1. Basis of Presentation
Accounting Principles
IMAX Corporation, together with its consolidated subsidiaries (the \u201cCompany\u201d or \u201cIMAX\u201d), prepares its financial statements in accordance with United States Generally Accepted Accounting Principles (\u201cU.S. GAAP\u201d) and pursuant to the rules and regulations of the Securities and Exchange Commission (the \u201cSEC\u201d). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted from this report, as is permitted by such rules and regulations. In the Company\u2019s opinion, the unaudited Condensed Consolidated Financial Statements reflect all adjustments of a normal recurring nature that are necessary for a fair statement of the results for the interim periods presented. The Condensed Consolidated Balance Sheet at December 31, 2023 was derived from the Company\u2019s audited annual Consolidated Financial Statements, but does not contain all of the footnote disclosures included in the annual financial statements. The interim results presented in the Company\u2019s Condensed Consolidated Statements of Operations are not necessarily indicative of results for a full year.
These Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements included in the Company\u2019s 2023 Annual Report on Form 10-K (the \u201c2023 Form 10-K\u201d), which should be consulted for a summary of the significant accounting policies utilized by the Company. These Condensed Consolidated Financial Statements are prepared following the same accounting policies disclosed in the 2023 Form 10-K.
Principles of Consolidation
These Condensed Consolidated Financial Statements include the accounts of IMAX Corporation together with its consolidated subsidiaries, except for subsidiaries which have been identified as variable interest entities (\u201cVIEs\u201d) where the Company is not the primary beneficiary. All intercompany accounts and transactions have been eliminated. The Company has evaluated its various variable interests to determine whether they are VIEs as required by U.S. GAAP.
The Company has interests in ten film production companies, which have been identified as VIEs. The Company is the primary beneficiary of and consolidates five of these entities as it has the power to direct the activities that most significantly impact the economic performance of the VIE, and it has the obligation to absorb losses or the right to receive benefits from the respective VIE that could potentially be significant. The majority of the assets relating to these production companies are held by the IMAX Original Film Fund (the \u201cOriginal Film Fund\u201d) as described in Note 17(b). The Company does not consolidate the other five film production companies because it does not have the power to direct their activities and it does not have the obligation to absorb the majority of the expected losses or the right to receive expected residual returns. The Company uses the equity method of accounting for these entities, which are not material to the Company\u2019s Condensed Consolidated Financial Statements. A loss in the value of an equity method investment that is other than temporary is recognized as a charge in the Condensed Consolidated Statements of Operations.
As of March 31, 2024 and December 31, 2023, total assets and liabilities of the Company\u2019s consolidated VIEs are as follows:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n \u00a0 | \n December 31, | \n \u00a0 | \n ||
(In thousands of U.S. Dollars) | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n ||
Total assets | \n \u00a0 | \n $ | \n 1,410 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,425 | \n \u00a0 | \n
Total liabilities | \n \u00a0 | \n $ | \n 246 | \n \u00a0 | \n \u00a0 | \n $ | \n 246 | \n \u00a0 | \n
Estimates and Assumptions
In preparing the Company\u2019s Condensed Consolidated Financial Statements, management makes judgments in applying various accounting policies. The areas of policy judgment are consistent with those reported in Note 2(b) of the Company\u2019s audited Consolidated Financial Statements included in its 2023 Form 10-K. Management also considers that its determination of operating and reporting segments represents an area of judgment, and has made this conclusion on the basis of what comprises the discrete financial information produced, but not provided to or used by its Chief Operating Decision Maker (\u201cCODM\u201d) to carry out this function. In addition, management makes assumptions about the Company\u2019s future operating results and cash flows in deriving critical accounting estimates used in preparing the Condensed Consolidated Financial Statements. The significant estimates made by management include, but are not limited to: (i) the allocation of the transaction price in an IMAX System arrangement to distinct performance obligations; (ii) the amount of variable consideration to be earned on sales of IMAX Systems based on projections of future box office performance; (iii) expected credit losses on accounts receivable, financing receivables, and variable consideration receivables; (iv) provisions for the write-down of excess and obsolete inventory; (v) the fair values of the reporting units used in assessing the recoverability of goodwill; (vi) the cash flow projections used in testing the recoverability of long-lived assets such as the system equipment supporting joint revenue sharing arrangements; (vii) the economic lives of the system equipment supporting joint revenue sharing arrangements; (viii) the useful lives of intangible assets; (ix) the ultimate revenue forecasts used to test the recoverability of film assets; (x) the discount rates used to determine the present value of financing receivables and lease liabilities, as well as to determine the fair values of the Company\u2019s reporting units for the purpose of assessing the recoverability of goodwill; (xi) pension plan assumptions; (xii) estimates related to the fair value and projected vesting of share-based payment awards; (xiii) the valuation of deferred income tax assets; and (xiv) reserves related to uncertain tax positions.
Accounting Principles
IMAX Corporation, together with its consolidated subsidiaries (the \u201cCompany\u201d or \u201cIMAX\u201d), prepares its financial statements in accordance with United States Generally Accepted Accounting Principles (\u201cU.S. GAAP\u201d) and pursuant to the rules and regulations of the Securities and Exchange Commission (the \u201cSEC\u201d). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted from this report, as is permitted by such rules and regulations. In the Company\u2019s opinion, the unaudited Condensed Consolidated Financial Statements reflect all adjustments of a normal recurring nature that are necessary for a fair statement of the results for the interim periods presented. The Condensed Consolidated Balance Sheet at December 31, 2023 was derived from the Company\u2019s audited annual Consolidated Financial Statements, but does not contain all of the footnote disclosures included in the annual financial statements. The interim results presented in the Company\u2019s Condensed Consolidated Statements of Operations are not necessarily indicative of results for a full year.
These Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements included in the Company\u2019s 2023 Annual Report on Form 10-K (the \u201c2023 Form 10-K\u201d), which should be consulted for a summary of the significant accounting policies utilized by the Company. These Condensed Consolidated Financial Statements are prepared following the same accounting policies disclosed in the 2023 Form 10-K.
"}]},{"name":"rpt:f-307","factDimensions":{"xbrl:concept":"us-gaap:ConsolidationVariableInterestEntityPolicy","xbrl:period":"2024-01-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0000921582"},"factValues":[{"value":"Principles of Consolidation
These Condensed Consolidated Financial Statements include the accounts of IMAX Corporation together with its consolidated subsidiaries, except for subsidiaries which have been identified as variable interest entities (\u201cVIEs\u201d) where the Company is not the primary beneficiary. All intercompany accounts and transactions have been eliminated. The Company has evaluated its various variable interests to determine whether they are VIEs as required by U.S. GAAP.
The Company has interests in ten film production companies, which have been identified as VIEs. The Company is the primary beneficiary of and consolidates five of these entities as it has the power to direct the activities that most significantly impact the economic performance of the VIE, and it has the obligation to absorb losses or the right to receive benefits from the respective VIE that could potentially be significant. The majority of the assets relating to these production companies are held by the IMAX Original Film Fund (the \u201cOriginal Film Fund\u201d) as described in Note 17(b). The Company does not consolidate the other five film production companies because it does not have the power to direct their activities and it does not have the obligation to absorb the majority of the expected losses or the right to receive expected residual returns. The Company uses the equity method of accounting for these entities, which are not material to the Company\u2019s Condensed Consolidated Financial Statements. A loss in the value of an equity method investment that is other than temporary is recognized as a charge in the Condensed Consolidated Statements of Operations.
As of March 31, 2024 and December 31, 2023, total assets and liabilities of the Company\u2019s consolidated VIEs are as follows:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n \u00a0 | \n December 31, | \n \u00a0 | \n ||
(In thousands of U.S. Dollars) | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n ||
Total assets | \n \u00a0 | \n $ | \n 1,410 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,425 | \n \u00a0 | \n
Total liabilities | \n \u00a0 | \n $ | \n 246 | \n \u00a0 | \n \u00a0 | \n $ | \n 246 | \n \u00a0 | \n
As of March 31, 2024 and December 31, 2023, total assets and liabilities of the Company\u2019s consolidated VIEs are as follows:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n \u00a0 | \n December 31, | \n \u00a0 | \n ||
(In thousands of U.S. Dollars) | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n ||
Total assets | \n \u00a0 | \n $ | \n 1,410 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,425 | \n \u00a0 | \n
Total liabilities | \n \u00a0 | \n $ | \n 246 | \n \u00a0 | \n \u00a0 | \n $ | \n 246 | \n \u00a0 | \n
Estimates and Assumptions
In preparing the Company\u2019s Condensed Consolidated Financial Statements, management makes judgments in applying various accounting policies. The areas of policy judgment are consistent with those reported in Note 2(b) of the Company\u2019s audited Consolidated Financial Statements included in its 2023 Form 10-K. Management also considers that its determination of operating and reporting segments represents an area of judgment, and has made this conclusion on the basis of what comprises the discrete financial information produced, but not provided to or used by its Chief Operating Decision Maker (\u201cCODM\u201d) to carry out this function. In addition, management makes assumptions about the Company\u2019s future operating results and cash flows in deriving critical accounting estimates used in preparing the Condensed Consolidated Financial Statements. The significant estimates made by management include, but are not limited to: (i) the allocation of the transaction price in an IMAX System arrangement to distinct performance obligations; (ii) the amount of variable consideration to be earned on sales of IMAX Systems based on projections of future box office performance; (iii) expected credit losses on accounts receivable, financing receivables, and variable consideration receivables; (iv) provisions for the write-down of excess and obsolete inventory; (v) the fair values of the reporting units used in assessing the recoverability of goodwill; (vi) the cash flow projections used in testing the recoverability of long-lived assets such as the system equipment supporting joint revenue sharing arrangements; (vii) the economic lives of the system equipment supporting joint revenue sharing arrangements; (viii) the useful lives of intangible assets; (ix) the ultimate revenue forecasts used to test the recoverability of film assets; (x) the discount rates used to determine the present value of financing receivables and lease liabilities, as well as to determine the fair values of the Company\u2019s reporting units for the purpose of assessing the recoverability of goodwill; (xi) pension plan assumptions; (xii) estimates related to the fair value and projected vesting of share-based payment awards; (xiii) the valuation of deferred income tax assets; and (xiv) reserves related to uncertain tax positions.
"}]},{"name":"rpt:f-317","factDimensions":{"xbrl:concept":"us-gaap:NewAccountingPronouncementsAndChangesInAccountingPrinciplesTextBlock","xbrl:period":"2024-01-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0000921582"},"factValues":[{"value":"2. New Accounting Standards and Accounting Changes
Adoption of New Accounting Standards
In October 2023, the Financial Accounting Standards Board (\u201cFASB\u201d) issued Accounting Standards Update No. 2023-06, \u201cDisclosure Improvements: Codification Amendments in response to the SEC\u2019s Disclosure Update and Simplification Initiative\u201d (\u201cASU 2023-06\u201d). ASU 2023-06 incorporates into U.S. GAAP certain presentation and disclosure requirements currently included in the SEC\u2019s regulations. Each amendment will become effective prospectively from the date the SEC withdrawals the corresponding SEC regulatory requirement. The Company adopted ASU 2023-06 on January 1, 2024. The adoption of ASU 2023-06 did not have a material impact on the Company\u2019s Consolidated Financial Statements.
Recently Issued FASB Accounting Standard Codification Updates Not Yet Adopted
In March 2020, the FASB issued Accounting Standards Update No. 2020-04, \u201cReference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting\u201d (\u201cASU 2020-04\u201d). The purpose of ASU 2020-04 is to provide optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. ASU 2020-04 is effective for all entities from the beginning of an interim period that includes the issuance date of the ASU 2020-04. In October 2022, the FASB extended the temporary accounting relief to December 31, 2024 from the current sunset date of December 31, 2022. As of March 31, 2024, the Company is not party to any third party contracts that reference the London Interbank Offered Rate (\u201cLIBOR\u201d). Accordingly, the Company does not expect ASU 2020-04 to have a material effect on its Consolidated Financial Statements.
In November 2023, the FASB issued Accounting Standards Update No. 2023-07, Segment Reporting (Topic 820): Improvements to Reportable Segment Disclosures (\u201cASU 2023-07\u201d). The purpose of ASU 2023-07 is to enhance the interim disclosure requirements by more closely aligning them with the annual requirements. ASU 2023-07 requires interim and annual disclosures to include information about the company's significant segment expenses. ASU 2023-07 will be effective for the Company\u2019s year ended December 31, 2024 and all interim periods thereafter. The Company is in the process of evaluating the impact of ASU 2023-07 on its financial statements.
In December 2023, the FASB issued Accounting Standard Update 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (\u201cASU 2023-09\u201d). The amendments in ASU 2023-09 improve the transparency of income tax disclosures by requiring (i) consistent categories and greater disaggregation of information in the rate reconciliation, and (ii) income taxes paid disaggregated by jurisdiction. ASU 2023-09 will be effective for the Company\u2019s year ended December 31, 2025. The Company is in the process of evaluating the impact of ASU 2023-09 on its financial statements.
In March 2024, the FASB issued Accounting Standard Update 2024-01, Compensation - Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards (\u201cASU 2024-01\u201d). ASU 2024-01 amends the guidance in Accounting Standard Codification 718 (\u201cASC 718\u201d) by adding an illustrative example to demonstrate and clarify how to apply the scope guidance to determine whether profits interests and similar awards should be accounted for as share-based payment arrangement under ASC 718 or another standard. ASU 2024-01 will be effective for the Company\u2019s period ended March 31, 2025. The Company is in the process of evaluating the impact of ASU 2024-01 on its financial statements.
The Company considers the applicability and impact of all recently issued FASB accounting standard codification updates. Accounting standard updates that are not noted above were assessed and determined to be not applicable or not significant to the Company\u2019s Condensed Consolidated Financial Statements for the period ended March 31, 2024.
Adoption of New Accounting Standards
In October 2023, the Financial Accounting Standards Board (\u201cFASB\u201d) issued Accounting Standards Update No. 2023-06, \u201cDisclosure Improvements: Codification Amendments in response to the SEC\u2019s Disclosure Update and Simplification Initiative\u201d (\u201cASU 2023-06\u201d). ASU 2023-06 incorporates into U.S. GAAP certain presentation and disclosure requirements currently included in the SEC\u2019s regulations. Each amendment will become effective prospectively from the date the SEC withdrawals the corresponding SEC regulatory requirement. The Company adopted ASU 2023-06 on January 1, 2024. The adoption of ASU 2023-06 did not have a material impact on the Company\u2019s Consolidated Financial Statements.
Recently Issued FASB Accounting Standard Codification Updates Not Yet Adopted
In March 2020, the FASB issued Accounting Standards Update No. 2020-04, \u201cReference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting\u201d (\u201cASU 2020-04\u201d). The purpose of ASU 2020-04 is to provide optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. ASU 2020-04 is effective for all entities from the beginning of an interim period that includes the issuance date of the ASU 2020-04. In October 2022, the FASB extended the temporary accounting relief to December 31, 2024 from the current sunset date of December 31, 2022. As of March 31, 2024, the Company is not party to any third party contracts that reference the London Interbank Offered Rate (\u201cLIBOR\u201d). Accordingly, the Company does not expect ASU 2020-04 to have a material effect on its Consolidated Financial Statements.
In November 2023, the FASB issued Accounting Standards Update No. 2023-07, Segment Reporting (Topic 820): Improvements to Reportable Segment Disclosures (\u201cASU 2023-07\u201d). The purpose of ASU 2023-07 is to enhance the interim disclosure requirements by more closely aligning them with the annual requirements. ASU 2023-07 requires interim and annual disclosures to include information about the company's significant segment expenses. ASU 2023-07 will be effective for the Company\u2019s year ended December 31, 2024 and all interim periods thereafter. The Company is in the process of evaluating the impact of ASU 2023-07 on its financial statements.
In December 2023, the FASB issued Accounting Standard Update 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (\u201cASU 2023-09\u201d). The amendments in ASU 2023-09 improve the transparency of income tax disclosures by requiring (i) consistent categories and greater disaggregation of information in the rate reconciliation, and (ii) income taxes paid disaggregated by jurisdiction. ASU 2023-09 will be effective for the Company\u2019s year ended December 31, 2025. The Company is in the process of evaluating the impact of ASU 2023-09 on its financial statements.
In March 2024, the FASB issued Accounting Standard Update 2024-01, Compensation - Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards (\u201cASU 2024-01\u201d). ASU 2024-01 amends the guidance in Accounting Standard Codification 718 (\u201cASC 718\u201d) by adding an illustrative example to demonstrate and clarify how to apply the scope guidance to determine whether profits interests and similar awards should be accounted for as share-based payment arrangement under ASC 718 or another standard. ASU 2024-01 will be effective for the Company\u2019s period ended March 31, 2025. The Company is in the process of evaluating the impact of ASU 2024-01 on its financial statements.
The Company considers the applicability and impact of all recently issued FASB accounting standard codification updates. Accounting standard updates that are not noted above were assessed and determined to be not applicable or not significant to the Company\u2019s Condensed Consolidated Financial Statements for the period ended March 31, 2024.
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The ability of the Company to collect its receivables is principally dependent on the viability and solvency of individual theater operators which is significantly influenced by consumer behavior and general economic conditions. Theater operators, or other customers, may experience financial difficulties that could result in them being unable to fulfill their payment obligations to the Company.
In order to mitigate the credit risk associated with its receivables, management performs an initial credit evaluation prior to entering into an arrangement with a customer and then regularly monitors the credit quality of each customer through an analysis of collections history and aging. This monitoring process includes meetings on at least a monthly basis to identify credit concerns and potential changes in credit quality classification. A customer may improve their credit quality classification once a substantial payment is made on an overdue balance or when the customer has agreed to a payment plan and payments have commenced in accordance with that plan. Changes in credit quality classification are dependent upon management approval. The Company\u2019s internal credit quality classifications are as follows:
During the period when the accretion of Finance Income is suspended for Financing Receivables, any payments received from a customer are applied against the outstanding balance owed. If payments are sufficient to cover any unreserved receivables, a reversal of the provision is recorded to the extent of the residual cash received. Once the collectability issues are resolved and the customer has returned to being in good standing, the Company will resume recognition of Finance Income.
When a customer\u2019s aging exceeds 90 days, the Company\u2019s policy is to perform an enhanced review to assess collectability of the theater\u2019s past due accounts. The over 90 days past due category may be an indicator of potential impairment as up to 90 days outstanding is considered to be a reasonable time to resolve any issues.
The Company develops an estimate of expected credit losses by class of receivable and customer type through a calculation that utilizes historical loss rates, which are then adjusted for specific receivables that are judged to have a higher-than-normal risk profile after considering management\u2019s internal credit quality classifications. Additional credit loss provisions are also recorded taking into account macro-economic and industry risk factors. The write-off of any billed receivable balance requires the approval of management.
Management\u2019s judgments regarding expected credit losses are based on the facts available to management and involve estimates about the future. As a result, the Company\u2019s judgments and associated estimates of credit losses may ultimately prove, with the benefit of hindsight, to be incorrect. The impacts of inflation, and rising interest rates may impact future credit losses. The Company will continue to monitor economic trends and conditions and portfolio performance and adjust its allowance for credit loss accordingly.
Accounts Receivable
Accounts receivable principally includes amounts currently due to the Company under IMAX System sale and sales-type lease arrangements, contingent fees owed by theater operators as a result of box office performance, and fees for maintenance services. Accounts receivable also includes amounts due to the Company from movie studios and other content creators principally for digitally remastering films into IMAX formats, as well as for film distribution and post-production services.
The following tables summarize the activity in the allowance for credit losses related to Accounts Receivable for the three months ended March 31, 2024 and 2023:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n Three Months Ended March 31,2024 | \n \u00a0 | \n |||||||||||||
(In thousands of U.S. Dollars) | \n Theater | \n \u00a0 | \n \u00a0 | \n Studios | \n \u00a0 | \n \u00a0 | \n Other | \n \u00a0 | \n \u00a0 | \n Total | \n \u00a0 | \n ||||
Beginning balance | \n $ | \n 14,355 | \n \u00a0 | \n \u00a0 | \n $ | \n 616 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,006 | \n \u00a0 | \n \u00a0 | \n $ | \n 15,977 | \n \u00a0 | \n
Current period (reversal) provision, net | \n \u00a0 | \n (94 | \n ) | \n \u00a0 | \n \u00a0 | \n 14 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 73 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (7 | \n ) | \n
Foreign exchange | \n \u00a0 | \n (14 | \n ) | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (14 | \n ) | \n
Ending balance | \n $ | \n 14,247 | \n \u00a0 | \n \u00a0 | \n $ | \n 630 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,079 | \n \u00a0 | \n \u00a0 | \n $ | \n 15,956 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
\u00a0 | \n Three Months Ended March 31, 2023 | \n \u00a0 | \n |||||||||||||
(In thousands of U.S. Dollars) | \n Theater | \n \u00a0 | \n \u00a0 | \n Studios | \n \u00a0 | \n \u00a0 | \n Other | \n \u00a0 | \n \u00a0 | \n Total | \n \u00a0 | \n ||||
Beginning balance | \n $ | \n 11,144 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,699 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,276 | \n \u00a0 | \n \u00a0 | \n $ | \n 14,119 | \n \u00a0 | \n
Current period provision, net | \n \u00a0 | \n (265 | \n ) | \n \u00a0 | \n \u00a0 | \n 3 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 21 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (241 | \n ) | \n
Write-offs | \n \u00a0 | \n (115 | \n ) | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (115 | \n ) | \n
Foreign exchange | \n \u00a0 | \n 60 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 5 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 65 | \n \u00a0 | \n
Ending balance | \n $ | \n 10,824 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,707 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,297 | \n \u00a0 | \n \u00a0 | \n $ | \n 13,828 | \n \u00a0 | \n
For the three months ended March 31, 2024, the Company\u2019s allowance for current expected credit losses related to Accounts Receivable decreased less than $0.1 million. There were no write-offs in the allowance for credit losses for the three months ended March 31, 2024.
For the three months ended March 31, 2023, the Company\u2019s allowance for current expected credit losses related to Accounts Receivable decreased by $0.4 million.
Financing Receivables
Financing receivables are due from theater operators and consist of the Company\u2019s net investment in sales-type leases and receivables associated with financed sales of IMAX Systems. As of March 31, 2024 and December 31, 2023, financing receivables consist of the following:
| \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n March 31, | \n \u00a0 | \n \u00a0 | \n December 31, | \n \u00a0 | \n ||
(In thousands of U.S. Dollars) | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n ||
Net investment in leases | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Gross minimum payments due under sales-type leases | \n $ | \n 30,215 | \n \u00a0 | \n \u00a0 | \n $ | \n 30,459 | \n \u00a0 | \n
Unearned finance income | \n \u00a0 | \n (441 | \n ) | \n \u00a0 | \n \u00a0 | \n (467 | \n ) | \n
Present value of minimum payments due under sales-type leases | \n \u00a0 | \n 29,774 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 29,992 | \n \u00a0 | \n
Allowance for credit losses | \n \u00a0 | \n (451 | \n ) | \n \u00a0 | \n \u00a0 | \n (453 | \n ) | \n
Net investment in leases | \n \u00a0 | \n 29,323 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 29,539 | \n \u00a0 | \n
Financed sales receivables | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Gross minimum payments due under financed sales | \n \u00a0 | \n 133,511 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 135,684 | \n \u00a0 | \n
Unearned finance income | \n \u00a0 | \n (27,604 | \n ) | \n \u00a0 | \n \u00a0 | \n (28,452 | \n ) | \n
Present value of minimum payments due under financed sales | \n \u00a0 | \n 105,907 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 107,232 | \n \u00a0 | \n
Allowance for credit losses | \n \u00a0 | \n (9,616 | \n ) | \n \u00a0 | \n \u00a0 | \n (9,617 | \n ) | \n
Net financed sales receivables | \n \u00a0 | \n 96,291 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 97,615 | \n \u00a0 | \n
Total financing receivables | \n $ | \n 125,614 | \n \u00a0 | \n \u00a0 | \n $ | \n 127,154 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Net financed sales receivables due within one year | \n $ | \n 31,700 | \n \u00a0 | \n \u00a0 | \n $ | \n 32,031 | \n \u00a0 | \n
Net financed sales receivables due after one year | \n \u00a0 | \n 64,591 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 65,584 | \n \u00a0 | \n
Total financed sales receivables | \n $ | \n 96,291 | \n \u00a0 | \n \u00a0 | \n $ | \n 97,615 | \n \u00a0 | \n
As of March 31, 2024 and December 31, 2023, the weighted-average remaining lease term and weighted-average interest rate associated with the Company\u2019s sales-type lease arrangements and financed sale receivables, as applicable, are as follows:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n December 31, | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n ||
Weighted-average remaining lease term (in years) | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
Sales-type lease arrangements | \n \u00a0 | \n \u00a0 | \n 8.1 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 8.3 | \n \u00a0 | \n
Weighted-average interest rate | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Sales-type lease arrangements | \n \u00a0 | \n \u00a0 | \n 7.56 | \n % | \n \u00a0 | \n \u00a0 | \n 7.88% | \n \u00a0 | \n |
Financed sales receivables | \n \u00a0 | \n \u00a0 | \n 9.01 | \n % | \n \u00a0 | \n \u00a0 | \n 8.97% | \n \u00a0 | \n
\u00a0
The tables below provide information on the Company\u2019s net investment in leases by credit quality indicator as of March 31, 2024 and December 31, 2023. The amounts disclosed for each credit quality classification are determined on a customer-by-customer basis and include both billed and unbilled amounts.
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
(In thousands of U.S. Dollars) | \n By Origination Year | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||||||||||||||||||||
As of March 31, 2024 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n \u00a0 | \n 2022 | \n \u00a0 | \n \u00a0 | \n 2021 | \n \u00a0 | \n \u00a0 | \n 2020 | \n \u00a0 | \n \u00a0 | \n Prior | \n \u00a0 | \n \u00a0 | \n Total | \n \u00a0 | \n |||||||
Net investment in leases: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||||||
Credit quality classification: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||||||
In good standing | \n $ | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n 2,278 | \n \u00a0 | \n \u00a0 | \n $ | \n 3,072 | \n \u00a0 | \n \u00a0 | \n $ | \n 5,664 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,771 | \n \u00a0 | \n \u00a0 | \n $ | \n 7,388 | \n \u00a0 | \n \u00a0 | \n $ | \n 20,173 | \n \u00a0 | \n
Credit Watch | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
Pre-approved transactions | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 490 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,602 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 809 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 5,299 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 9,200 | \n \u00a0 | \n
Transactions suspended | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 401 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 401 | \n \u00a0 | \n
Total net investment in leases | \n $ | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n 2,278 | \n \u00a0 | \n \u00a0 | \n $ | \n 3,562 | \n \u00a0 | \n \u00a0 | \n $ | \n 8,266 | \n \u00a0 | \n \u00a0 | \n $ | \n 2,580 | \n \u00a0 | \n \u00a0 | \n $ | \n 13,088 | \n \u00a0 | \n \u00a0 | \n $ | \n 29,774 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||||||
(In thousands of U.S. Dollars) | \n By Origination Year | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||||||||||||||||||||
As of December 31, 2023 | \n 2023 | \n \u00a0 | \n \u00a0 | \n 2022 | \n \u00a0 | \n \u00a0 | \n 2021 | \n \u00a0 | \n \u00a0 | \n 2020 | \n \u00a0 | \n \u00a0 | \n 2019 | \n \u00a0 | \n \u00a0 | \n Prior | \n \u00a0 | \n \u00a0 | \n Total | \n \u00a0 | \n |||||||
Net investment in leases: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||||||
Credit quality classification: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||||||
In good standing | \n $ | \n 2,435 | \n \u00a0 | \n \u00a0 | \n $ | \n 3,262 | \n \u00a0 | \n \u00a0 | \n $ | \n 6,241 | \n \u00a0 | \n \u00a0 | \n $ | \n 2,173 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,677 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,138 | \n \u00a0 | \n \u00a0 | \n $ | \n 16,926 | \n \u00a0 | \n
Credit Watch | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 490 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 313 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 803 | \n \u00a0 | \n
Pre-approved transactions | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,462 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,182 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 5,221 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,997 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 11,862 | \n \u00a0 | \n |
Transactions suspended | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 401 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 401 | \n \u00a0 | \n
Total net investment in leases | \n $ | \n 2,435 | \n \u00a0 | \n \u00a0 | \n $ | \n 3,752 | \n \u00a0 | \n \u00a0 | \n $ | \n 9,703 | \n \u00a0 | \n \u00a0 | \n $ | \n 3,355 | \n \u00a0 | \n \u00a0 | \n $ | \n 6,898 | \n \u00a0 | \n \u00a0 | \n $ | \n 3,849 | \n \u00a0 | \n \u00a0 | \n $ | \n 29,992 | \n \u00a0 | \n
The tables below provide information on the Company\u2019s financed sales receivables by credit quality indicator as of March 31, 2024 and December 31, 2023. The amounts disclosed for each credit quality classification are determined on a customer-by-customer basis and include both billed and unbilled amounts.
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
(In thousands of U.S. Dollars) | \n By Origination Year | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||||||||||||||||||||
As of March 31, 2024 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n \u00a0 | \n 2022 | \n \u00a0 | \n \u00a0 | \n 2021 | \n \u00a0 | \n \u00a0 | \n 2020 | \n \u00a0 | \n \u00a0 | \n Prior | \n \u00a0 | \n \u00a0 | \n Total | \n \u00a0 | \n |||||||
Financed sales receivables: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||||||
Credit quality classification: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||||||
In good standing | \n $ | \n 349 | \n \u00a0 | \n \u00a0 | \n $ | \n 10,849 | \n \u00a0 | \n \u00a0 | \n $ | \n 5,784 | \n \u00a0 | \n \u00a0 | \n $ | \n 6,001 | \n \u00a0 | \n \u00a0 | \n $ | \n 5,333 | \n \u00a0 | \n \u00a0 | \n $ | \n 49,560 | \n \u00a0 | \n \u00a0 | \n $ | \n 77,876 | \n \u00a0 | \n
Credit Watch | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,089 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,089 | \n \u00a0 | \n
Pre-approved transactions | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 471 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 342 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,904 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,513 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 8,968 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 14,198 | \n \u00a0 | \n
Transactions suspended | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 163 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 630 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 146 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 11,805 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 12,744 | \n \u00a0 | \n
Total financed sales receivables | \n $ | \n 349 | \n \u00a0 | \n \u00a0 | \n $ | \n 11,483 | \n \u00a0 | \n \u00a0 | \n $ | \n 6,126 | \n \u00a0 | \n \u00a0 | \n $ | \n 9,535 | \n \u00a0 | \n \u00a0 | \n $ | \n 6,992 | \n \u00a0 | \n \u00a0 | \n $ | \n 71,422 | \n \u00a0 | \n \u00a0 | \n $ | \n 105,907 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||||||
(In thousands of U.S. Dollars) | \n By Origination Year | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||||||||||||||||||||
As of December 31, 2023 | \n 2023 | \n \u00a0 | \n \u00a0 | \n 2022 | \n \u00a0 | \n \u00a0 | \n 2021 | \n \u00a0 | \n \u00a0 | \n 2020 | \n \u00a0 | \n \u00a0 | \n 2019 | \n \u00a0 | \n \u00a0 | \n Prior | \n \u00a0 | \n \u00a0 | \n Total | \n \u00a0 | \n |||||||
Financed sales receivables: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||||||
Credit quality classification: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||||||
In good standing | \n $ | \n 6,660 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 5,921 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 5,961 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 5,415 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 8,058 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 44,870 | \n \u00a0 | \n \u00a0 | \n $ | \n 76,885 | \n \u00a0 | \n
Credit Watch | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 30 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 317 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 796 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,143 | \n \u00a0 | \n
Pre-approved transactions | \n \u00a0 | \n 607 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 313 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,619 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,455 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,084 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 8,508 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 15,586 | \n \u00a0 | \n
Transactions suspended | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 728 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 345 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,546 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 10,999 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 13,618 | \n \u00a0 | \n |
Total financed sales receivables | \n $ | \n 7,267 | \n \u00a0 | \n \u00a0 | \n $ | \n 6,264 | \n \u00a0 | \n \u00a0 | \n $ | \n 9,308 | \n \u00a0 | \n \u00a0 | \n $ | \n 7,215 | \n \u00a0 | \n \u00a0 | \n $ | \n 12,005 | \n \u00a0 | \n \u00a0 | \n $ | \n 65,173 | \n \u00a0 | \n \u00a0 | \n $ | \n 107,232 | \n \u00a0 | \n
\u00a0
The following tables provide an aging analysis for the Company\u2019s net investment in leases and financed sales receivables as of March 31, 2024 and December 31, 2023:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n As of March 31, 2024 | \n \u00a0 | \n |||||||||||||||||||||||||||||
(In thousands of U.S. Dollars) | \n Accrued | \n \u00a0 | \n \u00a0 | \n 30-89 | \n \u00a0 | \n \u00a0 | \n 90+ | \n \u00a0 | \n \u00a0 | \n Billed | \n \u00a0 | \n \u00a0 | \n Unbilled | \n \u00a0 | \n \u00a0 | \n Recorded | \n \u00a0 | \n \u00a0 | \n Allowance | \n \u00a0 | \n \u00a0 | \n Net | \n \u00a0 | \n ||||||||
Net investment in leases | \n $ | \n 277 | \n \u00a0 | \n \u00a0 | \n $ | \n 451 | \n \u00a0 | \n \u00a0 | \n $ | \n 4,973 | \n \u00a0 | \n \u00a0 | \n $ | \n 5,701 | \n \u00a0 | \n \u00a0 | \n $ | \n 24,073 | \n \u00a0 | \n \u00a0 | \n $ | \n 29,774 | \n \u00a0 | \n \u00a0 | \n $ | \n (451 | \n ) | \n \u00a0 | \n $ | \n 29,323 | \n \u00a0 | \n
Financed sales receivables | \n \u00a0 | \n 853 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,241 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 9,994 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 13,089 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 92,818 | \n \u00a0 | \n \u00a0 | \n $ | \n 105,907 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (9,616 | \n ) | \n \u00a0 | \n \u00a0 | \n 96,291 | \n \u00a0 | \n
Total | \n $ | \n 1,130 | \n \u00a0 | \n \u00a0 | \n $ | \n 2,692 | \n \u00a0 | \n \u00a0 | \n $ | \n 14,967 | \n \u00a0 | \n \u00a0 | \n $ | \n 18,790 | \n \u00a0 | \n \u00a0 | \n $ | \n 116,891 | \n \u00a0 | \n \u00a0 | \n $ | \n 135,681 | \n \u00a0 | \n \u00a0 | \n $ | \n (10,067 | \n ) | \n \u00a0 | \n $ | \n 125,614 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||||||
\u00a0 | \n As of December 31, 2023 | \n \u00a0 | \n |||||||||||||||||||||||||||||
(In thousands of U.S. Dollars) | \n Accrued | \n \u00a0 | \n \u00a0 | \n 30-89 | \n \u00a0 | \n \u00a0 | \n 90+ | \n \u00a0 | \n \u00a0 | \n Billed | \n \u00a0 | \n \u00a0 | \n Unbilled | \n \u00a0 | \n \u00a0 | \n Recorded | \n \u00a0 | \n \u00a0 | \n Allowance | \n \u00a0 | \n \u00a0 | \n Net | \n \u00a0 | \n ||||||||
Net investment in leases | \n $ | \n 293 | \n \u00a0 | \n \u00a0 | \n $ | \n 212 | \n \u00a0 | \n \u00a0 | \n $ | \n 4,598 | \n \u00a0 | \n \u00a0 | \n $ | \n 5,103 | \n \u00a0 | \n \u00a0 | \n $ | \n 24,889 | \n \u00a0 | \n \u00a0 | \n $ | \n 29,992 | \n \u00a0 | \n \u00a0 | \n $ | \n (453 | \n ) | \n \u00a0 | \n $ | \n 29,539 | \n \u00a0 | \n
Financed sales receivables | \n \u00a0 | \n 1,535 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,196 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 10,704 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 13,435 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 93,797 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 107,232 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (9,617 | \n ) | \n \u00a0 | \n \u00a0 | \n 97,615 | \n \u00a0 | \n
Total | \n $ | \n 1,828 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,408 | \n \u00a0 | \n \u00a0 | \n $ | \n 15,302 | \n \u00a0 | \n \u00a0 | \n $ | \n 18,538 | \n \u00a0 | \n \u00a0 | \n $ | \n 118,686 | \n \u00a0 | \n \u00a0 | \n $ | \n 137,224 | \n \u00a0 | \n \u00a0 | \n $ | \n (10,070 | \n ) | \n \u00a0 | \n $ | \n 127,154 | \n \u00a0 | \n
The following tables provide information about the Company\u2019s net investment in leases and financed sales receivables with billed amounts past due for which it continues to accrue finance income as of March 31, 2024 and December 31, 2023. The amounts disclosed for each credit quality classification are determined on a customer-by-customer basis and include both billed and unbilled amounts.
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n As of March 31, 2024 | \n \u00a0 | \n |||||||||||||||||||||||||
(In thousands of U.S. Dollars) | \n Accrued | \n \u00a0 | \n \u00a0 | \n 30-89 Days | \n \u00a0 | \n \u00a0 | \n 90+ Days | \n \u00a0 | \n \u00a0 | \n Billed | \n \u00a0 | \n \u00a0 | \n Unbilled | \n \u00a0 | \n \u00a0 | \n Allowance | \n \u00a0 | \n \u00a0 | \n Net | \n \u00a0 | \n |||||||
Net investment in leases | \n $ | \n 240 | \n \u00a0 | \n \u00a0 | \n $ | \n 412 | \n \u00a0 | \n \u00a0 | \n $ | \n 4,973 | \n \u00a0 | \n \u00a0 | \n $ | \n 5,625 | \n \u00a0 | \n \u00a0 | \n $ | \n 22,036 | \n \u00a0 | \n \u00a0 | \n $ | \n (10 | \n ) | \n \u00a0 | \n $ | \n 27,651 | \n \u00a0 | \n
Financed sales receivables | \n \u00a0 | \n 373 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,555 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 9,662 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 11,590 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 36,236 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (1,046 | \n ) | \n \u00a0 | \n \u00a0 | \n 46,780 | \n \u00a0 | \n
Total | \n $ | \n 613 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,967 | \n \u00a0 | \n \u00a0 | \n $ | \n 14,635 | \n \u00a0 | \n \u00a0 | \n $ | \n 17,215 | \n \u00a0 | \n \u00a0 | \n $ | \n 58,272 | \n \u00a0 | \n \u00a0 | \n $ | \n (1,056 | \n ) | \n \u00a0 | \n $ | \n 74,431 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||||||
\u00a0 | \n As of December 31, 2023 | \n \u00a0 | \n |||||||||||||||||||||||||
(In thousands of U.S. Dollars) | \n Accrued | \n \u00a0 | \n \u00a0 | \n 30-89 Days | \n \u00a0 | \n \u00a0 | \n 90+ Days | \n \u00a0 | \n \u00a0 | \n Billed | \n \u00a0 | \n \u00a0 | \n Unbilled | \n \u00a0 | \n \u00a0 | \n Allowance | \n \u00a0 | \n \u00a0 | \n Net | \n \u00a0 | \n |||||||
Net investment in leases | \n $ | \n 259 | \n \u00a0 | \n \u00a0 | \n $ | \n 212 | \n \u00a0 | \n \u00a0 | \n $ | \n 4,598 | \n \u00a0 | \n \u00a0 | \n $ | \n 5,069 | \n \u00a0 | \n \u00a0 | \n $ | \n 22,651 | \n \u00a0 | \n \u00a0 | \n $ | \n (9 | \n ) | \n \u00a0 | \n $ | \n 27,711 | \n \u00a0 | \n
Financed sales receivables | \n \u00a0 | \n 798 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 782 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 10,517 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 12,097 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 33,552 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (1,198 | \n ) | \n \u00a0 | \n \u00a0 | \n 44,451 | \n \u00a0 | \n
Total | \n $ | \n 1,057 | \n \u00a0 | \n \u00a0 | \n $ | \n 994 | \n \u00a0 | \n \u00a0 | \n $ | \n 15,115 | \n \u00a0 | \n \u00a0 | \n $ | \n 17,166 | \n \u00a0 | \n \u00a0 | \n $ | \n 56,203 | \n \u00a0 | \n \u00a0 | \n $ | \n (1,207 | \n ) | \n \u00a0 | \n $ | \n 72,162 | \n \u00a0 | \n
The following table provides information about the Company\u2019s net investment in leases and financed sales receivables that are on nonaccrual status as of March 31, 2024 and December 31, 2023:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n As of March 31, 2024 | \n \u00a0 | \n \u00a0 | \n As of December 31, 2023 | \n \u00a0 | \n ||||||||||||||||||
(In thousands of U.S. Dollars) | \n Recorded | \n \u00a0 | \n \u00a0 | \n Allowance | \n \u00a0 | \n \u00a0 | \n Net | \n \u00a0 | \n \u00a0 | \n Recorded | \n \u00a0 | \n \u00a0 | \n Allowance | \n \u00a0 | \n \u00a0 | \n Net | \n \u00a0 | \n ||||||
Net investment in leases | \n $ | \n 401 | \n \u00a0 | \n \u00a0 | \n $ | \n (401 | \n ) | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n 401 | \n \u00a0 | \n \u00a0 | \n $ | \n (401 | \n ) | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n
Net financed sales receivables | \n \u00a0 | \n 26,942 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (8,882 | \n ) | \n \u00a0 | \n \u00a0 | \n 18,060 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 29,204 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (8,884 | \n ) | \n \u00a0 | \n \u00a0 | \n 20,320 | \n \u00a0 | \n
Total | \n $ | \n 27,343 | \n \u00a0 | \n \u00a0 | \n $ | \n (9,283 | \n ) | \n \u00a0 | \n $ | \n 18,060 | \n \u00a0 | \n \u00a0 | \n $ | \n 29,605 | \n \u00a0 | \n \u00a0 | \n $ | \n (9,285 | \n ) | \n \u00a0 | \n $ | \n 20,320 | \n \u00a0 | \n
For the three months ended March 31, 2024, the Company recognized $0.6 million (2023 \u2014 less than $0.1 million) in Finance Income related to the net investment in leases with billed amounts past due. For the three months ended March 31, 2024 and 2023, the Company recognized $nil (2023 - $nil) in Finance Income related to the net investment in leases on nonaccrual status. For the three months ended March 31, 2024, the Company recognized $0.5 million (2023 \u2014 $0.8 million) in Finance Income related to the financed sales receivables with billed amounts past due. For the three months ended March 31, 2024, the Company recognized $0.4 million (2023 \u2014 $0.1 million) in Finance Income related to the financed sales receivables in nonaccrual status.
The following tables summarize the activity in the allowance for credit losses related to the Company\u2019s net investment in leases and financed sales receivables for the three months ended March 31, 2024 and 2023:
\n| \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n Three Months Ended March 31, 2024 | \n \u00a0 | \n |||||
\u00a0 | \n Net Investment | \n \u00a0 | \n \u00a0 | \n Financed | \n \u00a0 | \n ||
(In thousands of U.S. Dollars) | \n in Leases | \n \u00a0 | \n \u00a0 | \n Sales Receivables | \n \u00a0 | \n ||
Beginning balance | \n $ | \n 453 | \n \u00a0 | \n \u00a0 | \n $ | \n 9,617 | \n \u00a0 | \n
Current period (reversal) provision, net | \n \u00a0 | \n 4 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (4 | \n ) | \n
Foreign exchange | \n \u00a0 | \n (6 | \n ) | \n \u00a0 | \n \u00a0 | \n 3 | \n \u00a0 | \n
Ending balance | \n $ | \n 451 | \n \u00a0 | \n \u00a0 | \n $ | \n 9,616 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
\u00a0 | \n Three Months Ended March 31, 2023 | \n \u00a0 | \n |||||
\u00a0 | \n Net Investment | \n \u00a0 | \n \u00a0 | \n Net Financed | \n \u00a0 | \n ||
(In thousands of U.S. Dollars) | \n in Leases | \n \u00a0 | \n \u00a0 | \n Sales Receivables | \n \u00a0 | \n ||
Beginning balance | \n $ | \n 776 | \n \u00a0 | \n \u00a0 | \n $ | \n 10,945 | \n \u00a0 | \n
Current period (reversal) provision, net | \n \u00a0 | \n (2 | \n ) | \n \u00a0 | \n \u00a0 | \n 549 | \n \u00a0 | \n
Foreign exchange | \n \u00a0 | \n 4 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 39 | \n \u00a0 | \n
Ending balance | \n $ | \n 778 | \n \u00a0 | \n \u00a0 | \n $ | \n 11,533 | \n \u00a0 | \n
For the three months ended March 31, 2024, the Company\u2019s allowance for current expected credit losses related to its net investment in leases decreased by less than $0.1 million (2023 \u2014 increased less than $0.1 million), and financed sales receivables decreased by less than $0.1 million (2023 \u2014 increased by $0.6 million).
Variable Consideration Receivables
In sale arrangements, variable consideration may become due to the Company from theater operators if certain annual minimum box office receipt thresholds are exceeded. Such variable consideration is recorded as revenue in the period when the sale is recognized and adjusted in future periods based on actual results and changes in estimates. Variable consideration is only recognized to the extent the Company believes there is not a risk of significant revenue reversal.
The following table summarizes the activity in the Allowance for Credit Losses related to Variable Consideration Receivables for the three months ended March 31, 2024 and 2023:
\n| \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n Three Months Ended March 31, | \n \u00a0 | \n |||||
\u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n ||
(In thousands of U.S. Dollars) | \n Theater | \n \u00a0 | \n \u00a0 | \n Theater | \n \u00a0 | \n ||
Beginning balance | \n $ | \n 633 | \n \u00a0 | \n \u00a0 | \n $ | \n 610 | \n \u00a0 | \n
Current period reversal, net | \n \u00a0 | \n 3 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (86 | \n ) | \n
Foreign exchange | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2 | \n \u00a0 | \n
Ending balance | \n $ | \n 636 | \n \u00a0 | \n \u00a0 | \n $ | \n 526 | \n \u00a0 | \n
For the three months ended March 31, 2024, the Company\u2019s allowance for current expected credit losses related to Variable Consideration Receivables increased by less than $0.1 million (2023 \u2014 decreased by $0.1 million)
"}]},{"name":"rpt:f-323","factDimensions":{"xbrl:concept":"us-gaap:ConcentrationRiskCreditRisk","xbrl:period":"2024-01-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0000921582"},"factValues":[{"value":"The Company\u2019s internal credit quality classifications are as follows:During the period when the accretion of Finance Income is suspended for Financing Receivables, any payments received from a customer are applied against the outstanding balance owed. If payments are sufficient to cover any unreserved receivables, a reversal of the provision is recorded to the extent of the residual cash received. Once the collectability issues are resolved and the customer has returned to being in good standing, the Company will resume recognition of Finance Income.
When a customer\u2019s aging exceeds 90 days, the Company\u2019s policy is to perform an enhanced review to assess collectability of the theater\u2019s past due accounts. The over 90 days past due category may be an indicator of potential impairment as up to 90 days outstanding is considered to be a reasonable time to resolve any issues.
The Company develops an estimate of expected credit losses by class of receivable and customer type through a calculation that utilizes historical loss rates, which are then adjusted for specific receivables that are judged to have a higher-than-normal risk profile after considering management\u2019s internal credit quality classifications. Additional credit loss provisions are also recorded taking into account macro-economic and industry risk factors. The write-off of any billed receivable balance requires the approval of management.
Management\u2019s judgments regarding expected credit losses are based on the facts available to management and involve estimates about the future. As a result, the Company\u2019s judgments and associated estimates of credit losses may ultimately prove, with the benefit of hindsight, to be incorrect. The impacts of inflation, and rising interest rates may impact future credit losses. The Company will continue to monitor economic trends and conditions and portfolio performance and adjust its allowance for credit loss accordingly.
Accounts Receivable
Accounts receivable principally includes amounts currently due to the Company under IMAX System sale and sales-type lease arrangements, contingent fees owed by theater operators as a result of box office performance, and fees for maintenance services. Accounts receivable also includes amounts due to the Company from movie studios and other content creators principally for digitally remastering films into IMAX formats, as well as for film distribution and post-production services.
"}]},{"name":"rpt:f-324","factDimensions":{"xbrl:concept":"us-gaap:AccountsReceivableAllowanceForCreditLossTableTextBlock","xbrl:period":"2024-01-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0000921582"},"factValues":[{"value":"The following tables summarize the activity in the allowance for credit losses related to Accounts Receivable for the three months ended March 31, 2024 and 2023:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n Three Months Ended March 31,2024 | \n \u00a0 | \n |||||||||||||
(In thousands of U.S. Dollars) | \n Theater | \n \u00a0 | \n \u00a0 | \n Studios | \n \u00a0 | \n \u00a0 | \n Other | \n \u00a0 | \n \u00a0 | \n Total | \n \u00a0 | \n ||||
Beginning balance | \n $ | \n 14,355 | \n \u00a0 | \n \u00a0 | \n $ | \n 616 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,006 | \n \u00a0 | \n \u00a0 | \n $ | \n 15,977 | \n \u00a0 | \n
Current period (reversal) provision, net | \n \u00a0 | \n (94 | \n ) | \n \u00a0 | \n \u00a0 | \n 14 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 73 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (7 | \n ) | \n
Foreign exchange | \n \u00a0 | \n (14 | \n ) | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (14 | \n ) | \n
Ending balance | \n $ | \n 14,247 | \n \u00a0 | \n \u00a0 | \n $ | \n 630 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,079 | \n \u00a0 | \n \u00a0 | \n $ | \n 15,956 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
\u00a0 | \n Three Months Ended March 31, 2023 | \n \u00a0 | \n |||||||||||||
(In thousands of U.S. Dollars) | \n Theater | \n \u00a0 | \n \u00a0 | \n Studios | \n \u00a0 | \n \u00a0 | \n Other | \n \u00a0 | \n \u00a0 | \n Total | \n \u00a0 | \n ||||
Beginning balance | \n $ | \n 11,144 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,699 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,276 | \n \u00a0 | \n \u00a0 | \n $ | \n 14,119 | \n \u00a0 | \n
Current period provision, net | \n \u00a0 | \n (265 | \n ) | \n \u00a0 | \n \u00a0 | \n 3 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 21 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (241 | \n ) | \n
Write-offs | \n \u00a0 | \n (115 | \n ) | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (115 | \n ) | \n
Foreign exchange | \n \u00a0 | \n 60 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 5 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 65 | \n \u00a0 | \n
Ending balance | \n $ | \n 10,824 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,707 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,297 | \n \u00a0 | \n \u00a0 | \n $ | \n 13,828 | \n \u00a0 | \n
| \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n March 31, | \n \u00a0 | \n \u00a0 | \n December 31, | \n \u00a0 | \n ||
(In thousands of U.S. Dollars) | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n ||
Net investment in leases | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Gross minimum payments due under sales-type leases | \n $ | \n 30,215 | \n \u00a0 | \n \u00a0 | \n $ | \n 30,459 | \n \u00a0 | \n
Unearned finance income | \n \u00a0 | \n (441 | \n ) | \n \u00a0 | \n \u00a0 | \n (467 | \n ) | \n
Present value of minimum payments due under sales-type leases | \n \u00a0 | \n 29,774 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 29,992 | \n \u00a0 | \n
Allowance for credit losses | \n \u00a0 | \n (451 | \n ) | \n \u00a0 | \n \u00a0 | \n (453 | \n ) | \n
Net investment in leases | \n \u00a0 | \n 29,323 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 29,539 | \n \u00a0 | \n
Financed sales receivables | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Gross minimum payments due under financed sales | \n \u00a0 | \n 133,511 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 135,684 | \n \u00a0 | \n
Unearned finance income | \n \u00a0 | \n (27,604 | \n ) | \n \u00a0 | \n \u00a0 | \n (28,452 | \n ) | \n
Present value of minimum payments due under financed sales | \n \u00a0 | \n 105,907 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 107,232 | \n \u00a0 | \n
Allowance for credit losses | \n \u00a0 | \n (9,616 | \n ) | \n \u00a0 | \n \u00a0 | \n (9,617 | \n ) | \n
Net financed sales receivables | \n \u00a0 | \n 96,291 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 97,615 | \n \u00a0 | \n
Total financing receivables | \n $ | \n 125,614 | \n \u00a0 | \n \u00a0 | \n $ | \n 127,154 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Net financed sales receivables due within one year | \n $ | \n 31,700 | \n \u00a0 | \n \u00a0 | \n $ | \n 32,031 | \n \u00a0 | \n
Net financed sales receivables due after one year | \n \u00a0 | \n 64,591 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 65,584 | \n \u00a0 | \n
Total financed sales receivables | \n $ | \n 96,291 | \n \u00a0 | \n \u00a0 | \n $ | \n 97,615 | \n \u00a0 | \n
As of March 31, 2024 and December 31, 2023, the weighted-average remaining lease term and weighted-average interest rate associated with the Company\u2019s sales-type lease arrangements and financed sale receivables, as applicable, are as follows:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n December 31, | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n ||
Weighted-average remaining lease term (in years) | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
Sales-type lease arrangements | \n \u00a0 | \n \u00a0 | \n 8.1 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 8.3 | \n \u00a0 | \n
Weighted-average interest rate | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Sales-type lease arrangements | \n \u00a0 | \n \u00a0 | \n 7.56 | \n % | \n \u00a0 | \n \u00a0 | \n 7.88% | \n \u00a0 | \n |
Financed sales receivables | \n \u00a0 | \n \u00a0 | \n 9.01 | \n % | \n \u00a0 | \n \u00a0 | \n 8.97% | \n \u00a0 | \n
\u00a0
"}]},{"name":"rpt:f-388","factDimensions":{"xbrl:concept":"imax:SalesTypeLeaseWeightedAverageRemainingLeaseTerm","xbrl:period":"2024-01-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0000921582"},"factValues":[{"value":"P8Y1M6D"}]},{"name":"rpt:f-389","factDimensions":{"xbrl:concept":"imax:SalesTypeLeaseWeightedAverageRemainingLeaseTerm","xbrl:period":"2023-01-01T00:00:00/2024-01-01T00:00:00","xbrl:entity":"cik:0000921582"},"factValues":[{"value":"P8Y3M18D"}]},{"name":"rpt:f-390","factDimensions":{"xbrl:concept":"imax:SalesTypeLeaseWeightedAverageDiscountRatePercent","xbrl:period":"2024-01-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0000921582"},"factValues":[{"value":"0.0756","decimals":4}]},{"name":"rpt:f-391","factDimensions":{"xbrl:concept":"imax:SalesTypeLeaseWeightedAverageDiscountRatePercent","xbrl:period":"2023-01-01T00:00:00/2024-01-01T00:00:00","xbrl:entity":"cik:0000921582"},"factValues":[{"value":"0.0788","decimals":4}]},{"name":"rpt:f-392","factDimensions":{"xbrl:concept":"imax:FinancedSaleReceivablesWeightedAverageEffectiveInterestRate","xbrl:period":"2024-04-01T00:00:00","xbrl:entity":"cik:0000921582"},"factValues":[{"value":"0.0901","decimals":4}]},{"name":"rpt:f-393","factDimensions":{"xbrl:concept":"imax:FinancedSaleReceivablesWeightedAverageEffectiveInterestRate","xbrl:period":"2024-01-01T00:00:00","xbrl:entity":"cik:0000921582"},"factValues":[{"value":"0.0897","decimals":4}]},{"name":"rpt:f-394","factDimensions":{"xbrl:concept":"us-gaap:NetInvestmentInLeaseCreditQualityIndicatorTableTextBlock","xbrl:period":"2024-01-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0000921582"},"factValues":[{"value":"The tables below provide information on the Company\u2019s net investment in leases by credit quality indicator as of March 31, 2024 and December 31, 2023. The amounts disclosed for each credit quality classification are determined on a customer-by-customer basis and include both billed and unbilled amounts.
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
(In thousands of U.S. Dollars) | \n By Origination Year | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||||||||||||||||||||
As of March 31, 2024 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n \u00a0 | \n 2022 | \n \u00a0 | \n \u00a0 | \n 2021 | \n \u00a0 | \n \u00a0 | \n 2020 | \n \u00a0 | \n \u00a0 | \n Prior | \n \u00a0 | \n \u00a0 | \n Total | \n \u00a0 | \n |||||||
Net investment in leases: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||||||
Credit quality classification: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||||||
In good standing | \n $ | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n 2,278 | \n \u00a0 | \n \u00a0 | \n $ | \n 3,072 | \n \u00a0 | \n \u00a0 | \n $ | \n 5,664 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,771 | \n \u00a0 | \n \u00a0 | \n $ | \n 7,388 | \n \u00a0 | \n \u00a0 | \n $ | \n 20,173 | \n \u00a0 | \n
Credit Watch | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
Pre-approved transactions | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 490 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,602 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 809 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 5,299 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 9,200 | \n \u00a0 | \n
Transactions suspended | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 401 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 401 | \n \u00a0 | \n
Total net investment in leases | \n $ | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n 2,278 | \n \u00a0 | \n \u00a0 | \n $ | \n 3,562 | \n \u00a0 | \n \u00a0 | \n $ | \n 8,266 | \n \u00a0 | \n \u00a0 | \n $ | \n 2,580 | \n \u00a0 | \n \u00a0 | \n $ | \n 13,088 | \n \u00a0 | \n \u00a0 | \n $ | \n 29,774 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||||||
(In thousands of U.S. Dollars) | \n By Origination Year | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||||||||||||||||||||
As of December 31, 2023 | \n 2023 | \n \u00a0 | \n \u00a0 | \n 2022 | \n \u00a0 | \n \u00a0 | \n 2021 | \n \u00a0 | \n \u00a0 | \n 2020 | \n \u00a0 | \n \u00a0 | \n 2019 | \n \u00a0 | \n \u00a0 | \n Prior | \n \u00a0 | \n \u00a0 | \n Total | \n \u00a0 | \n |||||||
Net investment in leases: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||||||
Credit quality classification: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||||||
In good standing | \n $ | \n 2,435 | \n \u00a0 | \n \u00a0 | \n $ | \n 3,262 | \n \u00a0 | \n \u00a0 | \n $ | \n 6,241 | \n \u00a0 | \n \u00a0 | \n $ | \n 2,173 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,677 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,138 | \n \u00a0 | \n \u00a0 | \n $ | \n 16,926 | \n \u00a0 | \n
Credit Watch | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 490 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 313 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 803 | \n \u00a0 | \n
Pre-approved transactions | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,462 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,182 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 5,221 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,997 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 11,862 | \n \u00a0 | \n |
Transactions suspended | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 401 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 401 | \n \u00a0 | \n
Total net investment in leases | \n $ | \n 2,435 | \n \u00a0 | \n \u00a0 | \n $ | \n 3,752 | \n \u00a0 | \n \u00a0 | \n $ | \n 9,703 | \n \u00a0 | \n \u00a0 | \n $ | \n 3,355 | \n \u00a0 | \n \u00a0 | \n $ | \n 6,898 | \n \u00a0 | \n \u00a0 | \n $ | \n 3,849 | \n \u00a0 | \n \u00a0 | \n $ | \n 29,992 | \n \u00a0 | \n
The tables below provide information on the Company\u2019s financed sales receivables by credit quality indicator as of March 31, 2024 and December 31, 2023. The amounts disclosed for each credit quality classification are determined on a customer-by-customer basis and include both billed and unbilled amounts.
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
(In thousands of U.S. Dollars) | \n By Origination Year | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||||||||||||||||||||
As of March 31, 2024 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n \u00a0 | \n 2022 | \n \u00a0 | \n \u00a0 | \n 2021 | \n \u00a0 | \n \u00a0 | \n 2020 | \n \u00a0 | \n \u00a0 | \n Prior | \n \u00a0 | \n \u00a0 | \n Total | \n \u00a0 | \n |||||||
Financed sales receivables: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||||||
Credit quality classification: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||||||
In good standing | \n $ | \n 349 | \n \u00a0 | \n \u00a0 | \n $ | \n 10,849 | \n \u00a0 | \n \u00a0 | \n $ | \n 5,784 | \n \u00a0 | \n \u00a0 | \n $ | \n 6,001 | \n \u00a0 | \n \u00a0 | \n $ | \n 5,333 | \n \u00a0 | \n \u00a0 | \n $ | \n 49,560 | \n \u00a0 | \n \u00a0 | \n $ | \n 77,876 | \n \u00a0 | \n
Credit Watch | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,089 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,089 | \n \u00a0 | \n
Pre-approved transactions | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 471 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 342 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,904 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,513 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 8,968 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 14,198 | \n \u00a0 | \n
Transactions suspended | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 163 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 630 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 146 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 11,805 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 12,744 | \n \u00a0 | \n
Total financed sales receivables | \n $ | \n 349 | \n \u00a0 | \n \u00a0 | \n $ | \n 11,483 | \n \u00a0 | \n \u00a0 | \n $ | \n 6,126 | \n \u00a0 | \n \u00a0 | \n $ | \n 9,535 | \n \u00a0 | \n \u00a0 | \n $ | \n 6,992 | \n \u00a0 | \n \u00a0 | \n $ | \n 71,422 | \n \u00a0 | \n \u00a0 | \n $ | \n 105,907 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||||||
(In thousands of U.S. Dollars) | \n By Origination Year | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||||||||||||||||||||
As of December 31, 2023 | \n 2023 | \n \u00a0 | \n \u00a0 | \n 2022 | \n \u00a0 | \n \u00a0 | \n 2021 | \n \u00a0 | \n \u00a0 | \n 2020 | \n \u00a0 | \n \u00a0 | \n 2019 | \n \u00a0 | \n \u00a0 | \n Prior | \n \u00a0 | \n \u00a0 | \n Total | \n \u00a0 | \n |||||||
Financed sales receivables: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||||||
Credit quality classification: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||||||
In good standing | \n $ | \n 6,660 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 5,921 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 5,961 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 5,415 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 8,058 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 44,870 | \n \u00a0 | \n \u00a0 | \n $ | \n 76,885 | \n \u00a0 | \n
Credit Watch | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 30 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 317 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 796 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,143 | \n \u00a0 | \n
Pre-approved transactions | \n \u00a0 | \n 607 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 313 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,619 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,455 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,084 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 8,508 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 15,586 | \n \u00a0 | \n
Transactions suspended | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 728 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 345 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,546 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 10,999 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 13,618 | \n \u00a0 | \n |
Total financed sales receivables | \n $ | \n 7,267 | \n \u00a0 | \n \u00a0 | \n $ | \n 6,264 | \n \u00a0 | \n \u00a0 | \n $ | \n 9,308 | \n \u00a0 | \n \u00a0 | \n $ | \n 7,215 | \n \u00a0 | \n \u00a0 | \n $ | \n 12,005 | \n \u00a0 | \n \u00a0 | \n $ | \n 65,173 | \n \u00a0 | \n \u00a0 | \n $ | \n 107,232 | \n \u00a0 | \n
\u00a0
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following tables provide an aging analysis for the Company\u2019s net investment in leases and financed sales receivables as of March 31, 2024 and December 31, 2023:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n As of March 31, 2024 | \n \u00a0 | \n |||||||||||||||||||||||||||||
(In thousands of U.S. Dollars) | \n Accrued | \n \u00a0 | \n \u00a0 | \n 30-89 | \n \u00a0 | \n \u00a0 | \n 90+ | \n \u00a0 | \n \u00a0 | \n Billed | \n \u00a0 | \n \u00a0 | \n Unbilled | \n \u00a0 | \n \u00a0 | \n Recorded | \n \u00a0 | \n \u00a0 | \n Allowance | \n \u00a0 | \n \u00a0 | \n Net | \n \u00a0 | \n ||||||||
Net investment in leases | \n $ | \n 277 | \n \u00a0 | \n \u00a0 | \n $ | \n 451 | \n \u00a0 | \n \u00a0 | \n $ | \n 4,973 | \n \u00a0 | \n \u00a0 | \n $ | \n 5,701 | \n \u00a0 | \n \u00a0 | \n $ | \n 24,073 | \n \u00a0 | \n \u00a0 | \n $ | \n 29,774 | \n \u00a0 | \n \u00a0 | \n $ | \n (451 | \n ) | \n \u00a0 | \n $ | \n 29,323 | \n \u00a0 | \n
Financed sales receivables | \n \u00a0 | \n 853 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,241 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 9,994 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 13,089 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 92,818 | \n \u00a0 | \n \u00a0 | \n $ | \n 105,907 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (9,616 | \n ) | \n \u00a0 | \n \u00a0 | \n 96,291 | \n \u00a0 | \n
Total | \n $ | \n 1,130 | \n \u00a0 | \n \u00a0 | \n $ | \n 2,692 | \n \u00a0 | \n \u00a0 | \n $ | \n 14,967 | \n \u00a0 | \n \u00a0 | \n $ | \n 18,790 | \n \u00a0 | \n \u00a0 | \n $ | \n 116,891 | \n \u00a0 | \n \u00a0 | \n $ | \n 135,681 | \n \u00a0 | \n \u00a0 | \n $ | \n (10,067 | \n ) | \n \u00a0 | \n $ | \n 125,614 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||||||
\u00a0 | \n As of December 31, 2023 | \n \u00a0 | \n |||||||||||||||||||||||||||||
(In thousands of U.S. Dollars) | \n Accrued | \n \u00a0 | \n \u00a0 | \n 30-89 | \n \u00a0 | \n \u00a0 | \n 90+ | \n \u00a0 | \n \u00a0 | \n Billed | \n \u00a0 | \n \u00a0 | \n Unbilled | \n \u00a0 | \n \u00a0 | \n Recorded | \n \u00a0 | \n \u00a0 | \n Allowance | \n \u00a0 | \n \u00a0 | \n Net | \n \u00a0 | \n ||||||||
Net investment in leases | \n $ | \n 293 | \n \u00a0 | \n \u00a0 | \n $ | \n 212 | \n \u00a0 | \n \u00a0 | \n $ | \n 4,598 | \n \u00a0 | \n \u00a0 | \n $ | \n 5,103 | \n \u00a0 | \n \u00a0 | \n $ | \n 24,889 | \n \u00a0 | \n \u00a0 | \n $ | \n 29,992 | \n \u00a0 | \n \u00a0 | \n $ | \n (453 | \n ) | \n \u00a0 | \n $ | \n 29,539 | \n \u00a0 | \n
Financed sales receivables | \n \u00a0 | \n 1,535 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,196 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 10,704 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 13,435 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 93,797 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 107,232 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (9,617 | \n ) | \n \u00a0 | \n \u00a0 | \n 97,615 | \n \u00a0 | \n
Total | \n $ | \n 1,828 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,408 | \n \u00a0 | \n \u00a0 | \n $ | \n 15,302 | \n \u00a0 | \n \u00a0 | \n $ | \n 18,538 | \n \u00a0 | \n \u00a0 | \n $ | \n 118,686 | \n \u00a0 | \n \u00a0 | \n $ | \n 137,224 | \n \u00a0 | \n \u00a0 | \n $ | \n (10,070 | \n ) | \n \u00a0 | \n $ | \n 127,154 | \n \u00a0 | \n
The following tables provide information about the Company\u2019s net investment in leases and financed sales receivables with billed amounts past due for which it continues to accrue finance income as of March 31, 2024 and December 31, 2023. The amounts disclosed for each credit quality classification are determined on a customer-by-customer basis and include both billed and unbilled amounts.
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n As of March 31, 2024 | \n \u00a0 | \n |||||||||||||||||||||||||
(In thousands of U.S. Dollars) | \n Accrued | \n \u00a0 | \n \u00a0 | \n 30-89 Days | \n \u00a0 | \n \u00a0 | \n 90+ Days | \n \u00a0 | \n \u00a0 | \n Billed | \n \u00a0 | \n \u00a0 | \n Unbilled | \n \u00a0 | \n \u00a0 | \n Allowance | \n \u00a0 | \n \u00a0 | \n Net | \n \u00a0 | \n |||||||
Net investment in leases | \n $ | \n 240 | \n \u00a0 | \n \u00a0 | \n $ | \n 412 | \n \u00a0 | \n \u00a0 | \n $ | \n 4,973 | \n \u00a0 | \n \u00a0 | \n $ | \n 5,625 | \n \u00a0 | \n \u00a0 | \n $ | \n 22,036 | \n \u00a0 | \n \u00a0 | \n $ | \n (10 | \n ) | \n \u00a0 | \n $ | \n 27,651 | \n \u00a0 | \n
Financed sales receivables | \n \u00a0 | \n 373 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,555 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 9,662 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 11,590 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 36,236 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (1,046 | \n ) | \n \u00a0 | \n \u00a0 | \n 46,780 | \n \u00a0 | \n
Total | \n $ | \n 613 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,967 | \n \u00a0 | \n \u00a0 | \n $ | \n 14,635 | \n \u00a0 | \n \u00a0 | \n $ | \n 17,215 | \n \u00a0 | \n \u00a0 | \n $ | \n 58,272 | \n \u00a0 | \n \u00a0 | \n $ | \n (1,056 | \n ) | \n \u00a0 | \n $ | \n 74,431 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||||||
\u00a0 | \n As of December 31, 2023 | \n \u00a0 | \n |||||||||||||||||||||||||
(In thousands of U.S. Dollars) | \n Accrued | \n \u00a0 | \n \u00a0 | \n 30-89 Days | \n \u00a0 | \n \u00a0 | \n 90+ Days | \n \u00a0 | \n \u00a0 | \n Billed | \n \u00a0 | \n \u00a0 | \n Unbilled | \n \u00a0 | \n \u00a0 | \n Allowance | \n \u00a0 | \n \u00a0 | \n Net | \n \u00a0 | \n |||||||
Net investment in leases | \n $ | \n 259 | \n \u00a0 | \n \u00a0 | \n $ | \n 212 | \n \u00a0 | \n \u00a0 | \n $ | \n 4,598 | \n \u00a0 | \n \u00a0 | \n $ | \n 5,069 | \n \u00a0 | \n \u00a0 | \n $ | \n 22,651 | \n \u00a0 | \n \u00a0 | \n $ | \n (9 | \n ) | \n \u00a0 | \n $ | \n 27,711 | \n \u00a0 | \n
Financed sales receivables | \n \u00a0 | \n 798 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 782 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 10,517 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 12,097 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 33,552 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (1,198 | \n ) | \n \u00a0 | \n \u00a0 | \n 44,451 | \n \u00a0 | \n
Total | \n $ | \n 1,057 | \n \u00a0 | \n \u00a0 | \n $ | \n 994 | \n \u00a0 | \n \u00a0 | \n $ | \n 15,115 | \n \u00a0 | \n \u00a0 | \n $ | \n 17,166 | \n \u00a0 | \n \u00a0 | \n $ | \n 56,203 | \n \u00a0 | \n \u00a0 | \n $ | \n (1,207 | \n ) | \n \u00a0 | \n $ | \n 72,162 | \n \u00a0 | \n
The following table provides information about the Company\u2019s net investment in leases and financed sales receivables that are on nonaccrual status as of March 31, 2024 and December 31, 2023:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n As of March 31, 2024 | \n \u00a0 | \n \u00a0 | \n As of December 31, 2023 | \n \u00a0 | \n ||||||||||||||||||
(In thousands of U.S. Dollars) | \n Recorded | \n \u00a0 | \n \u00a0 | \n Allowance | \n \u00a0 | \n \u00a0 | \n Net | \n \u00a0 | \n \u00a0 | \n Recorded | \n \u00a0 | \n \u00a0 | \n Allowance | \n \u00a0 | \n \u00a0 | \n Net | \n \u00a0 | \n ||||||
Net investment in leases | \n $ | \n 401 | \n \u00a0 | \n \u00a0 | \n $ | \n (401 | \n ) | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n 401 | \n \u00a0 | \n \u00a0 | \n $ | \n (401 | \n ) | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n
Net financed sales receivables | \n \u00a0 | \n 26,942 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (8,882 | \n ) | \n \u00a0 | \n \u00a0 | \n 18,060 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 29,204 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (8,884 | \n ) | \n \u00a0 | \n \u00a0 | \n 20,320 | \n \u00a0 | \n
Total | \n $ | \n 27,343 | \n \u00a0 | \n \u00a0 | \n $ | \n (9,283 | \n ) | \n \u00a0 | \n $ | \n 18,060 | \n \u00a0 | \n \u00a0 | \n $ | \n 29,605 | \n \u00a0 | \n \u00a0 | \n $ | \n (9,285 | \n ) | \n \u00a0 | \n $ | \n 20,320 | \n \u00a0 | \n
The following tables summarize the activity in the allowance for credit losses related to the Company\u2019s net investment in leases and financed sales receivables for the three months ended March 31, 2024 and 2023:
\n| \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n Three Months Ended March 31, 2024 | \n \u00a0 | \n |||||
\u00a0 | \n Net Investment | \n \u00a0 | \n \u00a0 | \n Financed | \n \u00a0 | \n ||
(In thousands of U.S. Dollars) | \n in Leases | \n \u00a0 | \n \u00a0 | \n Sales Receivables | \n \u00a0 | \n ||
Beginning balance | \n $ | \n 453 | \n \u00a0 | \n \u00a0 | \n $ | \n 9,617 | \n \u00a0 | \n
Current period (reversal) provision, net | \n \u00a0 | \n 4 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (4 | \n ) | \n
Foreign exchange | \n \u00a0 | \n (6 | \n ) | \n \u00a0 | \n \u00a0 | \n 3 | \n \u00a0 | \n
Ending balance | \n $ | \n 451 | \n \u00a0 | \n \u00a0 | \n $ | \n 9,616 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
\u00a0 | \n Three Months Ended March 31, 2023 | \n \u00a0 | \n |||||
\u00a0 | \n Net Investment | \n \u00a0 | \n \u00a0 | \n Net Financed | \n \u00a0 | \n ||
(In thousands of U.S. Dollars) | \n in Leases | \n \u00a0 | \n \u00a0 | \n Sales Receivables | \n \u00a0 | \n ||
Beginning balance | \n $ | \n 776 | \n \u00a0 | \n \u00a0 | \n $ | \n 10,945 | \n \u00a0 | \n
Current period (reversal) provision, net | \n \u00a0 | \n (2 | \n ) | \n \u00a0 | \n \u00a0 | \n 549 | \n \u00a0 | \n
Foreign exchange | \n \u00a0 | \n 4 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 39 | \n \u00a0 | \n
Ending balance | \n $ | \n 778 | \n \u00a0 | \n \u00a0 | \n $ | \n 11,533 | \n \u00a0 | \n
The following table summarizes the activity in the Allowance for Credit Losses related to Variable Consideration Receivables for the three months ended March 31, 2024 and 2023:
\n| \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n Three Months Ended March 31, | \n \u00a0 | \n |||||
\u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n ||
(In thousands of U.S. Dollars) | \n Theater | \n \u00a0 | \n \u00a0 | \n Theater | \n \u00a0 | \n ||
Beginning balance | \n $ | \n 633 | \n \u00a0 | \n \u00a0 | \n $ | \n 610 | \n \u00a0 | \n
Current period reversal, net | \n \u00a0 | \n 3 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (86 | \n ) | \n
Foreign exchange | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2 | \n \u00a0 | \n
Ending balance | \n $ | \n 636 | \n \u00a0 | \n \u00a0 | \n $ | \n 526 | \n \u00a0 | \n
4. Lease Arrangements
The Company\u2019s operating lease arrangements principally involve office and warehouse space. Office equipment is generally purchased outright. Leases with an initial term of less than 12 months are not recorded on the Condensed Consolidated Balance Sheets and the related lease expense is recognized on a straight-line basis over the lease term. Most of the Company\u2019s leases include one or more options to renew, with renewal terms that can extend the lease term from to five years or more. The Company has determined that it is reasonably certain that the renewal options on its warehouse leases will be exercised based on previous history, its current understanding of future business needs and its level of investment in leasehold improvements, among other factors. The incremental borrowing rate used in the calculation of the Company\u2019s lease liabilities is based on the location of each leased property. None of the Company\u2019s leases include options to purchase the leased property. The depreciable lives of right-of-use assets and related leasehold improvements are limited by the expected lease term. The Company\u2019s lease agreements do not contain any material residual value guarantees or material restrictive covenants.
In 2022, the Company entered into a finance lease arrangement involving equipment used to facilitate the delivery of live events to certain IMAX locations. The lease arrangement includes an option for the Company to purchase the equipment at the end of the lease term that is reasonably certain to be exercised. The resulting right-of-use assets are being depreciated from the lease commencement dates over the useful life of the underlying equipment. The incremental borrowing rate used in the calculation of the lease liabilities is based on the rate of interest the Company would have to pay to borrow on a collateralized basis over a similar term.
For the three months ended March 31, 2024 and 2023, the components of lease expense recorded within Selling, General and Administrative Expenses are as follows:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Three Months Ended March 31, | \n \u00a0 | \n \u00a0 | \n ||||||
(In thousands of U.S. Dollars) | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n \u00a0 | \n ||
Operating lease cost: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Amortization of operating lease assets | \n \u00a0 | \n $ | \n 522 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n $ | \n 151 | \n \u00a0 | \n \u00a0 | \n
Interest on operating lease liabilities | \n \u00a0 | \n \u00a0 | \n 175 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 724 | \n \u00a0 | \n \u00a0 | \n
Short-term and variable lease costs | \n \u00a0 | \n \u00a0 | \n 78 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 204 | \n \u00a0 | \n \u00a0 | \n
Finance lease cost: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Amortization of finance lease assets | \n \u00a0 | \n \u00a0 | \n 100 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 100 | \n \u00a0 | \n \u00a0 | \n
Interest on finance lease liabilities | \n \u00a0 | \n \u00a0 | \n 7 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 14 | \n \u00a0 | \n \u00a0 | \n
Total lease cost | \n \u00a0 | \n $ | \n 882 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,193 | \n \u00a0 | \n \u00a0 | \n
For the three months ended March 31, 2024 and 2023, supplemental cash and non-cash information related to leases is as follows:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n Three Months Ended March 31, | \n \u00a0 | \n |||||||
(In thousands of U.S. Dollars) | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n ||
Cash paid for amounts included in the measurement of lease liabilities: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Operating leases | \n $ | \n \u00a0 | \n 723 | \n \u00a0 | \n \u00a0 | \n $ | \n \u00a0 | \n 971 | \n \u00a0 | \n
Finance leases | \n $ | \n \u00a0 | \n 28 | \n \u00a0 | \n \u00a0 | \n $ | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
Supplemental disclosure of noncash leasing activities: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Right-of-use assets obtained in exchange for operating lease obligations | \n $ | \n \u00a0 | \n 260 | \n \u00a0 | \n \u00a0 | \n $ | \n \u00a0 | \n 228 | \n \u00a0 | \n
Right-of-use assets obtained in exchange for finance lease obligations | \n $ | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
\u00a0
As of March 31, 2024 and December 31, 2023, supplemental balance sheet information related to leases is as follows:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n \u00a0 | \n December 31, | \n \u00a0 | \n ||
(In thousands of U.S. Dollars) | \n \u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n ||
Assets | \n Balance Sheet Location | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Operating lease right-of-use assets | \n \u00a0 | \n $ | \n 10,263 | \n \u00a0 | \n \u00a0 | \n $ | \n 10,599 | \n \u00a0 | \n |
Finance lease right-of-use assets | \n \u00a0 | \n $ | \n 1,320 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,420 | \n \u00a0 | \n |
Liabilities | \n Balance Sheet Location | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Operating lease liabilities | \n \u00a0 | \n $ | \n 12,353 | \n \u00a0 | \n \u00a0 | \n $ | \n 12,702 | \n \u00a0 | \n |
Finance lease liabilities | \n \u00a0 | \n $ | \n 497 | \n \u00a0 | \n \u00a0 | \n $ | \n 518 | \n \u00a0 | \n
\u00a0
As of March 31, 2024 and December 31, 2023, the weighted-average remaining lease term and weighted-average interest rate associated with the Company\u2019s leases are as follows:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n \u00a0 | \n December 31, | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n ||
Operating leases: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
Weighted-average remaining lease term (years) | \n
| \n \u00a0 | \n 5.4 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4.9 | \n \u00a0 | \n |
Weighted-average discount rate | \n \u00a0 | \n \u00a0 | \n 5.83 | \n % | \n \u00a0 | \n \u00a0 | \n 5.85 | \n % | \n |
Finance leases: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
Weighted-average remaining lease term (years) | \n \u00a0 | \n \u00a0 | \n 3.3 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3.6 | \n \u00a0 | \n |
Weighted-average discount rate | \n \u00a0 | \n \u00a0 | \n 6.00 | \n % | \n \u00a0 | \n \u00a0 | \n 6.00 | \n % | \n
\u00a0
As of March 31, 2024, the maturities of the Company\u2019s operating and finance lease liabilities are as follows:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
(In thousands of U.S. Dollars) | \n \u00a0 | \n Operating Leases | \n \u00a0 | \n \u00a0 | \n Finance Leases | \n \u00a0 | \n ||
2024 (nine months remaining) | \n \u00a0 | \n $ | \n 1,998 | \n \u00a0 | \n \u00a0 | \n $ | \n 508 | \n \u00a0 | \n
2025 | \n \u00a0 | \n \u00a0 | \n 2,528 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
2026 | \n \u00a0 | \n \u00a0 | \n 2,469 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
2027 | \n \u00a0 | \n \u00a0 | \n 2,468 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
2028 | \n \u00a0 | \n \u00a0 | \n 2,472 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
Thereafter | \n \u00a0 | \n \u00a0 | \n 2,429 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
Total lease payments | \n \u00a0 | \n \u00a0 | \n 14,364 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 508 | \n \u00a0 | \n
Less: interest expense | \n \u00a0 | \n \u00a0 | \n (2,011 | \n ) | \n \u00a0 | \n \u00a0 | \n (11 | \n ) | \n
\u00a0 | \n $ | \n 12,353 | \n \u00a0 | \n \u00a0 | \n $ | \n 497 | \n \u00a0 | \n
The Company provides IMAX Systems to customers through long-term lease arrangements that for accounting purposes are classified as sales-type leases. Under these arrangements, in exchange for providing the IMAX System, the Company earns fixed upfront and ongoing consideration. Certain arrangements that are legal sales are also classified as sales-type leases as certain clauses within the arrangements limit transfer of title or provide the Company with conditional rights to the system. The customer\u2019s rights under the Company\u2019s sales-type lease arrangements are described in Note 2(o) of the Company\u2019s audited Consolidated Financial Statements included in its 2023 Form 10-K. Under the Company\u2019s sales-type lease arrangements, the customer has the ability and the right to operate the hardware components or direct others to operate them in a manner determined by the customer. The Company\u2019s lease portfolio terms are typically non-cancellable for 10 to 20 years with renewal provisions from inception. The Company\u2019s sales-type lease arrangements do not contain a guarantee of residual value at the end of the lease term. The customer is required to pay for executory costs such as insurance and taxes and is required to pay the Company for maintenance and an extended warranty generally after the first year of the lease until the end of the lease term. The customer is responsible for obtaining insurance coverage for the IMAX System commencing on the date specified in the arrangement\u2019s shipping terms and ending on the date the IMAX System is returned to the Company.
The Company also provides IMAX Systems to customers through joint revenue sharing arrangements. Under the traditional form of these arrangements, in exchange for providing the IMAX System under a long-term lease, the Company earns rent based on a percentage of contingent box office receipts and, in some cases, concession revenues, rather than a fixed upfront fee or annual minimum payments. Under certain other joint revenue sharing arrangements, known as hybrid arrangements, the customer is responsible for making fixed upfront payments prior to the delivery and installation of the IMAX System. Under joint revenue sharing arrangements, the customer has the ability and the right to operate the hardware components or direct others to operate them in a manner determined by the customer. The Company\u2019s joint revenue sharing arrangements are typically non-cancellable for 10 years or longer with renewal provisions. Title to the IMAX System under a joint revenue sharing arrangement generally does not transfer to the customer. The Company\u2019s joint revenue sharing arrangements do not contain a guarantee of residual value at the end of the lease term. The customer is required to pay for executory costs such as insurance and taxes and is required to pay the Company for maintenance and an extended warranty throughout the term. The customer is responsible for obtaining insurance coverage for the IMAX System commencing on the date specified in the arrangement\u2019s shipping terms and ending on the date the IMAX System is returned to the Company.
The following lease payments are expected to be received by the Company for its sales-type leases and joint revenue sharing arrangements in each of the next five years and thereafter following the March 31, 2024 balance sheet date:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Sales-Type | \n \u00a0 | \n \u00a0 | \n Joint Revenue | \n \u00a0 | \n ||
(In thousands of U.S. Dollars) | \n \u00a0 | \n Leases | \n \u00a0 | \n \u00a0 | \n Sharing Arrangements | \n \u00a0 | \n ||
2024 (nine months remaining) | \n \u00a0 | \n $ | \n 2,433 | \n \u00a0 | \n \u00a0 | \n $ | \n 48 | \n \u00a0 | \n
2025 | \n \u00a0 | \n \u00a0 | \n 3,112 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 27 | \n \u00a0 | \n
2026 | \n \u00a0 | \n \u00a0 | \n 3,031 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
2027 | \n \u00a0 | \n \u00a0 | \n 2,965 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
2028 | \n \u00a0 | \n \u00a0 | \n 2,813 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
Thereafter | \n \u00a0 | \n \u00a0 | \n 15,664 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
\u00a0Total | \n \u00a0 | \n $ | \n 30,018 | \n \u00a0 | \n \u00a0 | \n $ | \n 75 | \n \u00a0 | \n
The Company\u2019s operating lease arrangements principally involve office and warehouse space. Office equipment is generally purchased outright. Leases with an initial term of less than 12 months are not recorded on the Condensed Consolidated Balance Sheets and the related lease expense is recognized on a straight-line basis over the lease term. Most of the Company\u2019s leases include one or more options to renew, with renewal terms that can extend the lease term from to five years or more. The Company has determined that it is reasonably certain that the renewal options on its warehouse leases will be exercised based on previous history, its current understanding of future business needs and its level of investment in leasehold improvements, among other factors. The incremental borrowing rate used in the calculation of the Company\u2019s lease liabilities is based on the location of each leased property. None of the Company\u2019s leases include options to purchase the leased property. The depreciable lives of right-of-use assets and related leasehold improvements are limited by the expected lease term. The Company\u2019s lease agreements do not contain any material residual value guarantees or material restrictive covenants.
In 2022, the Company entered into a finance lease arrangement involving equipment used to facilitate the delivery of live events to certain IMAX locations. The lease arrangement includes an option for the Company to purchase the equipment at the end of the lease term that is reasonably certain to be exercised. The resulting right-of-use assets are being depreciated from the lease commencement dates over the useful life of the underlying equipment. The incremental borrowing rate used in the calculation of the lease liabilities is based on the rate of interest the Company would have to pay to borrow on a collateralized basis over a similar term."}]},{"name":"rpt:f-644","factDimensions":{"xbrl:concept":"us-gaap:LesseeOperatingLeaseDescription","xbrl:period":"2024-01-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0000921582"},"factValues":[{"value":"The Company\u2019s operating lease arrangements principally involve office and warehouse space. Office equipment is generally purchased outright. Leases with an initial term of less than 12 months are not recorded on the Condensed Consolidated Balance Sheets and the related lease expense is recognized on a straight-line basis over the lease term."}]},{"name":"rpt:f-645","factDimensions":{"xbrl:concept":"us-gaap:LesseeOperatingLeaseExistenceOfOptionToExtend","xbrl:period":"2024-01-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0000921582"},"factValues":[{"value":"true"}]},{"name":"rpt:f-646","factDimensions":{"xbrl:concept":"us-gaap:LesseeOperatingLeaseRenewalTerm","xbrl:period":"2024-04-01T00:00:00","xbrl:entity":"cik:0000921582","srt:RangeAxis":"srt:MaximumMember"},"factValues":[{"value":"P5Y"}]},{"name":"rpt:f-647","factDimensions":{"xbrl:concept":"us-gaap:LesseeOperatingLeaseOptionToExtend","xbrl:period":"2024-01-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0000921582"},"factValues":[{"value":"The Company has determined that it is reasonably certain that the renewal options on its warehouse leases will be exercised based on previous history, its current understanding of future business needs and its level of investment in leasehold improvements, among other factors."}]},{"name":"rpt:f-648","factDimensions":{"xbrl:concept":"us-gaap:LesseeOperatingLeaseAssumptionsAndJudgmentsDiscountRateDescription","xbrl:period":"2024-01-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0000921582"},"factValues":[{"value":"The incremental borrowing rate used in the calculation of the Company\u2019s lease liabilities is based on the location of each leased property."}]},{"name":"rpt:f-649","factDimensions":{"xbrl:concept":"imax:LeasesIncludeOptionsToPurchaseLeasedProperty","xbrl:period":"2024-04-01T00:00:00","xbrl:entity":"cik:0000921582","xbrl:unit":"imax:Lease"},"factValues":[{"value":"0"}]},{"name":"rpt:f-650","factDimensions":{"xbrl:concept":"us-gaap:LesseeOperatingLeaseExistenceOfResidualValueGuarantee","xbrl:period":"2024-01-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0000921582"},"factValues":[{"value":"false"}]},{"name":"rpt:f-651","factDimensions":{"xbrl:concept":"us-gaap:LeaseCostTableTextBlock","xbrl:period":"2024-01-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0000921582"},"factValues":[{"value":"For the three months ended March 31, 2024 and 2023, the components of lease expense recorded within Selling, General and Administrative Expenses are as follows:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Three Months Ended March 31, | \n \u00a0 | \n \u00a0 | \n ||||||
(In thousands of U.S. Dollars) | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n \u00a0 | \n ||
Operating lease cost: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Amortization of operating lease assets | \n \u00a0 | \n $ | \n 522 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n $ | \n 151 | \n \u00a0 | \n \u00a0 | \n
Interest on operating lease liabilities | \n \u00a0 | \n \u00a0 | \n 175 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 724 | \n \u00a0 | \n \u00a0 | \n
Short-term and variable lease costs | \n \u00a0 | \n \u00a0 | \n 78 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 204 | \n \u00a0 | \n \u00a0 | \n
Finance lease cost: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Amortization of finance lease assets | \n \u00a0 | \n \u00a0 | \n 100 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 100 | \n \u00a0 | \n \u00a0 | \n
Interest on finance lease liabilities | \n \u00a0 | \n \u00a0 | \n 7 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 14 | \n \u00a0 | \n \u00a0 | \n
Total lease cost | \n \u00a0 | \n $ | \n 882 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,193 | \n \u00a0 | \n \u00a0 | \n
For the three months ended March 31, 2024 and 2023, supplemental cash and non-cash information related to leases is as follows:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n Three Months Ended March 31, | \n \u00a0 | \n |||||||
(In thousands of U.S. Dollars) | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n ||
Cash paid for amounts included in the measurement of lease liabilities: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Operating leases | \n $ | \n \u00a0 | \n 723 | \n \u00a0 | \n \u00a0 | \n $ | \n \u00a0 | \n 971 | \n \u00a0 | \n
Finance leases | \n $ | \n \u00a0 | \n 28 | \n \u00a0 | \n \u00a0 | \n $ | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
Supplemental disclosure of noncash leasing activities: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Right-of-use assets obtained in exchange for operating lease obligations | \n $ | \n \u00a0 | \n 260 | \n \u00a0 | \n \u00a0 | \n $ | \n \u00a0 | \n 228 | \n \u00a0 | \n
Right-of-use assets obtained in exchange for finance lease obligations | \n $ | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
\u00a0
"}]},{"name":"rpt:f-665","factDimensions":{"xbrl:concept":"us-gaap:OperatingLeasePayments","xbrl:period":"2024-01-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0000921582","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"723000","decimals":-3}]},{"name":"rpt:f-666","factDimensions":{"xbrl:concept":"us-gaap:OperatingLeasePayments","xbrl:period":"2023-01-01T00:00:00/2023-04-01T00:00:00","xbrl:entity":"cik:0000921582","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"971000","decimals":-3}]},{"name":"rpt:f-667","factDimensions":{"xbrl:concept":"us-gaap:FinanceLeasePrincipalPayments","xbrl:period":"2024-01-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0000921582","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"28000","decimals":-3}]},{"name":"rpt:f-668","factDimensions":{"xbrl:concept":"us-gaap:RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability","xbrl:period":"2024-01-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0000921582","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"260000","decimals":-3}]},{"name":"rpt:f-669","factDimensions":{"xbrl:concept":"us-gaap:RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability","xbrl:period":"2023-01-01T00:00:00/2023-04-01T00:00:00","xbrl:entity":"cik:0000921582","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"228000","decimals":-3}]},{"name":"rpt:f-670","factDimensions":{"xbrl:concept":"imax:LesseeOperatingLeaseBalanceSheetAmountsAndLinesTableTextBlock","xbrl:period":"2024-01-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0000921582"},"factValues":[{"value":"As of March 31, 2024 and December 31, 2023, supplemental balance sheet information related to leases is as follows:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n \u00a0 | \n December 31, | \n \u00a0 | \n ||
(In thousands of U.S. Dollars) | \n \u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n ||
Assets | \n Balance Sheet Location | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Operating lease right-of-use assets | \n \u00a0 | \n $ | \n 10,263 | \n \u00a0 | \n \u00a0 | \n $ | \n 10,599 | \n \u00a0 | \n |
Finance lease right-of-use assets | \n \u00a0 | \n $ | \n 1,320 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,420 | \n \u00a0 | \n |
Liabilities | \n Balance Sheet Location | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Operating lease liabilities | \n \u00a0 | \n $ | \n 12,353 | \n \u00a0 | \n \u00a0 | \n $ | \n 12,702 | \n \u00a0 | \n |
Finance lease liabilities | \n \u00a0 | \n $ | \n 497 | \n \u00a0 | \n \u00a0 | \n $ | \n 518 | \n \u00a0 | \n
\u00a0
"}]},{"name":"rpt:f-671","factDimensions":{"xbrl:concept":"us-gaap:OperatingLeaseRightOfUseAsset","xbrl:period":"2024-04-01T00:00:00","xbrl:entity":"cik:0000921582","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"10263000","decimals":-3}]},{"name":"rpt:f-672","factDimensions":{"xbrl:concept":"us-gaap:OperatingLeaseRightOfUseAsset","xbrl:period":"2024-01-01T00:00:00","xbrl:entity":"cik:0000921582","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"10599000","decimals":-3}]},{"name":"rpt:f-673","factDimensions":{"xbrl:concept":"us-gaap:FinanceLeaseRightOfUseAsset","xbrl:period":"2024-04-01T00:00:00","xbrl:entity":"cik:0000921582","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"1320000","decimals":-3}]},{"name":"rpt:f-674","factDimensions":{"xbrl:concept":"us-gaap:FinanceLeaseRightOfUseAsset","xbrl:period":"2024-01-01T00:00:00","xbrl:entity":"cik:0000921582","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"1420000","decimals":-3}]},{"name":"rpt:f-675","factDimensions":{"xbrl:concept":"us-gaap:OperatingLeaseLiability","xbrl:period":"2024-04-01T00:00:00","xbrl:entity":"cik:0000921582","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"12353000","decimals":-3}]},{"name":"rpt:f-676","factDimensions":{"xbrl:concept":"us-gaap:OperatingLeaseLiability","xbrl:period":"2024-01-01T00:00:00","xbrl:entity":"cik:0000921582","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"12702000","decimals":-3}]},{"name":"rpt:f-677","factDimensions":{"xbrl:concept":"us-gaap:FinanceLeaseLiability","xbrl:period":"2024-04-01T00:00:00","xbrl:entity":"cik:0000921582","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"497000","decimals":-3}]},{"name":"rpt:f-678","factDimensions":{"xbrl:concept":"us-gaap:FinanceLeaseLiability","xbrl:period":"2024-01-01T00:00:00","xbrl:entity":"cik:0000921582","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"518000","decimals":-3}]},{"name":"rpt:f-679","factDimensions":{"xbrl:concept":"imax:LesseeOperatingLeaseWeightedAveragesTableTableTextBlock","xbrl:period":"2024-01-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0000921582"},"factValues":[{"value":"As of March 31, 2024 and December 31, 2023, the weighted-average remaining lease term and weighted-average interest rate associated with the Company\u2019s leases are as follows:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n \u00a0 | \n December 31, | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n ||
Operating leases: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
Weighted-average remaining lease term (years) | \n
| \n \u00a0 | \n 5.4 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4.9 | \n \u00a0 | \n |
Weighted-average discount rate | \n \u00a0 | \n \u00a0 | \n 5.83 | \n % | \n \u00a0 | \n \u00a0 | \n 5.85 | \n % | \n |
Finance leases: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
Weighted-average remaining lease term (years) | \n \u00a0 | \n \u00a0 | \n 3.3 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3.6 | \n \u00a0 | \n |
Weighted-average discount rate | \n \u00a0 | \n \u00a0 | \n 6.00 | \n % | \n \u00a0 | \n \u00a0 | \n 6.00 | \n % | \n
As of March 31, 2024, the maturities of the Company\u2019s operating and finance lease liabilities are as follows:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
(In thousands of U.S. Dollars) | \n \u00a0 | \n Operating Leases | \n \u00a0 | \n \u00a0 | \n Finance Leases | \n \u00a0 | \n ||
2024 (nine months remaining) | \n \u00a0 | \n $ | \n 1,998 | \n \u00a0 | \n \u00a0 | \n $ | \n 508 | \n \u00a0 | \n
2025 | \n \u00a0 | \n \u00a0 | \n 2,528 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
2026 | \n \u00a0 | \n \u00a0 | \n 2,469 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
2027 | \n \u00a0 | \n \u00a0 | \n 2,468 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
2028 | \n \u00a0 | \n \u00a0 | \n 2,472 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
Thereafter | \n \u00a0 | \n \u00a0 | \n 2,429 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
Total lease payments | \n \u00a0 | \n \u00a0 | \n 14,364 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 508 | \n \u00a0 | \n
Less: interest expense | \n \u00a0 | \n \u00a0 | \n (2,011 | \n ) | \n \u00a0 | \n \u00a0 | \n (11 | \n ) | \n
\u00a0 | \n $ | \n 12,353 | \n \u00a0 | \n \u00a0 | \n $ | \n 497 | \n \u00a0 | \n
The following lease payments are expected to be received by the Company for its sales-type leases and joint revenue sharing arrangements in each of the next five years and thereafter following the March 31, 2024 balance sheet date:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Sales-Type | \n \u00a0 | \n \u00a0 | \n Joint Revenue | \n \u00a0 | \n ||
(In thousands of U.S. Dollars) | \n \u00a0 | \n Leases | \n \u00a0 | \n \u00a0 | \n Sharing Arrangements | \n \u00a0 | \n ||
2024 (nine months remaining) | \n \u00a0 | \n $ | \n 2,433 | \n \u00a0 | \n \u00a0 | \n $ | \n 48 | \n \u00a0 | \n
2025 | \n \u00a0 | \n \u00a0 | \n 3,112 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 27 | \n \u00a0 | \n
2026 | \n \u00a0 | \n \u00a0 | \n 3,031 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
2027 | \n \u00a0 | \n \u00a0 | \n 2,965 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
2028 | \n \u00a0 | \n \u00a0 | \n 2,813 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
Thereafter | \n \u00a0 | \n \u00a0 | \n 15,664 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
\u00a0Total | \n \u00a0 | \n $ | \n 30,018 | \n \u00a0 | \n \u00a0 | \n $ | \n 75 | \n \u00a0 | \n
5. Inventories
As of March 31, 2024 and December 31, 2023, Inventories consist of the following:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n \u00a0 | \n December 31, | \n \u00a0 | \n ||
(In thousands of U.S. Dollars) | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n ||
Raw materials | \n \u00a0 | \n $ | \n 31,980 | \n \u00a0 | \n \u00a0 | \n $ | \n 27,660 | \n \u00a0 | \n
Work-in-process | \n \u00a0 | \n \u00a0 | \n 2,089 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,570 | \n \u00a0 | \n
Finished goods | \n \u00a0 | \n \u00a0 | \n 2,084 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,354 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n $ | \n 36,153 | \n \u00a0 | \n \u00a0 | \n $ | \n 31,584 | \n \u00a0 | \n
\u00a0
As of March 31, 2024, Inventories include finished goods of $0.6 million (December 31, 2023 \u2014 $0.6 million) for which title had passed to customers, but the criteria for revenue recognition were not met as of the balance sheet date.
During the three months ended March 31, 2024 and 2023, the Company had recorded write-downs of less than $0.1 million, respectively, in Costs and Expenses Applicable to Revenues \u2015 Technology Sales.
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\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n \u00a0 | \n December 31, | \n \u00a0 | \n ||
(In thousands of U.S. Dollars) | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n ||
Raw materials | \n \u00a0 | \n $ | \n 31,980 | \n \u00a0 | \n \u00a0 | \n $ | \n 27,660 | \n \u00a0 | \n
Work-in-process | \n \u00a0 | \n \u00a0 | \n 2,089 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,570 | \n \u00a0 | \n
Finished goods | \n \u00a0 | \n \u00a0 | \n 2,084 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,354 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n $ | \n 36,153 | \n \u00a0 | \n \u00a0 | \n $ | \n 31,584 | \n \u00a0 | \n
\u00a0
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As of March 31, 2024 and December 31, 2023, Revolving Credit Facility Borrowings, Net includes the following:
\n| \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n March 31, | \n \u00a0 | \n \u00a0 | \n December 31, | \n \u00a0 | \n ||
(In thousands of U.S. Dollars) | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n ||
Wells Fargo Credit Facility borrowings | \n $ | \n 69,000 | \n \u00a0 | \n \u00a0 | \n $ | \n 24,000 | \n \u00a0 | \n
Unamortized debt issuance costs | \n \u00a0 | \n (966 | \n ) | \n \u00a0 | \n \u00a0 | \n (1,076 | \n ) | \n
Revolving Credit Facility Borrowings, net | \n $ | \n 68,034 | \n \u00a0 | \n \u00a0 | \n $ | \n 22,924 | \n \u00a0 | \n
Wells Fargo Credit Agreement
On March 25, 2022, the Company entered into a Sixth Amended and Restated Credit Agreement with Wells Fargo Bank, National Association, as agent (the \u201cAgent\u201d), and a syndicate of lenders party thereto (the \u201cCredit Agreement\u201d), which extended the maturity date of the credit facility under the Credit Agreement (the \u201cCredit Facility\u201d) from June 28, 2023 to March 25, 2027. The Company\u2019s obligations under the Credit Agreement are guaranteed by certain of the Company\u2019s subsidiaries (the \u201cGuarantors\u201d), and are secured by first-priority security interests in substantially all of the assets of the Company and the Guarantors.
The Credit Agreement has a revolving borrowing capacity of $300.0 million, and contains an uncommitted accordion feature allowing the Company to further increase its borrowing capacity by the greater of $140.0 million, for a total of $440.0 million, or by the Company\u2019s EBITDA for the sum of the four most recently ended fiscal quarters, subject to certain conditions, depending on the mix of revolving loans and/or term loans under the incremental facility and subject to conditions set forth in the Credit Agreement.
The Credit Facility requires that the Company maintain a maximum Senior Secured Net Leverage Ratio (as defined in the Credit Agreement) of no greater than 3.25:1.00, on the last day of each Fiscal Quarter. The Senior Secured Net Leverage Ratio is the ratio of Total Debt (as defined in the Credit Agreement), secured by liens, net of unrestricted cash and cash equivalents held outside of the People\u2019s Republic of China (\u201cthe PRC\u201d) up to a maximum of $75.0 million, relative to Adjusted EBITDA per Credit Facility for the four prior quarters. The Senior Secured Net Leverage Ratio is calculated using Adjusted EBITDA per Credit Facility determined on a trailing twelve-month basis. The Company was in compliance with this requirement as of March 31, 2024 as the Senior Secured Net Leverage Ratio was 0.16:1.00.
Loans under the Credit Facility bear interest, at the Company\u2019s option, at (i) Term Secure Overnight Financing Rate (\u201cSOFR\u201d), Eurocurrency Rate or Canadian Dollar Offered Rate (\u201cCDOR\u201d) plus a margin ranging from 1.00% to 1.75% per annum; or (ii) the U.S. base rate or the Canadian prime rate plus a margin ranging from 0.25% to 1.00% per annum, in each case depending on the Company\u2019s total leverage ratio. In no event will Term SOFR, Eurocurrency Rate or CDOR Rate be less than 0.00% per annum.
As of March 31, 2024, borrowings under the Credit Facility were $69.0 million (December 31, 2023 \u2014 $24.0 million) and bear interest at Term SOFR, plus a margin of 1.50% per annum (December 31, 2023 \u2014 1.75%) based on the Company\u2019s total leverage ratio. The effective interest rate for the three months ended March 31, 2024 was 6.93% (2023 \u2014 6.83%).
The Credit Agreement contains customary affirmative and negative covenants, including covenants that limit indebtedness, liens, asset sales, investments and restricted payments, in each case subject to negotiated exceptions and baskets. The Credit Agreement also contains customary representations, warranties and event of default provisions.
As of March 31, 2024, and December 31, 2023, the Company had no letters of credit or advance payment guarantees outstanding under the Credit Facility. As of March 31, 2024, the amount available for future borrowings under the Credit Facility was $231.0 million (December 31, 2023 \u2014 $276.0 million).
Foreign Exchange Facility
Within the Credit Facility, the Company is able to purchase foreign currency forward contracts and/or other swap arrangements. As of March 31, 2024, the net unrealized loss on the Company\u2019s outstanding foreign currency forward contracts was less than $0.1 million, representing the amount by which the notional value of these forward contracts exceeded their fair value (December 31, 2023 \u2014 net unrealized gain of $0.8 million). As of March 31, 2024, the notional value of the Company\u2019s outstanding foreign currency forward contracts was $34.8 million (December 31, 2023 \u2014 $40.6 million).
Bank of China Facility
In June 2022, IMAX (Shanghai) Multimedia Technology Co., Ltd. (\u201cIMAX Shanghai\u201d), one of the Company\u2019s majority-owned subsidiaries in China, renewed its unsecured revolving facility with Bank of China for up to 200.0 million Chinese Renminbi (\u201cRMB\u201d) ($28.2 million), including RMB 10.0 million ($1.4 million) for letters of guarantee, to fund ongoing working capital requirements (the \u201cBank of China Facility\u201d). The Bank of China Facility expires on February 21, 2025.
As of March 31, 2024 and December 31, 2023, no borrowings were outstanding under the Bank of China Facility and outstanding letters of guarantee were less than $0.1 million.
As of March 31, 2024, the amount available for future borrowings under the Bank of China Facility was RMB 190.0 million ($26.8 million) and the amount available for letters of guarantee was RMB 9.8 million ($1.4 million). The amount available for future borrowings under the Bank of China Facility is not subject to a standby fee. The effective interest rate for the three months ended March 31, 2024 was 0% (2023 \u2014 3.85%).
HSBC China Facility
In June 2022, IMAX Shanghai entered into an unsecured revolving facility for up to RMB 200.0 million ($28.2 million) with HSBC Bank (China) Company Limited, Shanghai Branch to fund ongoing working capital requirements (the \u201cHSBC China Facility\u201d). As of March 31, 2024 and December 31, 2023, no borrowings were outstanding under the HSBC China Facility. As of March 31, 2024 and December 31, 2023, the amount available for future borrowings under the HSBC China Facility was RMB 200.0 million ($28.2 million). The effective interest rate for the three months ended March 31, 2024 was 0% (2023 \u2014 3.88%).
NBC Facility
In October 2019, the Company entered into a $5.0 million facility with National Bank of Canada (the \u201cNBC Facility\u201d) fully insured by Export Development Canada for use solely in conjunction with the issuance of performance guarantees and letters of credit. The NBC Facility has been renewed to August 21, 2024. The NBC Facility is renewable on the same terms and conditions on an annual basis. The Company did not have any letters of credit or advance payment guarantees outstanding as of March 31, 2024 and December 31, 2023 under the NBC Facility.
(b) Convertible Notes and Other Borrowings, Net
As of March 31, 2024 and December 31, 2023, Convertible Notes and Other Borrowings, Net includes the following:
\n| \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n March 31, | \n \u00a0 | \n \u00a0 | \n December 31, | \n \u00a0 | \n ||
(In thousands of U.S. Dollars) | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n ||
Convertible Notes | \n $ | \n 230,000 | \n \u00a0 | \n \u00a0 | \n $ | \n 230,000 | \n \u00a0 | \n
Unamortized discounts and debt issuance costs | \n \u00a0 | \n (2,991 | \n ) | \n \u00a0 | \n \u00a0 | \n (3,367 | \n ) | \n
Convertible Notes, net | \n \u00a0 | \n 227,009 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 226,633 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Federal Economic Development Loan | \n \u00a0 | \n 2,962 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,200 | \n \u00a0 | \n
Unaccreted interest benefit | \n \u00a0 | \n (536 | \n ) | \n \u00a0 | \n \u00a0 | \n (702 | \n ) | \n
Federal Economic Development Loan, net | \n \u00a0 | \n 2,426 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,498 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Convertible Notes and Other Borrowings, net | \n $ | \n 229,435 | \n \u00a0 | \n \u00a0 | \n $ | \n 229,131 | \n \u00a0 | \n
\u00a0
Convertible Notes
On March 19, 2021, the Company issued $230.0 million of 0.500% Convertible Senior Notes due 2026 (the \u201cConvertible Notes\u201d) in a private placement conducted pursuant to Rule 144A under the Securities Act of 1933, as amended. The net proceeds from the issuance of the Convertible Notes were $223.7 million, after deducting the initial purchasers\u2019 discounts and commissions.
The Convertible Notes are senior unsecured obligations of the Company and bear interest at a rate of 0.500% per annum on the principal of $230.0 million, payable semi-annually in arrears on April 1 and October 1 of each year, beginning on October 1, 2021. The Convertible Notes will mature on April 1, 2026, unless they are redeemed or repurchased by the Company or converted on an earlier date.
Holders of the Convertible Notes have the right to convert their Convertible Notes in certain circumstances and during specified periods. Before January 1, 2026, holders of the Convertible Notes have the right to convert their Convertible Notes only upon the occurrence of certain events. From and after January 1, 2026, holders of the Convertible Notes may convert their Convertible Notes at any time at their election until the close of business on the second scheduled trading day immediately before the maturity date. Upon conversion, the Company will pay or deliver, as applicable, cash or a combination of cash (in an amount no less than the principal amount of the Convertible Notes being converted) and common shares, at its election, based on the applicable conversion rates. The initial conversion rate is 34.7766 common shares per $1,000 principal amount of Convertible Notes, which represents an initial conversion price of approximately $28.75 per common share, and is subject to adjustment upon the occurrence of certain events.
The Convertible Notes are redeemable, in whole or in part, at the Company\u2019s option at any time, and from time to time, on or after April 6, 2024 and on or before the 40th scheduled trading day immediately before the maturity date, at a cash redemption price equal to the principal amount of the Convertible Notes to be redeemed, plus accrued and unpaid interest, if any, but only if the last reported sale price per share of the Company\u2019s common stock exceeds 130% of the conversion price for a specified period of time. In addition, calling any Convertible Notes for redemption will constitute a \u201cmake-whole fundamental change\u201d with respect to such notes, in which case the conversion rate applicable to the conversion of such notes will be increased in certain circumstances if such notes are converted after they are called for redemption.
In connection with the pricing of the Convertible Notes, the Company entered into privately negotiated capped call transactions (the \u201cCapped Call Transactions\u201d) with certain financial institutions. The Capped Call Transactions are expected to reduce potential dilution resulting from the common shares the Company is required to issue and/or to offset any potential cash payments the Company is required to make in excess of the principal amount of the Convertible Notes in the event that the market price per share of the Company\u2019s common shares is greater than the strike price of the Capped Call Transactions with such reduction and/or offset subject to a cap. The Capped Call Transactions have an initial cap price of $37.2750 per share of the Company\u2019s common shares, which represents a premium of 75% over the last reported sale price of the common shares when they were priced on March 16, 2021, and are subject to certain adjustments under the terms of the Capped Call Transactions. Collectively, the Capped Call Transactions cover, subject to anti-dilution adjustments substantially similar to those applicable to the Convertible Notes, the number of the Company\u2019s common shares underlying the Convertible Notes. The cost of the Capped Call Transactions was approximately $19.1 million.
The Capped Call Transactions are separate transactions, are not part of the terms of the Convertible Notes and will not affect any holder\u2019s rights under the Convertible Notes. Holders of the Convertible Notes will not have any rights with respect to the Capped Call Transactions.
The Capped Call Transactions meet all of the applicable criteria for equity classification in accordance with ASC 815-10-15-74(a), \u201cDerivatives and Hedging\u2014Embedded Derivatives\u2014Certain Contracts Involving an Entity\u2019s Own Equity,\u201d and, as a result, the related $19.1 million cost was recorded as a reduction to Other Equity within Shareholders\u2019 Equity on the Company\u2019s Condensed Consolidated Statements of Shareholders\u2019 Equity and Condensed Consolidated Balance Sheets.
In addition, upon the occurrence of a \u201cfundamental change\u201d (as defined below), holders may require the Company to repurchase their Convertible Notes at a cash repurchase price equal to the principal amount of the Convertible Notes to be repurchased, plus accrued and unpaid interest, if any. Subject to the terms and conditions of the indenture governing the Convertible Notes, a \u201cfundamental change\u201d means, among other things, an event resulting in (i) a change of control, (ii) a transfer of all or substantially all of the assets of the Company, (iii) a merger, (iv) liquidation or dissolution of the Company, or (v) delisting of the Company\u2019s common shares from a national securities exchange.
The Company continues to record the Convertible Notes entirely as a liability in the Condensed Consolidated Balance Sheets, net of initial purchasers\u2019 discounts and commissions and other debt issuance costs, with interest expense reflecting the cash coupon plus the amortization of the discounts and capitalized costs. Additionally, under the \u201cif-converted\u201d method, because the principal amount of the Convertible Notes is settled in cash and the conversion spread is settleable in the Company\u2019s common shares, diluted earnings per share is calculated by including the net number of incremental shares that would be issued upon conversion of the Convertible Notes, using the average market price during the period. Accordingly, the application of the \u201cif-converted\u201d method may reduce the Company\u2019s reported diluted earnings per share.
Federal Economic Development Loan
The Company\u2019s wholly-owned subsidiary, SSIMWAVE, entered into a contribution agreement with the Federal Economic Development Agency for Southern Ontario (the \u201cFederal Economic Development Loan\u201d) on May 29, 2019, under which SSIMWAVE received $4.2 million Canadian Dollars ($3.1 million) by way of repayable contributions toward certain eligible projects costs. The contributions under the agreement covered 35% of the eligible and supported costs of SSIMWAVE between January 10, 2019 and December 31, 2022. The contributions were repayable over 60 months, with repayments to begin in January 2024 and an annual interest rate of 0%.
On January 1, 2024, SSIMWAVE was amalgamated into the Company. On January 4, 2024, the Federal Economic Development Loan was assigned to the Company with amendment to the repayment term. The contributions under the assigned agreement are repayable over 36 months beginning January 2024, with an annual interest rate of 0%.
The benefit of the interest-free loan has been determined by calculating the present value of the payments using a market-based interest rate and comparing this to the proceeds received. The benefit is recorded as the interest free benefit of government funding within Interest Income on the Condensed Consolidated Statements of Operations. The obligation is being accreted to its maturity amount, resulting in an interest accretion expense of $0.1 million for the three months ended March 31, 2024 (2023 \u2014 less than $0.1 million), which is being recorded within Interest Expense on the Company\u2019s Consolidated Statement of Operations.
As of March 31, 2024, the Federal Economic Development Loan has a carrying value of $2.4 million, net of unaccreted interest benefit and is recorded within Convertible Notes and Other Borrowings, Net on the Company\u2019s Condensed Consolidated Balance Sheets.
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\n| \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n March 31, | \n \u00a0 | \n \u00a0 | \n December 31, | \n \u00a0 | \n ||
(In thousands of U.S. Dollars) | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n ||
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\n| \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n March 31, | \n \u00a0 | \n \u00a0 | \n December 31, | \n \u00a0 | \n ||
(In thousands of U.S. Dollars) | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n ||
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\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
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\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Convertible Notes and Other Borrowings, net | \n $ | \n 229,435 | \n \u00a0 | \n \u00a0 | \n $ | \n 229,131 | \n \u00a0 | \n
\u00a0
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Commitments, Contingencies and Guarantees
In the ordinary course of its business, the Company enters into contractual agreements with third parties that include non-cancelable payment obligations, for which it is liable in future periods. These arrangements can include terms binding the Company to minimum payments and/or penalties if it terminates the agreement for any reason other than an event of default as described by the agreement.
The Company is involved in lawsuits, claims, and proceedings, including those identified below, which arise in the ordinary course of business. Management is required to assess the likelihood of any adverse judgments or outcomes related to these legal contingencies, as well as potential ranges of probable or reasonably possible losses. The Company records a provision for a liability when it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. The determination of the amount of any liability recorded or disclosed is reviewed at least quarterly based on a careful analysis of each individual exposure with, in some cases, the assistance of outside legal counsel, taking into account the impact of negotiations, settlements, rulings, and other pertinent information related to the case. The amount of liabilities recorded or disclosed for these contingencies may change in the future due to changes in management\u2019s judgments resulting from new developments or changes in settlement strategy. Any resulting adjustment to the liabilities recorded by the Company could have a material adverse effect on its results of operations, cash flows, and financial position in the period or periods in which such changes in judgment occur. The Company believes it has adequate provisions for any such matters. The Company expenses legal costs relating to its lawsuits, claims and proceedings as incurred.
(i) In January 2004, the Company and IMAX Theatre Services Ltd., a subsidiary of the Company, commenced an arbitration seeking damages before the International Court of Arbitration of the International Chamber of Commerce (the \u201cICC\u201d) with respect to the breach by Electronic Media Limited (\u201cEML\u201d) of its December 2000 agreement with the Company. In June 2004, the Company commenced a related arbitration before the ICC against EML\u2019s affiliate, E-City Entertainment (I) PVT Limited (\u201cE-City\u201d). On March 27, 2008, the arbitration panel issued a final award in favor of the Company in the amount of $11.3 million, as well as an additional $2,512 each day in interest from October 1, 2007 until the date the award is paid. In July 2008, E-City commenced a proceeding in Mumbai, India seeking to prevent recognition of the ICC award in India. On March 10, 2017, the Supreme Court of India dismissed E-City\u2019s petition. On March 29, 2017, the Company filed an Execution Application in the Bombay High Court seeking to enforce the ICC award against E-City and several related parties, which award the Company calculates to be $26.4 million, inclusive of interest, as of March 31, 2024. That matter is currently pending. The Company has also taken steps to enforce the ICC final award outside of India. In December 2011, the Ontario Superior Court of Justice issued an order recognizing the final award and requiring E-City to pay the Company $30,000 to cover the costs of the application, and in May 2012, the New York Supreme Court recognized the Canadian judgment and entered it as a New York judgment. The Company intends to continue pursuing its rights and seeking to enforce the award, although no assurances can be given with respect to the ultimate outcome.
(ii) In addition to the matters described above, the Company is currently involved in other legal proceedings or governmental inquiries which, in the opinion of the Company\u2019s management, will not materially affect the Company\u2019s financial position or future operating results, although no assurance can be given with respect to the ultimate outcome of any such proceedings.
(iii) In the normal course of business, the Company enters into agreements that may contain features that meet the definition of a guarantee. A guarantee is a contract (including an indemnity) that contingently requires the Company to make payments (either in cash, financial instruments, other assets, shares of its stock, or provision of services) to a third party based on (a) changes in an underlying interest rate, foreign exchange rate, equity or commodity instrument, index or other variable, that is related to an asset, a liability or an equity security of the counterparty, (b) failure of another party to perform under an obligating agreement or (c) failure of another third party to pay its indebtedness when due.
Certain subsidiaries of the Company have provided significant financial guarantees to third parties under the Credit Agreement.
The Company\u2019s accrual for product warranties, which is recorded within Accrued and Other Liabilities in the Condensed Consolidated Balance Sheets, was $0.2 million and less than $0.1 million as of March 31, 2024 and December 31, 2023, respectively.
The Company\u2019s by-laws contain an indemnification of its directors/officers, former directors/officers, and persons who have acted at its request to be a director/officer of an entity in which the Company is a shareholder or creditor, to indemnify them, to the extent permitted by the Canada Business Corporations Act, against expenses (including legal fees), judgments, fines and any amounts actually and reasonably incurred by them in connection with any action, suit or proceeding in which the directors and/or officers are sued as a result of their service, if they acted honestly and in good faith with a view to the best interests of the Company. In addition, the Company has entered into indemnification agreements with each of its directors in order to effectuate the foregoing. The nature of the indemnification prevents the Company from making a reasonable estimate of the maximum potential amount it could be required to pay to counterparties. The Company has purchased directors\u2019 and officers\u2019 liability insurance. No amount has been accrued in the Company\u2019s Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023, with respect to this indemnity.
In the normal course of its operations, the Company provides indemnifications to counterparties in transactions such as: IMAX System lease and sale agreements and the supervision of installation or servicing of IMAX Systems; film production, exhibition and distribution agreements; real property lease agreements; and employment agreements. These indemnification agreements require the Company to compensate the counterparties for costs incurred as a result of litigation claims that may be suffered by the counterparty as a consequence of the transaction or the Company\u2019s breach or non-performance under these agreements. While the terms of these indemnification agreements vary based upon the contract, they normally extend for the life of the agreements. A small number of agreements do not provide for any limit on the maximum potential amount of indemnification; however, virtually all of the IMAX System lease and sale agreements limit such maximum potential liability to the purchase price of the system. The fact that the maximum potential amount of indemnification required by the Company is not specified in some cases prevents the Company from making a reasonable estimate of the maximum potential amount it could be required to pay to counterparties. Historically, the Company has not made any significant payments under such indemnifications and no amounts have been accrued in the Condensed Consolidated Financial Statements with respect to the contingent aspect of these indemnities.
"}]},{"name":"rpt:f-848","factDimensions":{"xbrl:concept":"us-gaap:CommitmentsAndContingenciesPolicyTextBlock","xbrl:period":"2024-01-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0000921582"},"factValues":[{"value":"The Company is involved in lawsuits, claims, and proceedings, including those identified below, which arise in the ordinary course of business. Management is required to assess the likelihood of any adverse judgments or outcomes related to these legal contingencies, as well as potential ranges of probable or reasonably possible losses. The Company records a provision for a liability when it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. The determination of the amount of any liability recorded or disclosed is reviewed at least quarterly based on a careful analysis of each individual exposure with, in some cases, the assistance of outside legal counsel, taking into account the impact of negotiations, settlements, rulings, and other pertinent information related to the case. The amount of liabilities recorded or disclosed for these contingencies may change in the future due to changes in management\u2019s judgments resulting from new developments or changes in settlement strategy. Any resulting adjustment to the liabilities recorded by the Company could have a material adverse effect on its results of operations, cash flows, and financial position in the period or periods in which such changes in judgment occur. The Company believes it has adequate provisions for any such matters. The Company expenses legal costs relating to its lawsuits, claims and proceedings as incurred.
"}]},{"name":"rpt:f-849","factDimensions":{"xbrl:concept":"imax:LitigationSettlementAgreementConsideration","xbrl:period":"2003-12-28T00:00:00/2008-03-28T00:00:00","xbrl:entity":"cik:0000921582"},"factValues":[{"value":"amount of $11.3 million, as well as an additional $2,512 each day in interest from October 1, 2007 until the date the award is paid"}]},{"name":"rpt:f-850","factDimensions":{"xbrl:concept":"imax:FinalAwardAmountIssued","xbrl:period":"2008-03-28T00:00:00","xbrl:entity":"cik:0000921582","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"11300000","decimals":-5}]},{"name":"rpt:f-851","factDimensions":{"xbrl:concept":"us-gaap:LitigationSettlementInterest","xbrl:period":"2003-12-28T00:00:00/2008-03-28T00:00:00","xbrl:entity":"cik:0000921582","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"2512","decimals":0}]},{"name":"rpt:f-852","factDimensions":{"xbrl:concept":"imax:AwardInclusiveOfInterest","xbrl:period":"2024-01-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0000921582","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"26400000","decimals":-5}]},{"name":"rpt:f-853","factDimensions":{"xbrl:concept":"imax:LitigationSettlementAgreementConsideration","xbrl:period":"2004-01-03T00:00:00/2011-12-03T00:00:00","xbrl:entity":"cik:0000921582"},"factValues":[{"value":"$30,000 to cover the costs of the application"}]},{"name":"rpt:f-854","factDimensions":{"xbrl:concept":"us-gaap:LegalFees","xbrl:period":"2004-01-03T00:00:00/2011-12-03T00:00:00","xbrl:entity":"cik:0000921582","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"30000","decimals":0}]},{"name":"rpt:f-855","factDimensions":{"xbrl:concept":"us-gaap:ProductWarrantyAccrual","xbrl:period":"2024-04-01T00:00:00","xbrl:entity":"cik:0000921582","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"200000","decimals":-5}]},{"name":"rpt:f-856","factDimensions":{"xbrl:concept":"us-gaap:ProductWarrantyAccrual","xbrl:period":"2024-01-01T00:00:00","xbrl:entity":"cik:0000921582","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"100000","decimals":-5}]},{"name":"rpt:f-857","factDimensions":{"xbrl:concept":"us-gaap:GuaranteeObligationsMaximumExposure","xbrl:period":"2024-04-01T00:00:00","xbrl:entity":"cik:0000921582","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"0"}]},{"name":"rpt:f-858","factDimensions":{"xbrl:concept":"us-gaap:GuaranteeObligationsMaximumExposure","xbrl:period":"2024-01-01T00:00:00","xbrl:entity":"cik:0000921582","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"0"}]},{"name":"rpt:f-859","factDimensions":{"xbrl:concept":"imax:IndemnificationOther","xbrl:period":"2024-01-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0000921582","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"0"}]},{"name":"rpt:f-860","factDimensions":{"xbrl:concept":"us-gaap:AdditionalFinancialInformationDisclosureTextBlock","xbrl:period":"2024-01-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0000921582"},"factValues":[{"value":"8. Condensed Consolidated Statements of Operations \u2013 Supplemental Information
The following table summarizes the Company\u2019s selling expenses, including sales commissions and marketing and other, which are recognized within Costs and Expenses Applicable to Revenues in the Condensed Consolidated Statements of Operations, for the three months ended March 31, 2024 and 2023:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n Three Months Ended March 31, | \n \u00a0 | \n |||||||||||||||||
\u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n ||||||||||||||
(In thousands of U.S. Dollars) | \n Sales | \n \u00a0 | \n \u00a0 | \n Marketing | \n \u00a0 | \n \u00a0 | \n Sales | \n \u00a0 | \n \u00a0 | \n Marketing | \n \u00a0 | \n ||||||||
Technology sales(1) | \n $ | \n \u00a0 | \n 78 | \n \u00a0 | \n \u00a0 | \n $ | \n \u00a0 | \n 166 | \n \u00a0 | \n \u00a0 | \n $ | \n \u00a0 | \n 200 | \n \u00a0 | \n \u00a0 | \n $ | \n \u00a0 | \n 16 | \n \u00a0 | \n
Image enhancement and maintenance services(2) | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,575 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 6,772 | \n \u00a0 | \n
Technology rentals(3) | \n \u00a0 | \n \u00a0 | \n 109 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 440 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 73 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 260 | \n \u00a0 | \n
Total | \n $ | \n \u00a0 | \n 187 | \n \u00a0 | \n \u00a0 | \n $ | \n \u00a0 | \n 3,181 | \n \u00a0 | \n \u00a0 | \n $ | \n \u00a0 | \n 273 | \n \u00a0 | \n \u00a0 | \n $ | \n \u00a0 | \n 7,048 | \n \u00a0 | \n
Included in Selling, General and Administrative Expenses for the three months ended March 31, 2024 is a foreign currency net loss of $0.3 million (2023 \u2014 net loss of $0.1 million) resulting from changes in exchange rates related to foreign currency denominated monetary assets and liabilities. See Note 15(c) for additional information.
Joint Revenue Sharing Arrangements
The accounting policy for the Company\u2019s joint revenue sharing arrangements is disclosed in Note 2(o) of the Company\u2019s audited Consolidated Financial Statements in its 2023 Form 10-K.
Revenue attributable to transactions arising between the Company and its customers under joint revenue sharing arrangements are recorded within Revenues \u2014 Technology Sales (for hybrid joint revenue sharing arrangements) and Revenues \u2014 Technology Rentals (for traditional joint revenue sharing arrangements). For the three months ended March 31, 2024, such revenues totaled $19.3 million (2023 \u2014$20.1 million).
IMAX Film Remastering and Distribution
In an IMAX Film Remastering and distribution arrangement, the Company receives a percentage of the box office receipts from a third party who owns the copyright to a film in exchange for converting the film into IMAX format and distributing it through the IMAX network. The fee earned by the Company in a typical IMAX Film Remastering and distribution arrangement averages approximately 12.5% of box office receipts (i.e. gross box office receipts less applicable sales taxes), except for within mainland China, where the Company receives a lower percentage of net box office receipts for certain Hollywood films. The accounting policy for the Company\u2019s IMAX Film Remastering and distribution arrangements is disclosed in Note 2(o) of the Company\u2019s audited Consolidated Financial Statements in its 2023 Form 10-K.
Revenue attributable to transactions arising between the Company and its customers under IMAX Film Remastering and distribution arrangements are included in Revenues \u2013 Image Enhancement and Maintenance Services. For the three months ended March 31, 2024, such revenues totaled $29.7 million (2023 \u2014 $30.1 million). See Note 12(a) for a disaggregated presentation of the Company\u2019s revenues.
Co-Produced Film Arrangements
In certain film arrangements, the Company co-produces a film with a third party whereby the third party retains the copyright and certain other rights to the film. In some cases, the Company obtains exclusive theatrical distribution rights to the film. Under these arrangements, both parties contribute to the funding of the production, distribution and exploitation costs associated with the film.
As of March 31, 2024, the Company is party to one co-produced film arrangement, which represents the VIE total assets balance of $1.4 million and liabilities balance of $0.2 million, and four other co-produced film arrangements, the terms of which are similar. The accounting policies relating to co-produced film arrangements are disclosed in Notes 2(a) and 3(o) of the Company\u2019s 2023 Form 10-K.
For the three months ended March 31, 2024, an expense of $0.1 million, (2023 \u2014 $0.1 million) attributable to transactions between the Company and other parties involved in the production of the films have been included in Costs and Expenses Applicable to Revenues \u2015 Image Enhancement and Maintenance Services.
"}]},{"name":"rpt:f-861","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfOtherOperatingCostAndExpenseByComponentTextBlock","xbrl:period":"2024-01-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0000921582"},"factValues":[{"value":"The following table summarizes the Company\u2019s selling expenses, including sales commissions and marketing and other, which are recognized within Costs and Expenses Applicable to Revenues in the Condensed Consolidated Statements of Operations, for the three months ended March 31, 2024 and 2023:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n Three Months Ended March 31, | \n \u00a0 | \n |||||||||||||||||
\u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n ||||||||||||||
(In thousands of U.S. Dollars) | \n Sales | \n \u00a0 | \n \u00a0 | \n Marketing | \n \u00a0 | \n \u00a0 | \n Sales | \n \u00a0 | \n \u00a0 | \n Marketing | \n \u00a0 | \n ||||||||
Technology sales(1) | \n $ | \n \u00a0 | \n 78 | \n \u00a0 | \n \u00a0 | \n $ | \n \u00a0 | \n 166 | \n \u00a0 | \n \u00a0 | \n $ | \n \u00a0 | \n 200 | \n \u00a0 | \n \u00a0 | \n $ | \n \u00a0 | \n 16 | \n \u00a0 | \n
Image enhancement and maintenance services(2) | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,575 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 6,772 | \n \u00a0 | \n
Technology rentals(3) | \n \u00a0 | \n \u00a0 | \n 109 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 440 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 73 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 260 | \n \u00a0 | \n
Total | \n $ | \n \u00a0 | \n 187 | \n \u00a0 | \n \u00a0 | \n $ | \n \u00a0 | \n 3,181 | \n \u00a0 | \n \u00a0 | \n $ | \n \u00a0 | \n 273 | \n \u00a0 | \n \u00a0 | \n $ | \n \u00a0 | \n 7,048 | \n \u00a0 | \n
9. Condensed Consolidated Statements of Cash Flows \u2013 Supplemental Information
| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n Three Months Ended | \n \u00a0 | \n |||||||
\u00a0 | \n March 31, | \n \u00a0 | \n |||||||
(In thousands of U.S. Dollars) | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n ||
(Increase) Decrease in: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Financing receivables | \n $ | \n \u00a0 | \n 1,481 | \n \u00a0 | \n \u00a0 | \n $ | \n \u00a0 | \n (1,625 | \n ) | \n
Prepaid expenses | \n \u00a0 | \n \u00a0 | \n (525 | \n ) | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (2,406 | \n ) | \n
Variable consideration receivables | \n \u00a0 | \n \u00a0 | \n (168 | \n ) | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (3,440 | \n ) | \n
Other assets | \n \u00a0 | \n \u00a0 | \n 353 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 80 | \n \u00a0 | \n
Increase (Decrease) in: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Accounts payable | \n \u00a0 | \n \u00a0 | \n (7,547 | \n ) | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 513 | \n \u00a0 | \n
Accrued and other liabilities | \n \u00a0 | \n \u00a0 | \n (10,978 | \n ) | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (1,466 | \n ) | \n
\u00a0 | \n $ | \n \u00a0 | \n (17,384 | \n ) | \n \u00a0 | \n $ | \n \u00a0 | \n (8,344 | \n ) | \n
\u00a0
| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n Three Months Ended | \n \u00a0 | \n |||||||
\u00a0 | \n March 31, | \n \u00a0 | \n |||||||
(In thousands of U.S. Dollars) | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n ||
Film assets | \n $ | \n \u00a0 | \n 5,070 | \n \u00a0 | \n \u00a0 | \n $ | \n \u00a0 | \n 3,452 | \n \u00a0 | \n
Property, plant and equipment: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Equipment supporting joint revenue sharing arrangements | \n \u00a0 | \n \u00a0 | \n 5,695 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 5,772 | \n \u00a0 | \n
Other property, plant and equipment(1) | \n \u00a0 | \n \u00a0 | \n 2,252 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,287 | \n \u00a0 | \n
Other intangible assets(2) | \n \u00a0 | \n \u00a0 | \n 1,634 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,399 | \n \u00a0 | \n
Other assets(3) | \n \u00a0 | \n \u00a0 | \n 513 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 410 | \n \u00a0 | \n
\u00a0 | \n $ | \n \u00a0 | \n 15,164 | \n \u00a0 | \n \u00a0 | \n $ | \n \u00a0 | \n 13,320 | \n \u00a0 | \n
\u00a0
\u00a0
\u00a0
| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n Three Months Ended | \n \u00a0 | \n |||||||
\u00a0 | \n March 31, | \n \u00a0 | \n |||||||
(In thousands of U.S. Dollars) | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n ||
Inventories | \n \u00a0 | \n \u00a0 | \n 15 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 6 | \n \u00a0 | \n
Property, plant and equipment: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Equipment supporting joint revenue sharing arrangements(1) | \n \u00a0 | \n \u00a0 | \n 57 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 297 | \n \u00a0 | \n
\u00a0\u00a0\u00a0Other property, plant and equipment | \n \u00a0 | \n \u00a0 | \n (7 | \n ) | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1 | \n \u00a0 | \n
Other intangible assets | \n \u00a0 | \n \u00a0 | \n 35 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n
Film assets | \n \u00a0 | \n \u00a0 | \n 9 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
\u00a0 | \n $ | \n \u00a0 | \n 109 | \n \u00a0 | \n \u00a0 | \n $ | \n \u00a0 | \n 304 | \n \u00a0 | \n
\u00a0
\u00a0
| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n Three months ended | \n \u00a0 | \n |||||||
\u00a0 | \n March 31, | \n \u00a0 | \n |||||||
(In thousands of U.S. Dollars) | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n ||
Net (decrease) increase in accruals related to: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Investment in equipment supporting joint revenue sharing arrangements | \n $ | \n \u00a0 | \n (469 | \n ) | \n \u00a0 | \n $ | \n \u00a0 | \n (764 | \n ) | \n
Acquisition of other intangible assets | \n \u00a0 | \n \u00a0 | \n 5 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (22 | \n ) | \n
Purchases of property, plant and equipment (1) | \n \u00a0 | \n \u00a0 | \n 78 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 548 | \n \u00a0 | \n
\u00a0 | \n $ | \n \u00a0 | \n (386 | \n ) | \n \u00a0 | \n $ | \n \u00a0 | \n (238 | \n ) | \n
(1) Refer to Note 4 for supplemental disclosure of non-cash leasing activities.
| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n Three Months Ended | \n \u00a0 | \n |||||||
\u00a0 | \n March 31, | \n \u00a0 | \n |||||||
(In thousands of U.S. Dollars) | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n ||
(Increase) Decrease in: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Financing receivables | \n $ | \n \u00a0 | \n 1,481 | \n \u00a0 | \n \u00a0 | \n $ | \n \u00a0 | \n (1,625 | \n ) | \n
Prepaid expenses | \n \u00a0 | \n \u00a0 | \n (525 | \n ) | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (2,406 | \n ) | \n
Variable consideration receivables | \n \u00a0 | \n \u00a0 | \n (168 | \n ) | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (3,440 | \n ) | \n
Other assets | \n \u00a0 | \n \u00a0 | \n 353 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 80 | \n \u00a0 | \n
Increase (Decrease) in: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Accounts payable | \n \u00a0 | \n \u00a0 | \n (7,547 | \n ) | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 513 | \n \u00a0 | \n
Accrued and other liabilities | \n \u00a0 | \n \u00a0 | \n (10,978 | \n ) | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (1,466 | \n ) | \n
\u00a0 | \n $ | \n \u00a0 | \n (17,384 | \n ) | \n \u00a0 | \n $ | \n \u00a0 | \n (8,344 | \n ) | \n
\u00a0
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\u00a0 | \n Three Months Ended | \n \u00a0 | \n |||||||
\u00a0 | \n March 31, | \n \u00a0 | \n |||||||
(In thousands of U.S. Dollars) | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n ||
Film assets | \n $ | \n \u00a0 | \n 5,070 | \n \u00a0 | \n \u00a0 | \n $ | \n \u00a0 | \n 3,452 | \n \u00a0 | \n
Property, plant and equipment: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Equipment supporting joint revenue sharing arrangements | \n \u00a0 | \n \u00a0 | \n 5,695 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 5,772 | \n \u00a0 | \n
Other property, plant and equipment(1) | \n \u00a0 | \n \u00a0 | \n 2,252 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,287 | \n \u00a0 | \n
Other intangible assets(2) | \n \u00a0 | \n \u00a0 | \n 1,634 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,399 | \n \u00a0 | \n
Other assets(3) | \n \u00a0 | \n \u00a0 | \n 513 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 410 | \n \u00a0 | \n
\u00a0 | \n $ | \n \u00a0 | \n 15,164 | \n \u00a0 | \n \u00a0 | \n $ | \n \u00a0 | \n 13,320 | \n \u00a0 | \n
\u00a0
\u00a0
| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n Three Months Ended | \n \u00a0 | \n |||||||
\u00a0 | \n March 31, | \n \u00a0 | \n |||||||
(In thousands of U.S. Dollars) | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n ||
Inventories | \n \u00a0 | \n \u00a0 | \n 15 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 6 | \n \u00a0 | \n
Property, plant and equipment: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Equipment supporting joint revenue sharing arrangements(1) | \n \u00a0 | \n \u00a0 | \n 57 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 297 | \n \u00a0 | \n
\u00a0\u00a0\u00a0Other property, plant and equipment | \n \u00a0 | \n \u00a0 | \n (7 | \n ) | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1 | \n \u00a0 | \n
Other intangible assets | \n \u00a0 | \n \u00a0 | \n 35 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n
Film assets | \n \u00a0 | \n \u00a0 | \n 9 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
\u00a0 | \n $ | \n \u00a0 | \n 109 | \n \u00a0 | \n \u00a0 | \n $ | \n \u00a0 | \n 304 | \n \u00a0 | \n
\u00a0
| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n Three months ended | \n \u00a0 | \n |||||||
\u00a0 | \n March 31, | \n \u00a0 | \n |||||||
(In thousands of U.S. Dollars) | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n ||
Net (decrease) increase in accruals related to: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Investment in equipment supporting joint revenue sharing arrangements | \n $ | \n \u00a0 | \n (469 | \n ) | \n \u00a0 | \n $ | \n \u00a0 | \n (764 | \n ) | \n
Acquisition of other intangible assets | \n \u00a0 | \n \u00a0 | \n 5 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (22 | \n ) | \n
Purchases of property, plant and equipment (1) | \n \u00a0 | \n \u00a0 | \n 78 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 548 | \n \u00a0 | \n
\u00a0 | \n $ | \n \u00a0 | \n (386 | \n ) | \n \u00a0 | \n $ | \n \u00a0 | \n (238 | \n ) | \n
(1) Refer to Note 4 for supplemental disclosure of non-cash leasing activities.
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\u00a0
For the three months ended March 31, 2024, the Company recorded income tax expense of $5.2 million (2023 \u2014 $4.9 million). The Company\u2019s effective tax rate of 48.8% for the three months ended March 31, 2024 is comparable to the same quarter in 2023. The Company\u2019s effective tax rate for the three months ended March 31, 2024 differs from the Canadian statutory rate of 26.5% primarily due to tax rate differences in foreign jurisdictions which was offset by an increase in the valuation allowance from continuing operations, withholding taxes and a shortfall in tax benefits related to share-based compensation. The Company\u2019s effective tax rate of 48.8% for the three months ended March 31, 2023 differs from the Canadian statutory rate of 26.5% primarily due to tax rate differences in foreign jurisdictions which was offset by an increase in the valuation allowance and withholding taxes.
As of March 31, 2024, the Company\u2019s Condensed Consolidated Balance Sheets includes net deferred income tax assets of $7.7 million (December 31, 2023 \u2014 $8.0 million). Realization of net deferred tax assets is dependent upon generation of sufficient taxable income in future years to obtain benefit from the reversal of temporary differences, net operating loss carryforwards and tax credit carryforwards. The amount of net deferred tax assets considered realizable is subject to adjustment in future periods if estimates of future taxable income change.
As of March 31, 2024, the Company\u2019s Condensed Consolidated Balance Sheets also include deferred tax liabilities of $12.5 million (December 31, 2023 \u2014 $12.5 million) primarily related to foreign withholding taxes associated with the remaining balance of unrepatriated historical earnings that will not be indefinitely reinvested outside of Canada.
(b) Proposed Share Buyback Tax
Bill C-59 includes draft legislation to introduce a 2% tax on the net value of certain share buybacks by publicly traded Canadian-resident corporations. The tax applies to repurchases from current shareholders on or after January 1, 2024 with certain exceptions. The tax is imposed on the repurchasing corporation itself and will be included in the cost basis of the repurchased treasury stock. Based on the draft legislation, the Company has estimated a potential impact of $0.4 million for the first quarter of 2024. Recognition of the impact will occur once legislation has been enacted for financial reporting purposes.
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For the three months ended March 31, 2024, share-based compensation expense totaled $4.7 million (2023 \u2014 $5.1 million) and is reflected in the following accounts in the Condensed Consolidated Statements of Operations:
\u00a0
| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n Three Months Ended | \n \u00a0 | \n |||||||
\u00a0 | \n March 31, | \n \u00a0 | \n |||||||
(In thousands of U.S. Dollars) | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n |||
Costs and expenses applicable to revenues | \n $ | \n \u00a0 | \n 228 | \n \u00a0 | \n \u00a0 | \n $ | \n \u00a0 | \n 263 | \n \u00a0 | \n
Selling, general and administrative expenses | \n \u00a0 | \n \u00a0 | \n 4,337 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 5,196 | \n \u00a0 | \n
Research and development | \n \u00a0 | \n \u00a0 | \n 111 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 99 | \n \u00a0 | \n
Executive transition costs | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (499 | \n ) | \n
| \n $ | \n \u00a0 | \n 4,676 | \n \u00a0 | \n \u00a0 | \n $ | \n \u00a0 | \n 5,059 | \n \u00a0 | \n
\u00a0
The following table summarizes the Company\u2019s share-based compensation expense by each award type:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n Three Months Ended | \n \u00a0 | \n \u00a0 | \n |||||||
\u00a0 | \n March 31, | \n \u00a0 | \n \u00a0 | \n |||||||
(In thousands of U.S. Dollars) | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n \u00a0 | \n ||||
Stock Options | \n $ | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n \u00a0 | \n 84 | \n \u00a0 | \n \u00a0 | \n
Restricted Share Units | \n \u00a0 | \n \u00a0 | \n 2,742 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,365 | \n \u00a0 | \n \u00a0 | \n
Performance Stock Units | \n \u00a0 | \n \u00a0 | \n 1,852 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 924 | \n \u00a0 | \n \u00a0 | \n
IMAX China Stock Options | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 10 | \n \u00a0 | \n \u00a0 | \n
IMAX China Long Term Incentive Plan Restricted Share Units | \n \u00a0 | \n \u00a0 | \n 27 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 541 | \n \u00a0 | \n \u00a0 | \n
IMAX China Long Term Incentive Plan Performance Stock Units | \n \u00a0 | \n \u00a0 | \n 55 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 135 | \n \u00a0 | \n \u00a0 | \n
| \n $ | \n \u00a0 | \n 4,676 | \n \u00a0 | \n \u00a0 | \n $ | \n \u00a0 | \n 5,059 | \n \u00a0 | \n \u00a0 | \n
For the three months ended March 31, 2024, the Company's share-based compensation expense includes less than $0.1 million (2023 \u2014 $nil) related to restricted share units granted to non-employees which vested immediately upon granting.
Stock Option Summary
The following table summarizes the activity under the Company\u2019s Stock Option Plan (\u201cSOP\u201d) and the IMAX Corporation Second Amended and Restated Long-Term Incentive Plan (as may be amended, \u201cIMAX LTIP\u201d) for the three months ended March 31, 2024 and 2023:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Number of Shares | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n Weighted Average Exercise | \n \u00a0 | \n |||||||||||
\u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n ||||
Stock options outstanding, beginning of period | \n \u00a0 | \n \u00a0 | \n 3,329,422 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,604,739 | \n \u00a0 | \n \u00a0 | \n $ | \n \u00a0 | \n 26.23 | \n \u00a0 | \n \u00a0 | \n $ | \n \u00a0 | \n 26.36 | \n \u00a0 | \n
Granted | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
Exercised | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
Forfeited | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
Expired | \n \u00a0 | \n \u00a0 | \n (607,114 | \n ) | \n \u00a0 | \n \u00a0 | \n (144,366 | \n ) | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 28.15 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 31.85 | \n \u00a0 | \n
Cancelled | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
Stock options outstanding, end of period | \n \u00a0 | \n \u00a0 | \n 2,722,308 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,460,373 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 25.80 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 26.13 | \n \u00a0 | \n
Stock options exercisable, end of period | \n \u00a0 | \n \u00a0 | \n 2,722,308 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,460,373 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 25.80 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 26.13 | \n \u00a0 | \n
\u00a0
Stock options are no longer granted under the Company\u2019s previously approved SOP.
IMAX LTIP Restricted Share Units (\u201cRSU\u201d) Summary
The following table summarizes the activity in respect of RSUs issued under the IMAX LTIP for the three months ended March 31, 2024 and 2023:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Number of Awards | \n \u00a0 | \n \u00a0 | \n Weighted Average Grant Date | \n \u00a0 | \n ||||||||||||
\u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n ||||
RSUs outstanding, beginning of period | \n \u00a0 | \n \u00a0 | \n 1,286,830 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,252,044 | \n \u00a0 | \n \u00a0 | \n $ | \n \u00a0 | \n 18.53 | \n \u00a0 | \n \u00a0 | \n $ | \n \u00a0 | \n 19.16 | \n \u00a0 | \n
Granted | \n \u00a0 | \n \u00a0 | \n 846,677 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 811,529 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 16.46 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 17.73 | \n \u00a0 | \n
Vested and settled | \n \u00a0 | \n \u00a0 | \n (609,016 | \n ) | \n \u00a0 | \n \u00a0 | \n (677,611 | \n ) | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 19.04 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 18.70 | \n \u00a0 | \n
Forfeited | \n \u00a0 | \n \u00a0 | \n (16,315 | \n ) | \n \u00a0 | \n \u00a0 | \n (19,509 | \n ) | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 19.12 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 19.80 | \n \u00a0 | \n
RSUs outstanding, end of period | \n \u00a0 | \n \u00a0 | \n 1,508,176 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,366,453 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 17.15 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 18.53 | \n \u00a0 | \n
IMAX LTIP Performance Stock Units (\u201cPSU\u201d) Summary
The Company grants two types of PSU awards, one which vests based on a combination of employee service and the achievement of certain Adjusted EBITDA targets and one which vests based on a combination of employee service and the achievement of total shareholder return (\u201cTSR\u201d) targets. The achievement of the Adjusted EBITDA and TSR targets in these PSUs is determined over a three-year performance period. At the conclusion of the three-year performance period, the number of PSUs that ultimately vest can range from 0% to a maximum vesting opportunity of 175% of the initial Adjusted EBITDA PSU award or 175% of the initial TSR PSU award for awards issued in 2022 and 150% of the initial TSR PSU award for awards issued in 2023, depending upon actual performance versus the established Adjusted EBITDA and TSR targets, respectively.
The grant date fair value of PSUs with Adjusted EBITDA targets is equal to the closing price of the Company\u2019s common shares on the date of grant or the average closing price of the Company\u2019s common shares for five days prior to the date of grant. The grant date fair value of PSUs with TSR targets is determined on the grant date using a Monte Carlo Model. The compensation expense attributable to each type of PSU is recognized on a straight-line basis over the requisite service period.
The fair value determined by the Monte Carlo Model is affected by the Company\u2019s share price, as well as assumptions regarding a number of complex and subjective variables. These variables include, but are not limited to, market conditions as of the grant date, the Company\u2019s expected share price volatility over the term of the awards, and other relevant data. The compensation expense is fixed on the date of grant based on the fair value of the PSUs granted.
The amount and timing of compensation expense recognized for PSUs with Adjusted EBITDA targets is dependent upon management\u2019s assessment of the likelihood of achieving these targets. If, as a result of management\u2019s assessment, it is projected that a greater number of PSUs will vest than previously anticipated, a life-to-date adjustment to increase compensation expense is recorded in the period that such determination is made. Conversely, if, as a result of management\u2019s assessment, it is projected that a lower number of PSUs will vest than previously anticipated, a life-to-date adjustment to decrease compensation expense is recorded in the period that such determination is made. The expense recognized in the three months ended March 31, 2024 and 2023 includes adjustments reflecting management\u2019s estimate of the number of Adjusted EBITDA PSUs expected to vest.
The following table summarizes the activity in respect of PSUs issued under the IMAX LTIP for the three months ended March 31, 2024 and 2023:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Number of Awards | \n \u00a0 | \n \u00a0 | \n Weighted Average Grant Date | \n \u00a0 | \n ||||||||||||
\u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n ||||
PSUs outstanding, beginning of period | \n \u00a0 | \n \u00a0 | \n 922,621 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 931,716 | \n \u00a0 | \n \u00a0 | \n $ | \n \u00a0 | \n 19.16 | \n \u00a0 | \n \u00a0 | \n $ | \n \u00a0 | \n 18.96 | \n \u00a0 | \n
Granted(1) | \n \u00a0 | \n \u00a0 | \n 578,855 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 580,118 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 17.98 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 17.68 | \n \u00a0 | \n
Vested and settled(1) | \n \u00a0 | \n \u00a0 | \n (316,226 | \n ) | \n \u00a0 | \n \u00a0 | \n (368,602 | \n ) | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 19.71 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 16.92 | \n \u00a0 | \n
Forfeited(2) | \n \u00a0 | \n \u00a0 | \n (78,489 | \n ) | \n \u00a0 | \n \u00a0 | \n (208,648 | \n ) | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 21.28 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 18.09 | \n \u00a0 | \n
PSUs outstanding, end of period | \n \u00a0 | \n \u00a0 | \n 1,106,761 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 934,584 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 18.32 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 19.16 | \n \u00a0 | \n
\u00a0
\u00a0
As of March 31, 2024, the maximum number of common shares that may be issued with respect to PSUs outstanding is 1,886,932, assuming full achievement of the Adjusted EBITDA and TSR targets.
On June 12, 2017, the Company announced that its Board of Directors approved a $200.0 million share repurchase program for its common shares that would have expired on June 30, 2020, which was subsequently extended for a 12-month period in 2020, 2021, and 2023 and increased in the total share repurchase authority to $400.0 million. In 2023, the Company\u2019s Board of Directors approved a 36-month extension to its share repurchase program through June 30, 2026. As of March 31, 2024, the Company has $150.8 million available under the program. The repurchases may be made either in the open market or through private transactions, including repurchases made pursuant to a plan intended to comply with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, subject to market conditions, applicable legal requirements, and other relevant factors. The Company has no obligation to repurchase shares and the share repurchase program may be suspended or discontinued by the Company at any time.
During the three months ended March 31, 2024, the Company repurchased 1,158,724 at an average price of $13.99 per share, for a total of $16.2 million, excluding commissions. During the three months ended March 31, 2023, the Company repurchased 109,477 common shares at an average price of $14.87 per share for a total of $1.6 million excluding commissions. The repurchases for the three months ended March 31, 2024 excludes repurchases of 108,393 shares for a total of $1.6 million with trade dates in December 2023 (March 31, 2023 \u2014 140,000 shares for a total of $2.0 million with trade dates in December 2022). During the three months ended March 31, 2024 and 2023, there were no shares purchases in the administration of employee share-based plans.
As of March 31, 2024 and December 31, 2023, the IMAX LTIP trustee did not hold any shares. Any shares held with the trustee are recorded at cost and are reported as a reduction against Capital Stock on the Company\u2019s Condensed Consolidated Balance Sheets.
In 2022, IMAX China's shareholders granted its Board of Directors a general mandate authorizing the Board, subject to applicable laws, to repurchase shares of IMAX China not to exceed 10% of the total number of issued shares as of June 23, 2022 (34,063,480 shares). This program expired on the date of the 2023 Annual General Meeting of IMAX China on June 6, 2023. During the 2023 Annual General Meeting, shareholders approved the repurchase of shares of IMAX China not to exceed 10% of the total number of shares as of June 6, 2023 (33,959,314 shares). This program will be valid until the 2024 Annual General Meeting of IMAX China. The repurchases may be made in the open market or through other means permitted by applicable laws. IMAX China has no obligation to repurchase its shares and the share repurchase program may be suspended or discontinued by IMAX China at any time.
During the three months ended March 31, 2024 and 2023, IMAX China did not repurchase any common shares. The change in the non-controlling interest attributable to IMAX China as a result of common shares repurchased is recorded as a reduction to Non-Controlling Interests in the Condensed Consolidated Balance Sheets and the Condensed Consolidated Statements of Shareholders\u2019 Equity. The difference between the consideration paid and the ownership interest obtained as a result of IMAX China share repurchases is recorded within Other Equity in the Condensed Consolidated Balance Sheets and the Condensed Consolidated Statements of Shareholders\u2019 Equity.
The following table reconciles the denominator of the basic and diluted weighted average share computations:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n Three Months Ended | \n \u00a0 | \n \u00a0 | \n ||||||||
\u00a0 | \n March 31, | \n \u00a0 | \n \u00a0 | \n ||||||||
\u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n \u00a0 | \n ||||
(In thousands) | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Issued and outstanding, beginning of period | \n \u00a0 | \n \u00a0 | \n 53,260 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 54,149 | \n \u00a0 | \n \u00a0 | \n
Weighted average number of shares repurchased, net | \n \u00a0 | \n \u00a0 | \n (759 | \n ) | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (85 | \n ) | \n \u00a0 | \n
Weighted average number of shares outstanding - basic | \n \u00a0 | \n \u00a0 | \n 52,501 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 54,064 | \n \u00a0 | \n \u00a0 | \n
Weighted average effect of potential common shares, if dilutive | \n \u00a0 | \n \u00a0 | \n 905 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 927 | \n \u00a0 | \n \u00a0 | \n
Weighted average number of shares outstanding - diluted | \n \u00a0 | \n \u00a0 | \n 53,406 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 54,991 | \n \u00a0 | \n \u00a0 | \n
\u00a0
For the three months ended March 31, 2024, the calculation of diluted weighted average shares outstanding excludes 3,824,411, respectively (2023 \u2014 4,260,382) that are issuable upon the vesting or exercise of share-based compensation including: (i) 729,150 RSUs (2023 \u2014 620,553), (ii) 372,953 PSUs (2023 \u2014 179,456 ) and (iii) 2,722,308 stock options (2023 \u2014 3,460,373), as the effect would be anti-dilutive.
The calculation of diluted weighted average shares outstanding for the three months ended March 31, 2024 and 2023 also excludes any shares potentially issuable upon the conversion of the Convertible Notes as the average market price of the Company\u2019s common shares during the period of time they were outstanding was less than the approximate $28.75 per common share conversion price of the Convertible Notes.
Pursuant to the corporate law of the PRC, entities registered in the PRC are required to maintain certain statutory reserves, which are appropriated from after-tax profits (after offsetting accumulated losses from prior years), as reported in their respective statutory financial statements, before the declaration or payment of dividends to equity holders. All statutory reserves are created for specific purposes.
The Company\u2019s PRC subsidiaries are required to appropriate 10% of statutory net profits to statutory surplus reserves, upon distribution of their after-tax profits. The Company\u2019s PRC subsidiaries may discontinue the contribution when the aggregate sum of the statutory surplus reserve is more than 50% of their registered capital. The statutory surplus reserve is non-distributable other than during liquidation and may only be used to fund losses from prior years, to expand production operations, or to increase the capital of the subsidiaries. In addition, the subsidiaries may make further contribution to the discretional surplus reserve using post-tax profits in accordance with resolutions of the Board of Directors.
The statutory surplus reserve of RMB 36.4 million ($5.6 million) has reached 50% of the Company\u2019s PRC subsidiaries\u2019 registered capital, and as such no further contributions to the reserve are required.
"}]},{"name":"rpt:f-958","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensation","xbrl:period":"2024-01-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0000921582","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"4700000","decimals":-5}]},{"name":"rpt:f-959","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensation","xbrl:period":"2023-01-01T00:00:00/2023-04-01T00:00:00","xbrl:entity":"cik:0000921582","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"5100000","decimals":-5}]},{"name":"rpt:f-960","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock","xbrl:period":"2024-01-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0000921582"},"factValues":[{"value":"\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n Three Months Ended | \n \u00a0 | \n |||||||
\u00a0 | \n March 31, | \n \u00a0 | \n |||||||
(In thousands of U.S. Dollars) | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n |||
Costs and expenses applicable to revenues | \n $ | \n \u00a0 | \n 228 | \n \u00a0 | \n \u00a0 | \n $ | \n \u00a0 | \n 263 | \n \u00a0 | \n
Selling, general and administrative expenses | \n \u00a0 | \n \u00a0 | \n 4,337 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 5,196 | \n \u00a0 | \n
Research and development | \n \u00a0 | \n \u00a0 | \n 111 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 99 | \n \u00a0 | \n
Executive transition costs | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (499 | \n ) | \n
| \n $ | \n \u00a0 | \n 4,676 | \n \u00a0 | \n \u00a0 | \n $ | \n \u00a0 | \n 5,059 | \n \u00a0 | \n
\u00a0
"}]},{"name":"rpt:f-961","factDimensions":{"xbrl:concept":"us-gaap:AllocatedShareBasedCompensationExpense","xbrl:period":"2024-01-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0000921582","xbrl:unit":"iso4217:USD","us-gaap:IncomeStatementLocationAxis":"us-gaap:CostOfSalesMember"},"factValues":[{"value":"228000","decimals":-3}]},{"name":"rpt:f-962","factDimensions":{"xbrl:concept":"us-gaap:AllocatedShareBasedCompensationExpense","xbrl:period":"2023-01-01T00:00:00/2023-04-01T00:00:00","xbrl:entity":"cik:0000921582","xbrl:unit":"iso4217:USD","us-gaap:IncomeStatementLocationAxis":"us-gaap:CostOfSalesMember"},"factValues":[{"value":"263000","decimals":-3}]},{"name":"rpt:f-963","factDimensions":{"xbrl:concept":"us-gaap:AllocatedShareBasedCompensationExpense","xbrl:period":"2024-01-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0000921582","xbrl:unit":"iso4217:USD","us-gaap:IncomeStatementLocationAxis":"us-gaap:SellingGeneralAndAdministrativeExpensesMember"},"factValues":[{"value":"4337000","decimals":-3}]},{"name":"rpt:f-964","factDimensions":{"xbrl:concept":"us-gaap:AllocatedShareBasedCompensationExpense","xbrl:period":"2023-01-01T00:00:00/2023-04-01T00:00:00","xbrl:entity":"cik:0000921582","xbrl:unit":"iso4217:USD","us-gaap:IncomeStatementLocationAxis":"us-gaap:SellingGeneralAndAdministrativeExpensesMember"},"factValues":[{"value":"5196000","decimals":-3}]},{"name":"rpt:f-965","factDimensions":{"xbrl:concept":"us-gaap:AllocatedShareBasedCompensationExpense","xbrl:period":"2024-01-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0000921582","xbrl:unit":"iso4217:USD","us-gaap:IncomeStatementLocationAxis":"us-gaap:ResearchAndDevelopmentExpenseMember"},"factValues":[{"value":"111000","decimals":-3}]},{"name":"rpt:f-966","factDimensions":{"xbrl:concept":"us-gaap:AllocatedShareBasedCompensationExpense","xbrl:period":"2023-01-01T00:00:00/2023-04-01T00:00:00","xbrl:entity":"cik:0000921582","xbrl:unit":"iso4217:USD","us-gaap:IncomeStatementLocationAxis":"us-gaap:ResearchAndDevelopmentExpenseMember"},"factValues":[{"value":"99000","decimals":-3}]},{"name":"rpt:f-967","factDimensions":{"xbrl:concept":"us-gaap:AllocatedShareBasedCompensationExpense","xbrl:period":"2023-01-01T00:00:00/2023-04-01T00:00:00","xbrl:entity":"cik:0000921582","xbrl:unit":"iso4217:USD","us-gaap:IncomeStatementLocationAxis":"imax:ExecutiveTransitionCostsMember"},"factValues":[{"value":"-499000","decimals":-3}]},{"name":"rpt:f-968","factDimensions":{"xbrl:concept":"us-gaap:AllocatedShareBasedCompensationExpense","xbrl:period":"2024-01-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0000921582","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"4676000","decimals":-3}]},{"name":"rpt:f-969","factDimensions":{"xbrl:concept":"us-gaap:AllocatedShareBasedCompensationExpense","xbrl:period":"2023-01-01T00:00:00/2023-04-01T00:00:00","xbrl:entity":"cik:0000921582","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"5059000","decimals":-3}]},{"name":"rpt:f-970","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfCompensationCostForShareBasedPaymentArrangementsAllocationOfShareBasedCompensationCostsByPlanTableTextBlock","xbrl:period":"2024-01-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0000921582"},"factValues":[{"value":"The following table summarizes the Company\u2019s share-based compensation expense by each award type:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n Three Months Ended | \n \u00a0 | \n \u00a0 | \n |||||||
\u00a0 | \n March 31, | \n \u00a0 | \n \u00a0 | \n |||||||
(In thousands of U.S. Dollars) | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n \u00a0 | \n ||||
Stock Options | \n $ | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n \u00a0 | \n 84 | \n \u00a0 | \n \u00a0 | \n
Restricted Share Units | \n \u00a0 | \n \u00a0 | \n 2,742 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,365 | \n \u00a0 | \n \u00a0 | \n
Performance Stock Units | \n \u00a0 | \n \u00a0 | \n 1,852 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 924 | \n \u00a0 | \n \u00a0 | \n
IMAX China Stock Options | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 10 | \n \u00a0 | \n \u00a0 | \n
IMAX China Long Term Incentive Plan Restricted Share Units | \n \u00a0 | \n \u00a0 | \n 27 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 541 | \n \u00a0 | \n \u00a0 | \n
IMAX China Long Term Incentive Plan Performance Stock Units | \n \u00a0 | \n \u00a0 | \n 55 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 135 | \n \u00a0 | \n \u00a0 | \n
| \n $ | \n \u00a0 | \n 4,676 | \n \u00a0 | \n \u00a0 | \n $ | \n \u00a0 | \n 5,059 | \n \u00a0 | \n \u00a0 | \n
The following table summarizes the activity under the Company\u2019s Stock Option Plan (\u201cSOP\u201d) and the IMAX Corporation Second Amended and Restated Long-Term Incentive Plan (as may be amended, \u201cIMAX LTIP\u201d) for the three months ended March 31, 2024 and 2023:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Number of Shares | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n Weighted Average Exercise | \n \u00a0 | \n |||||||||||
\u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n ||||
Stock options outstanding, beginning of period | \n \u00a0 | \n \u00a0 | \n 3,329,422 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,604,739 | \n \u00a0 | \n \u00a0 | \n $ | \n \u00a0 | \n 26.23 | \n \u00a0 | \n \u00a0 | \n $ | \n \u00a0 | \n 26.36 | \n \u00a0 | \n
Granted | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
Exercised | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
Forfeited | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
Expired | \n \u00a0 | \n \u00a0 | \n (607,114 | \n ) | \n \u00a0 | \n \u00a0 | \n (144,366 | \n ) | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 28.15 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 31.85 | \n \u00a0 | \n
Cancelled | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
Stock options outstanding, end of period | \n \u00a0 | \n \u00a0 | \n 2,722,308 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,460,373 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 25.80 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 26.13 | \n \u00a0 | \n
Stock options exercisable, end of period | \n \u00a0 | \n \u00a0 | \n 2,722,308 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,460,373 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 25.80 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 26.13 | \n \u00a0 | \n
The following table summarizes the activity in respect of RSUs issued under the IMAX LTIP for the three months ended March 31, 2024 and 2023:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Number of Awards | \n \u00a0 | \n \u00a0 | \n Weighted Average Grant Date | \n \u00a0 | \n ||||||||||||
\u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n ||||
RSUs outstanding, beginning of period | \n \u00a0 | \n \u00a0 | \n 1,286,830 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,252,044 | \n \u00a0 | \n \u00a0 | \n $ | \n \u00a0 | \n 18.53 | \n \u00a0 | \n \u00a0 | \n $ | \n \u00a0 | \n 19.16 | \n \u00a0 | \n
Granted | \n \u00a0 | \n \u00a0 | \n 846,677 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 811,529 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 16.46 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 17.73 | \n \u00a0 | \n
Vested and settled | \n \u00a0 | \n \u00a0 | \n (609,016 | \n ) | \n \u00a0 | \n \u00a0 | \n (677,611 | \n ) | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 19.04 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 18.70 | \n \u00a0 | \n
Forfeited | \n \u00a0 | \n \u00a0 | \n (16,315 | \n ) | \n \u00a0 | \n \u00a0 | \n (19,509 | \n ) | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 19.12 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 19.80 | \n \u00a0 | \n
RSUs outstanding, end of period | \n \u00a0 | \n \u00a0 | \n 1,508,176 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,366,453 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 17.15 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 18.53 | \n \u00a0 | \n
The following table summarizes the activity in respect of PSUs issued under the IMAX LTIP for the three months ended March 31, 2024 and 2023:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Number of Awards | \n \u00a0 | \n \u00a0 | \n Weighted Average Grant Date | \n \u00a0 | \n ||||||||||||
\u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n ||||
PSUs outstanding, beginning of period | \n \u00a0 | \n \u00a0 | \n 922,621 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 931,716 | \n \u00a0 | \n \u00a0 | \n $ | \n \u00a0 | \n 19.16 | \n \u00a0 | \n \u00a0 | \n $ | \n \u00a0 | \n 18.96 | \n \u00a0 | \n
Granted(1) | \n \u00a0 | \n \u00a0 | \n 578,855 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 580,118 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 17.98 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 17.68 | \n \u00a0 | \n
Vested and settled(1) | \n \u00a0 | \n \u00a0 | \n (316,226 | \n ) | \n \u00a0 | \n \u00a0 | \n (368,602 | \n ) | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 19.71 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 16.92 | \n \u00a0 | \n
Forfeited(2) | \n \u00a0 | \n \u00a0 | \n (78,489 | \n ) | \n \u00a0 | \n \u00a0 | \n (208,648 | \n ) | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 21.28 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 18.09 | \n \u00a0 | \n
PSUs outstanding, end of period | \n \u00a0 | \n \u00a0 | \n 1,106,761 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 934,584 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 18.32 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 19.16 | \n \u00a0 | \n
\u00a0
The following table reconciles the denominator of the basic and diluted weighted average share computations:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n Three Months Ended | \n \u00a0 | \n \u00a0 | \n ||||||||
\u00a0 | \n March 31, | \n \u00a0 | \n \u00a0 | \n ||||||||
\u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n \u00a0 | \n ||||
(In thousands) | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Issued and outstanding, beginning of period | \n \u00a0 | \n \u00a0 | \n 53,260 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 54,149 | \n \u00a0 | \n \u00a0 | \n
Weighted average number of shares repurchased, net | \n \u00a0 | \n \u00a0 | \n (759 | \n ) | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (85 | \n ) | \n \u00a0 | \n
Weighted average number of shares outstanding - basic | \n \u00a0 | \n \u00a0 | \n 52,501 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 54,064 | \n \u00a0 | \n \u00a0 | \n
Weighted average effect of potential common shares, if dilutive | \n \u00a0 | \n \u00a0 | \n 905 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 927 | \n \u00a0 | \n \u00a0 | \n
Weighted average number of shares outstanding - diluted | \n \u00a0 | \n \u00a0 | \n 53,406 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 54,991 | \n \u00a0 | \n \u00a0 | \n
12. Revenue from Contracts with Customers
The following tables summarize the Company\u2019s Revenues by reportable segment and revenue stream type for the three months ended March 31, 2024 and 2023:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n Three Months Ended March 31, 2024 | \n \u00a0 | \n ||||||||||||||||||||||
(In thousands of U.S. Dollars) | \n Technology Sales | \n \u00a0 | \n \u00a0 | \n Image Enhancement and Maintenance Services | \n \u00a0 | \n \u00a0 | \n Technology Rentals | \n \u00a0 | \n \u00a0 | \n Finance Income | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n Total | \n \u00a0 | \n |||||||||
Content Solutions Segment | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||||
Film Remastering and Distribution | \n $ | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n \u00a0 | \n 29,721 | \n \u00a0 | \n \u00a0 | \n $ | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n \u00a0 | \n 29,721 | \n \u00a0 | \n
Other Content Solutions | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4,292 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4,292 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 34,013 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 34,013 | \n \u00a0 | \n
Technology Products and Services Segment | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||||
System Sales | \n \u00a0 | \n \u00a0 | \n 7,118 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 7,118 | \n \u00a0 | \n
System Rentals | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 18,601 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 18,601 | \n \u00a0 | \n
Maintenance | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 15,161 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 15,161 | \n \u00a0 | \n
Finance Income | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,270 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,270 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n 7,118 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 15,161 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 18,601 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,270 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 43,150 | \n \u00a0 | \n
Sub-total for reportable segments | \n \u00a0 | \n \u00a0 | \n 7,118 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 49,174 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 18,601 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,270 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 77,163 | \n \u00a0 | \n
All Other | \n \u00a0 | \n \u00a0 | \n 786 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,174 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,960 | \n \u00a0 | \n
Total | \n $ | \n \u00a0 | \n 7,904 | \n \u00a0 | \n \u00a0 | \n $ | \n \u00a0 | \n 50,348 | \n \u00a0 | \n \u00a0 | \n $ | \n \u00a0 | \n 18,601 | \n \u00a0 | \n \u00a0 | \n $ | \n \u00a0 | \n 2,270 | \n \u00a0 | \n \u00a0 | \n $ | \n \u00a0 | \n 79,123 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||||
\u00a0 | \n Three Months Ended March 31, 2023 | \n \u00a0 | \n ||||||||||||||||||||||
(In thousands of U.S. Dollars) | \n Technology Sales | \n \u00a0 | \n \u00a0 | \n Image Enhancement and Maintenance Services | \n \u00a0 | \n \u00a0 | \n Technology Rentals | \n \u00a0 | \n \u00a0 | \n Finance Income | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n Total | \n \u00a0 | \n |||||||||
Content Solutions Segment | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||||
Film Remastering and Distribution | \n $ | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n \u00a0 | \n 30,073 | \n \u00a0 | \n \u00a0 | \n $ | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n \u00a0 | \n 30,073 | \n \u00a0 | \n
Other Content Solutions | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,028 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,028 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 32,101 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 32,101 | \n \u00a0 | \n
Technology Products and Services Segment | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||||
System Sales | \n \u00a0 | \n \u00a0 | \n 16,119 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 16,119 | \n \u00a0 | \n
System Rentals | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 20,058 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 20,058 | \n \u00a0 | \n
Maintenance | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 13,551 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 13,551 | \n \u00a0 | \n
Finance Income | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,939 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,939 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n 16,119 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 13,551 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 20,058 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,939 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 51,667 | \n \u00a0 | \n
Sub-total for reportable segments | \n \u00a0 | \n \u00a0 | \n 16,119 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 45,652 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 20,058 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,939 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 83,768 | \n \u00a0 | \n
All Other | \n \u00a0 | \n \u00a0 | \n 1,703 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,475 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,178 | \n \u00a0 | \n
Total | \n $ | \n \u00a0 | \n 17,822 | \n \u00a0 | \n \u00a0 | \n $ | \n \u00a0 | \n 47,127 | \n \u00a0 | \n \u00a0 | \n $ | \n \u00a0 | \n 20,058 | \n \u00a0 | \n \u00a0 | \n $ | \n \u00a0 | \n 1,939 | \n \u00a0 | \n \u00a0 | \n $ | \n \u00a0 | \n 86,946 | \n \u00a0 | \n
For the three months ended March 31, 2024, revenues earned from Technology Sales include variable consideration of $1.7 million (2023 \u2014 $5.6 million). Variable consideration revenues represent an estimate of the contingent fees that may become due if certain annual minimum box office receipt thresholds are exceeded and are recorded as revenue in the period when the sale is recognized and may be adjusted in future periods based on actual results and changes in estimates over the term of the system agreement.
For the three months ended March 31, 2024, revenues earned from leasing arrangements total $19.3 million (2023 \u2014 $22.4 million), including $18.6 million in Revenues \u2015 Technology Rentals (2023 \u2014$20.1 million), and $0.7 million in Revenues \u2015 Technology Sales (2023 \u2014 $2.3 million).
IMAX System sale and lease arrangements include a requirement for the Company to provide maintenance services over the life of the arrangement, some of which are subject to a consumer price index adjustment each year. In circumstances where customers prepay the entire term\u2019s maintenance fee based on the original arrangement, additional payments are due to the Company for the years after its extended warranty and maintenance obligations expire. Payments, upon renewal each year, are either prepaid or made in arrears and can vary in frequency from monthly to annually. As of March 31, 2024, $20.9 million of consideration has been deferred in relation to outstanding maintenance services to be provided on existing maintenance contracts (December 31, 2023 \u2014 $22.8 million). Maintenance revenue is recognized evenly over the contract term, which coincides with the period over which maintenance services are provided. In the event of customer default, any payments made by the customer may be retained by the Company.
In instances where the Company receives consideration prior to satisfying its performance obligations, the recognition of revenue is deferred. The majority of the deferred revenue balance relates to payments received by the Company for IMAX Systems where control of the system has not yet transferred to the customer. The deferred revenue balance related to an individual IMAX System increases as progress payments are made and is then derecognized when control of the system is transferred to the customer. Recognition dates are variable and depend on numerous factors, including some outside of the Company\u2019s control.
During the three months ended March 31, 2024, $12.1 million of revenue was recognized from the $67.1 million balance of deferred revenue as of December 31, 2023. During the three months ended March 31, 2023, $9.8 million of revenue was recognized from the $70.9 million balance of deferred revenue as of December 31, 2022.
"}]},{"name":"rpt:f-1109","factDimensions":{"xbrl:concept":"us-gaap:DisaggregationOfRevenueTableTextBlock","xbrl:period":"2024-01-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0000921582"},"factValues":[{"value":"The following tables summarize the Company\u2019s Revenues by reportable segment and revenue stream type for the three months ended March 31, 2024 and 2023:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n Three Months Ended March 31, 2024 | \n \u00a0 | \n ||||||||||||||||||||||
(In thousands of U.S. Dollars) | \n Technology Sales | \n \u00a0 | \n \u00a0 | \n Image Enhancement and Maintenance Services | \n \u00a0 | \n \u00a0 | \n Technology Rentals | \n \u00a0 | \n \u00a0 | \n Finance Income | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n Total | \n \u00a0 | \n |||||||||
Content Solutions Segment | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||||
Film Remastering and Distribution | \n $ | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n \u00a0 | \n 29,721 | \n \u00a0 | \n \u00a0 | \n $ | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n \u00a0 | \n 29,721 | \n \u00a0 | \n
Other Content Solutions | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4,292 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4,292 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 34,013 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 34,013 | \n \u00a0 | \n
Technology Products and Services Segment | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||||
System Sales | \n \u00a0 | \n \u00a0 | \n 7,118 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 7,118 | \n \u00a0 | \n
System Rentals | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 18,601 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 18,601 | \n \u00a0 | \n
Maintenance | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 15,161 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 15,161 | \n \u00a0 | \n
Finance Income | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,270 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,270 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n 7,118 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 15,161 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 18,601 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,270 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 43,150 | \n \u00a0 | \n
Sub-total for reportable segments | \n \u00a0 | \n \u00a0 | \n 7,118 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 49,174 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 18,601 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,270 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 77,163 | \n \u00a0 | \n
All Other | \n \u00a0 | \n \u00a0 | \n 786 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,174 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,960 | \n \u00a0 | \n
Total | \n $ | \n \u00a0 | \n 7,904 | \n \u00a0 | \n \u00a0 | \n $ | \n \u00a0 | \n 50,348 | \n \u00a0 | \n \u00a0 | \n $ | \n \u00a0 | \n 18,601 | \n \u00a0 | \n \u00a0 | \n $ | \n \u00a0 | \n 2,270 | \n \u00a0 | \n \u00a0 | \n $ | \n \u00a0 | \n 79,123 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||||
\u00a0 | \n Three Months Ended March 31, 2023 | \n \u00a0 | \n ||||||||||||||||||||||
(In thousands of U.S. Dollars) | \n Technology Sales | \n \u00a0 | \n \u00a0 | \n Image Enhancement and Maintenance Services | \n \u00a0 | \n \u00a0 | \n Technology Rentals | \n \u00a0 | \n \u00a0 | \n Finance Income | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n Total | \n \u00a0 | \n |||||||||
Content Solutions Segment | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||||
Film Remastering and Distribution | \n $ | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n \u00a0 | \n 30,073 | \n \u00a0 | \n \u00a0 | \n $ | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n \u00a0 | \n 30,073 | \n \u00a0 | \n
Other Content Solutions | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,028 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,028 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 32,101 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 32,101 | \n \u00a0 | \n
Technology Products and Services Segment | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||||
System Sales | \n \u00a0 | \n \u00a0 | \n 16,119 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 16,119 | \n \u00a0 | \n
System Rentals | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 20,058 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 20,058 | \n \u00a0 | \n
Maintenance | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 13,551 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 13,551 | \n \u00a0 | \n
Finance Income | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,939 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,939 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n 16,119 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 13,551 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 20,058 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,939 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 51,667 | \n \u00a0 | \n
Sub-total for reportable segments | \n \u00a0 | \n \u00a0 | \n 16,119 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 45,652 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 20,058 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,939 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 83,768 | \n \u00a0 | \n
All Other | \n \u00a0 | \n \u00a0 | \n 1,703 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,475 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,178 | \n \u00a0 | \n
Total | \n $ | \n \u00a0 | \n 17,822 | \n \u00a0 | \n \u00a0 | \n $ | \n \u00a0 | \n 47,127 | \n \u00a0 | \n \u00a0 | \n $ | \n \u00a0 | \n 20,058 | \n \u00a0 | \n \u00a0 | \n $ | \n \u00a0 | \n 1,939 | \n \u00a0 | \n \u00a0 | \n $ | \n \u00a0 | \n 86,946 | \n \u00a0 | \n
13. Segment Reporting
\u00a0
The Company\u2019s Chief Executive Officer (\u201cCEO\u201d) is its Chief Operating Decision Maker (\u201cCODM\u201d), as such term is defined under U.S. GAAP. The CODM assesses segment performance based on segment revenues and segment gross margins. Selling, general and administrative expenses, research and development costs, the amortization of intangible assets, provision for (reversal of) current expected credit losses, certain write-downs, interest income, interest expense, and income tax (expense) benefit are not allocated to the Company\u2019s segments.
The Company has the following reportable segments:
\u00a0
\u00a0
Transactions between segments are valued at exchange value. Inter-segment profits are eliminated upon consolidation, as well as for the disclosures below.
The following table presents the Company\u2019s revenue and gross margin by reportable segment for the three months ended March 31, 2024 and 2023:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Revenue(1) | \n \u00a0 | \n \u00a0 | \n Gross Margin | \n \u00a0 | \n ||||||||||
(In thousands of U.S. Dollars) | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n ||||
Content Solutions | \n \u00a0 | \n $ | \n 34,013 | \n \u00a0 | \n \u00a0 | \n $ | \n 32,101 | \n \u00a0 | \n \u00a0 | \n $ | \n 22,099 | \n \u00a0 | \n \u00a0 | \n $ | \n 17,995 | \n \u00a0 | \n
Technology Products and Services | \n \u00a0 | \n \u00a0 | \n 43,150 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 51,667 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 23,584 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 29,891 | \n \u00a0 | \n
Sub-total for reportable segments | \n \u00a0 | \n \u00a0 | \n 77,163 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 83,768 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 45,683 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 47,886 | \n \u00a0 | \n
All Other | \n \u00a0 | \n \u00a0 | \n 1,960 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,178 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,206 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,165 | \n \u00a0 | \n
Total | \n \u00a0 | \n $ | \n 79,123 | \n \u00a0 | \n \u00a0 | \n $ | \n 86,946 | \n \u00a0 | \n \u00a0 | \n $ | \n 46,889 | \n \u00a0 | \n \u00a0 | \n $ | \n 50,051 | \n \u00a0 | \n
\u00a0
Geographic Information
Revenue by geographic area is based on the location of the customer. Revenue related to IMAX Film Remastering process is presented based upon the geographic location of the IMAX System that exhibits the remastered films. IMAX Film Remastering and distribution revenue is generated through contractual relationships with studios and other third parties that may not be in the same geographical location as the IMAX Systems that exhibit the remastered films.
The following table summarizes the Company\u2019s revenues by geographic area for the three months ended March 31, 2024 and 2023:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Three Months Ended March 31, | \n \u00a0 | \n ||||||
(In thousands of U.S. Dollars) | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n ||
United States | \n \u00a0 | \n $ | \n 26,604 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n $ | \n 26,753 | \n \u00a0 | \n
Greater China | \n \u00a0 | \n \u00a0 | \n 21,453 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 26,566 | \n \u00a0 | \n
Western Europe | \n \u00a0 | \n \u00a0 | \n 14,191 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 10,168 | \n \u00a0 | \n
Asia (excluding Greater China) | \n \u00a0 | \n \u00a0 | \n 9,126 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 10,652 | \n \u00a0 | \n
Canada | \n \u00a0 | \n \u00a0 | \n 2,408 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 7,196 | \n \u00a0 | \n
Latin America | \n \u00a0 | \n \u00a0 | \n 1,460 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,603 | \n \u00a0 | \n
Rest of the World | \n \u00a0 | \n \u00a0 | \n 3,881 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4,008 | \n \u00a0 | \n
Total | \n \u00a0 | \n $ | \n 79,123 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n $ | \n 86,946 | \n \u00a0 | \n
The United States and Greater China (which includes the mainland of the People\u2019s Republic of China, Hong Kong, Macau, and Taiwan) each comprise greater than 10% of the Company\u2019s total revenues for the three months ended March 31, 2024 and 2023, respectively.
"}]},{"name":"rpt:f-1189","factDimensions":{"xbrl:concept":"us-gaap:SegmentReportingPolicyPolicyTextBlock","xbrl:period":"2024-01-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0000921582"},"factValues":[{"value":"The Company has the following reportable segments:
\u00a0
\u00a0
The following table presents the Company\u2019s revenue and gross margin by reportable segment for the three months ended March 31, 2024 and 2023:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Revenue(1) | \n \u00a0 | \n \u00a0 | \n Gross Margin | \n \u00a0 | \n ||||||||||
(In thousands of U.S. Dollars) | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n ||||
Content Solutions | \n \u00a0 | \n $ | \n 34,013 | \n \u00a0 | \n \u00a0 | \n $ | \n 32,101 | \n \u00a0 | \n \u00a0 | \n $ | \n 22,099 | \n \u00a0 | \n \u00a0 | \n $ | \n 17,995 | \n \u00a0 | \n
Technology Products and Services | \n \u00a0 | \n \u00a0 | \n 43,150 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 51,667 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 23,584 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 29,891 | \n \u00a0 | \n
Sub-total for reportable segments | \n \u00a0 | \n \u00a0 | \n 77,163 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 83,768 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 45,683 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 47,886 | \n \u00a0 | \n
All Other | \n \u00a0 | \n \u00a0 | \n 1,960 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,178 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,206 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,165 | \n \u00a0 | \n
Total | \n \u00a0 | \n $ | \n 79,123 | \n \u00a0 | \n \u00a0 | \n $ | \n 86,946 | \n \u00a0 | \n \u00a0 | \n $ | \n 46,889 | \n \u00a0 | \n \u00a0 | \n $ | \n 50,051 | \n \u00a0 | \n
\u00a0
The following table summarizes the Company\u2019s revenues by geographic area for the three months ended March 31, 2024 and 2023:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Three Months Ended March 31, | \n \u00a0 | \n ||||||
(In thousands of U.S. Dollars) | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n ||
United States | \n \u00a0 | \n $ | \n 26,604 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n $ | \n 26,753 | \n \u00a0 | \n
Greater China | \n \u00a0 | \n \u00a0 | \n 21,453 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 26,566 | \n \u00a0 | \n
Western Europe | \n \u00a0 | \n \u00a0 | \n 14,191 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 10,168 | \n \u00a0 | \n
Asia (excluding Greater China) | \n \u00a0 | \n \u00a0 | \n 9,126 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 10,652 | \n \u00a0 | \n
Canada | \n \u00a0 | \n \u00a0 | \n 2,408 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 7,196 | \n \u00a0 | \n
Latin America | \n \u00a0 | \n \u00a0 | \n 1,460 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,603 | \n \u00a0 | \n
Rest of the World | \n \u00a0 | \n \u00a0 | \n 3,881 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4,008 | \n \u00a0 | \n
Total | \n \u00a0 | \n $ | \n 79,123 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n $ | \n 86,946 | \n \u00a0 | \n
14. Employee\u2019s Pension and Postretirement Benefits
(a) Defined Benefit Plan
The Company has an unfunded defined benefit pension plan, the Supplemental Executive Retirement Plan (the \u201cSERP\u201d), covering its CEO, Richard L. Gelfond. Under the terms of the SERP, if Mr. Gelfond\u2019s employment is terminated other than for cause (as defined in his employment agreement), he is entitled to receive SERP benefits in the form of a lump sum payment. SERP benefit payments to Mr. Gelfond are subject to a deferral for six months after the termination of his employment, at which time Mr. Gelfond will be entitled to receive interest on the deferred amount credited at the applicable federal rate for short-term obligations. Pursuant to an amendment to his employment agreement dated September 19, 2022, the term of Mr. Gelfond\u2019s employment was extended through December 31, 2025, although Mr. Gelfond has not informed the Company that he intends to retire at that time. Under the terms of his employment agreement, as amended, the total benefit payable to Mr. Gelfond under the SERP is fixed at $20.3 million.
As of March 31, 2024, the Company\u2019s projected benefit obligation for the SERP is $18.4 million (December 31, 2023 \u2014 $18.2 million). For the three months ended March 31, 2024, the Company recorded interest costs of $0.2 million (2023 \u2014$0.2 million) related to the SERP. The Company expects to recognize additional interest costs of $0.6 million related to the SERP during the remainder of 2024. No contributions are expected to be made to the SERP in 2024.
The Company also maintains defined contribution plans for its employees, including its executive officers. The Company makes contributions to these plans on behalf of employees in an amount up to 5% of their base salary subject to certain prescribed maximums. During the three months ended March 31, 2024, the Company contributed and recorded expense of $0.4 million (2023 \u2014 $0.3 million) to its Canadian defined contribution plan and $0.3 million (2023 \u2014 $0.3 million) to its defined contribution employee plan under Section 401(k) of the U.S. Internal Revenue Code.
The Company has an unfunded postretirement plan for Mr. Gelfond and Bradley J. Wechsler, former Chairman of the Company\u2019s Board of Directors (the \u201cExecutive Postretirement Benefit Plan\u201d). The Executive Postretirement Benefit Plan provides that the Company will maintain health benefits for Messrs. Gelfond and Wechsler until they become eligible for Medicare and, thereafter, the Company will provide Medicare supplemental coverage as selected by Messrs. Gelfond and Wechsler. Mr. Wechsler retired from the Company\u2019s Board of Directors on June 9, 2021, and the Company is providing him with Medicare supplemental coverage or its cash equivalent.
As of March 31, 2024, the Company\u2019s postretirement benefits obligation under this plan is $0.5 million (December 31, 2023 \u2014 $0.5 million). For the three months ended March 31, 2024, the Company has recorded an expense of less than $0.1 million (2023 \u2014 less than $0.1 million) related to this plan.
The Company has an unfunded postretirement plan for its Canadian employees meeting specific eligibility requirements. The Company will provide eligible participants, upon retirement, with health and welfare benefits. As of March 31, 2024, the Company\u2019s postretirement benefits obligation under this plan is $0.8 million (December 31, 2023 \u2014 $1.0 million). For the three months ended March 31, 2024, the Company has recorded an expense of less than $0.1 million (2023 \u2014 less than $0.1 million) related to this plan.
The Company maintained a nonqualified deferred compensation benefit plan (the \u201cRetirement Plan\u201d) covering the former CEO of IMAX Entertainment and Senior Executive Vice President of the Company. Under the terms of the Retirement Plan, the benefits were due to vest in full if the executive incurred a separation from service from the Company (as defined therein). In 2018, the executive incurred a separation from service from the Company, and as such, the Retirement Plan benefits became fully vested as of December 31, 2018.
As of March 31, 2024, the benefit obligation related to the Retirement Plan was $4.1 million (December 31, 2023 \u2014 $4.1 million) and is recorded on the Company\u2019s Condensed Consolidated Balance Sheets within Accrued and Other Liabilities. As the Retirement Plan is fully vested, the benefit obligation is measured at the present value of the benefits expected to be paid in the future with the accretion of interest recognized in the Condensed Consolidated Statements of Operations within Retirement Benefits Non-Service Expense.
The Retirement Plan is funded by an investment in company-owned life insurance (\u201cCOLI\u201d), which is recorded at its fair value on the Company\u2019s Condensed Consolidated Balance Sheets within Prepaid Expenses. As of March 31, 2024, fair value of the COLI asset was $3.6 million (December 31, 2023 \u2014 $3.5 million). Gains and losses resulting from changes in the cash surrender value of the COLI asset are recognized in the Condensed Consolidated Statements of Operations within Realized and Unrealized Investment Gains.
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Company maintained a nonqualified deferred compensation benefit plan (the \u201cRetirement Plan\u201d) covering the former CEO of IMAX Entertainment and Senior Executive Vice President of the Company. Under the terms of the Retirement Plan, the benefits were due to vest in full if the executive incurred a separation from service from the Company (as defined therein)."}]},{"name":"rpt:f-1257","factDimensions":{"xbrl:concept":"us-gaap:DeferredCompensationArrangementWithIndividualRecordedLiability","xbrl:period":"2024-04-01T00:00:00","xbrl:entity":"cik:0000921582","xbrl:unit":"iso4217:USD","us-gaap:BalanceSheetLocationAxis":"imax:AccruedAndOtherLiabilitiesMember","us-gaap:DeferredCompensationArrangementWithIndividualExcludingShareBasedPaymentsAndPostretirementBenefitsByTypeOfDeferredCompensationAxis":"us-gaap:DeferredCompensationExcludingShareBasedPaymentsAndRetirementBenefitsMember"},"factValues":[{"value":"4100000","decimals":-5}]},{"name":"rpt:f-1258","factDimensions":{"xbrl:concept":"us-gaap:DeferredCompensationArrangementWithIndividualRecordedLiability","xbrl:period":"2024-01-01T00:00:00","xbrl:entity":"cik:0000921582","xbrl:unit":"iso4217:USD","us-gaap:BalanceSheetLocationAxis":"imax:AccruedAndOtherLiabilitiesMember","us-gaap:DeferredCompensationArrangementWithIndividualExcludingShareBasedPaymentsAndPostretirementBenefitsByTypeOfDeferredCompensationAxis":"us-gaap:DeferredCompensationExcludingShareBasedPaymentsAndRetirementBenefitsMember"},"factValues":[{"value":"4100000","decimals":-5}]},{"name":"rpt:f-1259","factDimensions":{"xbrl:concept":"imax:CompanyOwnedLifeInsurance","xbrl:period":"2024-04-01T00:00:00","xbrl:entity":"cik:0000921582","xbrl:unit":"iso4217:USD","us-gaap:BalanceSheetLocationAxis":"imax:PrepaidExpensesMember","us-gaap:DeferredCompensationArrangementWithIndividualExcludingShareBasedPaymentsAndPostretirementBenefitsByTypeOfDeferredCompensationAxis":"us-gaap:DeferredCompensationExcludingShareBasedPaymentsAndRetirementBenefitsMember"},"factValues":[{"value":"3600000","decimals":-5}]},{"name":"rpt:f-1260","factDimensions":{"xbrl:concept":"imax:CompanyOwnedLifeInsurance","xbrl:period":"2024-01-01T00:00:00","xbrl:entity":"cik:0000921582","xbrl:unit":"iso4217:USD","us-gaap:BalanceSheetLocationAxis":"imax:PrepaidExpensesMember","us-gaap:DeferredCompensationArrangementWithIndividualExcludingShareBasedPaymentsAndPostretirementBenefitsByTypeOfDeferredCompensationAxis":"us-gaap:DeferredCompensationExcludingShareBasedPaymentsAndRetirementBenefitsMember"},"factValues":[{"value":"3500000","decimals":-5}]},{"name":"rpt:f-1261","factDimensions":{"xbrl:concept":"us-gaap:FinancialInstrumentsDisclosureTextBlock","xbrl:period":"2024-01-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0000921582"},"factValues":[{"value":"15. Financial Instruments
The Company\u2019s cash is invested with various major financial institutions. The Company\u2019s $81.0 million balance of cash and cash equivalents as of March 31, 2024 (December 31, 2023 \u2014 $76.2 million) includes $70.3 million in cash held outside of Canada (December 31, 2023 \u2014 $68.5 million), of which $31.8 million was held in the PRC (December 31, 2023 \u2014 $30.0 million).
The carrying values of the Company\u2019s Cash and Cash Equivalents, Accounts Receivable, Accounts Payable and Accrued Liabilities due within one year approximate their fair values due to the short-term maturity of these instruments. Including these instruments, the Company\u2019s financial instruments consist of the following:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n As of March 31, 2024 | \n \u00a0 | \n \u00a0 | \n As of December 31, 2023 | \n \u00a0 | \n ||||||||||
(In thousands of U.S. Dollars) | \n \u00a0 | \n Carrying | \n \u00a0 | \n \u00a0 | \n Estimated | \n \u00a0 | \n \u00a0 | \n Carrying | \n \u00a0 | \n \u00a0 | \n Estimated | \n \u00a0 | \n ||||
Level 1 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Cash and cash equivalents(1) | \n \u00a0 | \n $ | \n 81,017 | \n \u00a0 | \n \u00a0 | \n $ | \n 81,017 | \n \u00a0 | \n \u00a0 | \n $ | \n 76,200 | \n \u00a0 | \n \u00a0 | \n $ | \n 76,200 | \n \u00a0 | \n
Level 2 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Net financed sales receivables(2) | \n \u00a0 | \n $ | \n 96,291 | \n \u00a0 | \n \u00a0 | \n $ | \n 96,313 | \n \u00a0 | \n \u00a0 | \n $ | \n 97,615 | \n \u00a0 | \n \u00a0 | \n $ | \n 96,500 | \n \u00a0 | \n
Net investment in sales-type leases(2) | \n \u00a0 | \n \u00a0 | \n 29,323 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 28,578 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 29,539 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 28,751 | \n \u00a0 | \n
Equity securities(1) | \n \u00a0 | \n \u00a0 | \n 1,000 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,000 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,000 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,000 | \n \u00a0 | \n
COLI(4) | \n \u00a0 | \n \u00a0 | \n 3,552 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,552 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,522 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,522 | \n \u00a0 | \n
Foreign exchange contracts \u2014\u00a0designated forwards(3) | \n \u00a0 | \n \u00a0 | \n (87 | \n ) | \n \u00a0 | \n \u00a0 | \n (87 | \n ) | \n \u00a0 | \n \u00a0 | \n 819 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 819 | \n \u00a0 | \n
Wells Fargo Credit Facility borrowings(1) | \n \u00a0 | \n \u00a0 | \n (69,000 | \n ) | \n \u00a0 | \n \u00a0 | \n (69,000 | \n ) | \n \u00a0 | \n \u00a0 | \n (24,000 | \n ) | \n \u00a0 | \n \u00a0 | \n (24,000 | \n ) | \n
Federal Economic Development Loan(2) | \n \u00a0 | \n \u00a0 | \n (2,426 | \n ) | \n \u00a0 | \n \u00a0 | \n (2,426 | \n ) | \n \u00a0 | \n \u00a0 | \n (2,498 | \n ) | \n \u00a0 | \n \u00a0 | \n (2,498 | \n ) | \n
Convertible Notes(5) | \n \u00a0 | \n \u00a0 | \n (230,000 | \n ) | \n \u00a0 | \n \u00a0 | \n (213,571 | \n ) | \n \u00a0 | \n \u00a0 | \n (230,000 | \n ) | \n \u00a0 | \n \u00a0 | \n (205,850 | \n ) | \n
\u00a0
The Company is exposed to market risk from changes in foreign currency rates.
A majority of the Company\u2019s revenues is denominated in U.S. Dollars while a significant portion of its costs and expenses is denominated in Canadian Dollars. A portion of the Company\u2019s net U.S. Dollar cash is converted to Canadian Dollars to fund Canadian Dollar expenses through the spot market. In China and Japan, the Company has ongoing operating expenses related to its operations in RMB and Japanese Yen, respectively. Net cash flows are converted to and from U.S. Dollars through the spot market. The Company also has cash receipts under leases denominated in RMB, Japanese Yen, Canadian Dollars and Euros which are converted to U.S. Dollars through the spot market. In addition, because IMAX films generate box office receipts in 89 different countries, unfavorable exchange rates between applicable local currencies and the U.S. Dollar could have an impact on box-office receipts and the Company\u2019s revenues and results of operations. The Company\u2019s policy is to not use any financial instruments for trading or other speculative purposes.
The Company has entered into a series of foreign currency forward contracts to manage the risks associated with the volatility of foreign currencies. Certain of these foreign currency forward contracts met the criteria required for hedge accounting under the Derivatives and Hedging Topic of the FASB ASC at inception, and continue to meet hedge effectiveness tests as of March 31, 2024 (the \u201cForeign Currency Hedges\u201d), with settlement dates throughout 2024 and 2025. Foreign currency derivatives are recognized and measured in the Condensed Consolidated Balance Sheets at fair value. Changes in the fair value (i.e., gains or losses) are recognized in the Condensed Consolidated Statements of Operations except for derivatives designated and qualifying as foreign currency cash flow hedging instruments. The Company currently has cash flow hedging instruments associated with Selling, General and Administrative Expenses. For foreign currency cash flow hedging instruments related to Selling, General and Administrative Expenses, the effective portion of the gain or loss in a hedge of a forecasted transaction is reported in Accumulated Other Comprehensive (Loss) Income (\u201cAOCI\u201d) and reclassified to the Condensed Consolidated Statements of Operations when the forecasted transaction occurs. Any ineffective portion is recognized immediately in the Condensed Consolidated Statements of Operations.
The notional value of foreign currency cash flow hedging instruments that qualify for hedge accounting as of March 31, 2024 was $34.8 million (December 31, 2023 \u2014 $40.6 million).
The following tabular disclosures reflect the impact that derivative instruments and hedging activities have on the Company\u2019s Condensed Consolidated Financial Statements:
Notional value of derivatives in foreign exchange contracts:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n \u00a0 | \n December 31, | \n \u00a0 | \n ||
(In thousands of U.S. Dollars) | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n ||
Derivatives designated as hedging instruments: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Foreign exchange contracts \u2014 Forwards | \n \u00a0 | \n $ | \n 34,820 | \n \u00a0 | \n \u00a0 | \n $ | \n 40,563 | \n \u00a0 | \n
Fair value of derivatives in foreign exchange contracts:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n \u00a0 | \n December 31, | \n \u00a0 | \n ||
(In thousands of U.S. Dollars) | \n \u00a0 | \n Balance Sheet Location | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n ||
Derivatives designated as hedging instruments: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Foreign exchange contracts \u2014 Forwards | \n \u00a0 | \n Other assets | \n \u00a0 | \n $ | \n 104 | \n \u00a0 | \n \u00a0 | \n $ | \n 846 | \n \u00a0 | \n
| \n \u00a0 | \n Accrued and other liabilities | \n \u00a0 | \n \u00a0 | \n (191 | \n ) | \n \u00a0 | \n \u00a0 | \n (27 | \n ) | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n $ | \n (87 | \n ) | \n \u00a0 | \n $ | \n 819 | \n \u00a0 | \n
\u00a0
Derivatives in foreign currency hedging relationships are as follows:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n Three Months Ended March 31, | \n \u00a0 | \n |||||
(In thousands of U.S. Dollars) | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n ||
Foreign exchange contracts | \n \u00a0 | \n Derivative (Loss) Gain | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
\u2014 Forwards | \n \u00a0 | \n Recognized in OCI | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n (Effective Portion) | \n \u00a0 | \n $ | \n (916 | \n ) | \n \u00a0 | \n $ | \n 134 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n Location of Derivative Loss | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n Reclassified from AOCI | \n \u00a0 | \n Three Months Ended March 31, | \n \u00a0 | \n |||||
(In thousands of U.S. Dollars) | \n \u00a0 | \n (Effective Portion) | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n ||
Foreign exchange contracts | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
\u2014 Forwards | \n \u00a0 | \n \u00a0 | \n $ | \n (11 | \n ) | \n \u00a0 | \n $ | \n (339 | \n ) | \n
The Company\u2019s estimated net amount of the existing loss as of March 31, 2024 is $0.1 million, which is expected to be reclassified to the Condensed Consolidated Statements of Operations within the next twelve months.
The Company held an investment in the preferred shares of enterprises which meets the criteria for classification as an equity security carried at historical cost, net of impairment charges. The carrying value of the equity security investment was $1.0 million as of March 31, 2024 (December 31, 2023 \u2014 $1.0 million) and is recorded within Other Assets in the Condensed Consolidated Balance Sheets.
"}]},{"name":"rpt:f-1262","factDimensions":{"xbrl:concept":"us-gaap:CashAndCashEquivalentsAtCarryingValue","xbrl:period":"2024-04-01T00:00:00","xbrl:entity":"cik:0000921582","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"81000000","decimals":-5}]},{"name":"rpt:f-1263","factDimensions":{"xbrl:concept":"us-gaap:CashAndCashEquivalentsAtCarryingValue","xbrl:period":"2024-01-01T00:00:00","xbrl:entity":"cik:0000921582","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"76200000","decimals":-5}]},{"name":"rpt:f-1264","factDimensions":{"xbrl:concept":"imax:CashHeldOrUndistributedEarningsOfForeignSubsidiary","xbrl:period":"2024-04-01T00:00:00","xbrl:entity":"cik:0000921582","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"70300000","decimals":-5}]},{"name":"rpt:f-1265","factDimensions":{"xbrl:concept":"imax:CashHeldOrUndistributedEarningsOfForeignSubsidiary","xbrl:period":"2024-01-01T00:00:00","xbrl:entity":"cik:0000921582","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"68500000","decimals":-5}]},{"name":"rpt:f-1266","factDimensions":{"xbrl:concept":"imax:CashHeldOrUndistributedEarningsOfForeignSubsidiaries","xbrl:period":"2024-04-01T00:00:00","xbrl:entity":"cik:0000921582","xbrl:unit":"iso4217:USD","srt:StatementGeographicalAxis":"country:CN"},"factValues":[{"value":"31800000","decimals":-5}]},{"name":"rpt:f-1267","factDimensions":{"xbrl:concept":"imax:CashHeldOrUndistributedEarningsOfForeignSubsidiaries","xbrl:period":"2024-01-01T00:00:00","xbrl:entity":"cik:0000921582","xbrl:unit":"iso4217:USD","srt:StatementGeographicalAxis":"country:CN"},"factValues":[{"value":"30000000","decimals":-5}]},{"name":"rpt:f-1268","factDimensions":{"xbrl:concept":"us-gaap:FairValueAssetsMeasuredOnNonrecurringBasisTextBlock","xbrl:period":"2024-01-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0000921582"},"factValues":[{"value":"The carrying values of the Company\u2019s Cash and Cash Equivalents, Accounts Receivable, Accounts Payable and Accrued Liabilities due within one year approximate their fair values due to the short-term maturity of these instruments. Including these instruments, the Company\u2019s financial instruments consist of the following:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n As of March 31, 2024 | \n \u00a0 | \n \u00a0 | \n As of December 31, 2023 | \n \u00a0 | \n ||||||||||
(In thousands of U.S. Dollars) | \n \u00a0 | \n Carrying | \n \u00a0 | \n \u00a0 | \n Estimated | \n \u00a0 | \n \u00a0 | \n Carrying | \n \u00a0 | \n \u00a0 | \n Estimated | \n \u00a0 | \n ||||
Level 1 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Cash and cash equivalents(1) | \n \u00a0 | \n $ | \n 81,017 | \n \u00a0 | \n \u00a0 | \n $ | \n 81,017 | \n \u00a0 | \n \u00a0 | \n $ | \n 76,200 | \n \u00a0 | \n \u00a0 | \n $ | \n 76,200 | \n \u00a0 | \n
Level 2 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Net financed sales receivables(2) | \n \u00a0 | \n $ | \n 96,291 | \n \u00a0 | \n \u00a0 | \n $ | \n 96,313 | \n \u00a0 | \n \u00a0 | \n $ | \n 97,615 | \n \u00a0 | \n \u00a0 | \n $ | \n 96,500 | \n \u00a0 | \n
Net investment in sales-type leases(2) | \n \u00a0 | \n \u00a0 | \n 29,323 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 28,578 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 29,539 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 28,751 | \n \u00a0 | \n
Equity securities(1) | \n \u00a0 | \n \u00a0 | \n 1,000 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,000 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,000 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,000 | \n \u00a0 | \n
COLI(4) | \n \u00a0 | \n \u00a0 | \n 3,552 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,552 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,522 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,522 | \n \u00a0 | \n
Foreign exchange contracts \u2014\u00a0designated forwards(3) | \n \u00a0 | \n \u00a0 | \n (87 | \n ) | \n \u00a0 | \n \u00a0 | \n (87 | \n ) | \n \u00a0 | \n \u00a0 | \n 819 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 819 | \n \u00a0 | \n
Wells Fargo Credit Facility borrowings(1) | \n \u00a0 | \n \u00a0 | \n (69,000 | \n ) | \n \u00a0 | \n \u00a0 | \n (69,000 | \n ) | \n \u00a0 | \n \u00a0 | \n (24,000 | \n ) | \n \u00a0 | \n \u00a0 | \n (24,000 | \n ) | \n
Federal Economic Development Loan(2) | \n \u00a0 | \n \u00a0 | \n (2,426 | \n ) | \n \u00a0 | \n \u00a0 | \n (2,426 | \n ) | \n \u00a0 | \n \u00a0 | \n (2,498 | \n ) | \n \u00a0 | \n \u00a0 | \n (2,498 | \n ) | \n
Convertible Notes(5) | \n \u00a0 | \n \u00a0 | \n (230,000 | \n ) | \n \u00a0 | \n \u00a0 | \n (213,571 | \n ) | \n \u00a0 | \n \u00a0 | \n (230,000 | \n ) | \n \u00a0 | \n \u00a0 | \n (205,850 | \n ) | \n
\u00a0
The following tabular disclosures reflect the impact that derivative instruments and hedging activities have on the Company\u2019s Condensed Consolidated Financial Statements:
Notional value of derivatives in foreign exchange contracts:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n \u00a0 | \n December 31, | \n \u00a0 | \n ||
(In thousands of U.S. Dollars) | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n ||
Derivatives designated as hedging instruments: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Foreign exchange contracts \u2014 Forwards | \n \u00a0 | \n $ | \n 34,820 | \n \u00a0 | \n \u00a0 | \n $ | \n 40,563 | \n \u00a0 | \n
Fair value of derivatives in foreign exchange contracts:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n \u00a0 | \n December 31, | \n \u00a0 | \n ||
(In thousands of U.S. Dollars) | \n \u00a0 | \n Balance Sheet Location | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n ||
Derivatives designated as hedging instruments: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Foreign exchange contracts \u2014 Forwards | \n \u00a0 | \n Other assets | \n \u00a0 | \n $ | \n 104 | \n \u00a0 | \n \u00a0 | \n $ | \n 846 | \n \u00a0 | \n
| \n \u00a0 | \n Accrued and other liabilities | \n \u00a0 | \n \u00a0 | \n (191 | \n ) | \n \u00a0 | \n \u00a0 | \n (27 | \n ) | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n $ | \n (87 | \n ) | \n \u00a0 | \n $ | \n 819 | \n \u00a0 | \n
Derivatives in foreign currency hedging relationships are as follows:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n Three Months Ended March 31, | \n \u00a0 | \n |||||
(In thousands of U.S. Dollars) | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n ||
Foreign exchange contracts | \n \u00a0 | \n Derivative (Loss) Gain | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
\u2014 Forwards | \n \u00a0 | \n Recognized in OCI | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n (Effective Portion) | \n \u00a0 | \n $ | \n (916 | \n ) | \n \u00a0 | \n $ | \n 134 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n Location of Derivative Loss | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n Reclassified from AOCI | \n \u00a0 | \n Three Months Ended March 31, | \n \u00a0 | \n |||||
(In thousands of U.S. Dollars) | \n \u00a0 | \n (Effective Portion) | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n ||
Foreign exchange contracts | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
\u2014 Forwards | \n \u00a0 | \n \u00a0 | \n $ | \n (11 | \n ) | \n \u00a0 | \n $ | \n (339 | \n ) | \n
16. Executive Transition Costs
In the first quarter of 2023, the Company recognized executive transition costs of $1.4 million related to the departure of the President, IMAX Entertainment and Executive Vice President. No such costs were incurred in the first quarter of 2024.
"}]},{"name":"rpt:f-1328","factDimensions":{"xbrl:concept":"us-gaap:RestructuringCharges","xbrl:period":"2023-01-01T00:00:00/2023-04-01T00:00:00","xbrl:entity":"cik:0000921582","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"1400000","decimals":-5}]},{"name":"rpt:f-1329","factDimensions":{"xbrl:concept":"us-gaap:RestructuringCharges","xbrl:period":"2024-01-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0000921582","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"0"}]},{"name":"rpt:f-1330","factDimensions":{"xbrl:concept":"us-gaap:MinorityInterestDisclosureTextBlock","xbrl:period":"2024-01-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0000921582"},"factValues":[{"value":"17. Non-Controlling Interests
The Company indirectly owns 71.52% of IMAX China, whose shares trade on the Hong Kong Stock Exchange (December 31, 2023 \u2014 71.55%). IMAX China remains a consolidated subsidiary of the Company. As of March 31, 2024, the balance of the Company\u2019s non-controlling interest in IMAX China is $73.9 million (December 31, 2023 \u2014 $71.8 million). For the three months ended March 31, 2024, the net income attributable to the non-controlling interest in IMAX China is $2.2 million (2023 \u2014 $2.7 million).
The Company\u2019s Original Film Fund was established in 2014 to co-finance a portfolio of 10 original large-format films. The initial investment in the Original Film Fund was committed by a third party in the amount of $25.0 million, with the possibility of contributing additional funds. The Company has contributed $9.0 million to the Original Film Fund since 2014 and has reached its maximum contribution. As of March 31, 2024, the Original Film Fund has invested $22.3 million toward the development of original films. The related production, financing and distribution agreement includes put and call rights relating to change of control of the rights, title and interest in the co-financed pictures.
The following table summarizes the movement of the non-controlling interest in temporary equity related to the Original Film Fund for the three months ended March 31, 2024 and 2023:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n |||||
(In thousands of U.S. Dollars) | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n ||
Beginning balance | \n \u00a0 | \n $ | \n 658 | \n \u00a0 | \n \u00a0 | \n $ | \n 722 | \n \u00a0 | \n
Net (loss) income | \n \u00a0 | \n \u00a0 | \n (9 | \n ) | \n \u00a0 | \n \u00a0 | \n 9 | \n \u00a0 | \n
Ending balance | \n \u00a0 | \n $ | \n 649 | \n \u00a0 | \n \u00a0 | \n $ | \n 731 | \n \u00a0 | \n
The following table summarizes the movement of the non-controlling interest in temporary equity related to the Original Film Fund for the three months ended March 31, 2024 and 2023:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n |||||
(In thousands of U.S. Dollars) | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n ||
Beginning balance | \n \u00a0 | \n $ | \n 658 | \n \u00a0 | \n \u00a0 | \n $ | \n 722 | \n \u00a0 | \n
Net (loss) income | \n \u00a0 | \n \u00a0 | \n (9 | \n ) | \n \u00a0 | \n \u00a0 | \n 9 | \n \u00a0 | \n
Ending balance | \n \u00a0 | \n $ | \n 649 | \n \u00a0 | \n \u00a0 | \n $ | \n 731 | \n \u00a0 | \n
18. Related Party Transactions
On January 13, 2023, the Company, China International Communications Group (\u201cCICG\u201d), and Beach House Pictures Pte Ltd (\u201cBeach House\u201d) entered into an agreement to co-finance a documentary film, The Elephant Odyssey. A member of the Company\u2019s Board of Directors and its Audit Committee, is the ultimate controlling shareholder of Blue Ant Media (\u201cBlue Ant\u201d), a media company that he co-founded in 2011. Blue Ant owns 70% of Beach House. The total budget for the film is approximately $2.6 million, of which CICG is responsible for $0.3 million or 10%. The Company and Beach House have agreed to finance $1.7 million or 75% and $0.6 million or 25% of the remaining budget, respectively. On February 8, 2024, Blue Ant sold 100% of its interest in Beach House. The Company made payments of $1.0 million under the agreement up to March 31, 2024.
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