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SEC Filings

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

Financing Activities

Cash used for financing activities was $151.1 million, $152.6 million and $157.5 million during the years ended December 31, 2015, 2016 and 2017, respectively. Cash used for financing activities primarily consists of dividends paid to our stockholders (see Note 4 to the consolidated financial statements). Financing activities for the year ended December 31, 2016 also included the redemption of Cinemark USA, Inc.’s previously outstanding $200.0 million 7.375% Senior Subordinated Notes with proceeds from the issuance of a $225.0 million add-on to Cinemark USA, Inc.’s existing 4.875% Senior Notes.  See Note 10 to our consolidated financial statements.

We, at the discretion of the board of directors and subject to applicable law, anticipate paying regular quarterly dividends on our common stock. The amount, if any, of the dividends to be paid in the future will depend upon our then available cash, anticipated cash needs, overall financial condition, loan agreement restrictions as discussed below, future prospects for earnings and cash flows, as well as other relevant factors.  

We may from time to time, subject to compliance with our debt instruments, purchase our debt securities on the open market depending upon the availability and prices of such securities.  

Long-term debt consisted of the following as of December 31, 2016 and 2017 (in millions):

 

 

 

As of December 31,

 

 

 

2016

 

 

2017

 

Cinemark USA, Inc. term loan

 

$

663.8

 

 

$

659.5

 

Cinemark USA, Inc. 5.125% senior notes due 2022

 

 

400.0

 

 

 

400.0

 

Cinemark USA, Inc. 4.875% senior notes due 2023

 

 

755.0

 

 

 

755.0

 

Other

 

4.2

 

 

2.8

 

Total long-term debt

 

$

1,823.0

 

 

$

1,817.3

 

Less current portion

 

 

5.7

 

 

 

7.1

 

Subtotal long-term debt, less current portion

 

$

1,817.3

 

 

$

1,810.2

 

Less:  Debt discounts and debt issuance costs, net of accumulated amortization

 

 

34.9

 

 

 

29.8

 

Long-term debt, less current portion, net of debt issuance costs

 

$

1,782.4

 

 

$

1,780.4

 

 

As of December 31, 2017, we had $100.0 million in available borrowing capacity on our revolving credit line.

As of December 31, 2017, our long-term debt obligations, scheduled interest payments on long-term debt, future minimum lease obligations under non-cancelable operating and capital leases, scheduled interest payments under capital leases and other obligations for each period indicated are summarized as follows:

 

 

 

Payments Due by Period

 

 

 

(in millions)

 

 

 

 

 

 

 

Less Than

 

 

 

 

 

 

 

 

 

 

After

 

Contractual Obligations

 

Total

 

 

One Year

 

 

1 - 3 Years

 

 

3 - 5 Years

 

 

5 Years

 

Long-term debt (1)

 

$

1,817.3

 

 

$

7.1

 

 

$

12.8

 

 

$

1,042.4

 

 

$

755.0

 

Scheduled interest payments on long-term debt(2)

 

$

403.8

 

 

 

81.0

 

 

 

161.2

 

 

 

146.2

 

 

 

15.4

 

Operating lease obligations

 

$

1,747.5

 

 

 

253.8

 

 

 

448.9

 

 

 

369.3

 

 

 

675.5

 

Capital lease obligations

 

$

276.7

 

 

 

25.5

 

 

 

55.9

 

 

 

46.9

 

 

 

148.4

 

Scheduled interest payments on capital leases

 

$

99.1

 

 

 

17.3

 

 

 

28.0

 

 

 

20.1

 

 

 

33.7

 

Purchase and other commitments(3)

 

$

198.2

 

 

 

138.8

 

 

 

59.2

 

 

 

0.2

 

 

 

 

Current liability for uncertain tax positions(4)

 

$

11.9

 

 

 

11.9

 

 

 

 

 

 

 

 

 

 

Total obligations

 

$

4,554.5

 

 

$

535.4

 

 

$

766.0

 

 

$

1,625.1

 

 

$

1,628.0

 

 

(1)

Amounts are presented before adjusting for debt issuance costs.

(2)

Amounts include scheduled interest payments on fixed rate and variable rate debt agreements.  Estimates for the variable rate interest payments were based on interest rates in effect on December 31, 2017. The average interest rates in effect on our fixed rate and variable rate debt are 5.0% and 3.6%, respectively, as of December 31, 2017.

(3)

Includes estimated capital expenditures associated with the construction of new theatres to which we were committed as of December 31, 2017, obligations under employment agreements and contractual purchase commitments.

(4)

The contractual obligations table excludes the long-term portion of our liability for uncertain tax positions of $8.4 million because we cannot make a reliable estimate of the timing of the related cash payments.

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