CONDENSED CONSOLIDATING FINANCIAL INFORMATION (Tables)
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12 Months Ended |
Dec. 31, 2019 |
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| CONDENSED CONSOLIDATING FINANCIAL INFORMATION |
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| Schedule of Condensed Statements of Operations |
Consolidating Statement of Operations Year Ended December 31, 2019: | | | | | | | | | | | | | | | | | | | | | Subsidiary | | Subsidiary | | Consolidating | | Consolidated | (In millions) | | Holdings | | Guarantors | | Non-Guarantors | | Adjustments | | Holdings | Revenues | | | | | | | | | | | | | | | | Admissions | | $ | — | | $ | 2,388.2 | | $ | 913.1 | | $ | — | | $ | 3,301.3 | Food and beverage | | | — | | | 1,348.0 | | | 371.6 | | | — | | | 1,719.6 | Other theatre | | | — | | | 287.1 | | | 163.0 | | | — | | | 450.1 | Total revenues | | | — | | | 4,023.3 | | | 1,447.7 | | | — | | | 5,471.0 | Operating costs and expenses | | | | | | | | | | | | | | | | Film exhibition costs | | | — | | | 1,311.5 | | | 387.6 | | | — | | | 1,699.1 | Food and beverage costs | | | — | | | 193.8 | | | 84.9 | | | — | | | 278.7 | Operating expense, excluding depreciation and amortization | | | — | | | 1,215.5 | | | 471.1 | | | — | | | 1,686.6 | Rent | | | — | | | 708.2 | | | 259.6 | | | — | | | 967.8 | General and administrative: | | | | | | | | | | | | | | | | Merger, acquisition and other costs | | | — | | | 6.5 | | | 9.0 | | | — | | | 15.5 | Other, excluding depreciation and amortization | | | — | | | 86.4 | | | 66.6 | | | — | | | 153.0 | Depreciation and amortization | | | — | | | 340.4 | | | 109.6 | | | — | | | 450.0 | Impairment of long-lived assets | | | — | | | 76.6 | | | 7.7 | | | — | | | 84.3 | Operating costs and expenses | | | — | | | 3,938.9 | | | 1,396.1 | | | — | | | 5,335.0 | Operating income | | | — | | | 84.4 | | | 51.6 | | | — | | | 136.0 | Other expense (income): | | | | | | | | | | | | | | | | Equity in net loss of subsidiaries | | | 382.9 | | | 151.3 | | | — | | | (534.2) | | | — | Other expense (income) | | | (5.2) | | | 18.5 | | | 0.1 | | | — | | | 13.4 | Interest expense: | | | | | | | | | | | | | | | | Corporate borrowings | | | 290.8 | | | 293.0 | | | 3.0 | | | (294.0) | | | 292.8 | Financing lease obligations | | | — | | | 2.3 | | | 5.3 | | | — | | | 7.6 | Non-cash NCM exhibitor service agreement | | | — | | | 40.4 | | | — | | | — | | | 40.4 | Intercompany interest expense | | | — | | | — | | | 244.1 | | | (244.1) | | | — | Equity in earnings of non-consolidated entities | | | — | | | (29.1) | | | (1.5) | | | — | | | (30.6) | Investment income | | | (519.4) | | | (21.0) | | | (13.7) | | | 538.1 | | | (16.0) | Total other expense, net | | | 149.1 | | | 455.4 | | | 237.3 | | | (534.2) | | | 307.6 | Loss before income taxes | | | (149.1) | | | (371.0) | | | (185.7) | | | 534.2 | | | (171.6) | Income tax provision (benefit) | | | — | | | 11.9 | | | (34.4) | | | — | | | (22.5) | Net loss | | $ | (149.1) | | $ | (382.9) | | $ | (151.3) | | $ | 534.2 | | $ | (149.1) |
Consolidating Statement of Operations Year Ended December 31, 2018: | | | | | | | | | | | | | | | | | | | | | Subsidiary | | Subsidiary | | Consolidating | | Consolidated | (In millions) | | Holdings | | Guarantors | | Non-Guarantors | | Adjustments | | Holdings | Revenues | | | | | | | | | | | | | | | | Admissions | | $ | — | | $ | 2,441.5 | | $ | 943.5 | | $ | — | | $ | 3,385.0 | Food and beverage | | | — | | | 1,321.3 | | | 350.2 | | | — | | | 1,671.5 | Other theatre | | | — | | | 250.4 | | | 153.9 | | | — | | | 404.3 | Total revenues | | | — | | | 4,013.2 | | | 1,447.6 | | | — | | | 5,460.8 | Operating costs and expenses | | | | | | | | | | | | | | | | Film exhibition costs | | | — | | | 1,323.1 | | | 387.1 | | | — | | | 1,710.2 | Food and beverage costs | | | — | | | 190.3 | | | 80.6 | | | — | | | 270.9 | Operating expense, excluding depreciation and amortization | | | — | | | 1,162.2 | | | 492.5 | | | — | | | 1,654.7 | Rent | | | — | | | 584.4 | | | 213.4 | | | — | | | 797.8 | General and administrative: | | | | | | | | | | | | | | | | Merger, acquisition and other costs | | | — | | | 16.8 | | | 14.5 | | | — | | | 31.3 | Other, excluding depreciation and amortization | | | — | | | 112.5 | | | 66.8 | | | — | | | 179.3 | Depreciation and amortization | | | — | | | 384.0 | | | 153.8 | | | — | | | 537.8 | Impairment of long-lived assets | | | — | | | 8.1 | | | 5.7 | | | — | | | 13.8 | Operating costs and expenses | | | — | | | 3,781.4 | | | 1,414.4 | | | — | | | 5,195.8 | Operating income | | | — | | | 231.8 | | | 33.2 | | | — | | | 265.0 | Other expense (income): | | | | | | | | | | | | | | | | Equity in net earnings of subsidiaries | | | (14.5) | | | (13.7) | | | — | | | 28.2 | | | — | Other expense (income) | | | (110.5) | | | 1.7 | | | 0.7 | | | — | | | (108.1) | Interest expense: | | | | | | | | | | | | | | | | Corporate borrowings | | | 256.7 | | | 263.1 | | | 5.9 | | | (263.4) | | | 262.3 | Capital and financing lease obligations | | | — | | | 17.2 | | | 21.3 | | | — | | | 38.5 | Non-cash NCM exhibitor service agreement | | | — | | | 41.5 | | | — | | | — | | | 41.5 | Equity in earnings of non-consolidated entities | | | — | | | (81.5) | | | (5.2) | | | — | | | (86.7) | Investment income | | | (241.8) | | | (27.1) | | | (0.7) | | | 263.4 | | | (6.2) | Total other expense (income), net | | | (110.1) | | | 201.2 | | | 22.0 | | | 28.2 | | | 141.3 | Earnings before income taxes | | | 110.1 | | | 30.6 | | | 11.2 | | | (28.2) | | | 123.7 | Income tax provision (benefit) | | | — | | | 16.1 | | | (2.5) | | | — | | | 13.6 | Net earnings | | $ | 110.1 | | $ | 14.5 | | $ | 13.7 | | $ | (28.2) | | $ | 110.1 |
Consolidating Statement of Operations Year Ended December 31, 2017: | | | | | | | | | | | | | | | | | | | | | Subsidiary | | Subsidiary | | Consolidating | | Consolidated | (In millions) | | Holdings | | Guarantors | | Non-Guarantors | | Adjustments | | Holdings | Revenues | | | | | | | | | | | | | | | | Admissions | | $ | — | | $ | 2,330.9 | | $ | 898.6 | | $ | — | | $ | 3,229.5 | Food and beverage | | | — | | | 1,220.1 | | | 328.3 | | | — | | | 1,548.4 | Other theatre | | | — | | | 172.5 | | | 128.8 | | | — | | | 301.3 | Total revenues | | | — | | | 3,723.5 | | | 1,355.7 | | | — | | | 5,079.2 | Operating costs and expenses | | | | | | | | | | | | | | | | Film exhibition costs | | | — | | | 1,224.7 | | | 379.6 | | | — | | | 1,604.3 | Food and beverage costs | | | — | | | 176.6 | | | 75.5 | | | — | | | 252.1 | Operating expense, excluding depreciation and amortization | | | — | | | 1,100.6 | | | 447.4 | | | — | | | 1,548.0 | Rent | | | — | | | 594.0 | | | 200.4 | | | — | | | 794.4 | General and administrative: | | | | | | | | | | | | | | | | Merger, acquisition and other costs | | | — | | | 58.3 | | | 4.7 | | | — | | | 63.0 | Other, excluding depreciation and amortization | | | 2.0 | | | 82.7 | | | 48.5 | | | — | | | 133.2 | Depreciation and amortization | | | — | | | 404.2 | | | 134.4 | | | — | | | 538.6 | Impairment of long-lived assets | | | — | | | 43.6 | | | — | | | — | | | 43.6 | Operating costs and expenses | | | 2.0 | | | 3,684.7 | | | 1,290.5 | | | — | | | 4,977.2 | Operating income (loss) | | | (2.0) | | | 38.8 | | | 65.2 | | | — | | | 102.0 | Other expense (income): | | | | | | | | | | | | | | | | Equity in net (earnings) loss of subsidiaries | | | 472.5 | | | (45.1) | | | — | | | (427.4) | | | — | Other expense (income) | | | — | | | (1.7) | | | 0.2 | | | — | | | (1.5) | Interest expense: | | | | | | | | | | | | | | | | Corporate borrowings | | | 230.3 | | | 239.0 | | | 1.3 | | | (239.0) | | | 231.6 | Capital and financing lease obligations | | | — | | | 20.0 | | | 22.4 | | | — | | | 42.4 | Equity in earnings of non-consolidated entities | | | — | | | 187.8 | | | (2.6) | | | — | | | 185.2 | Investment income | | | (217.6) | | | (43.0) | | | (1.0) | | | 239.0 | | | (22.6) | Total other expense, net | | | 485.2 | | | 357.0 | | | 20.3 | | | (427.4) | | | 435.1 | Earnings (loss) before income taxes | | | (487.2) | | | (318.2) | | | 44.9 | | | 427.4 | | | (333.1) | Income tax provision (benefit) | | | — | | | 154.3 | | | (0.2) | | | — | | | 154.1 | Net earnings (loss) | | $ | (487.2) | | $ | (472.5) | | $ | 45.1 | | $ | 427.4 | | $ | (487.2) |
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| Schedule of Condensed Statements of Comprehensive Loss |
Consolidating Statement of Comprehensive Loss Year Ended December 31, 2019: | | | | | | | | | | | | | | | | | | | | | | Subsidiary | | Subsidiary | | Consolidating | | Consolidated | | (In millions) | | Holdings | | Guarantors | | Non-Guarantors | | Adjustments | | Holdings | | Net loss | | $ | (149.1) | | $ | (382.9) | | $ | (151.3) | | $ | 534.2 | | $ | (149.1) | | Other comprehensive income (loss): | | | | | | | | | | | | | | | | | Equity in other comprehensive loss of subsidiaries | | | (31.6) | | | 17.2 | | | — | | | 14.4 | | | — | | Unrealized foreign currency translation adjustment, net of tax | | | — | | | (44.1) | | | 27.6 | | | — | | | (16.5) | | Realized loss on foreign currency transactions, net of tax | | | — | | | 0.5 | | | — | | | — | | | 0.5 | | Pension and other benefit adjustments: | | | | | | | | | | | | | | | | | Net loss arising during the period, net of tax | | | — | | | (5.1) | | | (10.4) | | | — | | | (15.5) | | Equity method investee's cash flow hedge: | | | | | | | | | | | | | | | | | Unrealized net holding loss arising during the period, net of tax | | | — | | | (0.1) | | | — | | | — | | | (0.1) | | Other comprehensive income (loss) | | | (31.6) | | | (31.6) | | | 17.2 | | | 14.4 | | | (31.6) | | Total comprehensive loss | | $ | (180.7) | | $ | (414.5) | | $ | (134.1) | | $ | 548.6 | | $ | (180.7) | |
Consolidating Statement of Comprehensive Loss Year Ended December 31, 2018: | | | | | | | | | | | | | | | | | | | | | | Subsidiary | | Subsidiary | | Consolidating | | Consolidated | | (In millions) | | Holdings | | Guarantors | | Non-Guarantors | | Adjustments | | Holdings | | Net earnings | | $ | 110.1 | | $ | 14.5 | | $ | 13.7 | | $ | (28.2) | | $ | 110.1 | | Other comprehensive loss: | | | | | | | | | | | | | | | | | Equity in other comprehensive loss of subsidiaries | | | (124.5) | | | (99.1) | | | — | | | 223.6 | | | — | | Unrealized foreign currency translation adjustment, net of tax | | | — | | | (30.7) | | | (97.0) | | | — | | | (127.7) | | Realized loss on foreign currency transactions reclassified into other expense, net of tax | | | — | | | 1.0 | | | — | | | — | | | 1.0 | | Pension and other benefit adjustments: | | | | | | | | | | | | | | | | | Net gain (loss) arising during the period, net of tax | | | — | | | 6.3 | | | (2.1) | | | — | | | 4.2 | | Equity method investee's cash flow hedge: | | | | | | | | | | | | | | | | | Unrealized net holding gain arising during the period, net of tax | | | — | | | 0.2 | | | — | | | — | | | 0.2 | | Realized net gain reclassified to equity in earnings of non-consolidated entities, net of tax | | | — | | | (2.2) | | | — | | | — | | | (2.2) | | Other comprehensive loss | | | (124.5) | | | (124.5) | | | (99.1) | | | 223.6 | | | (124.5) | | Total comprehensive loss | | $ | (14.4) | | $ | (110.0) | | $ | (85.4) | | $ | 195.4 | | $ | (14.4) | |
Consolidating Statement of Comprehensive Income (Loss) Year Ended December 31, 2017: | | | | | | | | | | | | | | | | | | | | | Subsidiary | | Subsidiary | | Consolidating | | Consolidated | (In millions) | | Holdings | | Guarantors | | Non-Guarantors | | Adjustments | | Holdings | Net earnings (loss) | | $ | (487.2) | | $ | (472.5) | | $ | 45.1 | | $ | 427.4 | | $ | (487.2) | Other comprehensive income (loss) | | | | | | | | | | | | | | | | Equity in other comprehensive income of subsidiaries | | | 128.1 | | | 112.1 | | | — | | | (240.2) | | | — | Unrealized foreign currency translation adjustment, net of tax | | | — | | | 22.0 | | | 109.7 | | | — | | | 131.7 | Pension and other benefit adjustments: | | | | | | | | | | | | | | | | Net gain (loss) arising during the period, net of tax | | | — | | | (5.4) | | | 2.4 | | | — | | | (3.0) | Marketable securities: | | | | | | | | | | | | | | | | Unrealized net holding gain arising during the period, net of tax | | | — | | | 0.7 | | | — | | | — | | | 0.7 | Realized net gain reclassified into net investment income, net of tax | | | — | | | (0.4) | | | — | | | — | | | (0.4) | Equity method investee's cash flow hedge: | | | | | | | | | | | | | | | | Realized net gain reclassified into equity in earnings of non-consolidated entities, net of tax | | | — | | | (0.9) | | | — | | | — | | | (0.9) | Other comprehensive income | | | 128.1 | | | 128.1 | | | 112.1 | | | (240.2) | | | 128.1 | Total comprehensive income (loss) | | $ | (359.1) | | $ | (344.4) | | $ | 157.2 | | $ | 187.2 | | $ | (359.1) |
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| Schedule of Condensed Balance Sheets |
Consolidating Balance Sheet As of December 31, 2019: | | | | | | | | | | | | | | | | | | | | | Subsidiary | | Subsidiary | | Consolidating | | Consolidated | (In millions) | | Holdings | | Guarantors | | Non-Guarantors | | Adjustments | | Holdings | Assets | | | | | | | | | | | | | | | | Current assets: | | | | | | | | | | | | | | | | Cash and cash equivalents | | $ | 0.3 | | $ | 94.9 | | $ | 169.8 | | $ | — | | $ | 265.0 | Restricted cash | | | — | | | — | | | 10.5 | | | — | | | 10.5 | Receivables, net | | | — | | | 160.1 | | | 104.0 | | | (9.9) | | | 254.2 | Other current assets | | | — | | | 108.5 | | | 34.9 | | | — | | | 143.4 | Total current assets | | | 0.3 | | | 363.5 | | | 319.2 | | | (9.9) | | | 673.1 | Investment in equity of subsidiaries | | | 452.6 | | | 1,962.8 | | | — | | | (2,415.4) | | | — | Property, net | | | — | | | 1,969.3 | | | 679.9 | | | — | | | 2,649.2 | Operating lease right-of-use assets, net | | | — | | | 3,491.8 | | | 1,304.2 | | | — | | | 4,796.0 | Intangible assets, net | | | — | | | 130.6 | | | 64.7 | | | — | | | 195.3 | Intercompany advances | | | 5,488.0 | | | (5,097.7) | | | (390.3) | | | — | | | — | Goodwill | | | (2.1) | | | 3,074.7 | | | 1,716.5 | | | — | | | 4,789.1 | Deferred tax asset, net | | | — | | | — | | | 70.1 | | | — | | | 70.1 | Other long-term assets | | | 47.4 | | | 328.0 | | | 127.6 | | | — | | | 503.0 | Total assets | | $ | 5,986.2 | | $ | 6,223.0 | | $ | 3,891.9 | | $ | (2,425.3) | | $ | 13,675.8 | Liabilities and Stockholders’ Equity | | | | | | | | | | | | | | | | Current liabilities: | | | | | | | | | | | | | | | | Accounts payable | | $ | — | | $ | 382.8 | | $ | 170.5 | | $ | (10.0) | | $ | 543.3 | Accrued expenses and other liabilities | | | 18.6 | | | 184.0 | | | 121.9 | | | 0.1 | | | 324.6 | Deferred revenues and income | | | — | | | 348.9 | | | 100.3 | | | — | | | 449.2 | Current maturities of corporate borrowings | | | 20.0 | | | — | | | — | | | — | | | 20.0 | Current maturities of finance lease liabilities | | | — | | | 5.3 | | | 5.0 | | | — | | | 10.3 | Current maturities of operating lease liabilities | | | — | | | 449.5 | | | 136.3 | | | — | | | 585.8 | Total current liabilities | | | 38.6 | | | 1,370.5 | | | 534.0 | | | (9.9) | | | 1,933.2 | Corporate borrowings | | | 4,733.4 | | | — | | | — | | | — | | | 4,733.4 | Finance lease liabilities | | | — | | | 13.9 | | | 75.7 | | | — | | | 89.6 | Operating lease liabilities | | | — | | | 3,666.8 | | | 1,247.0 | | | | | | 4,913.8 | Exhibitor services agreement | | | — | | | 549.7 | | | — | | | — | | | 549.7 | Deferred tax liability, net | | | — | | | 26.8 | | | 19.2 | | | — | | | 46.0 | Other long-term liabilities | | | — | | | 142.7 | | | 53.2 | | | — | | | 195.9 | Total liabilities | | | 4,772.0 | | | 5,770.4 | | | 1,929.1 | | | (9.9) | | | 12,461.6 | Stockholders’ equity | | | 1,214.2 | | | 452.6 | | | 1,962.8 | | | (2,415.4) | | | 1,214.2 | Total liabilities and stockholders’ equity | | $ | 5,986.2 | | $ | 6,223.0 | | $ | 3,891.9 | | $ | (2,425.3) | | $ | 13,675.8 |
Consolidating Balance Sheet As of December 31, 2018: | | | | | | | | | | | | | | | | | | | | | Subsidiary | | Subsidiary | | Consolidating | | Consolidated | (In millions) | | Holdings | | Guarantors | | Non-Guarantors | | Adjustments | | Holdings | Assets | | | | | | | | | | | | | | | | Current assets: | | | | | | | | | | | | | | | | Cash and cash equivalents | | $ | 0.3 | | $ | 177.8 | | $ | 135.2 | | $ | — | | $ | 313.3 | Restricted cash | | | — | | | — | | | 10.7 | | | — | | | 10.7 | Receivables, net | | | — | | | 163.0 | | | 100.9 | | | (4.4) | | | 259.5 | Other current assets | | | — | | | 140.7 | | | 57.1 | | | — | | | 197.8 | Total current assets | | | 0.3 | | | 481.5 | | | 303.9 | | | (4.4) | | | 781.3 | Investment in equity of subsidiaries | | | 719.0 | | | 1,430.1 | | | — | | | (2,149.1) | | | — | Property, net | | | — | | | 2,152.3 | | | 887.3 | | | — | | | 3,039.6 | Intangible assets, net | | | — | | | 225.6 | | | 126.5 | | | — | | | 352.1 | Intercompany advances | | | 5,362.3 | | | (4,512.3) | | | (850.0) | | | — | | | — | Goodwill | | | (2.1) | | | 3,074.7 | | | 1,716.1 | | | — | | | 4,788.7 | Deferred tax asset, net | | | — | | | — | | | 28.6 | | | — | | | 28.6 | Other long-term assets | | | 59.8 | | | 316.2 | | | 129.5 | | | — | | | 505.5 | Total assets | | $ | 6,139.3 | | $ | 3,168.1 | | $ | 2,341.9 | | $ | (2,153.5) | | $ | 9,495.8 | Liabilities and Stockholders’ Equity | | | | | | | | | | | | | | | | Current liabilities: | | | | | | | | | | | | | | | | Accounts payable | | $ | — | | $ | 327.2 | | $ | 129.9 | | $ | (4.5) | | $ | 452.6 | Accrued expenses and other liabilities | | | 31.5 | | | 197.5 | | | 149.4 | | | 0.1 | | | 378.5 | Deferred revenues and income | | | — | | | 314.0 | | | 100.8 | | | — | | | 414.8 | Current maturities of corporate borrowings | | | 13.8 | | | 1.4 | | | — | | | — | | | 15.2 | Current maturities of capital and financing lease obligations | | | — | | | 38.6 | | | 28.4 | | | — | | | 67.0 | Total current liabilities | | | 45.3 | | | 878.7 | | | 408.5 | | | (4.4) | | | 1,328.1 | Corporate borrowings | | | 4,696.0 | | | — | | | 11.8 | | | — | | | 4,707.8 | Capital and financing lease obligations | | | — | | | 194.3 | | | 298.9 | | | — | | | 493.2 | Exhibitor services agreement | | | — | | | 564.0 | | | — | | | — | | | 564.0 | Deferred tax liability, net | | | — | | | 17.7 | | | 23.9 | | | — | | | 41.6 | Other long-term liabilities | | | — | | | 794.4 | | | 168.7 | | | — | | | 963.1 | Total liabilities | | | 4,741.3 | | | 2,449.1 | | | 911.8 | | | (4.4) | | | 8,097.8 | Temporary equity | | | 0.4 | | | — | | | — | | | — | | | 0.4 | Stockholders’ equity | | | 1,397.6 | | | 719.0 | | | 1,430.1 | | | (2,149.1) | | | 1,397.6 | Total liabilities and stockholders’ equity | | $ | 6,139.3 | | $ | 3,168.1 | | $ | 2,341.9 | | $ | (2,153.5) | | $ | 9,495.8 |
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| Schedule of Condensed Statements of Cash Flows |
Consolidating Statement of Cash Flows Year Ended December 31, 2019: | | | | | | | | | | | | | | | | | | | | | Subsidiary | | Subsidiary | | Consolidating | | Consolidated | (In millions) | | Holdings | | Guarantors | | Non-Guarantors | | Adjustments | | Holdings | Cash flows from operating activities: | | | | | | | | | | | | | | | | Net cash provided by operating activities | | $ | 51.1 | | $ | 316.6 | | $ | 211.3 | | $ | — | | $ | 579.0 | Cash flows from investing activities: | | | | | | | | | | | | | | | | Capital expenditures | | | — | | | (369.4) | | | (148.7) | | | — | | | (518.1) | Acquisition of theatre assets | | | — | | | (11.8) | | | — | | | — | | | (11.8) | Proceeds from disposition of long-term assets | | | — | | | 7.9 | | | 15.3 | | | — | | | 23.2 | Investments in non-consolidated entities, net | | | — | | | (0.1) | | | (9.6) | | | — | | | (9.7) | Other, net | | | — | | | 0.3 | | | — | | | — | | | 0.3 | Net cash used in investing activities | | | — | | | (373.1) | | | (143.0) | | | — | | | (516.1) | Cash flows from financing activities: | | | | | | | | | | | | | | | | Proceeds from issuance of Term Loan due 2026 | | | 1,990.0 | | | — | | | — | | | — | | | 1,990.0 | Payment of principal Senior Secured Notes due 2023 | | | (230.0) | | | — | | | — | | | — | | | (230.0) | Payment of principal Senior Subordinated Notes due 2022 | | | (375.0) | | | — | | | — | | | — | | | (375.0) | Call premiums paid for Senior Secured Notes due 2023 and Senior Subordinated Notes due 2022 | | | (15.9) | | | — | | | — | | | — | | | (15.9) | Principal payments under Term Loans due 2022 and 2023 | | | (1,338.5) | | | — | | | — | | | — | | | (1,338.5) | Repayments under Revolving Credit Facility | | | — | | | — | | | (12.0) | | | — | | | (12.0) | Scheduled principal payments under Term Loans | | | (21.9) | | | — | | | — | | | — | | | (21.9) | Principal payments under finance lease obligations | | | — | | | (6.1) | | | (4.8) | | | — | | | (10.9) | Principal payments under promissory note | | | — | | | (1.4) | | | — | | | — | | | (1.4) | Cash used to pay deferred financing fees | | | (11.9) | | | — | | | — | | | — | | | (11.9) | Cash used to pay dividends | | | (84.1) | | | — | | | — | | | — | | | (84.1) | Taxes paid for restricted unit withholdings | | | (1.3) | | | — | | | — | | | — | | | (1.3) | Change in intercompany advances | | | 16.1 | | | 3.1 | | | (19.2) | | | — | | | — | Net cash used in financing activities | | | (72.5) | | | (4.4) | | | (36.0) | | | — | | | (112.9) | Effect of exchange rate changes on cash and cash equivalents and restricted cash | | | 21.4 | | | (22.0) | | | 2.1 | | | — | | | 1.5 | Net increase (decrease) in cash and cash equivalents and restricted cash | | | — | | | (82.9) | | | 34.4 | | | — | | | (48.5) | Cash and cash equivalents and restricted cash at beginning of period | | | 0.3 | | | 177.8 | | | 145.9 | | | — | | | 324.0 | Cash and cash equivalents and restricted cash at end of period | | $ | 0.3 | | $ | 94.9 | | $ | 180.3 | | $ | — | | $ | 275.5 |
Consolidating Statement of Cash Flows Year Ended December 31, 2018: | | | | | | | | | | | | | | | | | | | | | Subsidiary | | Subsidiary | | Consolidating | | Consolidated | (In millions) | | Holdings | Guarantors | | Non-Guarantors | | Adjustments | | Holdings | Cash flows from operating activities: | | | | | | | | | | | | | | | | Net cash provided by operating activities | | $ | 7.2 | | $ | 369.8 | | $ | 146.2 | | $ | — | | $ | 523.2 | Cash flows from investing activities: | | | | | | | | | | | | | | | | Capital expenditures | | | — | | | (395.5) | | | (180.8) | | | — | | | (576.3) | Proceeds from sale leaseback transactions | | | — | | | 50.1 | | | — | | | — | | | 50.1 | Proceeds from disposition of NCM | | | — | | | 162.5 | | | — | | | — | | | 162.5 | Proceeds from Screenvision merger | | | — | | | 45.8 | | | — | | | — | | | 45.8 | Proceeds from disposition of long-term assets | | | — | | | 8.5 | | | 5.7 | | | — | | | 14.2 | Investments in non-consolidated entities, net | | | — | | | (11.4) | | | — | | | — | | | (11.4) | Other, net | | | — | | | (3.6) | | | 1.5 | | | — | | | (2.1) | Net cash used in investing activities | | | — | | | (143.6) | | | (173.6) | | | — | | | (317.2) | Cash flows from financing activities: | | | | | | | | | | | | | | | | Proceeds from issuance of convertible note due 2024 | | | 600.0 | | | — | | | — | | | — | | | 600.0 | Net borrowings under revolving credit facilities | | | — | | | — | | | 12.1 | | | — | | | 12.1 | Scheduled principal payments under Term Loans | | | (13.8) | | | — | | | — | | | — | | | (13.8) | Principal payments under capital and financing lease obligations | | | — | | | (39.8) | | | (31.2) | | | — | | | (71.0) | Principal payments under promissory note | | | — | | | (1.4) | | | — | | | — | | | (1.4) | Cash used to pay deferred financing fees | | | (15.5) | | | — | | | — | | | — | | | (15.5) | Cash used to pay dividends | | | (258.1) | | | — | | | — | | | — | | | (258.1) | Taxes paid for restricted unit withholdings | | | (1.7) | | | — | | | — | | | — | | | (1.7) | Retirement of Class B common stock | | | (423.6) | | | — | | | — | | | — | | | (423.6) | Purchase of treasury stock | | | (21.8) | | | — | | | — | | | — | | | (21.8) | Change in intercompany advances | | | 167.1 | | | (144.7) | | | (22.4) | | | — | | | — | Net cash provided by (used in) financing activities | | | 32.6 | | | (185.9) | | | (41.5) | | | — | | | (194.8) | Effect of exchange rate changes on cash and cash equivalents and restricted cash | | | (40.6) | | | 41.6 | | | (6.5) | | | — | | | (5.5) | Net increase (decrease) in cash and cash equivalents and restricted cash | | | (0.8) | | | 81.9 | | | (75.4) | | | — | | | 5.7 | Cash and cash equivalents and restricted cash at beginning of period | | | 1.1 | | | 95.9 | | | 221.3 | | | — | | | 318.3 | Cash and cash equivalents and restricted cash at end of period | | $ | 0.3 | | $ | 177.8 | | $ | 145.9 | | $ | — | | $ | 324.0 |
Consolidating Statement of Cash Flows Year Ended December 31, 2017: | | | | | | | | | | | | | | | | | | | | | Subsidiary | | Subsidiary | | Consolidating | | Consolidated | (In millions) | | Holdings | Guarantors | | Non-Guarantors | | Adjustments | | Holdings | Cash flows from operating activities: | | | | | | | | | | | | | | | | Net cash provided by (used in) operating activities | | $ | (10.2) | | $ | 364.3 | | $ | 183.3 | | $ | — | | $ | 537.4 | Cash flows from investing activities: | | | | | | | | | | | | | | | | Capital expenditures | | | — | | | (543.8) | | | (83.0) | | | — | | | (626.8) | Acquisition of Nordic Cinemas Group, net of cash and restricted cash acquired | | | — | | | (654.9) | | | 77.3 | | | — | | | (577.6) | Proceeds from sale leaseback transactions | | | — | | | 136.2 | | | — | | | — | | | 136.2 | Proceeds from disposition of NCM | | | — | | | 89.0 | | | — | | | — | | | 89.0 | Proceeds from disposition of Open Road | | | — | | | 9.2 | | | — | | | — | | | 9.2 | Proceeds (disbursements) from disposition of long-term assets | | | — | | | 34.9 | | | (10.8) | | | — | | | 24.1 | Investments in non-consolidated entities, net | | | — | | | (11.1) | | | — | | | — | | | (11.1) | Other, net | | | — | | | (2.1) | | | (0.2) | | | — | | | (2.3) | Net cash used in investing activities | | | — | | | (942.6) | | | (16.7) | | | — | | | (959.3) | Cash flows from financing activities: | | | | | | | | | | | | | | | | Proceeds from the issuance of Senior Subordinated Sterling Notes due 2024 | | | 327.8 | | | — | | | — | | | — | | | 327.8 | Proceeds from the issuance of Senior Subordinated Notes due 2027 | | | 475.0 | | | — | | | — | | | — | | | 475.0 | Payment of Nordic SEK Term Loan | | | (144.4) | | | — | | | — | | | — | | | (144.4) | Payment of Nordic EUR Term Loan | | | (169.5) | | | — | | | — | | | — | | | (169.5) | Net proceeds from equity offering | | | 616.8 | | | — | | | — | | | — | | | 616.8 | Principal payment of Bridge Loan due 2017 | | | (350.0) | | | — | | | — | | | — | | | (350.0) | Scheduled principal payments under Term Loans | | | (12.6) | | | — | | | — | | | — | | | (12.6) | Principal payments under capital and financing lease obligations | | | — | | | (41.6) | | | (29.1) | | | — | | | (70.7) | Principal payments under promissory note | | | — | | | (1.4) | | | — | | | — | | | (1.4) | Cash used to pay deferred financing fees | | | (29.8) | | | — | | | (3.8) | | | — | | | (33.6) | Cash used to pay dividends | | | (104.6) | | | — | | | — | | | — | | | (104.6) | Taxes paid for restricted unit withholdings | | | (6.5) | | | — | | | — | | | — | | | (6.5) | Purchase of treasury stock | | | (34.0) | | | — | | | — | | | — | | | (34.0) | Change in intercompany advances | | | (616.7) | | | 662.1 | | | (45.4) | | | — | | | — | Net cash provided by (used) in financing activities | | | (48.5) | | | 619.1 | | | (78.3) | | | — | | | 492.3 | Effect of exchange rate changes on cash and equivalents | | | 56.8 | | | (53.5) | | | 14.4 | | | — | | | 17.7 | Net increase (decrease) in cash and equivalents | | | (1.9) | | | (12.7) | | | 102.7 | | | — | | | 88.1 | Cash and equivalents at beginning of period | | | 3.0 | | | 108.6 | | | 118.6 | | | — | | | 230.2 | Cash and equivalents at end of period | | $ | 1.1 | | $ | 95.9 | | $ | 221.3 | | $ | — | | $ | 318.3 |
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