Quarterly report pursuant to Section 13 or 15(d)

Investment in National CineMedia (Tables)

v3.8.0.1
Investment in National CineMedia (Tables) - NCM
3 Months Ended
Mar. 31, 2018
Summary of Activity With Equity Investee Included in the Company's Condensed Consolidated Financial Statements

Below is a summary of activity with NCM included in the Company’s condensed consolidated financial statements:

 

 

 

 

 

 

 

 

 

 

 

Distributions

 

 

 

 

 

 

 

 

 

 

Interest

 

 

 

 

 

 

 

Investment

 

 

Deferred

 

 

from

 

 

Equity in

 

 

Other

 

 

Expense -

 

 

Cash

 

 

 

in NCM

 

 

Revenue

 

 

NCM

 

 

Earnings

 

 

Revenue

 

 

NCM (3)

 

 

Received

 

Balance as of January 1, 2018

 

$

200,550

 

 

$

(351,706

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Impact of adoption of ASC Topic 606 (1)

 

 

 

 

 

53,605

 

 

$

 

 

$

 

 

$

 

 

$

 

 

$

 

Receipt of common units due to annual common

   unit adjustment ("CUA")

 

 

5,012

 

 

 

(5,012

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues earned under ESA (2) (3)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(7,967

)

 

 

4,979

 

 

 

2,988

 

Receipt of excess cash distributions

 

 

(7,122

)

 

 

 

 

 

(6,358

)

 

 

 

 

 

 

 

 

 

 

 

13,480

 

Equity in earnings

 

 

4,015

 

 

 

 

 

 

 

 

 

(4,015

)

 

 

 

 

 

 

 

 

 

Amortization of deferred revenue

 

 

 

 

 

3,891

 

 

 

 

 

 

 

 

 

(3,891

)

 

 

 

 

 

 

Balance as of and for the three months ended March 31, 2018

 

$

202,455

 

 

$

(299,222

)

 

$

(6,358

)

 

$

(4,015

)

 

$

(11,858

)

 

$

4,979

 

 

$

16,468

 

 

(1)

As a result of adoption of ASC Topic 606, the Company determined that the deferred revenue associated with the ESA and Common Unit Adjustment agreement should be amortized on a straight-line basis versus the units of revenue method followed prior to adoption.  The Company recorded a reduction in the deferred revenue balance and a cumulative effect of a change in accounting principle in retained earnings (see also Note 6).  See Note 3 for further discussion of the impact of the adoption of ASC Topic 606.  

(2)

Amount includes the per patron and per digital screen theatre access fees due to the Company, net of amounts paid to NCM for on-screen advertising time provided to the Company’s beverage concessionaire of approximately $2,961.

(3)  

Reflects impact of significant financing component related to amounts received in advance under the ESA and CUA agreements.  See Note 3.  

Summary Financial Information

Below is summary financial information for NCM for the periods indicated:

 

 

 

Three Months Ended

 

 

Three Months Ended

 

 

 

March 29, 2018

 

 

March 30, 2017

 

Gross revenues

 

$

80,200

 

 

$

71,900

 

Operating income

 

$

11,000

 

 

$

5,100

 

Net income (loss)

 

$

(3,000

)

 

$

(7,900

)

 

 

 

As of

 

 

As of

 

 

 

March 29, 2018

 

 

December 28, 2017

 

Current assets

 

$

127,500

 

 

$

174,400

 

Noncurrent assets

 

$

765,400

 

 

$

758,300

 

Current liabilities

 

$

64,500

 

 

$

123,300

 

Noncurrent liabilities

 

$

948,100

 

 

$

925,400

 

Members deficit

 

$

(119,700

)

 

$

(116,000

)