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ACQUISITION | 12 Months Ended
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Dec. 31, 2015
ACQUISITION |
ACQUISITION | NOTE 2—ACQUISITION In December 2015, the Company completed the acquisition of SMH Theatres, Inc. ("Starplex Cinemas") for cash. The purchase price for Starplex Cinemas was $172,853,000, net of cash acquired, and is subject to working capital and other purchase price adjustments as described in the stock purchase agreement. Starplex Cinemas operates 33 theatres with 346 screens in small and mid-size markets in 12 states, which further complements the Company's large market portfolio. The Company expects to realize synergies and cost savings related to this acquisition as a result of purchasing and procurement economies of scale and general and administrative expense savings, particularly with respect to the consolidation of corporate related functions and elimination of redundancies. The acquisition is being treated as a purchase in accordance with Accounting Standards Codification, ("ASC") 805, Business Combinations, which requires allocation of the purchase price to the estimated fair values of assets and liabilities acquired in the transaction. The allocation of purchase price is based on management's judgment after evaluating several factors, including bid prices from potential buyers and a preliminary valuation assessment. The allocation of purchase price is preliminary and subject to changes as an appraisal of both tangible and intangible assets and liabilities is finalized, working capital and other purchase price adjustments are completed and additional information regarding the tax bases of assets and liabilities becomes available. The following is a summary of a preliminary allocation of the purchase price:
(In thousands) |  | Total |
Cash |  | $ | 2,119 |
Receivables |  |  | 2,001 |
Other current assets |  |  | 4,806 |
Property(1) |  |  | 50,810 |
Intangible assets(2) |  |  | 21,080 |
Goodwill(3) |  |  | 116,891 |
Other long-term assets |  |  | 290 |
Accounts payable |  |  | (4,211 | )
Accrued expenses and other liabilities |  |  | (4,689 | )
Deferred revenues and income |  |  | (2,295 | )
Deferred tax liability |  |  | (10,610 | )
Other long-term liabilities(4) |  |  | (1,220 | )
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Total estimated purchase price |  | $ | 174,972 |
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(1) | Amounts recorded for property includes land, buildings, leasehold improvements, furniture, fixtures and equipment.
(2) | Amounts recorded for intangible assets includes favorable leases, a non-compete agreement and trade name.
(3) | Amounts recorded for goodwill are generally not expected to be deductible for tax purposes.
(4) | Amounts recorded for other long-term liabilities consist of an unfavorable lease.
The fair value measurement of tangible and intangible assets and liabilities were based on significant inputs not observable in the market and thus represent Level 3 measurements within the fair value measurement hierarchy. Level 3 fair market values were determined using a variety of information, including estimated future cash flows, appraisals, and market comparables. During the twelve months ended December 31, 2015, the Company incurred acquisition-related costs for Starplex Cinemas of approximately $1,534,000, which were included in general and administrative expense: merger, acquisition and transaction costs in the Consolidated Statements of Operations. The Company's operating results for the twelve months ended December 31, 2015 were not materially impacted by this acquisition. In connection with the acquisition of Starplex Cinemas, the Company classified two Starplex Cinemas theatres with 22 screens as held for sale during the twelve months ended December 31, 2015, that were divested in January 2016 as required by the Antitrust Division of the United States Department of Justice. Assets held for sale of approximately $5,390,000 were classified as other current assets in the Company's Consolidated Balance Sheets.

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- Definition The entire disclosure for business combinations, including leverage buyout transactions (as applicable), and divestitures. This may include a description of a business combination or divestiture (or series of individually immaterial business combinations or divestitures) completed during the period, including background, timing, and assets and liabilities recognized and reclassified or sold. This element does not include fixed asset sales and plant closings. + References No definition available. + Details
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