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SEC Filings

10-K
CINEMARK HOLDINGS, INC. filed this Form 10-K on 02/23/2018
Entire Document
 

CINEMARK HOLDINGS, INC.

NOTES TO PARENT COMPANY FINANCIAL STATEMENTS

In thousands, except share and per share data

 

1.

BASIS OF PRESENTATION

Cinemark Holdings, Inc. conducts substantially all of its operations through its subsidiaries. These statements should be read in conjunction with the Company’s consolidated financial statements and notes included elsewhere in this annual report on Form 10-K. There are significant restrictions over Cinemark Holdings, Inc.’s ability to obtain funds from its subsidiaries through dividends, loans or advances as contained in Cinemark USA, Inc.’s senior secured credit facility and the indentures to each of the 4.875% Senior Notes and the 5.125% Senior Notes (collectively referred to herein as the “Notes”). These condensed parent company financial statements have been prepared in accordance with Rule 12-04, Schedule I of Regulation S-X, as the restricted net assets of Cinemark Holdings, Inc.’s subsidiaries under each of the debt agreements previously noted exceeds 25 percent of the consolidated net assets of Cinemark Holdings, Inc. As of December 31, 2017, the restricted net assets totaled approximately $1,140,026 and $1,171,387 under the senior secured credit facility and the Notes, respectively. See Note 10 to the Company’s consolidated financial statements included elsewhere in this annual report on Form 10-K.

2.

DIVIDEND PAYMENTS

Below is a summary of dividends declared for the fiscal periods indicated.

 

 

 

 

 

 

 

Amount per

 

 

Total

 

Date

 

Date of

 

Date

 

Common

 

 

Dividends

 

Declared

 

Record

 

Paid

 

Share (1)

 

 

(in millions) (2)

 

2/24/2016

 

3/7/2016

 

3/18/2016

 

$

0.27

 

 

$

31.5

 

5/26/2016

 

6/8/2016

 

6/22/2016

 

$

0.27

 

 

$

31.5

 

8/18/2016

 

8/31/2016

 

9/13/2016

 

$

0.27

 

 

$

31.5

 

11/16/2016

 

12/2/2016

 

12/16/2016

 

$

0.27

 

 

$

31.5

 

Total – Year ended December 31, 2016

 

 

$

126.0

 

2/23/2017

 

3/8/2017

 

3/20/2017

 

$

0.29

 

 

$

33.9

 

5/25/2017

 

6/8/2017

 

6/22/2017

 

$

0.29

 

 

$

33.9

 

8/10/2017

 

8/31/2017

 

9/13/2017

 

$

0.29

 

 

$

33.9

 

11/17/2017

 

12/1/2017

 

12/15/2017

 

$

0.29

 

 

$

33.9

 

Total – Year ended December 31, 2017

 

 

$

135.6

 

 

(1)

Beginning with the dividend declared on February 24, 2017, the Company’s board of directors raised the quarterly dividend to $0.29 per common share.

(2)

Of the dividends recorded during 2015, 2016 and 2017, $593, $554 and $558, respectively, were related to outstanding restricted stock units and will not be paid until such units vest. See Note 14.

3.

DIVIDENDS RECEIVED FROM SUBSIDIARIES

During the years ended December 31, 2015, 2016 and 2017, Cinemark Holdings, Inc. received cash dividends of $115,225, $124,900 and $134,500, respectively, from its subsidiary, Cinemark USA, Inc. Cinemark USA, Inc. also declared a noncash distribution to Cinemark Holdings, Inc. during the year ended December 31, 2015 of approximately $17,935.

4.

LONG-TERM DEBT

Cinemark Holdings, Inc. has no direct outstanding debt obligations, but its subsidiaries do. For a discussion of the debt obligations of Cinemark Holdings, Inc.’s subsidiaries, see Note 10 to the Company’s consolidated financial statements included elsewhere in this annual report on Form 10-K.

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