Quarterly report pursuant to Section 13 or 15(d)

Impairment of Long-Lived Assets

v3.21.2
Impairment of Long-Lived Assets
6 Months Ended
Jun. 30, 2021
Impairment Or Disposal Of Tangible Assets Disclosure [Abstract]  
Impairment of Long-Lived Assets

13.

Impairment of Long-Lived Assets

The Company performed a qualitative impairment analysis on its long-lived assets as of March 31, 2021 and June 30, 2021.  The Company’s qualitative analyses considered economic and market conditions, industry trading multiples and the impact of recent industry developments and events on the estimated fair values as determined during its most recent quantitative assessments performed as of December 31, 2020.  The Company’s consideration of economic and market conditions included the status of the COVID-10 pandemic and its impact on the Company’s recovery as well as future film release schedules.  As a result of the qualitative assessment, no impairment of long-lived assets was recorded during the three and six months ended June 30, 2021.  The Company will continue to evaluate actual theatre performance, economic and market conditions, industry trading multiples and industry projections during the remainder of 2021 for potential impairment exposure.  

The following table is a summary of the impairment recorded as a result of the evaluations performed during the six months ended June 30, 2020:

 

 

Six Months Ended

 

 

 

June 30,

 

 

 

2020

 

U.S. Segment

 

 

 

 

Theatre properties

 

$

3,643

 

Theatre operating lease right-of-use assets

 

 

5,952

 

U.S. total

 

 

9,595

 

 

 

 

 

 

International segment

 

 

 

 

Theatre properties

 

 

4,484

 

Theatre operating lease right-of-use assets

 

 

2,540

 

International total

 

 

7,024

 

 

 

 

 

 

Total Impairment

 

$

16,619