | 500.0 |
Total long-term debt carrying value (1) | $ | 2,362.1 |  |  | $ | 2,363.7 |
Less: Current portion, net of unamortized debt issuance costs |  | 465.1 |  |  |  | 464.3 |
Less: Debt issuance costs and original issue discount, net of accumulated amortization (1) |  | 26.9 |  |  |  | 29.0 |
Long-term debt, less current portion, net of unamortized debt issuance costs and original issue discount (1) | $ | 1,870.1 |  |  | $ | 1,870.4 |
(1) The only differences between the long-term debt for Holdings, as presented above, and the long-term debt for CUSA are the $460.0 4.50% Convertible Senior Notes due August 2025 and the related debt issuance costs. The following table sets forth, as of the periods indicated, the total long-term debt carrying value, current portion of long-term debt and debt issuance costs, net of amortization, for CUSA.
| March 31, |  |  | December 31, |
| 2025 |  |  | 2024 |
Total long-term debt carrying value | $ | 1,902.1 |  |  | $ | 1,903.7 |
Less: Current portion |  | 6.4 |  |  |  | 6.4 |
Less: Debt issuance costs and original issue discount, net of accumulated amortization |  | 25.6 |  |  |  | 26.9 |
Long-term debt, less current portion, net of unamortized debt issuance costs and original issue discount | $ | 1,870.1 |  |  | $ | 1,870.4 |
4.50% Convertible Senior Notes As further discussed in Note 13 to the Company’s consolidated financial statements for the year ended December 31, 2024, included in the Company’s Annual Report on Form 10-K filed on February 19, 2025, prior to May 15, 2025, holders of the 4.50% Convertible Senior Notes may convert their notes during any calendar quarter (and only during such calendar quarter), if the last reported sale price of Holdings’ common stock for at least 20 trading days during the period of 30 consecutive trading days ending on the last trading day of the immediately preceding calendar quarter is greater than or equal to $18.66 per share (130% of the initial conversion price of $14.35 per share), on each applicable trading day. As a result of the dividend paid to stockholders on March 19, 2025, the initial conversion price will be reduced to $14.30 per share, and as such the conversion trigger price for the 4.50% Convertible Senior Notes will be reduced to $18.60 per share, in accordance with the indenture to the 4.50% Convertible Senior Notes. This adjustment will be implemented no later than June 17, 2025, which is the first day of the observation period for settlements of conversion of the 4.50% Convertible Senior Notes at maturity. The closing price of Holdings' common stock exceeded $18.60 per share during at least 20 of the last 30 trading days of the quarter ended March 31, 2025 and, therefore, the 4.50% Convertible Senior Notes are convertible during the second quarter of 2025. Beginning May 15, 2025, holders may convert their 4.50% Convertible Senior Notes at any time prior to the close of business on the second scheduled trading day immediately preceding the maturity date. Upon conversion of the 4.50% Convertible Senior Notes, Holdings will deliver cash, shares of its common stock or a combination of cash and shares of its common stock, at its election. Senior Secured Credit Facility As of March 31, 2025, there was $637.1 outstanding under the term loan and no borrowings were outstanding under the revolving credit line. Under the Credit Agreement, quarterly principal payments of $1.6 are due on the term loan through March 31, 2030, with a final principal payment of the remaining unpaid principal due on May 24, 2030. The average interest rate on outstanding term loan borrowings under the Credit Agreement as of March 31, 2025 was approximately 6.3% per annum, after giving effect to the interest rate swap agreements discussed below. Interest Rate Swap Agreements The Company’s interest rate swap agreements are used to hedge a portion of the interest rate risk associated with the variable interest rates on the Company’s term loan and qualify for cash flow hedge accounting. Below is a summary of the Company's interest rate swap agreements, which are designated as cash flow hedges, as of March 31, 2025:
Notional |  |  |  |  |  |  |  |  | Estimated |
Amount |  |  | Pay Rate |  | Receive Rate |  | Expiration Date |  | Fair Value (1) |
$ | 137.5 |  |  | 3.21% |  | 1-Month Term SOFR |  | December 31, 2026 |  | $ | 1.3 |
$ | 175.0 |  |  | 3.20% |  | 1-Month Term SOFR |  | December 31, 2026 |  |  | 1.7 |
$ | 137.5 |  |  | 3.17% |  | 1-Month Term SOFR |  | December 31, 2027 |  |  | 1.8 |
|  |  |  |  |  |  | Total |  | $ | 4.8 |
(1) Approximately $3.1 of the total is included in “Prepaid expenses and other” and $1.7 is included in “Deferred charges and other assets, net” on the condensed consolidated balance sheet as of March 31, 2025. The fair values of the interest rate swaps are recorded on Holdings’ and CUSA’s condensed consolidated balance sheets as an asset or liability with the related gains or losses reported as a component of accumulated other comprehensive loss. The changes in fair value are reclassified from accumulated other comprehensive loss into earnings in the same period that the hedged items affect earnings. The valuation technique used to determine fair value is the income approach and under this approach, the Company uses projected future interest rates as provided by counterparties to the interest rate swap agreements and the fixed rates that the Company is obligated to pay under the agreement. Therefore, the Company's measurements are based on observable market data, which fall in Level 2 of the U.S. GAAP hierarchy as defined by FASB ASC Topic 820-10-35. Fair Value of Long-Term Debt The Company estimates the fair value of its long-term debt primarily based on observable market prices, which fall under Level 2 of the U.S. GAAP fair value hierarchy as defined by FASB ASC 820-10-35, Fair Value Measurement. The table below presents the fair value of the Company's long-term debt as of the periods presented:
|  | As of |
|  | March 31, 2025 |  |  | December 31, 2024 |
Holdings fair value (1) |  | $ | 2,699.0 |  |  | $ | 2,903.7 |
CUSA fair value |  | $ | 1,892.2 |  |  | $ | 1,902.1 |
(1) The fair value of the 4.50% convertible senior notes was $806.8 and $1,001.6 as of March 31, 2025 and December 31, 2024, respectively.

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

X
- Definition The entire disclosure for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/470/tableOfContent + Details
Name: | us-gaap_LongTermDebtTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration