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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

 

17. NONCONTROLLING INTERESTS IN SUBSIDIARIES

Noncontrolling interests in subsidiaries of the Company were as follows at December 31:

 

     December 31,  
     2012      2013  

Cinemark Partners II — 37.2% interest (in one theatre)

   $ 7,701       $ 7,467   

Laredo Theatres — 25% interest (in two theatres)

     913         520   

Greeley Ltd. — 49.0% interest (in one theatre)

     622         555   

Others

     1,683         453   
  

 

 

    

 

 

 

Total

   $ 10,919       $ 8,995   
  

 

 

    

 

 

 

During May 2011, the Company purchased its Chilean partners’ 2.6% share of Cinemark Chile S.A. (“Cinemark Chile”) for approximately $1,443 in cash. The increase in the Company’s ownership interest in its Chilean subsidiary was accounted for as an equity transaction in accordance with ASC Topic 810-10-45-23. The Company recorded a decrease in additional paid-in-capital of approximately $1,402, which represented the difference between the cash paid and the book value of the Chilean partners’ noncontrolling interest account of approximately $917, plus the Chilean partners’ share of accumulated other comprehensive loss of approximately $485. As a result of this transaction, the Company owns 100% of the shares in Cinemark Chile.

During August 2013, the Company purchased the 49.9% noncontrolling interest share of one of its Brazilian subsidiaries, Adamark Cinemas S.A. (“Adamark”), for approximately $5,621 in cash. Adamark owns two of the Company’s Brazilian theatres. The increase in the Company’s ownership interest in the Brazilian subsidiary was accounted for as an equity transaction in accordance with ASC Topic 810-10-45-23. The Company recorded a decrease in additional paid-in-capital of approximately $4,618, which represented the difference between the cash paid and the book value of the Brazilian subsidiary’s noncontrolling interest account. As a result of this transaction, the Company owns 100% of the shares in Adamark.

Below is a summary of the impact of changes in the Company’s ownership interest in its subsidiaries on its equity:

 

     Year ended December 31,  
     2011     2012      2013  

Net income attributable to Cinemark Holdings, Inc.

   $ 130,557      $ 168,949       $ 148,470   
  

 

 

   

 

 

    

 

 

 

Transfers from noncontrolling interests

       

Decrease in Cinemark Holdings, Inc. additional paid-in-capital for the buyout of Chile noncontrolling interests

     (1,402     —           —     

Decrease in Cinemark Holdings, Inc. additional paid-in-capital for the buyout of Adamark non-controlling interest

     —          —           (4,618
  

 

 

   

 

 

    

 

 

 

Net transfers from non-controlling interests

     (1,402     —           (4,618
  

 

 

   

 

 

    

 

 

 

Change from net income attributable to Cinemark Holdings, Inc. and transfers from noncontrolling interests

   $ 129,155      $ 168,949       $ 143,852   
  

 

 

   

 

 

    

 

 

 

 

18. CAPITAL STOCK

Common Stock — Common stockholders are entitled to vote on all matters submitted to a vote of the Company’s stockholders. Subject to the rights of holders of any then outstanding shares of the Company’s

 

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