Annual report pursuant to Section 13 and 15(d)

INVESTMENT IN NATIONAL CINEMEDIA LLC (Tables)

v2.4.1.9
INVESTMENT IN NATIONAL CINEMEDIA LLC (Tables) (NCM)
12 Months Ended
Dec. 31, 2014
NCM
 
Summary of Common Units Recieved Under Common Unit Adjustment Agreement

Below is a summary of common units received by the Company under the Common Unit Adjustment Agreement during the years ended December 31, 2012, 2013 and 2014:

 

Event

  

Date
Common

Units
Received

    

Number of

Common

Units
Received

    

Fair Value of

Common

Units
Received

 

2012 Annual common unit adjustment

     03/29/12         598,724       $ 9,137   

2013 Annual common unit adjustment

     03/28/13         588,024       $ 8,869   

2013 Extraordinary common unit adjustment (as result of Rave Acquisition – see Note 5)

     05/29/13         5,315,837       $ 89,928   

2014 Annual common unit adjustment

     03/27/14         557,631       $ 8,216   
Summary of Activity with Included in Company's Consolidated Financial Statements

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

 

    Investment
in NCM
    Deferred
Revenue
    Distributions
from NCM
    Equity in
Earnings
    Other
Revenue
    Other
Comprehensive
Income
    Cash
Received
 

Balance as of January 1, 2012

  $ 72,040      $ (236,310          

Receipt of common units due to annual common unit adjustment

    9,137        (9,137   $ —        $ —        $ —        $ —        $ —     

Revenues earned under ESA (1)

    —          —          —          —          (7,112     —        $ 7,112   

Receipt of excess cash distributions

    (6,503     —          (17,889     —          —          —        $ 24,392   

Receipt under tax receivable agreement

    (967     —          (2,923     —          —          —        $ 3,890   

Equity in earnings

    4,416        —          —          (4,416     —          —          —     

Amortization of deferred revenue

    —          4,142        —          —          (4,142     —          —     
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Balance as of and for the period ended December 31, 2012

  $ 78,123      $ (241,305   $ (20,812   $ (4,416   $ (11,254   $ —        $ 35,394   
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Receipt of common units due to annual common unit adjustment

    8,869        (8,869   $ —        $ —        $ —        $ —        $ —     

Receipt of common units due to extraordinary common unit adjustment

    89,928        (89,928     —          —          —          —          —     

Revenues earned under ESA (1)

    —          —              (7,960     —          7,960   

Receipt of excess cash distributions

    (13,166     —          (19,374     —          —          —          32,540   

Receipt under tax receivable agreement

    (492     —          (1,327     —          —          —          1,819   

Equity in earnings (2)

    13,753        —          —          (11,578     —          —          —     

Equity in other comprehensive income

    1,838        —          —          —          —          (1,838     —     

Amortization of deferred revenue

    —          5,673        —          —          (5,673     —          —     
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Balance as of and for the period ended December 31, 2013

  $ 178,853      $ (334,429   $ (20,701   $ (11,578   $ (13,633   $ (1,838   $ 42,319   
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Receipt of common units due to annual common unit adjustment

    8,216        (8,216   $ —        $ —        $ —        $ —        $ —     

Revenues earned under ESA (1)

    —          —          —          —          (9,249     —          9,249   

Receipt of excess cash distributions

    (12,574     —          (14,778     —          —          —          27,352   

Receipt under tax receivable agreement

    (2,594     —          (3,763     —          —          —          6,357   

Equity in earnings

    6,142        —          —          (6,142     —          —          —     

Equity in other comprehensive income

    896        —          —          —          —          (896     —     

Amortization of deferred revenue

    —          7,426        —          —          (7,426     —          —     
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Balance as of and for the period ended December 31, 2014

  $ 178,939      $ (335,219   $ (18,541   $ (6,142   $ (16,675   $ (896 )   $ 42,958   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

(1) 

Amounts include the per patron and per digital screen theatre access fees due to the Company, net of amounts due to NCM for on-screen advertising time provided to the Company’s beverage concessionaire. The amounts due to NCM for on-screen advertising time provided to the Company’s beverage concessionaire were approximately $11,063, $11,958 and $11,489 for the years ended December 31, 2012, 2013 and 2014, respectively.

(2) 

A portion of the equity in earnings recorded for the year ended December 31, 2013 was recorded as a reduction in our investment basis in a joint venture (AC JV, LLC) that the Company, along with Regal and AMC, recently formed with NCM. See Note 7.