| Summary of Activity with NCM Included in 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:
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Investment
in NCM |
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Deferred
Revenue |
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Distributions
from NCM |
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|
Equity in
Earnings |
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|
Other
Revenue |
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Other
Comprehensive
Income |
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Cash
Received |
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Balance as of
January 1, 2011
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|
$ |
64,376 |
|
|
$ |
(230,573 |
) |
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|
|
|
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|
|
|
|
|
|
|
|
|
Receipt of common units due
to annual common unit adjustment
|
|
$ |
9,302 |
|
|
$ |
(9,302 |
) |
|
$ |
— |
|
|
$ |
— |
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|
$ |
— |
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|
$ |
— |
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|
$ |
— |
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|
Revenues earned under
ESA (1)
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|
— |
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|
|
— |
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|
|
— |
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|
|
— |
|
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|
(5,890 |
) |
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— |
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|
5,890 |
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|
Receipt of excess cash
distributions
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|
(6,322 |
) |
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|
— |
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|
(20,023 |
) |
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|
— |
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— |
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— |
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26,345 |
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Receipt under tax
receivable agreement
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|
(729 |
) |
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|
— |
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|
(4,138 |
) |
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|
— |
|
|
|
— |
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|
|
— |
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|
|
4,867 |
|
|
Equity in
earnings
|
|
|
5,413 |
|
|
|
— |
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|
|
— |
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|
|
(5,413 |
) |
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— |
|
|
|
— |
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|
|
— |
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|
Amortization of deferred
revenue
|
|
|
— |
|
|
|
3,565 |
|
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|
— |
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|
— |
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(3,565 |
) |
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— |
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— |
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Balance as of and for the
period ended December 31, 2011
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|
$ |
72,040 |
|
|
$ |
(236,310 |
) |
|
$ |
(24,161 |
) |
|
$ |
(5,413 |
) |
|
$ |
(9,455 |
) |
|
$ |
— |
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|
$ |
37,102 |
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Receipt of common units due
to annual common unit adjustment
|
|
$ |
9,137 |
|
|
$ |
(9,137 |
) |
|
$ |
— |
|
|
$ |
— |
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|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
Revenues earned under
ESA (1)
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(7,112 |
) |
|
|
— |
|
|
|
7,112 |
|
|
Receipt of excess cash
distributions
|
|
|
(6,503 |
) |
|
|
— |
|
|
|
(17,889 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
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|
24,392 |
|
|
Receipt under tax
receivable agreement
|
|
|
(967 |
) |
|
|
— |
|
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|
(2,923 |
) |
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|
— |
|
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|
— |
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|
|
— |
|
|
|
3,890 |
|
|
Equity in
earnings
|
|
|
4,416 |
|
|
|
— |
|
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|
— |
|
|
|
(4,416 |
) |
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— |
|
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|
— |
|
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|
— |
|
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Amortization of deferred
revenue
|
|
|
— |
|
|
|
4,142 |
|
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|
— |
|
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|
— |
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(4,142 |
) |
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— |
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— |
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Balance as of and for the
period ended December 31, 2012
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|
$ |
78,123 |
|
|
$ |
(241,305 |
) |
|
$ |
(20,812 |
) |
|
$ |
(4,416 |
) |
|
$ |
(11,254 |
) |
|
$ |
— |
|
|
$ |
35,394 |
|
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Receipt of common units due
to annual common unit adjustment
|
|
|
8,869 |
|
|
|
(8,869 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
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Receipt of common units due
to extraordinary common unit adjustment
|
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|
89,928 |
|
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|
(89,928 |
) |
|
|
— |
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|
— |
|
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|
— |
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|
— |
|
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|
— |
|
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Revenues earned under
ESA (1)
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
(7,960 |
) |
|
|
— |
|
|
|
7,960 |
|
|
Receipt of excess cash
distributions
|
|
|
(13,166 |
) |
|
|
— |
|
|
|
(19,374 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
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|
32,540 |
|
|
Receipt under tax
receivable agreement
|
|
|
(492 |
) |
|
|
— |
|
|
|
(1,327 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,819 |
|
|
Equity in earnings
(2)
|
|
|
13,753 |
|
|
|
— |
|
|
|
— |
|
|
|
(11,578 |
) |
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|
— |
|
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|
— |
|
|
|
— |
|
|
Equity in other
comprehensive income
|
|
|
1,838 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,838 |
) |
|
|
— |
|
|
Amortization of deferred
revenue
|
|
|
— |
|
|
|
5,673 |
|
|
|
— |
|
|
|
— |
|
|
|
(5,673 |
) |
|
|
— |
|
|
|
— |
|
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|
|
|
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|
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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 |
|
|
|
|
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|
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| (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 $10,733, $11,063 and $11,958 for the years ended
December 31, 2011, 2012 and 2013, 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
16.
|
|
| Summary Financial Information for NCM |
The tables
below present summary financial information for NCM for the periods
indicated:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year
Ended |
|
|
|
December 29,
2011 |
|
|
December 27,
2012 |
|
|
December 26,
2013 |
|
|
Gross revenues
|
|
$ |
435,434 |
|
|
$ |
448,760 |
|
|
$ |
462,815 |
|
|
Operating income
|
|
$ |
193,716 |
|
|
$ |
191,839 |
|
|
$ |
202,019 |
|
|
Net income
|
|
$ |
134,524 |
|
|
$ |
101,013 |
|
|
$ |
162,870 |
|
|
|
|
|
|
|
|
|
|
|
|
As of |
|
|
|
December 27,
2012 |
|
|
December 26,
2013 |
|
|
Total assets
|
|
$ |
437,382 |
|
|
$ |
699,160 |
|
|
Total
liabilities
|
|
$ |
961,617 |
|
|
$ |
998,381 |
|
|