Annual report pursuant to Section 13 and 15(d)

Investment in National CineMedia LLC (Tables)

v3.8.0.1
Investment in National CineMedia LLC (Tables) - NCM
12 Months Ended
Dec. 31, 2017
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, 2015, 2016 and 2017:

 

 

 

Date

 

Number

 

 

Fair Value

 

 

 

Common

Units

 

of Common

Units

 

 

of Common

Units

 

Event

 

Received

 

Received

 

 

Received

 

2015 Annual common unit adjustment

 

3/31/2015

 

 

1,074,910

 

 

$

15,421

 

2016 Annual common unit adjustment

 

3/31/2016

 

 

753,598

 

 

$

11,111

 

2017 Annual common unit adjustment

 

3/31/2017

 

 

1,487,218

 

 

$

18,363

 

 

Summary of Activity With Equity Investee Included in the Company's Condensed Consolidated Financial Statements

Below is a summary of activity with NCM included in the Company’s consolidated financial statements for the periods indicated. See Note 2 for discussion of impact of new revenue recognition accounting pronouncements.

 

 

 

Investment

 

 

Deferred

 

 

Distributions from

 

 

Equity

in

 

 

Other

 

 

Other Comprehensive

 

 

Cash

 

 

 

in NCM

 

 

Revenue

 

 

NCM

 

 

Earnings

 

 

Revenue

 

 

Loss

 

 

Received

 

Balance as of January 1, 2015

 

$

178,939

 

 

$

(335,219

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 twelve months ended December 31, 2015

 

$

183,755

 

 

$

(342,134

)

 

$

(18,140

)

 

$

(8,510

)

 

$

(19,836

)

 

$

2,735

 

 

$

45,850

 

Receipt of common units due to annual common unit adjustment

 

 

11,111

 

 

 

(11,111

)

 

$

 

 

$

 

 

$

 

 

$

 

 

$

 

Revenues earned under ESA (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(11,048

)

 

 

 

 

 

11,048

 

Receipt of excess cash distributions

 

 

(11,233

)

 

 

 

 

 

(11,483

)

 

 

 

 

 

 

 

 

 

 

 

22,716

 

Receipt under tax receivable agreement

 

 

(2,985

)

 

 

 

 

 

(3,173

)

 

 

 

 

 

 

 

 

 

 

 

6,158

 

Equity in earnings

 

 

9,347

 

 

 

 

 

 

 

 

 

(9,347

)

 

 

 

 

 

 

 

 

 

Amortization of deferred revenue

 

 

 

 

 

9,317

 

 

 

 

 

 

 

 

 

(9,317

)

 

 

 

 

 

 

Balance as of and for the twelve months ended December 31, 2016

 

$

189,995

 

 

$

(343,928

)

 

$

(14,656

)

 

$

(9,347

)

 

$

(20,365

)

 

$

 

 

$

39,922

 

Receipt of common units due to annual common unit adjustment

 

 

18,363

 

 

 

(18,363

)

 

$

 

 

$

 

 

$

 

 

$

 

 

$

 

Revenues earned under ESA (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(11,274

)

 

 

 

 

 

11,274

 

Receipt of excess cash distributions

 

 

(15,093

)

 

 

 

 

 

(14,158

)

 

 

 

 

 

 

 

 

 

 

 

29,251

 

Receipt under tax receivable agreement

 

 

(2,265

)

 

 

 

 

 

(2,249

)

 

 

 

 

 

 

 

 

 

 

 

4,514

 

Equity in earnings

 

 

9,550

 

 

 

 

 

 

 

 

 

(9,550

)

 

 

 

 

 

 

 

 

 

Amortization of deferred revenue

 

 

 

 

 

10,585

 

 

 

 

 

 

 

 

 

(10,585

)

 

 

 

 

 

 

Balance as of and for the twelve months ended December 31, 2017

 

$

200,550

 

 

$

(351,706

)

 

$

(16,407

)

 

$

(9,550

)

 

$

(21,859

)

 

$

 

 

$

45,039

 

 

(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 $9,819, $10,523 and $11,110 for the years ended December 31, 2015, 2016 and 2017, respectively.

Summary Financial Information

The tables below present summary financial information for NCM for the periods indicated (financial information for NCM’s fiscal year ended December 29, 2017 is not yet available):

 

 

 

Year Ended

 

 

Year Ended

 

 

Nine Months Ended

 

 

 

December 31, 2015

 

 

December 29, 2016

 

 

September 28, 2017

 

Revenues

 

$

446,500

 

 

$

447,600

 

 

$

285,400

 

Operating income

 

$

140,500

 

 

$

173,000

 

 

$

83,700

 

Net income

 

$

87,500

 

 

$

109,300

 

 

$

44,800

 

 

 

As of

 

 

As of

 

 

 

December 29,

2016

 

 

September 28,

2017

 

Current assets

 

$

180,900

 

 

$

130,100

 

Noncurrent assets

 

$

607,600

 

 

$

776,900

 

Current liabilities

 

$

121,100

 

 

$

96,700

 

Noncurrent liabilities

 

$

924,300

 

 

$

910,800

 

Members' deficit

 

$

(256,900

)

 

$

(100,500

)