INVESTMENTS (Tables)
|
12 Months Ended |
Dec. 31, 2015 |
| Investments |
|
| Schedule of condensed financial information of the reporting entity's non-consolidated equity method investments |
|
|
|
December 31, 2015
|
|
|
(In thousands)
|
|
NCM
|
|
DCIP
|
|
Open Road
|
|
AC JV
|
|
Other
|
|
Total
|
|
|
Current assets
|
|
$
|
159,500
|
|
$
|
48,833
|
|
$
|
48,954
|
|
$
|
9,967
|
|
$
|
9,083
|
|
$
|
276,337
|
|
|
Noncurrent assets
|
|
|
623,100
|
|
|
955,924
|
|
|
52,359
|
|
|
21,502
|
|
|
29,470
|
|
|
1,682,355
|
|
|
Total assets
|
|
|
782,600
|
|
|
1,004,757
|
|
|
101,313
|
|
|
31,469
|
|
|
38,553
|
|
|
1,958,692
|
|
|
Current liabilities
|
|
|
113,100
|
|
|
32,533
|
|
|
65,076
|
|
|
3,802
|
|
|
4,867
|
|
|
219,378
|
|
|
Noncurrent liabilities
|
|
|
936,000
|
|
|
642,659
|
|
|
95,916
|
|
|
—
|
|
|
—
|
|
|
1,674,575
|
|
|
Total liabilities
|
|
|
1,049,100
|
|
|
675,192
|
|
|
160,992
|
|
|
3,802
|
|
|
4,867
|
|
|
1,893,953
|
|
|
Stockholders' equity (deficit)
|
|
|
(266,500
|
)
|
|
329,565
|
|
|
(59,679
|
)
|
|
27,667
|
|
|
33,686
|
|
|
64,739
|
|
|
Liabilities and stockholders' equity (deficit)
|
|
|
782,600
|
|
|
1,004,757
|
|
|
101,313
|
|
|
31,469
|
|
|
38,553
|
|
|
1,958,692
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Company's recorded investment(1)
|
|
$
|
327,471
|
|
$
|
85,710
|
|
$
|
(10,000
|
)
|
$
|
5,605
|
|
$
|
10,886
|
|
$
|
419,672
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2014
|
|
|
(In thousands)
|
|
NCM
|
|
DCIP
|
|
Open Road
|
|
AC JV
|
|
Other
|
|
Total
|
|
|
Current assets
|
|
$
|
134,900
|
|
$
|
53,229
|
|
$
|
44,498
|
|
$
|
10,993
|
|
$
|
11,649
|
|
$
|
255,269
|
|
|
Noncurrent assets
|
|
|
546,200
|
|
|
1,044,417
|
|
|
12,260
|
|
|
22,948
|
|
|
25,296
|
|
|
1,651,121
|
|
|
Total assets
|
|
|
681,100
|
|
|
1,097,646
|
|
|
56,758
|
|
|
33,941
|
|
|
36,945
|
|
|
1,906,390
|
|
|
Current liabilities
|
|
|
106,500
|
|
|
24,036
|
|
|
41,080
|
|
|
4,238
|
|
|
3,538
|
|
|
179,392
|
|
|
Noncurrent liabilities
|
|
|
892,000
|
|
|
821,282
|
|
|
45,582
|
|
|
—
|
|
|
—
|
|
|
1,758,864
|
|
|
Total liabilities
|
|
|
998,500
|
|
|
845,318
|
|
|
86,662
|
|
|
4,238
|
|
|
3,538
|
|
|
1,938,256
|
|
|
Stockholders' equity (deficit)
|
|
|
(317,400
|
)
|
|
252,328
|
|
|
(29,904
|
)
|
|
29,703
|
|
|
33,407
|
|
|
(31,866
|
)
|
|
Liabilities and stockholders' equity (deficit)
|
|
|
681,100
|
|
|
1,097,646
|
|
|
56,758
|
|
|
33,941
|
|
|
36,945
|
|
|
1,906,390
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Company's recorded investment(1)
|
|
$
|
265,839
|
|
$
|
62,236
|
|
$
|
(9,570
|
)
|
$
|
6,255
|
|
$
|
7,680
|
|
$
|
332,440
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Certain differences in the Company's recorded investments, and its proportional ownership share resulting from the acquisition of Holdings by Wanda on August 30, 2012, where the investments were recorded at fair value, are amortized to equity in (earnings) losses of non-consolidated entities over the estimated useful lives of the underlying assets and liabilities. Other non-amortizing differences are considered to represent goodwill and are evaluated for impairment annually.
|
|
|
|
12 Months Ended December 31, 2015
|
|
|
(In thousands)
|
|
NCM
|
|
DCIP
|
|
Open Road
|
|
AC JV
|
|
Other
|
|
Total
|
|
|
Revenues
|
|
$
|
446,500
|
|
$
|
172,256
|
|
$
|
119,227
|
|
$
|
53,371
|
|
$
|
30,637
|
|
$
|
821,991
|
|
|
Operating costs and expenses
|
|
|
359,000
|
|
|
93,001
|
|
|
149,002
|
|
|
50,600
|
|
|
27,634
|
|
|
679,237
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings (loss)
|
|
$
|
87,500
|
|
$
|
79,255
|
|
$
|
(29,775
|
)
|
$
|
2,771
|
|
$
|
3,003
|
|
$
|
142,754
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12 Months Ended December 31, 2014
|
|
|
(In thousands)
|
|
NCM
|
|
DCIP
|
|
Open Road
|
|
AC JV
|
|
Other
|
|
Total
|
|
|
Revenues
|
|
$
|
394,000
|
|
$
|
170,724
|
|
$
|
175,374
|
|
$
|
42,102
|
|
$
|
26,887
|
|
$
|
809,087
|
|
|
Operating costs and expenses
|
|
|
297,700
|
|
|
109,430
|
|
|
190,602
|
|
|
37,669
|
|
|
26,072
|
|
|
661,473
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings (loss)
|
|
$
|
96,300
|
|
$
|
61,294
|
|
$
|
(15,228
|
)
|
$
|
4,433
|
|
$
|
815
|
|
$
|
147,614
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12 Months Ended December 31, 2013
|
|
|
(In thousands)
|
|
NCM
|
|
DCIP
|
|
Open Road
|
|
AC JV
|
|
Other
|
|
Total
|
|
|
Revenues
|
|
$
|
462,800
|
|
$
|
182,659
|
|
$
|
140,350
|
|
$
|
—
|
|
$
|
18,517
|
|
$
|
804,326
|
|
|
Operating costs and expenses
|
|
|
299,900
|
|
|
133,700
|
|
|
130,628
|
|
|
—
|
|
|
18,546
|
|
|
582,774
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings (loss)
|
|
$
|
162,900
|
|
$
|
48,959
|
|
$
|
9,722
|
|
$
|
—
|
|
$
|
(29
|
)
|
$
|
221,552
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Schedule of components of the Company's recorded equity in earnings (losses) of non-consolidated entities |
|
(In thousands)
|
|
12 Months Ended December 31, 2015
|
|
12 Months Ended December 31, 2014
|
|
12 Months Ended December 31, 2013
|
|
|
National CineMedia, LLC
|
|
$
|
11,194
|
|
$
|
11,311
|
|
$
|
23,196
|
|
|
Digital Cinema Implementation Partners, LLC
|
|
|
24,522
|
|
|
20,929
|
|
|
18,660
|
|
|
Open Road Releasing, LLC
|
|
|
(430
|
)
|
|
(7,650
|
)
|
|
4,861
|
|
|
AC JV, LLC
|
|
|
950
|
|
|
1,470
|
|
|
—
|
|
|
Other
|
|
|
895
|
|
|
555
|
|
|
718
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Company's recorded equity in earnings
|
|
$
|
37,131
|
|
$
|
26,615
|
|
$
|
47,435
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Schedule of changes in the carrying amount of the entity's investment in NCM and equity in earnings of NCM |
|
(In thousands)
|
|
Investment in NCM(1)
|
|
Exhibitor Services Agreement(2)
|
|
Other Comprehensive (Income)
|
|
Cash Received
|
|
Equity in (Earnings) Losses
|
|
Advertising (Revenue)
|
|
|
Ending balance at December 31, 2012
|
|
$
|
245,047
|
|
$
|
(318,154
|
)
|
$
|
(797
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Receipt of common units
|
|
|
26,315
|
|
|
(26,315
|
)
|
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
|
Receipt of excess cash distributions
|
|
|
(27,453
|
)
|
|
—
|
|
|
—
|
|
|
27,453
|
|
|
—
|
|
|
—
|
|
|
Amortization of ESA
|
|
|
—
|
|
|
14,556
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(14,556
|
)
|
|
Unrealized gain from cash flow hedge
|
|
|
1,485
|
|
|
—
|
|
|
(1,485
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Adjust carrying value of AC JV, LLC(3)
|
|
|
3,817
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Change in interest gain(4)
|
|
|
5,012
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5,012
|
)
|
|
—
|
|
|
Equity in earnings(5)
|
|
|
21,149
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(21,149
|
)
|
|
—
|
|
|
Equity in loss from amortization of basis difference(6)
|
|
|
(2,965
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,965
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending balance at December 31, 2013
|
|
$
|
272,407
|
|
$
|
(329,913
|
)
|
$
|
(2,282
|
)
|
$
|
27,453
|
|
$
|
(23,196
|
)
|
$
|
(14,556
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Receipt of common units
|
|
|
2,137
|
|
|
(2,137
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Receipt of excess cash distributions
|
|
|
(21,514
|
)
|
|
—
|
|
|
—
|
|
|
21,514
|
|
|
—
|
|
|
—
|
|
|
Amortization of ESA
|
|
|
—
|
|
|
15,235
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(15,235
|
)
|
|
Unrealized gain from cash flow hedge
|
|
|
1,498
|
|
|
—
|
|
|
(1,498
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Equity in earnings(5)
|
|
|
14,446
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(14,446
|
)
|
|
—
|
|
|
Equity in loss from amortization of basis difference(6)
|
|
|
(3,135
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,135
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending balance at December 31, 2014
|
|
$
|
265,839
|
|
$
|
(316,815
|
)
|
$
|
(3,780
|
)
|
$
|
21,514
|
|
$
|
(11,311
|
)
|
$
|
(15,235
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Receipt of common units
|
|
|
76,101
|
|
|
(76,101
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Exchange of common units
|
|
|
(3,156
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Receipt of excess cash distributions
|
|
|
(22,741
|
)
|
|
—
|
|
|
—
|
|
|
22,741
|
|
|
—
|
|
|
—
|
|
|
Amortization of ESA
|
|
|
—
|
|
|
15,317
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(15,317
|
)
|
|
Unrealized gain from cash flow hedge
|
|
|
234
|
|
|
—
|
|
|
(234
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Equity in earnings(5)
|
|
|
14,435
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(14,435
|
)
|
|
—
|
|
|
Equity in loss from amortization of basis difference(6)
|
|
|
(3,241
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,241
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending balance at December 31, 2015
|
|
$
|
327,471
|
|
$
|
(377,599
|
)
|
$
|
(4,014
|
)
|
$
|
22,741
|
|
$
|
(11,194
|
)
|
$
|
(15,317
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
The following table represents AMC's investment in common membership units including units received under the Common Unit Adjustment Agreement dated as of February 13, 2007:
|
|
|
|
Common Membership Units
|
|
|
|
|
Tranche 1
|
|
Tranche 2(a)
|
|
|
Beginning balance at December 31, 2012
|
|
|
17,323,782
|
|
|
—
|
|
|
Additional units received in March 2013
|
|
|
—
|
|
|
1,728,988
|
|
|
Additional units received in March 2014
|
|
|
—
|
|
|
141,731
|
|
|
Additional units received in March 2015
|
|
|
—
|
|
|
469,163
|
|
|
Additional units received in December 2015
|
|
|
—
|
|
|
4,399,324
|
|
|
Units exchanged for NCM, Inc. shares in December 2015
|
|
|
—
|
|
|
(200,000
|
)
|
|
|
|
|
|
|
|
|
|
|
Ending balance at December 31, 2015
|
|
|
17,323,782
|
|
|
6,539,206
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
The additional units received in March 2013, March 2014, March 2015, and December 2015 were measured at fair value (Level 1) using NCM, Inc.'s stock price of $15.22, $15.08, $14.52, and $15.75 respectively.
|
|
|
|
|
|
(2)
|
Represents the unamortized portion of the ESA with NCM. Such amounts are being amortized to other theatre revenues over the remainder of the 30 year term of the ESA ending in 2036, using a units-of-revenue method, as described in ASC 470-10-35 (formerly EITF 88-18, Sales of Future Revenues).
|
|
(3)
|
On December 26, 2013, NCM spun-off its Fathom Events business to a newly formed limited liability company, AC JV, LLC which is owned 32% by each founding member and 4% by NCM. In consideration for the sale, each of the three founding members issued promissory notes of approximately $8,333,000 to NCM. The Company's share of the gain recorded by NCM, as a result of the spin-off, has been excluded from equity in earnings and has been applied as a reduction in the carrying value of AC JV, LLC investment.
|
|
(4)
|
Non-cash gains were recorded in 2013 to adjust the Company's investment balance due to NCM's issuance of 8,688,078 common membership units to other founding members, at a price per share in excess of the Company's average carrying amount per share.
|
|
(5)
|
Represents equity in earnings on both Tranche 1 and Tranche 2 Investments.
|
|
(6)
|
Certain differences between the Company's carrying value and the Company's share of NCM's membership equity have been identified and are amortized to equity in (earnings) losses in non-consolidated entities over the respective lives of the assets and liabilities.
|
|
| NCM |
|
| Investments |
|
| Schedule of transactions |
|
(In thousands)
|
|
December 31, 2015
|
|
December 31, 2014
|
|
|
Due from NCM for on-screen advertising revenue
|
|
$
|
2,406
|
|
$
|
2,072
|
|
|
Due to NCM for Exhibitor Services Agreement
|
|
|
1,226
|
|
|
1,784
|
|
|
Promissory note payable to NCM
|
|
|
5,555
|
|
|
6,944
|
|
|
(In thousands)
|
|
12 Months Ended December 31, 2015
|
|
12 Months Ended December 31, 2014
|
|
12 Months Ended December 31, 2013
|
|
|
Other theatre revenues:
|
|
|
|
|
|
|
|
|
|
|
|
Net NCM screen advertising revenues
|
|
$
|
35,893
|
|
$
|
34,523
|
|
$
|
33,790
|
|
|
Operating expense:
|
|
|
|
|
|
|
|
|
|
|
|
NCM beverage advertising expense
|
|
|
8,256
|
|
|
12,226
|
|
|
13,809
|
|
|
| DCIP |
|
| Investments |
|
| Schedule of transactions |
|
(In thousands)
|
|
December 31, 2015
|
|
December 31, 2014
|
|
|
Due from DCIP for equipment and warranty purchases
|
|
$
|
1,460
|
|
$
|
1,048
|
|
|
Deferred rent liability for digital projectors
|
|
|
8,725
|
|
|
9,031
|
|
|
(In thousands)
|
|
12 Months Ended December 31, 2015
|
|
12 Months Ended December 31, 2014
|
|
12 Months Ended December 31, 2013
|
|
|
Operating expense:
|
|
|
|
|
|
|
|
|
|
|
|
Digital equipment rental expense
|
|
$
|
4,963
|
|
$
|
6,639
|
|
$
|
11,077
|
|
|
Warranty reimbursements from DCIP
|
|
|
5,241
|
|
|
3,651
|
|
|
2,166
|
|
|
| Open Road Releasing, LLC, operator of ORF |
|
| Investments |
|
| Schedule of transactions |
|
(In thousands)
|
|
December 31, 2015
|
|
December 31, 2014
|
|
|
Due from Open Road Films
|
|
$
|
2,472
|
|
$
|
2,560
|
|
|
Film rent payable to Open Road Films
|
|
|
1,061
|
|
|
709
|
|
|
(In thousands)
|
|
12 Months Ended December 31, 2015
|
|
12 Months Ended December 31, 2014
|
|
12 Months Ended December 31, 2013
|
|
|
Film exhibition costs:
|
|
|
|
|
|
|
|
|
|
|
|
Gross exhibition cost on Open Road Films
|
|
$
|
6,380
|
|
$
|
13,300
|
|
$
|
12,700
|
|
|
| ACJV LLC |
|
| Investments |
|
| Schedule of transactions |
|
(In thousands)
|
|
December 31, 2015
|
|
December 31, 2014
|
|
|
Due to AC JV for Fathom Events programming
|
|
$
|
445
|
|
$
|
333
|
|
|
(In thousands)
|
|
12 Months Ended December 31, 2015
|
|
12 Months Ended December 31, 2014
|
|
12 Months Ended December 31, 2013
|
|
|
Film exhibition costs:
|
|
|
|
|
|
|
|
|
|
|
|
Gross exhibition cost on Fathom Events programming
|
|
$
|
8,511
|
|
$
|
6,898
|
|
$
|
—
|
|
|