Annual report pursuant to Section 13 and 15(d)

Investment in National Cinemedia LLC (Tables)

v2.4.0.8
Investment in National Cinemedia LLC (Tables)
12 Months Ended
Dec. 31, 2013
Summary of Common Units Recieved 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, 2011, 2012 and 2013:

Event

Date
Common
Units
Received

Number of
Common
Units
Received

Fair Value of
Common
Units
Received

2011 Annual common unit adjustment

03/31/11 549,417 $ 9,302

2012 Annual common unit adjustment

03/29/12 598,724 $ 9,137

2013 Annual common unit adjustment

03/28/13 588,024 $ 8,869

2013 Extraordinary common unit adjustment (as result of Rave Acquisition — see Note 5)

05/29/13 5,315,837 $ 89,928
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:

 

    Investment
in NCM
    Deferred
Revenue
    Distributions
from NCM
    Equity in
Earnings
    Other
Revenue
    Other
Comprehensive
Income
    Cash
Received
 

Balance as of January 1, 2011

  $ 64,376      $ (230,573          

Receipt of common units due to annual common unit adjustment

  $ 9,302      $ (9,302   $ —        $ —        $ —        $ —        $ —     

Revenues earned under ESA (1)

    —          —          —          —          (5,890     —          5,890   

Receipt of excess cash distributions

    (6,322     —          (20,023     —          —          —          26,345   

Receipt under tax receivable agreement

    (729     —          (4,138     —          —          —          4,867   

Equity in earnings

    5,413        —          —          (5,413     —          —          —     

Amortization of deferred revenue

    —          3,565        —          —          (3,565     —          —     
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Balance as of and for the period ended December 31, 2011

  $ 72,040      $ (236,310   $ (24,161   $ (5,413   $ (9,455   $ —        $ 37,102   
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Receipt of common units due to annual common unit adjustment

  $ 9,137      $ (9,137   $ —        $ —        $ —        $ —        $ —     

Revenues earned under ESA (1)

    —          —          —          —          (7,112     —          7,112   

Receipt of excess cash distributions

    (6,503     —          (17,889     —          —          —          24,392   

Receipt under tax receivable agreement

    (967     —          (2,923     —          —          —          3,890   

Equity in earnings

    4,416        —          —          (4,416     —          —          —     

Amortization of deferred revenue

    —          4,142        —          —          (4,142     —          —     
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Balance as of and for the period ended December 31, 2012

  $ 78,123      $ (241,305   $ (20,812   $ (4,416   $ (11,254   $ —        $ 35,394   
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Receipt of common units due to annual common unit adjustment

    8,869        (8,869   $ —        $ —        $ —        $ —        $ —     

Receipt of common units due to extraordinary common unit adjustment

    89,928        (89,928     —          —          —          —          —     

Revenues earned under ESA (1)

    —          —              (7,960     —          7,960   

Receipt of excess cash distributions

    (13,166     —          (19,374     —          —          —          32,540   

Receipt under tax receivable agreement

    (492     —          (1,327     —          —          —          1,819   

Equity in earnings (2)

    13,753        —          —          (11,578     —          —          —     

Equity in other comprehensive income

    1,838        —          —          —          —          (1,838     —     

Amortization of deferred revenue

    —          5,673        —          —          (5,673     —          —     
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

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   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

(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