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SEC Filings

10-K
CINEMARK HOLDINGS, INC. filed this Form 10-K on 02/27/2015
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Table of Contents

CINEMARK HOLDINGS, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

In thousands, except share and per share data

 

A reconciliation between income tax expense and taxes computed by applying the applicable statutory federal income tax rate to income before income taxes follows:

 

     Year Ended December 31,  
     2012     2013     2014  

Computed statutory tax expense

   $ 103,886      $ 92,353      $ 101,522   

Foreign inflation adjustments

     (33     67        641   

State and local income taxes, net of federal income tax impact

     7,456        789        4,549   

Foreign losses not benefited and other changes in valuation allowance

     (711     (2,052     (275

Foreign tax rate differential

     (1,545     (336     (2,125

Foreign dividends

     10,576        3,294        1,083   

Sale of Mexican subsidiaries and related changes in intangible assets

     —          21,406        (10,065

Changes in uncertain tax positions

     13,729        (2,024     (1,540

Other — net

     (7,960     (181     2,274   
  

 

 

   

 

 

   

 

 

 

Income taxes

   $ 125,398      $ 113,316      $ 96,064   
  

 

 

   

 

 

   

 

 

 

The Company reinvests the undistributed earnings of its foreign subsidiaries, with the exception of its subsidiary in Ecuador. Accordingly, deferred U.S. federal and state income taxes are provided only on the undistributed earnings of the Company’s subsidiary in Ecuador. As of December 31, 2014, the cumulative amount of undistributed earnings of the foreign subsidiaries on which the Company has not recognized income taxes was approximately $331,000. Determination of the amount of any unrecognized deferred income tax liability on this temporary difference is not practicable because of the complexities of the hypothetical calculation.

 

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