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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

 

Deferred Income Taxes

The tax effects of significant temporary differences and tax loss and tax credit carryforwards comprising the net long-term deferred income tax liabilities as of December 31, 2012 and 2013 consisted of the following:

 

     December 31,  
     2012      2013  

Deferred liabilities:

     

Theatre properties and equipment

   $ 96,733       $ 126,794   

Deferred intercompany sales

     14,551         12,398   

Intangible asset — other

     23,944         25,761   

Intangible asset — tradenames

     115,939         122,129   

Investment in partnerships

     113,199         113,038   
  

 

 

    

 

 

 

Total deferred liabilities

     364,366         400,120   
  

 

 

    

 

 

 

Deferred assets:

     

Deferred lease expenses

     27,255         27,811   

Theatre properties and equipment

     5,884         —     

Deferred revenue—NCM and Fandango

     90,972         124,408   

Capital lease obligations

     54,551         79,064   

Interest rate swap agreements

     3,825         3,183   

Tax loss carryforwards

     7,700         7,653   

Alternative minimum tax and other credit carryforwards

     6,405         20,725   

Other expenses, not currently deductible for tax purposes

     30,724         33,307   
  

 

 

    

 

 

 

Total deferred assets

     227,316         296,151   
  

 

 

    

 

 

 

Net deferred income tax liability before valuation allowance

     137,050         103,969   

Valuation allowance against deferred assets

     13,326         25,711   
  

 

 

    

 

 

 

Net deferred income tax liability

   $ 150,376       $ 129,680   
  

 

 

    

 

 

 

Net deferred tax liability — Foreign

   $ 2,488       $ 21,729   

Net deferred tax liability — U.S.

     147,888         107,951   
  

 

 

    

 

 

 

Total

   $ 150,376       $ 129,680   
  

 

 

    

 

 

 

The Company’s foreign tax credit carryforwards begin expiring in 2015. Some foreign net operating losses will expire in the next reporting period; however, some losses may be carried forward indefinitely. State net operating losses may be carried forward for periods of between five and twenty years with the last expiring year being 2029.

 

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