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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

 

The Company also uses the market approach for fair value measurements on a nonrecurring basis in the impairment evaluations of its long-lived assets (see Note 10 and Note 11). Additionally, the Company uses the market approach to estimate the fair value of its long-term debt (see Note 4). There were no changes in valuation techniques and there were no transfers in or out of Level 1, Level 2 or Level 3 during the three months ended March 31, 2016.

13. Foreign Currency Translation

The accumulated other comprehensive loss account in stockholders’ equity of $260,047 and $271,686 at March 31, 2016 and December 31, 2015, respectively, includes cumulative foreign currency adjustments of $259,633 and $273,404, respectively, from translating the financial statements of the Company’s international subsidiaries, and also includes the change in fair values of the Company’s interest rate swap agreements that are designated as hedges and the change in fair value of the Company’s available-for-sale securities.

All foreign countries where the Company has operations are non-highly inflationary, and the local currency is the same as the functional currency in all of the locations. Thus, any fluctuation in the currency results in a cumulative foreign currency translation adjustment recorded to accumulated other comprehensive loss.

Below is a summary of the impact of translating the March 31, 2016 financial statements of the Company’s international subsidiaries:

 

                   Other  
                   Comprehensive  
                   Income (Loss) for The  
     Exchange Rate as of      Three Months Ended  

Country

   March 31, 2016      December 31, 2015      March 31, 2016  

Brazil

     3.60         3.96       $ 18,298   

Argentina

     14.62         12.95         (7,151

Colombia

     3,022.35         3,149.47         1,109   

Chile

     691.65         709.16         1,106   

Peru

     3.42         3.46         444   

All other

           (35
        

 

 

 
         $ 13,771   
        

 

 

 

14. Supplemental Cash Flow Information

The following is provided as supplemental information to the condensed consolidated statements of cash flows:

 

     Three Months Ended  
     March 31,  
     2016      2015  

Cash paid for interest

   $ 15,503       $ 11,358   

Cash paid for income taxes, net of refunds received

   $ 6,259       $ 6,552   

Noncash investing and financing activities:

     

Change in accounts payable and accrued expenses for the acquisition of theatre properties and equipment (1)

   $ 3,055       $ 2,384   

Theatre properties acquired under capital lease

   $ —         $ 3,100   

Investment in NCM – receipt of common units (see Note 6)

   $ 11,111       $ 15,421   

Dividends accrued on unvested restricted stock unit awards

   $ (179    $ (101

 

(1)  Additions to theatre properties and equipment included in accounts payable as of March 31, 2016 and December 31, 2015 were $14,209 and $11,154, respectively.

 

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