Long-Term Debt (Tables)
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12 Months Ended |
Dec. 31, 2020 |
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| Debt Disclosure [Abstract] |
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| Components of Long-Term Debt |
As of December 31, long-term debt consisted of the following:
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December 31,
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2019
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2020
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Cinemark USA, Inc. term loan due 2025
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$
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646,327
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$
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639,731
|
|
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Cinemark USA, Inc. 5.125% senior notes due 2022
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|
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400,000
|
|
|
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400,000
|
|
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Cinemark USA, Inc. 4.875% senior notes due 2023
|
|
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755,000
|
|
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755,000
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Cinemark USA, Inc. 8.750% senior secured notes due 2025
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|
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—
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|
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250,000
|
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Cinemark Holdings, Inc. 4.500% convertible senior notes due 2025
|
|
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—
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460,000
|
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Other
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—
|
|
|
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23,169
|
|
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Total long-term debt
|
|
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1,801,327
|
|
|
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2,527,900
|
|
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Less current portion
|
|
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6,595
|
|
|
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18,056
|
|
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Less: Debt discounts and debt issuance costs, net of accumulated amortization
|
|
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23,390
|
|
|
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132,682
|
|
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Long-term debt, less current portion, net of debt discounts and unamortized debt issuance costs
|
|
$
|
1,771,342
|
|
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$
|
2,377,162
|
|
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| Summary of Borrowings of International Subsidiaries |
During the year ended December 31, 2020, certain of the Company’s international subsidiaries borrowed an aggregate of USD $22,322 under various local loans. Below is a summary of these loans:
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Loan Amounts
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|
|
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Loan Description(s)
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(in USD)
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Interest Rates
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Applicable Covenants
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Maturity
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Colombia (3 loans)
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$
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4,437
|
|
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3.25% to 5.85% plus variable
|
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Negative and ratio covenants
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May 2023
September 2025
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Peru loan
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|
$
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2,913
|
|
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1.5%
|
|
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Negative covenants
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September 2023
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Brazil (3 loans)
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$
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8,986
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1.59% to 8.08%
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Negative covenants
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November 2021
October 2023
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Chile loan
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$
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5,986
|
|
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0.29%
|
|
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Negative covenants
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November 2023
|
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| Maturities of Long-Term Debt, Excluding Unamortized Debt Issuance Costs |
The Company’s long-term debt, excluding unamortized debt issuance costs, at December 31, 2020 matures as follows:
|
2021
|
|
$
|
18,056
|
|
|
2022
|
|
|
413,068
|
|
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2023
|
|
|
766,347
|
|
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2024
|
|
|
6,886
|
|
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2025
|
|
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1,323,543
|
|
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Thereafter
|
|
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—
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|
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Total
|
|
$
|
2,527,900
|
|
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| Summary of Company's Interest Rate Swap Agreements Designated as Cash Flow Hedges |
Below is a summary of the Company’s interest rate swap agreements designated as cash flow hedges as of December 31, 2020:
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Estimated
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Fair Value at
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Notional
|
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December 31,
|
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Amount
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Effective Date
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Pay Rate
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Receive Rate
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Expiration Date
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2020 (1)
|
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$
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137,500
|
|
|
December 31, 2018
|
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2.12%
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1-Month LIBOR
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|
December 31, 2024
|
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$
|
9,905
|
|
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$
|
175,000
|
|
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December 31, 2018
|
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2.12%
|
|
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1-Month LIBOR
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|
December 31, 2024
|
|
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12,721
|
|
|
$
|
137,500
|
|
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December 31, 2018
|
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2.19%
|
|
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1-Month LIBOR
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|
December 31, 2024
|
|
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10,416
|
|
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$
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150,000
|
|
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March 31, 2020
|
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0.57%
|
|
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1-Month LIBOR
|
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March 31, 2022
|
|
|
805
|
|
|
|
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|
|
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|
|
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Total
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$
|
33,847
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|
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(1)
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Approximately $9,516 is included in accrued other current liabilities and $24,331 is included in other long-term liabilities on the consolidated balance sheet as of December 31, 2020.
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