XML 66 R34.htm IDEA: XBRL DOCUMENT v3.20.1
Summary Of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2019
Schedule Of Estimated Useful Lives Of Assets



 

Building and improvements

15 – 60 years

Leasehold improvements

Shorter of the lease term or useful life of the improvement

Theater equipment

7 years

Furniture and fixtures

3 – 10 years



Summary Of Currency Exchange Rates



 

 

 

 

 

 



 

 

 

 

 

 



 

As of and

for the year ended

December 31, 2019

 

As of and

for the year ended

December 31, 2018

 

As of and

for the year ended

December 31, 2017

Spot Rate

 

 

 

 

 

 

Australian Dollar

 

0.7030

 

0.7046

 

0.7815

New Zealand Dollar

 

0.6745

 

0.6711

 

0.7100

Average Rate

 

 

 

 

 

 

Australian Dollar

 

0.6954

 

0.7479

 

0.7670

New Zealand Dollar

 

0.6593

 

0.6930

 

0.7111



Accounting Changes To Financial Statements

The following is a summary of the previously issued financial statement line items for all periods and statements included in this Form 10-K report affected by the correction.



Consolidated Statements of Operations:







 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

Year Ended December 31, 2018

 

 

Year Ended December 31, 2017

(Dollars in thousands)

 

As Reported

 

Adjustment

 

As Revised

 

 

As Reported

 

Adjustment

 

As Revised

Cinema revenue

 

$

 294,177 

 

 

 (455)

 

 

 293,723 

 

 

$

 263,464 

 

 

 (323)

 

 

 263,141 

Total revenue

 

 

 309,385 

 

 

 (455)

 

 

 308,931 

 

 

 

 279,879 

 

 

 (323)

 

 

 279,556 

Operating income (loss)

 

 

 24,078 

 

 

 (455)

 

 

 23,623 

 

 

 

 20,706 

 

 

 (323)

 

 

 20,383 

Income (loss) before income taxes

 

 

 17,918 

 

 

 (455)

 

 

 17,463 

 

 

 

 34,492 

 

 

 (323)

 

 

 34,169 

Income tax (expense) benefit

 

 

 (3,420)

 

 

 122 

 

 

 (3,298)

 

 

 

 (3,380)

 

 

 87 

 

 

 (3,293)

Net income (loss)

 

 

 14,498 

 

 

 (332)

 

 

 14,166 

 

 

 

 31,112 

 

 

 (236)

 

 

 30,876 

Net income (loss) attributable to Reading International, Inc. common shareholders

 

 

 14,366 

 

 

 (332)

 

 

 14,034 

 

 

 

 31,101 

 

 

 (236)

 

 

 30,865 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings (loss) per share

 

$

 0.62 

 

 

 (0.01)

 

 

 0.61 

 

 

$

 1.35 

 

 

 (0.01)

 

 

 1.34 

Diluted earnings (loss) per share

 

 

 0.62 

 

 

 (0.02)

 

 

 0.60 

 

 

 

 1.34 

 

 

 (0.01)

 

 

 1.33 



Consolidated Balance Sheets:







 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

Summary of Equity

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

As Reported

 

Adjustment

 

As Revised

Equity at January 1, 2017

 

 

 

 

 

 

 

 

 

 

 

$

 146,890 

 

$

 —

 

$

 146,890 

Net income (loss) attributable to Reading International, Inc. common shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 31,101 

 

 

 (236)

 

 

 30,865 

Equity at December 31, 2017

 

 

 

 

 

 

 

 

 

 

 

 

 181,618 

 

 

 (236)

 

 

 181,382 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity at January 1, 2018

 

 

 

 

 

 

 

 

 

 

 

$

 181,618 

 

$

 (236)

 

$

 181,382 

Net income (loss) attributable to Reading International, Inc. common shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 14,366 

 

 

 (332)

 

 

 14,034 

Equity at December 31, 2018

 

 

 

 

 

 

 

 

 

 

 

 

 180,547 

 

 

 (568)

 

 

 179,979 







 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

As at December 31, 2018

 

 

As at December 31, 2017

(Dollars in thousands)

 

As Reported

 

Adjustment

 

As Revised

 

 

As Reported

 

Adjustment

 

As Revised

Deferred tax assets, net

 

$

 26,235 

 

$

 209 

 

$

 26,444 

 

 

$

 24,746 

 

$

 87 

 

$

 24,833 

Total assets

 

 

 439,028 

 

 

 209 

 

 

 439,237 

 

 

 

 423,403 

 

 

 87 

 

 

 423,490 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable and accrued liabilities

 

$

 26,154 

 

$

 777 

 

$

 26,931 

 

 

$

 34,359 

 

$

 323 

 

$

 34,682 

Total current liabilities

 

 

 85,528 

 

 

 777 

 

 

 86,305 

 

 

 

 80,446 

 

 

 323 

 

 

 80,769 

Total liabilities

 

 

 258,481 

 

 

 777 

 

 

 259,258 

 

 

 

 241,785 

 

 

 323 

 

 

 242,108 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Retained earnings

 

$

 47,616 

 

$

 (568)

 

$

 47,048 

 

 

$

 33,056 

 

$

 (236)

 

$

 32,820 

Total stockholders' equity

 

 

 180,547 

 

 

 (568)

 

 

 179,979 

 

 

 

 181,618 

 

 

 (236)

 

 

 181,382 



Consolidated Statements of Cash Flows:







 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

Year Ended December 31, 2018

 

 

Year Ended December 31, 2017

(Dollars in thousands)

 

As Reported

 

Adjustment

 

As Revised

 

 

As Reported

 

Adjustment

 

As Revised

Net income

 

$

 14,498 

 

$

 (332)

 

$

 14,166 

 

 

$

 31,112 

 

$

 (236)

 

$

 30,876 

Change in net deferred tax assets

 

 

 (1,719)

 

 

 (122)

 

 

 (1,841)

 

 

 

 4,117 

 

 

 (87)

 

 

 4,030 

Accounts payable and accrued expenses

 

 

 2,107 

 

 

 455 

 

 

 2,562 

 

 

 

 (3,740)

 

 

 323 

 

 

 (3,417)

Net cash provided by operating activities

 

 

 32,645 

 

 

 —

 

 

 32,645 

 

 

 

 23,851 

 

 

 —

 

 

 23,851 



Accounting Standards Update 2016-02 [Member]  
Changes To Financial Statements

The cumulative effect of the changes made to our consolidated January 1, 2019 balance sheet for the adoption of ASC 842 Leases were as follows:







 

 

 

 

 

 

 

 

 

(Dollars in thousands)

 

Balance at
December 31,
2018

 

Adjustments
due to ASC
842

 

Balance at
January 1,
2019

Assets

 

 

 

 

 

 

 

 

 

Operating property, net

 

$

 257,667 

 

$

 370 

 

$

 258,037 

Operating lease right-of-use assets

 

 

 —

 

 

 232,319 

 

 

 232,319 

Intangible assets, net

 

 

 7,369 

 

 

 (3,542)

 

 

 3,827 

Deferred tax asset, net

 

 

 26,444 

 

 

 82 

 

 

 26,526 

Liabilities

 

 

 

 

 

 

 

 

 

Operating lease liabilities

 

$

 —

 

$

 245,280 

 

$

 245,280 

Other non-current liabilities

 

 

 28,931 

 

 

 (16,033)

 

 

 12,898 

Stockholders' Equity

 

 

 

 

 

 

 

 

 

Non-controlling interest

 

$

 4,337 

 

$

 (46)

 

$

 4,291 

Retained earnings

 

 

 47,048 

 

 

 28 

 

 

 47,076 



In accordance with the new lease accounting standard requirements, the disclosure of the impact of adoption on our consolidated statements of operations and balance sheet was as follows:







 

 

 

 

 

 

 

 

 



 

December 31, 2019

(Dollars in thousands)

 

As Reported,
December 31, 2019

 

Balances
Without
Adoption of
ASC 842

 

Effect of
change
Higher /
(Lower)

Cinema costs and expenses

 

$

 210,050 

 

$

 210,110 

 

$

 (60)

Depreciation and amortization

 

 

 22,747 

 

 

 22,582 

 

 

 165 

General and administrative

 

 

 25,395 

 

 

 25,569 

 

 

 (174)

Interest expense, net

 

 

 7,904 

 

 

 7,891 

 

 

 13 

Income tax (benefit) expense

 

 

 28,837 

 

 

 28,819 

 

 

 18 

Net income (loss)

 

$

 (26,503)

 

$

 (26,541)

 

$

 38 







 

 

 

 

 

 

 

 

 

(Dollars in thousands)

 

As Reported,
December 31, 2019

 

Balances
Without
Adoption of
ASC 842

 

Effect of
change
Higher /
(Lower)

Assets

 

 

 

 

 

 

 

 

 

Operating property, net

 

$

 258,138 

 

$

 257,933 

 

$

 205 

Intangible assets

 

 

 4,320 

 

 

 7,523 

 

 

 (3,203)

Operating lease right-of-use assets

 

 

 229,879 

 

 

 —

 

 

 229,879 

Deferred tax asset, net

 

 

 3,444 

 

 

 3,380 

 

 

 64 

Liabilities

 

 

 

 

 

 

 

 

 

Other current liabilities

 

$

 3,653 

 

$

 3,789 

 

$

 (136)

Operating lease liabilities, current

 

 

 20,379 

 

 

 —

 

 

 20,379 

Other non-current liabilities

 

 

 18,854 

 

 

 35,276 

 

 

 (16,422)

Operating lease liabilities, non-current

 

 

 223,164 

 

 

 —

 

 

 223,164 

Stockholders' Equity

 

 

 

 

 

 

 

 

 

Retained earnings

 

$

 139,616 

 

$

 139,578 

 

$

 38 



Accounting Standards Update 2014-09 [Member]  
Changes To Financial Statements

The cumulative effect of the changes made to our consolidated January 1, 2018 balance sheet for the adoption of ASC 606 Revenue from Contracts with Customers were as follows:







 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

(Dollars in thousands)

 

Balance at
December 31,
2017

 

Adjustments
due to ASU
2014-09

 

Balance at
January 1,
2018

Assets

 

 

 

 

 

 

 

 

 

Deferred income taxes

 

$

 24,746 

 

$

 (161)

 

$

 24,585 

Liabilities

 

 

 

 

 

 

 

 

 

Deferred current revenue

 

$

 9,850 

 

$

 (355)

 

$

 9,495 

Stockholders' Equity

 

 

 

 

 

 

 

 

 

Retained earnings

 

$

 33,056 

 

$

 194 

 

$

 33,250 



In accordance with the new revenue standard requirements, the disclosure of the impact of adoption on our consolidated statements of operations and balance sheet was as follows:







 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

Year Ended December 31, 2019

 

Year Ended December 31, 2018

(Dollars in thousands)

 

As Reported,
December 31, 2019

 

Balances
Without
Adoption of
ASC 606

 

Effect of
change
Higher /
(Lower)

 

As Reported,

December 31, 2018

 

Balances
Without
Adoption of
ASC 606

 

Effect of
change
Higher /
(Lower)

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cinema

 

$

 262,189 

 

$

 262,777 

 

$

 (588)

 

$

 293,723 

 

$

 293,516 

 

$

 207 

Income tax expense

 

 

 (28,837)

 

 

 (29,014)

 

 

 (177)

 

 

 (3,298)

 

 

 (3,234)

 

 

 64 

Net income (loss)

 

$

 (26,503)

 

$

 (26,091)

 

$

 (412)

 

$

 14,166 

 

$

 14,309 

 

$

 143 







 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

(Dollars in thousands)

 

As Reported,
December 31, 2019

 

Balances
Without
Adoption of
ASC 606

 

Effect of
change
Higher /
(Lower)

Assets

 

 

 

 

 

 

 

 

 

Deferred income taxes

 

$

 3,444 

 

$

 3,267 

 

$

 177 

Liabilities

 

 

 

 

 

 

 

 

 

Deferred current revenue

 

$

 11,324 

 

$

 10,736 

 

$

 588 

Stockholders' Equity

 

 

 

 

 

 

 

 

 

Retained earnings

 

$

 20,647 

 

$

 21,059 

 

$

 (412)



 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

(Dollars in thousands)

 

As Reported,
December 31, 2018

 

Balances
Without
Adoption of
ASC 606

 

Effect of
change
Higher /
(Lower)

Assets

 

 

 

 

 

 

 

 

 

Deferred income taxes

 

$

 26,444 

 

$

 26,508 

 

$

 (64)

Liabilities

 

 

 

 

 

 

 

 

 

Deferred current revenue

 

$

 9,264 

 

$

 9,471 

 

$

 (207)

Stockholders' Equity

 

 

 

 

 

 

 

 

 

Retained earnings

 

$

 47,048 

 

$

 46,905 

 

$

 143