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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 CONSOLIDATED FINANCIAL STATEMENTS

In thousands, except share and per share data

 

The Company’s long-lived asset impairment losses are summarized in the following table:

 

 

 

Year Ended

 

 

 

December 31,

 

 

 

2015

 

 

2016

 

 

2017

 

U.S. theatre properties

 

$

7,052

 

 

$

1,929

 

 

$

5,227

 

International theatre properties

 

 

757

 

 

 

907

 

 

 

9,857

 

Subtotal

 

 

7,809

 

 

 

2,836

 

 

 

15,084

 

Intangible assets (1)

 

 

992

 

 

 

 

 

 

 

Impairment of long-lived assets

 

$

8,801

 

 

$

2,836

 

 

$

15,084

 

 

(1)

Activity for 2015 was related to the impairment of a favorable lease for one theatre.  

The long-lived asset impairment charges recorded during each of the years presented are specific to theatres that were directly and individually impacted by increased competition, adverse changes in market demographics, or adverse changes in the development or the conditions of the areas surrounding the theatre. As of December 31, 2017, the estimated aggregate remaining fair value of the long-lived assets impaired during the year ended December 31, 2017 was approximately $8,953.

9.

DEFERRED CHARGES AND OTHER ASSETS — NET

As of December 31, deferred charges and other assets — net consisted of the following:

 

 

 

December 31,

 

 

 

2016

 

 

2017

 

Long-term prepaid rents

 

$

5,996

 

 

$

7,762

 

Construction and other deposits

 

 

10,881

 

 

 

12,167

 

Equipment to be placed in service

 

 

12,856

 

 

 

13,868

 

Other

 

 

7,822

 

 

 

5,970

 

Total

 

$

37,555

 

 

$

39,767

 

 

10.

LONG-TERM DEBT

As of December 31, long-term debt consisted of the following:

 

 

 

December 31,

 

 

 

2016

 

 

2017

 

Cinemark USA, Inc. term loan

 

$

663,799

 

 

$

659,517

 

Cinemark USA, Inc. 4.875% senior notes due 2023

 

 

755,000

 

 

 

755,000

 

Cinemark USA, Inc. 5.125% senior notes due 2022

 

 

400,000

 

 

 

400,000

 

Other (1)

 

 

4,167

 

 

 

2,778

 

Total long-term debt

 

 

1,822,966

 

 

 

1,817,295

 

Less current portion

 

 

5,671

 

 

 

7,099

 

Less debt issuance costs, net of accumulated amortization of $19,364 and $25,549, respectively

 

 

34,854

 

 

 

29,815

 

Long-term debt, less current portion

 

$

1,782,441

 

 

$

1,780,381

 

 

(1)

Primarily represents debt owed to NCM in relation to the recently-formed joint venture AC JV, LLC. See Note 6.

Senior Secured Credit Facility

Cinemark USA, Inc. has a senior secured credit facility that includes a seven year $700,000 term loan and a five year $100,000 revolving credit line (the “Credit Agreement”).

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