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SEC Filings

10-K
CINEMARK HOLDINGS, INC. filed this Form 10-K on 02/28/2014
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Table of Contents

CINEMARK HOLDINGS, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

In thousands, except share and per share data

 

     December 31,
2012
    Acquisitions  (2)      Amortization     Dispositions  (3)     Other (1)     December 31,
2013
 

Intangible assets with finite lives:

             

Gross carrying amount

   $ 71,921      $ 44,487       $ —        $ (8,862   $ (5,929   $ 101,617   

Accumulated amortization

     (51,354     —           (5,995     8,219        2,833        (46,297
  

 

 

   

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Total net intangible assets with finite lives

   $ 20,567      $ 44,487       $ (5,995   $ (643   $ (3,096   $ 55,320   

Intangible assets with indefinite lives:

             

Tradename

     310,174        —           —          (8,711     (639     300,824   
  

 

 

   

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Total intangible assets — net

   $ 330,741      $ 44,487       $ (5,995   $ (9,354   $ (3,735   $ 356,144   
  

 

 

   

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

 

(1) 

Activity for 2012 consists of the write off of favorable leases for theatres that were closed and foreign currency translation adjustments. Activity for 2013 consists of the impairment of $708 for a favorable lease related to one U.S. theatre and foreign currency translation adjustments.

(2) 

See Note 5.

(3) 

Reflects disposition of three Rave theatres and the Company’s Mexico theatres (see Note 5).

Estimated aggregate future amortization expense for intangible assets is as follows:

 

For the year ended December 31, 2014

   $ 6,226   

For the year ended December 31, 2015

     5,988   

For the year ended December 31, 2016

     5,876   

For the year ended December 31, 2017

     5,319   

For the year ended December 31, 2018

     5,225   

Thereafter

     26,686   
  

 

 

 

Total

   $ 55,320   
  

 

 

 

 

10. IMPAIRMENT OF LONG-LIVED ASSETS

The Company reviews long-lived assets for impairment indicators on a quarterly basis or whenever events or changes in circumstances indicate the carrying amount of the assets may not be fully recoverable. See Note 1 for discussion of the Company’s impairment evaluation.

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

 

     Year Ended December 31,  
     2011      2012      2013  

United States theatre properties

   $ 3,635       $ 2,693       $ 1,911   

International theatre properties

     3,398         338         1,175   
  

 

 

    

 

 

    

 

 

 

Subtotal

   $ 7,033       $ 3,031       $ 3,086   

Intangible assets (see Note 9)

     —           —           708   
  

 

 

    

 

 

    

 

 

 

Impairment of long-lived assets

   $ 7,033       $ 3,031       $ 3,794   
  

 

 

    

 

 

    

 

 

 

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,

 

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