IMPAIRMENT OF LONG-LIVED AND OTHER ASSETS
|12 Months Ended|
Dec. 31, 2020
|Impairment Or Disposal Of Tangible Assets Disclosure [Abstract]|
|IMPAIRMENT OF LONG-LIVED AND OTHER ASSETS||
The Company reviews for impairment indicators related to its long-lived assets on a quarterly basis and goodwill on an annual basis or whenever events or changes in circumstances indicate the carrying amount of those assets may not be fully recoverable. Due to the temporary closure of the Company’s theatres effective March 18, 2020 as a result of the COVID-19 pandemic (see Note 3), the Company performed long-lived asset impairment evaluations during each quarter during the year ended December 31, 2020. The following table is a summary of the evaluations performed for each quarter by asset classification.
See Note 1 for a discussion of the Company’s impairment policy and a description of qualitative and quantitative impairment assessments.
The Company’s theatre asset, goodwill, intangible asset and investment impairment charges were as follows for the periods presented:
For the years ended December 31, 2018 and 2019, the long-lived asset impairment charges recorded during each of the periods presented were for certain new concept theatres being developed and tested by the Company and other theatres that were individually impacted by increased competition, adverse changes in market demographics, or adverse changes in the development or the conditions of the areas surrounding the theatre. For the year ended December 31, 2020, long-lived asset and goodwill impairment charges were primarily due to the prolonged impact of the temporary closure of theatres as a result of the COVID-19 pandemic, as discussed at Note 3, and the expected recovery period.
The entire disclosure for the details of the charge against earnings resulting from the aggregate write down of all assets from their carrying value to their fair value. Disclosure may also include a description of the impaired asset and facts and circumstances leading to the impairment, amount of the impairment loss and where the loss is located in the income statement, method(s) for determining fair value, and the segment in which the impaired asset is reported.
No definition available.