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Investment in National CineMedia (Tables) - NCM
 6 Months Ended
Jun. 30, 2018
Summary of Activity With Equity Investee Included in the Company's Condensed Consolidated Financial Statements

Below is a summary of activity with NCM included in the Company’s condensed consolidated financial statements:

 

 

 

Investment in NCM

 

 

Deferred Revenue

 

 

Distributions from NCM

 

 

Equity in Earnings

 

 

Other Revenue

 

 

Interest Expense - NCM (3)

 

 

Cash Received

 

Balance as of January 1, 2018

 

$

200,550

 

 

$

(351,706

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Impact of adoption of ASC Topic 606 (1)

 

 

—

 

 

 

53,605

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Receipt of common units due to annual common

   unit adjustment ("CUA")

 

 

5,012

 

 

 

(5,012

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Revenues earned under ESA (2) (3)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(16,074

)

 

 

9,892

 

 

 

6,182

 

Receipt of excess cash distributions

 

 

(8,760

)

 

 

—

 

 

 

(7,735

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

16,495

 

Receipt under tax receivable agreement

 

 

(2,294

)

 

 

—

 

 

 

(2,047

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

4,341

 

Equity in earnings

 

 

4,511

 

 

 

—

 

 

 

—

 

 

 

(4,511

)

 

 

—

 

 

 

—

 

 

 

—

 

Amortization of deferred revenue

 

 

—

 

 

 

7,849

 

 

 

—

 

 

 

—

 

 

 

(7,849

)

 

 

—

 

 

 

—

 

Balance as of and for the six months ended June 30, 2018

 

$

199,019

 

 

$

(295,264

)

 

$

(9,782

)

 

$

(4,511

)

 

$

(23,923

)

 

$

9,892

 

 

$

27,018

 

 

(1)

As a result of adoption of ASC Topic 606, the Company determined that the deferred revenue associated with the ESA and Common Unit Adjustment agreement should be amortized on a straight-line basis versus the units of revenue method followed prior to adoption.  The Company recorded a reduction in the deferred revenue balance and a cumulative effect of a change in accounting principle in retained earnings (see also Note 6).  See Note 3 for further discussion of the impact of the adoption of ASC Topic 606.  

(2)

Amount includes the per patron and per digital screen theatre access fees due to the Company, net of amounts paid to NCM for on-screen advertising time provided to the Company’s beverage concessionaire of approximately $6,227.

(3)  

Reflects impact of significant financing component related to amounts received in advance under the ESA and CUA agreements.  See Note 3.  
Summary Financial Information

Below is summary financial information for NCM for the periods indicated:

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 28, 2018

 

 

June 29, 2017

 

 

June 28, 2018

 

 

June 29, 2017

 

Gross revenues

 

$

113,700

 

 

$

97,100

 

 

$

193,900

 

 

$

169,000

 

Operating income

 

$

40,100

 

 

$

28,300

 

 

$

51,100

 

 

$

33,400

 

Net income

 

$

25,000

 

 

$

15,400

 

 

$

22,000

 

 

$

7,500

 

 

 

 

As of

 

 

As of

 

 

 

June 28, 2018

 

 

December 28, 2017

 

Current assets

 

$

142,800

 

 

$

174,400

 

Noncurrent assets

 

$

758,800

 

 

$

758,300

 

Current liabilities

 

$

84,800

 

 

$

123,300

 

Noncurrent liabilities

 

$

943,500

 

 

$

925,400

 

Members deficit

 

$

(126,700

)

 

$

(116,000

)