Annual report pursuant to Section 13 and 15(d)

INVESTMENT IN NATIONAL CINEMEDIA LLC (Tables)

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INVESTMENT IN NATIONAL CINEMEDIA LLC (Tables) - NCM
12 Months Ended
Dec. 31, 2015
Summary of Common Units Received 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, 2013, 2014 and 2015:

 

Event

  

Date
Common
Units
Received

    

Number of
Common
Units
Received

    

Fair Value of
Common
Units
Received

 

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   

2015 Annual common unit adjustment

     03/31/15         1,074,910       $ 15,421   
Summary of Activity with Equity Investee included in the 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) Loss
    Cash
Received
 

Balance as of January 1, 2013

  $ 78,123      $ (241,305          

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   
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Receipt of common units due to annual common unit adjustment

    15,421        (15,421   $ —        $ —        $ —        $ —        $ —     

Revenues earned under ESA (1)

    —          —          —          —          (11,330     —          11,330   

Receipt of excess cash distributions

    (14,072     —          (15,396     —          —          —          29,468   

Receipt under tax receivable agreement

    (2,308     —          (2,744     —          —          —          5,052   

Equity in earnings

    8,510        —          —          (8,510     —          —          —     

Equity in other comprehensive loss

    (2,735     —          —          —          —          2,735        —     

Amortization of deferred revenue

    —          8,506        —          —          (8,506     —          —     
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Balance as of and for the period ended December 31, 2015

  $ 183,755      $ (342,134   $ (18,140   $ (8,510   $ (19,836   $ 2,735      $ 45,850   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

(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 $11,958, $11,489 and $9,819 for the years ended December 31, 2013, 2014 and 2015, 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.