Print Page  |  Close Window

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

 

15.

SUPPLEMENTAL CASH FLOW INFORMATION

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

 

 

 

Year Ended December 31,

 

 

 

2015

 

 

2016

 

 

2017

 

Cash paid for interest

 

$

105,155

 

 

$

108,101

 

 

$

99,232

 

Cash paid for income taxes, net of refunds received

 

$

108,435

 

 

$

93,368

 

 

$

95,043

 

Noncash investing and financing activities:

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

2,491

 

 

$

(29,471

)

 

$

9,349

 

Theatre properties and equipment acquired under capital lease

 

$

36,544

 

 

$

33,282

 

 

$

46,727

 

Investment in NCM - receipt of common units (see Note 5)

 

$

15,421

 

 

$

11,111

 

 

$

18,363

 

Dividends accrued on unvested restricted stock unit awards

 

$

(593

)

 

$

(554

)

 

$

(558

)

Receipt of promissory note related to sale of investment in a Taiwan joint venture

 

$

2,304

 

 

$

 

 

$

 

 

(1)

Additions to theatre properties and equipment included in accounts payable as of December 31, 2016 and 2017 were $40,625 and $31,276, respectively.

16.

INCOME TAXES

On December 22, 2017, the President signed the Tax Cuts and Jobs Act (the “Tax Act”). The Tax Act, among other things, lowered the U.S. corporate income tax rate from 35% to 21% effective January 1, 2018.    

The Company recorded a net one-time benefit of $44,889, all non-cash, related to enactment of the Tax Act, including a re-measurement of deferred tax liabilities using the lower U.S. corporate income tax rate, a reassessment of permanently reinvested earnings, a deemed repatriation tax, and a reduction in a deferred tax asset with regard to foreign tax credit carryforwards.

The adjustments to deferred tax assets and liabilities and the liability related to the transition tax are provisional amounts based on information available as of December 31, 2017. These amounts may change due to, among other things, further refinement of the Company’s calculations, changes in interpretations and assumptions that the Company has made, and additional guidance that may be issued by the U.S. government. The Company will complete its analysis over a one-year measurement period ending December 22, 2018, and any adjustments during this measurement period will be included in net income from continuing operations as an adjustment to income tax expense in the reporting period when such adjustments are determined.

The Company’s provision for federal and foreign income tax expense for continuing operations consisted of the following:

 

 

 

Year Ended December 31,

 

 

 

2015

 

 

2016

 

 

2017

 

Income before income taxes:

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

$

259,652

 

 

$

274,756

 

 

$

280,535

 

Foreign

 

 

88,015

 

 

 

85,890

 

 

 

64,842

 

Total

 

$

347,667

 

 

$

360,646

 

 

$

345,377

 

 

F-34