0001377630-23-000109 | 10-Q | XBRL Viewer

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Revenue from Contracts with Customers (Remaining Performance Obligations) (Details)	Jun. 29, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-03-27
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue from contract, payment due period from the customer	9 months

Borrowings

3 Months Ended

Jun. 29, 2023

Debt Disclosure [Abstract]

Borrowings

The commencement of the Chapter 11 Case constituted an event of default and caused the automatic and immediate acceleration of all debt outstanding under or in respect of, NCM LLC’s Credit Agreements and senior notes. However, any efforts to enforce payment obligations under the debt agreements are automatically stayed as a result of the filing of the Chapter 11 Case, and the creditors’ rights of enforcement in respect of the debt agreements are subject to the applicable provisions of the Bankruptcy Code. Following the deconsolidation of NCM LLC on the petition date, there is no debt on NCM, Inc.’s Condensed Consolidated Balance Sheet as of June 29, 2023.


	Outstanding Balance as of
Borrowings	June 29, 2023		December 29, 2022		Maturity Date	Interest Rate
Revolving credit facility 2018	$	—	$	167.0	June 20, 2023	(1)
Revolving credit facility 2022	—		50.0		June 20, 2023	(1)
Term loans - first tranche	—		258.5		June 20, 2025	(1)
Term loans - second tranche	—		49.3		December 20, 2024	(1)
Senior secured notes due 2028	—		374.2		April 15, 2028	5.875%
Senior unsecured notes due 2026	—		230.0		August 15, 2026	5.750%
Total borrowings	—		1,129.0
Less: debt issuance costs and debt discounts related to term loans and senior notes	—		(7.9)
Total borrowings, net	—		1,121.1
Less: current portion of debt	—		(1,121.1)
Carrying value of long-term debt	$	—	$	—

___________________________________________________

(1)The interest rates on the revolving credit facilities and term loans are described below.

Senior Secured Credit Facility—NCM LLC’s credit agreement, as amended, (the “Credit Agreement”), consists of a term loan facility and a revolving credit facility. As of December 29, 2022, NCM LLC’s senior secured credit facility consisted of a $175.0 million revolving credit facility, a $258.5 million term loan (first tranche) and a $49.3 million term loan (second tranche). The obligations under the senior secured credit facility are secured by a lien on substantially all of the assets of NCM LLC.

On March 8, 2021, NCM LLC entered into a second amendment to its Credit Agreement (“Credit Agreement Second Amendment”). Among other things, the Credit Agreement Second Amendment provides for certain modifications to the negative covenants, additional waivers and term changes outlined below and grants security interests in certain assets of NCM LLC and other potential loan parties that are not currently pledged to the lenders. In addition, pursuant to the Credit Agreement Second Amendment, NCM LLC incurred a second tranche of the term loans in an aggregate principal amount of $50.0 million, the net proceeds of $43.0 million to be used for general corporate purposes.

On January 5, 2022, NCM LLC entered into a third amendment to its Credit Agreement (the “Credit Agreement Third Amendment”), among NCM LLC, the several banks and other financial institutions or entities from time to time parties thereto, and JPMorgan Chase Bank, N.A., as administrative agent, as previously amended. Among other things, the Credit Agreement Third Amendment provides for: (i) certain modifications to and extensions to modifications of the affirmative and negative covenants therein; (ii) the suspension of the consolidated net total leverage and consolidated net senior secured leverage financial covenants through the fiscal quarter ending December 28, 2023 and (iii) the consolidated net total leverage ratio and

consolidated net senior secured leverage ratio financial covenants to be set to 8.50 to 1.00 and 6.50 to 1.00, respectively, for the fiscal quarter ending on or about June 29, 2023, 8.00 to 1.00 and 6.00 to 1.00, respectively, for the fiscal quarter ending on or about September 28, 2023, and 6.25 to 1.00 and 4.50 to 1.00, respectively, for the fiscal quarter ending on or about December 28, 2023 and each fiscal quarter thereafter.

On January 17, 2023, NCM LLC entered into (i) a fourth amendment to its Credit Agreement (the “Credit Agreement Fourth Amendment”), among NCM LLC, the several banks and other financial institutions or entities from time to time parties thereto, and JPMorgan Chase Bank, N.A., as administrative agent, as previously amended and (ii) Revolving Credit Agreement Amendment. The Credit Agreement Fourth Amendment and Revolving Credit Agreement Amendment provide for the addback of specified professional fees paid by NCM LLC during the period of January 6, 2023 through the date NCM LLC delivers a compliance certificate for the quarter ending on or about December 28, 2023, when calculating the sum of unrestricted cash on hand at NCM LLC and revolving credit facility availability under the Credit Agreement and Revolving Credit Agreement required to be maintained under each respective agreement.

The senior secured credit facility contains a number of covenants and financial ratio requirements, including (i) a consolidated net total leverage ratio covenant of 6.25 times for each quarterly period and (ii) with respect to the revolving credit facility, maintaining a consolidated net senior secured leverage ratio of equal to or less than 4.50 times on a quarterly basis for each quarterly period in which a balance is outstanding on the revolving credit facility, each of which has been modified by the Credit Agreement Third Amendment. Pursuant to the terms of the Credit Agreement Third Amendment, NCM LLC is restricted from making available cash distributions until after NCM LLC delivers a compliance certificate for the quarter ending on or about December 28, 2023, and, thereafter, NCM LLC may only make available cash distributions if: (i) no default or event of default under the Credit Agreement has occurred and is continuing; (ii) the consolidated net senior secured leverage ratio is equal to or less than 4.00 to 1.00; and (iii) the aggregate principal amount of all outstanding revolving loans under the Credit Agreement is $39.0 million or less. The commencement of the Chapter 11 Case constituted an event of default and caused the automatic and immediate acceleration of all debt outstanding under or in respect of, NCM LLC’s Credit Agreements and senior notes.

Term Loans—First Tranche—The interest rate on the initial tranche of term loans was originally a rate chosen at NCM LLC’s option of either the LIBOR index plus 4.00% or the base rate plus 3.00%. The rate increased from LIBOR index plus 2.75% or the base rate plus 1.75%. The term loans amortize at a rate equal to 1.00% annually, to be paid in equal quarterly installments, prior to the commencement of the Chapter 11 Case.

Term Loans—Second Tranche—The interest rate on the second tranche of term loans is the LIBOR index plus 8.00%. The term loans amortize at a rate equal to 1.00% annually, to be paid in equal quarterly installments, prior to the commencement of the Chapter 11 Case.

Revolving Credit Facility 2018—The revolving credit facility portion of NCM LLC’s total borrowings is available, subject to certain conditions, for general corporate purposes of NCM LLC in the ordinary course of business and for other transactions permitted under the senior secured credit facility, and a portion is available for letters of credit. As of December 29, 2022, NCM LLC’s total availability under the $175.0 million revolving credit facility was $7.2 million, net of $167.0 million outstanding and $0.8 million letters of credit. The unused line fee is 0.50% per annum which is consistent with the previous facility. Borrowings under the revolving credit facility bear interest at NCM LLC’s option of either the LIBOR index plus an applicable margin ranging from 3.00% to 3.50% or the base rate plus an applicable margin ranging from 2.00% to 2.50%. The margin changed to the aforementioned range from a fixed margin of LIBOR index plus 2.00% or the base rate plus 1.00%. The applicable margin for the revolving credit facility is determined quarterly and is subject to adjustment based upon a consolidated net senior secured leverage ratio for NCM LLC (the ratio of secured funded debt less unrestricted cash and cash equivalents of up to $100.0 million, divided by Adjusted EBITDA for debt purposes, defined as NCM LLC's net income before depreciation and amortization expense adjusted to also exclude non-cash share-based compensation costs for NCM LLC plus integration payments received). The revolving credit facility 2018 was scheduled to mature on June 20, 2023. However, the maturity of the revolving credit facility has been stayed during the bankruptcy proceeding.

Revolving Credit Facility 2022—On January 5, 2022, NCM LLC also entered into the Revolving Credit Agreement 2022 among NCM LLC, the lenders party thereto and Wilmington Savings Fund Society, FSB, as administrative agent and collateral agent. The Revolving Credit Agreement 2022 provides for revolving loan commitments of $50.0 million of secured revolving loans, the entire amount of which was funded on January 5, 2022. The Revolving Credit Agreement 2022 provides for (i) a cash interest rate of term SOFR plus 8.00%, with a 1.00% floor, (ii) a maturity date of June 20, 2023 and (iii) a termination premium if NCM LLC terminates the commitments under the Revolving Credit Agreement 2022 at any time before maturity. The Revolving Credit Agreement 2022 also contains covenants, representations and warranties and events of default that are substantially similar to the Credit Agreement. The commencement of the Chapter 11 Case constituted an event of default and caused the automatic and immediate acceleration of all debt outstanding under or in respect of, NCM LLC’s Credit

Agreements and senior notes. The revolving credit facility 2022 was scheduled to mature on June 20, 2023. However, the maturity of the revolving credit facility has been stayed during the bankruptcy proceeding.

Senior Unsecured Notes due 2026—On August 19, 2016, NCM LLC completed a private placement of $250.0 million in aggregate principal amount of 5.750% Senior Unsecured Notes due 2026 (the “Notes due 2026”) for which the registered exchange offering was completed on November 8, 2016. The Notes due 2026 pay interest semi-annually in arrears on February 15 and August 15 of each year, which commenced on February 15, 2017. The Notes due 2026 were issued at 100% of the face amount thereof and are the senior unsecured obligations of NCM LLC and are effectively subordinated to all existing and future secured debt, including the Notes due 2028, its senior secured credit facility and any future asset backed loan facility. The Notes due 2026 rank equally in right of payment with all of NCM LLC’s existing and future senior indebtedness, including the Notes due 2028, NCM LLC’s existing senior secured credit facility, any future asset backed loan facility, in each case, without giving effect to collateral arrangements. The Notes due 2026 are effectively subordinated to all liabilities of any subsidiaries that NCM LLC may form or acquire in the future, unless those subsidiaries become guarantors of the Notes due 2026. NCM LLC does not currently have any subsidiaries, and the Notes due 2026 will not be guaranteed by any subsidiaries that NCM LLC may form or acquire in the future except in very limited circumstances.

The indenture contains covenants that, among other things, restrict NCM LLC’s ability and the ability of its restricted subsidiaries, if any, to: (1) incur additional debt; (2) make distributions or make certain other restricted payments; (3) make investments; (4) incur liens; (5) sell assets or merge with or into other companies; and (6) enter into transactions with affiliates. All of these restrictive covenants are subject to a number of important exceptions and qualifications. In particular, NCM LLC has the ability to distribute all of its quarterly available cash as a restricted payment or as an investment, if it meets a minimum net senior secured leverage ratio. The commencement of the Chapter 11 Case constituted an event of default and caused the automatic and immediate acceleration of all debt outstanding under or in respect of, NCM LLC’s Credit Agreements and senior notes.

Senior Secured Notes due 2028—On October 8, 2019, NCM LLC completed a private offering of $400.0 million aggregate principal amount of 5.875% Senior Secured Notes due 2028 (the “Notes due 2028”) to eligible purchasers. The Notes due 2028 will mature on April 15, 2028. Interest on the Notes due 2028 accrues at a rate of 5.875% per annum and is payable semi-annually in arrears on April 15 and October 15 of each year, commencing on April 15, 2020. In the year ended December 29, 2022, NCM, Inc. purchased $25.8 million of the Notes due 2028 on the open market, reducing the principal amount owed by NCM LLC to third parties to $374.2 million as of December 29, 2022.

The Indenture contains covenants that, among other things, restrict NCM LLC’s ability and the ability of its restricted subsidiaries, if any, to: (1) incur additional debt; (2) make distributions or make certain other restricted payments; (3) make certain investments; (4) incur certain liens; (5) sell assets or merge with or into other companies; and (6) enter into transactions with affiliates. All of these restrictive covenants are subject to a number of important exceptions and qualifications. In particular, NCM LLC may distribute all of its quarterly available cash as a restricted payment or as an investment, provided that NCM LLC satisfies a minimum net senior secured leverage ratio. The commencement of the Chapter 11 Case constituted an event of default and caused the automatic and immediate acceleration of all debt outstanding under or in respect of, NCM LLC’s Credit Agreements and senior notes.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY/(DEFICIT) - USD ($) $ in Millions	Total	Common Stock	Additional Paid in Capital (Deficit)	Retained Earnings (Distribution in Excess of Earnings)	Noncontrolling Interest
Balance at Dec. 30, 2021	$ (383.5)	$ 0.8	$ (195.5)	$ (332.0)	$ 143.2
Balance (in shares) at Dec. 30, 2021		80,626,889
Comprehensive income, net of tax	(54.6)			(25.9)	(28.7)
NCM LLC equity issued for purchase of intangible asset	10.4		4.9		5.5
Income tax and other impacts of NCM LLC ownership changes	0.6		(1.7)		2.3
Issuance of shares to founding members			0.0
Share-based compensation issued	(0.2)		(0.2)
Share-based compensation issued (in shares)		865,537,000,000
Share-based compensation expense/capitalized	3.0		2.0		1.0
Cash dividends declared	(7.0)			(7.0)
Balance at Jun. 30, 2022	$ (431.3)	$ 0.8	(190.5)	(364.9)	123.3
Balance (in shares) at Jun. 30, 2022		81,492,426
Common Stock, Dividends, Per Share, Declared	$ 0.05
Balance at Mar. 31, 2022	$ (421.4)	$ 0.8	(191.5)	(361.4)	130.7
Balance (in shares) at Mar. 31, 2022		81,403,872
Comprehensive income, net of tax	(8.6)			(0.7)	(7.9)
Issuance of shares to founding members			0.0
Share-based compensation issued	(0.1)		(0.1)
Share-based compensation issued (in shares)		88,554
Share-based compensation expense/capitalized	1.6		1.1		0.5
Cash dividends declared	(2.8)			(2.8)
Balance at Jun. 30, 2022	$ (431.3)	$ 0.8	(190.5)	(364.9)	123.3
Balance (in shares) at Jun. 30, 2022		81,492,426
Common Stock, Dividends, Per Share, Declared	$ 0.05
Balance at Dec. 29, 2022	$ (464.0)	$ 1.2	(146.2)	(370.4)	51.4
Balance (in shares) at Dec. 29, 2022	128,402,636	128,402,636
Deconsolidation, Equity Effect, Amount	$ (33.3)		(15.2)	(18.1)
Comprehensive income, net of tax	491.3			499.8	(8.5)
Income tax and other impacts of NCM LLC ownership changes	(15.4)		27.6		(43.0)
Stock Issued During Period, Shares, New Issues		43,690,797
Issuance of shares to founding members	10.3	$ 0.4	9.9
NCM LLC common membership unit redemption	(10.3)	0.0	(10.3)
Share-based compensation issued	0.1	$ 0.1
Share-based compensation issued (in shares)		1,966,341
Share-based compensation expense/capitalized	2.0		1.9		0.1
Balance at Jun. 29, 2023	$ (19.3)	$ 1.7	(132.3)	111.3	0.0
Balance (in shares) at Jun. 29, 2023	174,059,774	174,059,774
Balance at Mar. 30, 2023	$ (531.8)	$ 1.7	(117.6)	(415.9)	0.0
Balance (in shares) at Mar. 30, 2023		174,054,114
Deconsolidation, Equity Effect, Amount	(33.3)		(15.2)	(18.1)
Comprehensive income, net of tax	545.3			545.3
Issuance of shares to founding members			0.0
Share-based compensation issued	0.0
Share-based compensation issued (in shares)		5,660
Share-based compensation expense/capitalized	0.5		0.5		0.0
Balance at Jun. 29, 2023	$ (19.3)	$ 1.7	$ (132.3)	$ 111.3	$ 0.0
Balance (in shares) at Jun. 29, 2023	174,059,774	174,059,774

Fair Value Measurements (Fair Values of the Company's Assets and Liabilities) (Details) - USD ($) $ in Millions	Jun. 29, 2023	Dec. 29, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term marketable securities	$ 1.0	$ 0.7
Long-term investments	7.7	0.3
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0.8	0.8
Short-term marketable securities	1.0	0.7
Long-term investments	7.7	0.3
Total assets	9.5	1.8
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0.8	0.8
Short-term marketable securities	0.0	0.0
Long-term investments	0.0	0.0
Total assets	0.8	0.8
Significant Other Observable Inputs (Level 2) \| Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0.0	0.0
Short-term marketable securities	1.0	0.7
Long-term investments	7.7	0.3
Total assets	8.7	1.0
Significant Unobservable Inputs (Level 3) \| Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0.0	0.0
Short-term marketable securities	0.0	0.0
Long-term investments	0.0	0.0
Total assets	$ 0.0	$ 0.0

Related Party Transactions (Summary of Transactions Between the Company and the Founding Members Included in Statements of Income) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 29, 2023	Jun. 30, 2022	Jun. 29, 2023	Jun. 30, 2022
Related Party Transaction [Line Items]
Document Period End Date			Jun. 29, 2023
Theater access fees and revenue share to founding members (including fees to related parties of $2.7, $16.9, $16.5, and $29.8 respectively)	$ 3.7	$ 23.2	$ 23.3	$ 41.1
Selling and marketing costs	1.1	10.4	10.6	20.6
Founding Members
Related Party Transaction [Line Items]
Revenue, Management Fee	7.7	0.0	7.7	0.0
Theater access fees and revenue share to founding members (including fees to related parties of $2.7, $16.9, $16.5, and $29.8 respectively)	2.7	16.9	16.5	29.8
Revenue, Beverage (included in advertising revenue)	$ 0.8	$ 4.6	$ 4.1	$ 7.4

Revenue from Contracts with Customers (Summary of Revenue from Contracts with Customers) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 29, 2023	Jun. 30, 2022	Jun. 29, 2023	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Revenue	$ 14.8	$ 67.1	$ 49.7	$ 103.0
National advertising revenue
Disaggregation of Revenue [Line Items]
Revenue	5.0	50.7	27.5	77.0
Local and regional advertising revenue
Disaggregation of Revenue [Line Items]
Revenue	1.1	10.5	9.1	16.6
Founding member advertising revenue from beverage concessionaire agreements
Disaggregation of Revenue [Line Items]
Revenue	1.0	5.9	5.4	9.4
Management fee reimbursement
Disaggregation of Revenue [Line Items]
Revenue	$ 7.7	$ 0.0	$ 7.7	$ 0.0

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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-URI https://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Investment in Unconsolidated NCM LLC - Condensed Balance Sheet (Details) - USD ($) $ in Millions	Jun. 29, 2023	Dec. 29, 2022
CURRENT ASSETS:
Cash and cash equivalents	$ 15.5	$ 61.7
Restricted Cash	0.0	2.1
Receivables, net of allowance of $0.0 and $1.7, respectively (including receivables from related parties of $0.2 and $0.0. respectively)	0.2	92.0
Prepaid expenses and other current assets	7.1	7.9
Total current assets	23.8	164.4
NON-CURRENT ASSETS:
Accumulated depreciation, property and equipment	0.0	54.8
Property and equipment, net of accumulated depreciation of $0.0 and $54.8, respectively	0.0	13.0
Accumulated amortization, intangible assets	0.0	270.2
Intangible assets, net of accumulated amortization of $0.0 and $270.2, respectively	0.0	586.7
Other investments	0.0	0.9
Debt issuance costs, net	0.0	3.3
Other assets	0.0	23.8
Total non-current assets	19.6	628.0
TOTAL ASSETS	43.4	792.4
CURRENT LIABILITIES:
Amounts due to founding members, net (related party payables of $3.3 and $15.2, respectively)	0.0	18.2
Accrued expenses	0.8	17.8
Accrued payroll and related expenses	1.7	8.3
Accounts payable	2.4	25.0
Deferred revenue	3.8	10.2
Debt issuance costs, current, net	0.0	7.9
Short-term debt, net of debt issuance costs of $0.0 and $7.9, respectively	0.0	1,121.1
Other current liabilities	0.0	2.2
Total current liabilities	9.8	1,203.1
NON-CURRENT LIABILITIES:
Other liabilities	0.0	18.0
Total non-current liabilities	52.9	53.3
LIABILITIES SUBJECT TO COMPROMISE
Total liabilities	62.7	1,256.4
TOTAL LIABILITIES AND EQUITY/(DEFICIT)	43.4	792.4
Founding Members
NON-CURRENT ASSETS:
Intangible assets, net of accumulated amortization of $0.0 and $270.2, respectively	0.0	312.2
NCM, LLC.
CURRENT ASSETS:
Cash and cash equivalents	55.6	59.4
Restricted Cash	2.1	2.1
Allowance for doubtful accounts receivable	1.7	1.7
Receivables, net of allowance of $0.0 and $1.7, respectively (including receivables from related parties of $0.2 and $0.0. respectively)	59.3	82.9
Prepaid administrative fees to managing member	0.6	0.0
Prepaid expenses and other current assets	10.3	7.4
Total current assets	127.9	151.8
NON-CURRENT ASSETS:
Accumulated depreciation, property and equipment	56.7	54.8
Property and equipment, net of accumulated depreciation of $0.0 and $54.8, respectively	11.6	13.0
Accumulated amortization, intangible assets	282.7	270.2
Intangible assets, net of accumulated amortization of $0.0 and $270.2, respectively	573.9	586.7
Other investments	0.9	0.9
Debt issuance costs, net	0.0	3.3
Other assets	21.7	23.8
Total non-current assets	608.1	627.7
TOTAL ASSETS	736.0	779.5
CURRENT LIABILITIES:
Amounts due to founding members, net (related party payables of $3.3 and $15.2, respectively)	4.5	18.2
Amounts due to managing member, net	0.2	18.9
Accrued expenses	0.5	17.3
Accrued payroll and related expenses	7.8	7.7
Accounts payable	21.0	23.3
Deferred revenue	12.4	10.2
Debt issuance costs, current, net	0.0	7.9
Short-term debt, net of debt issuance costs of $0.0 and $7.9, respectively	0.0	1,146.8
Other current liabilities	0.0	2.2
Total current liabilities	46.4	1,244.6
NON-CURRENT LIABILITIES:
Other liabilities	0.0	18.0
Total non-current liabilities	0.0	18.0
LIABILITIES SUBJECT TO COMPROMISE
Total liabilities subject to compromise	1,230.5	0.0
Total liabilities	1,276.9	1,262.6
COMMITMENTS AND CONTINGENCIES (NOTE 9)
MEMBERS’ EQUITY/(DEFICIT)	(540.9)	(483.1)
TOTAL LIABILITIES AND EQUITY/(DEFICIT)	736.0	779.5
Amounts due to founding members (related party payables of $14.5 and $0.0, respectively)	17.6	0.0
Accounts payable	29.1	0.0
Liabilites Subject To Compromise, Debt Issuance Costs, Current, Net	7.2	0.0
Liabilities Subject To Compromise, Short-term Debt	1,145.0	0.0
Short-term debt, net of debt issuance costs of $7.2 and $0.0, respectively	19.7	0.0
Other long-term liabilities	16.8	0.0
Total liabilities subject to compromise	1,230.5	0.0
Liabilities Subject To Compromise, Other Current Liabilities	2.3	0.0
NCM, LLC. \| Founding Members
CURRENT LIABILITIES:
Due to Related Parties	3.3	15.2
LIABILITIES SUBJECT TO COMPROMISE
Amounts due to founding members (related party payables of $14.5 and $0.0, respectively)	$ 14.5	$ 0.0

Commitments and Contingencies

3 Months Ended

Jun. 29, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

COMMITMENTS AND CONTINGENCIES

Legal Actions—As discussed more fully in Note 1—The Company, on April 11, 2023, NCM LLC filed a voluntary petition for reorganization with a prearranged Chapter 11 plan under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court. The Chapter 11 Case is being administered under the caption In re: National CineMedia, LLC, Case No. 23-90291.

NCM, Inc. continues to act as the manager of NCM LLC, the “debtor in possession” under the jurisdiction of the Bankruptcy Court, and in accordance with the applicable provisions of the Bankruptcy Code and orders of the Bankruptcy Court. In general, as debtor in possession under the Bankruptcy Code, NCM LLC is authorized to continue to operate as an ongoing business but may not engage in transactions outside the ordinary course of business without the prior approval of the Bankruptcy Court. Pursuant to “first day” motions filed with the Bankruptcy Court, the Bankruptcy Court authorized NCM

LLC to conduct NCM LLC’s business activities in the ordinary course, including, among other things and subject to the terms and conditions of such orders, authorizing NCM LLC to consensually use cash collateral, pay employee wages and benefits, and pay vendors and suppliers in the ordinary course for all go forward goods and services. NCM LLC will continue to pursue approval of a proposed plan of reorganization, which will incorporate the terms of the Restructuring Support Agreement.

NCM LLC’s normal operating cash flows are providing liquidity for NCM, Inc. to operate as usual and fulfill ongoing commitments to stakeholders. NCM LLC currently expects to emerge from bankruptcy within one month of this filing; however, NCM LLC’s status in Chapter 11 creates uncertainty around the future satisfaction of its liabilities, including the payments due to NCM, Inc. under the Operating Agreement and management services agreement. If NCM LLC fails to emerge from Chapter 11 in the required timeline and the Plan is not implemented, NCM, Inc. will have sufficient liquidity through the use of NCM, Inc.’s existing cash balance.

The Company is subject to claims and legal actions in the ordinary course of business. The Company believes such claims will not have a material effect, individually and in aggregate on its financial position, results of operations or cash flows.

Operating Commitments - Facilities—NCM LLC has entered into operating lease agreements for its corporate headquarters and other regional offices. NCM LLC has options on certain of these facilities to extend the lease or to terminate part or all of the leased space prior to the lease end date. Certain termination fees would be due upon exercise of the early termination options as outlined within the underlying agreements. None of these options were considered reasonably certain of exercise and thus have not been recognized as part of the ROU assets and lease liabilities. NCM LLC has right-of-use (“ROU”) assets of $16.9 million and short-term and long-term lease liabilities of $2.2 million and $18.0 million, respectively, on the balance sheet as of December 29, 2022 for all material leases with terms longer than twelve months. These balances are included within “Other assets”, “Other current liabilities” and “Other liabilities”, respectively, on the unaudited Condensed Consolidated Balance Sheets as of December 29, 2022. Following the deconsolidation of NCM LLC on the petition date, there are no ROU assets or liabilities on NCM, Inc.’s Condensed Consolidated Balance Sheet as of June 29, 2023.

NCM LLC has also entered into certain short-term leases with a term of less than one year. These leases are not included within NCM, Inc.’s ROU assets or lease liabilities as of December 29, 2022 due to the Company’s election of the practical expedient in ASC 842-20-25-2 for short-term leases.

During the three and six months ended June 29, 2023 and June 30, 2022, NCM, Inc. recognized the following components of total lease cost (in millions). These costs are presented within “Selling and marketing costs” and “Administrative and other costs” within the unaudited Condensed Consolidated Statements of Operations depending upon the nature of the use of the facility.


	Three Months Ended				Six Months Ended
	June 29, 2023		June 30, 2022		June 29, 2023		June 30, 2022
Operating lease cost	$	0.1	$	0.9	$	1.0	$	1.7

Variable lease cost	—		0.1		0.1		0.3
Total lease cost	$	0.1	$	1.0	$	1.1	$	2.0

NCM, Inc. made total lease payments of $0.0 million, $1.0 million, $1.0 million and $1.9 million, during the three months ended June 29, 2023 and June 30, 2022 and six months ended June 29, 2023 and June 30, 2022, respectively. These payments are included within cash flows from operating activities within the unaudited Condensed Consolidated Statement of Cash Flows.

Operating Commitments - ESAs and Affiliate Agreements—NCM LLC has entered into long-term ESAs with the founding members and multi-year agreements with certain network affiliates, or third-party theater circuits. As further described in Note 11-Subsequent Events, Regal will no longer be a founding member following July 14, 2023, the effective date of the Regal Advertising Agreement and the Regal Termination Agreement. The ESAs and network affiliate agreements grant NCM LLC exclusive rights in their theaters to sell advertising, subject to limited exceptions. NCM LLC recognizes intangible assets upon issuance of membership units to the founding members in accordance with NCM LLC’s Common Unit Adjustment Agreement and upfront cash payments to the affiliates for the contractual rights to provide NCM LLC’s services within their theaters as further discussed within Note 5—Intangible Assets. These ESAs and network affiliate agreements are considered leases under ASC 842 once the asset is identified and the period of control is determined upon the scheduling of the showtimes by the exhibitors, typically one week prior to the showtime. As such, the leases are considered short-term in nature, specifically less than one month. Within ASC 842, leases with terms of less than one month are exempt from the majority of the accounting and disclosure requirements, including disclosure of short-term lease expense. No ROU assets or lease liabilities were recognized for these agreements and no change to the balance sheet presentation of the intangible assets was necessary.

In consideration for NCM LLC’s access to the founding members’ theater attendees for on-screen advertising and use of lobbies and other space within the founding members’ theaters for the LEN and lobby promotions, the founding members receive a monthly theater access fee under the ESAs. The theater access fee is composed of a fixed payment per patron, a fixed payment per digital screen (connected to the DCN) and a fee for access to higher quality digital cinema equipment. The payment per theater patron increased by 4% on November 1, 2022 and will increase by 8% every five years with the next occurrence in 2027. The payment per digital screen and for digital cinema equipment increases annually by 5%. The theater access fee paid in the aggregate to all founding members cannot be less than 12% of NCM LLC’s aggregate advertising revenue (as defined in the ESA), or it will be adjusted upward to reach this minimum payment. As of December 29, 2022, NCM, Inc. had no liabilities recorded for the minimum payment, as the theater access fee was in excess of the minimum. Following the deconsolidation of NCM LLC on the petition date, there are no minimum payment accruals on NCM, Inc.’s Condensed Consolidated Balance Sheet as of June 29, 2023. The network affiliates compensation is considered variable lease expense and varies by circuit depending upon the agreed upon terms of the network affiliate agreement. The majority of agreements are centered around a revenue share where an agreed upon percentage of the advertising revenue received from a theater’s attendance is paid to the circuit. As part of the network affiliate agreements entered into in the ordinary course of business under which NCM LLC sells advertising for display in various network affiliate theater chains, NCM LLC has agreed to certain minimum revenue guarantees on a per attendee basis. If a network affiliate achieves the attendance set forth in their respective agreement, NCM LLC has guaranteed minimum revenue for the network affiliate per attendee if such amount paid under the revenue share arrangement is less than its guaranteed amount. As of December 29, 2022, the maximum potential amount of future payments NCM LLC could be required to make pursuant to the minimum revenue guarantees is $141.7 million over the remaining terms of the network affiliate agreements. These minimum guarantees relate to various affiliate agreements ranging in term from one to fourteen years, prior to any renewal periods of which some are at the option of NCM LLC. As of December 29, 2022, NCM, Inc. had $0.4 million

Subsequent Event (Narrative) (Details)	1 Months Ended
Subsequent Event (Narrative) (Details)	Jun. 29, 2023
Subsequent Event
Subsequent Events [Line Items]
Regal Advertising Agreement, term	10 years

Loss Per Share (Tables)

3 Months Ended

Jun. 29, 2023

Earnings Per Share [Abstract]

Schedule of Loss Per Share, Basic and Diluted

The components of basic and diluted income (loss) per NCM, Inc. share are as follows:


	Three Months Ended				Six Months Ended
	June 29, 2023		June 30, 2022		June 29, 2023		June 30, 2022
Net income (loss) attributable to NCM, Inc. (in millions)	$	545.3	$	(0.7)	$	499.8	$	(25.9)

Weighted average shares outstanding:
Basic	174,058,637		81,467,651		159,783,309		81,254,152
Add: Dilutive effect of stock options, restricted stock and exchangeable membership units	—		—		13,708,081		—
Diluted	174,058,637		81,467,651		173,491,390		81,254,152
Income (loss) per NCM, Inc. share:
Basic	$	3.13	$	(0.01)	$	3.13	$	(0.32)
Diluted	$	3.13	$	(0.01)	$	2.83	$	(0.32)

Loss Per Share

3 Months Ended

Jun. 29, 2023

Earnings Per Share [Abstract]

Loss Per Share

PER SHARE

Basic income (loss) per share is computed on the basis of the weighted average number of common shares outstanding. Diluted income (loss) per share is computed on the basis of the weighted average number of common shares outstanding plus the effect of the weighted average number of potentially dilutive common stock options, restricted stock and restricted stock units using the treasury stock method, as well as exchangeable membership units. The components of basic and diluted income (loss) per NCM, Inc. share are as follows:


	Three Months Ended				Six Months Ended
	June 29, 2023		June 30, 2022		June 29, 2023		June 30, 2022
Net income (loss) attributable to NCM, Inc. (in millions)	$	545.3	$	(0.7)	$	499.8	$	(25.9)

Weighted average shares outstanding:
Basic	174,058,637		81,467,651		159,783,309		81,254,152
Add: Dilutive effect of stock options, restricted stock and exchangeable membership units	—		—		13,708,081		—
Diluted	174,058,637		81,467,651		173,491,390		81,254,152
Income (loss) per NCM, Inc. share:
Basic	$	3.13	$	(0.01)	$	3.13	$	(0.32)
Diluted	$	3.13	$	(0.01)	$	2.83	$	(0.32)

The effect of 90,374,744 and 88,281,544 weighted average exchangeable NCM LLC common units held by the founding members for the three and six months ended June 30, 2022, respectively, have been excluded from the calculation of diluted weighted average shares and income (loss) per NCM, Inc. share as they were anti-dilutive. NCM LLC common units do not participate in dividends paid on NCM, Inc.’s common stock. In addition, there were 4,915,168, 6,442,164, 4,915,168 and 6,442,164 stock options and non-vested (restricted) shares for the three months ended June 29, 2023 and June 30, 2022 and six months ended June 29, 2023 and June 30, 2022, respectively, excluded from the calculation as they were anti-dilutive. The Company’s non-vested (restricted) shares do not meet the definition of a participating security as the dividends will not be paid if the shares do not vest.

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Income Taxes (Narrative) (Details) - USD ($) $ in Millions	Jun. 29, 2023	Jun. 30, 2022	Jun. 29, 2023	Jun. 30, 2022
Income Tax Contingency [Line Items]
Effective tax rate			0.00%
Income tax benefit	$ 0.0	$ 0.0	$ 0.0	$ 0.0
Document Period End Date			Jun. 29, 2023
Deferred income tax expense, net of valuation allowance	$ 0.0		$ 0.0
State and Federal
Income Tax Contingency [Line Items]
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent				20.80%

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Related Party Transactions (Schedule of Amounts Due to Founding Members, Net) (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 29, 2023	Dec. 29, 2022
Related Party Transaction [Line Items]
Theater access fees and revenue share, net of beverage revenues and other encumbered theater payments		$ 15.2
Total amounts due to founding members, net		15.2
RelatedPartyTRAPayment,Regal	$ 0.0
RelatedPartyTRAPayment,Cinemark	$ 0.0
Cinemark
Related Party Transaction [Line Items]
Theater access fees and revenue share, net of beverage revenues and other encumbered theater payments		11.1
Total amounts due to founding members, net		11.1
Regal
Related Party Transaction [Line Items]
Theater access fees and revenue share, net of beverage revenues and other encumbered theater payments		4.1
Total amounts due to founding members, net		$ 4.1

- Definition

Receivables to be collected from (obligations owed to) related parties, net as of the balance sheet date where one party can exercise control or significant influence over another party; including affiliates, owners or officers and their immediate families, pension trusts, and so forth.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(C))
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Revenue from Contracts with Customers

3 Months Ended

Jun. 29, 2023

Revenue from Contract with Customer [Abstract]

Revenue from Contracts with Customers

REVENUE FROM CONTRACTS WITH CUSTOMERS AND ACCOUNTS RECEIVABLE

Revenue Recognition

NCM, Inc. derives revenue principally from its role as sole manager of NCM LLC. NCM LLC derives revenue principally from the sale of advertising to national, regional and local businesses in the Noovie® show, NCM LLC’s cinema advertising and entertainment show. NCM LLC also sells advertising through the LEN, a series of strategically placed screens located in movie theater lobbies, as well as other forms of advertising and promotions in theater lobbies. In addition, NCM LLC sells online and mobile advertising, including through Noovie Audience Accelerator, through NCM LLC's digital gaming products including Noovie Trivia, Name That Movie and Noovie Shuffle, which can be played on the mobile apps and through partnerships with certain internet platforms. Further NCM LLC sells advertising in a variety of complementary out of home venues, including restaurants, convenience stores and college campuses. NCM LLC also has a long-term agreement to exhibit the advertising of the founding members’ beverage suppliers.

NCM LLC makes contractual guarantees to deliver a specified number of impressions to view the customers’ advertising. If the contracted number of impressions are not delivered, the Company will run additional advertising to deliver the contracted impressions at a later date. The deferred portion of the revenue associated with undelivered impressions is referred to as a make-good provision. The Company defers the revenue associated with the make-good until the advertising airs to the audience specified in the advertising contract or the make-good period expires.

NCM LLC does not have any contracts with terms in excess of one year that are noncancellable as of June 29, 2023. Agreements with a duration less than one year are not included within this disclosure as NCM LLC elected to use the practical expedient in ASC 606-10-50-14 for those contracts. In addition, NCM LLC’s contracts longer than one year that are cancellable are not included within this disclosure.

Disaggregation of Revenue

NCM, Inc. disaggregates revenue based upon the type of customer: national; local and regional; beverage concessionaire; and management fee reimbursement revenue related to NCM LLC. This method of disaggregation is in alignment with how revenue is reviewed by management and discussed with and historically disclosed to investors.

The following table summarizes revenue from contracts with customers for the three and six months ended June 29, 2023 and June 30, 2022 (in millions):


	Three Months Ended				Six Months Ended
	June 29, 2023		June 30, 2022		June 29, 2023		June 30, 2022
National advertising revenue	$	5.0	$	50.7	$	27.5	$	77.0
Local and regional advertising revenue	1.1		10.5		9.1		16.6
Founding member advertising revenue from beverage concessionaire agreements	1.0		5.9		5.4		9.4
Management fee reimbursement	7.7		—		7.7		—
Total revenue	$	14.8	$	67.1	$	49.7	$	103.0

Deferred Revenue and Unbilled Accounts Receivable

Revenue recognized in the six months ended June 29, 2023 that was included within the deferred revenue balance as of December 29, 2022 was $5.0 million. As of June 29, 2023 and December 29, 2022, the Company had $3.8 million and $10.2 million of deferred revenue on NCM, Inc.’s Condensed Consolidated Balance Sheet, respectively. As of June 29, 2023 and December 29, 2022, the Company had $0.0 million and $5.0 million, respectively, in unbilled accounts receivable, following the deconsolidation of NCM LLC on the petition date.

Allowance for Doubtful Accounts

The allowance for doubtful accounts balance is determined separately for each pool of NCM LLC's receivables with similar risk characteristics. NCM LLC has determined that two pools, national customers and local/regional customers, is appropriate. Following the deconsolidation of NCM LLC on the petition date, there is no allowance for doubtful accounts on NCM, Inc.’s Condensed Consolidated Balance Sheet as of June 29, 2023. The changes within the allowance for doubtful accounts balances for the six months ended June 29, 2023 and June 30, 2022, respectively, were as follows (in millions):

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

+ Details

Fair Value Measurements (Schedule of Other Investments) (Details) - USD ($) $ in Millions	Jun. 29, 2023	Dec. 29, 2022
Fair Value, Separate Account Investment [Line Items]
Other investments	$ 0.0	$ 0.1
AC JV, LLC
Fair Value, Separate Account Investment [Line Items]
Investment in unconsolidated affiliate	0.0	0.8
Equity Method Investments, Total	$ 0.0	$ 0.8

The Company (Changes In Equity) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 29, 2023	Jun. 30, 2022	Jun. 29, 2023	Jun. 30, 2022
General Company Information [Line Items]
Net income (loss) attributable to NCM, Inc.	$ 545.3	$ (0.7)	$ 499.8	$ (25.9)
NCM LLC equity issued for purchase of intangible asset	0.0	0.0	0.0	4.9
Income tax and other impacts of subsidiary ownership changes	0.0	0.0	(15.4)	(1.7)
NCM LLC common membership unit redemption			10.3
Issuance of shares to founding members			10.3
Change from net income (loss) attributable to NCM, Inc. and transfers from noncontrolling interests	545.3	(0.7)	484.0	(22.7)
Additional Paid in Capital (Deficit)
General Company Information [Line Items]
NCM LLC common membership unit redemption			10.3
Issuance of shares to founding members	0.0	0.0	9.9	0.0
Additional Paid in Capital (Deficit) \| NCM, LLC.
General Company Information [Line Items]
NCM LLC common membership unit redemption	$ 0.0	$ 0.0	$ (10.3)	$ 0.0

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY/(DEFICIT) (PARENTHETICAL) (UNAUDITED) - $ / shares	3 Months Ended	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2022
Statement of Stockholders' Equity [Abstract]
Dividends per share (in usd per share)	$ 0.05	$ 0.05

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	6 Months Ended
	Jun. 29, 2023	Jun. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ 491,300,000	$ (54,600,000)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation expense	1,500,000	3,500,000
Amortization of intangibles recorded for network theater screen leases	7,100,000	12,400,000
Non-cash share-based compensation	2,000,000.0	3,000,000.0
Impairment of long-lived assets	0	5,800,000
Amortization of debt issuance costs	3,100,000	4,500,000
Gain on deconsolidation of affiliate	(557,700,000)	0
Gain on sale of asset	(300,000)	0
Non-cash loss on re-measurement of the payable to founding members under the tax receivable agreement	3,400,000	6,300,000
Other	(200,000)	(200,000)
Founding member integration and other encumbered theater payments	3,900,000	1,500,000
Other cash flows from operating activities	100,000	300,000
Changes in operating assets and liabilities:
Receivables, net	57,800,000	(10,600,000)
Accounts payable and accrued expenses	6,800,000	600,000
Amounts due to/from founding members and managing member, net	(1,000,000.0)	400,000
Amounts due to/from unconsolidated affiliate, net	(1,100,000)	0
Prepaid expenses	(15,700,000)	(800,000)
Deferred revenue	(300,000)	(6,500,000)
Other, net	3,600,000	500,000
Net cash provided by (used in) operating activities	4,500,000	(40,400,000)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment	(1,100,000)	(1,500,000)
Proceeds from sale of asset	300,000
Net cash used in investing activities	(800,000)	(1,500,000)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payment of dividends	(400,000)	(7,000,000.0)
Removal of cash, cash equivalents and restricted cash of unconsolidated affiliate	(49,600,000)	0
Issuance of revolving credit facility	0	50,000,000.0
Repayment of term loan facility	(800,000)	(2,400,000)
Payment of debt issuance costs	(1,200,000)	(6,800,000)
Repurchase of stock for restricted stock tax withholding	0	(200,000)
Net cash (used in) provided by financing activities	(52,000,000.0)	13,800,000
CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH:	(48,300,000)	(28,100,000)
Cash, cash equivalents and restricted cash at beginning of period	63,800,000	101,200,000
Cash, cash equivalents and restricted cash at end of period	15,500,000	73,100,000
Supplemental disclosure of non-cash financing and investing activity:
Purchase of an intangible asset with NCM LLC equity	0	10,400,000
Other Significant Noncash Transaction, Value of Consideration Given	10,300,000	0
Dividends declared not requiring cash in the period	0	500,000
Supplemental disclosure of cash flow information:
Cash paid for interest	12,200,000	35,000,000.0
Cash refunds for income taxes	100,000	100,000
NCM, LLC.
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation expense	2,500,000	3,500,000
Amortization of intangibles recorded for network theater screen leases	12,500,000	12,400,000
Non-cash share-based compensation	1,500,000	1,900,000
Impairment of long-lived assets	0	5,800,000
Amortization of debt issuance costs	3,100,000	4,500,000
Gain on sale of asset	300,000	0
Other	0	(200,000)
Founding member integration and other encumbered theater payments	4,100,000	1,500,000
Other cash flows from operating activities	0	(200,000)
Changes in operating assets and liabilities:
Receivables, net	23,400,000	(10,600,000)
Accounts payable and accrued expenses	30,000,000.0	1,300,000
Amounts due to/from founding members and managing member, net	4,700,000	2,500,000
Deferred revenue	2,200,000	(6,500,000)
Other, net	(5,700,000)	(1,000,000.0)
Net cash provided by (used in) operating activities	(300,000)	(39,700,000)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment	(1,800,000)	(1,500,000)
Proceeds from sale of asset	300,000	0
Net cash used in investing activities	(1,500,000)	(1,500,000)
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of revolving credit facility	0	50,000,000.0
Repayment of term loan facility	(800,000)	(2,400,000)
Payment of debt issuance costs	(1,200,000)	(6,800,000)
Repurchase of stock for restricted stock tax withholding	0	(500,000)
Net cash (used in) provided by financing activities	(2,000,000.0)	40,300,000
CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH:	(3,800,000)	(900,000)
Cash, cash equivalents and restricted cash at beginning of period	61,500,000	58,600,000
Cash, cash equivalents and restricted cash at end of period	57,700,000	57,700,000
Supplemental disclosure of non-cash financing and investing activity:
Purchase of an intangible asset with NCM LLC equity	0	10,400,000
Debt
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Loss (gain) on modification and retirement of debt, net	(400,000)	5,900,000
Debt \| NCM, LLC.
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Loss (gain) on modification and retirement of debt, net	300,000	100,000
Senior unsecured notes due 2026
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayments of Long-Term Debt	$ 0	$ (19,800,000)

Commitments and Contingencies (Operating Lease Cost) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 29, 2023	Jun. 30, 2022	Jun. 29, 2023	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Operating Lease, Cost	$ 0.1	$ 0.9	$ 1.0	$ 1.7
Variable Lease, Cost	0.0	0.1	0.1	0.3
Lease, Cost	$ 0.1	$ 1.0	$ 1.1	$ 2.0

Subsequent Event	3 Months Ended
Subsequent Event	Jun. 29, 2023
Subsequent Events [Abstract]
Subsequent Event	SUBSEQUENT EVENT Regal Agreements—On June 3, 2023, NCM LLC, entered into a Network Affiliate Transaction Agreement (the “Regal Advertising Agreement”) with Regal. The Regal Advertising Agreement became effective on July 14, 2023. The Regal Advertising Agreement provides that NCM LLC will acquire the exclusive right to provide on-screen advertisements at Regal’s theaters for a term of ten years in exchange for payments based on the attendance at Regal’s theaters and the revenue generated by NCM LLC through advertising displayed in Regal’s theaters. Pursuant to the Regal Advertising Agreement, NCM LLC will have the right to display advertising in Regal’s theaters with a program of inventory that provides for (i) up to five minutes in length for exhibition on-screen immediately prior to showtime of a feature film or digital programming event, (ii) up to ten minutes immediately after the showtime of a feature film, extending the time available to NCM LLC by five minutes, and (iii) the Platinum Spot that may be exhibited on-screen prior to the last two trailers, which may be either thirty or sixty seconds in length, and subject to Regal’s approval, NCM LLC may display two thirty-second spots in the Platinum Spot and a Gold Spot, a thirty second spot displayed immediately prior to the fourth trailer preceding a feature film or digital programming event. Pursuant to a separate termination agreement (the “Regal Termination Agreement”), effective on July 14, 2023, Regal rejected the ESA and it was terminated. Additionally Regal and Regal’s affiliates’ waive all rights and interests as to the Tax Receivable Agreement, the Common Unit Adjustment Agreement, the Software License Agreement, the Director Designation Agreement, the Registration Rights Agreement and all the other joint venture agreements described in NCM LLC’s Third Amended and Restated Limited Liability Company Operating Agreement and the Company and NCM LLC, and Regal and Regal’s affiliates waived and released claims against the other party. Regal has also agreed to support NCM LLC’s Plan and surrender all shares in the Company upon the effective date of the Plan. In connection with the Regal Advertising Agreement, NCM LLC and Regal also agreed to dismiss with prejudice the ongoing litigation between the parties related to NCM LLC’s request to enforce certain provisions of the ESA, including the exclusivity provision. The Regal Termination Agreement will result in the material disposal of the intangible asset related to the common unit adjustments and ESA extension costs for Regal included on NCM LLC’s Condensed Balance Sheet included within Note 4—Investment in Unconsolidated NCM LLC. Subsequent to June 29, 2023, Regal will no longer be a founding member or a related party to NCM, Inc. or NCM LLC.

Fair Value Measurements (Estimated Fair Values of Company's Financial Instruments) (Details) - USD ($) $ in Millions	Jun. 29, 2023	Dec. 29, 2022
Term loans - first tranche \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Instrument		$ 65.8
Term loans - first tranche \| Fair Value \| NCM, LLC.
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Instrument	$ 0.0
Term loans - first tranche \| Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Instrument		258.5
Term loans - first tranche \| Carrying Value \| NCM, LLC.
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Instrument	0.0
Senior unsecured notes due 2026 \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Instrument		6.9
Senior unsecured notes due 2026 \| Fair Value \| NCM, LLC.
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Instrument	0.0
Senior unsecured notes due 2026 \| Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Instrument		230.0
Senior unsecured notes due 2026 \| Carrying Value \| NCM, LLC.
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Instrument	0.0
Term Loan -Second Tranche \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Instrument		13.1
Term Loan -Second Tranche \| Fair Value \| NCM, LLC.
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Instrument	0.0
Term Loan -Second Tranche \| Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Instrument		49.3
Term Loan -Second Tranche \| Carrying Value \| NCM, LLC.
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Instrument	0.0
Senior secured notes due 2028 \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Instrument		91.7
Senior secured notes due 2028 \| Fair Value \| NCM, LLC.
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Instrument	0.0
Senior secured notes due 2028 \| Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Instrument		374.2
Senior secured notes due 2028 \| Carrying Value \| NCM, LLC.
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Instrument	0.0
2018 Revolving Credit Facilities Carrying Value \| Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Instrument		167.0
2018 Revolving Credit Facilities Carrying Value \| Carrying Value \| NCM, LLC.
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Instrument	0.0
2018 Revolving Credit Facility Fair Value \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Instrument		44.6
2018 Revolving Credit Facility Fair Value \| Fair Value \| NCM, LLC.
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Instrument	0.0
2022 Revolving Credit Facility Carrying Value \| Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Instrument		50.0
2022 Revolving Credit Facility Carrying Value \| Carrying Value \| NCM, LLC.
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Instrument	0.0
2022 Revolving Credit Facility Fair Value \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Instrument		$ 13.4
2022 Revolving Credit Facility Fair Value \| Fair Value \| NCM, LLC.
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Instrument	$ 0.0

Intangible Assets (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 29, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 29, 2023	Jun. 30, 2022
NCM, LLC.
Finite-Lived Intangible Assets [Line Items]
Common membership units issued, net of returned			4,140,896
Increase (decrease) in intangible assets, net			$ 10.4
Common membership units issued			6,483,893
NCM, LLC. \| AMC and Cinemark
Finite-Lived Intangible Assets [Line Items]
Increase (decrease) in intangible assets, net		$ 1.1			$ 1.3
Integration and other encumbered payments, related parties - financing activities	$ 0.0	$ 0.3		$ 3.9	$ 1.5
Regal
Finite-Lived Intangible Assets [Line Items]
Common membership units issued, net of returned			2,342,997
Minimum \| NCM, LLC.
Finite-Lived Intangible Assets [Line Items]
Percentage increase (decrease) in theater attendance for Common Unit adjustment to occur	(2.00%)
Maximum \| NCM, LLC.
Finite-Lived Intangible Assets [Line Items]
Percentage increase (decrease) in theater attendance for Common Unit adjustment to occur	2.00%

Investment in Unconsolidated NCM LLC (Tables)

3 Months Ended

6 Months Ended

Jun. 29, 2023

Equity Method Investments and Joint Ventures [Abstract]

Condensed Income Statement

NATIONAL CINEMEDIA, LLC - DEBTOR-IN-POSSESSION

CONDENSED STATEMENTS OF OPERATIONS

(In millions)

(UNAUDITED)


	Three Months Ended				Six Months Ended
	June 29, 2023		June 30, 2022		June 29, 2023		June 30, 2022
REVENUE (including revenue from related parties of $5.0, $4.6, $8.3 and $7.4, respectively)	$	64.4	$	67.1	$	99.3	$	103.0
OPERATING EXPENSES:
Advertising operating costs	7.4		8.3		13.1		13.0
Network costs	2.2		2.1		4.6		4.1
Theater access fees and revenue share to founding members (including fees to related parties of $17.0, $16.9, $30.9 and $29.8, respectively)	23.9		23.2		43.5		41.1
Selling and marketing costs	10.1		10.4		19.6		20.6


Administrative and other costs	9.1		7.0		25.0		14.2
Administrative fee—managing member	6.4		2.7		11.3		5.2
Impairment of long-lived assets	—		—		—		5.8
Depreciation expense	1.3		1.5		2.5		3.5
Amortization of intangibles recorded for network theater screen leases	6.2		6.3		12.5		12.4
Total	66.6		61.5		132.1		119.9
OPERATING (LOSS) INCOME	(2.2)		5.6		(32.8)		(16.9)
NON-OPERATING EXPENSE (INCOME):
Interest on borrowings, net (contractual interest of $22.0, $20.6, $46.4, and $37.8, respectively)	3.0		20.6		27.4		37.8
Loss (gain) on modification and retirement of debt, net	(0.1)		0.1		0.3		0.1
Gain on sale of asset	—		—		(0.3)		—
Reorganization items (1)	18.6		—		18.6		—
Other non-operating income	(0.1)		(0.1)		(0.2)		(0.2)
Total	21.4		20.6		45.8		37.7
LOSS BEFORE INCOME TAXES	(23.6)		(15.0)		(78.6)		(54.6)
Income tax expense	—		—		—		—
NET LOSS	$	(23.6)	$	(15.0)	$	(78.6)	$	(54.6)
COMPREHENSIVE LOSS	$	(23.6)	$	(15.0)	$	(78.6)	$	(54.6)

_______________________________________

(1)Reorganization items was determined by evaluating what legal and professional fees had occurred subsequent to April 11, 2023. Reorganizations items was comprised of the following (in millions):


	Three Months Ended				Six Months Ended
	June 29, 2023		June 30, 2022		June 29, 2023		June 30, 2022

Professional fees	$	18.3	$	—	$	18.3	$	—
Administrative fee - managing member	0.3		—		0.3		—
Total reorganizations items	$	18.6	$	—	$	18.6	$	—

Condensed Cash Flow Statement

CONDENSED STATEMENTS OF CASH FLOWS

(In millions)

(UNAUDITED)


	Six Months Ended
	June 29, 2023		June 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$	(78.6)	$	(54.6)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation expense	2.5		3.5
Amortization of intangibles recorded for network theater screen leases	12.5		12.4
Non-cash share-based compensation	1.5		1.9
Impairment of long-lived assets	—		5.8
Amortization of debt issuance costs	3.1		4.5
Gain on sale of asset	(0.3)		—
Loss on modification and retirement of debt, net	0.3		—
Other	—		(0.2)
Founding member integration and other encumbered theater payments	4.1		1.5
Other cash flows from operating activities	—		(0.2)
Changes in operating assets and liabilities:
Receivables, net	23.4		(10.6)


Accounts payable and accrued expenses	30.0		1.3
Amounts due to/from founding members and managing member, net	4.7		2.5
Deferred revenue	2.2		(6.5)
Other, net	(5.7)		(1.0)
Net cash used in operating activities (1)	(0.3)		(39.7)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment	(1.8)		(1.5)
Proceeds from sale of asset	0.3		—
Net cash used in investing activities	(1.5)		(1.5)
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of revolving credit facility	—		50.0
Repayment of term loan facility	(0.8)		(2.4)
Payment of debt issuance costs	(1.2)		(6.8)
Repurchase of stock for restricted stock tax withholding	—		(0.5)
Net cash (used in) provided by financing activities	(2.0)		40.3
CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH:	(3.8)		(0.9)
Cash, cash equivalents and restricted cash at beginning of period	61.5		58.6
Cash, cash equivalents and restricted cash at end of period	$	57.7	$	57.7

NATIONAL CINEMEDIA, LLC

CONDENSED STATEMENTS OF CASH FLOWS (CONTINUED)

DEBTOR IN POSSESSION

(In millions)

(UNAUDITED)


	Six Months Ended
	June 29, 2023		June 30, 2022
Supplemental disclosure of non-cash financing and investing activity:
Purchase of an intangible asset with NCM LLC equity	$	—	$	10.4
Accrued purchases of property and equipment	$	0.1	$	—
Supplemental disclosure of cash flow information:
Cash paid for interest	$	12.2	$	35.0

_______________________________________

(1)Cash flows within Operating Activities relating to the reorganization are comprised of the following (in millions):


	Six Months Ended
	June 29, 2023		June 30, 2022
Supplemental disclosure of reorganization related operating activity:
Cash paid for professional fees	$	7.1	$	—
Cash paid for incremental Administrative fee - managing member	$	0.3	$	—

Schedule of Other Assets

Other investments consisted of the following (in millions):


	As of
	June 29, 2023		December 29, 2022
Investment in AC JV, LLC (1)(2)	$	—	$	0.8

Total	$	—	$	0.8

_______________________________________

(1)This investment is accounted for utilizing the equity method. The investment was initially valued using comparative market multiples.

(2)Following the deconsolidation of NCM LLC on the petition date, these investments are not on NCM, Inc.’s Condensed Consolidated Balance Sheet as of June 29, 2023.

Intangible Assets	3 Months Ended
Intangible Assets	Jun. 29, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	INTANGIBLE ASSETSNCM LLC’s intangible assets consist of contractual rights to provide its services within the theaters of the founding members and network affiliates. NCM LLC records amortization using the straight-line method over the contractual life of the intangibles, corresponding to the term of the ESAs or the term of the contract with the network affiliate. NCM LLC’s intangible assets with the founding members are recorded at the fair market value of NCM, Inc.’s publicly traded stock as of the date on which the common membership units were issued. The NCM LLC common membership units are fully convertible into NCM, Inc.’s common stock. NCM LLC also records intangible assets for upfront fees paid to network affiliates upon commencement of a network affiliate agreement. Pursuant to ASC 350-10—Intangibles—Goodwill and Other, NCM LLC’s intangible assets have a finite useful life and NCM LLC amortizes the assets over the remaining useful life corresponding with the ESAs or the term of the contract with the network affiliate. NCM LLC extended the useful life of the intangible asset for Cinemark and Regal in 2019 following the extension of the ESA term in conjunction with the 2019 ESA Amendments. There was no impact to the Payable to founding members under tax receivable agreement as the useful life of the intangible assets were not deemed to be extended for tax purposes and there were no changes made to the tax receivable agreements. During the third quarter of 2022, Cineworld Group plc, the parent company of Regal, and certain of its subsidiaries, including Regal, Regal Cinemas, Inc., a party to the ESA, and Regal CineMedia Holdings, LLC, a party to other agreements with NCM LLC and NCM, Inc., filed petitions of reorganization under Chapter 11 of the United States Bankruptcy Code in the Southern District of Texas (the “Cineworld Proceeding”). On October 21, 2022, Regal filed a motion to reject the ESA without specifying an effective date for the rejection and indicated that Regal planned on negotiating with NCM LLC regarding the ESA. NCM LLC has also filed a complaint against Regal seeking declaratory relief and an injunction prohibiting Regal from breaching certain exclusivity, non-compete, non-negotiate and confidentiality provisions in the ESA by entering into a new agreement with a third-party or bringing any of the services performed by NCM LLC in-house. On February 1, 2023, Cineworld filed a motion for summary judgment on NCM LLC’s adversary proceeding with a hearing scheduled during the second quarter of 2023. The Company determined that this announced restructuring and subsequent developments constituted a triggering event for NCM LLC’s intangible asset group, including the amount related to Regal, under ASC No. 360, Impairment and Disposal of Long-Lived Assets during the third and fourth quarter of 2022. Management considered possible scenarios in a probability-weighted estimated future undiscounted cash flow analysis, including the potential of further permanent closure of the theaters within NCM LLC's network, renegotiation of the ESA terms and other potential adverse impacts to NCM LLC’s intangible asset group resulting from the Cineworld Proceeding. The estimated future cash flows calculated within the probability-weighted analysis were in excess of the net book value of NCM LLC’s intangible assets and no impairment charge was recorded in the year ended December 29, 2022. Such analysis required management to make estimates and assumptions based on historical data and consideration of future market conditions. NCM LLC has been in continued negotiations with Regal during 2023. Refer to Note 11—Subsequent Events for discussion of the resolution of NCM LLC’s negotiations with Regal and the dismissal of the adversary proceeding in the third quarter of 2023. Common Unit Adjustments—In accordance with NCM LLC’s Common Unit Adjustment Agreement with its founding members, on an annual basis NCM LLC determines the amount of common membership units to be issued to or returned by the founding members based on theater additions, new builds or dispositions during the previous year. In the event a founding member does not have sufficient common membership units to return, the adjustment is satisfied in cash in an amount calculated pursuant to NCM LLC’s Common Unit Adjustment Agreement. In addition, NCM LLC’s Common Unit Adjustment Agreement requires that a Common Unit Adjustment occur for a specific founding member if its acquisition or disposition of theaters, in a single transaction or cumulatively since the most recent Common Unit Adjustment, results in an attendance increase or decrease in excess of two percent of the annual total attendance at the prior adjustment date. During the first quarter of 2022, NCM LLC issued 4,140,896 (6,483,893 issued, net of 2,342,997 returned) common membership units to its founding members for the rights to exclusive access to the theater screens and attendees added, net of dispositions, to NCM LLC’s network during the 2021 fiscal year. The net impact as a result of the Common Unit Adjustment to the intangible asset was $10.4 million during the first quarter of 2022. NCM LLC did not issue common membership units to its founding members for the rights to exclusive access to the theater screens and attendees added, net of dispositions, to NCM LLC’s network for the 2022 fiscal year during the six months ended June 29, 2023. Integration Payments and Other Encumbered Theater Payments—If an existing on-screen advertising agreement with an alternative provider is in place with respect to any acquired theaters (“encumbered theaters”), the founding members may elect to receive common membership units related to those encumbered theaters in connection with the Common Unit Adjustment. If the founding members make this election, then they are required to make payments on a quarterly basis in arrears in accordance with certain run-out provisions pursuant to the ESAs (“integration payments”). Because the Carmike Cinemas, Inc. (“Carmike”) theaters acquired by AMC are subject to an existing on-screen advertising agreement with an alternative provider, AMC makes integration payments to NCM LLC. The integration payments will continue until the earlier of (i) the date the theaters are transferred to NCM LLC’s network or (ii) the expiration of the ESA. Integration payments are calculated based upon the advertising cash flow that NCM LLC would have generated if it had exclusive access to sell advertising in the theaters with pre-existing advertising agreements. The ESAs additionally entitle NCM LLC to payments related to the founding members’ on-screen advertising commitments under their beverage concessionaire agreements for encumbered theaters. These payments are also accounted for as a reduction to the intangible assets. During the three and six months ended June 30, 2022, NCM LLC recorded a reduction to net intangible assets of $1.1 million and $1.3 million, respectively, related to other encumbered theater payments. During the three months ended June 29, 2023 and June 30, 2022 and six months ended June 29, 2023 and June 30, 2022, AMC and Cinemark paid a total of $0.0 million, $0.3 million, $3.9 million and $1.5 million, respectively, in integration and other encumbered theater payments (as payments are made one quarter and one month in arrears, respectively). If common membership units are issued to a founding member for newly acquired theaters that are subject to an existing on-screen advertising agreement with an alternative provider, the amortization of the intangible asset commences after the existing agreement expires and NCM LLC can utilize the theaters for all of its services.

CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 29, 2023	Jun. 30, 2022	Jun. 29, 2023	Jun. 30, 2022
Document Period End Date			Jun. 29, 2023
REVENUE (including revenue from related parties of $8.5, $4.6, $11.8, and $7.4 respectively)	$ 14.8	$ 67.1	$ 49.7	$ 103.0
OPERATING EXPENSES:
Advertising operating costs	1.0	8.3	6.7	13.0
Network costs	0.3	2.1	2.7	4.1
Theater access fees and revenue share to founding members (including fees to related parties of $2.7, $16.9, $16.5, and $29.8 respectively)	3.7	23.2	23.3	41.1
Selling and marketing costs	1.1	10.4	10.6	20.6
Administrative and other costs	12.5	9.7	33.3	19.4
Impairment of long-lived assets	0.0	0.0	0.0	5.8
Depreciation expense	0.2	1.5	1.5	3.5
Amortization of intangibles recorded for network theater screen leases	0.9	6.3	7.1	12.4
Total	19.7	61.5	85.2	119.9
OPERATING (LOSS) INCOME	(4.9)	5.6	(35.5)	(16.9)
NON-OPERATING EXPENSES (INCOME):
Interest on borrowings	3.1	20.4	27.1	37.6
Loss (gain) on re-measurement of the payable to founding members under the tax receivable agreement	4.0	(0.1)	3.4	6.3
Gain on sale of asset	0.0	0.0	(0.3)	0.0
Gain on deconsolidation of affiliate	(557.7)	0.0	(557.7)	0.0
Other non-operating expenses (income)	0.4	(0.2)	0.3	(0.3)
Total	(550.2)	14.2	(526.8)	37.7
INCOME (LOSS) BEFORE INCOME TAXES	545.3	(8.6)	491.3	(54.6)
Income tax expense	0.0	0.0	0.0	0.0
NET INCOME (LOSS)	545.3	(8.6)	491.3	(54.6)
Less: Net loss attributable to noncontrolling interests	0.0	(7.9)	(8.5)	(28.7)
NET INCOME (LOSS) ATTRIBUTABLE TO NCM, INC.	545.3	(0.7)	499.8	(25.9)
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO NCM, INC.	$ 545.3	$ (0.7)	$ 499.8	$ (25.9)
NET INCOME (LOSS) PER NCM, INC. COMMON SHARE:
Basic (in usd per share)	$ 3.13	$ (0.01)	$ 3.13	$ (0.32)
Diluted (in usd per share)	$ 3.13	$ (0.01)	$ 2.83	$ (0.32)
WEIGHTED AVERAGE SHARES OUTSTANDING:
Basic (in shares)	174,058,637	81,467,651	159,783,309	81,254,152
Diluted (in shares)	174,058,637	81,467,651	173,491,390	81,254,152
Debt
NON-OPERATING EXPENSES (INCOME):
(Gain) loss on modification of debt	$ 0.0	$ (5.9)	$ 0.4	$ (5.9)

Related Party Transactions (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 29, 2023	Jun. 30, 2022	Jun. 29, 2023	Jun. 30, 2022	Dec. 29, 2022	Dec. 29, 2016
Related Party Transaction [Line Items]
Document Period End Date			Jun. 29, 2023
On-screen advertising time to satisfy agreement obligations, in seconds			30 seconds
Percentage of cash savings related to taxes	90.00%
Cash dividends on shares of NMC Inc		$ 2.8		$ 7.0
Negative Distribution Made to Limited Liability Company Member, Cash Distributions Deferred			$ 31.6
AMC
Related Party Transaction [Line Items]
Percentage of common membership units outstanding	0.00%
AC JV, LLC
Related Party Transaction [Line Items]
Investment in unconsolidated affiliate	$ 0.0		$ 0.0		$ 0.8
AMC
Related Party Transaction [Line Items]
Percentage of common membership units outstanding	0.00%
Founding Members \| NCM LLC \| Founding Members \| Founding Members
Related Party Transaction [Line Items]
Related Party Transaction, Description of Transaction			The following tables provide summaries of the transactions between NCM, Inc. and the related party founding members (in millions):Three Months EndedSix Months EndedIncluded in the unaudited Condensed Consolidated Statements of Operations: June 29, 2023June 30, 2022June 29, 2023June 30, 2022Revenue:Beverage concessionaire revenue (included in advertising revenue) (1)$0.8 $4.6 $4.1 $7.4 Management fee reimbursement$7.7 $— $7.7 $— Operating expenses:Theater access fee and revenue share to founding members (2)$2.7 $16.9 $16.5 $29.8 ________________________________________(1)For the three and six months ended June 29, 2023 and June 30, 2022, Cinemark and Regal purchased 60 seconds of on-screen advertising time from NCM LLC to satisfy their obligations under their beverage concessionaire agreements at a 30 seconds equivalent cost per thousand impressions (“CPM”) rate specified by the ESA. (2)Comprised of payments per theater attendee, payments per digital screen with respect to the founding member theaters included in NCM LLC’s network and payments for access to higher quality digital cinema equipment. Following the 2019 ESA Amendments this also includes payments to Cinemark and Regal for their share of the revenue from the sale of an additional single unit that is either 30 or 60 seconds of the Noovie pre-show in the trailer position directly prior to the “attached” trailers preceding the feature film (the “Platinum Spot”). As ofIncluded in the unaudited Condensed Consolidated Balance Sheets:June 29, 2023December 29, 2022Common unit adjustments and ESA extension costs, net of amortization and integration payments (included in intangible assets) (1)$— $312.2 Current payable to founding members under tax receivable agreement (2)$0.8 $0.2 Long-term payable to founding members under tax receivable agreement (2)$38.3 $25.5
Cinemark \| AC JV, LLC
Related Party Transaction [Line Items]
Ownership percentage						32.00%
Regal \| AC JV, LLC
Related Party Transaction [Line Items]
Ownership percentage						32.00%
Two Founding Members
Related Party Transaction [Line Items]
On-screen advertising time purchased, in seconds			60 seconds

Related Party Transactions (Tables)

3 Months Ended

Jun. 29, 2023

Schedule of Amounts Due to Founding Members, Net

Amounts due to related party founding members, net as of December 29, 2022 were comprised of the following (in millions):


	Cinemark		Regal		Total
Theater access fees and revenue share, net of beverage revenues and other encumbered theater payments	$	11.1	$	4.1	$	15.2


Total amounts due to founding members, net	$	11.1	$	4.1	$	15.2

Borrowings (Schedule of Outstanding Debt) (Details) - USD ($)		6 Months Ended
	Jan. 05, 2022	Jun. 29, 2023	Dec. 29, 2022	Aug. 19, 2016
Debt Instrument [Line Items]
Document Period End Date		Jun. 29, 2023
Outstanding borrowings		$ 0	$ 1,129,000,000
Debt issuance costs, long-term		0	(7,900,000)
Long-term Debt		0	1,121,100,000
Carrying value of long-term debt		0	0
Less: current portion of debt		0	(1,121,100,000)
Senior secured notes due 2028
Debt Instrument [Line Items]
Outstanding borrowings		$ 0	230,000,000.0
Interest Rate				5.75%
Debt Instrument, Maturity Date		Apr. 15, 2028
Senior unsecured notes due 2026
Debt Instrument [Line Items]
Interest Rate		5.875%
Senior secured notes due 2028
Debt Instrument [Line Items]
Outstanding borrowings		$ 0	374,200,000
Senior Secured Notes Due Two Zero Two Eight [Domain]
Debt Instrument [Line Items]
Debt Instrument, Maturity Date		Aug. 15, 2026
Debt instrument face amount		$ 400,000,000
Term loans - first tranche
Debt Instrument [Line Items]
Outstanding borrowings		$ 0	258,500,000
Debt Instrument, Maturity Date		Jun. 20, 2025
Term Loan -Second Tranche
Debt Instrument [Line Items]
Outstanding borrowings		$ 0	49,300,000
Debt Instrument, Maturity Date		Dec. 20, 2024
Revolving credit facility 2018
Debt Instrument [Line Items]
Debt Instrument, Maturity Date		Jun. 20, 2023
RevolvingCreditFacilityMember2018
Debt Instrument [Line Items]
Outstanding borrowings		$ 0	167,000,000.0
RevolvingCreditFacilityMember2022
Debt Instrument [Line Items]
Outstanding borrowings		$ 0	50,000,000.0
NCM, LLC. \| Senior secured notes due 2028
Debt Instrument [Line Items]
Interest Rate				5.75%
Debt instrument face amount				$ 250,000,000
NCM, LLC. \| Senior secured notes due 2028
Debt Instrument [Line Items]
Outstanding borrowings			374,200,000
NCM, LLC. \| Term loans - first tranche
Debt Instrument [Line Items]
Debt instrument face amount			258,500,000
NCM, LLC. \| Term loans - first tranche \| Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate, percent		3.00%
NCM, LLC. \| Term Loan -Second Tranche
Debt Instrument [Line Items]
Debt instrument face amount			49,300,000
NCM, LLC. \| Revolving credit facility 2018 \| Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate, percent		1.00%
NCM, LLC. \| RevolvingCreditFacilityMember2018
Debt Instrument [Line Items]
Outstanding borrowings			$ 167,000,000
NCM, LLC. \| 2022 Revolving Credit Facility \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Basis spread on variable rate, percent	8.00%
NCM, LLC. \| 2022 Revolving Credit Facility \| Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate, percent	1.00%
NCM, LLC. \| Senior Unsecured Notes Due Two Zero Two Eight [Domain]
Debt Instrument [Line Items]
Weighted-average interest rate		5.875%

Investment in Unconsolidated NCM LLC - Condensed Statement of Operations (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 29, 2023	Jun. 30, 2022	Jun. 29, 2023	Jun. 30, 2022
Schedule of Equity Method Investments [Line Items]
REVENUE (including revenue from related parties of $8.5, $4.6, $11.8, and $7.4 respectively)	$ 14.8	$ 67.1	$ 49.7	$ 103.0
OPERATING EXPENSES:
Network costs	0.3	2.1	2.7	4.1
Theater access fees and revenue share to founding members (including fees to related parties of $2.7, $16.9, $16.5, and $29.8 respectively)	3.7	23.2	23.3	41.1
Selling and marketing costs	1.1	10.4	10.6	20.6
Administrative and other costs	12.5	9.7	33.3	19.4
Impairment of long-lived assets	0.0	0.0	0.0	5.8
Amortization of intangibles recorded for network theater screen leases	0.9	6.3	7.1	12.4
Total	19.7	61.5	85.2	119.9
OPERATING (LOSS) INCOME	(4.9)	5.6	(35.5)	(16.9)
NON-OPERATING EXPENSES (INCOME):
Interest on borrowings	3.1	20.4	27.1	37.6
Gain on sale of asset	0.0	0.0	0.3	0.0
Other non-operating income	(0.4)	0.2	(0.3)	0.3
Total	550.2	(14.2)	526.8	(37.7)
INCOME (LOSS) BEFORE INCOME TAXES	545.3	(8.6)	491.3	(54.6)
Income tax expense	0.0	0.0	0.0	0.0
Founding Members
Schedule of Equity Method Investments [Line Items]
REVENUE (including revenue from related parties of $8.5, $4.6, $11.8, and $7.4 respectively)	8.5	4.6	11.8	7.4
OPERATING EXPENSES:
Theater access fees and revenue share to founding members (including fees to related parties of $2.7, $16.9, $16.5, and $29.8 respectively)	2.7	16.9	16.5	29.8
Debt
NON-OPERATING EXPENSES (INCOME):
Loss (gain) on modification and retirement of debt, net	0.0	5.9	(0.4)	5.9
NCM, LLC.
Schedule of Equity Method Investments [Line Items]
REVENUE (including revenue from related parties of $8.5, $4.6, $11.8, and $7.4 respectively)	64.4	67.1	99.3	103.0
OPERATING EXPENSES:
Advertising operating costs	7.4	8.3	13.1	13.0
Network costs	2.2	2.1	4.6	4.1
Theater access fees and revenue share to founding members (including fees to related parties of $2.7, $16.9, $16.5, and $29.8 respectively)	23.9	23.2	43.5	41.1
Selling and marketing costs	10.1	10.4	19.6	20.6
Administrative and other costs	9.1	7.0	25.0	14.2
Administrative fee—managing member	6.4	2.7	11.3	5.2
Impairment of long-lived assets	0.0	0.0	0.0	5.8
Depreciation expense	1.3	1.5	2.5	3.5
Amortization of intangibles recorded for network theater screen leases	6.2	6.3	12.5	12.4
Total	66.6	61.5	132.1	119.9
OPERATING (LOSS) INCOME	(2.2)	5.6	(32.8)	(16.9)
NON-OPERATING EXPENSES (INCOME):
Contractual Interest	22.0	20.6	46.4	37.8
Interest on borrowings	3.0	20.6	27.4	37.8
Gain on sale of asset	0.0	0.0	(0.3)	0.0
Total reorganizations items	18.6	0.0	18.6	0.0
Other non-operating income	(0.1)	(0.1)	(0.2)	(0.2)
Total	21.4	20.6	45.8	37.7
INCOME (LOSS) BEFORE INCOME TAXES	(23.6)	(15.0)	(78.6)	(54.6)
Income tax expense	0.0	0.0	0.0	0.0
NET LOSS	(23.6)	(15.0)	(78.6)	(54.6)
COMPREHENSIVE LOSS	(23.6)	(15.0)	(78.6)	(54.6)
Professional fees	18.3	0.0	18.3	0.0
Administrative fee - managing member	0.3	0.0	0.3	0.0
Total reorganizations items	18.6	0.0	18.6	0.0
NCM, LLC. \| Founding Members
Schedule of Equity Method Investments [Line Items]
REVENUE (including revenue from related parties of $8.5, $4.6, $11.8, and $7.4 respectively)	5.0	4.6	8.3	7.4
OPERATING EXPENSES:
Theater access fees and revenue share to founding members (including fees to related parties of $2.7, $16.9, $16.5, and $29.8 respectively)	17.0	16.9	30.9	29.8
NCM, LLC. \| Debt
NON-OPERATING EXPENSES (INCOME):
Loss (gain) on modification and retirement of debt, net	$ (0.1)	$ 0.1	$ 0.3	$ 0.1

Investment in Unconsolidated NCM LLC - Condensed Statement of Cash Flows (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 29, 2023	Jun. 30, 2022	Jun. 29, 2023	Jun. 30, 2022
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation expense	$ 0.2	$ 1.5	$ 1.5	$ 3.5
Amortization of intangibles recorded for network theater screen leases	0.9	6.3	7.1	12.4
Non-cash share-based compensation			2.0	3.0
Impairment of long-lived assets	0.0	0.0	0.0	5.8
Amortization of debt issuance costs			3.1	4.5
Other			(0.2)	(0.2)
Founding member integration and other encumbered theater payments			3.9	1.5
Other cash flows from operating activities			0.1	0.3
Changes in operating assets and liabilities:
Receivables, net			57.8	(10.6)
Accounts payable and accrued expenses			6.8	0.6
Amounts due to/from founding members and managing member, net			(1.0)	0.4
Deferred revenue			(0.3)	(6.5)
Other, net			3.6	0.5
Net cash provided by (used in) operating activities			4.5	(40.4)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment			(1.1)	(1.5)
Proceeds from sale of asset		0.0	0.3
Net cash used in investing activities			(0.8)	(1.5)
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of revolving credit facility			0.0	50.0
Repayment of term loan facility			(0.8)	(2.4)
Payment of debt issuance costs			(1.2)	(6.8)
Repurchase of stock for restricted stock tax withholding			0.0	(0.2)
Net cash (used in) provided by financing activities			(52.0)	13.8
CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH:			(48.3)	(28.1)
Cash, cash equivalents and restricted cash at beginning of period			63.8	101.2
Cash, cash equivalents and restricted cash at end of period	15.5	73.1	15.5	73.1
Supplemental disclosure of cash flow information:
Purchase of an intangible asset with NCM LLC equity			0.0	10.4
NCM, LLC.
Net Cash Provided by (Used in) Operating Activities [Abstract]
Net Income (Loss)	(23.6)	(15.0)	(78.6)	(54.6)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation expense			2.5	3.5
Amortization of intangibles recorded for network theater screen leases	6.2	6.3	12.5	12.4
Non-cash share-based compensation			1.5	1.9
Impairment of long-lived assets	0.0	0.0	0.0	5.8
Amortization of debt issuance costs			3.1	4.5
Gain (Loss) on Disposition of Assets			(0.3)	0.0
Other			0.0	(0.2)
Founding member integration and other encumbered theater payments			4.1	1.5
Other cash flows from operating activities			0.0	(0.2)
Changes in operating assets and liabilities:
Receivables, net			23.4	(10.6)
Accounts payable and accrued expenses			30.0	1.3
Amounts due to/from founding members and managing member, net			4.7	2.5
Deferred revenue			2.2	(6.5)
Other, net			(5.7)	(1.0)
Net cash provided by (used in) operating activities			(0.3)	(39.7)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment			(1.8)	(1.5)
Proceeds from sale of asset			0.3	0.0
Net cash used in investing activities			(1.5)	(1.5)
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of revolving credit facility			0.0	50.0
Repayment of term loan facility			(0.8)	(2.4)
Payment of debt issuance costs			(1.2)	(6.8)
Repurchase of stock for restricted stock tax withholding			0.0	(0.5)
Net cash (used in) provided by financing activities			(2.0)	40.3
CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH:			(3.8)	(0.9)
Cash, cash equivalents and restricted cash at beginning of period			61.5	58.6
Cash, cash equivalents and restricted cash at end of period	$ 57.7	$ 57.7	57.7	57.7
Supplemental disclosure of cash flow information:
Purchase of an intangible asset with NCM LLC equity			0.0	10.4
Accrued purchases of property and equipment			0.1	0.0
Cash paid for interest			12.2	35.0
Cash paid for professional fees			7.1	0.0
Cash paid for incremental Administrative fee - managing member			0.3	0.0
NCM, LLC. \| Debt
Adjustments to reconcile net loss to net cash used in operating activities:
Loss (gain) on modification and retirement of debt, net			$ 0.3	$ 0.0

Revenue from Contracts with Customers (Narrative) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 29, 2023	Jun. 30, 2022	Jun. 29, 2023	Jun. 30, 2022	Dec. 29, 2022	Dec. 30, 2021
Revenue from Contract with Customer [Abstract]
Noncancelable Long Term Contracts			$ 0
Unbilled accounts receivable	$ 0.0	$ 5,000,000.0	0.0	$ 5,000,000.0
Contract with Customer, Liability, Change in Timeframe, Performance Obligation Satisfied, Revenue Recognized	5,000,000.0
REVENUE (including revenue from related parties of $8.5, $4.6, $11.8, and $7.4 respectively)	14,800,000	67,100,000	49,700,000	103,000,000.0
Advertising operating costs	1,000,000.0	8,300,000	6,700,000	13,000,000.0
Deferred revenue	3,800,000		3,800,000		$ 10,200,000
National advertising revenue
Allowance for credit losses	0	100,000	0	100,000	300,000	$ 300,000
Accounts Receivable, Credit Loss Expense (Reversal)			0	0
Write-offs, net			0	(200,000)
REVENUE (including revenue from related parties of $8.5, $4.6, $11.8, and $7.4 respectively)	5,000,000.0	50,700,000	27,500,000	77,000,000.0
Local and regional advertising revenue
Allowance for credit losses	0	1,800,000	0	1,800,000	$ 1,400,000	$ 1,400,000
Accounts Receivable, Credit Loss Expense (Reversal)			0	600,000
Write-offs, net			0	(200,000)
REVENUE (including revenue from related parties of $8.5, $4.6, $11.8, and $7.4 respectively)	$ 1,100,000	$ 10,500,000	$ 9,100,000	$ 16,600,000

Fair Value Measurements (Tables)

3 Months Ended

Jun. 29, 2023

Fair Value Disclosures [Abstract]

Schedule of Other Assets

Other investments consisted of the following (in millions):


	As of
	June 29, 2023		December 29, 2022
Investment in AC JV, LLC (1)(2)	$	—	$	0.8

Total	$	—	$	0.8

_______________________________________

(1)This investment is accounted for utilizing the equity method. The investment was initially valued using comparative market multiples.

(2)Following the deconsolidation of NCM LLC on the petition date, these investments are not on NCM, Inc.’s Condensed Consolidated Balance Sheet as of June 29, 2023.

Estimated Fair Values of Company's Financial Instruments


	As of June 29, 2023				As of December 29, 2022
	Carrying Value		Fair Value		Carrying Value		Fair Value (1)
Revolving credit facility 2018	$	—	$	—	$	167.0	$	44.6
Revolving credit facility 2022	$	—	$	—	$	50.0	$	13.4
Term loans - first tranche	$	—	$	—	$	258.5	$	65.8
Term loans - second tranche	$	—	$	—	$	49.3	$	13.1
Notes due 2026	$	—	$	—	$	230.0	$	6.9
Notes due 2028	$	—	$	—	$	374.2	$	91.7

____________________________________________

(1)NCM LLC has estimated the fair value on an average of at least two non-binding broker quotes and the Company’s analysis. If NCM LLC were to measure the borrowings in the above table at fair value on the balance sheet they would be classified as Level 2.

Fair Values of the Company's Assets


			Fair Value Measurements at Reporting Date Using
	Fair Value as of June 29, 2023		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
ASSETS:
Cash equivalents (1)	$	0.8	$	0.8	$	—	$	—
Short-term marketable securities (2)	1.0		—		1.0		—
Long-term corporate bonds (2)(3)	7.7		—		7.7		—
Total assets	$	9.5	$	0.8	$	8.7	$	—


			Fair Value Measurements at Reporting Date Using
	Fair Value as of December 29, 2022		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
ASSETS:
Cash equivalents (1)	$	0.8	$	0.8	$	—	$	—
Short-term marketable securities (2)	0.7		—		0.7		—
Long-term marketable securities (2)	0.3		—		0.3		—
Total assets	$	1.8	$	0.8	$	1.0	$	—

___________________________________________

(1)Cash Equivalents—NCM, Inc.’s cash equivalents are carried at estimated fair value. Cash equivalents consist of money market accounts which NCM, Inc. has classified as Level 1 given the active market for these accounts.

(2)Short-Term and Long-Term Marketable Securities—The carrying amount and fair value of the marketable securities are equivalent since the Company accounts for these instruments at fair value. NCM, Inc.’s government agency bonds, corporate bonds, commercial paper and certificates of deposit are valued using third party broker quotes. The value of NCM, Inc.’s government agency bonds and municipal bonds are derived from quoted market information. The inputs in the valuation are classified as Level 1 if there is an active market for these securities; however, if an active market does not exist, the inputs are recorded at a lower level in the fair value hierarchy. The value of corporate bonds, commercial paper and certificates of deposit is derived from pricing models using inputs based upon market information, including contractual terms, market prices and yield curves. The inputs to the valuation pricing models are observable in the market, and as such are generally classified as Level 2 in the fair value hierarchy. Original cost of short term marketable securities is based on the specific identification method. As of June 29, 2023 and December 29, 2022, there were $8.5 million and $0.2 million, respectively, of available-for-sale debt securities in unrealized loss positions without an allowance for credit losses. NCM, Inc. has not recorded an allowance for credit losses for the

marketable securities balance as of June 29, 2023 or December 29, 2022 given the immaterial difference between the amortized cost basis and the aggregate fair value of NCM, Inc.'s securities.

(3)NCM Inc. purchased $25.8 million of the Notes due 2028 on the open market, in the quarter ended June 30, 2022. Prior to the deconsolidation of NCM LLC, these intercompany balances were eliminated on consolidation.

Schedule of Marketable Securities

The amortized cost basis, aggregate fair value and maturities of the Level 1 fair value securities NCM, Inc. held as of June 29, 2023 and December 29, 2022 were as follows:


	As of June 29, 2023
	Amortized Cost Basis (in millions)		Aggregate Fair Value (in millions)		Maturities (1) (in years)
LEVEL 1 FAIR VALUE SECURITIES:





Short-term certificates of deposit	$	1.0	$	1.0	0.6
Total short-term marketable securities	1.0		1.0


Long-term corporate bonds	25.8		7.7		4.9
Total long-term marketable securities	25.8		7.7
Total marketable securities	$	26.8	$	8.7


	As of December 29, 2022
	Amortized Cost Basis (in millions)		Aggregate Fair Value (in millions)		Maturities (1) (in years)
LEVEL 1 FAIR VALUE SECURITIES:


Short-term certificates of deposit	$	0.7	$	0.7	1.0




Total short-term marketable securities	0.7		0.7


Long-term certificates of deposit	0.3		0.3		1.3
Total long-term marketable securities	0.3		0.3
Total marketable securities	$	1.0	$	1.0

___________________________________

(1)Maturities—Securities available for sale include obligations with various contractual maturity dates some of which are greater than one year. NCM, Inc. considers the securities to be liquid and convertible to cash within 30 days.

Loss Per Share (Schedule of Loss Per Share, Basic and Diluted) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 29, 2023	Jun. 30, 2022	Jun. 29, 2023	Jun. 30, 2022
Earnings Per Share [Abstract]
Net income (loss) attributable to NCM, Inc. (in millions)	$ 545.3	$ (0.7)	$ 499.8	$ (25.9)
Weighted average shares outstanding:
Basic (in shares)	174,058,637	81,467,651	159,783,309	81,254,152
Add: Dilutive effect of stock options and restricted stock (in shares)	0	0	13,708,081	0
Diluted (in shares)	174,058,637	81,467,651	173,491,390	81,254,152
Income (loss) per NCM, Inc. share:
Basic (in usd per share)	$ 3.13	$ (0.01)	$ 3.13	$ (0.32)
Diluted (in usd per share)	$ 3.13	$ (0.01)	$ 2.83	$ (0.32)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-URI https://asc.fasb.org/extlink&oid=126732423&loc=SL123482106-238011

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(25))
-URI https://asc.fasb.org/extlink&oid=126953954&loc=SL114868664-224227

+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 29, 2023	Dec. 29, 2022
CURRENT ASSETS:
Cash and cash equivalents	$ 15.5	$ 61.7
Restricted Cash	0.0	2.1
Short-term marketable securities	1.0	0.7
Receivables, net of allowance of $0.0 and $1.7, respectively (including receivables from related parties of $0.2 and $0.0. respectively)	0.2	92.0
Prepaid expenses and other current assets	7.1	7.9
Total current assets	23.8	164.4
NON-CURRENT ASSETS:
Property and equipment, net of accumulated depreciation of $0.0 and $54.8, respectively	0.0	13.0
Intangible assets, net of accumulated amortization of $0.0 and $270.2, respectively	0.0	586.7
Other investments	0.0	0.9
Long-term investments	7.7	0.3
Other investments	0.0	0.1
Debt issuance costs, net	0.0	3.3
Other assets	0.0	23.8
Total non-current assets	19.6	628.0
TOTAL ASSETS	43.4	792.4
Amounts due to founding members, net (related party payables of $3.3 and $15.2, respectively)	0.0	18.2
CURRENT LIABILITIES:
Payable to founding members under tax receivable agreement (including payables to related parties of $0.8 and $0.2, respectively)	1.1	0.3
Accrued expenses	0.8	17.8
Accrued payroll and related expenses	1.7	8.3
Accounts payable	2.4	25.0
Deferred revenue	3.8	10.2
Debt issuance costs, current, net	0.0	7.9
Short-term debt, net of debt issuance costs of $0.0 and $7.9, respectively	0.0	1,121.1
Other current liabilities	0.0	2.2
Total current liabilities	9.8	1,203.1
NON-CURRENT LIABILITIES:
Long-term debt, net of debt issuance costs of $0.0 and $0.0, respectively	0.0	0.0
Payable to founding members under tax receivable agreement (including payables to related parties of $38.3 and $25.5, respectively)	52.9	35.3
Other liabilities	0.0	18.0
Total non-current liabilities	52.9	53.3
Total liabilities	$ 62.7	$ 1,256.4
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, par value (in usd per share)	$ 0.01	$ 0.01
EQUITY/(DEFICIT):
Preferred stock, $0.01 par value; 10,000,000 shares authorized, none issued and outstanding	$ 0.0	$ 0.0
Common stock, $0.01 par value; 260,000,000 and 260,000,000 shares authorized, 174,059,774 and 128,402,636 issued and outstanding, respectively	1.7	1.3
Additional paid in capital/(deficit)	(132.3)	(146.2)
Retained earnings (distributions in excess of earnings)	111.3	(370.4)
Total NCM, Inc. stockholders’ equity/(deficit)	(19.3)	(515.3)
Noncontrolling interests	0.0	51.3
Total equity/(deficit)	(19.3)	(464.0)
TOTAL LIABILITIES AND EQUITY/(DEFICIT)	43.4	792.4
NCM, LLC.
NON-CURRENT ASSETS:
Other investments	11.9	0.1
Other investments	11.9	0.0
Related parties
CURRENT ASSETS:
Allowance for doubtful accounts receivable	0.0	1.7
Receivables, net of allowance of $0.0 and $1.7, respectively (including receivables from related parties of $0.2 and $0.0. respectively)	$ 0.2	$ 0.0

Related Party Transactions

6 Months Ended

Jun. 29, 2023

Related Party Transactions

RELATED PARTY TRANSACTIONS

Managing Member Transactions—In connection with NCM, Inc.’s initial public offering (“IPO”), the Company entered into several agreements to define and regulate the relationships among NCM LLC and NCM, Inc. and the founding members which are outlined below.

The material agreement with the managing member includes the Management Services Agreement (the “MSA”). The MSA provides that NCM, Inc. will provide certain management services to NCM LLC in exchange for the reimbursement for compensation and other expenses of NCM, Inc.’s compensation and other expenses of our offices and employees and for certain out-of-pocket costs. NCM LLC also provides certain administrative and support services to NCM, Inc., including office facilities, equipment, supplies, payroll and accounting and financial reporting. The management services provided by NCM, Inc. include but are not limited to executive oversight, sales, marketing, advertisement, production, distribution, finance and accounting support and reporting, legal support and other services and activities as are customarily performed by persons holding officer or director type positions.

Additionally, NCM Inc. purchased $25.8 million in corporate bonds of NCM LLC’s Notes due 2028 on the open market, in the quarter ended June 30, 2022. Prior to the deconsolidation of NCM LLC, these intercompany balances were eliminated on consolidation.

Founding Member Transactions—In connection with the IPO, the Company entered into several agreements to define and regulate the relationships among NCM LLC, NCM, Inc. and the founding members which are outlined below.

AMC has owned less than 5% of NCM LLC, on an as converted basis, since July 2018 and is no longer a related party. AMC remains a party to the ESA, Common Unit Adjustment Agreement and certain other original agreements and is a member under the terms of the NCM LLC operating agreement, subject to fulfilling the requirements of Section 3.1 of the NCM LLC operating agreement. AMC will continue to participate in the annual Common Unit Adjustment and receive available cash distributions or allocation of earnings and losses in NCM LLC (as long as its ownership is greater than zero) and theater access fees. Further, AMC will continue to pay beverage revenue, among other things. AMC's ownership percentage does not impact future integration payments and other encumbered theater payments owed to NCM LLC by AMC. As of June 29, 2023, AMC’s ownership was 0.0% of NCM LLC and NCM, Inc. As further described in Note 11-Subsequent Events, Regal will no longer be a founding member following July 14, 2023, the effective date of the Regal Advertising Agreement and the Regal Termination Agreement.

NCM LLC has been in continued negotiations with Regal following Cineworld’s petition for reorganization under Chapter 11 in 2022. Refer to Note 11—Subsequent Events for discussion of the resolution of NCM LLC’s negotiations with Regal in the third quarter of 2023.

The material agreements with the founding members are as follows:

•ESAs. Under the ESAs, NCM LLC is the exclusive provider within the United States of advertising services in the founding members’ theaters (subject to pre-existing contractual obligations and other limited exceptions for the benefit of the founding members). The advertising services include the use of the DCN equipment required to deliver the on-screen advertising and other content included in the Noovie® show, use of the LEN and rights to sell and display certain lobby promotions. Further, 30 to 60 seconds of advertising included in the Noovie show is sold to the founding members to satisfy the founding members’ on-screen advertising commitments under their beverage concessionaire agreements. In consideration for access to the founding members’ theaters, theater patrons, the network equipment required to display on-screen and LEN video advertising and the use of theaters for lobby promotions, the founding members receive a monthly theater access fee. In conjunction with the 2019 ESA Amendments, NCM LLC also pays Cinemark and Regal incremental monthly theater access fees and, subject to NCM LLC's use of specified inventory, a revenue share in consideration for NCM LLC's access to certain on-screen advertising inventory after the advertised showtime of a feature film beginning November 1, 2019 and the underlying term of the ESAs were extended until 2041. The ESAs and 2019 ESA Amendments are considered leases with related parties under ASC 842.

•Common Unit Adjustment Agreement. The common unit adjustment agreement provides a mechanism for increasing or decreasing the membership units held by the founding members based on the acquisition or construction of new theaters or sale of theaters that are operated by each founding member and included in NCM LLC’s network.

•Tax Receivable Agreement. The TRA provides for the effective payment by NCM, Inc. to the founding members of 90% of the amount of cash savings, if any, in U.S. federal, state and local income tax or franchise tax that is actually realized as a result of certain increases in NCM, Inc.’s proportionate share of tax basis in NCM LLC’s tangible and intangible assets resulting from the IPO and related transactions.

•Software License Agreement. At the date of the Company’s IPO, NCM LLC was granted a perpetual, royalty-free license from the founding members to use certain proprietary software that existed at the time for the delivery of digital advertising and other content through the DCN to screens in the U.S. NCM LLC has made improvements to this software since the IPO date and NCM LLC owns those improvements, except for improvements that were developed jointly by NCM LLC and the founding members, if any.

The following tables provide summaries of the transactions between NCM, Inc. and the related party founding members (in millions):


	Three Months Ended				Six Months Ended
Included in the unaudited Condensed Consolidated Statements of Operations:	June 29, 2023		June 30, 2022		June 29, 2023		June 30, 2022
Revenue:
Beverage concessionaire revenue (included in advertising revenue) (1)	$	0.8	$	4.6	$	4.1	$	7.4
Management fee reimbursement	$	7.7	$	—	$	7.7	$	—
Operating expenses:
Theater access fee and revenue share to founding members (2)	$	2.7	$	16.9	$	16.5	$	29.8

________________________________________

(1)For the three and six months ended June 29, 2023 and June 30, 2022, Cinemark and Regal purchased 60 seconds of on-screen advertising time from NCM LLC to satisfy their obligations under their beverage concessionaire agreements at a 30 seconds equivalent cost per thousand impressions (“CPM”) rate specified by the ESA.

(2)Comprised of payments per theater attendee, payments per digital screen with respect to the founding member theaters included in NCM LLC’s network and payments for access to higher quality digital cinema equipment. Following the 2019 ESA Amendments this also includes payments to Cinemark and Regal for their share of the revenue from the sale of an additional single unit that is either 30 or 60 seconds of the Noovie pre-show in the trailer position directly prior to the “attached” trailers preceding the feature film (the “Platinum Spot”).


	As of
Included in the unaudited Condensed Consolidated Balance Sheets:	June 29, 2023		December 29, 2022

Common unit adjustments and ESA extension costs, net of amortization and integration payments (included in intangible assets) (1)	$	—	$	312.2
Current payable to founding members under tax receivable agreement (2)	$	0.8	$	0.2
Long-term payable to founding members under tax receivable agreement (2)	$	38.3	$	25.5

________________________________________

(1)Refer to Note 5—Intangible Assets for further information on common unit adjustments and integration payments. This balance includes common unit adjustments issued to Cinemark and Regal. These amounts were eliminated within the deconsolidation of NCM LLC in the Condensed Consolidated Balance Sheet as of June 29, 2023.

(2)NCM, Inc. paid Cinemark and Regal $0.0 million and $0.0 million during the six months ended June 29, 2023 and June 30, 2022, respectively, in payments pursuant to the TRA for the 2022 or 2021 tax years.

Pursuant to the terms of the NCM LLC operating agreement in place since the completion of NCM, Inc.’s IPO, NCM LLC is required to make mandatory distributions on a proportionate basis to its members of available cash, as defined in the NCM LLC operating agreement, on a quarterly basis in arrears. Due to the continued recovery of theater attendance following the COVID-19 Pandemic, the mandatory distributions of available cash by NCM LLC to NCM, Inc. for the six months ended June 29, 2023 was calculated as negative $31.6 million. Therefore, there will be no payment received for the second quarter of 2023. Under the terms of the NCM LLC operating agreement, these negative amounts will be netted against future positive available cash distributions for the second quarter each fiscal year after the extended covenant waiver holiday, contingent upon NCM LLC's compliance with the covenants outlined within the Credit Agreement Third Amendment defined within Note 7—Borrowings and in accordance with the NCM LLC operating agreement. All distributions will be deferred during the Chapter 11 Case. During the second quarter of 2023 and in accordance with the NCM operating agreement, the positive available cash

distribution calculated for the fourth quarter of 2022 was netted against the negative amounts calculated for the first three quarters of 2022 and removed from NCM, Inc.’s receivable balance as of June 29, 2023.

Amounts due to related party founding members, net as of December 29, 2022 were comprised of the following (in millions):


	Cinemark		Regal		Total
Theater access fees and revenue share, net of beverage revenues and other encumbered theater payments	$	11.1	$	4.1	$	15.2


Total amounts due to founding members, net	$	11.1	$	4.1	$	15.2

Commitments and Contingencies (Narrative) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 29, 2023	Jun. 30, 2022	Jun. 29, 2023	Jun. 30, 2022	Dec. 29, 2022
Other Commitments [Line Items]
Operating lease, right-of-use asset					$ 16,900,000
Short-term lease liability					2,200,000
Long-term lease liability					18,000,000
Operating lease payments	$ 0	$ 1,000,000.0	$ 1,000,000	$ 1,900,000
Maximum potential payment					141,700,000
Additional amount accrued related to minimum guarantees					400,000
NCM, LLC.
Other Commitments [Line Items]
Percentage of increase in payment per theatre patron			8.00%
Term of increase in payment percentage per theater patron			5 years
Percentage of increase in payment per digital screen and digital cinema equipment			5.00%
Percentage Of Increase in Payment Per Theater Patron - National CineMedia LLC			400.00%
NCM, LLC. \| Founding Members
Other Commitments [Line Items]
Liabilities recorded for related party obligations	$ 0		$ 0		$ 0
Minimum
Other Commitments [Line Items]
Range of terms, in years	1 year
Minimum \| NCM, LLC. \| Founding Members
Other Commitments [Line Items]
Aggregate percentage of theater access fee paid	12.00%		12.00%
Maximum
Other Commitments [Line Items]
Range of terms, in years	14 years

Fair Value Measurements (Schedule of Marketable Securities) (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 29, 2023	Dec. 29, 2022
Debt Securities, Available-for-sale [Line Items]
Amortized Cost Basis	$ 26.8	$ 1.0
Aggregate Fair Value - Short term marketable securities	1.0	0.7
Aggregate Fair Value - Long term marketable securities	7.7	0.3
Aggregate Fair Value - Total marketable securities	8.7	1.0
Other investments	0.0	0.9
NCM, LLC.
Debt Securities, Available-for-sale [Line Items]
Other investments	11.9	0.1
Certificates of Deposit
Debt Securities, Available-for-sale [Line Items]
Aggregate Fair Value - Short term marketable securities	1.0	0.7
Aggregate Fair Value - Long term marketable securities	7.7	0.3
Certificates of Deposit \| Short Term Marketable Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost Basis	$ 1.0	$ 0.7
Maturities	7 months 6 days	1 year
Certificates of Deposit \| Long Term Marketable Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost Basis	$ 25.8	$ 0.3
Maturities	4 years 10 months 24 days	1 year 3 months 18 days
Short Term Marketable Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost Basis	$ 1.0	$ 0.7
Aggregate Fair Value - Short term marketable securities	1.0	0.7
Long Term Marketable Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost Basis	25.8	0.3
Aggregate Fair Value - Long term marketable securities	$ 7.7	$ 0.3

The Company (Tables)

3 Months Ended

Jun. 29, 2023

Accounting Policies [Abstract]

Changes In Equity

The following table presents the changes in NCM, Inc.’s equity resulting from net income (loss) attributable to NCM, Inc. and transfers to or from noncontrolling interests (in millions):


	Three Months Ended				Six Months Ended
	June 29, 2023		June 30, 2022		June 29, 2023		June 30, 2022
Net income (loss) attributable to NCM, Inc.	$	545.3	$	(0.7)	$	499.8	$	(25.9)
NCM LLC equity issued for purchase of intangible asset	—		—		—		4.9
Income tax and other impacts of subsidiary ownership changes	—		—		(15.4)		(1.7)
NCM LLC common membership unit redemption	—		—		(10.3)		—
Issuance of shares to founding members	—		—		9.9		—
Change from net income (loss) attributable to NCM, Inc. and transfers from noncontrolling interests	$	545.3	$	(0.7)	$	484.0	$	(22.7)

Deconsolidation of NCM LLC

Subsequent to April 11, 2023, while NCM, Inc. continues to manage NCM LLC, the “debtor in possession”, as the Company no longer controls NCM LLC for accounting purposes, NCM LLC was deconsolidated from the Company’s financial statements prospectively as of April 11, 2023 and recorded as an investment accounted for in accordance with ASC 321 on the Condensed Consolidated Balance Sheet as of June 29, 2023. Please refer to Note 4-Investment in Unconsolidated NCM LLC for more information regarding the deconsolidation of NCM LLC.

Related Party Transactions (Schedule of Mandatory Distributions to Members) (Details)	6 Months Ended
	Jun. 29, 2023
Related Party Transaction [Line Items]
Document Period End Date	Jun. 29, 2023

The Company (Narrative) (Details)	3 Months Ended		6 Months Ended
The Company (Narrative) (Details)	Jun. 29, 2023 USD ($) Segment shares	Jun. 30, 2022 USD ($) shares	Jun. 29, 2023 USD ($) shares	Jun. 30, 2022 USD ($) shares	Mar. 23, 2023 shares	Feb. 23, 2023 shares	Dec. 29, 2022 shares
General Company Information [Line Items]
Remaining term (in years)	16 years 2 months 12 days
Bankruptcy proceedings case number	Case No. 23-90291
Number of reportable segment \| Segment	1
Customer with revenue in excess of ten percent of Accounts Payable							100.00%
Customer Percentage of AR							13.00%
customer ten percent of revenue		100.00%		100.00%
Impairment of long-lived assets	$ 0	$ 0	$ 0	$ 5,800,000
Share-based Payment Arrangement, Expense	$ 100,000	$ 100,000	$ 100,000	$ 300,000
Number of shares of restricted stock and stock units vested \| shares	6,000	89,375,000,000	2,050,313	925,128
General Unsecured Claim, Minimum Contribution	$ 500,000
NCM Inc.
General Company Information [Line Items]
Secured Debt, Percentage of Ownership	100
Equity Value, Total	1.04
Unsecured Funded Debt, Percentage of Ownership	0.05
Contributed Capital	15
Percentage of Ownership	13.8
NCM, LLC.
General Company Information [Line Items]
General Unsecured Claim, Total Value	15,000,000
Unsecured Convenience Claim, Maximum Value	50,000
General Unsecured Claim, Maximum Contribution	$ 14,500,000
NCM, LLC.
General Company Information [Line Items]
Weighted average term, esa and affiliate (in years)	13 years 3 months 18 days
Impairment of long-lived assets	$ 0	$ 0	$ 0	$ 5,800,000
American Multi Cinema Inc [Member]
General Company Information [Line Items]
Percentage of common membership units outstanding	0.00%
Units of Partnership Interest, Amount - AMC \| shares							5,954,646
Cinemark
General Company Information [Line Items]
Percentage of common membership units outstanding			0.00%
Common membership units outstanding \| shares					1,720,935	41,969,862
Regal Entertainment Group [Member]
General Company Information [Line Items]
Percentage of common membership units outstanding	0.00%
Units of Partnership Interest, Amount - Regal \| shares							40,683,797
American Multi Cinema Inc [Member]
General Company Information [Line Items]
Percentage of common membership units outstanding	0.00%
Revenue from Rights Concentration Risk [Member]
General Company Information [Line Items]
customer ten percent of revenue	51.80%	14.80%	15.40%	15.30%
Revenue from Rights Concentration Risk [Member] \| NCM Inc.
General Company Information [Line Items]
customer ten percent of revenue	10000.00%

Related Party Transactions (Summary of Transactions Between the Company and the Founding Members Included in Statements of Income) (Additional Information) (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 29, 2023	Jun. 29, 2023	Dec. 29, 2016
Related Party Transaction [Line Items]
On-screen advertising time to satisfy agreement obligations, in seconds		30 seconds
Two Founding Members
Related Party Transaction [Line Items]
On-screen advertising time purchased, in seconds		60 seconds
Regal \| AC JV, LLC
Related Party Transaction [Line Items]
Ownership percentage			32.00%
Regal \| NCM, LLC. \| AC JV, LLC
Related Party Transaction [Line Items]
Promissory notes receivable from founding members			$ 8.3
Cinemark \| AC JV, LLC
Related Party Transaction [Line Items]
Ownership percentage			32.00%
Cinemark \| NCM, LLC. \| AC JV, LLC
Related Party Transaction [Line Items]
Promissory notes receivable from founding members			$ 8.3
Founding Members \| Promissory Notes \| NCM, LLC. \| AC JV, LLC
Related Party Transaction [Line Items]
Debt payment terms	Interest and principal payments are due annually in six equal installments commencing on the first anniversary of the closing.

Income Taxes	3 Months Ended
Income Taxes	Jun. 29, 2023
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXESChanges in the Company’s Effective Tax Rate—NCM, Inc. recorded income tax expense of $0.0 million for the six months ended June 29, 2023 and for the six months ended June 30, 2022 resulting in an effective tax rate of 0.0% for both periods. NCM, Inc. recorded a full valuation allowance on its net deferred tax assets as of December 29, 2022 following the determination it was more-likely-than-not that NCM, Inc. will not be able to realize the benefit of those assets. NCM, Inc. maintained a full valuation allowance as of June 29, 2023 and December 29, 2022, resulting in deferred tax expense of $0.0 million for the six months ended June 29, 2023 and the year ended December 29, 2022.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI https://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Related Party Transactions (Summary of Transactions Between the Company and the Founding Members Included in Balance Sheets) (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 29, 2023	Dec. 29, 2022
Related Party Transaction [Line Items]
Document Period End Date	Jun. 29, 2023
Common unit adjustments, net of amortization and integration payments (included in intangible assets)	$ 0.0	$ 586.7
Current payable to founding members under tax receivable agreement	1.1	0.3
Long-term payable to founding members under tax receivable agreement	52.9	35.3
RelatedPartyTRAPayment,Cinemark	0.0
Founding Members
Related Party Transaction [Line Items]
Common unit adjustments, net of amortization and integration payments (included in intangible assets)	0.0	312.2
Current payable to founding members under tax receivable agreement	0.8	0.2
Long-term payable to founding members under tax receivable agreement	$ 38.3	$ 25.5

Investment in Unconsolidated NCM LLC - Narrative (Details) - USD ($)
$ in Millions

3 Months Ended

6 Months Ended

Apr. 11, 2023

Jun. 29, 2023

Jun. 30, 2022

Jun. 29, 2023

Jun. 30, 2022

Dec. 29, 2022

Schedule of Equity Method Investments [Line Items]

Bankruptcy proceedings case number

Case No. 23-90291

Gain on deconsolidation of affiliate

$ 557.7

$ 0.0

$ 557.7

$ 0.0

Other investments

$ 0.0

0.0

$ 0.1

Schedule of Other Assets

Other investments consisted of the following (in millions):


	As of
	June 29, 2023		December 29, 2022
Investment in AC JV, LLC (1)(2)	$	—	$	0.8

Total	$	—	$	0.8

_______________________________________

(1)This investment is accounted for utilizing the equity method. The investment was initially valued using comparative market multiples.

(2)Following the deconsolidation of NCM LLC on the petition date, these investments are not on NCM, Inc.’s Condensed Consolidated Balance Sheet as of June 29, 2023.

NCM, LLC.

Schedule of Equity Method Investments [Line Items]

Other investments

$ 11.9

$ 0.0

The Company

6 Months Ended

Jun. 29, 2023

Accounting Policies [Abstract]

The Company

THE COMPANY

Description of Business

National CineMedia, Inc., a Delaware corporation (“NCM, Inc.”), is a holding company with the sole purpose of being a member and serving as sole manager of National CineMedia, LLC (“NCM LLC”), a Delaware limited liability company. NCM LLC is currently owned by NCM, Inc. Consolidated. NCM LLC operates the largest cinema advertising network reaching movie audiences in the U.S., allowing NCM LLC to sell advertising under long-term ESAs with the original founding members (AMC Entertainment, Inc. (“AMC”); Regal Cinemas, Inc. and Regal CineMedia Corporation, wholly owned subsidiaries of Cineworld Group plc and Regal Entertainment Group (“Regal”) and Cinemark Media, Inc. and Cinemark USA, Inc., wholly owned subsidiaries of Cinemark Holdings, Inc. (“Cinemark”) and certain third-party network affiliates, under long-term network affiliate agreements. As of June 29, 2023, the weighted average remaining term of the ESAs with the founding members was approximately 16.2 years. The network affiliate agreements expire at various dates between August 9, 2023 and December 31, 2037. The weighted average remaining term of the ESAs and the network affiliate agreements together is 13.3 years as of June 29, 2023.

NCM LLC was wholly owned by NCM, Inc. Consolidated prior to April 11, 2023 when NCM LLC filed a voluntary petition for reorganization (“Chapter 11 Case”) with a prearranged Chapter 11 plan under Chapter 11 of title 11 of the United States Code (the “Bankruptcy Code”) in the U.S. Bankruptcy Court for the Southern District of Texas (the “Bankruptcy Court”), as further discussed below. As a result of the Chapter 11 Case and in accordance with applicable GAAP, the Company concluded that NCM, Inc. no longer controls NCM LLC for accounting purposes, and therefore, NCM LLC was deconsolidated from the Company’s unaudited financial statements prospectively as of April 11, 2023. Within the unaudited financial statements and notes to the financial statements included within this Form 10-Q as of June 29, 2023, all periods subsequent to deconsolidation on April 11, 2023 represent activity and balances for NCM, Inc. standalone and all activity and balances prior to deconsolidation on April 11, 2023 represent NCM, Inc. consolidated, inclusive of NCM LLC. Please refer to Note 4—Investment in Unconsolidated NCM LLC for more information regarding the deconsolidation of NCM LLC. The terms “NCM”, “the Company” or “we” shall, unless the context otherwise requires, be deemed to include the NCM, Inc. entity.

On June 27, 2023, the Bankruptcy Court entered an order (the “Confirmation Order”) approving the Disclosure Statement on a final basis and confirming the Company’s Plan, as those terms are defined below. There can be no guarantee that NCM LLC will successfully implement the Plan or that the Plan will be implemented in a time frame that is acceptable to the Bankruptcy Court or NCM LLC’s lenders party to the Restructuring Support Agreement. On June 29, 2023, AMC and Cinemark filed a notice of appeal of the Confirmation Order. After June 29, 2023, AMC and Cinemark sought a stay of the Confirmation Order in the Bankruptcy Court, which the Bankruptcy Court denied, and then sought a stay of the Confirmation Order in the United States District Court for the Southern District of Texas which is currently pending.

In December 2022, AMC and Regal each redeemed all of their outstanding membership units, 5,954,646 and 40,683,797, respectively, in exchange for shares of NCM, Inc. common stock, reducing AMC’s and Regal’s ownership to 0.0% in NCM LLC as of June 29, 2023. On February 23, 2023 and March 23, 2023, Cinemark redeemed 41,969,862 and 1,720,935, respectively, of its outstanding common membership units, in exchange for shares of NCM, Inc. common stock. These redemptions reduced Cinemark’s ownership interest to 0.0% as of June 29, 2023. AMC, Regal, Cinemark and their affiliates are referred to in this document as “founding members”. Subsequent to June 29, 2023, Regal will no longer be a founding member. Please refer to Note 11 - Subsequent Events.

NCM LLC’s Chapter 11 Proceedings

On April 11, 2023 (the “petition date”), NCM LLC filed a voluntary petition for reorganization with a prearranged Chapter 11 plan under Chapter 11 of title 11 of the United States Code in the U.S. Bankruptcy Court for the Southern District of Texas. The Chapter 11 Case is being administered under the caption In re: National CineMedia, LLC, Case No. 23-90291.

On April 11, 2023, NCM, Inc. entered into a restructuring support agreement (the “Restructuring Support Agreement”) with NCM LLC and certain of NCM LLC’s (a) prepetition lenders under (i) that certain Credit Agreement, dated as of June 20, 2018 among NCM LLC as Borrower, JPMorgan Chase Bank, N.A. (“JPM”) in its capacity as administrative agent, and the lenders party thereto (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”); (ii) the Revolving Credit Agreement dated as of January 5, 2022 among NCM LLC as Borrower, Wilmington Savings Fund Society, FSB in its capacity as administrative agent, and the lenders party thereto (as amended, supplemented or otherwise modified from time to time, the “Revolving Credit Agreement 2022”); and (b) prepetition noteholders under (i) the Secured Notes Indenture dated as of October 8, 2019 and Computershare Trust Company, National Association (“Computershare”) in its capacity as indenture trustee (as amended, supplemented or otherwise modified from time to time, the “Secured Notes

Indenture” and together with the Credit Agreement and Revolving Credit Agreement 2022, the “Prepetition Secured Debt Documents”) and (ii) the Unsecured Notes Indenture dated as of August 19, 2016 with Computershare in its capacity as indenture trustee (as amended, supplemented or otherwise modified from time to time, the “Unsecured Notes Indenture”). The parties to the Restructuring Support Agreement hold, in the aggregate, more than two-thirds of all claims arising under the Prepetition Secured Debt Documents.

The Restructuring Support Agreement provides for, among other things (i) the “Up-C” structure pursuant to which shares of NCM, Inc. are sold to the public and the limited liability company common membership units of NCM (“common membership units”) may be redeemed for NCM, Inc.’s public shares shall remain in place to enable NCM LLC and NCM, Inc. to continue to comply with the ESAs and other joint venture agreements, meaning (a) that certain Third Amended and Restated Limited Liability Operating Agreement; (b) that certain Common Unit Adjustment Agreement; (c) that certain Tax Receivable Agreement; (d) that certain Management Services Agreement; (e) that certain Software License Agreement; and (f) those certain ESAs (“Joint Venture Agreements”); (ii) the Joint Venture Agreements shall be assumed as of the plan effective date through a plan of reorganization; (iii) NCM, Inc. shall affirm its obligations under the Joint Venture Agreements and to take the necessary corporate action to maintain the “Up-C” structure; (iv) outstanding claims under the Prepetition Secured Debt Documents, existing equity interests in NCM LLC, and notes, instruments, certificates and other documents evidencing claims or interests, including credit agreements and indentures, shall be cancelled, and (A) holders of Prepetition Secured Debt Documents and NCM, Inc. will receive 100.0% of the common membership units of the reorganized NCM LLC (the “new common membership units”) a portion of which will be reallocated to NCM, Inc. pursuant to the NCMI 9019 Settlement (as defined within the Restructuring Support Agreement), subject to dilution, and (B) if no unsecured creditors committee is appointed in the Chapter 11 Case, then the holders of Unsecured Funded Debt Claims (as defined in the Restructuring Support Agreement) shall receive warrants, exercisable at a total equity value of $1.04 billion, for five percent of the new common membership units, subject to dilution; (v) NCM, Inc. shall make a capital contribution of approximately $15.0 million of cash on hand in exchange for new common membership units (the “NCMI 9019 Capital Contribution”); (vi) holders of Prepetition Secured Debt Documents will be issued preferred stock of NCM, Inc. entitling the holders to voting rights equal to the economic interests held by such holders in NCM LLC; and (vii) NCM LLC shall emerge without any debt, but if additional exit financing is needed, NCM LLC will first seek to obtain a revolving credit facility from a third party lending institution, but if, despite best efforts, NCM LLC is unable to obtain a revolving credit facility acceptable to NCM LLC’s secured lenders, then certain of NCM LLC’s secured lenders shall provide such financing in the form of a first lien term loan facility on such arm’s-length terms and conditions as to be agreed upon. Following the transactions contemplated by the Restructuring Support Agreement, NCM, Inc. is projected to have an aggregate ownership interest of approximately 13.8% of NCM LLC on account of the NCMI 9019 Settlement, NCM, Inc.’s ownership of Secured Notes and the NCMI 9019 Capital Contribution.

NCM, Inc. continues to manage NCM LLC, the “debtor in possession”, under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code and orders of the Bankruptcy Court. Prior to filing the Chapter 11 Case, because of potential conflicts that may arise between NCM LLC and NCM, Inc., NCM LLC appointed Carol Flaton of Hamlin Partners LLC as an independent manager at NCM LLC to address these limited conflict matters in March 2023 (the “Independent Manager”). This appointment of the Independent Manager does not otherwise change NCM, Inc’s position as manager of NCM LLC.

In general, as debtor in possession under the Bankruptcy Code, NCM LLC is authorized to continue to operate as an ongoing business, but may not engage in transactions outside the ordinary course of business without the prior approval of the Bankruptcy Court. Pursuant to “first day” motions filed with the Bankruptcy Court, the Bankruptcy Court authorized NCM LLC to conduct its business activities in the ordinary course and, among other things and subject to the terms and conditions of such orders, authorized employees at NCM, Inc. to continue providing day-to-day management services to NCM LLC, and NCM LLC to pay employee wages and benefits and vendors and suppliers in the ordinary course for all goods and services going forward.

In addition, as part of its “first day” relief, NCM LLC received authority to use its encumbered cash collateral with the consent of certain of its prepetition secured lenders to administer the Chapter 11 Case and continue its business operations (the “Cash Collateral Order”). Consistent with the Cash Collateral Order, NCM LLC’s normal operating cash flows are providing liquidity for NCM LLC to operate as usual and fulfill ongoing commitments to stakeholders.

On April 26, 2023, the Office of the United States Trustee for Region 7 appointed an official committee of unsecured creditors pursuant to section 1102 of the Bankruptcy Code (the “Committee”).

On April 26, 2023, NCM LLC filed a Plan of Reorganization of National CineMedia Pursuant to Chapter 11 of the Bankruptcy Code (as amended, modified or supplemented to date the “Plan”) and a related proposed disclosure statement (as amended, modified, or supplemented to date the “Disclosure Statement”). NCM LLC also filed a motion with the Bankruptcy

Court requesting approval of the Disclosure Statement and various Plan solicitation materials, including the solicitation and voting procedures, and establishment of certain deadlines in connection with the approval of the Disclosure Statement.

The Plan and the Disclosure Statement describe, among other things, the proposed Plan; the restructuring contemplated by the Restructuring Support Agreement; the events leading to the Chapter 11 Case; certain events that have occurred or are anticipated to occur during the Chapter 11 Case, including the anticipated solicitation of votes to approve the proposed Plan from certain of NCM LLC’s creditors; and certain other aspects of the restructuring.

The Plan is intended to generally implement the restructuring contemplated by the Restructuring Support Agreement and provides for, among other things, the treatment for classes of claims and interests as follows:

•Secured Debt Claims. Each holder of a Secured Debt Claim (the secured portion of the aggregate principal amount outstanding under the Prepetition Secured Debt Documents) shall receive its pro rata share of 100% of new common membership units (the equity in reorganized NCM LLC) subject to (a) reallocation of new common membership units to NCMI pursuant to the NCMI 9019 Settlement and (b) dilution on account of new common membership units issued on account of, among other things, a post-emergence management incentive plan. Each holder may elect to convert its new common membership units into an equal number of shares in NCM, Inc. only at the time of issuance and the Company currently expects all holders to make this election.

•General Unsecured Claims. Each holder of a general unsecured claim (“General Unsecured Claims”), which includes, among other things, claims under the Unsecured Notes Indenture, shall receive its pro rata share of $15,000,000, with (i) $14,500,000 contributed by NCM LLC and (ii) $500,000 contributed directly from NCM, Inc. The treatment of General Unsecured Claims was changed in the Plan upon the appointment of the Committee and upon settlement with the Committee.

•General Unsecured Convenience Claims. Each holder of a General Unsecured Claim in the amount of $50,000 or less shall receive payment in full in cash on NCM LLC’s emergence from Chapter 11 or the date due in the ordinary course of business in accordance with the terms and conditions of the particular transaction giving rise to such claim; provided that any General Unsecured Claim (other than claims under the Unsecured Note Indenture) that is allowed in excess of $50,000 shall not be treated as a General Unsecured Convenience Claim unless the Holder of such allowed General Unsecured Claim opts in to such treatment and agrees to reduce its allowed General Unsecured Claim to $50,000 pursuant to the procedures set forth in the Confirmation Order.

•Existing NCM LLC Interests. Interest in NCM LLC will receive no recovery and shall be cancelled.

On June 27, 2023, the Bankruptcy Court entered an order (the “Confirmation Order”) approving the Disclosure Statement on a final basis and confirming the Company’s Plan. There can be no guarantee that NCM LLC will successfully implement the Plan or that the Plan will be implemented in a time frame that is acceptable to the Bankruptcy Court or NCM LLC’s lenders party to the Restructuring Support Agreement. In order for the Plan to become effective, NCM LLC must satisfy a number of conditions, which include the funding of an exit financing facility and NCM, Inc. implementing a reverse stock split. NCM, Inc. currently has a special meeting of the stockholders scheduled for August 2, 2023 and NCM LLC is diligently working to complete all other conditions, but there can be no guarantee that NCM LLC will successfully implement the Plan or that the Plan will be implemented in a time frame that is acceptable to the Bankruptcy Court.

Basis of Presentation

The Company has prepared the unaudited Condensed Consolidated Financial Statements and related notes of NCM, Inc. in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures typically included in an annual report have been condensed or omitted for this quarterly report. The balance sheet as of December 29, 2022 is derived from the audited financial statements of NCM, Inc. Therefore, the unaudited Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and notes thereto included in the Company’s annual report on Form 10-K filed for the fiscal year ended December 29, 2022. Any activity earned or incurred by NCM LLC that occurred prior to deconsolidation, on April 11, 2023, is included within the Condensed Consolidated Statement of Operations and Condensed Consolidated Statement of Cash Flows.

In the opinion of management, all adjustments necessary to present fairly in all material respects the financial position, results of operations and cash flows for all periods presented have been made. Historically, NCM LLC’s business has been seasonal and for this and other reasons operating results for interim periods have not been indicative of the Company’s full year results or future performance. As a result of the various related party agreements discussed in Note 6—Related Party Transactions, the operating results as presented are not necessarily indicative of the results that might have occurred if all

agreements were with non-related third parties. NCM LLC manages its business under one operating and reportable segment of advertising. NCM, Inc. manages its business under one operating and reportable segment of managing NCM LLC.

Going Concern—The accompanying unaudited Condensed Consolidated Financial Statements are prepared in accordance with GAAP applicable to a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business.

In the first quarter of 2023, conditions existed that raised substantial doubt about the Company’s ability to continue as a going concern. NCM LLC filed a petition for reorganization under Chapter 11 of the United States Bankruptcy Code in the Southern District of Texas on April 11, 2023. NCM, Inc.’s primary sources of cash flow from operations are distributions from NCM LLC pursuant to the NCM LLC Operating Agreement, management fee payments pursuant to a management services agreement with NCM LLC in exchange for providing specified management services to NCM LLC and NCM, Inc.’s existing cash balance. Pursuant to the Plan that was confirmed by the Bankruptcy Court on June 27, 2023, NCM, Inc. continues to be the manager of NCM LLC and NCM LLC will assume its agreements with NCM, Inc., including the management services agreement. Pursuant to the Plan, when NCM LLC successfully emerges from Chapter 11, NCM, Inc. will make a capital contribution of its cash on hand, expected to be approximately $15.0 million, in exchange for new common membership units under the NCMI 9019 Capital Contribution within the Restructuring Support Agreement. Following this contribution, NCM, Inc. will continue to receive management fee payments from NCM LLC, which will be sufficient to fund its day-to-day operations such that substantial doubt would no longer exist.

NCM LLC currently expects to emerge from bankruptcy within one month of this filing; however, NCM LLC’s status in Chapter 11 and conditions precedent required for emergence create uncertainty around the future satisfaction of its liabilities, including the payments due to NCM, Inc. under the Operating Agreement and management services agreement. If NCM LLC fails to emerge from Chapter 11 in the required timeline and the Plan is not implemented, NCM, Inc. will have sufficient liquidity through the use of NCM, Inc.’s existing cash balance. As such, substantial doubt about the Company's ability to continue as a going concern no longer exists.

Estimates—The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates include those related to the reserve for uncollectible accounts receivable, share-based compensation, income taxes, intangible assets, investment in unconsolidated NCM LLC and forecasts utilized to evaluate the Company’s ability to continue as a going concern. Actual results could differ from estimates.

Significant Accounting Policies

The Company’s annual financial statements included in its Form 10-K filed for the fiscal year ended December 29, 2022 contain a complete discussion of the Company’s significant accounting policies. Following is additional information related to the Company’s accounting policies.

Revenue Recognition—NCM, Inc. derives revenue principally from its role as sole manager of NCM LLC over time as services are rendered. NCM LLC derives revenue principally from the advertising business, which includes advertising through its on-screen cinema network, lobby network (LEN) and lobby promotions in theaters, and on websites, mobile applications and out-of-home locations owned by NCM LLC and other companies. Revenue is recognized over time as the customer receives the benefits provided by NCM LLC’s advertising services and NCM LLC has the right to payment for performance to date. NCM LLC considers the terms of each arrangement to determine the appropriate accounting treatment.

Concentration of Credit Risk and Significant Customers—The risk of credit loss related to NCM LLC's trade receivables and unbilled receivables balances is accounted for through the allowance for doubtful accounts, a contra asset account which reduces the net receivables balance. The allowance for doubtful accounts balance is determined by pooling NCM LLC's receivables with similar risk characteristics, specifically by type of customer (national or local/ regional) and then age of receivable and applying historical write off percentages to these pools in order to determine the amount of expected credit losses as of the balance sheet date. National receivables are with large advertising agencies with strong reputations in the advertising industry and clients with stable financial positions and good credit ratings, represent larger receivables balances per customer and have significantly lower historical and expected credit loss patterns. Local and regional receivables are with smaller companies sometimes with less credit history, represent smaller receivable balances per customer and have higher historical and expected credit loss patterns. NCM LLC has smaller contracts with many local clients that are not individually significant. NCM LLC also considers current economic conditions and trends to determine whether adjustments to historical loss rates are necessary. NCM LLC also reserves for specific receivable balances that it expects to write off based on known

concerns regarding the financial health of the customer. Receivables are written off when management determines amounts are uncollectible.

NCM, Inc. sourced management fee revenue from NCM LLC for 100.0% of the Company’s gross outstanding receivable balance as of June 29, 2023 and sourced advertising revenue from no agencies that accounted for more than 10% of the Company’s gross outstanding receivable balance as of June 29, 2023. NCM, Inc. had one agency through which it sourced advertising revenue that accounted for 13.0% of NCM Inc.'s gross outstanding receivable balance as of December 29, 2022. During the three and six months ended June 29, 2023, NCM, Inc. had one customer that accounted for 51.8% and 15.4% of its revenue, respectively. During the three and six months ended June 30, 2022, NCM Inc. had one customer that accounted for 14.8% and 15.3% of its revenue, respectively.

Long-lived Assets—NCM, Inc. assesses impairment of long-lived assets pursuant to Accounting Standards Certification 360 – Property, Plant and Equipment. This includes determining whether certain triggering events have occurred that could affect the value of an asset. NCM, Inc. recorded losses of $0.0 million, $0.0 million, $0.0 million, and $5.8 million related to the write-off of certain internally developed software during the three months ended June 29, 2023 and June 30, 2022, and six months ended June 29, 2023 and June 30, 2022, respectively.

Share-Based Compensation—The Company has issued stock options, restricted stock and restricted stock units to certain employees, certain employees of NCM LLC and its independent directors. The restricted stock and restricted stock unit grants for Company management vest upon the achievement of Company performance measures and/or service conditions, while non-management grants vest only upon the achievement of service conditions. Compensation expense of restricted stock and restricted stock units that vest upon the achievement of Company performance measures is based on management’s financial projections and the probability of achieving the projections, which require considerable judgment. A cumulative adjustment is recorded to share-based compensation expense in periods that management changes its estimate of the number of shares of restricted stock and restricted stock units expected to vest. Ultimately, the Company adjusts the expense recognized to reflect the actual vested shares following the resolution of the performance conditions. Dividends are accrued when declared on unvested restricted stock and restricted stock units that are expected to vest and are only paid with respect to shares that actually vest. On February 28, 2021, March 2, 2021 and January 19, 2022, the Company’s Board of Directors approved certain modifications to equity awards awarded under the Company’s 2016 Equity Incentive Plan and 2020 Omnibus Equity Incentive Plan to adjust performance metrics, vesting amount and future performance goals in light of the COVID-19 Pandemic resulting in incremental share-based compensation expense of $0.1 million, $0.1 million, $0.1 million, and $0.3 million for the three months ended June 29, 2023 and June 30, 2022 and six months ended June 29, 2023 and June 30, 2022, respectively. During the three months ended June 29, 2023 and June 30, 2022, and the six months ended June 29, 2023 and June 30, 2022, 6,000, 89,375, 2,050,313 and 925,128, shares of restricted stock and restricted stock units vested, respectively.

Consolidation—Prior to April 11, 2023, NCM, Inc. consolidated the financial results of its wholly owned subsidiaries NCM LLC and NCMI II, LLC under the provisions of ASC 810, Consolidation. Subsequent to April 11, 2023, NCM, Inc. consolidated only the accounts of NCMI II, LLC. The following table presents the changes in NCM, Inc.’s equity resulting from net income (loss) attributable to NCM, Inc. and transfers to or from noncontrolling interests (in millions):


	Three Months Ended				Six Months Ended
	June 29, 2023		June 30, 2022		June 29, 2023		June 30, 2022
Net income (loss) attributable to NCM, Inc.	$	545.3	$	(0.7)	$	499.8	$	(25.9)
NCM LLC equity issued for purchase of intangible asset	—		—		—		4.9
Income tax and other impacts of subsidiary ownership changes	—		—		(15.4)		(1.7)
NCM LLC common membership unit redemption	—		—		(10.3)		—
Issuance of shares to founding members	—		—		9.9		—
Change from net income (loss) attributable to NCM, Inc. and transfers from noncontrolling interests	$	545.3	$	(0.7)	$	484.0	$	(22.7)

Deconsolidation of NCM LLC

Recently Adopted Accounting Pronouncements

The Company did not adopt any new accounting pronouncements during the three and six months ended June 29, 2023.

Recently Issued Accounting Pronouncements

In March 2020, the FASB issued Accounting Standards Update No. 2020-04, Reference Rate Reform (“ASU 2020-04”), which provides temporary optional guidance to companies impacted by the transition away from the London Interbank Offered Rate (“LIBOR”). The guidance provides certain expedients and exceptions to applying GAAP in order to lessen the potential accounting burden when contracts, hedging relationships, and other transactions that reference LIBOR as a benchmark rate are modified. This guidance is effective upon issuance and expires on December 31, 2024. The Company concluded the LIBOR transition did not have a material impact on the Company’s unaudited Condensed Consolidated Financial Statements.

In October 2021, the FASB issued ASU No. 2021-08, “Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers.” ASU 2021-08 requires the company acquiring contract assets and contract liabilities obtained in a business combination to recognize and measure them in accordance with ASC 606, “Revenue from Contracts with Customers”. At the acquisition date, the company acquiring the business should record related revenue, as if it had originated the contract. Before the update such amounts would be recognized by the acquiring company at fair value. The amendments in this update are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption is permitted, including in interim periods, for any financial statements that have not yet been issued. The Company expects to adopt this in the third quarter of 2023 and does not believe this will have a material impact on the Company’s unaudited Condensed Consolidated Financial Statements.

The Company has considered all other recently issued accounting pronouncements and does not believe the adoption of such pronouncements will have a material impact on its unaudited Condensed Consolidated Financial Statements or notes thereto.

Revenue from Contracts with Customers (Tables)

3 Months Ended

Jun. 29, 2023

Revenue from Contract with Customer [Abstract]

Summary of Revenue from Contracts with Customers

The following table summarizes revenue from contracts with customers for the three and six months ended June 29, 2023 and June 30, 2022 (in millions):


	Three Months Ended				Six Months Ended
	June 29, 2023		June 30, 2022		June 29, 2023		June 30, 2022
National advertising revenue	$	5.0	$	50.7	$	27.5	$	77.0
Local and regional advertising revenue	1.1		10.5		9.1		16.6
Founding member advertising revenue from beverage concessionaire agreements	1.0		5.9		5.4		9.4
Management fee reimbursement	7.7		—		7.7		—
Total revenue	$	14.8	$	67.1	$	49.7	$	103.0

Schedule of Allowance for Doubtful Accounts

The changes within the allowance for doubtful accounts balances for the six months ended June 29, 2023 and June 30, 2022, respectively, were as follows (in millions):

Loss Per Share (Narrative) (Details) - shares	3 Months Ended		6 Months Ended
Loss Per Share (Narrative) (Details) - shares	Jun. 29, 2023	Jun. 30, 2022	Jun. 29, 2023	Jun. 30, 2022
Stock Options And Non-Vested Restricted Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares excluded from the calculation of diluted weighted average shares	4,915,168	6,442,164	4,915,168	6,442,164
Common Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares excluded from the calculation of diluted weighted average shares		90,374,744		88,281,544

The Company (Policies)

3 Months Ended

6 Months Ended

Jun. 29, 2023

Jun. 30, 2022

Accounting Policies [Abstract]

NCM LLC's Chapter 11 Proceedings

On April 26, 2023, the Office of the United States Trustee for Region 7 appointed an official committee of unsecured creditors pursuant to section 1102 of the Bankruptcy Code (the “Committee”).

•Existing NCM LLC Interests. Interest in NCM LLC will receive no recovery and shall be cancelled.

Basis of Presentation

Estimates

Revenue Recognition

Concentration of Credit Risk and Significant Customers

concerns regarding the financial health of the customer. Receivables are written off when management determines amounts are uncollectible.

Share-Based Compensation

Consolidation


	Three Months Ended				Six Months Ended
	June 29, 2023		June 30, 2022		June 29, 2023		June 30, 2022
Net income (loss) attributable to NCM, Inc.	$	545.3	$	(0.7)	$	499.8	$	(25.9)
NCM LLC equity issued for purchase of intangible asset	—		—		—		4.9
Income tax and other impacts of subsidiary ownership changes	—		—		(15.4)		(1.7)
NCM LLC common membership unit redemption	—		—		(10.3)		—
Issuance of shares to founding members	—		—		9.9		—
Change from net income (loss) attributable to NCM, Inc. and transfers from noncontrolling interests	$	545.3	$	(0.7)	$	484.0	$	(22.7)

Deconsolidation of NCM LLC

Recently Adopted Accounting Pronouncements

The Company did not adopt any new accounting pronouncements during the three and six months ended June 29, 2023.

Recently Issued Accounting Pronouncements

Commitments and Contingencies (Tables)

3 Months Ended

Jun. 29, 2023

Commitments and Contingencies Disclosure [Abstract]

Lease Cost

These costs are presented within “Selling and marketing costs” and “Administrative and other costs” within the unaudited Condensed Consolidated Statements of Operations depending upon the nature of the use of the facility.


	Three Months Ended				Six Months Ended
	June 29, 2023		June 30, 2022		June 29, 2023		June 30, 2022
Operating lease cost	$	0.1	$	0.9	$	1.0	$	1.7

Variable lease cost	—		0.1		0.1		0.3
Total lease cost	$	0.1	$	1.0	$	1.1	$	2.0

CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (PARENTHETICAL) (UNAUDITED) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 29, 2023	Jun. 30, 2022	Jun. 29, 2023	Jun. 30, 2022
Revenue	$ 14.8	$ 67.1	$ 49.7	$ 103.0
Founding Members
Revenue	$ 8.5	$ 4.6	$ 11.8	$ 7.4

- Definition

+ References

+ Details

Label

Element

Value

National Cine Media L L C [Member]

Schedule of Cost Method Investments [Table Text Block]

us-gaap_ScheduleOfCostMethodInvestmentsTableTextBlock

INVESTMENT IN UNCONSOLIDATED NCM LLC

On April 11, 2023, NCM LLC filed a voluntary petition for reorganization with a prearranged Chapter 11 plan under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. As a result of the Chapter 11 Case and in accordance with applicable GAAP, the Company concluded that NCM, Inc. no longer controls NCM LLC for accounting purposes, and therefore, NCM LLC was deconsolidated from the Company’s financial statements prospectively as of April 11, 2023.

NCM, Inc. recorded a gain on deconsolidation of $557.7 million on April 11, 2023 as a result of the deconsolidation of NCM LLC, which is included in “Gain on deconsolidation of affiliate” on the Condensed Consolidated Statement of Operations as of June 29, 2023. The recorded gain was measured as the excess of the estimated fair value of the investment in NCM LLC retained over the Net Liabilities of NCM LLC as of April 11, 2023. The investment of NCM LLC was measured at cost minus any impairment in accordance with the measurement alternative outlined in ASC 321—Investments—Equity Securities.

While NCM LLC remains in bankruptcy, NCM, Inc. accounted for the retained equity interest in NCM LLC at cost less impairment, if any, plus or minus changes resulting from observable price changes in orderly market transactions. NCM, Inc. does not continue to exert significant influence over NCM LLC while it is under the control of the Bankruptcy Court and NCM LLC does not have a readily determinable fair value. NCM, Inc. recorded an investment of $11.9 million as of April 11, 2023, which is presented in “Investment in unconsolidated affiliate” on the unaudited Condensed Consolidated Balance Sheets as of June 29, 2023. Upon the deconsolidation of NCM LLC, the original cost of the investment was valued based upon NCM, Inc.'s ownership of the secured debt of NCM LLC and an estimation of the enterprise value of NCM LLC developed utilizing discounted cash flows and comparable company analysis as of the petition date. Significant assumptions utilized within these analyses include the weighted average cost of capital and NCM LLC’s forecasted cash flows.

The financial statements of the unconsolidated NCM LLC, the subsidiary in bankruptcy, are as follows in accordance with ASC 852 - Reorganizations (millions):

NATIONAL CINEMEDIA, LLC - DEBTOR-IN-POSSESSION

CONDENSED BALANCE SHEETS

(In millions) (UNAUDITED)


	As of
	June 29, 2023		December 29, 2022
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	55.6	$	59.4
Restricted cash	2.1		2.1
Receivables, net of allowance of $1.7 and $1.7, respectively	59.3		82.9
Prepaid administrative fees to managing member	0.6		—

Prepaid expenses and other current assets	10.3		7.4
Total current assets	127.9		151.8
NON-CURRENT ASSETS:
Property and equipment, net of accumulated depreciation of $56.7 and $54.8, respectively	11.6		13.0
Intangible assets, net of accumulated amortization of $282.7 and $270.2, respectively	573.9		586.7
Other investments	0.9		0.9
Debt issuance costs, net	—		3.3
Other assets	21.7		23.8
Total non-current assets	608.1		627.7
TOTAL ASSETS	$	736.0	$	779.5
LIABILITIES AND MEMBERS’ EQUITY/(DEFICIT)


CURRENT LIABILITIES:
Amounts due to founding members, net (related party payables of $3.3 and $15.2, respectively)	$	4.5	$	18.2
Amounts due to managing member, net	0.2		18.9
Accrued expenses	0.5		17.3
Accrued payroll and related expenses	7.8		7.7
Accounts payable	21.0		23.3
Deferred revenue	12.4		10.2
Short-term debt, net of debt issuance costs of $0.0 and $7.9, respectively	—		1,146.8
Other current liabilities	—		2.2
Total current liabilities	46.4		1,244.6
NON-CURRENT LIABILITIES:
Other liabilities	—		18.0
Total non-current liabilities	—		18.0
LIABILITIES SUBJECT TO COMPROMISE
Liabilities subject to compromise (1)	1,230.5		—
Total liabilities	1,276.9		1,262.6
COMMITMENTS AND CONTINGENCIES
MEMBERS’ EQUITY/(DEFICIT)	(540.9)		(483.1)
TOTAL LIABILITIES AND EQUITY/(DEFICIT)	$	736.0	$	779.5

_______________________________________

(1)Liabilities subject to compromise was determined by evaluating the payable balances on April, 11, 2023, the petition date. Liabilities subject to compromise was comprised of the following (in millions):


	As of
	June 29, 2023		December 29, 2022
Amounts due to founding members (related party payables of $14.5 and $0.0, respectively)	$	17.6	$	—
Accounts payable	19.7		—
Accrued expenses	29.1		—
Short-term debt, net of debt issuance costs of $7.2 and $0.0, respectively	1,145.0		—
Other current liabilities	2.3		—
Other long-term liabilities	16.8		—
Total liabilities subject to compromise	$	1,230.5	$	—

NATIONAL CINEMEDIA, LLC - DEBTOR-IN-POSSESSION

CONDENSED STATEMENTS OF OPERATIONS

(In millions)

(UNAUDITED)


	Three Months Ended				Six Months Ended
	June 29, 2023		June 30, 2022		June 29, 2023		June 30, 2022
REVENUE (including revenue from related parties of $5.0, $4.6, $8.3 and $7.4, respectively)	$	64.4	$	67.1	$	99.3	$	103.0
OPERATING EXPENSES:
Advertising operating costs	7.4		8.3		13.1		13.0
Network costs	2.2		2.1		4.6		4.1
Theater access fees and revenue share to founding members (including fees to related parties of $17.0, $16.9, $30.9 and $29.8, respectively)	23.9		23.2		43.5		41.1
Selling and marketing costs	10.1		10.4		19.6		20.6


Administrative and other costs	9.1		7.0		25.0		14.2
Administrative fee—managing member	6.4		2.7		11.3		5.2
Impairment of long-lived assets	—		—		—		5.8
Depreciation expense	1.3		1.5		2.5		3.5
Amortization of intangibles recorded for network theater screen leases	6.2		6.3		12.5		12.4
Total	66.6		61.5		132.1		119.9
OPERATING (LOSS) INCOME	(2.2)		5.6		(32.8)		(16.9)
NON-OPERATING EXPENSE (INCOME):
Interest on borrowings, net (contractual interest of $22.0, $20.6, $46.4, and $37.8, respectively)	3.0		20.6		27.4		37.8
Loss (gain) on modification and retirement of debt, net	(0.1)		0.1		0.3		0.1
Gain on sale of asset	—		—		(0.3)		—
Reorganization items (1)	18.6		—		18.6		—
Other non-operating income	(0.1)		(0.1)		(0.2)		(0.2)
Total	21.4		20.6		45.8		37.7
LOSS BEFORE INCOME TAXES	(23.6)		(15.0)		(78.6)		(54.6)
Income tax expense	—		—		—		—
NET LOSS	$	(23.6)	$	(15.0)	$	(78.6)	$	(54.6)
COMPREHENSIVE LOSS	$	(23.6)	$	(15.0)	$	(78.6)	$	(54.6)

_______________________________________

(1)Reorganization items was determined by evaluating what legal and professional fees had occurred subsequent to April 11, 2023. Reorganizations items was comprised of the following (in millions):


	Three Months Ended				Six Months Ended
	June 29, 2023		June 30, 2022		June 29, 2023		June 30, 2022

Professional fees	$	18.3	$	—	$	18.3	$	—
Administrative fee - managing member	0.3		—		0.3		—
Total reorganizations items	$	18.6	$	—	$	18.6	$	—

NATIONAL CINEMEDIA, LLC - DEBTOR-IN-POSSESSION

CONDENSED STATEMENTS OF CASH FLOWS

(In millions)

(UNAUDITED)


	Six Months Ended
	June 29, 2023		June 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$	(78.6)	$	(54.6)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation expense	2.5		3.5
Amortization of intangibles recorded for network theater screen leases	12.5		12.4
Non-cash share-based compensation	1.5		1.9
Impairment of long-lived assets	—		5.8
Amortization of debt issuance costs	3.1		4.5
Gain on sale of asset	(0.3)		—
Loss on modification and retirement of debt, net	0.3		—
Other	—		(0.2)
Founding member integration and other encumbered theater payments	4.1		1.5
Other cash flows from operating activities	—		(0.2)
Changes in operating assets and liabilities:
Receivables, net	23.4		(10.6)


Accounts payable and accrued expenses	30.0		1.3
Amounts due to/from founding members and managing member, net	4.7		2.5
Deferred revenue	2.2		(6.5)
Other, net	(5.7)		(1.0)
Net cash used in operating activities (1)	(0.3)		(39.7)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment	(1.8)		(1.5)
Proceeds from sale of asset	0.3		—
Net cash used in investing activities	(1.5)		(1.5)
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of revolving credit facility	—		50.0
Repayment of term loan facility	(0.8)		(2.4)
Payment of debt issuance costs	(1.2)		(6.8)
Repurchase of stock for restricted stock tax withholding	—		(0.5)
Net cash (used in) provided by financing activities	(2.0)		40.3
CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH:	(3.8)		(0.9)
Cash, cash equivalents and restricted cash at beginning of period	61.5		58.6
Cash, cash equivalents and restricted cash at end of period	$	57.7	$	57.7

NATIONAL CINEMEDIA, LLC

CONDENSED STATEMENTS OF CASH FLOWS (CONTINUED)

DEBTOR IN POSSESSION

(In millions)

(UNAUDITED)


	Six Months Ended
	June 29, 2023		June 30, 2022
Supplemental disclosure of non-cash financing and investing activity:
Purchase of an intangible asset with NCM LLC equity	$	—	$	10.4
Accrued purchases of property and equipment	$	0.1	$	—
Supplemental disclosure of cash flow information:
Cash paid for interest	$	12.2	$	35.0

_______________________________________

(1)Cash flows within Operating Activities relating to the reorganization are comprised of the following (in millions):


	Six Months Ended
	June 29, 2023		June 30, 2022
Supplemental disclosure of reorganization related operating activity:
Cash paid for professional fees	$	7.1	$	—
Cash paid for incremental Administrative fee - managing member	$	0.3	$	—

Schedule of Cost Method Investments [Table Text Block]

us-gaap_ScheduleOfCostMethodInvestmentsTableTextBlock


	As of
	June 29, 2023		December 29, 2022
Investment in NCM LLC (1)	$	11.9	$	—
Other investments (2)(3)	—		0.1
Total	$	11.9	$	0.1

_______________________________________

(1)Refer to Note 4—Investment in Unconsolidated NCM LLC. This investment is accounted for at cost minus impairment in accordance with the measurement alternative outlined in ASC 321—Investments – Equity Securities.

(2)Following the deconsolidation of NCM LLC on the petition date, these investments are not on NCM, Inc.’s Condensed Consolidated Balance Sheet as of June 29, 2023.

(3)NCM LLC received equity securities in privately held companies as consideration for a portion of advertising contracts. These investments were recorded based upon the fair value of the services provided in exchange for the investment. The equity securities were accounted for under the cost method and represent an ownership of less than 20%. NCM LLC does not exert significant influence on these companies’ operating or financial activities.

Condensed Balance Sheet [Table Text Block]

srt_ScheduleOfCondensedBalanceSheetTableTextBlock

The financial statements of the unconsolidated NCM LLC, the subsidiary in bankruptcy, are as follows in accordance with ASC 852 - Reorganizations (millions):

NATIONAL CINEMEDIA, LLC - DEBTOR-IN-POSSESSION

CONDENSED BALANCE SHEETS

(In millions) (UNAUDITED)


	As of
	June 29, 2023		December 29, 2022
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	55.6	$	59.4
Restricted cash	2.1		2.1
Receivables, net of allowance of $1.7 and $1.7, respectively	59.3		82.9
Prepaid administrative fees to managing member	0.6		—

Prepaid expenses and other current assets	10.3		7.4
Total current assets	127.9		151.8
NON-CURRENT ASSETS:
Property and equipment, net of accumulated depreciation of $56.7 and $54.8, respectively	11.6		13.0
Intangible assets, net of accumulated amortization of $282.7 and $270.2, respectively	573.9		586.7
Other investments	0.9		0.9
Debt issuance costs, net	—		3.3
Other assets	21.7		23.8
Total non-current assets	608.1		627.7
TOTAL ASSETS	$	736.0	$	779.5
LIABILITIES AND MEMBERS’ EQUITY/(DEFICIT)


CURRENT LIABILITIES:
Amounts due to founding members, net (related party payables of $3.3 and $15.2, respectively)	$	4.5	$	18.2
Amounts due to managing member, net	0.2		18.9
Accrued expenses	0.5		17.3
Accrued payroll and related expenses	7.8		7.7
Accounts payable	21.0		23.3
Deferred revenue	12.4		10.2
Short-term debt, net of debt issuance costs of $0.0 and $7.9, respectively	—		1,146.8
Other current liabilities	—		2.2
Total current liabilities	46.4		1,244.6
NON-CURRENT LIABILITIES:
Other liabilities	—		18.0
Total non-current liabilities	—		18.0
LIABILITIES SUBJECT TO COMPROMISE
Liabilities subject to compromise (1)	1,230.5		—
Total liabilities	1,276.9		1,262.6
COMMITMENTS AND CONTINGENCIES
MEMBERS’ EQUITY/(DEFICIT)	(540.9)		(483.1)
TOTAL LIABILITIES AND EQUITY/(DEFICIT)	$	736.0	$	779.5

_______________________________________


	As of
	June 29, 2023		December 29, 2022
Amounts due to founding members (related party payables of $14.5 and $0.0, respectively)	$	17.6	$	—
Accounts payable	19.7		—
Accrued expenses	29.1		—
Short-term debt, net of debt issuance costs of $7.2 and $0.0, respectively	1,145.0		—
Other current liabilities	2.3		—
Other long-term liabilities	16.8		—
Total liabilities subject to compromise	$	1,230.5	$	—

Borrowings (Tables)

3 Months Ended

Jun. 29, 2023

Schedule of Outstanding Debt


	Outstanding Balance as of
Borrowings	June 29, 2023		December 29, 2022		Maturity Date	Interest Rate
Revolving credit facility 2018	$	—	$	167.0	June 20, 2023	(1)
Revolving credit facility 2022	—		50.0		June 20, 2023	(1)
Term loans - first tranche	—		258.5		June 20, 2025	(1)
Term loans - second tranche	—		49.3		December 20, 2024	(1)
Senior secured notes due 2028	—		374.2		April 15, 2028	5.875%
Senior unsecured notes due 2026	—		230.0		August 15, 2026	5.750%
Total borrowings	—		1,129.0
Less: debt issuance costs and debt discounts related to term loans and senior notes	—		(7.9)
Total borrowings, net	—		1,121.1
Less: current portion of debt	—		(1,121.1)
Carrying value of long-term debt	$	—	$	—

___________________________________________________

(1)The interest rates on the revolving credit facilities and term loans are described below.

Document And Entity Information - USD ($) $ in Millions	6 Months Ended	12 Months Ended
Document And Entity Information - USD ($) $ in Millions	Jun. 29, 2023	Dec. 28, 2023	Jul. 21, 2023	Dec. 29, 2022
Document Information [Line Items]
Document Transition Report	false
Document Quarterly Report	true
Title of 12(b) Security	Common Stock, par value $0.01 per share
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-5665602
Entity Address, Address Description	6300 S. Syracuse Way, Suite 300
Entity Address, City or Town	Centennial
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80111
City Area Code	303
Local Phone Number	792-3600
Trading Symbol	NCMI
Security Exchange Name	NASDAQ
Entity Interactive Data Current	Yes
Document Period End Date	Jun. 29, 2023
Entity Registrant Name	NATIONAL CINEMEDIA, INC.
Amendment Flag	false
Entity Central Index Key	0001377630
Document Type	10-Q
Entity File Number	001-33296
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	true
Entity Current Reporting Status	Yes
Current Fiscal Year End Date		--12-28
Entity Shell Company	false
Entity Common Stock, Shares Outstanding			174,065,873
NCM, LLC.
Document Information [Line Items]
Liabilities Subject To Compromise, Other Current Liabilities	$ 2.3			$ 0.0

CONDENSED CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) - USD ($) $ in Millions	Jun. 29, 2023	Dec. 29, 2022
Accumulated depreciation, property and equipment	$ 0.0	$ 54.8
Accumulated amortization, intangible assets	0.0	270.2
Current payable to founding members under tax receivable agreement	1.1	0.3
Long-term payable to founding members under tax receivable agreement	52.9	35.3
Debt issuance costs, long-term	$ 0.0	$ 7.9
Preferred stock, par value (in usd per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Common stock, par value (in usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	260,000,000	260,000,000
Common stock, shares issued (in shares)	174,059,774	128,402,636
Common stock, shares outstanding (in shares)	174,059,774	128,402,636
Founding Members
Current payable to founding members under tax receivable agreement	$ 0.8	$ 0.2
Long-term payable to founding members under tax receivable agreement	38.3	25.5
Amounts due to founding members, net	$ 0.0	$ 15.2

Revenue from Contracts with Customers (Summary of Changes in Deferred Revenue) (Details) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 29, 2023	Jun. 29, 2023	Jun. 30, 2022
Contract Liabilities
Contract with Customer, Liability, Current		$ (10,200,000)
Contract with Customer, Liability, Change in Timeframe, Performance Obligation Satisfied, Revenue Recognized	$ 5,000,000.0
Contract with Customer, Liability, Current	(3,800,000)	(3,800,000)
National advertising revenue
Balance at beginning of period		300,000	$ 300,000
Provision for bad debt		0	0
Write-offs, net		0	(200,000)
Deconsolidation of NCM LLC		(300,000)	0
Balance at end of period	0	0	100,000
Local and regional advertising revenue
Balance at beginning of period		1,400,000	1,400,000
Provision for bad debt		0	600,000
Write-offs, net		0	(200,000)
Deconsolidation of NCM LLC		(1,400,000)	0
Balance at end of period	$ 0	$ 0	$ 1,800,000

Borrowings (Narrative) (Details)	3 Months Ended		6 Months Ended
Borrowings (Narrative) (Details)	Jun. 29, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 29, 2023 USD ($)	Jun. 30, 2022 USD ($)	Dec. 28, 2023	Sep. 28, 2023	Dec. 29, 2022 USD ($)	Sep. 29, 2022 USD ($)	Jan. 05, 2022 USD ($)	Mar. 08, 2021 USD ($)	Aug. 19, 2016 USD ($)
Debt Instrument [Line Items]
Debt Instrument, carrying value	$ 0		$ 0				$ 1,129,000,000
Line of Credit, Covenant, Maximum Senior Secured Leverage Ratio			39,000,000
Term Loan - Second Tranche, net										$ 43,000,000.0
Carrying value of long-term debt	0		0				0
Gain on re-measurement of the payable to founding members under the tax receivable agreement	(4,000,000.0)	$ 100,000	(3,400,000)	$ (6,300,000)
Long-term Debt	0		0				1,121,100,000
Cash and cash equivalents	15,500,000		15,500,000				61,700,000
Senior secured notes due 2028
Debt Instrument [Line Items]
Debt Instrument, carrying value	0		0				230,000,000.0
Stated interest rate											5.75%
Senior secured notes due 2028
Debt Instrument [Line Items]
Debt Instrument, carrying value	$ 0		$ 0				374,200,000
Senior unsecured notes due 2026
Debt Instrument [Line Items]
Stated interest rate	5.875%		5.875%
Maximum
Debt Instrument [Line Items]
Cash and cash equivalents	$ 100,000,000		$ 100,000,000
Term loans - first tranche
Debt Instrument [Line Items]
Debt Instrument, carrying value	0		0				258,500,000
Term Loan -Second Tranche
Debt Instrument [Line Items]
Debt Instrument, carrying value	0		0				49,300,000
RevolvingCreditFacilityMember2018
Debt Instrument [Line Items]
Debt Instrument, carrying value	0		0				167,000,000.0
RevolvingCreditFacilityMember2022
Debt Instrument [Line Items]
Debt Instrument, carrying value	0		0				50,000,000.0
NCM, LLC.
Debt Instrument [Line Items]
Cash and cash equivalents	$ 55,600,000		$ 55,600,000				59,400,000
NCM, LLC. \| Senior secured notes due 2022
Debt Instrument [Line Items]
Debt instrument, frequency of periodic payment	The Notes due 2022 pay interest semi-annually in arrears on April 15 and October 15 of each year, which commenced on October 15, 2012.
NCM, LLC. \| Senior secured notes due 2028
Debt Instrument [Line Items]
Debt instrument face amount											$ 250,000,000
Stated interest rate											5.75%
Debt instrument, frequency of periodic payment	The Notes due 2026 pay interest semi-annually in arrears on February 15 and August 15 of each year, which commenced on February 15, 2017.		The Notes due 2026 pay interest semi-annually in arrears on February 15 and August 15 of each year, which commenced on February 15, 2017.
Debt instrument issued percentage of face value											100.00%
NCM, LLC. \| Senior secured notes due 2028
Debt Instrument [Line Items]
Debt Instrument, carrying value							374,200,000
NCM, LLC. \| Senior unsecured notes due 2026
Debt Instrument [Line Items]
Debt instrument, repurchase amount								$ 25.8
NCM, LLC. \| Term loans - first tranche
Debt Instrument [Line Items]
Debt instrument face amount							258,500,000
NCM, LLC. \| Term loans - first tranche \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate, percent			4.00%
NCM, LLC. \| Term loans - first tranche \| Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate, percent			3.00%
NCM, LLC. \| Term Loan -Second Tranche
Debt Instrument [Line Items]
Amortization rate	1.00%
Debt instrument face amount							49,300,000
Other Long-Term Debt	$ 50,000,000		$ 50,000,000
NCM, LLC. \| Term Loan -Second Tranche \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate, percent	8.00%
NCM, LLC. \| Senior Secured Credit Facility
Debt Instrument [Line Items]
Net total leverage ratio, covenant	6.25		6.25
Net senior secured leverage ratio	4.50		4.50
NCM, LLC. \| Revolving credit facility 2018
Debt Instrument [Line Items]
Borrowing amount of credit facility							175,000,000
Unused line fee, percent			0.50%
NCM, LLC. \| Revolving credit facility 2018 \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate, percent			2.00%
NCM, LLC. \| Revolving credit facility 2018 \| Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate, percent			1.00%
NCM, LLC. \| Covenant During Waiver Min [Member] \| Senior Secured Credit Facility \| Credit Agreement Third Agreement
Debt Instrument [Line Items]
Net total leverage ratio, covenant	8.50		8.50
Net senior secured leverage ratio	6.50		6.50
NCM, LLC. \| Covenant During Waiver Min [Member] \| Senior Secured Credit Facility \| Credit Agreement Third Agreement \| Future period
Debt Instrument [Line Items]
Net total leverage ratio, covenant					6.25	8.00
Net senior secured leverage ratio					4.50	6.00
NCM, LLC. \| Initial Credit Agreement \| LIBOR \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate, percent			300.00%
NCM, LLC. \| Initial Credit Agreement \| LIBOR \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate, percent			350.00%
NCM, LLC. \| Initial Credit Agreement \| Base Rate \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate, percent			200.00%
NCM, LLC. \| Initial Credit Agreement \| Base Rate \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate, percent			250.00%
NCM, LLC. \| Credit Agreement Second Amendment \| LIBOR \| Minimum
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate										275.00%
NCM, LLC. \| Credit Agreement Second Amendment \| Base Rate \| Minimum
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate										175.00%
NCM, LLC. \| RevolvingCreditFacilityMember2018
Debt Instrument [Line Items]
Borrowing amount of credit facility							175,000,000
Debt Instrument, carrying value							167,000,000
Remaining borrowing capacity of credit facility							7,200,000
Letters of credit							$ 800,000
NCM, LLC. \| Covenant During Waiver Max \| Senior Secured Credit Facility \| Credit Agreement Third Agreement
Debt Instrument [Line Items]
Net total leverage ratio, covenant	1.00		1.00
Net senior secured leverage ratio	1.00		1.00
NCM, LLC. \| Covenant During Waiver Max \| Senior Secured Credit Facility \| Credit Agreement Third Agreement \| Future period
Debt Instrument [Line Items]
Net total leverage ratio, covenant					1.00	1.00
Net senior secured leverage ratio					1.00	1.00
NCM, LLC. \| RevolvingCreditFacilityMember2022
Debt Instrument [Line Items]
Borrowing amount of credit facility									$ 50,000,000
NCM, LLC. \| Available Cash Requirement, Covenant During Waiver Min \| Senior Secured Credit Facility \| Credit Agreement Third Agreement
Debt Instrument [Line Items]
Net senior secured leverage ratio					4.00
NCM, LLC. \| Available Cash Requirement, Covenant During Waiver Max \| Senior Secured Credit Facility \| Credit Agreement Third Agreement
Debt Instrument [Line Items]
Net senior secured leverage ratio					1.00

Fair Value Measurements (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 29, 2023	Jun. 30, 2022	Jun. 29, 2023	Jun. 30, 2022	Dec. 29, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale, Realized Gain (Loss)	$ 8.5		$ 8.5		$ 0.2
Other than Temporary Impairment Losses, Investments	0.0	$ 0.0	0.0	$ 0.1
Other investments	$ 0.0		$ 0.0		$ 0.1
Senior Secured Notes due 2028
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Repurchase of promissory notes		$ 25.8		$ 25.8

Fair Value Measurements

3 Months Ended

Jun. 29, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

All current assets and liabilities are estimated to approximate their fair value due to the short-term nature of these balances. Fair value is the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is estimated by applying the following hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement:

Level 1—Quoted prices in active markets for identical assets or liabilities.

Level 2—Observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3—Inputs that are generally unobservable and typically reflect management’s estimate of assumptions that market participants would use in pricing the asset or liability.

Non-Recurring Measurements—Certain assets are measured at fair value on a non-recurring basis. These assets are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances. These assets include long-lived assets, intangible assets, cost and equity method investments and borrowings.

Equity securities without a readily determinable fair value —On a periodic basis, but no less frequently than quarterly, the investment in equity securities without readily determinable fair value is qualitatively assessed for impairment if there are events or changes in circumstances that may have a significant adverse effect on the fair value of the investment. If a significant adverse effect on the fair value of the investment were to occur and was deemed to be other-than-temporary, the fair value of the investment would be estimated, and the amount by which the carrying value of the investment exceeds its fair value would be recorded within Net Income.


	As of
	June 29, 2023		December 29, 2022
Investment in NCM LLC (1)	$	11.9	$	—
Other investments (2)(3)	—		0.1
Total	$	11.9	$	0.1

_______________________________________

(2)Following the deconsolidation of NCM LLC on the petition date, these investments are not on NCM, Inc.’s Condensed Consolidated Balance Sheet as of June 29, 2023.

Long-Lived Assets, Intangible Assets and Other Investments—As described in Note 1—The Company, the Company regularly reviews long-lived assets (primarily property, plant and equipment), intangible assets and investments accounted for under the cost or equity method for impairment whenever events or changes in circumstances indicate that the carrying amounts of the assets may not be fully recoverable. When the estimated fair value is determined to be lower than the carrying value of the asset, an impairment charge is recorded to write the asset down to its estimated fair value. Following the deconsolidation of NCM LLC on the petition date, there are no other investments on NCM, Inc.’s Condensed Consolidated Balance Sheet as of June 29, 2023.

Other investments consisted of the following (in millions):


	As of
	June 29, 2023		December 29, 2022
Investment in AC JV, LLC (1)(2)	$	—	$	0.8

Total	$	—	$	0.8

_______________________________________

(1)This investment is accounted for utilizing the equity method. The investment was initially valued using comparative market multiples.

(2)Following the deconsolidation of NCM LLC on the petition date, these investments are not on NCM, Inc.’s Condensed Consolidated Balance Sheet as of June 29, 2023.

During the three months ended June 29, 2023 and June 30, 2022 and six months ended June 29, 2023 and June 30, 2022, NCM, Inc. recorded impairment charges of $0.0 million, $0.0 million, $0.0 million and $0.1 million, respectively, on certain of its investments due to new information regarding the fair value of the investee. As of June 29, 2023, no other observable price changes or impairments have been recorded as a result of NCM LLC’s qualitative assessment of identified events or changes in the circumstances of the investments. As the inputs to the determination of fair value are based upon non-identical assets and use significant unobservable inputs, they have been classified as Level 3 in the fair value hierarchy.

Borrowings—As NCM LLC is the debtor of all loans held, there is no debt on NCM, Inc.’s Condensed Consolidated Balance Sheet as of June 29, 2023. The estimated fair values of NCM, Inc.’s financial instruments where carrying values do not approximate fair value are as follows (in millions):


	As of June 29, 2023				As of December 29, 2022
	Carrying Value		Fair Value		Carrying Value		Fair Value (1)
Revolving credit facility 2018	$	—	$	—	$	167.0	$	44.6
Revolving credit facility 2022	$	—	$	—	$	50.0	$	13.4
Term loans - first tranche	$	—	$	—	$	258.5	$	65.8
Term loans - second tranche	$	—	$	—	$	49.3	$	13.1
Notes due 2026	$	—	$	—	$	230.0	$	6.9
Notes due 2028	$	—	$	—	$	374.2	$	91.7

____________________________________________

Recurring Measurements—All current assets and liabilities are estimated to approximate their fair value due to the short-term nature of these balances. The fair values of the NCM, Inc.’s assets and liabilities measured on a recurring basis pursuant to ASC 820-10 Fair Value Measurements and Disclosures are as follows (in millions):


			Fair Value Measurements at Reporting Date Using
	Fair Value as of June 29, 2023		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
ASSETS:
Cash equivalents (1)	$	0.8	$	0.8	$	—	$	—
Short-term marketable securities (2)	1.0		—		1.0		—
Long-term corporate bonds (2)(3)	7.7		—		7.7		—
Total assets	$	9.5	$	0.8	$	8.7	$	—


			Fair Value Measurements at Reporting Date Using
	Fair Value as of December 29, 2022		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
ASSETS:
Cash equivalents (1)	$	0.8	$	0.8	$	—	$	—
Short-term marketable securities (2)	0.7		—		0.7		—
Long-term marketable securities (2)	0.3		—		0.3		—
Total assets	$	1.8	$	0.8	$	1.0	$	—

___________________________________________

marketable securities balance as of June 29, 2023 or December 29, 2022 given the immaterial difference between the amortized cost basis and the aggregate fair value of NCM, Inc.'s securities.

The amortized cost basis, aggregate fair value and maturities of the Level 1 fair value securities NCM, Inc. held as of June 29, 2023 and December 29, 2022 were as follows:


	As of June 29, 2023
	Amortized Cost Basis (in millions)		Aggregate Fair Value (in millions)		Maturities (1) (in years)
LEVEL 1 FAIR VALUE SECURITIES:





Short-term certificates of deposit	$	1.0	$	1.0	0.6
Total short-term marketable securities	1.0		1.0


Long-term corporate bonds	25.8		7.7		4.9
Total long-term marketable securities	25.8		7.7
Total marketable securities	$	26.8	$	8.7


	As of December 29, 2022
	Amortized Cost Basis (in millions)		Aggregate Fair Value (in millions)		Maturities (1) (in years)
LEVEL 1 FAIR VALUE SECURITIES:


Short-term certificates of deposit	$	0.7	$	0.7	1.0




Total short-term marketable securities	0.7		0.7


Long-term certificates of deposit	0.3		0.3		1.3
Total long-term marketable securities	0.3		0.3
Total marketable securities	$	1.0	$	1.0

___________________________________

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details