OTHER INVESTMENTS (Tables)
|
12 Months Ended |
Dec. 31, 2015 |
Other Investments |
The Company had
the following other investments at December 31:
|
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|
|
|
|
|
|
|
|
|
2014 |
|
|
2015 |
|
Digital Cinema
Implementation Partners (“DCIP”), equity method
investment
|
|
$ |
51,277 |
|
|
$ |
71,579 |
|
RealD, Inc.
(“RealD”), investment in marketable security
|
|
|
14,429 |
|
|
|
12,900 |
|
AC JV, LLC, equity method
investment
|
|
|
7,899 |
|
|
|
7,269 |
|
Digital Cinema Distribution
Coalition (“DCDC”), equity method investment
|
|
|
2,438 |
|
|
|
2,562 |
|
Other
|
|
|
1,615 |
|
|
|
663 |
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
77,658 |
|
|
$ |
94,973 |
|
|
|
|
|
|
|
|
|
|
|
Summary of Activity of Investments |
Below is a
summary of activity for each of the investments for the years ended
December 31, 2013, 2014 and 2015:
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
DCIP |
|
|
RealD |
|
|
AC JV,
LLC |
|
|
DCDC |
|
|
Other |
|
|
Total |
|
Balance at January 1,
2013
|
|
$ |
23,012 |
|
|
$ |
13,707 |
|
|
$ |
— |
|
|
$ |
5 |
|
|
$ |
1,477 |
|
|
$ |
38,201 |
|
Cash
contributions
|
|
|
3,232 |
|
|
|
— |
|
|
|
268 |
|
|
|
2,721 |
|
|
|
— |
|
|
|
6,221 |
|
Issuance of promissory note
to NCM
|
|
|
— |
|
|
|
— |
|
|
|
8,333 |
|
|
|
— |
|
|
|
— |
|
|
|
8,333 |
|
Equity in income
(loss)
|
|
|
11,241 |
|
|
|
— |
|
|
|
— |
|
|
|
(137 |
) |
|
|
— |
|
|
|
11,104 |
|
Equity in other
comprehensive income
|
|
|
548 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
548 |
|
Adjustment for gain
recognized by NCM
|
|
|
— |
|
|
|
— |
|
|
|
(2,175 |
) |
|
|
— |
|
|
|
— |
|
|
|
(2,175 |
) |
Unrealized holding
loss
|
|
|
— |
|
|
|
(3,264 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(3,264 |
) |
Other
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
689 |
|
|
|
689 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at
December 31, 2013
|
|
$ |
38,033 |
|
|
$ |
10,443 |
|
|
$ |
6,426 |
|
|
$ |
2,589 |
|
|
$ |
2,166 |
|
|
$ |
59,657 |
|
Cash
contributions
|
|
|
2,188 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,188 |
|
Equity in income
(loss)
|
|
|
15,279 |
|
|
|
— |
|
|
|
1,473 |
|
|
|
(151 |
) |
|
|
— |
|
|
|
16,601 |
|
Equity in other
comprehensive loss
|
|
|
(219 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(219 |
) |
Unrealized holding
gain
|
|
|
— |
|
|
|
3,986 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3,986 |
|
Cash distributions
received
|
|
|
(4,004 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(4,004 |
) |
Other
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(551 |
) |
|
|
(551 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at
December 31, 2014
|
|
$ |
51,277 |
|
|
$ |
14,429 |
|
|
$ |
7,899 |
|
|
$ |
2,438 |
|
|
$ |
1,615 |
|
|
$ |
77,658 |
|
Cash
contributions
|
|
|
3,211 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
500 |
|
|
|
3,711 |
|
Equity in income
|
|
|
18,522 |
|
|
|
— |
|
|
|
970 |
|
|
|
124 |
|
|
|
— |
|
|
|
19,616 |
|
Equity in other
comprehensive loss
|
|
|
(384 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(384 |
) |
Unrealized holding
loss
|
|
|
— |
|
|
|
(1,529 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,529 |
) |
Sale of investment in
Taiwan (1)
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,383 |
) |
|
|
(1,383 |
) |
Cash distributions
received
|
|
|
(1,047 |
) |
|
|
— |
|
|
|
(1,600 |
) |
|
|
— |
|
|
|
— |
|
|
|
(2,647 |
) |
Other
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(69 |
) |
|
|
(69 |
) |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at
December 31, 2015
|
|
$ |
71,579 |
|
|
$ |
12,900 |
|
|
$ |
7,269 |
|
|
$ |
2,562 |
|
|
$ |
663 |
|
|
$ |
94,973 |
|
|
|
|
|
|
|
|
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|
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|
(1) |
The Company sold its investment in a Taiwan joint venture for
approximately $2,634, resulting in a gain of $1,251, which is
included in (gain) loss on sale of assets and other for the year
ended December 31, 2015.
|
|
Transactions with DCIP |
The Company had
the following transactions with DCIP during the years ended
December 31, 2013, 2014 and 2015:
|
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|
Year Ended
December 31, |
|
|
|
2013 |
|
|
2014 |
|
|
2015 |
|
Equipment lease
payments
|
|
$ |
3,853 |
|
|
$ |
4,012 |
|
|
$ |
4,474 |
|
Warranty reimbursements
from DCIP
|
|
$ |
(1,893 |
) |
|
$ |
(3,169 |
) |
|
$ |
(4,329 |
) |
|
NCM |
|
Summary Financial Information |
The tables
below present summary financial information for NCM for the periods
indicated (financial information for the year ended
December 31, 2015 is not yet available):
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Year
Ended |
|
|
Nine Months
Ended
October 1, 2015
|
|
|
|
December 26, 2013 |
|
|
January 1, 2015 |
|
|
Gross revenues
|
|
$ |
462,815 |
|
|
$ |
393,994 |
|
|
$ |
310,061 |
|
Operating income
|
|
$ |
202,019 |
|
|
$ |
159,624 |
|
|
$ |
40,442 |
|
Net income
|
|
$ |
162,870 |
|
|
$ |
96,309 |
|
|
$ |
38,519 |
|
|
|
|
|
|
|
|
|
|
|
|
As of
January 1, 2015
|
|
|
As of
October 1, 2015
|
|
Total assets
|
|
$ |
681,107 |
|
|
$ |
700,326 |
|
Total
liabilities
|
|
$ |
998,529 |
|
|
$ |
1,030,243 |
|
|
Digital Cinema Implementation Partners LLC |
|
Summary Financial Information |
Below is
summary financial information for DCIP as of and for the years
ended December 31, 2013, 2014 and 2015.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended
December 31, |
|
|
|
2013 |
|
|
2014 |
|
|
2015 |
|
Net operating
revenue
|
|
$ |
182,659 |
|
|
$ |
170,724 |
|
|
$ |
171,203 |
|
Operating income
|
|
$ |
116,235 |
|
|
$ |
101,956 |
|
|
$ |
103,449 |
|
Net income
|
|
$ |
48,959 |
|
|
$ |
61,293 |
|
|
$ |
79,255 |
|
|
|
|
|
|
|
|
|
|
|
|
As of |
|
|
|
December 31,
2014 |
|
|
December 31,
2015 |
|
Total assets
|
|
$ |
1,097,467 |
|
|
$ |
1,004,292 |
|
Total
liabilities
|
|
$ |
845,319 |
|
|
$ |
674,727 |
|
|