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SEC Filings

10-Q
CINEMARK HOLDINGS, INC. filed this Form 10-Q on 05/10/2016
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Table of Contents

CINEMARK HOLDINGS, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

In thousands, except share and per share data

 

Fair Value of Long-Term Debt

The Company estimates the fair value of its long-term debt using the market approach, which utilizes quoted market prices that fall under Level 2 of the U.S. GAAP fair value hierarchy as defined by FASB ASC Topic 820-10-35, Fair Value Measurement. The carrying value of the Company’s long-term debt was $1,837,814 and $1,814,572 as of March 31, 2016 and December 31, 2015, respectively, excluding unamortized debt discounts and debt issue costs. The fair value of the Company’s long-term debt was $1,854,540 and $1,806,276 as of March 31, 2016 and December 31, 2015, respectively.

5. Equity

Below is a summary of changes in stockholders’ equity attributable to Cinemark Holdings, Inc., noncontrolling interests and total equity for the three months ended March 31, 2016 and 2015:

 

     Cinemark                
     Holdings, Inc.                
     Stockholders’      Noncontrolling      Total  
     Equity      Interests      Equity  

Balance at January 1, 2016

   $ 1,099,708       $ 11,105       $ 1,110,813   

Share based awards compensation expense

     5,118         —           5,118   

Stock withholdings related to share based awards that vested during the three months ended March 31, 2016

     (5,610      —           (5,610

Issuance of common stock related to restricted stock units that vested during the three months ended March 31, 2016

     1         —           1   

Tax benefit related to share based awards vesting

     1,724         —           1,724   

Dividends paid to stockholders (1)

     (31,367      —           (31,367

Dividends accrued on unvested restricted stock unit awards (1)

     (179      —           (179

Dividends paid to noncontrolling interests

     —           (220      (220

Net income

     58,525         521         59,046   

Fair value adjustments on interest rate swap agreements designated as hedges, net of settlements, net of taxes of $118

     201         —           201   

Gain realized on available-for-sale securities, net of taxes of $1,180

     (2,011      —           (2,011

Other comprehensive loss in equity method investees

     (322      —           (322

Foreign currency translation adjustments

     13,771         9         13,780   
  

 

 

    

 

 

    

 

 

 

Balance at March 31, 2016

   $ 1,139,559       $ 11,415       $ 1,150,974   
  

 

 

    

 

 

    

 

 

 
     Cinemark                
     Holdings, Inc.                
     Stockholders’      Noncontrolling      Total  
     Equity      Interests      Equity  

Balance at January 1, 2015

   $ 1,112,800       $ 10,329       $ 1,123,129   

Share based awards compensation expense

     3,498         —           3,498   

Stock withholdings related to share based awards that vested during the three months ended March 31, 2015

     (4,748      —           (4,748

Tax benefit related to share based awards vesting

     2,244         —           2,244   

Dividends paid to stockholders (2)

     (28,923      —           (28,923

Dividends accrued on unvested restricted stock unit awards (2)

     (101      —           (101

Net income

     42,521         381         42,902   

Fair value adjustments on interest rate swap agreements designated as hedges, net of settlements, net of taxes of $453

     757         —           757   

Fair value adjustments on available-for-sale securities, net of taxes of $444

     766         —           766   

Other comprehensive income in equity method investees

     384         —           384   

Foreign currency translation adjustments

     (46,681      6         (46,675
  

 

 

    

 

 

    

 

 

 

Balance at March 31, 2015

   $ 1,082,517       $ 10,716       $ 1,093,233   
  

 

 

    

 

 

    

 

 

 

 

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