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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

 

Below is a summary of assets and liabilities measured at fair value on a recurring basis by the Company under FASB ASC Topic 820 as of December 31, 2012:

 

     Carrying
Value
    Fair Value  

Description

     Level 1      Level 2      Level 3  

Interest rate swap liabilities — current (see Note 13)

   $ (5,503   $ —         $ —         $ (5,503

Interest rate swap liabilities — long term (see Note 13)

   $ (8,689   $ —         $ —         $ (8,689

Investment in RealD (see Note 8)

   $ 13,707      $ 13,707       $ —         $ —     

Below is a reconciliation of the beginning and ending balance for liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3):

 

     Liabilities  
     2013     2012  

Beginning balances — January 1

   $ 14,192      $ 16,576   

Total loss included in accumulated other comprehensive loss

     803        11,403   

Total gain included in earnings

     —          (808

Settlements

     (5,819     (12,979
  

 

 

   

 

 

 

Ending balances — December 31

   $ 9,176      $ 14,192   
  

 

 

   

 

 

 

The Company also uses the income approach for fair value measurements on a nonrecurring basis in the impairment evaluations of its long-lived assets (see Note 9 and Note 10). Additionally, the Company uses the market approach to estimate the fair value of its long-term debt (see Note 12). There were no changes in valuation techniques during the period. There were no transfers in or out of Level 1, Level 2 or Level 3 during the years ended December 31, 2012 and 2013.

 

15. FOREIGN CURRENCY TRANSLATION

The accumulated other comprehensive loss account in stockholders’ equity of $37,698 and $81,819 at December 31, 2012 and 2013, respectively, includes the cumulative foreign currency losses of $31,330 and $78,947, respectively, from translating the financial statements of the Company’s international subsidiaries, the change in fair values of the Company’s interest rate swap agreements that are designated as hedges and the change in fair value of the Company’s available-for-sale securities.

All foreign countries where the Company has operations are non-highly inflationary and the local currency is the same as the functional currency in all of the locations. Thus, any fluctuation in the currency results in a cumulative foreign currency translation adjustment recorded to accumulated other comprehensive loss.

 

F-33