Annual report pursuant to Section 13 and 15(d)

GOODWILL AND OTHER INTANGIBLE ASSETS - NET (Tables)

v3.20.4
GOODWILL AND OTHER INTANGIBLE ASSETS - NET (Tables)
12 Months Ended
Dec. 31, 2020
Goodwill And Intangible Assets Disclosure [Abstract]  
Summary of Goodwill

The Company’s goodwill was as follows:

 

 

 

U.S.

Operating

Segment

 

 

International

Operating

Segment

 

 

Total

 

Balance at December 31, 2018 (1)

 

$

1,174,041

 

 

$

102,283

 

 

$

1,276,324

 

Acquisition of theatres (2)

 

 

8,812

 

 

 

868

 

 

 

9,680

 

Foreign currency translation adjustments

 

 

 

 

 

(2,633

)

 

 

(2,633

)

Balance at December 31, 2019 (1)

 

$

1,182,853

 

 

$

100,518

 

 

$

1,283,371

 

Impairment (3)

 

 

 

 

 

(16,128

)

 

 

(16,128

)

Foreign currency translation adjustments

 

 

 

 

 

(13,403

)

 

 

(13,403

)

Balance at December 31, 2020 (4)

 

$

1,182,853

 

 

$

70,987

 

 

$

1,253,840

 

 

(1)

Balances are presented net of historical accumulated impairment losses of $214,031 for the U.S. operating segment and $27,622 for the international operating segment.   

(2)

Amounts represent acquisition of two theatres in the U.S. and final purchase price adjustment for theatres acquired in Brazil during the year ended December 31, 2018.

(3)

See Note 11 for discussion of impairment evaluations performed during the year ended December 31, 2020.   

(4)

Balances are presented net of historical accumulated impairment losses of $214,031 for the U.S. operating segment and $43,750 for the international operating segment

Intangible Assets-Net

As of December 31, intangible assets, net consisted of the following:

 

 

 

Balance at January 1, 2019

 

 

Additions (1)

 

 

Impact of ASC Topic 842 (3)

 

 

Amortization

 

 

Other

 

 

Balance at December 31, 2019

 

Intangible assets with finite lives:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross carrying amount

 

$

105,256

 

 

$

(143

)

 

$

(18,024

)

 

$

 

 

$

(2,136

)

 

$

84,953

 

Accumulated amortization

 

 

(74,603

)

 

 

 

 

 

13,597

 

 

 

(4,994

)

 

 

2,130

 

 

 

(63,870

)

Total net intangible assets with finite lives

 

$

30,653

 

 

$

(143

)

 

$

(4,427

)

 

$

(4,994

)

 

$

(6

)

 

$

21,083

 

Intangible assets with indefinite lives:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tradename and other

 

 

300,257

 

 

 

492

 

 

 

 

 

 

 

 

 

(63

)

 

 

300,686

 

Total intangible assets — net

 

$

330,910

 

 

$

349

 

 

$

(4,427

)

 

$

(4,994

)

 

$

(69

)

 

$

321,769

 

 

 

 

 

Balance at January 1, 2020

 

 

Amortization

 

 

Other (2)

 

 

Balance at December 31, 2020

 

Intangible assets with finite lives:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross carrying amount

 

$

84,953

 

 

$

 

 

$

(2,521

)

 

$

82,432

 

Accumulated amortization

 

 

(63,870

)

 

 

(4,746

)

 

 

200

 

 

 

(68,416

)

Total net intangible assets with finite lives

 

$

21,083

 

 

$

(4,746

)

 

$

(2,321

)

 

$

14,016

 

Intangible assets with indefinite lives:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tradename and other

 

 

300,686

 

 

 

 

 

 

(507

)

 

 

300,179

 

Total intangible assets — net

 

$

321,769

 

 

$

(4,746

)

 

$

(2,828

)

 

$

314,195

 

 

(1)

Amount represents intangible assets recorded as a result of two theatres acquired in the U.S. and final purchase price adjustment for theatres acquired in Brazil during the year ended December 31, 2018.  

(2)

Includes the write-off of fully amortized intangible assets, foreign currency translation adjustments and impairment recorded related to a previously acquired theatre leasehold interest in Brazil. See Note 11 for discussion of impairment evaluations performed during the year ended December 31, 2020.   

(3)

Amount represents intangible assets reclassified to operating lease right of use assets and finance lease assets upon the adoption of ASC 842 effective January 1, 2019.  

Estimated Aggregate Future Amortization Expense for Intangible Assets

Estimated aggregate future amortization expense for intangible assets is as follows:

 

For the year ended December 31, 2021

 

$

2,686

 

For the year ended December 31, 2022

 

 

2,553

 

For the year ended December 31, 2023

 

 

2,460

 

For the year ended December 31, 2024

 

 

2,460

 

For the year ended December 31, 2025

 

 

2,342

 

Thereafter

 

 

1,515

 

Total

 

$

14,016