Receivables (Tables)
|
9 Months Ended |
Sep. 30, 2022 |
|---|
| Receivables [Abstract] |
|
| Summary of Allowance For Credit Losses Related to Accounts Receivable |
The following tables summarize the activity in the allowance for credit losses related to Accounts Receivable for the three and nine months ended September 30, 2022 and 2021:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, 2022 |
|
|
Nine Months Ended September 30, 2022 |
|
(In thousands of U.S. Dollars) |
Theater
Operators |
|
|
Studios |
|
|
Other |
|
|
Total |
|
|
Theater
Operators |
|
|
Studios |
|
|
Other |
|
|
Total |
|
Beginning balance |
$ |
10,704 |
|
|
$ |
1,744 |
|
|
$ |
907 |
|
|
$ |
13,355 |
|
|
$ |
8,867 |
|
|
$ |
1,994 |
|
|
$ |
1,085 |
|
|
$ |
11,946 |
|
Current period provision (reversal), net |
|
211 |
|
|
|
30 |
|
|
|
382 |
|
|
|
623 |
|
|
|
2,326 |
|
|
|
(68 |
) |
|
|
598 |
|
|
|
2,856 |
|
Write-offs |
|
— |
|
|
|
(4 |
) |
|
|
— |
|
|
|
(4 |
) |
|
|
(43 |
) |
|
|
(128 |
) |
|
|
(394 |
) |
|
|
(565 |
) |
Foreign exchange |
|
(216 |
) |
|
|
(21 |
) |
|
|
— |
|
|
|
(237 |
) |
|
|
(451 |
) |
|
|
(49 |
) |
|
|
— |
|
|
|
(500 |
) |
Ending balance |
$ |
10,699 |
|
|
$ |
1,749 |
|
|
$ |
1,289 |
|
|
$ |
13,737 |
|
|
$ |
10,699 |
|
|
$ |
1,749 |
|
|
$ |
1,289 |
|
|
$ |
13,737 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, 2021 |
|
|
Nine Months Ended September 30, 2021 |
|
(In thousands of U.S. Dollars) |
Theater
Operators |
|
|
Studios |
|
|
Other |
|
|
Total |
|
|
Theater
Operators |
|
|
Studios |
|
|
Other |
|
|
Total |
|
Beginning balance |
$ |
8,597 |
|
|
$ |
2,517 |
|
|
$ |
1,192 |
|
|
$ |
12,306 |
|
|
$ |
8,368 |
|
|
$ |
4,481 |
|
|
$ |
1,446 |
|
|
$ |
14,295 |
|
Current period reversal, net |
|
(489 |
) |
|
|
(251 |
) |
|
|
(24 |
) |
|
|
(764 |
) |
|
|
(111 |
) |
|
|
(1,928 |
) |
|
|
(269 |
) |
|
|
(2,308 |
) |
Write-offs |
|
(43 |
) |
|
|
(270 |
) |
|
|
— |
|
|
|
(313 |
) |
|
|
(278 |
) |
|
|
(522 |
) |
|
|
— |
|
|
|
(800 |
) |
Foreign exchange |
|
(89 |
) |
|
|
2 |
|
|
|
— |
|
|
|
(87 |
) |
|
|
(3 |
) |
|
|
(33 |
) |
|
|
(9 |
) |
|
|
(45 |
) |
Ending balance |
$ |
7,976 |
|
|
$ |
1,998 |
|
|
$ |
1,168 |
|
|
$ |
11,142 |
|
|
$ |
7,976 |
|
|
$ |
1,998 |
|
|
$ |
1,168 |
|
|
$ |
11,142 |
|
|
| Schedule of Financing Receivables |
As of September 30, 2022 and December 31, 2021, financing receivables consist of the following:
|
|
|
|
|
|
|
|
|
September 30, |
|
|
December 31, |
|
(In thousands of U.S. Dollars) |
2022 |
|
|
2021 |
|
Net investment in leases |
|
|
|
|
|
Gross minimum payments due under sales-type leases |
$ |
26,322 |
|
|
$ |
29,953 |
|
Unearned finance income |
|
(661 |
) |
|
|
(763 |
) |
Present value of minimum payments due under sales-type leases |
|
25,661 |
|
|
|
29,190 |
|
Allowance for credit losses |
|
(670 |
) |
|
|
(798 |
) |
Net investment in leases |
|
24,991 |
|
|
|
28,392 |
|
Financed sales receivables |
|
|
|
|
|
Gross minimum payments due under financed sales |
|
137,586 |
|
|
|
152,315 |
|
Unearned finance income |
|
(29,000 |
) |
|
|
(34,244 |
) |
Present value of minimum payments due under financed sales |
|
108,586 |
|
|
|
118,071 |
|
Allowance for credit losses |
|
(10,959 |
) |
|
|
(5,414 |
) |
Net financed sales receivables |
|
97,627 |
|
|
|
112,657 |
|
Total financing receivables |
$ |
122,618 |
|
|
$ |
141,049 |
|
|
|
|
|
|
|
Net financed sales receivables due within one year |
$ |
30,360 |
|
|
$ |
29,115 |
|
Net financed sales receivables due after one year |
|
67,267 |
|
|
|
83,542 |
|
Total financed sales receivables |
$ |
97,627 |
|
|
$ |
112,657 |
|
|
| Schedule of Weighted-average Remaining Lease Term and Weighted-average Interest Rate |
As of September 30, 2022 and December 31, 2021, the weighted-average remaining lease term and weighted-average interest rate associated with the Company's sales-type lease arrangements and financed sale receivables, as applicable, are as follows:
|
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|
|
|
|
|
|
|
|
|
|
|
September 30, |
|
December 31, |
|
|
2022 |
|
2021 |
Weighted-average remaining lease term (in years) |
|
|
|
|
|
|
|
Sales-type lease arrangements |
|
|
8.8 |
|
|
|
|
9.6 |
|
|
Weighted-average interest rate |
|
|
|
|
|
|
|
|
Sales-type lease arrangements |
|
|
6.83 |
|
% |
|
|
6.56 |
|
% |
Financed sales receivables |
|
|
8.82 |
|
% |
|
|
8.79 |
|
% |
|
| Schedule of Net Investment In Leases by Credit Quality Indicator |
The tables below provide information on the Company's net investment in leases by credit quality indicator as of September 30, 2022 and December 31, 2021. The amounts disclosed for each credit quality classification are determined on a customer-by-customer basis and include both billed and unbilled amounts.
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|
|
|
|
|
|
|
|
|
|
|
|
(In thousands of U.S. Dollars) |
By Origination Year |
|
|
|
|
As of September 30, 2022 |
2022 |
|
|
2021 |
|
|
2020 |
|
|
2019 |
|
|
2018 |
|
|
Prior |
|
|
Total |
|
Net investment in leases: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit quality classification: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In good standing |
$ |
1,027 |
|
|
$ |
9,855 |
|
|
$ |
3,570 |
|
|
$ |
7,171 |
|
|
$ |
1,939 |
|
|
$ |
1,273 |
|
|
$ |
24,835 |
|
Credit Watch |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
425 |
|
|
|
— |
|
|
|
425 |
|
Pre-approved transactions |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Transactions suspended |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
401 |
|
|
|
401 |
|
Total net investment in leases |
$ |
1,027 |
|
|
$ |
9,855 |
|
|
$ |
3,570 |
|
|
$ |
7,171 |
|
|
$ |
2,364 |
|
|
$ |
1,674 |
|
|
$ |
25,661 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands of U.S. Dollars) |
By Origination Year |
|
|
|
|
As of December 31, 2021 |
2021 |
|
|
2020 |
|
|
2019 |
|
|
2018 |
|
|
2017 |
|
|
Prior |
|
|
Total |
|
Net investment in leases: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit quality classification: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In good standing |
$ |
11,030 |
|
|
$ |
3,991 |
|
|
$ |
7,973 |
|
|
$ |
2,574 |
|
|
$ |
823 |
|
|
$ |
1,928 |
|
|
$ |
28,319 |
|
Credit Watch |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Pre-approved transactions |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Transactions suspended |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
871 |
|
|
|
871 |
|
Total net investment in leases |
$ |
11,030 |
|
|
$ |
3,991 |
|
|
$ |
7,973 |
|
|
$ |
2,574 |
|
|
$ |
823 |
|
|
$ |
2,799 |
|
|
$ |
29,190 |
|
|
| Schedule of Financed Sale Receivables by Credit Quality Indicator |
The tables below provide information on the Company's financed sale receivables by credit quality indicator as of September 30, 2022 and December 31, 2021. The amounts disclosed for each credit quality classification are determined on a customer-by-customer basis and include both billed and unbilled amounts.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands of U.S. Dollars) |
By Origination Year |
|
|
|
|
As of September 30, 2022 |
2022 |
|
|
2021 |
|
|
2020 |
|
|
2019 |
|
|
2018 |
|
|
Prior |
|
|
Total |
|
Financed sales receivables: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit quality classification: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In good standing |
$ |
4,517 |
|
|
$ |
10,506 |
|
|
$ |
7,659 |
|
|
$ |
8,466 |
|
|
$ |
11,248 |
|
|
$ |
44,289 |
|
|
$ |
86,685 |
|
Credit Watch |
|
16 |
|
|
|
— |
|
|
|
1 |
|
|
|
— |
|
|
|
— |
|
|
|
1,399 |
|
|
|
1,416 |
|
Pre-approved transactions |
|
— |
|
|
|
283 |
|
|
|
— |
|
|
|
1,216 |
|
|
|
329 |
|
|
|
7,056 |
|
|
|
8,884 |
|
Transactions suspended |
|
— |
|
|
|
661 |
|
|
|
142 |
|
|
|
1,172 |
|
|
|
1,201 |
|
|
|
8,425 |
|
|
|
11,601 |
|
Total financed sales receivables |
$ |
4,533 |
|
|
$ |
11,450 |
|
|
$ |
7,802 |
|
|
$ |
10,854 |
|
|
$ |
12,778 |
|
|
$ |
61,169 |
|
|
$ |
108,586 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands of U.S. Dollars) |
By Origination Year |
|
|
|
|
As of December 31, 2021 |
2021 |
|
|
2020 |
|
|
2019 |
|
|
2018 |
|
|
2017 |
|
|
Prior |
|
|
Total |
|
Financed sales receivables: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit quality classification: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In good standing |
$ |
12,520 |
|
|
$ |
8,251 |
|
|
$ |
10,593 |
|
|
$ |
13,278 |
|
|
$ |
12,615 |
|
|
$ |
47,950 |
|
|
$ |
105,207 |
|
Credit Watch |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
321 |
|
|
|
1,292 |
|
|
|
1,613 |
|
Pre-approved transactions |
|
— |
|
|
|
— |
|
|
|
743 |
|
|
|
418 |
|
|
|
2,098 |
|
|
|
3,650 |
|
|
|
6,909 |
|
Transactions suspended |
|
— |
|
|
|
— |
|
|
|
335 |
|
|
|
— |
|
|
|
680 |
|
|
|
3,327 |
|
|
|
4,342 |
|
Total financed sales receivables |
$ |
12,520 |
|
|
$ |
8,251 |
|
|
$ |
11,671 |
|
|
$ |
13,696 |
|
|
$ |
15,714 |
|
|
$ |
56,219 |
|
|
$ |
118,071 |
|
|
| Schedule of Aging Analysis for Net Investment in Leases and Financed Sale Receivables |
The following tables provide an aging analysis for the Company's net investment in leases and financed sale receivables as of September 30, 2022 and December 31, 2021:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of September 30, 2022 |
|
(In thousands of U.S. Dollars) |
Accrued
and
Current |
|
|
30-89
Days |
|
|
90+
Days |
|
|
Billed |
|
|
Unbilled |
|
|
Recorded
Receivable |
|
|
Allowance
for Credit
Losses |
|
|
Net |
|
Net investment in leases |
$ |
235 |
|
|
$ |
192 |
|
|
$ |
2,066 |
|
|
$ |
2,493 |
|
|
$ |
23,168 |
|
|
$ |
25,661 |
|
|
$ |
(670 |
) |
|
$ |
24,991 |
|
Financed sales receivables |
|
1,441 |
|
|
|
1,086 |
|
|
|
11,469 |
|
|
|
13,996 |
|
|
|
94,590 |
|
|
$ |
108,586 |
|
|
|
(10,959 |
) |
|
|
97,627 |
|
Total |
$ |
1,676 |
|
|
$ |
1,278 |
|
|
$ |
13,535 |
|
|
$ |
16,489 |
|
|
$ |
117,758 |
|
|
$ |
134,247 |
|
|
$ |
(11,629 |
) |
|
$ |
122,618 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2021 |
|
(In thousands of U.S. Dollars) |
Accrued
and
Current |
|
|
30-89
Days |
|
|
90+
Days |
|
|
Billed |
|
|
Unbilled |
|
|
Recorded
Receivable |
|
|
Allowance
for Credit
Losses |
|
|
Net |
|
Net investment in leases |
$ |
225 |
|
|
$ |
156 |
|
|
$ |
1,267 |
|
|
$ |
1,648 |
|
|
$ |
27,542 |
|
|
$ |
29,190 |
|
|
$ |
(798 |
) |
|
$ |
28,392 |
|
Financed sales receivables |
|
1,750 |
|
|
|
989 |
|
|
|
8,378 |
|
|
|
11,117 |
|
|
|
106,954 |
|
|
|
118,071 |
|
|
|
(5,414 |
) |
|
|
112,657 |
|
Total |
$ |
1,975 |
|
|
$ |
1,145 |
|
|
$ |
9,645 |
|
|
$ |
12,765 |
|
|
$ |
134,496 |
|
|
$ |
147,261 |
|
|
$ |
(6,212 |
) |
|
$ |
141,049 |
|
|
| Schedule of Net Investment in Leases and Financed Sale Receivables with Billed Amounts Past Due Continues to Accrue Finance Income |
The following tables provide information about the Company's net investment in leases and financed sale receivables with billed amounts past due for which it continues to accrue finance income as of September 30, 2022 and December 31, 2021. The amounts disclosed for each credit quality classification are determined on a customer-by-customer basis and include both billed and unbilled amounts.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of September 30, 2022 |
|
(In thousands of U.S. Dollars) |
Accrued
and
Current |
|
|
30-89 Days |
|
|
90+ Days |
|
|
Billed |
|
|
Unbilled |
|
|
Allowance
for Credit
Losses |
|
|
Net |
|
Net investment in leases |
$ |
199 |
|
|
$ |
192 |
|
|
$ |
2,066 |
|
|
$ |
2,457 |
|
|
$ |
18,743 |
|
|
$ |
(255 |
) |
|
$ |
20,945 |
|
Financed sales receivables |
|
1,099 |
|
|
|
937 |
|
|
|
9,533 |
|
|
|
11,569 |
|
|
|
46,826 |
|
|
|
(1,333 |
) |
|
|
57,062 |
|
Total |
$ |
1,298 |
|
|
$ |
1,129 |
|
|
$ |
11,599 |
|
|
$ |
14,026 |
|
|
$ |
65,569 |
|
|
$ |
(1,588 |
) |
|
$ |
78,007 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2021 |
|
(In thousands of U.S. Dollars) |
Accrued
and
Current |
|
|
30-89 Days |
|
|
90+ Days |
|
|
Billed |
|
|
Unbilled |
|
|
Allowance
for Credit
Losses |
|
|
Net |
|
Net investment in leases |
$ |
143 |
|
|
$ |
132 |
|
|
$ |
825 |
|
|
$ |
1,100 |
|
|
$ |
12,619 |
|
|
$ |
(176 |
) |
|
$ |
13,543 |
|
Financed sales receivables |
|
959 |
|
|
|
729 |
|
|
|
6,190 |
|
|
|
7,878 |
|
|
|
41,439 |
|
|
|
(1,413 |
) |
|
|
47,904 |
|
Total |
$ |
1,102 |
|
|
$ |
861 |
|
|
$ |
7,015 |
|
|
$ |
8,978 |
|
|
$ |
54,058 |
|
|
$ |
(1,589 |
) |
|
$ |
61,447 |
|
|
| Schedule of Net Investment in Leases and Financed Sale Receivables on Nonaccrual Status |
The following table provides information about the Company's net investment in leases and financed sale receivables that are on nonaccrual status as of September 30, 2022 and December 31, 2021:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of September 30, 2022 |
|
|
As of December 31, 2021 |
|
(In thousands of U.S. Dollars) |
Recorded
Receivable |
|
|
Allowance
for Credit
Losses |
|
|
Net |
|
|
Recorded
Receivable |
|
|
Allowance
for Credit
Losses |
|
|
Net |
|
Net investment in leases |
$ |
401 |
|
|
$ |
(47 |
) |
|
$ |
354 |
|
|
$ |
871 |
|
|
$ |
(309 |
) |
|
$ |
562 |
|
Net financed sales receivables |
|
20,483 |
|
|
|
(9,653 |
) |
|
|
10,830 |
|
|
|
8,642 |
|
|
|
(2,357 |
) |
|
|
6,285 |
|
Total |
$ |
20,884 |
|
|
$ |
(9,700 |
) |
|
$ |
11,184 |
|
|
$ |
9,513 |
|
|
$ |
(2,666 |
) |
|
$ |
6,847 |
|
|
| Summary of Allowance for Credit Losses Related to Net Investment in Leases and Financed Sale Receivables |
The following tables summarize the activity in the allowance for credit losses related to the Company's net investment in leases and financed sale receivables for the three and nine months ended September 30, 2022 and 2021:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, 2022 |
|
|
Nine Months Ended September 30, 2022 |
|
|
Net Investment |
|
|
Financed |
|
|
Net Investment |
|
|
Financed |
|
(In thousands of U.S. Dollars) |
in Leases |
|
|
Sales Receivables |
|
|
in Leases |
|
|
Sales Receivables |
|
Beginning balance |
$ |
688 |
|
|
$ |
11,038 |
|
|
$ |
798 |
|
|
$ |
5,414 |
|
Current period (reversal) provision, net |
|
(1 |
) |
|
|
72 |
|
|
|
(95 |
) |
|
|
5,847 |
|
Write-offs |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Foreign exchange |
|
(17 |
) |
|
|
(151 |
) |
|
|
(33 |
) |
|
|
(302 |
) |
Ending balance |
$ |
670 |
|
|
$ |
10,959 |
|
|
$ |
670 |
|
|
$ |
10,959 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, 2021 |
|
|
Nine Months Ended September 30, 2021 |
|
|
Net Investment |
|
|
Net Financed |
|
|
Net Investment |
|
|
Net Financed |
|
(In thousands of U.S. Dollars) |
in Leases |
|
|
Sales Receivables |
|
|
in Leases |
|
|
Sales Receivables |
|
Beginning balance |
$ |
579 |
|
|
$ |
7,113 |
|
|
$ |
557 |
|
|
$ |
7,274 |
|
Current period reversal, net |
|
(84 |
) |
|
|
(1,536 |
) |
|
|
(64 |
) |
|
|
(1,741 |
) |
Write-offs |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Foreign exchange |
|
(1 |
) |
|
|
(12 |
) |
|
|
1 |
|
|
|
32 |
|
Ending balance |
$ |
494 |
|
|
$ |
5,565 |
|
|
$ |
494 |
|
|
$ |
5,565 |
|
|
| Summary of Allowance For Credit Losses Related to Variable Consideration Receivables |
The following table summarizes the activity in the allowance for credit losses related to Variable Consideration Receivables for the three and nine months ended September 30, 2022 and 2021:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
(In thousands of U.S. Dollars) |
Theater
Operators |
|
|
Theater
Operators |
|
|
Theater
Operators |
|
|
Theater
Operators |
|
Beginning balance |
$ |
501 |
|
|
$ |
2,028 |
|
|
$ |
1,082 |
|
|
$ |
1,887 |
|
Current period provision (reversal), net |
|
57 |
|
|
|
(933 |
) |
|
|
(515 |
) |
|
|
(771 |
) |
Write-offs |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Foreign exchange |
|
(24 |
) |
|
|
(1 |
) |
|
|
(33 |
) |
|
|
(22 |
) |
Ending balance |
$ |
534 |
|
|
$ |
1,094 |
|
|
$ |
534 |
|
|
$ |
1,094 |
|
|