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Description Of Business And Segment Reporting | 12 Months Ended
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Dec. 31, 2021
Description Of Business And Segment Reporting [Abstract] |
Description Of Business And Segment Reporting | NOTE 1 – DESCRIPTION OF BUSINESS AND SEGMENT REPORTING The Company Reading International, Inc., a Nevada corporation (“RDI” and collectively with our consolidated subsidiaries and corporate predecessors, the “Company,” “Reading,” and “we,” “us,” or “our”), was incorporated in 1999. Our businesses consist primarily of:the development, ownership, and operation, of cinemas in the United States, Australia, and New Zealand; and,the development, ownership, operation and/or rental of retail, commercial and live venue real estate assets in Australia, New Zealand, and the United States. Business Segments Our business is comprised of two operating segments, as follows: (i) cinema exhibition and (ii) real estate. Each of these segments has discrete and separate financial information and for which operating results are evaluated regularly by our Chief Executive Officer, the chief operating decision-maker of the Company. As part of our real estate activities, we have historically held undeveloped land in urban and suburban centers in the United States, Australia, and New Zealand. However, in 2021, we monetized certain raw landholdings and other real estate assets as detailed at Note 5 – Real Estate Transactions. The tables below summarize the results of operations for each of our business segments. Operating expense includes costs associated with the day-to-day operations of the cinemas and the management of rental properties, including our live theatre assets. 2021 2020 2019(Dollars in thousands) Cinema Real‎Estate Total Cinema Real‎Estate Total Cinema Real‎Estate TotalRevenue - third party $ 126,812 $ 12,248 $ 139,060 $ 67,014 $ 10,848 $ 77,862 $ 262,189 $ 14,579 $ 276,768Inter-segment revenue (1) — 515 515 — 2,115 2,115 — 7,326 7,326Total segment revenue 126,812 12,763 139,575 67,014 12,963 79,977 262,189 21,905 284,094Operating expense Operating Expense - Third Party (122,901) (10,106) (133,007) (91,065) (8,578) (99,643) (210,050) (9,453) (219,503)Inter-Segment Operating Expenses (1) (515) — (515) (2,115) — (2,115) (7,326) — (7,326)Total of services and products (excluding depreciation and amortization) (123,416) (10,106) (133,522) (93,180) (8,578) (101,758) (217,376) (9,453) (226,829)Depreciation and amortization (14,422) (7,092) (21,514) (15,246) (6,101) (21,347) (16,940) (5,393) (22,333)Impairment of long-lived assets — — — (217) — (217) — — —General and administrative expense (7,611) (920) (8,531) (3,427) (747) (4,174) (4,544) (1,918) (6,462)Total operating expense (145,449) (18,118) (163,567) (112,070) (15,426) (127,496) (238,860) (16,764) (255,624)Segment operating income (loss) $ (18,637) $ (5,355) $ (23,992) $ (45,056) $ (2,463) $ (47,519) $ 23,329 $ 5,141 $ 28,470 (1)Inter-segment Revenues and Operating Expense relates to the internal charge between the two segments where the cinema operates within real estate owned within the group. A reconciliation of segment operating income to income before income taxes is as follows: (Dollars in thousands) 2021 2020 2019Segment operating income (loss) $ (23,992) $ (47,519) $ 28,470Unallocated corporate expense: Depreciation and amortization expense (1,232) (970) (414)General and administrative expense (16,569) (12,824) (18,933)Interest expense, net (13,688) (9,354) (7,904)Equity earnings (loss) of unconsolidated joint ventures 258 (449) 792Gain (loss) on sale of assets 92,219 (1) (2)Other (expense) income 3,762 293 325Income (loss) before income taxes $ 40,758 $ (70,824) $ 2,334 Assuming cash and cash equivalents are accounted for as corporate assets, total assets by business segment and by country are presented as follows: December 31,(Dollars in thousands) 2021 2020By segment: Cinema $ 316,169 $ 357,196Real estate 257,224 312,832Corporate (1) 114,309 20,141Total assets $ 687,702 $ 690,169By country: United States $ 336,029 $ 340,836Australia 274,330 267,153New Zealand 77,343 82,180Total assets $ 687,702 $ 690,169 (1)Corporate Assets includes cash and cash equivalents of $83.3 million and $26.8 million as of December 31, 2021 and 2020, respectively. The following table sets forth our operating properties by country: December 31,(Dollars in thousands) 2021 2020United States $ 177,918 $ 182,416Australia 107,343 144,573New Zealand 21,396 26,136Total operating property $ 306,657 $ 353,125 The table below summarizes capital expenditures for the three years ended December 31, 2021: (Dollars in thousands) 2021 2020 2019Segment capital expenditures $ 14,428 $ 16,686 $ 47,555Corporate capital expenditures — 73 167Total capital expenditures $ 14,428 $ 16,759 $ 47,722

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