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THEATRE AND OTHER CLOSURE AND DISPOSITION OF ASSETS | 12 Months Ended
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Dec. 31, 2015
THEATRE AND OTHER CLOSURE AND DISPOSITION OF ASSETS |
THEATRE AND OTHER CLOSURE AND DISPOSITION OF ASSETS | NOTE 13—THEATRE AND OTHER CLOSURE AND DISPOSITION OF ASSETS The Company has provided reserves for estimated losses from theatres and screens which have been permanently closed and vacant space with no right to future use. As of December 31, 2015, the Company reserved $42,973,000 for lease terminations which have either not been consummated or paid, related primarily to nine theatres and certain vacant restaurant space. The Company is obligated under long-term lease commitments with remaining terms of up to 12 years for theatres which have been closed. As of December 31, 2015, base rents aggregated approximately $9,288,000 annually and $48,369,000 over the remaining terms of the leases. A rollforward of reserves for theatre and other closure is as follows:
(In thousands) |  | 12 Months Ended December 31, 2015 |  | 12 Months Ended December 31, 2014 |  | 12 Months Ended December 31, 2013 |
Beginning balance |  | $ | 52,835 |  | $ | 55,163 |  | $ | 61,344 |
Theatre and other closure expense |  |  | 5,028 |  |  | 9,346 |  |  | 5,823 |
Transfer of assets and liabilities |  |  | — |  |  | 2,439 |  |  | (53 | )
Foreign currency translation adjustment |  |  | (2,437 | ) |  | (1,822 | ) |  | (286 | )
Cash payments |  |  | (12,453 | ) |  | (12,291 | ) |  | (11,665 | )
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Ending balance |  | $ | 42,973 |  | $ | 52,835 |  | $ | 55,163 |
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The Company recognized theatre and other closure expense of $5,028,000, $9,346,000, and $5,823,000, during the twelve months ended December 31, 2015, December 31, 2014, and December 31, 2013, respectively. Theatre and other closure expense included the accretion on previously closed properties with remaining lease obligations. In May 2014, one theatre with 13 screens in Canada was permanently closed. In the accompanying Consolidated Balance Sheets, the current portion of the theatre and other closure ending balance was included with accrued expenses and other liabilities and the long-term portion of the theatre and other closure ending balance was included with other long-term liabilities. See Note 6—Supplemental Balance Sheet Information for further information. Theatre and other closure reserves for leases that have not been terminated were recorded at the present value of the future contractual commitments for the base rents, taxes and maintenance. As of December 31, 2015, the future lease obligations are discounted at annual rates ranging from 6.0% to 9.0%.

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- Definition The entire disclosure for theatre and other closure and disposition of assets primarily related to payments made or received or expected to be made or received to or from landlords to terminate leases on certain of our closed theatres, other vacant space and theatres where development has been discontinued. + References No definition available. + Details
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