LONG-TERM DEBT (Tables)
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12 Months Ended |
Dec. 31, 2019 |
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| Debt Disclosure [Abstract] |
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| Components of Long-Term Debt |
As of December 31, long-term debt consisted of the following:
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December 31,
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2018
|
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2019
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Cinemark USA, Inc. term loan
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$
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652,922
|
|
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$
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646,327
|
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Cinemark USA, Inc. 5.125% senior notes due 2022
|
|
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400,000
|
|
|
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400,000
|
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Cinemark USA, Inc. 4.875% senior notes due 2023
|
|
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755,000
|
|
|
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755,000
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|
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Other
|
|
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1,389
|
|
|
|
—
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Total long-term debt
|
|
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1,809,311
|
|
|
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1,801,327
|
|
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Less current portion
|
|
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7,984
|
|
|
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6,595
|
|
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Less debt issuance costs, net of accumulated amortization of $30,289 and $35,599, respectively
|
|
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28,700
|
|
|
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23,390
|
|
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Long-term debt, less current portion
|
|
$
|
1,772,627
|
|
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$
|
1,771,342
|
|
|
| Amendment of Credit Agreement |
Cinemark USA, Inc. made the following amendments to its Credit Agreement as follows during 2017 and 2018:
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Debt Issue
|
|
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Loss on Debt
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Effective Date
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Nature of Amendment
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Costs Paid (1)
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Amendment (2)
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June 16, 2017
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Reduced term loan interest rate by 0.25%; modified certain definitions and other provisions in the Credit Agreement |
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$
|
521
|
|
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$
|
190
|
|
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November 28, 2017
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Extended maturity of revolving credit line to December 2022; reduced the interest rate applicable to borrowings under the credit line |
|
$
|
330
|
|
|
$
|
331
|
|
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March 29, 2018
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Extended maturity of term loan to March 2025; reduced term loan interest rate by 0.25%; reduced real property mortgage requirements |
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$
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4,962
|
|
|
$
|
1,484
|
|
|
(1)
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Reflected as a reduction of long term debt on the consolidated balance sheet.
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(2)
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Reflected as a loss on debt amendments and refinancing on the consolidated statement of income for the year in which the amendments were effective.
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| Maturities of Long-Term Debt, Excluding Unamortized Debt Issuance Costs |
The Company’s long-term debt, excluding unamortized debt issuance costs, at December 31, 2019 matures as follows:
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2020
|
|
$
|
6,595
|
|
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2021
|
|
|
6,595
|
|
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2022
|
|
|
406,595
|
|
|
2023
|
|
|
761,595
|
|
|
2024
|
|
|
6,595
|
|
|
Thereafter
|
|
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613,352
|
|
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Total
|
|
$
|
1,801,327
|
|
|
| Summary of Company's Interest Rate Swap Agreements Designated as Cash Flow Hedges |
Below is a summary of the Company’s interest rate swap agreements designated as cash flow hedges as of December 31, 2019:
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Estimated
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Fair Value at
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Notional
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December 31,
|
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Amount
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Effective Date
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Pay Rate
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Receive Rate
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Expiration Date
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2019 (1)
|
|
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$
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175,000
|
|
|
December 31, 2018
|
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2.751%
|
|
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1-Month LIBOR
|
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December 31, 2022
|
|
$
|
6,213
|
|
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$
|
137,500
|
|
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December 31, 2018
|
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2.765%
|
|
|
1-Month LIBOR
|
|
December 31, 2022
|
|
$
|
4,956
|
|
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$
|
137,500
|
|
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December 31, 2018
|
|
2.746%
|
|
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1-Month LIBOR
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December 31, 2022
|
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$
|
4,826
|
|
|
|
|
|
|
|
|
|
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|
|
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Total
|
|
$
|
15,995
|
|
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(1)
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Approximately $5,253 is included in accrued other current liabilities and $10,742 is included in other long-term liabilities on the consolidated balance sheet as of December 31, 2019.
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