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Revenue from Contracts with Customers | 9 Months Ended
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Sep. 30, 2021
Revenue From Contract With Customer [Abstract] |
Revenue from Contracts with Customers | 13. Revenue from Contracts with Customers
| (a) | Disaggregated Information About Revenue
The following tables summarize the Company’s revenues by type and reportable segment for the three and nine months ended September 30, 2021:
| Three Months Ended September 30, 2021 |
| Revenue from |  |  |  |  |  |  |  |  |  |  |  |
| Contracts with Customers |  |  | Revenue from |  |  |  |  |  |  |  |  |
(In thousands of U.S. Dollars) | Fixed Consideration |  |  | Variable Consideration |  |  | Lease Arrangements |  |  | Finance Income |  |  | Total |
Technology sales |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
IMAX Systems(1) | $ |  | 9,701 |  |  | $ |  | 802 |  |  | $ |  |  | 98 |  |  | $ |  | — |  |  | $ |  | 10,601 |
Joint Revenue Sharing Arrangements, fixed fees |  |  | — |  |  |  |  | — |  |  |  |  |  | 1,036 |  |  |  |  | — |  |  |  |  | 1,036 |
Other Theater Business |  |  | 363 |  |  |  |  | — |  |  |  |  |  | — |  |  |  |  | — |  |  |  |  | 363 |
Other sales(2) |  |  | 1,154 |  |  |  |  | 6 |  |  |  |  |  | — |  |  |  |  | — |  |  |  |  | 1,160 |
Sub-total |  |  | 11,218 |  |  |  |  | 808 |  |  |  |  |  | 1,134 |  |  |  |  | — |  |  |  |  | 13,160 |
Image enhancement and maintenance services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
IMAX DMR |  |  | — |  |  |  |  | 15,701 |  |  |  |  |  | — |  |  |  |  | — |  |  |  |  | 15,701 |
IMAX Maintenance |  |  | 13,055 |  |  |  |  | — |  |  |  |  |  | — |  |  |  |  | — |  |  |  |  | 13,055 |
Film Post-Production |  |  | 899 |  |  |  |  | — |  |  |  |  |  | — |  |  |  |  | — |  |  |  |  | 899 |
Film Distribution |  |  | 203 |  |  |  |  | 496 |  |  |  |  |  | — |  |  |  |  | — |  |  |  |  | 699 |
Other |  |  | — |  |  |  |  | 234 |  |  |  |  |  | — |  |  |  |  | — |  |  |  |  | 234 |
Sub-total |  |  | 14,157 |  |  |  |  | 16,431 |  |  |  |  |  | — |  |  |  |  | — |  |  |  |  | 30,588 |
Technology rentals |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Joint Revenue Sharing Arrangements, contingent rent |  |  | — |  |  |  |  | — |  |  |  |  |  | 9,887 |  |  |  |  | — |  |  |  |  | 9,887 |
Other |  |  | — |  |  |  |  | — |  |  |  |  |  | 332 |  |  |  |  | — |  |  |  |  | 332 |
Sub-total |  |  | — |  |  |  |  | — |  |  |  |  |  | 10,219 |  |  |  |  | — |  |  |  |  | 10,219 |
Finance income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
IMAX Systems |  |  | — |  |  |  |  | — |  |  |  |  |  | — |  |  |  |  | 2,635 |  |  |  |  | 2,635 |
Total | $ |  | 25,375 |  |  | $ |  | 17,239 |  |  | $ |  |  | 11,353 |  |  | $ |  | 2,635 |  |  | $ |  | 56,602 |
| Nine Months Ended September 30, 2021 |
| Revenue from |  |  |  |  |  |  |  |  |  |  |  |
| Contracts with Customers |  |  | Revenue from |  |  |  |  |  |  |  |  |
(In thousands of U.S. Dollars) | Fixed consideration |  |  | Variable consideration |  |  | Lease Arrangements |  |  | Finance Income |  |  | Total |
Technology sales |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
IMAX Systems(1) | $ |  | 20,143 |  |  | $ |  | 2,573 |  |  | $ |  |  | 4,220 |  |  | $ |  | — |  |  | $ |  | 26,936 |
Joint Revenue Sharing Arrangements, fixed fees |  |  | — |  |  |  |  | — |  |  |  |  |  | 3,776 |  |  |  |  | — |  |  |  |  | 3,776 |
Other Theater Business |  |  | 1,275 |  |  |  |  | — |  |  |  |  |  | — |  |  |  |  | — |  |  |  |  | 1,275 |
Other sales(2) |  |  | 2,474 |  |  |  |  | 47 |  |  |  |  |  | — |  |  |  |  | — |  |  |  |  | 2,521 |
Sub-total |  |  | 23,892 |  |  |  |  | 2,620 |  |  |  |  |  | 7,996 |  |  |  |  | — |  |  |  |  | 34,508 |
Image enhancement and maintenance services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
IMAX DMR |  |  | — |  |  |  |  | 39,438 |  |  |  |  |  | — |  |  |  |  | — |  |  |  |  | 39,438 |
IMAX Maintenance |  |  | 33,196 |  |  |  |  | — |  |  |  |  |  | — |  |  |  |  | — |  |  |  |  | 33,196 |
Film Post-Production |  |  | 2,886 |  |  |  |  | — |  |  |  |  |  | — |  |  |  |  | — |  |  |  |  | 2,886 |
Film Distribution |  |  | 204 |  |  |  |  | 911 |  |  |  |  |  | — |  |  |  |  | — |  |  |  |  | 1,115 |
Other |  |  | — |  |  |  |  | 279 |  |  |  |  |  | — |  |  |  |  | — |  |  |  |  | 279 |
Sub-total |  |  | 36,286 |  |  |  |  | 40,628 |  |  |  |  |  | — |  |  |  |  | — |  |  |  |  | 76,914 |
Technology rentals |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Joint Revenue Sharing Arrangements, contingent rent |  |  | — |  |  |  |  | — |  |  |  |  |  | 26,108 |  |  |  |  | — |  |  |  |  | 26,108 |
Other |  |  | — |  |  |  |  | — |  |  |  |  |  | 600 |  |  |  |  | — |  |  |  |  | 600 |
Sub-total |  |  | — |  |  |  |  | — |  |  |  |  |  | 26,708 |  |  |  |  | — |  |  |  |  | 26,708 |
Finance income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
IMAX Systems |  |  | — |  |  |  |  | — |  |  |  |  |  | — |  |  |  |  | 8,181 |  |  |  |  | 8,181 |
Total | $ |  | 60,178 |  |  | $ |  | 43,248 |  |  | $ |  |  | 34,704 |  |  | $ |  | 8,181 |  |  | $ |  | 146,311 |
(1) | Includes r evenues earned from sales or sales-type lease arrangements involving new and upgraded IMAX Theater Systems, as well as the impact on revenue of renewals and amendments to existing theater system arrangements.
(2) | Other sales include revenues associated with New Business Initiatives.
The following tables summarize the Company’s revenues by type and reportable segment for the three and nine months ended September 30, 2020:
| Three Months Ended September 30, 2020 |
| Revenue from |  |  |  |  |  |  |  |  |  |  |  |
| Contracts with Customers |  |  | Revenue from |  |  |  |  |  |  |  |  |
(In thousands of U.S. Dollars) | Fixed Consideration |  |  | Variable Consideration |  |  | Lease Arrangements |  |  | Finance Income |  |  | Total |
Technology sales |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
IMAX Systems(1)(2) | $ |  | 12,356 |  |  | $ |  | 1,481 |  |  | $ |  |  | 1,159 |  |  | $ |  | — |  |  | $ |  | 14,996 |
Joint Revenue Sharing Arrangements, fixed fees |  |  | — |  |  |  |  | — |  |  |  |  |  | 57 |  |  |  |  | — |  |  |  |  | 57 |
Other Theater Business |  |  | 307 |  |  |  |  | — |  |  |  |  |  | — |  |  |  |  | — |  |  |  |  | 307 |
Other sales(3) |  |  | 378 |  |  |  |  | 15 |  |  |  |  |  | — |  |  |  |  | — |  |  |  |  | 393 |
Sub-total |  |  | 13,041 |  |  |  |  | 1,496 |  |  |  |  |  | 1,216 |  |  |  |  | — |  |  |  |  | 15,753 |
Image enhancement and maintenance services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
IMAX DMR |  |  | — |  |  |  |  | 6,886 |  |  |  |  |  | — |  |  |  |  | — |  |  |  |  | 6,886 |
IMAX Maintenance |  |  | 5,855 |  |  |  |  | — |  |  |  |  |  | — |  |  |  |  | — |  |  |  |  | 5,855 |
Film Post-Production |  |  | 739 |  |  |  |  | — |  |  |  |  |  | — |  |  |  |  | — |  |  |  |  | 739 |
Film Distribution |  |  | 750 |  |  |  |  | 376 |  |  |  |  |  | — |  |  |  |  | — |  |  |  |  | 1,126 |
Other |  |  | — |  |  |  |  | (17 | ) |  |  |  |  | — |  |  |  |  | — |  |  |  |  | (17 | )
Sub-total |  |  | 7,344 |  |  |  |  | 7,245 |  |  |  |  |  | — |  |  |  |  | — |  |  |  |  | 14,589 |
Technology rentals |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Joint Revenue Sharing Arrangements, contingent rent |  |  | — |  |  |  |  | — |  |  |  |  |  | 4,473 |  |  |  |  | — |  |  |  |  | 4,473 |
Sub-total |  |  | — |  |  |  |  | — |  |  |  |  |  | 4,473 |  |  |  |  | — |  |  |  |  | 4,473 |
Finance income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
IMAX Systems |  |  | — |  |  |  |  | — |  |  |  |  |  | — |  |  |  |  | 2,441 |  |  |  |  | 2,441 |
Total | $ |  | 20,385 |  |  | $ |  | 8,741 |  |  | $ |  |  | 5,689 |  |  | $ |  | 2,441 |  |  | $ |  | 37,256 |
| Nine Months Ended September 30, 2020 |
| Revenue from |  |  |  |  |  |  |  |  |  |  |  |
| Contracts with Customers |  |  | Revenue from |  |  |  |  |  |  |  |  |
(In thousands of U.S. Dollars) | Fixed consideration |  |  | Variable consideration |  |  | Lease Arrangements |  |  | Finance Income |  |  | Total |
Technology sales |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
IMAX Systems(1)(2) | $ |  | 14,711 |  |  | $ |  | 3,143 |  |  | $ |  |  | 2,325 |  |  | $ |  | — |  |  | $ |  | 20,179 |
Joint Revenue Sharing Arrangements, fixed fees |  |  | — |  |  |  |  | — |  |  |  |  |  | 1,196 |  |  |  |  | — |  |  |  |  | 1,196 |
Other Theater Business |  |  | 1,261 |  |  |  |  | — |  |  |  |  |  | — |  |  |  |  | — |  |  |  |  | 1,261 |
Other sales(3) |  |  | 1,361 |  |  |  |  | 105 |  |  |  |  |  | — |  |  |  |  | — |  |  |  |  | 1,466 |
Sub-total |  |  | 17,333 |  |  |  |  | 3,248 |  |  |  |  |  | 3,521 |  |  |  |  | — |  |  |  |  | 24,102 |
Image enhancement and maintenance services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
IMAX DMR |  |  | — |  |  |  |  | 18,061 |  |  |  |  |  | — |  |  |  |  | — |  |  |  |  | 18,061 |
IMAX Maintenance |  |  | 13,225 |  |  |  |  | — |  |  |  |  |  | — |  |  |  |  | — |  |  |  |  | 13,225 |
Film Post-production |  |  | 3,088 |  |  |  |  | — |  |  |  |  |  | — |  |  |  |  | — |  |  |  |  | 3,088 |
Film Distribution |  |  | 3,000 |  |  |  |  | 1,453 |  |  |  |  |  | — |  |  |  |  | — |  |  |  |  | 4,453 |
Other |  |  |  |  |  |  |  | 282 |  |  |  |  |  | — |  |  |  |  | — |  |  |  |  | 282 |
Sub-total |  |  | 19,313 |  |  |  |  | 19,796 |  |  |  |  |  | — |  |  |  |  | — |  |  |  |  | 39,109 |
Technology rentals |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Joint Revenue Sharing Arrangements, contingent rent |  |  | — |  |  |  |  | — |  |  |  |  |  | 10,307 |  |  |  |  | — |  |  |  |  | 10,307 |
Sub-total |  |  | — |  |  |  |  | — |  |  |  |  |  | 10,307 |  |  |  |  | — |  |  |  |  | 10,307 |
Finance income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
IMAX Systems |  |  | — |  |  |  |  | — |  |  |  |  |  | — |  |  |  |  | 7,495 |  |  |  |  | 7,495 |
Total | $ |  | 36,646 |  |  | $ |  | 23,044 |  |  | $ |  |  | 13,828 |  |  | $ |  | 7,495 |  |  | $ |  | 81,013 |
(1) | Includes r evenues earned from sales or sales-type lease arrangements involving new and upgraded IMAX Theater Systems, as well as the impact on revenue of renewals and amendments to existing theater system arrangements.
(2) | Prior period comparatives have been revised to appropriately classify $1.1 million and $2.3 million, respectively, of fixed consideration under revenue from contracts with customers to revenue from lease arrangements for the three and nine months ended September 30, 2020.
(3) | Other sales include revenues associated with New Business Initiatives.
| (b) | Deferred Revenue
IMAX Theater System sale and lease arrangements include a requirement for the Company to provide maintenance services over the life of the arrangement, subject to a consumer price index adjustment each year. In circumstances where customers prepay the entire term’s maintenance fee, additional payments are due to the Company for the years after its extended warranty and maintenance obligations expire. Payments upon renewal each year are either prepaid or made in arrears and can vary in frequency from monthly to annually. At September 30, 2021, $20.3 million of consideration has been deferred in relation to outstanding maintenance services to be provided on existing maintenance contracts (December 31, 2020 — $21.6 million). Maintenance revenue is recognized evenly over the contract term which coincides with the period over which maintenance services are provided. In the event of customer default, any payments made by the customer may be retained by the Company. In instances where the Company receives consideration prior to satisfying its performance obligations, the recognition of revenue is deferred. The majority of the deferred revenue balance relates to payments received by the Company for IMAX Theater Systems where control of the system has not transferred to the customer. The deferred revenue balance related to an individual theater increases as progress payments are made and is then derecognized when control of the system is transferred to the customer. Recognition dates are variable and depend on numerous factors, including some outside of the Company’s control. (See Note 2 for information on the current impacts of and uncertainties relating to the COVID-19 global pandemic which are impacting the Company’s revenues.)

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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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