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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

 

Deferred Income Taxes

The tax effects of significant temporary differences and tax loss and tax credit carryforwards comprising the net long-term deferred income tax liabilities as of December 31, 2013 and 2014 consisted of the following:

 

     December 31,  
     2013      2014  

Deferred liabilities:

     

Theatre properties and equipment

   $ 126,794       $ 127,010   

Tax impact of items in other comprehensive income (loss)

     —           55   

Deferred intercompany sales

     12,398         —     

Intangible asset — other

     25,761         29,342   

Intangible asset — tradenames

     122,129         111,726   

Investment in partnerships

     113,038         111,328   
  

 

 

    

 

 

 

Total deferred liabilities

     400,120         379,461   
  

 

 

    

 

 

 

Deferred assets:

     

Deferred lease expenses

     27,811         27,341   

Deferred revenue — NCM

     124,408         124,366   

Capital lease obligations

     79,064         73,306   

Tax impact of items in other comprehensive income (loss)

     3,183         —     

Tax loss carryforwards

     7,653         7,764   

Alternative minimum tax and other credit carryforwards

     20,725         43,384   

Other expenses, not currently deductible for tax purposes

     33,307         25,807   
  

 

 

    

 

 

 

Total deferred assets

     296,151         301,968   
  

 

 

    

 

 

 

Net deferred income tax liability before valuation allowance

     103,969         77,493   

Valuation allowance against deferred assets — current

     —           2,384   

Valuation allowance against deferred assets — non-current

     25,711         50,489   
  

 

 

    

 

 

 

Net deferred income tax liability

   $ 129,680       $ 130,366   
  

 

 

    

 

 

 

Net deferred tax liability — Foreign

   $ 21,729       $ 12,213   

Net deferred tax liability — U.S.

     107,951         118,153   
  

 

 

    

 

 

 

Total

   $ 129,680       $ 130,366   
  

 

 

    

 

 

 

The Company’s foreign tax credit carryforwards begin expiring in 2015. Some foreign net operating losses will expire in the next reporting period; however, some losses may be carried forward indefinitely. State net operating losses may be carried forward for periods of between five and twenty years with the last expiring year being 2030.

 

F-40