Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Operating activities      
Net income (loss) $ (617,948) [1] $ 193,848 $ 215,305
Adjustments to reconcile net income (loss) to cash provided by (used for) operating activities:      
Depreciation 254,987 256,118 257,826
Amortization of intangible and other assets and favorable/unfavorable leases 4,789 5,037 3,336
Amortization of long-term prepaid rents     2,382
Amortization of debt issue costs 7,332 5,311 5,561
Non-cash interest accretion on convertible notes 5,714    
Interest accrued on NCM screen advertising advances (23,595)    
Amortization of accumulated losses for amended swap agreements 3,371    
Impairment of long-lived and other assets 152,706 57,001 32,372
Share based awards compensation expense 19,404 14,615 14,336
(Gain) loss on disposal of assets and other (8,923) 12,008 38,702
Loss on debt amendments and refinancing     1,484
Non-cash rent expense 2,357 (4,360)  
Deferred lease expenses     (1,320)
Reclassification of cumulative translation adjustments     518
Equity in (income) loss of affiliates 38,745 (41,870) (39,242)
Deferred income tax expenses (38,900) (1,843) 23,187
Cash distributions recorded as reduction of equity investment 25,430 53,366 30,143
Non-cash distributions from equity investees (12,915)    
Changes in other assets and liabilities:      
Inventories 9,093 (2,367) (1,813)
Accounts receivable 58,457 11,326 (4,584)
Income tax receivable (161,069) (794) 8,442
Prepaid expenses and other 2,787 (24,013) 1,419
Deferred charges and other assets, net 9,904 (8,495) (6,303)
Accounts payable and accrued expenses (97,273) 36,106 (11,408)
Income tax payable 2,289 (6,984) 6,670
Liabilities for uncertain tax positions 4,931 341 (10,066)
Other long-term liabilities 12,718 21,309 11,674
Net cash provided by (used for) operating activities (330,098) 561,995 556,915
Investing activities      
Additions to theatre properties and equipment and other (83,930) (303,627) (346,073)
Proceeds from sale of assets and other 614 3,155 3,920
Acquisitions of theatres in the U.S. and international markets, net of cash acquired   (10,170) (11,289)
Investment in joint ventures and other, net (50)   (19,535)
Net cash used for investing activities (83,366) (310,642) (451,370)
Financing activities      
Dividends paid to stockholders (42,311) (159,281) (149,492)
Payroll taxes paid as a result of restricted stock withholdings (5,437) (2,308) (2,905)
Proceeds from convertible notes issued 460,000    
Proceeds from other borrowings 272,322    
Repayments of long-term debt (6,691) (7,984) (7,984)
Payment of debt issue costs (24,981)   (5,218)
Proceeds from warrants issued 89,424    
Fees paid related to debt amendments     (704)
Payments on finance leases (15,432) (14,600) (25,353)
Other (392) (2,333) (992)
Net cash provided by (used for) financing activities 584,408 (186,506) (192,648)
Effect of exchange rate changes on cash and cash equivalents (3,919) (2,756) (9,222)
Increase (decrease) in cash and cash equivalents 167,025 62,091 (96,325)
Cash and cash equivalents:      
Beginning of period 488,313 426,222 522,547
End of period 655,338 488,313 426,222
Convertible Notes      
Financing activities      
Purchase of convertible note hedges (142,094)    
NCM      
Adjustments to reconcile net income (loss) to cash provided by (used for) operating activities:      
Interest accrued on NCM screen advertising advances 23,595    
Amortization of NCM screen advertising advances and other deferred revenues (31,679) $ (13,665) (21,706)
Impairment of long-lived and other assets $ 92,655    
Investing activities      
Acquisition of NCM common units     $ (78,393)
[1] Quarterly results during the year ended December 31, 2020 were impacted by the COVID-19 pandemic (see Note 3) as well as impairment recorded (see Notes 1 and 11).