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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

 

Current and deferred income taxes were as follows:

 

     Year Ended December 31,  
     2011     2012     2013  

Current:

      

Federal

   $ 17,070      $ 55,399      $ 97,467   

Foreign

     26,830        53,964        42,690   

State

     7,099        8,494        10,951   
  

 

 

   

 

 

   

 

 

 

Total current expense

     50,999        117,857        151,108   
  

 

 

   

 

 

   

 

 

 

Deferred:

      

Federal

     22,100        12,096        (30,833

Foreign

     (2,332     (6,007     2,653   

State

     2,283        1,452        (9,612
  

 

 

   

 

 

   

 

 

 

Total deferred taxes

     22,051        7,541        (37,792
  

 

 

   

 

 

   

 

 

 

Income taxes

   $ 73,050      $ 125,398      $ 113,316   
  

 

 

   

 

 

   

 

 

 

A reconciliation between income tax expense and taxes computed by applying the applicable statutory federal income tax rate to income before income taxes follows:

 

     Year Ended December 31,  
     2011     2012     2013  

Computed normal tax expense

   $ 71,972      $ 103,886      $ 92,353   

Foreign inflation adjustments

     (1,587     (33     67   

State and local income taxes, net of federal income tax impact

     7,310        7,456        789   

Foreign losses not benefited and other changes in valuation allowance

     (676     (711     (2,052

Foreign tax rate differential

     (3,321     (1,545     (336

Foreign dividends

     4,173        10,576        3,294   

Sale of Mexican subsidiaries

                   21,406   

Changes in uncertain tax positions

     396        13,729        (2,024

Other — net

     (5,217     (7,960     (181
  

 

 

   

 

 

   

 

 

 

Income taxes

   $ 73,050      $ 125,398      $ 113,316   
  

 

 

   

 

 

   

 

 

 

The Company reinvests the undistributed earnings of its foreign subsidiaries, with the exception of its subsidiaries in Ecuador and Mexico. Accordingly, deferred U.S. federal and state income taxes are provided only on the undistributed earnings of the Company’s subsidiaries in Ecuador and Mexico. As of December 31, 2013, the cumulative amount of undistributed earnings of the foreign subsidiaries on which the Company has not recognized income taxes was approximately $299,000. Determination of the amount of any unrecognized deferred income tax liability on this temporary difference is not practicable because of the complexities of the hypothetical calculation.

 

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