0001564590-21-010996 | 10-K | XBRL Viewer

$ 137,003,000

$ 395,664,000

$ 374,401,000

Selling, general and administrative expenses

115,463,000

181,492,000

166,472,000

Gross margin

^[1]

21,540,000

214,172,000

207,929,000

108,485,000

123,456,000

117,477,000

Research and development

5,618,000

5,203,000

13,728,000

Amortization of intangibles

5,394,000

4,955,000

4,145,000

Credit loss expense (see Note 5)

18,608,000

2,430,000

3,130,000

Asset impairments

1,151,000

Legal judgment and arbitration awards (see Note 16)

4,105,000

11,737,000

Executive transition costs (see Note 25)

2,994,000

Exit costs, restructuring charges and associated impairments (see Note 26)

850,000

9,542,000

(Loss) income from operations

(121,821,000)

77,278,000

45,176,000

Loss in fair value of investments

(2,081,000)

(517,000)

Retirement benefits non-service expense

(600,000)

(737,000)

(499,000)

Interest income

2,388,000

2,105,000

1,844,000

Interest expense

(7,010,000)

(2,793,000)

(2,916,000)

(Loss) income before taxes

(129,124,000)

75,336,000

43,605,000

Income tax expense

(26,504,000)

(16,768,000)

(9,518,000)

Equity in (losses) income of investees, net of tax

(1,858,000)

3,000

(492,000)

Net (loss) income

(157,486,000)

58,571,000

33,595,000

Net loss (income) attributable to non-controlling interests

13,711,000

(11,705,000)

(10,751,000)

Net (loss) income attributable to common shareholders

$ (143,775,000)

$ 46,866,000

$ 22,844,000

Net (loss) income per share attributable to common shareholders - basic and diluted:

Net (loss) income per share — basic and diluted

$ (2.43)

$ 0.76

$ 0.36

Technology Sales [Member]

Revenues

$ 49,728,000

$ 118,245,000

$ 106,591,000

Image Enhancement and Maintenance Services [Member]

33,170,000

63,627,000

54,853,000

Revenues

59,318,000

188,547,000

181,740,000

Technology Rentals [Member]

53,598,000

88,175,000

84,236,000

Revenues

17,841,000

77,961,000

74,472,000

28,695,000

29,690,000

27,383,000

Finance Income [Member]

Revenues

Organization Consolidation And Presentation Of Financial Statements [Abstract]

$ 10,116,000

$ 10,911,000

$ 11,598,000

[1]

IMAX DMR segment margins include marketing costs of $3.4 million, $22.5 million, and $16.5 million in 2020, 2019 and 2018, respectively. Joint revenue sharing arrangements segment margins include advertising, marketing, and commission costs of $1.8 million, $4.5 million and $3.6 million in 2020, 2019 and 2018, respectively. IMAX Systems segment margins include marketing and commission costs of $2.0 million, $2.0 million and $2.4 million in 2020, 2019 and 2018, respectively. Film Distribution segment margins includes marketing expense of $0.7 million, 0.4 million and $2.2 million in 2020, 2019 and 2018, respectively.

Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statement Of Income And Comprehensive Income [Abstract]
Net (loss) income	$ (157,486)	$ 58,571	$ 33,595
Unrealized defined benefit plan actuarial (loss) gain	(897)	157	1,448
Unrealized postretirement benefit plans actuarial (loss) gain	(351)	(153)	85
Prior service cost arising during the period		(456)
Amortization of prior service cost	87
Unrealized net gain (loss) from cash flow hedging instruments	500	552	(2,219)
Realization of cash flow hedging net loss (gain) upon settlement	604	1,183	(408)
Foreign currency translation adjustments	5,992	(729)	(3,170)
Other comprehensive income (loss), before tax	5,935	554	(4,264)
Income tax benefit (expense) related to other comprehensive income (loss)	55	(378)	286
Other comprehensive income (loss), net of tax	5,990	176	(3,978)
Comprehensive (loss) income	(151,496)	58,747	29,617
Comprehensive loss (income) attributable to non-controlling interests	11,899	(11,483)	(9,735)
Comprehensive (loss) income attributable to common shareholders	$ (139,597)	$ 47,264	$ 19,882

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Operating Activities
Net (loss) income	$ (157,486)	$ 58,571	$ 33,595
Adjustments to reconcile net (loss) income to cash from operations:
Depreciation and amortization	53,606	63,487	57,437
Credit loss expense	18,608	2,430	3,130
Write-downs	17,729	4,376	8,640
Deferred income tax expense (benefit)	23,618	6,762	(6,923)
Share-based and other non-cash compensation	22,038	23,570	23,723
Unrealized foreign currency exchange (gain) loss	(1,355)	32	631
Loss in fair value of investments	2,081	517
Equity in losses (income) of investees	1,858	(3)	492
Changes in assets and liabilities:
Accounts receivable	33,597	(8,621)	33,942
Inventories	1,637	1,942	(14,022)
Film assets	(7,665)	(23,437)	(23,200)
Deferred revenue	(6,637)	(12,242)	(6,494)
Changes in other operating assets and liabilities	(24,640)	(27,008)	(979)
Net cash (used in) provided by operating activities	(23,011)	90,376	109,972
Investing Activities
Purchase of property, plant and equipment	(697)	(7,421)	(13,368)
Investment in equipment for joint revenue sharing arrangements	(6,654)	(40,489)	(34,810)
Acquisition of other intangible assets	(1,904)	(2,931)	(8,696)
Investment in equity securities		(15,153)
Net cash used in investing activities	(9,255)	(65,994)	(56,874)
Financing Activities
Increase in revolving credit facility borrowings	287,610	35,000	65,000
Repayment of revolving credit facility borrowings		(55,000)	(50,667)
Credit facility amendment fees paid	(1,073)		(1,909)
Settlement of restricted share units and options	(3,075)	(9,795)	(5,249)
Treasury stock repurchased for future settlement of restricted share units	(11)	(4,038)	(916)
Repurchase of common shares	(36,624)	(2,659)	(71,479)
Taxes withheld and paid on employee stock awards vested	(512)	(590)	(1,437)
Common shares issued - stock options exercised		2,404	1,017
Issuance of subsidiary shares to non-controlling interests (net of return on capital)		1,106	7,796
Dividends paid to non-controlling interests	(4,214)	(4,384)	(6,934)
Net cash provided by (used in) financing activities	240,567	(57,118)	(70,862)
Effects of exchange rate changes on cash	(406)	630	629
Increase (decrease) in cash and cash equivalents during year	207,895	(32,106)	(17,135)
Cash and cash equivalents, beginning of year	109,484	141,590	158,725
Cash and cash equivalents, end of year	317,379	109,484	141,590
IMAX China
Financing Activities
Repurchase of common shares	$ (1,534)	$ (19,162)	$ (6,084)

Consolidated Statements of Shareholder's Equity - USD ($) $ in Thousands	Total	Capital Stock [Member]	Other Equity [Member]	Accumulated Deficit [Member]	Accumulated Deficit [Member] Retrospective adoption of ASC Topic 606, Revenue from Contracts with Customers	Accumulated Other Comprehensive Loss [Member]	Non-controlling Interests [Member]	Non-controlling Interests [Member] Retrospective adoption of ASC Topic 606, Revenue from Contracts with Customers	Common Shares Issued and Outstanding [Member]
Balance, beginning of year at Dec. 31, 2017		$ 440,664	$ 175,300	$ (87,592)	$ 27,213	$ (626)
Movement of Shareholders' Equity
Amortization of share-based payment expense - stock options			5,907
Amortization of share-based payment expense - restricted share units			16,325
Change in shares held in treasury		4,216
Restricted share units vested			(12,582)
Employee stock options exercised		218
Cash received from the issuance of common shares in excess of par value			799
Fair value of stock options exercised at the grant date		70	(70)
Common shares repurchased, IMAX China			(6,084)
Common shares repurchased and retired		(23,629)		(47,850)
Net (loss) income attributable to common shareholders	$ 22,844			22,844			$ 13,461
Other comprehensive income (loss), net of tax	$ (3,978)					(2,962)	(1,016)
Dividends paid to non-controlling shareholders							(6,934)
Balance, end of year at Dec. 31, 2018		421,539	179,595	$ (85,385)		(3,588)
Movement of Shareholders' Equity
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate201409Member			us-gaap:AccountingStandardsUpdate201409Member
Balance, beginning of year at Dec. 31, 2017							74,511	$ 735
Balance, end of year at Dec. 31, 2018	$ 800						80,757
Common shares issued and outstanding, Balance, beginning of year at Dec. 31, 2017									64,695,550
Movement of Shareholders' Equity
Employee stock options exercised									12,750
Restricted share units and stock option exercises settled from treasury shares purchased on open market									206,651
Repurchase of common shares									(3,436,783)
Number of treasury shares held in trust for future settlement of share based awards									(44,579)
Common shares issued and outstanding, Balance, end of year at Dec. 31, 2018									61,433,589
Movement of Shareholders' Equity
Total shareholders' equity	592,918
Amortization of share-based payment expense - stock options			8,910
Amortization of share-based payment expense - restricted share units			13,985
Change in shares held in treasury		(3,122)
Restricted share units vested			(10,525)
Employee stock options exercised		1,752
Cash received from the issuance of common shares in excess of par value			651
Fair value of stock options exercised at the grant date		104	(104)
Common shares repurchased, IMAX China			(19,162)
Common shares repurchased and retired		(925)		$ (1,734)
Stock options exercised from treasury shares			(1,561)
Net (loss) income attributable to common shareholders	46,866			46,866			13,343
Other comprehensive income (loss), net of tax	176					398	(223)
Dividends paid to non-controlling shareholders							(4,384)
Balance, end of year at Dec. 31, 2019	547,694	419,348	171,789	(40,253)		(3,190)
Balance, end of year at Dec. 31, 2019	$ 89,493						89,493
Movement of Shareholders' Equity
Employee stock options exercised									19,088
Restricted share units and stock option exercises settled from treasury shares purchased on open market									44,579
Repurchase of common shares									(134,384)
Number of treasury shares held in trust for future settlement of share based awards	187,020								(187,020)
Common shares issued and outstanding, Balance, end of year at Dec. 31, 2019	61,175,852								61,175,852
Movement of Shareholders' Equity
Total shareholders' equity	$ 637,187
Amortization of share-based payment expense - stock options			2,707
Amortization of share-based payment expense - restricted share units			14,162
Amortization of share-based payment expense - performance stock units			2,771
Change in shares held in treasury		4,027
Restricted share units vested		1,448	(9,565)
Common shares repurchased, IMAX China			(1,534)
Common shares repurchased and retired		(17,803)		(18,821)
Net (loss) income attributable to common shareholders	(143,775)			(143,775)			(8,572)
Other comprehensive income (loss), net of tax	5,990					4,178	1,812
Dividends paid to non-controlling shareholders							(4,214)
Balance, end of year at Dec. 31, 2020	385,489	$ 407,020	$ 180,330	$ (202,849)		$ 988
Balance, end of year at Dec. 31, 2020	$ 78,519						$ 78,519
Movement of Shareholders' Equity
Restricted share units and stock option exercises settled from treasury shares purchased on open market									187,020
Restricted share units settled with new treasury shares									42,982
Repurchase of common shares									(2,484,123)
Number of treasury shares held in trust for future settlement of share based awards	723								(723)
Common shares issued and outstanding, Balance, end of year at Dec. 31, 2020	58,921,008								58,921,008
Movement of Shareholders' Equity
Total shareholders' equity	$ 464,008

Description of the Business

12 Months Ended

Dec. 31, 2020

Description of the Business

1. Description of the Business

IMAX Corporation, together with its consolidated subsidiaries (the “Company”), is one of the world’s leading entertainment technology companies, specializing in technological innovations powering the presentation of some of today’s most immersive entertainment experiences. Through its proprietary software, theater architecture, patented intellectual property and specialized equipment, IMAX offers a unique end-to-end cinematic solution to create the highest-quality, most immersive motion picture and other entertainment event experiences for which the IMAX® brand has become known globally. Top filmmakers and movie studios utilize the cutting-edge visual and sound technology of IMAX to connect with audiences in innovative ways, and as a result, IMAX’s network is among the most important and successful distribution platforms for major films and other events around the world.

The Company leverages its innovative technology and engineering in all aspects of its business, which principally consists of the digital remastering of films and other presentations into the IMAX format (“IMAX DMR”) and the sale or lease of premium IMAX theater systems (“IMAX Theater Systems”). The Company refers to all theaters using the IMAX Theater System as “IMAX theaters.”

For all IMAX theaters, theater owners or operators are also responsible for paying the Company an annual maintenance and extended warranty fee. Under these arrangements, the Company provides proactive and emergency maintenance services to every theater in its network to ensure that each presentation is up to the highest IMAX quality standard. The Company’s theater business activities also include the after-market sale of IMAX projection system parts and 3D glasses.

As of December 31, 2020, there were 1,650 IMAX Theater Systems operating in 84 countries and territories, including 1,562 commercial multiplexes, 12 commercial destinations and 76 institutional locations. This compares to 1,624 IMAX Theater Systems operating in 81 countries and territories as of December 31, 2019 including 1,529 commercial multiplexes, 14 commercial destinations and 81 institutional locations.

The Company also licenses film content and distributes large-format films, primarily for its institutional theater partners and provides film post-production and quality control services for large-format films (whether produced by IMAX or third parties), and digital post-production services.

The Company has the following reportable segments: (i) IMAX DMR; (ii) Joint Revenue Sharing Arrangements; (iii) IMAX Systems, (iv) IMAX Maintenance; (v) Other Theater Business; (vi) New Business Initiatives; (vii) Film Distribution; and (viii) Film Post-Production, which are described in Note 21.

Impact of COVID-19 Pandemic

12 Months Ended

Dec. 31, 2020

Impact Of Coronavirus Nineteen Pandemic [Abstract]

Impact of COVID-19 Pandemic

2. Impact of COVID-19 Pandemic

In late January 2020, in response to the public health risks associated with the novel coronavirus and the disease that it causes (“COVID-19”), the Chinese government directed exhibitors in China to temporarily close more than 70,000 movie theaters, including all of the approximately 700 IMAX theaters in mainland China. On March 11, 2020, due to the worsening public health crisis associated with the novel coronavirus, COVID-19 was characterized as a pandemic by the World Health Organization, and in the following weeks, local, state and national governments instituted stay-at-home orders and restrictions on large public gatherings which caused movie theaters in countries around the world to temporarily close, including substantially all of the IMAX theaters in those countries. As a result of the theater closures, movie studios postponed the theatrical release of most films originally scheduled for release in 2020 and early 2021, including many scheduled to be shown in IMAX theaters, while several other films were released directly or concurrently to streaming platforms. More recently, stay-at-home orders have been lifted in many countries and movie theaters throughout the IMAX network gradually reopened in the third quarter of 2020 with reduced capacities, physical distancing requirements, and other safety measures. As of December 31, 2020, a significant number of the theaters in the IMAX commercial multiplex network were open, including substantially all of the theaters in Greater China. In many parts of Asia, audiences have returned to theaters, particularly IMAX theaters, in numbers consistent with pre-pandemic attendance levels despite the continued delay of Hollywood theatrical releases, which typically account for 70% of box office ticket sales in those regions. Management believes this indicates that moviegoers are eager to return to cinemas where and when theaters are open and they feel safe. However, ticket sales have been significantly lower than normal levels in theaters outside of Asia as Hollywood movie studios have further delayed the theatrical release dates for a number of films. As a result, certain theater chains have remained closed or have reduced their operating hours. In addition, theaters in major markets remain temporarily closed.

The repercussions of the COVID-19 global pandemic resulted in a significant decrease in the Company’s revenues, earnings and operating cash flows in 2020 as gross box office (“GBO”) results from the Company’s theater customers declined significantly, the installation of certain theater systems was delayed, and maintenance services were generally suspended for theaters that were closed. While there continues to be a lack of new films released by movie studios and a significant number of theaters in the IMAX network are closed, the Company is experiencing a significant decline in earnings and operating cash flows as it is generating significantly lower than normal levels of GBO-based revenue from its joint revenue sharing arrangements and digital remastering services, it is unable to provide normal maintenance services to any of the theaters that remain closed, and while some installation activity is continuing, certain theater system installations have, and may continue to be delayed. In addition, the Company has experienced and is likely to continue to experience delays in collecting payments due under existing theater sale or lease arrangements from its exhibitor customers who are facing financial difficulties as a result of the theater closures. In response, the Company has provided temporary relief to exhibitor customers by waiving or reducing maintenance fees during periods when theaters are closed or operating with reduced capacities and, in certain situations, by providing extended payment terms on annual minimum payment obligations in exchange for a corresponding or longer extension of the term of the underlying sale or lease arrangement. As discussed in Note 5, in 2020, the Company increased its provision for current expected credit losses by $18.6 million, in part reflecting a reduction in the credit quality of its theater related accounts receivable, financing receivables and variable consideration receivables, which management believes is primarily related to the COVID-19 pandemic and adequately addresses the risk of not collecting these receivables in full.

The Company may continue to be significantly impacted by the COVID-19 global pandemic even after a significant portion or all theaters are reopened. The global economic impact of COVID-19 has led to record levels of unemployment in certain countries, which has led to, and may continue to result in lower consumer spending. The timing and extent of a recovery of consumer behavior and willingness to spend discretionary income on movie-going may delay the Company’s ability to generate significant GBO-based revenue as consumer behavior normalizes and consumer spending recovers.

In response to uncertainties associated with the COVID-19 global pandemic, the Company has taken and is continuing to take significant steps to preserve cash by eliminating non-essential costs, placing certain employees on a temporary furlough, reducing the working hours of other employees and reducing all non-essential capital expenditures to minimum levels.

The Company has also implemented an active cash management process, which, among other things, requires senior management approval of all outgoing payments. In addition, in the first quarter of 2020, the Company drew down $280.0 million in remaining available borrowing capacity under the Credit Facility provided by the Credit Agreement, which was then amended in June 2020 to, among other things, suspend the Senior Secured Net Leverage Ratio financial covenant in the Credit Agreement through the first quarter of 2021 and substitute quarterly EBITDA from the third and fourth quarters of 2019 in lieu of the EBITDA for the corresponding quarters of 2020 to meet the original Senior Secured Net Leverage Ratio financial covenant (see Note 14).

As of December 31, 2020, the Company was in compliance with all of its requirements under the Credit Agreement, as amended. The Company’s continued compliance with the requirements of the Credit Agreement will depend on the Company’s ability to generate sufficient EBITDA to ensure compliance with the Senior Secured Net Leverage Ratio covenant throughout the next twelve months, which is dependent on the timing of when theaters in the IMAX network resume normal operations. The risk of breaching this covenant within the next twelve months increases significantly as the ongoing COVID-19 pandemic continues to adversely impact the Company’s ability to generate EBITDA. A violation of this covenant would represent an event of default under the terms of the Credit Agreement, allowing lenders to declare the principal and interest on all outstanding Credit Facility indebtedness due or payable immediately. If a breach of the Senior Secured Net Leverage Ratio covenant were to occur, however, management believes the Company would be able to either reduce a sufficient portion of the drawn amount on the Credit Facility with existing cash balances to achieve compliance, obtain additional sources of liquidity prior to the time when the repayment of its outstanding Credit Facility indebtedness would be required, or negotiate a further amendment with its lenders to the Credit Agreement to provide further covenant relief.

Furthermore, the Company has applied for and received wage subsidies, tax credits and other financial support under COVID-19 relief legislation that has been enacted in the countries in which it operates. During 2020, the Company recognized $6.4 million in benefits from the Canada Emergency Wage Subsidy (“CEWS”) program and $0.7 million in benefits from the U.S. CARES Act, as reductions to Selling, General and Administrative Expenses ($6.0 million), Costs and Expenses Applicable to Revenues ($1.0 million) and Research and Development ($0.1 million) in the Consolidated Statements of Operations. The CEWS program has been extended to June 2021. The Company will continue to review and apply for additional subsidies and credits for the remaining terms of these programs, where applicable.

In the fourth quarter of 2020, the Company performed its annual goodwill impairment test considering the latest available information and determined that its goodwill was not impaired. As of December 31, 2020, the Company’s total Goodwill was $39.0 million, of which $19.1 million relates to the IMAX Systems reporting unit, $13.5 million relates to the Joint Revenue Sharing Arrangement reporting unit, and $6.4 million relates to the IMAX Maintenance reporting unit. The impairment test was performed on a reporting unit level by comparing each unit’s carrying value, including goodwill, to its fair value. The carrying value of each reporting unit is based on a systematic and rational allocation of certain assets and liabilities. The fair value of each reporting unit is assessed using a discounted cash flow model based on management’s current short-term forecast and estimated long-term projections, against which various sensitivity analyses are performed. The discount rates used in the cash flow model are derived based on the Company’s estimated weighted average cost of capital. These estimates and the likelihood of future changes in these estimates depend on a number of underlying variables and a range of possible outcomes. Actual results may differ materially from management’s estimates, especially due to the uncertainties associated with the COVID-19 pandemic (see Note 3).

In the fourth quarter of 2020, the Company also updated its recoverability tests of the carrying values of the theater system equipment supporting its joint revenue sharing arrangements, which are recorded within Property, Plant and Equipment. In performing its reviews of recoverability, the Company estimated the undiscounted future cash flows expected to result from the use of the assets. The cash flow estimates used in these tests are consistent with management’s estimated long-term projections, against which various sensitivity analyses were performed. These estimates are highly uncertain due to the COVID-19 global pandemic; therefore, management’s estimated cash flows factor in a number of underlying variables and ranges of possible cash flow scenarios. Actual results may differ materially from management’s estimates, especially due to the uncertainties associated with the COVID-19 pandemic. For the year ended December 31, 2020, the Company recorded impairment losses of $0.3 million related to the theater system equipment supporting its joint revenue sharing arrangements. (See Note 3.)

In the third quarter of 2020, the Company assessed the recoverability of its deferred tax assets and recorded a $23.7 million valuation allowance to reduce the value of deferred tax assets. The valuation allowance was recorded in the jurisdictions where management could not reliably forecast that future tax liabilities would arise within the next five years, primarily due to the uncertainties around the long-term impact of the COVID-19 global pandemic. In the fourth quarter of 2020, the Company increased the valuation allowance against its deferred tax assets by $4.9 million due to additional losses recorded in the period. The valuation allowance is expected to reverse when the Company determines it is more likely than not that the deferred tax assets in these jurisdictions will be realized. Despite this valuation allowance, the Company remains entitled to benefit from the tax attributes which currently have a valuation allowance applied to them. (See Note 12.)

If business conditions deteriorate further, or should they remain depressed for a more prolonged period of time, management’s estimates of operating results and future cash flows for the IMAX Systems and Joint Revenue Sharing Arrangements reporting units may be insufficient to support the goodwill assigned to them, thus requiring impairment charges. The Company will continue to evaluate the recoverability of goodwill at the reporting unit level on an annual basis and whenever events or changes in circumstances indicate there may be a potential impairment. In addition, estimates related to future expected credit losses (see Note 5) and the recoverability of deferred tax assets (see Note 12), as well as the recoverability of joint revenue sharing equipment assets and the realization of variable consideration assets, could be further impacted by changes in estimates in the future (see Note 3).

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2020

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Summary of Significant Accounting Policies

3. Summary of Significant Accounting Policies

The Company prepares its Consolidated Financial Statements in accordance with U.S. GAAP and pursuant to the rules and regulations of the Securities and Exchange Commission. The significant accounting policies used by the Company are summarized below.

(a)

Principles of Consolidation

The Consolidated Financial Statements include the accounts of the Company together with its consolidated subsidiaries, except for subsidiaries which have been identified as variable interest entities (“VIEs”) where the Company is not the primary beneficiary. All intercompany accounts and transactions have been eliminated. The Company has evaluated its various variable interests to determine whether they are VIEs as required by U.S. GAAP.

The Company has interests in ten film production companies, which have been identified as VIEs. The Company is the primary beneficiary of and consolidates five of these entities as it has the power to direct the activities that most significantly impact the economic performance of the VIE, and it has the obligation to absorb losses or the right to receive benefits from the respective VIE that could potentially be significant. The majority of the assets relating to these production companies are held by the IMAX Original Film Fund (the “Original Film Fund”) as described in Note 24(b). The Company does not consolidate the other five film production companies because it does not have the power to direct their activities and it does not have the obligation to absorb the majority of the expected losses or the right to receive expected residual returns. The Company uses the equity method of accounting for these entities, which are not material to the Company’s Consolidated Financial Statements. A loss in value of an investment that is other than temporary is recognized as a charge in the Consolidated Statements of Operations.

As of December 31, 2020 and 2019, total assets and liabilities of the Company's consolidated VIEs are as follows:

	December 31,		December 31,
(In thousands of U.S. Dollars)	2020		2019
Total assets	$	1,543	$	9,677
Total liabilities⁽¹⁾	$	230	$	308

(1)	Prior year comparative amounts have been updated to conform with current year presentation. As a result, total liabilities as of December 31, 2019 have been updated to exclude the non-controlling interest in temporary equity.

(b)

Estimates and Assumptions

The preparation of financial statements and related disclosures in accordance with U.S. GAAP requires management to make judgments, assumptions, and estimates that affect the amounts reported in the Company’s Consolidated Financial Statements and accompanying notes. Management’s judgments, assumptions, and estimates are based on historical experience, future expectations and other factors that are believed to be reasonable as of the date of the Company’s Consolidated Financial Statements. Actual results may ultimately differ from the Company’s original estimates, as future events and circumstances sometimes do not develop as expected, and the differences may be material.

Significant estimates made by management include, but are not limited to: (i) the allocation of the transaction price in an IMAX Theater System arrangement to distinct performance obligations; (ii) constraints on the recognition of variable consideration related to sales of IMAX Theater Systems; (iii) expected credit losses on accounts receivable, financing receivables and variable consideration receivables; (iv) provisions for the write-down of excess and obsolete inventory; (v) the fair values of the reporting units used in assessing the recoverability of goodwill; (vi) the cash flow estimates used in testing the recoverability of long-lived assets such as the theater system equipment supporting joint revenue sharing arrangements; (vii) the economic lives of the theater system equipment supporting joint revenue sharing arrangements; (viii) the useful lives of intangible assets; (ix) the ultimate revenue forecasts used to test the recoverability of film assets; (x) the discount rates used to determine the present value of lease liabilities; (xi) pension plan assumptions; (xii) estimates related to the fair value and projected vesting of share-based payment awards; (xiii) the valuation of deferred income tax assets; and (xiv) reserves related to uncertain tax positions.

(c)

Cash and Cash Equivalents

The Company considers all highly liquid investments convertible to a known amount of cash and with an original maturity of three months or less to be cash equivalents.

(d)

Current Expected Credit Losses

In 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASC Topic 326”), which amends previously issued guidance regarding the impairment of financial instruments by creating an impairment model that is based on expected losses rather than incurred losses. The standard requires financial assets measured on the amortized cost basis to be presented at the net amount expected to be collected. The Company’s accounts receivable, financing receivables and variable consideration receivables are within the scope of ASU No. 2016-13. The Company adopted ASU No. 2016-13 and several associated ASUs on January 1, 2020 with no required cumulative-effect adjustment to accumulated deficit.

The ability of the Company to collect its accounts receivable balances is heavily dependent on the viability and solvency of individual theater operators which is significantly influenced by consumer behavior and general economic conditions. Theater operators and, in certain situations, movie studios, may experience financial difficulties that could cause them to be unable to fulfill their payment obligations to the Company.

The Company develops its estimate of credit losses by class of receivable and customer type through a calculation that utilizes historical loss rates which are then adjusted for specific receivables that are judged to have a higher than normal risk profile after taking into account management’s internal credit quality classifications, as well as macro-economic and industry risk factors.

The Company considers financing receivables with an aging between 60-89 days as indications of theaters with potential collection concerns. At this point, the Company will begin to focus its review on these financing receivables and increase its discussions internally and with the theater regarding payment status. Once a theater’s aging exceeds 90 days, the Company’s policy is to perform an enhanced review to assess collectibility of the theater’s past due accounts. The over 90 days past due category may be an indicator of potential impairment as up to 90 days outstanding is considered to be a reasonable time to resolve any issues. Given the impacts of the COVID-19 global pandemic on the Company’s customers, management has enhanced its monitoring procedures with respect to overdue receivables.

(See Note 5 for more information related to the Company’s receivables and current expected credit losses.)

(e)

Inventories

Inventories are carried at the lower of cost, determined on an average cost basis, and net realizable value except for raw materials, which are carried at the lower of cost and replacement cost. Finished goods and work-in-process includes the cost of raw materials, direct labor, theater design costs, and an applicable share of manufacturing overhead costs.

The costs related to IMAX Theater Systems under sales and sales-type lease arrangements are transferred from Inventories to Costs and Expenses Applicable to Revenues – Technology Sales in the period when the sale is recognized in the Consolidated Statements of Operations. The costs related to IMAX Theater Systems under joint revenue sharing arrangements are transferred from Inventories to assets under construction in Property, Plant and Equipment when allocated to a signed joint revenue sharing arrangement.

The Company records write-downs for excess and obsolete inventory based upon management’s judgments regarding future events and business conditions, including the anticipated installation dates for the current backlog of theater system contracts, contracts in negotiation, technological developments, growth prospects within the customers’ ultimate marketplace and anticipated market acceptance of the Company’s current and pending theater systems.

Finished goods inventories includes IMAX Theater Systems for which title has passed to the Company’s customer in situations when the theater system has been delivered to the customer, but the revenue recognition criteria discussed in Note 3(n) have not been met.

(f)

Film Assets

Costs of producing films, including labor, allocated overhead, and costs of acquiring film rights are recorded as Film Assets. Production financing provided by third parties that acquire substantive rights in the film is recorded as a reduction of the cost of the production. Film assets are amortized and participation costs are accrued using the individual-film-forecast method in the same ratio that current gross revenues bear to current and anticipated future ultimate revenues. Estimates of ultimate revenues are prepared on a title-by-title basis and reviewed regularly by management and revised where necessary to reflect the most current information. Ultimate revenues for films include estimates of revenue over a period not to exceed ten years following the date of initial release.

Film exploitation costs, including advertising costs, are expensed as incurred.

Costs, including labor and allocated overhead, of digitally remastering films where the copyright is owned by a third party and the Company shares in the revenue of the third party are included in Film Assets. These costs are amortized using the individual-film-forecast method in the same ratio that current gross revenues bear to current and anticipated future ultimate revenues from the remastered film.

The recoverability of the Company’s film assets is dependent upon the commercial acceptance of the underlying films and the resulting level of box office results and, in certain situations, ancillary revenues. If management’s projections of future net cash flows resulting from the exploitation of a film indicate that the carrying value of the film asset is not recoverable, the film asset is written down to its fair value.

(g)

Property, Plant and Equipment

Property, Plant and Equipment is recorded at cost and is depreciated on a straight-line basis over the estimated useful lives of the underlying assets as follows:


Theater system components⁽¹⁾	—	Over the equipment’s anticipated useful life (7 to 20 years)
Camera equipment	—	Over a period between 5 to 10 years
Buildings	—	Over a period between 20 to 25 years
Office and product equipment	—	Over a period between 3 to 5 years
Leasehold improvements	—	Over the shorter of the initial term of the underlying leases plus any reasonably assured renewal
		terms, and the useful life of the asset

(1)	Includes equipment under joint revenue sharing arrangements.

Equipment and theater system components allocated to be used in future joint revenue sharing arrangements, as well as related direct labor costs and an allocation of direct production costs, are included in assets under construction until such equipment is installed and in working condition, at which time the equipment is depreciated on a straight-line basis over the lesser of the term of the joint revenue sharing arrangement and the equipment’s anticipated useful life. The estimated useful lives of the equipment and theater system components used in joint revenue sharing arrangements are reviewed periodically to determine if any adjustments are required.

Property, Plant and Equipment is grouped and reviewed for impairment at the lowest level for which identifiable cash flows are largely independent whenever events or changes in circumstances indicate that the carrying amount of the asset (or asset group) may not be recoverable. In such situations, the asset (or asset group) is considered impaired when estimated future cash flows (undiscounted and without interest charges) resulting from the use of the asset (or asset group) and its eventual disposition are less than the carrying value of the asset (or asset group). In such situations, the asset (or asset group) is written down to its fair value, which is the present value of the estimated future cash flows. Factors that are considered when evaluating such assets for impairment include a current expectation that it is more likely than not that the long-lived asset will be sold significantly before the end of its useful life, a significant decrease in the market price of the long-lived asset, and a significant change in the extent or manner in which the long-lived asset is being used.

A liability for the fair value of an asset retirement obligation associated with the retirement of tangible long-lived assets and the associated asset retirement costs are recognized in the period in which the liability and costs are incurred if a reasonable estimate of fair value can be made using a discounted cash flow model. The associated asset retirement costs are capitalized as part of the carrying amount of the long-lived asset and subsequently amortized over the asset’s useful life. The liability is accreted over the period to expected cash outflows.

(h)

Investment in Equity Securities

Equity securities with readily determinable fair values are reported at fair value with changes in fair value recorded within Gain (Loss) in Fair Value of Investments in the Consolidated Statements of Operations.

(i)

Other Assets

Other assets include lease incentives provided to theater customers, sales commissions and other deferred selling expenses that are direct and incremental to the acquisition of sales contracts, various investments, and foreign currency derivatives.

The Company may provide lease incentives to certain exhibitors which are essential to entering into the respective lease arrangement. Lease incentives include payments made to or on behalf of the exhibitor. These lease incentives are recognized as a reduction in rental revenue on a straight-line basis over the term of the lease.

Sales commissions and other selling expenses paid prior to the recognition of the related revenue are deferred and recognized within Costs and Expenses Applicable to Revenues upon the recognition of the related theater system revenue or the abandonment of the sale arrangement.

Foreign currency derivatives are accounted for at fair value using quoted prices in closed exchanges.

In periods when there are no outstanding borrowings under the Company’s revolving credit facility arrangements, any related debt issuance costs are recorded within Other Assets and amortized on a straight-line basis over the term of the facility. In periods when there are outstanding borrowings under the Company’s revolving credit facility arrangements, any related debt issuance costs are reclassified to reduce the principal amount of outstanding borrowings and amortized on a straight-line basis over the term of the facility. (See Note 14 for information related to the Company’s credit facilities.)

(j)

Goodwill

Goodwill represents the excess of the purchase price paid over the fair value of net assets acquired in a business combination. Goodwill is not amortized, but is tested annually for impairment at the reporting unit level in the fourth quarter of the year and between annual tests if indicators of potential impairment exist. These indicators could include a decline in the Company’s stock price and market capitalization, a significant change in the outlook for the reporting unit's business, lower than expected operating results, increased competition, legal factors, or the sale or disposition of a significant portion of a reporting unit. For reporting units with goodwill, an impairment loss is recognized for the amount by which the reporting unit's carrying value, including goodwill, exceeds its fair value. The carrying value of each reporting unit is based on a systematic and rational allocation of certain assets and liabilities. The fair value of each reporting unit is assessed using a discounted cash flow model based on management’s current short-term forecast and estimated long-term projections, against which various sensitivity analyses are performed. The discount rates used in the cash flow model are derived based on the Company’s estimated weighted average cost of capital. These estimates and the likelihood of future changes in these estimates depend on a number of underlying variables and a range of possible outcomes.

(k)

Other Intangible Assets

Patents, trademarks and other intangible assets are recorded at cost and are amortized on a straight-line basis over estimated useful lives ranging from 4 to 10 years except for intangible assets that have an identifiable pattern of consumption of the economic benefit of the asset. Such intangible assets are amortized over the consumption pattern.

Intangible Assets are grouped and reviewed for impairment at the lowest level for which identifiable cash flows are largely independent whenever events or changes in circumstances indicate that the carrying amount of the asset (or asset group) may not be recoverable. In such situations, the asset (or asset group) is considered impaired when estimated future cash flows (undiscounted and without interest charges) resulting from the use of the asset (or asset group) and its eventual disposition are less than the carrying value of the asset (or asset group). In such situations, the asset (or asset group) is written down to its fair value, which is the present value of the estimated future cash flows. Factors that are considered when evaluating intangible assets for impairment include a current expectation that it is more likely than not that the intangible asset will be sold significantly before the end of its useful life, a significant decrease in the market price of the intangible asset, and a significant change in the extent or manner in which the intangible asset is being used.

(l)

Deferred Revenue

In instances where the Company receives consideration prior to satisfying its performance obligations, the recognition of revenue is deferred. The majority of the Deferred Revenue balance relates to payments received by the Company for IMAX Theater Systems where control of the system has not transferred to the customer. The Deferred Revenue balance related to an individual theater increases as progress payments are made and is then derecognized when control of the system is transferred to the customer. To a lesser extent, the Deferred Revenue balance relates to situations when a theater customer pays the contractual maintenance fee prior to the recognition of revenue.

(m)

Income Taxes

Income taxes are accounted for under the liability method whereby deferred income tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the accounting and tax bases of assets and liabilities. Deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which temporary differences are expected to be recovered or settled. The effect on deferred income tax assets and liabilities of a change in tax rates or laws is recognized in the Company’s Consolidated Statements of Operations in the period in which the change is enacted. Investment tax credits are recognized as a reduction of income tax expense.

The Company assesses the realization of deferred income tax assets and, based on all available evidence, concludes whether it is more likely than not that the net deferred income tax assets will be realized. A valuation allowance is provided for the amount of deferred income tax assets not considered to be realizable. In assessing the need for a valuation allowance, management considers, among other things, projections of future taxable income and ongoing prudent and feasible tax planning strategies. If management determines that sufficient negative evidence exists (for example, if the Company experiences cumulative three-year losses in a certain jurisdiction), then management will consider recording a valuation allowance against a portion or all of the deferred tax assets in that jurisdiction. If, after recording a valuation allowance, management’s projections of future taxable income and other positive evidence considered in evaluating the need for a valuation allowance prove, with the benefit of hindsight, to be inaccurate, it could prove more difficult to support the realization of these deferred tax assets. As a result, an additional valuation allowance could be required, which would have an adverse impact on the Company’s effective income tax rate and results. Conversely, if, after recording a valuation allowance, management determines that sufficient positive evidence exists in the jurisdiction in which a valuation allowance is recorded (for example, if the Company is no longer in a three-year cumulative loss position in the jurisdiction, and management expects to have future taxable income in that jurisdiction based upon management’s forecasts and the expected timing of deferred tax asset reversals), the Company may reverse a portion or all of the valuation allowance in that jurisdiction. In such situations, the adjustment made to the deferred tax asset would have a favorable impact on the Company’s effective income tax rate and results in the period such determination was made.

The Company is subject to ongoing tax exposures, examinations and assessments in various jurisdictions. Tax benefits are recognized only when it is more likely than not, based on the technical merits, that the benefits will be sustained on examination. Tax benefits that meet the more-likely-than-not recognition threshold are measured using a probability weighting of the largest amount of tax benefit that has greater than 50% likelihood of being realized upon settlement. Whether the more-likely-than-not recognition threshold is met for a particular tax benefit is a matter of judgment based on the individual facts and circumstances evaluated in light of all available evidence as of the balance sheet date. Although management believes that the Company has adequately accounted for its uncertain tax positions, tax audits can result in subsequent assessments where the ultimate resolution may result in the Company owing additional taxes above what was originally recognized in its financial statements.

Tax reserves for uncertain tax positions are adjusted by the Company to reflect its best estimate of the outcome of examinations and assessments and in light of changing facts and circumstances, such as the completion of a tax audit, expiration of a statute of limitations, the refinement of an estimate, and interest accruals associated with the uncertain tax positions until they are resolved. Some of these adjustments require significant judgment in estimating the timing and amount of the additional tax expense.

(n)

Revenue Recognition

IMAX Theater Systems

The Company evaluates each of the performance obligations in an IMAX Theater System arrangement to determine which are considered distinct, either individually or in a group, for accounting purposes and which of the deliverables represent separate units of accounting based on the applicable accounting guidance in ASC Topic 606, “Revenue from Contracts with Customers,” ASC Topic 842, “Leases,” and ASC Topic 460, “Guarantees”.

The Company’s “System Obligation” consists of the following: (i) an IMAX Theater System, which includes the projector, sound system, screen system and, if applicable, a 3D glasses cleaning machine; (ii) services associated with the IMAX Theater System, including theater design support, the supervision of installation services, and projectionist training; and (iii) a license to use the IMAX brand to market the theater. The System Obligation, as a group, is a distinct performance obligation and a single unit of accounting. The Company is not responsible for the physical installation of the equipment in the customer’s facility; however, it supervises the installation by the customer. The customer has the right to use the IMAX brand from the date the Company and the customer enter into an arrangement.

IMAX Theater System arrangements also include a requirement for the Company to provide maintenance services over the life of the arrangement in exchange for an extended warranty and annual maintenance fee, which is subject to a consumer price index increase on renewal each year. Consideration related to the provision of maintenance services is included in the allocation of the transaction price to the separate performance obligations in the arrangement at contract inception, as discussed in more detail below. The Company’s maintenance services are a stand ready obligation and, as a result, are recognized on a straight-line basis over the contract term.

The transaction price in an IMAX Theater System arrangement is allocated to each good or service that is identified as a separate performance obligation based on estimated standalone selling prices. This allocation is based on observable prices when the Company sells the good or service separately. The Company has established standalone prices for the System Obligation and maintenance and extended warranty services, as well as for film license arrangements. The Company uses an adjusted market assessment approach for separate performance obligations that do not have standalone selling prices or third-party evidence of estimated standalone selling prices. The Company considers multiple factors including its historical pricing practices, product class, market competition and geography.

IMAX Theater System arrangements involve either the lease or the sale of an IMAX Theater System. The transaction price for the System Obligation, other than for those delivered pursuant to joint revenue sharing arrangements, consist of upfront or initial payments made before and after the final installation of the IMAX Theater System and ongoing payments throughout the term of the arrangement. The Company estimates the transaction price, including an estimate of future variable consideration, received in exchange for the goods delivered or services rendered. The arrangement for the sale of an IMAX Theater System includes indexed minimum payment increases over the term of the arrangement, as well as the potential for additional payments owed by the customer if certain minimum box office receipt thresholds are exceeded. In addition, hybrid sales arrangements include amounts owed by the customer based on a percentage of their box office receipts over the term of the arrangement. These contract provisions are considered to be variable consideration under ASC Topic 606. An estimate of the present value of such variable consideration is recognized as revenue upon the transfer of control of the System Obligation to the customer, subject to constraints to ensure that there is not a risk of significant revenue reversal. This estimate is based on management’s box office projections for the individual theater, which are developed using historical data for the theater and, if necessary, comparable theaters and territories. Transfer of control of the System Obligation occurs at the earlier of client acceptance of the installation of the IMAX Theater System, including projectionist training, and the opening of the theater to the public, as discussed in more detail below.

IMAX Theater System arrangements are non-cancellable, unless the Company fails to perform its obligations. In the absence of a material default by the Company, there is no right to any remedy for the customer under the Company’s arrangements. If a material default by the Company exists, the customer has the right to terminate the arrangement and seek a refund only if the customer provides notice to the Company of a material default and only if the Company does not cure the default within a specified period.

Sales Arrangements

For IMAX Theater System arrangements that qualify as a sale, the transaction price allocated to the System Obligation is recognized in the Consolidated Statements of Operations upon the transfer of control of the system to the customer, which is when all of the following conditions have been met: (i) the projector, sound system and screen system have been installed and are in full working condition, (ii) the 3D glasses cleaning machine, if applicable, has been delivered, (iii) projectionist training has been completed and (iv) the earlier of (a) receipt of written customer acceptance certifying the completion of installation and run-in testing of the equipment and the completion of projectionist training or (b) public opening of the theater.

The initial revenue recognized consists of payments made before and in connection with installation of the IMAX Theater System and the present value of any future payments, including ongoing fixed minimum payments, which are subject to indexed increases over the term of the arrangement, and the potential for additional payments owed by the customer if certain minimum box office receipt thresholds are exceeded. In addition, hybrid sales arrangements include amounts owed by the customer based on a percentage of their box office receipts over the term of the arrangement. These contract provisions are considered to be variable consideration under ASC Topic 606. An estimate of the present value of such variable consideration is recognized as revenue upon the transfer of control of the System Obligation to the customer, subject to constraints to ensure that there is not a risk of significant revenue reversal.

The Company has also agreed, on occasion, to sell equipment under lease or at the end of a lease term. The transaction price agreed to for these lease buyouts is reflected in the Company’s Consolidated Statements of Operations within Revenues – Technology Sales.

Taxes assessed by governmental authorities that are both imposed on and concurrent with the specific revenue-producing transactions and collected by the Company have been excluded from the measurement of the transaction prices discussed above.

Constraints on the Recognition of Variable Consideration

The recognition of variable consideration involves a significant amount of judgment. Variable consideration is recognized subject to appropriate constraints to avoid a significant reversal of revenue in future periods. The Company reviews its variable consideration assets on at least a quarterly basis. ASC Topic 606 identifies several examples of situations when constraining variable consideration is appropriate:

•

The amount of consideration is highly susceptible to factors outside the entity’s influence;

•

The uncertainty about the amount of consideration is not expected to be resolved for a long period of time;

•

The Company’s experience (or other evidence) with similar types of contracts is limited, or that experience has limited predictive value; and

•

The entity has a practice of either offering a broad range of price concessions or changing the payment terms and conditions of similar contracts in similar circumstances.

As discussed above, the Company’s significant streams of variable consideration relate to arrangements for the sale of IMAX Theater Systems which include indexed minimum payment increases over the term of the arrangement, as well as the potential for additional payments owed by the customer if certain minimum box office receipt thresholds are exceeded. In addition, hybrid sales arrangements include variable consideration based on a percentage of the customer’s box office receipts over the term of the arrangement.

Variable consideration related to indexed minimum payment increases is outside of the Company’s control, but the movement in the rates is historically well documented and economic trends in inflation are easily accessible. For each contract subject to an indexed minimum payment increase, the Company estimates the most likely amount using published indices. The amount of the estimated minimum payment increase is then recorded at its present value as of the date of recognition using the customer’s implied borrowing rate.

Variable consideration related to the level of the customer’s box office receipts is outside of the Company’s control as it is dependent upon the commercial success of film content in future periods. The Company tracks numerous performance statistics for box office performance in regions worldwide and applies its understanding of these theater markets to estimate the most likely amount of variable consideration to be earned over the term of the arrangement. The Company then applies a constraint to this estimate by reducing the projection by a percentage factor for theaters or markets with no or limited historical box office experience. In cases where direct historical experience can be observed, average experience, eliminating significant outliers, is used. The resulting amount of variable consideration is then recorded at its present value as of the date of recognition using a risk-weighted discount rate.

Lease Arrangements

As a lessor, the Company provides IMAX Theater Systems to customers through long-term lease arrangements. Under these arrangements, in exchange for providing the IMAX Theater System, the Company earns fixed upfront and ongoing consideration. A lease arrangement that transfers substantially all of the benefits and risks incident to ownership of the IMAX Theater System is classified as a sales-type lease; otherwise the lease is classified as an operating lease. Prior to commencement of the lease term for the IMAX Theater System, the Company may modify certain payment terms or make concessions. If these circumstances occur, the Company reassesses the classification of the lease based on the modified terms and conditions.

For sales-type leases, the revenue allocated to the System Obligation is recognized when the lease term commences, which the Company deems to be when all of the following conditions have been met: (i) the projector, sound system and screen system have been installed and are in full working condition; (ii) the 3D glasses cleaning machine, if applicable, has been delivered; (iii) projectionist training has been completed; and (iv) the earlier of (a) receipt of the written customer acceptance certifying the completion of installation and run-in testing of the equipment and the completion of projectionist training or (b) public opening of the theater, provided collectibility is reasonably assured.

The initial revenue recognized for sales-type leases consists of the initial payments received and the present value of future initial payments and fixed minimum ongoing payments computed at the interest rate implicit in the lease. Contingent payments in excess of the fixed minimum payments are recognized when reported by theater operators, provided collectibility is reasonably assured.

For joint revenue sharing arrangements that are classified as operating leases, initial payments and fixed minimum ongoing payments are recognized as revenue on a straight-line basis over the lease term. For these leases, the lease term is considered to commence when all of the following conditions have been met: (i) the projector, sound system and screen system have been installed and are in full working condition; (ii) the 3D glasses cleaning machine, if applicable, has been delivered; (iii) projectionist training has been completed; and (iv) the earlier of (a) receipt of written customer acceptance certifying the completion of installation and run-in testing of the equipment and the completion of projectionist training or (b) public opening of the theater. Contingent payments in excess of fixed minimum ongoing payments are recognized as revenue when reported by theater operators, provided collectibility is reasonably assured.

Revenues from joint revenue sharing arrangements with upfront payments that qualify for classification as sales-type leases are recognized in accordance with the sales-type lease criteria discussed above. Contingent revenues from joint revenue sharing arrangements are recognized as box-office results and concessions revenues are reported by the theater operator, provided collectibility is reasonably assured.

On April 10, 2020, the FASB staff issued a question-and-answer document to address stakeholder questions on the application of the lease accounting guidance for lease concessions related to the effects of the COVID-19 pandemic. The guidance allows concessions related to the timing of payments, where the total consideration has not changed, to not be accounted for as lease modifications. Instead, any such concessions can be accounted for as if no change was made to the contract or as variable lease payments. Entities do not have to adopt the FASB relief guidance for all lease concessions related to the effects of the COVID-19 pandemic and can choose to apply the FASB relief guidance consistently to leases with similar characteristics and in similar circumstances and should apply reasonable judgment in doing so. In the second quarter of 2020, the Company adopted the FASB relief guidance and elected to account for any such lease concessions as if no change was made to the underlying contracts except for the sales-type leases of which IMAX China is a lessor as they are in different economic environments. The lease concessions for these sales-type leases were accounted for in accordance with the lease modification guidance, which did not have a material effect on the Company’s Consolidated Financial Statements. The adoption of the FASB relief guidance did not have a material effect on the Company’s Consolidated Financial Statements.

Finance Income

Finance Income is recognized over the term of the sales-type lease or financed sale receivable, provided collectibility is reasonably assured. A theater operator that is classified within the “All Transactions Suspended” category under the Company’s internal credit quality guidelines is placed on nonaccrual status and Finance Revenue recognition related to the theater is stopped. While the recognition of Finance Income is suspended, payments received from a customer are applied against the outstanding balance owed. If payments are sufficient to cover any unreserved receivables, a recovery of provision taken on the billed amount, if applicable, is recorded to the extent of the residual cash received. Once the collectibility issues are resolved and the customer has returned to being in good standing, the Company will resume recognition of Finance Income.

Improvements and Modifications

Improvements and modifications to an IMAX Theater System after installation are treated as a separate performance obligation, if and when the Company is requested to perform these services. Revenue is recognized for these services once they have been provided.

Cost and Expenses Applicable to Revenues – Technology Sales

Cost and Expenses Applicable to Revenues – Technology Sales relates to sales and sales-type leases of IMAX Theater Systems and other equipment, and includes the cost of the equipment and costs related to project management, design, delivery and installation supervision services, as applicable. The costs related to IMAX Theater Systems under sales and sales-type lease arrangements are transferred from Inventories to Costs and Expenses Applicable to Revenues – Technology Sales in the period when the sale is recognized in the Consolidated Statements of Operations.

In addition, the Company defers direct selling costs such as sales commissions and other amounts related to these contracts until the related revenue is recognized. The Company may have warranty obligations at or after the time revenue is recognized which require the replacement of certain parts that do not affect the functionality of the theater system or services. The costs for warranty obligations for known issues are accrued as charges to Costs and Expenses Applicable to Revenues – Technology Sales at the time revenue is recognized based on the Company’s past historical experience and cost estimates.

Cost and Expenses Applicable to Revenues – Technology Rentals

Cost and Expenses Applicable to Revenues – Technology Rentals relates to operating leases of IMAX Theater Systems under joint revenue sharing arrangements, and includes the cost of equipment and those costs that result directly from and are essential to the arrangement. Depreciation and impairment losses, if any, are included in Cost and Expenses Applicable to Revenues – Technology Rentals based on the accounting policy set out in Note 3(g). Sales commissions related to these arrangements are deferred and recognized as Costs and Expenses Applicable to Revenues – Technology Rentals in the month they are earned by the salesperson, which is typically the month of installation. Direct advertising and marketing costs for each theater are charged to Costs and Expenses Applicable to Revenues – Technology Rentals as incurred.

Terminations, Consensual Buyouts and Concessions

The Company enters into IMAX Theater System arrangements with customers that contain customer payment obligations prior to the scheduled installation of the theater system. During the period of time between signing and the installation of the IMAX Theater System, which may extend several years, certain customers may be unable to, or may elect not to, proceed with the theater system installation for a number of reasons including business considerations, or the inability to obtain certain consents, approvals or financing. Once the determination is made that the customer will not proceed with installation, the arrangement may be terminated under the default provisions of the arrangement or by mutual agreement between the Company and the customer (a “consensual buyout”). Terminations by default are situations when a customer does not meet the payment obligations under an arrangement and the Company retains the amounts paid by the customer. Under a consensual buyout, the Company and the customer agree, in writing, to a settlement and to release each other of any further obligations under the arrangement or an arbitrated settlement is reached. Any initial payments retained or additional payments received by the Company are recognized as revenue when the settlement arrangements are executed and the cash is received, respectively.

In addition, the Company could agree with customers to convert their obligations for other theater system configurations that have not yet been installed to arrangements to acquire or lease a digital IMAX Theater System. The Company considers these situations to be a termination of the previous arrangement and origination of a new arrangement for the digital IMAX Theater System.

The Company may offer certain incentives to customers to complete IMAX Theater System transactions including payment concessions or free services and products such as film licenses or 3D glasses. Reductions in, and deferral of, payments are taken into account in determining the transaction price either by a direct reduction in the sales price or a reduction of payments to be discounted. Free products and services are accounted for as separate units of accounting.

Maintenance and Extended Warranty Services

Maintenance and extended warranty services may be provided under an arrangement with multiple performance obligations or as a separately priced contract. Revenues related to these services are deferred and recognized on a straight-line basis over the contract period and are recognized within Revenues – Image Enhancement and Maintenance Services in the Consolidated Statements of Operations. Maintenance and extended warranty services includes maintenance of the customer’s equipment and replacement parts. Under certain maintenance arrangements, maintenance services may include additional training services to the customer’s technicians. All costs associated with this maintenance and extended warranty program are expensed as incurred. A loss on maintenance and extended warranty services is recognized if the expected cost of providing the services under the contracts exceeds the related deferred revenue. As the maintenance services are a stand ready obligation with the cost of providing the service expected to increase throughout the term, revenue is recognized over the term of the arrangement such that increased amounts are recognized in later periods.

IMAX DMR Services

In an IMAX DMR arrangement, the Company receives a percentage of the box office receipts from a third party who owns the copyright to a film in exchange for converting the film into IMAX DMR format and distributing it through the IMAX network. In these arrangements, although the Company does not hold rights to the intellectual property in the form of the film content, it is compensated for the application of its intellectual property in the form of its patented DMR processes to create new intellectual property in the form of an IMAX DMR version of film. Revenues associated with both IMAX DMR arrangements qualify for the variable consideration exemption for sales- or usage-based royalties in ASC Topic 606 and are recognized within Revenues – Image Enhancement and Maintenance Services in the period when the corresponding box office sales occur.

Losses on IMAX DMR services are recognized as Costs and Expenses Applicable to Revenues – Image Enhancement and Maintenance Services in the period when it is determined that the Company’s estimate of total revenues to be realized by the remastered film will not exceed the corresponding cost of IMAX DMR services.

Film Production Services

In certain film arrangements, the Company produces a film financed by third parties whereby the third party retains the copyright and the Company obtains exclusive distribution rights. Under these arrangements, the Company is entitled to receive a fixed fee or to retain as a fee the excess of funding over the cost of the production (the “production fee”). The third parties receive a portion of the revenues received by the Company from distributing the film, which is charged to Costs and Expenses Applicable to Revenues – Image Enhancement and Maintenance Services. The production fees are deferred, and are recognized as a reduction in the cost of the film based on the ratio of the Company’s distribution revenues recognized in the current period to the ultimate distribution revenues expected from the film. Film exploitation costs, including advertising and marketing are recorded in Costs and Expenses Applicable to Revenues – Image Enhancement and Maintenance Services as incurred.

Revenue from film production services where the Company does not hold the associated distribution rights are recognized in Services revenues when performance obligations associated with the contractual service are satisfied.

Losses on film production services are recognized as Costs and Expenses Applicable to Revenues – Image Enhancement and Maintenance Services in the period when it is determined that the Company’s estimate of total revenues to be realized by the Company will not exceed estimated total production costs to be expended on the film production.

Film Distribution Services

In a Film Distribution arrangement, the Company licenses film content and distributes large-format films, primarily for its institutional theater partners. The Company’s Film Distribution revenues are strictly from the license of its intellectual property in the form of documentary film content to which the Company holds exclusive distribution rights. Revenue from the licensing of films qualifies for the variable consideration exemption for sales- or usage-based royalties in ASC Topic 606 and is recognized within Revenues – Image Enhancement and Maintenance Services when all performance obligations have been satisfied, which includes the completion and delivery of the film and the commencement of the license period. When license fees are based on a percentage of box-office receipts, revenue is recognized when box-office receipts are reported by exhibitors. Film exploitation costs, including advertising and marketing are recorded in Costs and Expenses Applicable to Revenues – Image Enhancement and Maintenance Services as incurred.

Film Post-Production Services

Revenues from post-production film services are recognized within Revenues – Image Enhancement and Maintenance Services when performance of the contracted services are satisfied.

Other

The Company reports revenue related to its owned and operated theaters within Revenues – Image Enhancement and Maintenance Services. Such revenues include box-office ticket and concession sales, which are recognized in the Consolidated Statements of Operations as tickets are sold and upon the sale of various concessions. The sales are cash or credit card transactions with theater goers based on fixed prices per seat or per concession item.

In addition, the Company enters into commercial arrangements with third party theater owners resulting in the sharing of profits and losses which are recognized within Revenues – Image Enhancement and Maintenance Services when reported by such theaters. The Company also provides management services to certain theaters and recognizes such revenue over the term of such services.

Revenues on camera rentals are recognized within Revenues – Technology Rentals over the rental period.

Revenue from the sale of 3D glasses is recognized within Revenues – Technology Sales when the 3D glasses have been delivered to the customer.

Other service revenues are recognized within Revenues – Image Enhancement and Maintenance Services when the performance of contracted services is complete.

(o)

Leases

As a lessee, the Company’s lease arrangements principally involve office and warehouse space, which are classified as operating leases. The corresponding operating lease right-of-use (“ROU”) assets and liabilities are recorded within Property, Plant and Equipment and Accrued and Other Liabilities in the Company’s Consolidated Balance Sheets. ROU assets represent the Company’s right to use an underlying asset for the lease term and operating lease liabilities are recognized at commencement date based on the present value of lease payments over the lease term. The incremental borrowing rate used in the calculation of the Company’s lease liability is based on the location of each leased property. None of the Company’s leases include options to purchase the leased property. Most of the Company’s leases include one or more options to renew, with renewal terms that can extend the lease term from one to five years or more. The Company has determined that it is reasonably certain that the renewal options on its warehouse leases will be exercised based on previous history, its current understanding of future business needs and its level of investment in leasehold improvements, among other factors. The depreciable lives of ROU assets and related leasehold improvements are limited by the expected lease term. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. The Company rents or subleases certain office space to third parties, which have a remaining term of less than 12 months and are not expected to be renewed. When there are modifications to the lease agreements, the Company remeasures the lease liabilities to reflect changes to lease payments and recognizes the amount of the remeasurement of the lease liability as an adjustment to the ROU assets. The Company reviews the carrying values of the ROU assets for impairment whenever events or changes in circumstances indicate that the carrying amount might not be recoverable. Impairment losses, if any, are recognized in the Consolidated Statements of Operations. Amortization of ROU assets and interest on lease liabilities are included in the Selling, General and Administrative Expenses in the Company’s Consolidated Statements of Operations. (See Note 6 for additional information related to the Company’s operating leases.)

(p)

Research and Development

Research and development costs, which are expensed as incurred, primarily include projector and sound parts, labor, consulting fees, allocation of overheads and other related materials which pertain to the Company’s development of new products and services. Research and development costs pertaining to fixed and intangible assets that have alternative future uses are capitalized and amortized under their related policies.

(q)

Foreign Currency Translation

Monetary assets and liabilities of the Company’s operations which are denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the end of the period. In 2013, the Company determined that the functional currency of one of its consolidated subsidiaries had changed from the Company’s reporting currency to the currency of the nation in which it is domiciled. As a result, in accordance with the FASB ASC 830 “Foreign Currency Matters”, the adjustment attributable to current-rate translation of non-monetary assets as of the date of the change was reported in Other Comprehensive Income (Loss). The functional currency of its other consolidated subsidiaries continues to be the U.S. dollars. Foreign exchange translation gains and losses are included in the determination of earnings in the period in which they arise.

Foreign currency derivatives are recognized and measured in the Consolidated Balance Sheets at their fair value. Changes in the fair value (gains or losses) are recognized in the Consolidated Statements of Operations except for derivatives designated and qualifying as foreign currency hedging instruments. For foreign currency hedging instruments, the effective portion of the gain or loss in a hedge of a forecasted transaction is reported within Other Comprehensive Income (Loss) and reclassified to the Consolidated Statements of Operations when the forecasted transaction occurs. Any ineffective portion is recognized immediately in the Consolidated Statements of Operations.

(r)

Share-Based Compensation

The Company issues share-based compensation to eligible employees, directors, and consultants under the IMAX Corporation Second Amended and Restated Long-Term Incentive Plan (as may be amended, the “IMAX LTIP”) and the China Long-Term Incentive Plan (the “China LTIP”) as summarized in Note 17. The IMAX LTIP is the Company’s governing document and awards to employees, directors, and consultants under this plan may consist of stock options, restricted share units (“RSUs”), performance share units (“PSUs”) and other awards. A separate stock option plan, the China LTIP, was adopted by a subsidiary of the Company in October 2012.

The Company measures share-based compensation expense using the grant date fair value of the award, which is recognized as an expense in the Consolidated Statements of Operations on a straight-line basis over the requisite service period. Share-based compensation expense is not adjusted for estimated forfeitures, but is instead adjusted when and if actual forfeitures occur.

Stock Options

The Company utilizes a lattice-binomial option-pricing model (“Binomial Model”) to determine the fair value of stock option awards on the grant date. The fair value determined by the Binomial Model is affected by the Company’s stock price as well as assumptions regarding a number of highly complex and subjective variables. These variables include, but are not limited to, the Company’s expected stock price volatility over the term of the award, and actual and projected employee stock option exercise behaviors. The Binomial Model also considers the expected exercise multiple which is the multiple of exercise price to grant price at which exercises are expected to occur on average. Option-pricing models were developed for use in estimating the value of traded options that have no vesting or hedging restrictions and are fully transferable. Because the Company’s employee stock options have certain characteristics that are significantly different from traded options, and because changes in the subjective assumptions can materially affect the estimated value, in management’s opinion, the Binomial Model best provides a fair measure of the fair value of the Company’s employee stock options.

The Company stratifies its employees into homogeneous groups in order to calculate the grant date fair value of stock options using the Binomial Model. As a result, ranges of assumptions are used for the expected life of the option. The Company uses historical data to estimate option exercise behavior within the Binomial Model and various groups of employees that have similar historical exercise behavior are grouped together for valuation purposes. The expected volatility rate is estimated based on a blended volatility method which takes into consideration the Company’s historical share price volatility, the Company’s implied volatility which is determined in reference to observed current market prices for the Company’s traded options and the Company’s peer group volatility.

(See Note 17(c) for the assumptions used to determine the fair value of the Company’s stock options.)

Restricted Share Units

The fair value of RSU awards is equal to the closing price of the Company’s common stock on the date of grant. The value of the portion of the award that is ultimately expected to vest is recognized as compensation expense over the requisite service periods in the Company’s Consolidated Statements of Operations. The Company’s RSUs have been classified as equity.

Performance Share Units

The Company grants two types of PSU awards, one which vests based on a combination of employee service and the achievement of certain EBITDA-based targets and one which vests based on a combination of employee service and the achievement of certain stock-price targets. These awards vest over a three-year performance period. The grant date fair value of PSUs with EBITDA-based targets is equal to the closing price on the date of grant or the average closing price of the Company’s common stock for five days prior to the date of grant. The grant date fair value of PSUs with stock-price targets is determined on the grant date using a Monte Carlo simulation, which is a valuation model that takes into account the likelihood of achieving the stock-price targets embedded in the award (“Monte Carlo Model”). The compensation expense attributable to each type of PSU is recognized on a straight-line basis over the requisite service period. At the conclusion of the three-year performance period, the number of PSUs that ultimately vest can range from 0% to a maximum vesting opportunity of 175% of the initial award, depending upon actual performance versus the established EBITDA and stock-price targets.

The fair value determined by the Monte Carlo Model is affected by the Company’s stock price, as well as assumptions regarding a number of highly complex and subjective variables. These variables include, but are not limited to, market conditions as of the grant date, the Company’s expected stock price volatility over the term of the awards, and other relevant data. The compensation expense is fixed on the date of grant based on the dollar value granted.

The amount and timing of compensation expense recognized for PSUs with EBITDA-based targets is dependent upon management's assessment of the likelihood and timing of achieving these targets. If, as a result of management’s assessment, it is projected that a greater number of PSUs will vest than previously anticipated, a life-to-date adjustment to increase compensation expense is recorded in the period such determination is made. Conversely, if, as a result of management’s assessment, it is projected that a lower number of PSUs will vest than previously anticipated, a life-to-date adjustment to decrease compensation expense is recorded in the period such determination is made.

The Company’s PSUs have been classified as equity.

Share-Based Payment Awards to Non-Employees

Share-based payment awards for services provided by non-employees are measured at grant date fair value of the equity instruments that the Company is obligated to issue when the service has been rendered and any other conditions necessary to earn the right to benefit from the instruments have been satisfied. The grant date is the date which the Company and the non-employees reach a mutual understanding of the key terms and conditions of the share-based payment awards. When there are performance conditions related to the vesting of the share-based awards, the Company assesses the probability of vesting at each reporting date and adjusts the compensation costs based on the probability assessment.

(s)

Pension Plans and Postretirement Benefits

The Company has a defined benefit pension plan, the Supplemental Executive Retirement Plan (the “SERP”). As the Company’s SERP is unfunded, as of December 31, 2020, a liability is recognized for the benefit obligation.

Assumptions used in computing the defined benefit obligations are reviewed annually by management in consultation with its actuaries and adjusted for current conditions. Actuarial gains or losses and prior service costs or credits that arise during the period but are not recognized as components of net periodic benefits cost are recognized as a component of Other Comprehensive Income. Amounts recognized in Accumulated Other Comprehensive Income including unrecognized actuarial gains or losses and prior service costs are adjusted as they are subsequently recognized in the Consolidated Statements of Operations as components of net periodic benefit cost. Prior service costs resulting from the pension plan inception or amendments are amortized over the expected future service life of the employees, cumulative actuarial gains and losses in excess of 10% of the projected benefit obligation are amortized over the expected average remaining service life of the employees, and current service costs are expensed when earned. The remaining weighted average future service life of the employee used in computing the defined benefit obligation for the year ended December 31, 2020 was 2.0 year.

For defined contribution pension plans, required contributions by the Company are recorded as an expense.

A liability is recognized for the unfunded accumulated benefit obligation of the postretirement benefits plan. Assumptions used in computing the accumulated benefit obligation are reviewed by management in consultation with its actuaries and adjusted for current conditions. Net benefit cost is split between operating income and non-operating income, where only the service cost is included in income from operations and the non-service components are included in Retirement Benefits Non-Service Expenses. Actuarial gains and losses are recognized as a component of Other Comprehensive Income (Loss). Amounts recognized in Accumulated Other Comprehensive Income (Loss) including unrecognized actuarial gains or losses are adjusted as they are subsequently recognized within Retirement Benefits Non-Service Expense in the Consolidated Statements of Operations.

(t)

Guarantees

The ASC Topic 460 “Guarantees” requires a guarantor to recognize, at the inception of a guarantee, a liability for the fair value of certain guarantees. Disclosures as required under the accounting guidance have been included in Note 16(e).

New Accounting Standards and Accounting Changes

12 Months Ended

Dec. 31, 2020

Accounting Changes And Error Corrections [Abstract]

New Accounting Standards and Accounting Changes

4. New Accounting Standards and Accounting Changes

Adoption of New Accounting Policies

The Company adopted several standards in 2020, as summarized below.

In 2016, the FASB issued ASU No. 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”), which amends previously issued guidance regarding the impairment of financial instruments by creating an impairment model that is based on expected losses rather than incurred losses. The standard requires financial assets measured on the amortized cost basis to be presented at the net amount expected to be collected. The Company’s accounts receivable, financing receivables and variable consideration receivables are within the scope of ASU No. 2016-13. The Company adopted 2016-13 and several associated ASUs on January 1, 2020 with no required cumulative-effect adjustment to accumulated deficit. See Note 5 for a further discussion of the Company’s adoption of ASC Topic 326.

In March 2019, the FASB issued ASU No. 2019-02, “Entertainment—Films—Other Assets—Film Costs (Subtopic 926-20) and Entertainment—Broadcasters—Intangibles—Goodwill and Other (Subtopic 920-350)” (“ASU 2019-02”). The adoption of this standard was applied prospectively and did not have an impact on the Company’s Consolidated Financial Statements.

Recently Issued FASB Accounting Standard Codification Updates Not Yet Adopted

In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the effects of Reference Rate Reform on Financial Reporting” (“ASU 2020-04”). The purpose of ASU 2019-05 is to provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments are effective for all entities from the beginning of an interim period that includes the issuance date of the ASU. An entity may elect to apply the amendments prospectively through December 31, 2022. The Company is currently assessing the impact of ASU 2020-04 on its Consolidated Financial Statements.

In August 2020, the FASB issued ASU No. 2020-06, “Accounting for Convertible Instruments and Contracts in an Entity's Own Equity” (“ASU 2020-06”), which eliminates certain models associated with accounting for convertible instruments, makes targeted improvements to the disclosures for convertible instruments and earnings per share guidance, and amends the guidance for the derivative scope exception for contracts in an entity's own equity. The amendments are effective for annual periods beginning after December 15, 2021 including interim periods within those periods. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those periods. The Company is currently assessing the impact of ASU 2020-06 on its Consolidated Financial Statements.

The Company considers the applicability and impact of all recently issued FASB accounting standard codification updates. Accounting standards updates that are not noted above were assessed and determined to be not applicable or not significant to the Company’s Consolidated Financial Statements for the period ended December 31, 2020.

Current Expected Credit Losses

12 Months Ended

Dec. 31, 2020

Credit Loss [Abstract]

Current Expected Credit Losses

5. Current Expected Credit Losses

In 2016, the FASB issued ASU No. 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASC Topic 326”), which amends previously issued guidance regarding the impairment of financial instruments by creating an impairment model that is based on expected losses rather than incurred losses. The standard requires financial assets measured on the amortized cost basis to be presented at the net amount expected to be collected. The Company’s accounts receivable, financing receivables and variable consideration receivables are within the scope of ASU No. 2016-13. The Company adopted ASU No. 2016-13 and several associated ASUs on January 1, 2020 with no required cumulative-effect adjustment to accumulated deficit.

Accounts Receivable

Accounts receivable principally includes amounts currently due to the Company under theater sale and sales-type lease arrangements such as contingent fees owed by theater operators as a result of box office performance and fees for theater maintenance services. Accounts receivable also includes amounts due to the Company from movie studios and other content creators for digital remastering services, as well as for film distribution and post-production services.

In order to mitigate the credit risk associated with accounts receivable, management performs an initial credit evaluation prior to entering into an arrangement with a customer and then regularly monitors the credit quality of each customer through an analysis of collections history and aging. This monitoring process includes meetings on at least a monthly basis to identify credit concerns and potential changes in credit quality classification. A customer may improve their credit quality classification once a substantial payment is made on an overdue balance or when the customer has agreed to a payment plan and payments have commenced in accordance with that plan. Changes in credit quality classification are dependent upon management approval. The Company’s internal credit quality classifications for theater operators are as follows:

•

Good Standing — The theater operator continues to be in good standing and payments are up to date.

•

Credit Watch — The theater operator has demonstrated a delay in payments but continues to be in active communication with the Company. Theater operators placed on Credit Watch are subject to enhanced monitoring. In addition, depending on the size of the outstanding balance, length of time in arrears and other factors, future transactions may need to be approved by management. These receivables are in better condition than those in the Pre-Approved Transactions Only category, but are not in as good condition as the receivables in the Good Standing category.

•

Pre-Approved Transactions Only — The theater operator has demonstrated a delay in payments with little or no communication with the Company. All services and shipments to the theater operator must be reviewed and approved by management. These receivables are in better condition than those in the All Transactions Suspended category, but are not in as good condition as the receivables in the Credit Watch category. In certain situations, depending on the individual facts and circumstances related to each customer, Finance Income recognition may be suspended for the net investment in lease and financed sale receivable balances for customers in the Pre-Approved Transactions Only category. See below for a discussion of the Company’s net investment in leases and financed sale receivables.

•

All Transactions Suspended — The theater operator is severely delinquent, non-responsive or not negotiating in good faith with the Company. Once a theater operator is classified within the All Transactions Suspended category, the theater is placed on nonaccrual status and all revenue recognitions related to the theater are stopped.

The ability of the Company to collect its accounts receivable balances is heavily dependent on the viability and solvency of individual theater operators which is significantly influenced by consumer behavior and general economic conditions. Theater operators and, in certain situations, movie studios, may experience financial difficulties, such as those imposed by the COVID-19 global pandemic, that could cause them to be unable to fulfill their payment obligations to the Company.

The following table summarizes the activity in the Allowance for Credit Losses related to Accounts Receivable for the year ended December 31, 2020:

	Year Ended December 31, 2020
(In thousands of U.S. Dollars)	Theater Operators			Studios		Other			Total
Beginning balance	$	3,302		$	893	$	943		$	5,138
Current period provision		5,793			3,393		522			9,708
Write-offs		(975	)		—		—			(975	)
Recoveries		—			—		—			—
Foreign exchange		248			195		(19	)		424
Ending balance	$	8,368		$	4,481	$	1,446		$	14,295

For the year ended December 31, 2020, the Company recorded provisions for current expected credit losses of $9.7 million, reflecting a reduction in the credit quality of its theater and studio related accounts receivable and the heightened collection risk associated with certain movie studios in foreign markets, which management believes is primarily related to the COVID-19 global pandemic and adequately addresses the risk of not collecting these receivables in full. Management’s judgments regarding expected credit losses are based on the facts available to management and involve estimates about the future. Due to the unprecedented nature of the COVID-19 pandemic, its effect on the Company’s customers and their ability to meet their financial obligations to the Company is difficult to predict. As a result, the Company’s judgments and associated estimates of credit losses may ultimately prove, with the benefit of hindsight, to be incorrect (see Note 2).

Financing Receivables

Financing receivables are due from theater operators and consist of the Company’s net investment in sales-type leases and receivables associated with financed sales of IMAX Theater Systems. Similar to accounts receivable, management performs an initial credit evaluation prior to entering into an arrangement with a customer and then regularly monitors the credit quality of each customer through an analysis of collections history and aging. This monitoring process includes meetings on at least a monthly basis to identify credit concerns and potential changes in credit quality classification. A customer may improve their credit quality classification once a substantial payment is made on an overdue balance or when the customer has agreed to a payment plan and payments have commenced in accordance with that plan. Changes in credit quality classification are dependent upon management approval. The internal credit quality classifications utilized by the Company for accounts receivable, as described above, are also used for financing receivables.

The ability of the Company to collect its financing receivable balances is heavily dependent on the viability and solvency of individual theater operators which is significantly influenced by consumer behavior and general economic conditions. Theater operators may experience financial difficulties, such as those imposed by the COVID-19 global pandemic, that could cause them to be unable to fulfill their payment obligations to the Company.

As of December 31, 2020 and December 31, 2019, financing receivables consist of the following:

	December 31,			December 31,
(In thousands of U.S. Dollars)	2020			2019
Net investment in leases
Gross minimum payments due under sales-type leases	$	20,830		$	16,766
Unearned finance income		(859	)		(1,005	)
Present value of minimum payments due under sales-type leases		19,971			15,761
Allowance for credit losses		(557	)		(155	)
Net investment in leases		19,414			15,606
Financed sales receivables
Gross minimum payments due under financed sales		150,917			146,660
Unearned finance income		(31,247	)		(33,313	)
Present value of minimum payments due under financed sales		119,670			113,347
Allowance for credit losses		(7,274	)		(915	)
Net financed sales receivables		112,396			112,432
Total financing receivables	$	131,810		$	128,038

Net financed sales receivables due within one year	$	34,937		$	27,595
Net financed sales receivables due after one year	$	77,459		$	84,837
Total financed sales receivables	$	112,396		$	112,432

As of December 31, 2020 and December 31, 2019, the weighted-average remaining lease term and weighted-average interest rate associated with the Company’s sales-type lease arrangements and financed sale receivables, as applicable, are as follows:

	December 31,			December 31,
	2020			2019
Weighted-average remaining lease term (in years)
Sales-type lease arrangements		8.3			8.1
Weighted-average interest rate
Sales-type lease arrangements		6.56	%		6.68	%
Financed sales receivables		8.92	%		9.00	%

The following tables provide information on the Company’s net investment in leases by credit quality indicator as of December 31, 2020 and December 31, 2019:

(In thousands of U.S. Dollars)	By Origination Year
As of December 31, 2020	2020		2019		2018		2017		2016		Prior		Total
Net investment in leases:
Credit quality classification:
In good standing	$	2,143	$	1,190	$	2,730	$	—	$	—	$	1,826	$	7,889
Credit Watch		2,005		7,278		—		988		—		1,047		11,318
Pre-approved transactions		—		—		—		—		—		—		—
Transactions suspended		—		—		—		—		—		764		764
Total net investment in leases	$	4,148	$	8,468	$	2,730	$	988	$	—	$	3,637	$	19,971

(In thousands of U.S. Dollars)	By Origination Year
As of December 31, 2019	2019		2018		2017		2016		2015		Prior		Total
Net investment in leases:
Credit quality classification:
In good standing	$	7,874	$	3,045	$	989	$	—	$	—	$	3,186	$	15,094
Credit Watch		—		—		—		—		—		667		667
Pre-approved transactions		—		—		—		—		—		—		—
Transactions suspended		—		—		—		—		—		—		—
Total net investment in leases	$	7,874	$	3,045	$	989	$	—	$	—	$	3,853	$	15,761

The following tables provide information on the Company’s financed sale receivables by credit quality indicator as of December 31, 2020 and December 31, 2019:

(In thousands of U.S. Dollars)	By Origination Year
As of December 31, 2020	2020		2019		2018		2017		2016		Prior		Total
Financed sales receivables:
Credit quality classification:
In good standing	$	6,830	$	5,480	$	3,547	$	3,740	$	5,072	$	12,660	$	37,329
Credit Watch		1,986		6,501		11,356		12,520		11,446		34,351		78,160
Pre-approved transactions		—		—		—		—		613		755		1,368
Transactions suspended		—		—		—		987		728		1,098		2,813
Total financed sales receivables	$	8,816	$	11,981	$	14,903	$	17,247	$	17,859	$	48,864	$	119,670

(In thousands of U.S. Dollars)	By Origination Year
As of December 31, 2019	2019		2018		2017		2016		2015		Prior		Total
Financed sales receivables:
Credit quality classification:
In good standing	$	11,981	$	14,414	$	16,556	$	15,208	$	—	$	44,291	$	102,450
Credit Watch		—		—		637		1,687		—		6,955		9,279
Pre-approved transactions		—		—		250		295		—		285		830
Transactions suspended		—		—		—		165		—		623		788
Total financed sales receivables	$	11,981	$	14,414	$	17,443	$	17,355	$	—	$	52,154	$	113,347

The following tables provide an aging analysis for the Company’s net investment in leases and financed sale receivables as of December 31, 2020 and December 31, 2019:

	As of December 31, 2020
(In thousands of U.S. Dollars)	Accrued and Current		30-89 Days		90+ Days		Billed		Unbilled		Recorded Receivable		Allowance for Credit Losses			Net
Net investment in leases	$	298	$	180	$	689	$	1,167	$	18,804	$	19,971	$	(557	)	$	19,414
Financed sales receivables		3,307		1,943		10,699		15,949		103,721		119,670		(7,274	)		112,396
Total	$	3,605	$	2,123	$	11,388	$	17,116	$	122,525	$	139,641	$	(7,831	)	$	131,810

	As of December 31, 2019
(In thousands of U.S. Dollars)	Accrued and Current		30-89 Days		90+ Days		Billed		Unbilled		Recorded Receivable		Allowance for Credit Losses			Net
Net investment in leases	$	30	$	68	$	251	$	349	$	15,412	$	15,761	$	(155	)	$	15,606
Financed sales receivables		1,678		2,772		5,446		9,896		103,451		113,347		(915	)		112,432
Total	$	1,708	$	2,840	$	5,697	$	10,245	$	118,863	$	129,108	$	(1,070	)	$	128,038

The Company considers Financing Receivables with an aging between 60-89 days as indications of theaters with potential collection concerns. At this point, the Company will begin to focus its review on these Financing Receivables and increase its discussions internally and with the theater regarding payment status. Once a theater’s aging exceeds 90 days, the Company’s policy is to perform an enhanced review to assess collectibility of the theater’s past due accounts. The over 90 days past due category may be an indicator of potential impairment as up to 90 days outstanding is considered to be a reasonable time to resolve any issues. Given the potential impacts of the COVID-19 global pandemic on the Company’s customers, management is enhancing its monitoring procedures with respect to overdue receivables.

The following tables provide information about the Company’s net investment in leases and financed sale receivables with billed amounts past due for which it continues to accrue finance income as of December 31, 2020 and December 31, 2019:

	As of December 31, 2020
(In thousands of U.S. Dollars)	Accrued and Current		30-89 Days		90+ Days		Billed		Unbilled		Allowance for Credit Losses			Net
Net investment in leases	$	231	$	162	$	359	$	752	$	13,912	$	(310	)	$	14,354
Financed sales receivables		2,026		1,551		10,249		13,826		62,602		(4,434	)		71,994
Total	$	2,257	$	1,713	$	10,608	$	14,578	$	76,514	$	(4,744	)	$	86,348

	As of December 31, 2019
(In thousands of U.S. Dollars)	Accrued and Current		30-89 Days		90+ Days		Billed		Unbilled		Allowance for Credit Losses			Net
Net investment in leases	$	9	$	19	$	251	$	279	$	578	$	—		$	857
Financed sales receivables		1,146		1,290		5,523		7,959		29,173		—			37,132
Total	$	1,155	$	1,309	$	5,774	$	8,238	$	29,751	$	—		$	37,989

The following table provides information about the Company’s net investment in leases and financed sale receivables that are on nonaccrual status as of December 31, 2020 and December 31, 2019:

	As of December 31, 2020							As of December 31, 2019
(In thousands of U.S. Dollars)	Recorded Receivable		Allowance for Credit Losses			Net		Recorded Receivable		Allowance for Credit Losses			Net
Net investment in leases	$	764	$	(18	)	$	746	$	—	$	—		$	—
Net financed sales receivables		2,813		(1,482	)		1,331		788		(732	)		56
Total	$	3,577	$	(1,500	)	$	2,077	$	788	$	(732	)	$	56

A theater operator that is classified within the “All Transactions Suspended” category is placed on nonaccrual status and all revenue recognitions related to the theater are stopped. While the recognition of Finance Income is suspended, payments received by a customer are applied against the outstanding balance owed. If payments are sufficient to cover any unreserved receivables, a recovery of provision taken on the billed amount, if applicable, is recorded to the extent of the residual cash received. Once the collectibility issues are resolved and the customer has returned to being in good standing, the Company will resume recognition of Finance Income.

For the year ended December 31, 2020, the Company recognized $0.2 million (2019 — $0.1 million) in Finance Income related to the net investment in leases with billed amounts past due. For the year ended December 31, 2020, the Company recognized $5.7 million (2019 — $6.2 million) in Finance Income related to the financed sale receivables with billed amounts past due.

The following table summarizes the activity in the Allowance for Credit Losses related to the Company’s net investment in leases and financed sale receivables for years ended December 31, 2020 and 2019:

	Year Ended December 31, 2020
	Net Investment			Financed
(In thousands of U.S. Dollars)	in Leases			Sales Receivables
Beginning balance	$	155		$	915
Current period provision		451			6,574
Write-offs		(69	)		(330	)
Recoveries	—			—
Foreign exchange		20			115
Ending balance	$	557		$	7,274

	Year Ended December 31, 2019
	Net Investment			Net Financed
(In thousands of U.S. Dollars)	in Leases			Sales Receivables
Beginning balance	$	155		$	839
Charge-offs		—			—
Recoveries		—			—
Provision		—			76
Ending balance	$	155		$	915

For the year ended December 31, 2020, the Company recorded a provision for current expected credit losses of $7.0 million reflecting a reduction in the credit quality of its theater related financing receivables, which management believes is primarily related to the COVID-19 global pandemic and adequately addresses the risk of not collecting these receivables in full. Management’s judgments regarding expected credit losses are based on the facts available to management and involve estimates about the future. Due to the unprecedented nature of the COVID-19 pandemic, its effect on the Company’s customers and their ability to meet their financial obligations to the Company is difficult to predict. As a result, the Company’s judgments and associated estimates of credit losses may ultimately prove, with the benefit of hindsight, to be incorrect (see Note 2).

Variable Consideration Receivable

In sale arrangements, variable consideration may become due to the Company from theater operators if certain annual minimum box office receipt thresholds are exceeded. Such variable consideration is recorded as revenue in the period when the sale is recognized and adjusted in future periods based on actual results and changes in estimates. Variable consideration is only recognized to the extent the Company believes there is not a risk of significant revenue reversal.

The ability of the Company to collect its variable consideration receivables is heavily dependent on the viability and solvency of individual theater operators which is significantly influenced by consumer behavior and general economic conditions. Theater operators may experience financial difficulties, such as those imposed by the COVID-19 global pandemic, that could cause them to be unable to fulfill their payment obligations to the Company.

The Company develops its estimate of credit losses by class of receivable and customer type through a calculation utilizing historical loss rates for financed sale receivables which are then adjusted for specific receivables that are judged to have a higher than normal risk profile after taking into account management’s internal credit quality classifications, as well as macro-economic and industry risk factors.

The following table summarizes the activity in the Allowance for Credit Losses related to Variable Consideration Receivables for the year ended December 31, 2020:

	Year Ended December 31, 2020
(In thousands of U.S. Dollars)	Theater Operators
Beginning balance	$	—
Current period provision		1,875
Write-offs		—
Recoveries		—
Foreign Exchange		12
Ending balance	$	1,887

For the year ended December 31, 2020, the Company recorded a provision of $1.9 million for current expected credit losses, reflecting a reduction in the credit quality of its theater related Variable Consideration Receivables, which management believes is primarily related to the COVID-19 global pandemic and adequately addresses the risk of not collecting these receivables in full. Management’s judgments regarding expected credit losses are based on the facts available to management and involve estimates about the future. Due to the unprecedented nature of the COVID-19 pandemic, its effect on the Company’s customers and their ability to meet their financial obligations to the Company is difficult to predict. As a result, the Company’s judgments and associated estimates of credit losses may ultimately prove, with the benefit of hindsight, to be incorrect (see Note 2).

The entire disclosure for credit loss on financial instrument measured at amortized cost basis, net investment in lease, off-balance sheet credit exposure, and available-for-sale debt security.

Change In Contract With Customer Asset [Abstract]

Lease Arrangements

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Lease Arrangements

6. Lease Arrangements

On January 1, 2019, the Company adopted ASC Topic 842, “Leases,” utilizing the modified retrospective transition method and elected not to recast comparative prior year periods. Accordingly, comparative amounts for periods prior to January 1, 2019 are presented in accordance with the previous guidance in ASC Topic 840 or other applicable standards.

The Company elected the package of practical expedients available under the transition provisions of ASC Topic 842, including (i) not reassessing whether expired or existing contracts contain leases, (ii) not reassessing previous lease classification, and (iii) not revaluing initial direct costs for existing leases. The Company did not elect the land easements and the use of hindsight practical expedients in determining the lease term for existing leases. ASC Topic 842 also provides practical expedients for an entity’s ongoing accounting. The Company has elected the short-term lease recognition exemption. As a result, for qualifying leases with a term of less than 12 months, the Company does not recognize right-of-use assets or lease liabilities. The Company also elected the practical expedient to not separate lease and non-lease components for all its leases regardless of whether the Company is the lessee or a lessor.

For situations where the Company is a lessee, the adoption of ASC Topic 842 on January 1, 2019 resulted in the recording an increase to net lease assets and lease liabilities of approximately $17.4 million. This amount consists of gross right-of-use assets and lease liabilities of $20.0 million, while unamortized lease incentives, prepaid expenses, and other accruals of $2.6 million were reclassified from accrued liabilities to partially offset the applicable right-of-use asset. The adoption of ASC Topic 842 did not change the lease classification for situations when the Company is a lessee. As a result, these leases continued to be classified as operating leases similar to the previous guidance under ASC Topic 840. For situations where the Company is a lessor, the adoption of ASC Topic 842 on January 1, 2019 did not result in any material changes to the Company’s accounting when compared to the previous guidance under ASC Topic 840. The adoption of ASC Topic 842 did not materially impact the Company’s net earnings and had no impact on its cash flows.

IMAX Corporation as a Lessee

The Company’s operating lease arrangements principally involve office and warehouse space. Office equipment is generally purchased outright. Leases with an initial term of less than 12 months are not recorded on the Consolidated Balance Sheets and the related lease expense is recognized on a straight-line basis over the lease term. Most of the Company’s leases include one or more options to renew, with renewal terms that can extend the lease term from one to five years or more. The Company has determined that it is reasonably certain that the renewal options on its warehouse leases will be exercised based on previous history, its current understanding of future business needs and its level of investment in leasehold improvements, among other factors. The incremental borrowing rate used in the calculation of the Company’s lease liability is based on the location of each leased property. None of the Company’s leases include options to purchase the leased property. The depreciable lives of right-of-use assets and related leasehold improvements are limited by the expected lease term. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. The Company rents or subleases certain office space to third parties, which have a remaining term of less than 12 months and are not expected to be renewed.

For the years ended December 31, 2020 and 2019, the components of lease expense recorded within Selling, General and Administrative expenses are as follows:

	Years Ended December 31,
(In thousands of U.S. Dollars)	2020		2019		2018
Operating lease cost ⁽¹⁾	$	540	$	850	$	4,863
Amortization of lease assets		3,114		2,370		—
Interest on lease liabilities		1,052		1,102		—
Total lease cost	$	4,706	$	4,322	$	4,863

(1) Includes rent expense associated with short-term leases and variable lease costs, which are not significant for the years ended December 31, 2020 and 2019

For the years ended December 31, 2020 and 2019, supplemental cash and non-cash information related to leases is as follows:

	Years Ended December 31,
(In thousands of U.S. Dollars)	2020		2019
Cash paid for amounts included in the measurement of lease liabilities	$	3,743	$	3,607
Right-of-use assets obtained in exchange for lease obligations	$	563	$	17,147

(1) Mainly includes right-of-use assets recognized upon the adoption of ASC Topic 842 “Leases”.

For the years ended December 31, 2020 and 2019, supplemental balance sheet information related to leases is as follows:

		Years ended December 31,
(In thousands of U.S. Dollars)		2020		2019
Assets	Balance Sheet Classification
Right-of-Use-Assets	Property, plant and equipment	$	13,911	$	16,262
Liabilities	Balance Sheet Classification
Operating Leases	Accrued and other liabilities	$	16,634	$	18,677

For the years ended December 31, 2020 and 2019, the weighted-average remaining lease term and weighted-average interest rate associated with the Company’s operating leases are as follows:

	Years ended December 31,
	2020			2019
Weighted-average remaining lease term (years)		7.6			8.1
Weighted-average discount rate		5.91	%		5.90	%

As of December 31, 2020, the maturities of the Company’s operating lease liabilities are as follows:

(In thousands of U.S. Dollars)	Operating Leases
2021	$	3,398
2022		2,942
2023		2,299
2024		2,236
2025		2,082
Thereafter		8,022
Total undiscounted operating lease payments	$	20,979
Less: imputed interest		(4,345	)
Present value of operating lease liabilities	$	16,634

IMAX Corporation as a Lessor

The Company provides IMAX Theater Systems to customers through long-term lease arrangements that for accounting purposes are classified as sales-type leases. Under these arrangements, in exchange for providing the IMAX Theater System, the Company earns fixed upfront and ongoing consideration. Certain arrangements that are legal sales are also classified as sales-type leases as certain clauses within the arrangements limit transfer of title or provide the Company with conditional rights to the system. The customer’s rights under the Company’s sales-type lease arrangements are described in Note 3(n). Under the Company’s sales-type lease arrangements, the customer has the ability and the right to operate the hardware components or direct others to operate them in a manner determined by the customer. The Company’s lease portfolio terms are typically non-cancellable for 10 to 20 years with renewal provisions from inception. The Company’s sales-type lease arrangements do not contain a guarantee of residual value at the end of the lease term. The customer is required to pay for executory costs such as insurance and taxes and is required to pay the Company for maintenance and an extended warranty generally after the first year of the lease until the end of the lease term. The customer is responsible for obtaining insurance coverage for the IMAX Theater System commencing on the date specified in the arrangement’s shipping terms and ending on the date the IMAX Theater System is returned to the Company.

The Company provides IMAX Theater Systems to customers through joint revenue sharing arrangements. Under the traditional form of these arrangements, in exchange for providing the IMAX Theater System under a long-term lease, the Company earns rent based on a percentage of contingent box office receipts and, in some cases, concession revenues, rather than requiring the customer to pay a fixed upfront fee or annual minimum payments. Under certain other joint revenue sharing arrangements, knowns as hybrid arrangements, the customer is responsible for making fixed upfront payments prior to the delivery and installation of the IMAX Theater System. Under joint revenue sharing arrangements, the customer has the ability and the right to operate the hardware components or direct others to operate them in a manner determined by the customer. The Company’s joint revenue sharing arrangements are typically non-cancellable for 10 years or longer with renewal provisions. Title to the IMAX Theater System under a joint revenue sharing arrangement generally does not transfer to the customer. The Company’s joint revenue sharing arrangements do not contain a guarantee of residual value at the end of the lease term. The customer is required to pay for executory costs such as insurance and taxes and is required to pay the Company for maintenance and an extended warranty throughout the term. The customer is responsible for obtaining insurance coverage for the IMAX Theater System commencing on the date specified in the arrangement’s shipping terms and ending on the date the IMAX Theater System is returned to the Company.

Variable Consideration Receivable from Contracts With Customers

12 Months Ended

Dec. 31, 2020

Variable Consideration Receivable from Contracts With Customers

7. Variable Consideration from Contracts with Customers

The arrangement for the sale of an IMAX Theater System includes indexed minimum payment increases over the term of the arrangement, as well as the potential for additional payments owed by the customer if certain minimum box office receipt thresholds are exceeded. In addition, hybrid sales arrangements include amounts owed by the customer based on a percentage of their box office receipts over the term of the arrangement. These contract provisions are considered to be variable consideration under ASC Topic 606. An estimate of the present value of such variable consideration is recognized as revenue upon the transfer of control of the IMAX Theater System to the customer, subject to constraints to ensure that there is not a risk of significant revenue reversal. This estimate is based on management’s box office projections for the individual theater, which are developed using historical data for the theater and, if necessary, comparable theaters and territories.

The recognition of variable consideration involves a significant amount of judgment. Variable consideration is recognized subject to appropriate constraints to avoid a significant reversal of revenue in future periods. The Company reviews its variable consideration assets on at least a quarterly basis. ASC Topic 606, “Revenue from Contracts with Customers,” identifies several examples of situations when constraining variable consideration is appropriate:

•

The amount of consideration is highly susceptible to factors outside the entity’s influence;

•

The uncertainty about the amount of consideration is not expected to be resolved for a long period of time;

•

The Company’s experience (or other evidence) with similar types of contracts is limited, or that experience has limited predictive value; and

•

The Company has a practice of either offering a broad range of price concessions or changing the payment terms and conditions of similar contracts in similar circumstances

The following table summarizes the activity related to variable consideration from contracts with customers for the year ended December 31, 2020:

	Variable Consideration Receivable from Contracts with customers
(In thousands of U.S. Dollars)
Balance as of December 31, 2019	$	40,040
Variable consideration for newly recognized sales		5,550
Accretion to finance income		2,133
Transferred to receivables from variable consideration assets		(5,310	)
Allowance for credit losses (see Note 5)		(1,887	)
Balance as of December 31, 2020	$	40,526

Inventories

12 Months Ended

Dec. 31, 2020

Inventory Disclosure [Abstract]

Property Plant And Equipment [Abstract]

8. Inventories

	As of December 31,
(In thousands of U.S. Dollars)	2020		2019
Raw materials	$	30,096	$	26,538
Work-in-process		3,014		4,608
Finished goods		6,470		11,843
	$	39,580	$	42,989

At December 31, 2020, inventories include finished goods of $2.1 million (December 31, 2019 — $0.7 million) for which title had passed to the customer, but the criteria for revenue recognition were not met as of the balance sheet date.

For the year ended December 31, 2020, the Company recognized write-downs of $3.6 million (December 31, 2019 — $0.4 million), for excess and obsolete inventory based on current estimates of net realizable value.

Film Assets

12 Months Ended

Dec. 31, 2020

Film Costs [Abstract]

Film Assets

9. Film Assets

	As of December 31,
(In thousands of U.S. Dollars)	2020		2019
Completed and released films, net of accumulated amortization of	$	2,678	$	7,193
$201,832 (2019 ― $192,999)
Films in production		195		4,250
Films in development		2,904		6,478
	$	5,777	$	17,921

The Company expects to amortize film costs of $5.3 million for released films within three years from December 31, 2020 (December 31, 2019 — $11.4 million), including $4.4 million (December 31, 2019 — $7.3 million) related to completed films that are expected to be amortized within the next year. In certain film arrangements, the Company co-produces a film with a third party with the third party retaining certain rights to the film. The amount of participation payments owed to third parties related to co-produced films at December 31, 2020, is $2.7 million (2019 — $1.6 million) and is recorded on the Consolidated Balance Sheets within Accrued and Other Liabilities.

In 2020, the Company recorded impairment losses of $10.8 million (December 31, 2019 — $1.4 million) principally to write-down the carrying value of certain documentary, alternative content film assets and DMR related film assets due to a decrease in projected box office totals and related revenues based on management’s regular quarterly recoverability assessments.

Property, Plant and Equipment

12 Months Ended

Dec. 31, 2020

Property, Plant and Equipment

10. Property, Plant and Equipment

	As of December 31, 2020
			Accumulated		Net Book
(In thousands of U.S. Dollars)	Cost		Depreciation		Value
Equipment leased or held for use:
Theater system components^(1)(2)(3)	$	337,271	$	158,647	$	178,624
Camera equipment		5,399		4,653		746
		342,670		163,300		179,370
Assets under construction⁽⁴⁾		5,660		—		5,660
Right-of-use assets⁽⁵⁾		15,553		1,642		13,911
Other property, plant and equipment:
Land		8,203		—		8,203
Buildings		80,875		25,921		54,954
Office and production equipment⁽⁶⁾		40,362		29,156		11,206
Leasehold improvements		8,061		3,968		4,093
		137,501		59,045		78,456
	$	501,384	$	223,987	$	277,397

	As of December 31, 2019
			Accumulated		Net Book
(In thousands of U.S. Dollars)	Cost		Depreciation		Value
Equipment leased or held for use:
Theater system components^(1)(2)(3)	$	322,492	$	133,739	$	188,753
Camera equipment		5,192		4,239		953
		327,684		137,978		189,706
Assets under construction⁽⁴⁾		14,483		—		14,483
Right-of-use assets⁽⁵⁾		17,147		885		16,262
Other property, plant and equipment:
Land		8,203		—		8,203
Buildings		80,850		22,931		57,919
Office and production equipment⁽⁶⁾		41,673		25,654		16,019
Leasehold improvements		7,614		3,357		4,257
		138,340		51,942		86,398
	$	497,654	$	190,805	$	306,849

(1)	Included in theater system components are assets with costs of $7.6 million (2019 — $7.6 million) and accumulated depreciation of $6.8 million (2019 — $6.7 million) that are leased to customers under operating leases.

(2)	Included in theater system components are assets with costs of $315.4 million (2019—$297.4 million) and accumulated depreciation of $144.7 million (2019 — $121.3 million) that are used in joint revenue sharing arrangements.

(3)

In 2020, the Company recorded a charge of $1.8 million (2019 — $2.2 million; 2018 — $0.6 million) in Costs and Expenses Applicable to Technology Rentals principally related to the write-down of leased xenon-based digital systems which were taken out of service in connection with customer upgrades to laser-based digital systems.

(4)	Included in assets under construction are components with costs of $5.3 million (2019 — $13.2 million) that will be utilized to construct assets to be used in joint revenue sharing arrangements.

(5)	The right-of-use assets mainly include operating leases for office and warehouse storage space.

(6)	Fully amortized office and production equipment is still in use by the Company. In 2020, the Company identified and wrote off $0.9 million (2019 — $4.9 million) of office and production equipment that is no longer in use and fully amortized.

In 2020, the Company recorded a charge of $0.2 million (2019 — $0.2 million; 2018 — $0.8 million) reflecting Property, Plant and Equipment that were no longer in use.

In addition, as a result of the Company’s restructuring activities in 2018, certain long-lived assets were deemed to be impaired as the Company’s exit from certain activities limited the future revenue associated with these assets. In 2018, the Company recognized property, plant and equipment charges of $3.7 million. No such charge was recorded in the years ended 2020 and 2019.

Other Assets

12 Months Ended

Dec. 31, 2020

Other Assets [Abstract]

Other Assets

11. Other Assets

	As of December 31,
(In thousands of U.S. Dollars)	2020		2019
Lease incentives provided to theaters	$	15,651	$	19,125
Commissions and other deferred selling expenses		2,608		1,501
Other investments⁽¹⁾		1,000		2,500
Investment in content⁽²⁾		—		955
Foreign currency derivatives		1,979		602
Other		435		351
	$	21,673	$	25,034

(1)	In 2020, the Company recorded a $1.5 million permanent impairment related to its investment in a debt security, which is recorded within Equity in (Losses) Income of Investees, Net of Tax in the Company’s Consolidated Statements of Operations.

(2)	In 2020, the Company recorded $1.2 million (2019 —$nil) in write-downs of other assets, of which $1.0 million relates to the write-down of certain content-related assets which became impaired during the year.

Income Taxes

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Income Taxes

12. Income Taxes

(a)

(Loss) Income Before Taxes by Jurisdiction

(Loss) income before taxes by tax jurisdiction for the years ended December 31, 2020, 2019 and 2018 consists of the following:

	Years Ended December 31,
(In thousands of U.S. Dollars)	2020			2019			2018
Canada	$	(104,166	)	$	884		$	(14,749	)
United States		(6,437	)		(234	)		(6,079	)
China		(8,253	)		51,809			50,446
Ireland		(7,473	)		17,630			8,071
Other		(2,795	)		5,247			5,916
	$	(129,124	)	$	75,336		$	43,605

(b)

Income Tax (Expense) Benefit

Income tax (expense) benefit for the years ended December 31, 2020, 2019 and 2018 consists of the following:

	Years Ended December 31,
(In thousands of U.S. Dollars)	2020			2019			2018
Income tax (expense) benefit - current:
Canada	$	555		$	2,369		$	(4,893	)
United States		488			595			1,300
China		(1,980	)		(11,789	)		(11,259	)
Ireland		(1,462	)		(762	)		(1,095	)
Other		(487	)		(419	)		(494	)
Sub-total		(2,886	)		(10,006	)		(16,441	)
Income tax (expense) benefit - deferred:
Canada⁽¹⁾		(10,801	)		(3,913	)		5,993
United States		867			(949	)		2,386
China⁽²⁾		(15,756	)		(18	)		(6	)
Ireland		2,161			(1,923	)		(1,423	)
Other		(89	)		41			(27	)
Sub-total		(23,618	)		(6,762	)		6,923
Total⁽³⁾	$	(26,504	)	$	(16,768	)	$	(9,518	)

(1)

For the year ended December 31, 2020, the Company recorded a $28.8 million valuation allowance against its deferred tax assets (2019 — $0.2 million). The valuation allowance was recorded in the jurisdictions where management could not reliably establish that it was more likely than not that the deferred tax assets would be realized, primarily due uncertainty around the long term impact of the COVID-19 global pandemic.

(2)

In the first quarter of 2020, management completed a reassessment of its strategy with respect to the most efficient means of deploying the Company’s capital resources globally. Based on the results of this reassessment, management concluded that the historical earnings of certain foreign subsidiaries in excess of amounts required to sustain business operations would no longer be indefinitely reinvested. As a result, the Company recognized a deferred tax liability of $19.1 million for the year for the estimated applicable foreign withholding taxes associated with these historical earnings, which will become payable upon the repatriation of any such earnings.

(3)	For the year ended December 31, 2020, Income Tax (Expense) Benefit includes deferred taxes related to amounts reclassified from Other Comprehensive Income (Loss) of $0.1 million (2019 — $0.4 million; 2018 — $0.3 million).

(c)Reconciliation of Income Tax Expense to Statutory Rates

For the years ended December 31, 2020, 2019 and 2018, income tax expense differs from the amount that would have resulted by applying the combined Canadian federal and provincial statutory income tax rates to earnings due to the following factors:

	Years Ended December 31,
(In thousands of U.S. Dollars)	2020			2019			2018
Income tax benefit (expense) at combined statutory rates	$	34,218		$	(19,964	)	$	(11,555	)
Adjustments resulting from:
NCI share of partnership losses		(1,229	)		(397	)		(614	)
Other non-deductible/non-includable items		(2,243	)		198			447
Increase in valuation allowance		(28,589	)		—			—
Changes to tax reserves		(2,699	)		1,418			(204	)
U.S. federal and state taxes		(250	)		(300	)		30
Withholding taxes		(20,943	)		(1,071	)		(1,418	)
Income tax at different rates in foreign and other provincial jurisdictions		(2,607	)		5,019			3,477
Investment and other tax credits (non-refundable)		643			701			783
Changes to deferred tax assets and liabilities resulting from audit and other tax return adjustments		(1,219	)		(1,998	)		768
Reduction in tax benefits resulting from the vesting of share-based compensation		(1,237	)		(374	)		(1,232	)
Impact of changes in enhanced tax rates and other legislation		(349	)		—			—
Income tax expense	$	(26,504	)	$	(16,768	)	$	(9,518	)

The Company recorded income tax expense of $26.5 million for the year-ended December 31, 2020. The effective tax rate for the year of (20.5)% differs from the Canadian statutory combined Federal and Provincial rate of 26.2% primarily due to the recording of a valuation allowance against its deferred tax assets, withholding taxes associated with the reversal of the indefinite reinvestment assertion for certain foreign subsidiaries, permanent book to tax differences, jurisdictional tax rate differences, and management’s estimates of contingent liabilities related to the resolution of various tax examinations.

Comparatively, the Company recorded income tax expense of $16.8 million for the year-ended December 31, 2019. The effective tax rate for the year of 22.3% was lower than the Canadian statutory combined Federal and Provincial rate of 26.2% primarily due to income earned in Greater China and Ireland at lower effective rates. The effective tax rate for the year ended December 31, 2019 was consistent with the effective tax rate for the year ended December 31, 2018 of 21.8%.

(d)

Deferred Tax Assets and Deferred Tax Liability

As of December 31, 2020 and 2019, the Company’s deferred tax assets and deferred tax liability consists of the following:

	As of December 31,
(In thousands of U.S. Dollars)	2020			2019
Net operating loss carryforwards	$	17,120		$	888
Investment tax credit and other tax credit carryforwards		1,344			3,650
Write-downs of other assets		1,219			1,220
Excess of tax accounting basis in property, plant and equipment, inventories and other assets		9,692			6,257
Accrued pension liability		6,942			6,393
Accrued share-based compensation		7,350			5,360
Income recognition on net investment in leases		(2,018	)		(4,283	)
Other accrued reserves		5,120			4,617
Total deferred income tax assets		46,769			24,102
Valuation allowance		(28,786	)		(197	)
Deferred income tax asset net of valuation allowance		17,983			23,905
Deferred tax liability⁽¹⁾		(19,134	)		—
Net deferred tax asset	$	(1,151	)	$	23,905

(1)

The gross deferred tax assets include a liability of $0.6 million (December 31, 2019 — $0.4 million) relating to the remaining tax effect resulting from the Company’s defined benefit pension plan, the related actuarial gains and losses, and unrealized net gains and losses on cash flow hedging instruments recorded in Accumulated Other Comprehensive Loss.

(e)Net Operating Loss Carryforwards

Estimated U.S. and Canadian net operating loss carryforwards of $72.2 million can be used to reduce taxable income through 2040 and $22.7 million can be carried forward indefinitely. Investment tax credits and other tax credits can be carried forward to reduce income taxes payable through to 2040.

(f)	Change on Indefinitely Reinvested Assertion

Taxes are provided for earnings of non-Canadian affiliates and associated companies when the Company determines that such earnings are no longer indefinitely reinvested.

(g)	Valuation Allowance

The Company assessed the realization of deferred income tax assets considering all available evidence, both positive and negative. On the basis of this evaluation, income tax expense for the year ended December 31, 2020 includes a $28.6 million valuation allowance (2019 — $nil) to reduce the value of deferred tax assets in certain jurisdictions. The valuation allowance was recorded in the jurisdictions where management could not reliably establish that it was more likely than not that the deferred tax assets would be realized, primarily due uncertainty around the long term impact of the COVID-19 global pandemic. The $28.8 million (2019 — $0.2 million) balance in the valuation allowance as of December 31, 2020 is primarily attributable to certain net operating loss carryovers and investment tax credits that may expire unutilized.

The valuation allowance recorded in 2020 is expected to reverse when the Company determines it is more likely than not that the deferred tax assets in these jurisdictions will be realized. Despite this valuation allowance, the Company remains entitled to benefit from tax attributes which currently have a valuation allowance applied.

(h)	Uncertain Tax Positions

For the year ended, December 31, 2020, the Company recorded a net increase of $2.7 million related to reserves for income taxes. As of December 31, 2020 and December 31, 2019, the Company had total tax reserves (including interest and penalties) of $17.4 million and $14.7 million, respectively, for various uncertain tax positions. While the Company believes it has adequately provided for all tax positions, amounts asserted by taxing authorities could differ from the Company's accrued liability. Accordingly, additional provisions on federal, provincial, state and foreign tax-related matters could be recorded in the future as revised estimates are made or the underlying matters are settled or otherwise resolved.

The following table presents a reconciliation of the beginning and ending amount of tax reserves (excluding interest and penalties) for the years ended December 31, 2020, 2019 and 2018:

	Years Ended December 31,
(In thousands of U.S. Dollars)	2020			2019			2018
Balance at beginning of the year	$	14,718		$	16,136		$	15,927
Additions based on tax positions related to the current year		2,301			812			4,329
Reductions for tax positions of prior years		—			(2,230	)		(170	)
Reductions resulting from lapse of applicable statute of limitations and administrative practices		(2,943	)		—			(3,950	)
Balance at the end of the year	$	14,076		$	14,718		$	16,136

The Company has elected to classify interest and penalties related to income tax liabilities, when applicable, as part of the Interest Expense in its Consolidated Statements of Operations rather than Income Tax Expense. The Company expensed $3.3 million in potential interest and penalties associated with its provision for uncertain tax positions for the years ended December 31, 2020 (2019 — $0.2 million; 2018 — less than $0.1 million).

The number of years with open tax audits varies depending on the tax jurisdiction. The Company's taxing jurisdictions include Canada, the province of Ontario, the United States (including multiple states), Ireland and China.

The Company's 2016 through 2020 tax years remain subject to examination by the IRS for U.S. federal tax purposes, and the 2016 through 2020 tax years remain subject to examination by the appropriate governmental agencies for Canadian federal tax purposes. There are other on-going audits in various other jurisdictions that are not material to the Consolidated Financial Statements.

(i)	Income tax effect on Other Comprehensive (Loss) Income

The income tax benefit (expense) related to the following items included in Other Comprehensive (Loss) Income are:

	Years Ended December 31,
(In thousands of U.S. Dollars)	2020			2019			2018
Unrealized defined benefit plan actuarial loss (gain)	$	276		$	(42	)	$	(379	)
Unrealized postretirement benefit plans actuarial loss (gain)		92			—			(23	)
Prior service cost arising during the period		—			145			—
Amortization of prior service cost		(23	)		(26	)		—
Unrealized change in cash flow hedging instruments		(132	)		(145	)		581
Realized change in cash flow hedging instruments upon settlement		(158	)		(310	)		107
	$	55		$	(378	)	$	286

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.

Goodwill And Intangible Assets Disclosure [Abstract]

Other Intangible Assets

12 Months Ended

Dec. 31, 2020

Other Intangible Assets

13. Other Intangible Assets

	As of December 31, 2020
			Accumulated		Net Book
(In thousands of U.S. Dollars)	Cost		Amortization		Value
Patents and trademarks	$	12,714	$	8,878	$	3,836
Licenses and intellectual property		26,168		12,182		13,986
Internal use software		25,009		17,568		7,441
Other		1,445		463		982
	$	65,336	$	39,091	$	26,245

	As of December 31, 2019
			Accumulated		Net Book
(In thousands of U.S. Dollars)	Cost		Amortization		Value
Patents and trademarks	$	12,779	$	8,587	$	4,192
Licenses and intellectual property		26,168		10,747		15,421
Internal use software		23,791		13,239		10,552
Other		576		394		182
	$	63,314	$	32,967	$	30,347

Fully amortized other intangible assets are still in use by the Company. In 2020, the Company identified and wrote off $0.2 million (2019 ─ $0.1 million) of patents and trademarks that are no longer in use.

During 2020, the Company acquired $2.8 million in other intangible assets, mainly related to the development of internal use software, as well as additions in patents and trademark and other intangible assets. The weighted average amortization period for these additions is 6.6 years. The net book value of the other intangible assets acquired in 2020 was $2.6 million as of December 31, 2020.

During 2020, the Company incurred costs of $0.4 million to renew or extend the term of acquired patents and trademarks which were recorded in selling, general and administrative expenses (2019 ─ $0.4 million).

The estimated amortization expense for each of the next five years following the December 31, 2020 balance sheet date is as follows:

(In thousands of U.S. Dollars)
2021	$	6,616
2022		6,616
2023		5,676
2024		2,090
2025		1,975

Credit Facility and Other Financing Arrangements

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Credit Facility and Other Financing Arrangements

14. Credit Facility and Other Financing Arrangements

As of December 31, 2020 and 2019, Bank Indebtedness includes the following:

	December 31,			December 31,
(In thousands of U.S. Dollars)	2020			2019
Credit Facility	$	300,000		$	20,000
Working Capital Facility	$	7,643			—
Unamortized debt issuance costs		(1,967	)		(1,771	)
	$	305,676		$	18,229

Credit Agreement

The Company has a credit agreement, the Fifth Amended and Restated Credit Agreement, with Wells Fargo Bank, National Association (“Wells Fargo”), as agent, and a syndicate of lenders party thereto (the “Credit Agreement”). The Company’s obligations under the Credit Agreement are guaranteed by certain of its subsidiaries (the “Guarantors”) and are secured by first-priority security interests in substantially all the assets of the Company and the Guarantors. The Credit Facility provided by the Credit Agreement matures on June 28, 2023.

The Credit Agreement has a revolving borrowing capacity of $300.0 million, and contains an uncommitted accordion feature allowing the Company to further expand its borrowing capacity to $440.0 million or greater, subject to certain conditions, depending on the mix of revolving and term loans comprising the incremental facility.

In the first quarter of 2020, in response to uncertainties associated with the outbreak of the COVID-19 global pandemic and its impact on the Company’s business, the Company drew down $280.0 million in available borrowing capacity under the Credit Facility, resulting in total outstanding borrowings of $300.0 million.

The Credit Agreement contains a covenant that requires the Company to maintain a Senior Secured Net Leverage Ratio (as defined in the Credit Agreement), as of the last day of any Fiscal Quarter (as defined in the Credit Agreement) of no greater than 3.25:1.00. In addition, the Credit Agreement contains customary affirmative and negative covenants, including covenants that limit indebtedness, liens, capital expenditures, asset sales, investments and restricted payments, in each case subject to negotiated exceptions and baskets. The Credit Agreement also contains customary representations, warranties and event of default provisions.

On June 10, 2020, the Company entered into the First Amendment to the Credit Agreement (the “Amendment”), which, among other things, (i) suspends the Senior Secured Net Leverage Ratio covenant through the first quarter of 2021, (ii) re-establishes the Senior Secured Net Leverage Ratio covenant thereafter, provided that for subsequent quarters that such covenant is tested, as applicable, the Company will be permitted to use its quarterly EBITDA (as defined in the Credit Agreement) from the third and fourth quarters of 2019 in lieu of the EBITDA for the corresponding quarters of 2020, (iii) adds a $75.0 million minimum liquidity covenant measured at the end of each calendar month and (iv) restricts the Company’s ability to make certain restricted payments, dispositions and investments, create or assume liens and incur debt that would otherwise have been permitted by the Credit Agreement. The modifications to the negative covenants, the minimum liquidity covenant and modifications to certain other provisions in the Credit Agreement pursuant to the Amendment were effective from the date of the Amendment until the earlier of the delivery of the compliance certificate for the fourth quarter of 2021 and the date on which the Company, in its sole discretion, elects to calculate its compliance with the Senior Secured Net Leverage Ratio by using either its actual EBITDA or annualized EBITDA (the “Designated Period”).

Borrowings under the Credit Facility bear interest, at the Company’s option, at (i) LIBOR plus a margin ranging from 1.00% to 1.75% per annum; or (ii) the U.S. base rate plus a margin ranging from 0.25% to 1.00% per annum, in each case depending on the Company’s Total Leverage Ratio (as defined in the Credit Agreement); provided, however, that from the effective date of the Amendment until the Company delivers a compliance certificate under the Credit Facility following the end of the Designated Period, the applicable margin for LIBOR borrowings will be 2.50% per annum and the applicable margin for U.S. base rate borrowings will be 1.75% per annum. The effective interest rate for the year ended December 31, 2020 was 2.38% (2019 — 3.43%).

In addition, the Credit Facility has standby fees ranging from 0.25% to 0.38% per annum, based on the Company’s Total Leverage Ratio with respect to the unused portion of the Credit Facility; provided, however, that from the effective date of the Amendment until the Company delivers a compliance certificate under the Credit Facility following the end of the Designated Period, the standby fee will be 0.50% per annum.

The Company incurred fees of approximately $1.1 million in connection with the Amendment, which are being amortized on a straight-line basis through December 31, 2021.

As of December 31, 2020 and 2019, the Company did not have any letters of credit and advance payment guarantees outstanding under the Credit Facility.

Working Capital Facility

On July 24, 2020, IMAX (Shanghai) Multimedia Technology Co., Ltd. (“IMAX Shanghai”), one of the Company’s majority-owned subsidiaries in China, renewed its unsecured revolving facility for up to 200.0 million Renminbi (approximately $30.6 million) to fund ongoing working capital requirements (the “Working Capital Facility”). The facility expires in July 2021. As of December 31, 2020, there was 49.9 million Renminbi ($7.6 million) in borrowings outstanding, 140.1 million Renminbi ($21.5 million) available for future borrowings and 10.0 million Renminbi ($1.5 million) available for letters of guarantees under the Working Capital Facility. There were no amounts drawn under the Working Capital facility at December 31, 2019. The amounts available for borrowing under the Working Capital Facility are not subject to a standby fee. The effective interest rate for the year ended December 31, 2020 was 4.31% (2019 — nil).

Wells Fargo Foreign Exchange Facility

Within the Credit Facility, the Company is able to purchase foreign currency forward contracts and/or other swap arrangements. The net settlement gain on its foreign currency forward contracts was $2.0 million at December 31, 2020, as the fair value of the forward contracts exceeded the notional value (December 31, 2019 — $0.5 million). As of December 31, 2020, the Company has $31.9 million in notional value of such arrangements outstanding (December 31, 2019 — $36.1 million).

NBC Facility

On October 28, 2019, the Company entered into a $5.0 million facility with the National Bank of Canada (the “NBC Facility”) fully insured by Export Development Canada for use solely in conjunction with the issuance of performance guarantees and letters of credit. The Company did not have any letters of credit and advance payment guarantees outstanding as of December 31, 2020 and 2019 under the NBC Facility.

Commitments

12 Months Ended

Dec. 31, 2020

Commitments And Contingencies Disclosure [Abstract]

Commitments

15. Commitments

In the ordinary course of its business, the Company enters into contractual agreements with third parties that include non-cancelable payment obligations, for which it is liable in future periods. These arrangements can include terms binding the Company to minimum payments and/or penalties if it terminates the agreement for any reason other than an event of default as described by the agreement. The following table presents a summary of the Company’s contractual obligations and commitments as of December 31, 2020:

	Payments Due by Fiscal Year
	Total
(In thousands of U.S. Dollars)	Obligations		2021		2022		2023		2024		2025		Thereafter
Purchase obligations⁽¹⁾	$	35,348	$	35,247	$	81	$	2	$	—	$	—	$	18
Pension obligations⁽²⁾		20,298		—		—		20,298		—		—		—
Operating lease obligations⁽³⁾		21,493		3,715		2,932		2,258		2,191		2,067		8,330
Credit Facility⁽⁴⁾		300,000		—		—		300,000		—		—		—
Working Capital Facility⁽⁵⁾		7,643		7,643		—		—		—		—		—
Postretirement benefits obligations⁽²⁾		3,299		126		128		137		137		136		2,635
	$	388,081	$	46,731	$	3,141	$	322,695	$	2,328	$	2,203	$	10,983

(1)	Represents total payments to be made under binding commitments with suppliers and outstanding payments to be made for supplies ordered, but yet to be invoiced.

(2)	The Company has an unfunded defined benefit pension plan covering its Chief Executive Officer, as well as a postretirement plan to provide health and welfare benefits to Canadian employees meeting certain eligibility requirements. (See Note 23.)

(3)	The Company’s operating lease arrangements principally involve office and warehouse space. (See Note 6.)

(4)

The Company has a Credit Agreement with Wells Fargo Bank, National Association, as agent, and a syndicate of lenders party thereto. The Credit Facility provided by the Credit Agreement matures on June 28, 2023. The Company is not required to make any minimum principal payments on its Credit Facility. (See Note 14.)

(5)	IMAX Shanghai, one of the Company’s majority-owned subsidiaries in China, has an unsecured revolving facility to fund ongoing working capital requirements. The facility expires in July 2021. (See Note 14.)

The Company compensates its sales force with both fixed and variable compensation. Commissions on the sale or lease of IMAX Theater Systems are payable in graduated amounts from the time of collection of the customer’s first payment to the Company up to the collection of the customer’s last initial payment. At December 31, 2020, $1.6 million (December 31, 2019 — $0.6 million) of commissions have been accrued and will be payable in future periods.

Contingencies and Guarantees

12 Months Ended

Dec. 31, 2020

Commitments And Contingencies Disclosure [Abstract]

Contingencies and Guarantees

16. Contingencies and Guarantees

The Company is involved in lawsuits, claims, and proceedings, including those identified below, which arise in the ordinary course of business. Management is required to assess the likelihood of any adverse judgments or outcomes related to these legal contingencies, as well as potential ranges of probable or reasonably possible losses. The Company will record a provision for a liability when it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. The determination of the amount of any liability recorded or disclosed is reviewed at least quarterly based on a careful analysis of each individual exposure with, in some cases, the assistance of outside legal counsel, taking into account the impact of negotiations, settlements, rulings, and other pertinent information related to the case. The amount of liabilities recorded or disclosed for these contingencies may change in the future due to changes in management’s judgments resulting from new developments or changes in settlement strategy. Any resulting adjustment to the liabilities recorded by the Company could have a material adverse effect on its results of operations, cash flows, and financial position in the period or periods in which such changes in judgment occur. The Company believes it has adequate provisions for any such matters.

The Company expenses legal costs relating to its lawsuits, claims and proceedings as incurred.

(a)On May 15, 2006, the Company initiated arbitration against Three-Dimensional Media Group, Ltd. (“3DMG”) before the International Centre for Dispute Resolution in New York (the “ICDR”), alleging breaches of the license and consulting agreements between the Company and 3DMG. On June 15, 2006, 3DMG filed an answer denying any breaches and asserting counterclaims that the Company breached the parties’ license agreement. The proceeding was suspended on May 4, 2009 due to failure of 3DMG to pay fees associated with the proceeding. The proceeding was further suspended on October 11, 2010 pending resolution of re-examination proceedings involving one of 3DMG’s patents. Following a status conference on April 27, 2016, the ICDR granted 3DMG leave to amend its answer and counterclaims, and subsequently lifted the stay in this matter. In its amended counterclaims, 3DMG sought damages for alleged unpaid royalties, damages and other fees under the license and consulting agreements, and the arbitration panel of ICDR also permitted 3DMG to advance new damage theories. The ICDR held a final hearing in July and October 2017, the parties submitted final, post-hearing briefs in December 2017, and the ICDR held closing oral arguments in March 2018. On July 11, 2018, the ICDR issued a Partial Final Award that found for 3DMG on certain claims and for the Company on other claims. As part of the Partial Final Award, the ICDR awarded damages in favor of 3DMG in the amount of $8.8 million, which is inclusive of approximately $1.8 million in pre-award interest. In August 2018, 3DMG filed a motion seeking modification and correction of portions of the award, and also filed an application to recover its attorney fees and expenses. On November 1, 2018, the ICDR issued a Final Award that denied in its entirety 3DMG’s motion for modification and correction of the award. The ICDR also granted in part 3DMG’s request for attorney fees and expenses, in the amount of $5.2 million. A charge of $11.7 million was recorded in the year ended December 31, 2018, and classified within Legal Judgment and Arbitration Awards in Consolidated Statements of Operations.

(b)In January 2004, the Company and IMAX Theatre Services Ltd., a subsidiary of the Company, commenced an arbitration seeking damages before the International Court of Arbitration of the International Chamber of Commerce (the “ICC”) with respect to the breach by Electronic Media Limited (“EML”) of its December 2000 agreement with the Company. In June 2004, the Company commenced a related arbitration before the ICC against EML’s affiliate, E-City Entertainment (I) PVT Limited (“E-City”). On March 27, 2008, the arbitration panel issued a final award in favor of the Company in the amount of $11.3 million, consisting of past and future rents owed to the Company, plus interest and costs, as well as an additional $2,512 each day in interest from October 1, 2007 until the date the award is paid. In July 2008, E-City commenced a proceeding in Mumbai, India seeking an order that the ICC award may not be recognized in India and on June 10, 2013, the Bombay High Court ruled that it had jurisdiction over the proceeding filed by E-City. The Company appealed that ruling to the Supreme Court of India, and on March 10, 2017, the Supreme Court set aside the Bombay High Court’s judgment and dismissed E-City’s petition. On March 29, 2017, the Company filed an Execution Application in the Bombay High Court seeking to enforce the ICC award against E-City and several related parties. That matter is currently pending. The Company has also taken steps to enforce the ICC final award outside of India. In December 2011, the Ontario Superior Court of Justice issued an order recognizing the final award and requiring E-City to pay the Company $30,000 to cover the costs of the application, and in October 2015, the New York Supreme Court recognized the Canadian judgment and entered it as a New York judgment. The Company intends to continue pursuing its rights and seeking to enforce the award, although no assurances can be given with respect to the ultimate outcome.

(c)On November 11, 2013, Giencourt Investments, S.A. (“Giencourt”) initiated arbitration before the International Centre for Dispute Resolution in Miami, Florida, based on alleged breaches by the Company of its theater agreement and related license agreement with Giencourt. An arbitration hearing for witness testimony was held during the week of December 14, 2015. At the hearing, Giencourt’s expert identified monetary damages of up to approximately $10.4 million, which Giencourt sought to recover from the Company. The Company asserted a counterclaim against Giencourt for breach of contract and sought to recover lost profits in excess of $24.0 million under the agreements. Subsequently, in December 2015, Giencourt made a motion to the panel seeking to enforce a purported settlement of the matter based on negotiations between Giencourt and the Company. The panel held a final hearing with closing arguments in October 2016. On February 7, 2017, the panel issued a Partial Final Award and on July 21, 2017, the panel issued a Final Award (collectively, the “Award”), which held that the parties had reached a binding settlement, and therefore the panel did not reach the merits of the dispute. The Company strongly disputes that discussions about a potential resolution of this matter amounted to an enforceable settlement. In October 2017, the Company filed a petition to vacate the arbitration award in the United States Court for the Southern District of Florida on various grounds, including that the panel exceeded its jurisdiction, and a hearing was held on June 27, 2019. On September 27, 2019, a Magistrate Judge filed a non-binding recommendation that the Company’s petition be dismissed. On October 14, 2019, the Company filed an objection to that recommendation. The Company’s petition to vacate the arbitration award was denied by the District Judge on January 10, 2020. The Company filed an appeal of this decision on February 7, 2020 with the Eleventh Circuit Court of Appeals, but such appeal was dismissed on May 29, 2020. On December 3, 2020, the District Judge entered a Final Judgment against the Company in the total amount of $11.3 million as damages under the Award. As of December 31, 2020, the Company’s Consolidated Balance Sheets include a liability within Accrued and Other Liabilities of $11.3 million related to the Final Judgment, consisting principally of $7.2 million related to amounts previously collected from or owed to Giencourt principally in respect of theater systems that were not delivered and $4.1 million recorded in the Consolidated Statements of Operations within Legal Judgment and Arbitration Awards in respect of the remaining amounts owed under the Final Judgment. The $4.1 million recorded in the Consolidated Statements of Operations within Legal Judgment and Arbitration Awards includes $3.2 million recorded in the fourth quarter of 2020 as a result of the Final Judgment. On January 4, 2021 the Company filed an appeal of this judgment with the Eleventh Circuit Court of Appeals. In addition to the above, the Company has initiated a claim against Giencourt in the Ontario Superior Court seeking damages from Giencourt with respect to contractual claims under various terminated agreements between the parties. These proceedings are in preliminary stages, and no assurances can be given with respect to the ultimate outcome of the matter, but any amounts, if awarded to the Company under these proceedings, may reduce the Company’s overall financial obligations to Giencourt.

(d)In addition to the matters described above, the Company is currently involved in other legal proceedings or governmental inquiries which, in the opinion of the Company’s management, will not materially affect the Company’s financial position or future operating results, although no assurance can be given with respect to the ultimate outcome of any such proceedings.

(e)In the normal course of business, the Company enters into agreements that may contain features that meet the definition of a guarantee. A guarantee is a contract (including an indemnity) that contingently requires the Company to make payments (either in cash, financial instruments, other assets, shares of its stock or provision of services) to a third party based on (a) changes in an underlying interest rate, foreign exchange rate, equity or commodity instrument, index or other variable, that is related to an asset, a liability or an equity security of the counterparty, (b) failure of another party to perform under an obligating agreement or (c) failure of another third party to pay its indebtedness when due.

Financial Guarantees

Certain subsidiaries of the Company have provided significant financial guarantees to third parties under the Credit Agreement.

Product Warranties

The Company’s accrual for product warranties, which was recorded within Accrued and Other Liabilities in the Consolidated Balance Sheets is less than $0.1 million and $0.2 million as of December 31, 2020 and 2019, respectively.

Director/Officer Indemnifications

The Company’s General By-law contains an indemnification of its directors/officers, former directors/officers and persons who have acted at its request to be a director/officer of an entity in which the Company is a shareholder or creditor, to indemnify them, to the extent permitted by the Canada Business Corporations Act, against expenses (including legal fees), judgments, fines and any amounts actually and reasonably incurred by them in connection with any action, suit or proceeding in which the directors and/or officers are sued as a result of their service, if they acted honestly and in good faith with a view to the best interests of the Company. In addition, the Company has entered into indemnification agreements with each of its directors in order to effectuate the foregoing. The nature of the indemnification prevents the Company from making a reasonable estimate of the maximum potential amount it could be required to pay to counterparties. The Company has purchased directors’ and officers’ liability insurance. No amount has been accrued in the Consolidated Balance Sheets as of December 31, 2020 and December 31, 2019 with respect to this indemnity.

Other Indemnification Agreements

In the normal course of the Company’s operations, the Company provides indemnifications to counterparties in transactions such as: IMAX Theater System lease and sale agreements and the supervision of installation or servicing of IMAX Theater Systems; film production, exhibition and distribution agreements; real property lease agreements; and employment agreements. These indemnification agreements require the Company to compensate the counterparties for costs incurred as a result of litigation claims that may be suffered by the counterparty as a consequence of the transaction or the Company’s breach or non-performance under these agreements. While the terms of these indemnification agreements vary based upon the contract, they normally extend for the life of the agreements. A small number of agreements do not provide for any limit on the maximum potential amount of indemnification; however, virtually all of the IMAX Theater System lease and sale agreements limit such maximum potential liability to the purchase price of the system. The fact that the maximum potential amount of indemnification required by the Company is not specified in some cases prevents the Company from making a reasonable estimate of the maximum potential amount it could be required to pay to counterparties. Historically, the Company has not made any significant payments under such indemnifications and no amounts have been accrued in the Consolidated Financial Statements with respect to the contingent aspect of these indemnities.

Capital Stock

12 Months Ended

Dec. 31, 2020

Equity [Abstract]

Capital Stock

17. Capital Stock

(a)	Authorized Common Shares

The authorized capital of the Company consists of an unlimited number of common shares. The following is a summary of the rights, privileges, restrictions, and conditions of the common shares.

The holders of common shares are entitled to receive dividends, if and when declared by the directors of the Company, subject to the rights of the holders of any other class of shares of the Company entitled to receive dividends in priority to the common shares.

The holders of the common shares are entitled to one vote for each common share held at all meetings of the shareholders.

(b)	Changes During the Year

During the years ended December 31, 2020, 2019 and 2018, the Company settled the exercise of stock options and the vesting of RSUs with its common shares. These settlements were either through newly issued common shares from treasury or through the purchase of common shares in the open market by the IMAX Long-Term Incentive Plan trustee. The following table summarizes the settlement of stock option and RSU transactions:

	Years Ended December 31,
(Cash proceeds in thousands of U.S. Dollars)	2020		2019		2018
Stock options
Issued from treasury		—		19,088		12,750
Plan trustee purchases		—		67,840		—
Total stock options exercised		—		86,928		12,750

Cash proceeds from stock option exercises	$	—	$	1,752	$	218

RSUs
Issued from treasury		42,982		—		—
Plan trustee purchases		386,297		404,719		462,137
Shares withheld for tax withholdings		24,714		29,577		72,056
Total RSUs vested		453,993		434,296		534,193

(c)	Share-Based Compensation

The Company issues share-based compensation to eligible employees, directors, and consultants under the IMAX LTIP and the China LTIP, as summarized below. On June 3, 2020, the Company’s shareholders approved the IMAX LTIP at its Annual and Special Meeting.

Awards under the IMAX LTIP may consist of stock options, RSUs, PSUs and other awards. Stock options are no longer granted under the Company’s previous approved Stock Option Plan (“SOP”).

For the year ended December 31, 2020, compensation costs recorded in the Consolidated Statements of Operations for the Company’s share-based compensation plans were $21.5 million (2019 — $22.8 million; 2018 —$22.6 million). The following reflects the share-based compensation expense recorded to the respective financial statement line items:

	Years Ended December 31,
(In thousands of U.S. Dollars)		2020			2019			2018
Cost and expenses applicable to revenues	$		691	$		1,709	$		1,657
Selling, general and administrative expenses			20,652			20,750			20,102
Research and development			150			371			452
Executive transition costs			—			—			320
Exit costs, restructuring charges and associated impairments			—			—			54
	$		21,493	$		22,830	$		22,585

For the year ended December 31, 2020, there was a decrease in share-based compensation expenses allocated to Costs and Expenses Applicable to Revenues and Research and Development, when compared to 2019, due to the lower level of revenue generating and research activities during the COVID-19 global pandemic.

As of December 31, 2020, the Company has reserved a total of 15,486,807 (December 31, 2019 — 8,944,999) common shares for future issuance under the IMAX LTIP. Of this amount, 4,892,962 common shares are reserved for the future exercise of stock options (December 31, 2019 — 5,732,209), 361,844 common shares are reserved for the future vesting of PSUs (December 31, 2019 — nil), and 1,564,838 common shares are reserved for the future vesting of RSUs (December 31, 2019 — 1,065,347). At December 31, 2020 stock options in respect of 4,311,761 (December 31, 2019 — 4,801,272) common shares were vested and exercisable.

Stock Option Plan

The Company’s policy is to issue new common shares from treasury or shares purchased in the open market to satisfy stock options which are exercised.

The Company utilizes a Binomial Model to determine the fair value of stock option awards on the grant date. The fair value determined by the Binomial Model is affected by the Company’s stock price, as well as assumptions regarding a number of highly complex and subjective variables. These variables include, but are not limited to, the Company’s expected stock price volatility over the term of the award, and actual and projected employee stock option exercise behaviors. The Binomial Model also considers the expected exercise multiple which is the multiple of exercise price to grant price at which exercises are expected to occur on average. Option-pricing models were developed for use in estimating the value of traded options that have no vesting or hedging restrictions and are fully transferable. Because the Company’s employee stock options have certain characteristics that are significantly different from traded options, and because changes in the subjective assumptions can materially affect the estimated value, in management’s opinion, the Binomial Model best provides a fair measure of the fair value of the Company’s employee stock options.

All stock option awards are granted at the fair market value of the Company’s common shares on the date of grant. The fair market value of a common share on a given date is based on the higher of the closing price of a common share on either: (i) the grant date or (ii) the most recent trading date if the grant date is not a trading date on the New York Stock Exchange (“NYSE”) or such national exchange as may be designated by the Company’s Board of Directors. The stock options vest within 4 years and expire 10 years or less from the date of grant. The SOP and IMAX LTIP provide for double-trigger accelerated vesting in the event of a change in control, as defined in each plan.

The Company recorded the following expenses related to stock option grants issued to employees and directors under the IMAX LTIP and SOP:

	Years Ended December 31,
(In thousands of U.S. Dollars)	2020		2019		2018
Stock option expense	$	1,847	$	8,329	$	5,950

For the year ended December 31, 2020, the Company’s Consolidated Statements of Operations includes an income tax benefit of $0.1 million related to stock option expense (2019 —$1.9 million; 2018 —$1.2 million).

As of December 31, 2020, 2019 and 2018, unrecognized share-based compensation expense related to non-vested employee stock options is as follows:

	As of December 31,
(In thousands of U.S. Dollars)	2020		2019		2018
Expense related to non-vested employee stock options	$	2,029	$	4,073	$	8,482

As of December 31, 2020, 2019 and 2018, unrecognized share-based compensation expense related to non-vested employee stock options is expected to be recognized over the following weighted-average periods:

	As of December 31,
	2020		2019		2018
Weighted average period (in years)		1.8		2.7		1.9

For the years ended December 31, 2020, 2019 and 2018, the weighted average fair value of stock options granted to employees and directors at the measurement date and the assumptions used to estimate the average fair value of the stock options are as follows:

	Years Ended December 31,
	2020		2019		2018
Weighted average fair value per share	N/A	$	6.65	$	6.74
Average risk-free interest rate	N/A		2.64%		2.67%
Expected option life (in years)	N/A		6.73 - 10.00		5.06 - 7.00
Expected volatility	N/A		31%		30%
Dividend yield	N/A		0%		0%

Stock Option Summary

The following table summarizes the activity under the SOP and IMAX LTIP for the years ended December 31, 2020, 2019 and 2018:

											Weighted Average Exercise
	Number of Shares										Price Per Share
	2020			2019			2018			2020			2019		2018
Options outstanding, beginning of year		5,732,209			5,465,046			5,082,100		$		26.82	$	27.63	$	29.31
Granted		—			1,016,882			1,082,123				—		20.66		21.95
Exercised		—			(86,928	)		(12,750	)			—		20.16		17.08
Forfeited		(34,678	)		(336,493	)		(69,332	)			22.49		23.63		29.99
Expired		(786,086	)		(299,134	)		(507,977	)			27.07		25.82		31.69
Cancelled		(18,483	)		(27,164	)		(109,118	)			27.97		31.13		30.44
Options outstanding, end of year		4,892,962			5,732,209			5,465,046				26.81		26.82		27.63
Options exercisable, end of year		4,311,761			4,801,272			3,990,970				27.30		27.40		28.48

As of December 31, 2020, 4,892,962 options outstanding included both fully vested and unvested options with a weighted average exercise price of $26.81, an aggregate intrinsic value of $nil and a weighted average remaining contractual life of 4.1 years. As of December 31, 2020, options that are exercisable have an aggregate intrinsic value of $nil and a weighted average remaining contractual life of 4.1 years. The intrinsic value of options exercised in 2020 was $nil as no options were exercised (2019 — $0.2 million; 2018 — $0.1 million).

Restricted Share Units

RSUs have been granted to employees and directors under the IMAX LTIP. Each RSU represents a contingent right to receive one common share and is the economic equivalent of one common share. The grant date fair value of each RSU is equal to the share price of the Company’s stock at the grant date. For the years ended December 31, 2020, 2019 and 2018, the Company recorded the following expenses related to RSUs issued to employees and directors in the IMAX LTIP:

	Years Ended December 31,
(In thousands of U.S. Dollars)	2020		2019		2018
RSU expenses	$	13,761	$	12,394	$	15,189

The Company’s actual tax benefits realized for the tax deductions related to the vesting of RSUs was $0.3 million for the year ended December 31, 2020 (2019 — $1.6 million; 2018 — $1.4 million).

The Company’s accrued liability for RSUs, deemed as granted, was $2.1 million as of December 31, 2020 (December 31, 2019 — $0.4 million).

Total share-based compensation expense related to non-vested RSUs not yet recognized and the weighted average period over which the awards are expected to be recognized are as follows:

	Years Ended December 31,
	2020		2019		2018
Expense related to non-vested RSUs not yet recognized	$	17,343	$	23,548	$	18,597

Weighted average period awards are expected to be recognized (in years)		1.9		2.7		2.2

The following table summarizes the activity in respect of RSUs issued under the IMAX LTIP for the years ended December 31, 2020, 2019 and 2018:

	Number of Awards									Weighted Average Grant Date Fair Value Per Share
	2020			2019			2018				2020			2019			2018
RSUs outstanding, beginning of year		1,065,347			1,033,871			995,329		$		23.17	$		25.70	$		32.68
Granted		1,050,385			687,475			659,282				15.35			22.30			20.99
Vested and settled		(453,993	)		(434,296	)		(534,193	)			22.71			27.54			32.33
Forfeited		(96,901	)		(221,703	)		(86,547	)			18.81			23.68			29.19
RSUs outstanding, end of year		1,564,838			1,065,347			1,033,871				18.33			23.17			25.70

Historically, RSUs granted under the IMAX LTIP have vested between immediately and three years from the grant date. In connection with the second amendment and restatement of the IMAX LTIP at the Company’s annual and special meeting of the shareholders on June 3, 2020, the IMAX LTIP plan retained the minimum one-year vesting period on future RSU grants, with a carve-out for an aggregate of no more than 5% of the total number of common shares authorized for issuance under the plan that may vest on a shorter schedule. Vesting of the RSUs is subject to continued employment or service with the Company. The following table summarizes the number of RSUs issued from the carve-out balance:

Approved under the June 3, 2020 amended and restated IMAX LTIP	360,000
Issued during 2020	(81,636	)
Outstanding, December 31, 2020	278,364

Restricted Share Units to Non-Employees

There were no RSU awards granted to non-employees in 2020 (2019 ― 12,580; 2018 ― nil). The Company recorded an expense of $0.1 million for the year ended December 31, 2020 (2019 ― $0.1 million; 2018 ― $nil) related to RSU grants issued to advisors and strategic partners of the Company in 2019.

Performance Stock Units Summary

In the first quarter of 2020, the Company expanded its share-based compensation program to include PSUs. The Company grants two types of PSU awards, one which vests based on a combination of employee service and the achievement of certain EBITDA-based targets and one which vests based on a combination of employee service and the achievement of certain stock-price targets. These awards vest over a three-year performance period. The grant date fair value of PSUs with EBITDA-based targets is equal to the closing price on the date of grant or the average closing price of the Company’s common stock for five days prior to the date of grant. The grant date fair value of PSUs with stock-price targets is determined on the grant date using a Monte Carlo simulation, which is a valuation model that takes into account the likelihood of achieving the stock-price targets embedded in the award (“Monte Carlo Model”). The compensation expense attributable to each type of PSU is recognized on a straight-line basis over the requisite service period. At the conclusion of the three-year performance period, the number of PSUs that ultimately vest can range from 0% to a maximum vesting opportunity of 175% of the initial award, depending upon actual performance versus the established EBITDA and stock-price targets.

The Company’s actual tax benefits realized for the tax deductions related to the vesting of PSUs was $nil for the year ended December 31, 2020 (2019 and 2018 ― $nil).

As of December 31, 2020, total unrecognized share-based compensation expense related to unvested PSUs and the weighted average period over which the expense is expected to be recognized is $6.0 million and 2.1 years, respectively.

The following table summarizes the activity in respect of PSUs issued under the IMAX LTIP:

	Number of Awards			Weighted Average Grant Date Fair Value Per Share
	2020				2020
Granted		370,265		$		15.66
Forfeited		(8,421	)			14.84
PSUs outstanding, end of year		361,844				15.68

As of December 31, 2020, the maximum number of shares of common stock that may be issued with respect to PSUs outstanding is 633,227, assuming full achievement of the EBITDA and stock-price targets.

China Long-Term Incentive Plan

Each stock option (“China Option”), RSU or PSU issued under the China LTIP represents an opportunity to participate economically in the future growth and value creation of IMAX China.

In connection with the IMAX China IPO and in accordance with the China LTIP, IMAX China adopted a post-IPO share option plan and a post-IPO restricted stock unit plan. Pursuant to these plans, IMAX China has issued additional China Options, China LTIP Performance Stock Units (“China PSUs”) and China LTIP Restricted Share Units (“China RSUs”).

For the years ended December 31, 2020, 2019 and 2018, share-based compensation expense related to China Options, China RSUs and China PSUs was as follows:

	Years Ended December 31,
(In thousands of U.S. Dollars)	2020		2019		2018
Expense
China Options	$	875	$	320	$	217
China RSUs		2,093		—		—
China PSUs		208		1,664		1,229
Total	$	3,176	$	1,984	$	1,446

In 2020, IMAX China modified the terms of certain fully vested stock options to extend their contractual life by two years and recorded an associated expense of $0.7 million.

Issuer Purchases of Equity Securities

In 2017, the Company’s Board of Directors approved a new $200.0 million share repurchase program which would have expired on June 30, 2020. In June 2020, the Board of Directors approved a 12-month extension of this program which will now expire on June 30, 2021. The repurchases may be made either in the open market or through private transactions, subject to market conditions, applicable legal requirements, and other relevant factors. The Company has no obligation to repurchase shares and the share repurchase program may be suspended or discontinued by the Company at any time. In 2020, the Company repurchased 2,484,123 (2019 ― 134,384) common shares at an average price of $14.72 per share (2019 ― $19.76 per share), excluding commissions.

The total number of shares purchased during the years ended December 31, 2020 and 2019 does not include 200,000 and 615,000 common shares, purchased in the administration of employee share-based compensation plans, at an average price of $15.43 and $22.49 per share, respectively.

As of December 31, 2020, the IMAX LTIP trustee held 723 shares purchased for less than $0.1 million in the open market to be issued upon the settlement of RSUs and certain stock options. The shares held with the trustee are recorded at cost and are reported as a reduction against Capital Stock on the Company’s Consolidated Balance Sheets.

In 2018, IMAX China announced that its shareholders granted its Board of Directors a general mandate authorizing the Board, subject to applicable laws, to buy back shares of IMAX China in an amount not to exceed 10% of the total number of issued shares of IMAX China as of May 3, 2018 (35,818,112 shares). The share repurchase program expired on June 6, 2019. In 2019, IMAX China announced that its shareholders granted its Board of Directors a general mandate authorizing the Board, subject to applicable laws, to repurchase shares of IMAX China in an amount not to exceed 10% of the total number of issued shares of IMAX China as of June 6, 2019 (35,605,560 shares). The share purchase program expired on the date of the 2020 Annual General Meeting of IMAX China on June 11, 2020. During the 2020 Annual General Meeting, shareholders approved the repurchase of shares of IMAX China not to exceed 10% of the total number of issued shares as of June 11, 2020 (34,848,398 shares). This program will be valid until the 2021 Annual General Meeting of IMAX China. The repurchases may be made in the open market or through other means permitted by applicable laws. IMAX China has no obligation to repurchase its shares and the share repurchase program may be suspended or discontinued by IMAX China at any time. In 2020, IMAX China repurchased 906,400 (2019 ― 8,051,500) common shares at an average price of HKD $13.13 per share (U.S. $1.69 per share) (2019 ― HKD $18.63 per share; U.S. $2.38 per share).

(d)Basic and Diluted Weighted Average Shares Outstanding

The following table reconciles the denominator of the basic and diluted weighted average share computations:

	Years Ended December 31,
	2020			2019			2018
Weighted average number of common shares (000's):
Issued and outstanding, beginning of period		61,176			61,434			64,696
Weighted average number of shares repurchased, net of shares issued during the period		(1,939	)		(124	)		(1,621	)
Weighted average number of shares used in computing basic income per share		59,237			61,310			63,075
Assumed exercise of stock options, and vesting of RSUs and PSUs, net of shares assumed repurchased, if dilutive		—			179			132
Weighted average number of shares used in computing diluted income per share		59,237			61,489			63,207

The calculation of diluted earnings per share exclude 6,999,667 (2019 and 2018 ― 5,809,468 and 5,666,976, respectively) shares that are issuable upon the vesting of 1,564,838 RSUs (2019 and 2018 ― 77,259 and 277,543, respectively), the vesting of 541,867 PSUs (2019 and 2018 ― nil), and the exercise of 4,892,962 stock options (2019 and 2018 ― 5,732,209 and 5,389,433, respectively) for the years ended December 31, 2020, 2019 and 2018, as the effect would be anti-dilutive.

Consolidated Statements of Operations Supplemental Information

12 Months Ended

Dec. 31, 2020

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Consolidated Statements of Operations Supplemental Information

18. Consolidated Statements of Operations Supplemental Information

(a)

Selling Expenses

Sales commissions and other selling expenses paid prior to the recognition of the related revenue are deferred and recognized in the Consolidated Statements of Operations upon the recognition of the related theater system revenue. For the year ended December 31, 2020, the sales commissions costs recognized within Costs and Expenses Applicable to Revenues – Technology Sales was $1.3 million (2019 — $2.0 million; 2018 — $1.9 million). Direct advertising and marketing costs for each theater are expensed as incurred. For the year ended December 31, 2020, the total of all such costs recognized within Costs and Expenses Applicable to Revenues – Technology Sales was $1.1 million (2019 — $1.1 million; 2018 — $1.0 million).

Sales commissions related to joint revenue sharing arrangements accounted for as operating leases are recognized as Costs and Expenses Applicable to Revenues – Technology Rentals in the month they are earned by the salesperson, which is typically the month of installation. For the year ended December 31, 2020, sales commissions related to such joint revenue sharing arrangements totaled $0.9 million (2019 — $0.4 million; 2018 — $0.9 million). Direct advertising and marketing costs for each theater are expensed as incurred. For the year ended December 31, 2020, the total of such costs recognized within Costs and Expenses Applicable to Revenues – Technology Rentals was $0.5 million (2019 — $3.0 million; 2018 — $2.1 million).

Film exploitation costs, including advertising and marketing expenses, totaled $4.3 million for the year ended December 31, 2020 (2019 — $22.9 million; 2018 — $21.2 million), and are expensed as incurred within Costs and Expenses Applicable to Revenues – Image Enhancement and Maintenance Services.

(b)

Foreign Exchange

Included in Selling, General and Administrative Expenses for the year ended December 31, 2020 is a net gain of $0.8 million resulting from changes in exchange rates related to foreign currency denominated monetary assets and liabilities as compared to a net loss of $0.9 million and a net loss of $1.7 million for the years ended December 31, 2019 and 2018, respectively. See Note 22(c) for additional information.

(c)

Collaborative Arrangements

Joint Revenue Sharing Arrangements

As of December 31, 2020, the Company has signed traditional and hybrid joint revenue sharing agreements with 43 exhibitors (2019 — 39) for a total of 1,232 IMAX Theater Systems (2019 — 1,223), of which 890 theaters (2019 — 870) were operational and included in the network as of that date. The terms of these arrangements are similar in nature, rights, and obligations. The accounting policy for the Company’s joint revenue sharing arrangements is disclosed in Note 3(n).

Revenues attributable to transactions arising between the Company and its customers under joint revenue sharing arrangements are recorded within Revenues – Technology Sales and Revenues – Technology Rentals. For the year ended December 31, 2020 such revenues totals $19.9 million (2019 — $92.0 million; 2018 — $86.6 million). (See Note 20(a) for a disaggregated presentation of the Company’s revenues.)

IMAX DMR

In an IMAX DMR arrangement, the Company receives a percentage of the box office receipts from a third party who owns the copyright to a film in exchange for converting the film into IMAX DMR format and distributing it through the IMAX network. In recent years, the percentage of gross box office receipts earned in IMAX DMR arrangements has averaged approximately 12.5%, except for within Greater China, where the Company receives a lower percentage of net box office receipts for certain Hollywood films.

In 2020, the majority of IMAX DMR revenue was earned from the exhibition of 35 IMAX DMR films (2019 — 72) and the re-release of classic titles throughout the IMAX network. The accounting policy for the Company’s IMAX DMR arrangements is disclosed in Note 3(n).

Revenues attributable to transactions arising between the Company and its customers under IMAX DMR arrangements are recorded within Revenues – Image Enhancement and Maintenance Services. For the year ended December 31, 2020 such revenues totaled $28.3 million (2019 —$120.8 million; 2018 — $110.8 million). (See Note 20(a) for a disaggregated presentation of the Company’s revenues.)

Co-Produced Film Arrangements

In certain film arrangements, the Company co-produces a film with a third party whereby the third party retains the copyright and rights to the film. In some cases, the Company obtains exclusive theatrical distribution rights to the film. Under these arrangements, both parties contribute funding to the Company’s partly-owned subsidiary for the production and distribution of the film and for associated exploitation costs.

As of December 31, 2020, the Company has one co-produced arrangement which primarily represents the VIE total assets balance of $1.5 million and liabilities balance of $0.2 million and three other co-produced film arrangements, the terms of which are similar. The accounting policies relating to co-produced film arrangements are disclosed in Notes 3(a) and 3(n).

In 2020, an expense of $2.0 million (2019 — expense of $0.6 million; 2018 — recovery of $0.5 million) attributable to transactions between the Company and other parties involved in the production of the films have been included in Cost and Expenses Applicable to Revenues – Image Enhancement and Maintenance Services.

In 2017, the Company participated in one significant co-produced television arrangement. This arrangement was not a VIE. For the year ended December 31, 2020, revenues of $0.3 million (2019 — $0.4 million; 2018 — $0.3 million) and Costs and Expenses Applicable to Revenues of $nil (2019 — less than $0.1 million; 2018 — $0.3 million) attributable to this collaborative arrangement were recorded within Revenue – Image Enhancement and Maintenance Services and Costs and Expenses Applicable to Revenues – Image Enhancement and Maintenance Services.

Consolidated Statements of Cash Flows Supplemental Information

12 Months Ended

Dec. 31, 2020

Supplemental Cash Flow Elements [Abstract]

Consolidated Statements of Cash Flows Supplemental Information

19. Consolidated Statements of Cash Flows Supplemental Information

(a)

Changes in other non-cash operating assets and liabilities are comprised of the following:

	Years Ended December 31,
(In thousands of U.S. Dollars)		2020				2019				2018
Decrease (increase) in:
Financing receivables	$		(10,568	)	$		(320	)	$		1,325
Prepaid expenses			(979	)			(290	)			(3,703	)
Variable consideration receivable			(2,361	)			(4,056	)			—
Other assets			(4,747	)			(2,063	)			(3,084	)
Increase (decrease) in:
Accounts payable			414				(11,774	)			7,749
Accrued and other liabilities			(6,399	)			(8,505	)			(3,266	)
	$		(24,640	)	$		(27,008	)	$		(979	)

(b)

Cash payments made on account of:

	Years Ended December 31,
(In thousands of U.S. Dollars)		2020			2019			2018
Income taxes	$		4,763	$		17,298	$		12,684
Interest	$		5,773	$		1,231	$		502

(c)

Depreciation and amortization are comprised of the following:

	Years Ended December 31,
(In thousands of U.S. Dollars)		2020			2019			2018
Film assets	$		8,838	$		19,176	$		15,679
Property, plant and equipment
Joint revenue sharing arrangements			24,930			23,153			20,739
Other property, plant and equipment			11,225			12,477			13,164
Other intangible assets			6,565			6,290			5,507
Other assets			1,146			1,882			1,242
Deferred financing costs			902			509			1,106
	$		53,606	$		63,487	$		57,437

(d)

Write-downs, net of recoveries, are comprised of the following:


	Years Ended December 31,
(In thousands of U.S. Dollars)		2020			2019			2018
Film assets⁽¹⁾	$		10,804	$		1,379	$		—
Other assets^{(2) (4)}			1,151			—			2,565
Property, plant and equipment
Joint revenue sharing arrangements^{(3) (4)}			1,784			2,207			1,194
Other property, plant and equipment⁽⁴⁾			174			249			4,293
Inventories⁽⁵⁾			3,632			446			250
Other intangible assets⁽⁴⁾			184			95			217
Prepaid expenses			—			—			121
	$		17,729	$		4,376	$		8,640

(1)

In 2020, the Company recorded impairment losses of $10.8 million (2019 — $1.4 million; 2018 — $nil) principally to write-down the carrying value of certain documentary and alternative content film assets due to a decrease in projected box office totals and related revenues based on management’s regular quarterly recoverability assessments. To a much lesser extent, the impairment losses also relate to the write-down of DMR related film assets. In 2020, following the recording of these write-downs, the Company’s film assets totaled $5.8 million, which principally consists of DMR and documentary content. There can be no assurances that there will not be additional write-downs to the carrying values of these assets as the Company continues to assess the ongoing impact of the COVID-19 pandemic (see Notes 2 and 3).

(2)	In 2020, the Company recorded a $1.2 million (2019 — $nil; 2018 — $2.6 million) write-down of other assets, of which $1.0 million relates to the write-down of certain content-related assets which became impaired in the year.

(3)

In 2020, the Company recorded charges of $1.8 million (2019 — $2.2 million; 2018 — $0.6 million) in Costs and Expenses Applicable to Technology Rentals principally related to the write-down of leased xenon-based digital systems which were taken out of service in connection with customer upgrades to laser-based digital systems. In 2018, the Company also recorded a charge of $0.4 million in Revenues – Technology Rentals related to the write-down of leased xenon-based digital systems which were taken out of service in connection with customer upgrades to laser-based digital systems.

(4)

In 2018, in connection with the strategic review of the Company’s VR initiative, the Company decided to close its remaining VR locations and as a result record an impairment charge of $3.7 million in other Property, Plant and Equipment, $2.6 million in other assets which includes a $2.5 million impairment of the VR content asset, and $0.1 million in Intangible Assets. The VR Fund is consolidated by the Company and has a third party non-controlling interest. The Company’s share of this impairment after non-controlling interest is $0.8 million. No such charge was recorded in 2019 or 2020. Additional details of the Company’s restructuring activities are discussed in Note 26.

(5)	In 2020, the Company recorded write-downs of $3.6 million (2019 — $0.4 million; 2018 — $0.3 million) related to excess inventory.

(e)

Significant non-cash investing and financing activities are comprised of the following:

	Years Ended December 31,
(In thousands of U.S. Dollars)		2020				2019
Net (decrease) increase in accruals related to:
Investment in joint revenue sharing arrangements	$		(1,888	)	$		(2,013	)
Acquisition of other intangible assets			792				(51	)
Purchases of property, plant and equipment			158				496
	$		(938	)	$		(1,568	)

Revenue from Contracts with Customers

12 Months Ended

Dec. 31, 2020

Revenue From Contract With Customer [Abstract]

Revenue from Contracts with Customers

20. Revenue from Contracts with Customers

(a) Disaggregated Information About Revenue

The following tables summarize the Company’s revenues by type and reportable segment for the years ended December 31, 2020, 2019 and 2018:

	Year Ended December 31, 2020
	Revenue from
	Contracts with Customers				Revenue from
(In thousands of U.S. Dollars)	Fixed consideration		Variable consideration		Lease Arrangements		Finance Income		Total
Technology sales
IMAX Systems⁽¹⁾	$	38,140	$	5,799	$	—	$	—	$	43,939
Joint Revenue Sharing Arrangements, fixed fees		—		—		2,056		—		2,056
Other Theater Business		1,666		—		—		—		1,666
Other sales⁽²⁾		1,957		110		—		—		2,067
Sub-total		41,763		5,909		2,056		—		49,728
Image enhancement and maintenance services
IMAX DMR		—		28,265		—		—		28,265
IMAX Maintenance		21,999		—		—		—		21,999
Film Post-Production		3,878		—		—		—		3,878
Film Distribution		3,000		1,841		—		—		4,841
Other		—		335		—		—		335
Sub-total		28,877		30,441		—		—		59,318
Technology rentals
Joint Revenue Sharing Arrangements, contingent rent		—		—		17,841		—		17,841
Sub-total		—		—		17,841		—		17,841
Finance income
IMAX Systems		—		—		—		10,116		10,116
Total	$	70,640	$	36,350	$	19,897	$	10,116	$	137,003

(1)	Includes revenues earned from the sales or sales-type lease arrangements involving new and upgraded IMAX Theater Systems, as well as the impact on revenue of renewals and amendments to existing theater system arrangements.

(2)	Other sales include revenues associated with New Business Initiatives such as IMAX Enhanced.

	Year Ended December 31, 2019
	Revenue from
	Contracts with Customers				Revenue from
(In thousands of U.S. Dollars)	Fixed consideration		Variable consideration		Lease Arrangements		Finance Income		Total
Technology sales
IMAX Systems⁽¹⁾	$	86,163	$	10,247	$	—	$	—	$	96,410
Joint Revenue Sharing Arrangements, fixed fees		—		—		11,014		—		11,014
Other Theater Business		8,390		—		—		—		8,390
Other sales⁽²⁾		2,209		222		—		—		2,431
Sub-total		96,762		10,469		11,014		—		118,245
Image enhancement and maintenance services
IMAX DMR		—		120,765		—		—		120,765
IMAX Maintenance		53,151		—		—		—		53,151
Film Post-Production		7,392		—		—		—		7,392
Film Distribution		—		4,818		—		—		4,818
Other				2,421		—		—		2,421
Sub-total		60,543		128,004		—		—		188,547
Technology rentals
Joint Revenue Sharing Arrangements, contingent rent		—		—		76,673		—		76,673
Other		—		25		1,263		—		1,288
Sub-total		—		25		77,936		—		77,961
Finance income
IMAX Systems		—		—		—		10,911		10,911
Total	$	157,305	$	138,498	$	88,950	$	10,911	$	395,664

(1)	Includes revenues earned from the sales or sales-type lease arrangements involving new and upgraded IMAX Theater Systems, as well as the impact on revenue of renewals and amendments to existing theater system arrangements.

(2)	Other sales include revenues associated with New Business Initiatives such as IMAX Enhanced.

	Year Ended December 31, 2018
	Revenue from
	Contracts with Customers				Revenue from
(In thousands of U.S. Dollars)	Fixed consideration		Variable consideration		Lease Arrangements		Finance Income		Total
Technology sales
IMAX Systems⁽¹⁾	$	81,442	$	6,990	$	—	$	—	$	88,432
Joint Revenue Sharing Arrangements, fixed fees		—		—		9,706		—		9,706
Other Theater Business		8,358		—		—		—		8,358
Other sales		—		95		—		—		95
Sub-total		89,800		7,085		9,706		—		106,591
Image enhancement and maintenance services
IMAX DMR		—		110,793		—		—		110,793
IMAX Maintenance		49,684		—		—		—		49,684
Film Post-Production		9,516		—		—		—		9,516
Film Distribution		—		3,446		—		—		3,446
Other				8,301		—		—		8,301
Sub-total		59,200		122,540		—		—		181,740
Technology rentals
Joint Revenue Sharing Arrangements, contingent rent		—		—		73,997		—		73,997
Other		—		271		204		—		475
Sub-total		—		271		74,201		—		74,472
Finance income
IMAX Systems		—		—		—		11,598		11,598
Total	$	149,000	$	129,896	$	83,907	$	11,598	$	374,401

(1)	Includes revenues earned from the sales or sales-type lease arrangements involving new and upgraded IMAX Theater Systems, as well as the impact on revenue of renewals and amendments to existing theater system arrangements.

(b) Deferred Revenue

IMAX Theater System sale and lease arrangements include a requirement for the Company to provide maintenance services over the life of the arrangement, subject to a consumer price index adjustment each year. In circumstances where customers prepay the entire term’s maintenance fee, additional payments are due to the Company for the years after its extended warranty and maintenance obligations expire. Payments upon renewal each year are either prepaid or made in arrears and can vary in frequency from monthly to annually. At December 31, 2020, $21.6 million of consideration has been deferred in relation to outstanding maintenance services to be provided on existing maintenance contracts (December 31, 2019 — $17.7 million and 2018 —$21.9 million). Maintenance revenue is recognized evenly over the contract term which coincides with the period over which maintenance services are provided. In the event of customer default, any payments made by the customer may be retained by the Company.

In instances where the Company receives consideration prior to satisfying its performance obligations, the recognition of revenue is deferred. The majority of the deferred revenue balance relates to payments received by the Company for IMAX Theater Systems where control of the system has not transferred to the customer. The deferred revenue balance related to an individual theater increases as progress payments are made and is then derecognized when control of the system is transferred to the customer. Recognition dates are variable and depend on numerous factors, including some outside of the Company’s control.

(See Note 2 for information on the current impacts of and uncertainties relating to the COVID-19 global pandemic which are impacting Company’s revenues.)

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Segment Reporting

12 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

Segment Reporting

21. Segment Reporting

The Company’s Chief Executive Officer (“CEO”) is its Chief Operating Decision Maker (“CODM”), as such term is defined under U.S. GAAP. The CODM, along with other members of management, assess segment performance based on segment revenues and gross margins. Selling, general and administrative expenses, research and development costs, the amortization of intangible assets, provisions for (recoveries of) current expected credit losses, certain write-downs, interest income, interest expense and income tax (expense) benefit are not allocated to the Company’s segments.

(i)

IMAX Technology Network, which earns revenue based on contingent box office receipts and includes the IMAX DMR segment and contingent rent from the Joint Revenue Sharing Arrangement (“JRSA”) segment;

(ii)

IMAX Technology Sales and Maintenance, which includes results from the IMAX Systems, IMAX Maintenance and Other Theater Business segments, as well as fixed revenues from the JRSA segment;

(iii)

New Business Initiatives, which is a segment that includes activities related to the exploration of new lines of business and new initiatives outside of the Company’s core business; and

(iv)

Film Distribution and Post-Production, which includes activities related to the licensing of film content, and the distribution of films primarily for the Company’s institutional theater partners (through the Film Distribution segment) and the provision of film post-production and quality control services (through the Film Post-Production segment).

The Company is presenting information at a disaggregated level to provide more relevant information to readers.

Transactions between the film production and IMAX DMR segment and the Film Post-Production segment are valued at exchange value. Inter-segment profits are eliminated upon consolidation, as well as for the disclosures below.

(a)

Segment Financial Information

The following table presents the breakdown of revenue and gross margin (loss) by category and segment for the years ended December 31, 2020, 2019 and 2018:

	Years Ended December 31,
		Revenue⁽¹⁾						Gross Margin (Margin Loss)⁽⁴⁾
(In thousands of U.S. Dollars)		2020		2019		2018		2020			2019			2018
IMAX Technology Network
IMAX DMR		$	28,265	$	120,765	$	110,793	$	13,731		$	78,592		$	72,773
Joint revenue sharing arrangements, contingent rent			17,841		76,673		73,997		(9,500	)		48,446			49,292
			46,106		197,438		184,790		4,231			127,038			122,065
IMAX Technology Sales and Maintenance
IMAX Systems⁽²⁾			54,055		107,321		100,030		24,816			58,168			59,583
Joint revenue sharing arrangements, fixed fees			2,056		11,014		9,706		529			2,613			1,982
IMAX Maintenance			21,999		53,151		49,684		3,068			23,010			21,991
Other Theater Business⁽³⁾			1,666		8,390		8,358		(438	)		2,624			1,806
			79,776		179,876		167,778		27,975			86,415			85,362
New Business Initiatives			2,226		2,754		5,769		1,878			2,106			(350	)
Film Distribution and Post-Production
Film Distribution⁽⁵⁾			4,841		4,818		3,446		(9,840	)		(2,942	)		(1,344	)
Post-Production			3,878		7,392		9,516		(358	)		1,680			3,107
			8,719		12,210		12,962		(10,198	)		(1,262	)		1,763
Sub-total			136,827		392,278		371,299		23,886			214,297			208,840
Other			176		3,386		3,102		(2,346	)		(125	)		(911	)
Total		$	137,003	$	395,664	$	374,401	$	21,540		$	214,172		$	207,929

The following table presents the breakdown of assets by category and segment as of December 31, 2020 and 2019:

	As of December 31,
(In thousands of U.S. Dollars)	2020		2019
IMAX Technology Network
IMAX DMR	$	29,672	$	46,417
Joint revenue sharing arrangements, contingent rent		195,822		231,626
IMAX Technology Sales and Maintenance
IMAX Systems		240,972		277,720
Joint revenue sharing arrangements, fixed fees		27,778		27,189
IMAX Maintenance		36,949		22,869
Other Theater Business		106		2,042
New Business Initiatives		1,196		—
Film Distribution and Post-Production
Film Distribution		35,526		14,831
Post-Production		5,984		36,562
Other		20,307		23,809
Corporate and other non-segment specific assets		403,438		206,004
Total	$	997,750	$	889,069

The following table presents the breakdown of depreciation and amortization by category and segment for the years ended December 31, 2020, 2019 and 2018:

	Years Ended December 31,
(In thousands of U.S. Dollars)	2020		2019		2018
IMAX Technology Network
IMAX DMR	$	10,269	$	16,117	$	13,602
Joint revenue sharing arrangements, contingent rent		26,076		25,036		21,970
IMAX Technology Sales and Maintenance
IMAX Systems		3,548		3,878		3,615
IMAX Maintenance		213		299		164
New Business Initiatives		11		58		2,519
Film Distribution and Post-Production
Film Distribution		1,213		3,894		2,225
Post-Production		1,281		1,301		1,500
Other		601		747		790
Corporate and other non-segment specific assets		10,394		12,157		11,052
Total	$	53,606	$	63,487	$	57,437

The following table presents the breakdown of write-downs, including asset impairments and credit loss expense, by category and segment for the years ended December 31, 2020, 2019 and 2018:

	Years Ended December 31,
(In thousands of U.S. Dollars)	2020		2019		2018
IMAX Technology Network
IMAX DMR		1,057	$	—	$	15
Joint revenue sharing arrangements, contingent rent		1,784		2,207		1,193
IMAX Technology Sales and Maintenance
IMAX Systems		2,872		276		250
IMAX Maintenance		510		170		—
New Business Initiatives		52		96		7,399
Film Distribution and Post-Production
Film Distribution		9,997		1,379		—
Post-Production		—		—		—
Corporate and other non-segment specific assets⁽⁶⁾		20,065		2,678		2,913
Total	$	36,337	$	6,806	$	11,770

The following table presents the breakdown of purchases of Property, Plant and Equipment by category and segment for the years ended December 31, 2020, 2019 and 2018:

	Years Ended December 31,
(In thousands of U.S. Dollars)	2020		2019		2018
IMAX Technology Network
IMAX DMR	$	—	$	99	$	55
Joint revenue sharing arrangements, contingent rent		6,654		40,489		34,810
IMAX Technology Sales and Maintenance
IMAX Systems		50		452		2,813
IMAX Maintenance		—		311		527
New Business Initiatives		—		—		342
Film Distribution and Post-Production
Film Distribution		—		—		—
Post-Production		456		1,210		1,067
Other		68		504		193
Corporate and other non-segment specific assets		123		4,845		8,371
Total	$	7,351	$	47,910	$	48,178

(1)	The Company’s largest customer represents 16.4% of total revenues as of December 31, 2020 (2019 ― 16.5%; 2018 ― 17.1%).

(2)

Includes initial upfront payments and the present value of fixed minimum payments from sales and sales-type lease arrangements of IMAX Theater Systems, and the present value of estimated variable consideration from sales of IMAX Theater Systems. To a lesser extent, also includes finance income associated with these revenue streams.

(3)	Principally includes after-market sales of IMAX projection system parts and 3D glasses.

(4)

(5)

During the year ended December 31, 2020, Film Distribution segment results were significantly influenced by impairment losses of $10.0 million, respectively, to write-down the carrying value of certain documentary and alternative content film assets due to a decrease in projected box office totals and related revenues based on management’s regular quarterly recoverability assessments (2019 ― $1.4 million; 2018 ― $nil).

(6)	During the year ended December 31, 2020, the Corporate and other non-segment specific write-downs included $18.6 million in current expected credit loss expense excluded from the Company’s segment allocations.

(b)Geographic Information

Revenue by geographic area is based on the location of the customer. Revenue related to IMAX DMR is presented based upon the geographic location of the theaters that exhibit the remastered films. IMAX DMR revenue is generated through contractual relationships with studios and other third parties and these may not be in the same geographical location as the theater.

	Years Ended December 31,
(In thousands of U.S. Dollars)	2020		2019		2018
Greater China	$	52,331	$	124,294	$	117,520
United States		30,157		121,264		118,495
Asia (excluding Greater China)		20,090		48,386		46,858
Western Europe		13,683		46,911		40,497
Latin America		6,114		9,438		12,952
Russia & the CIS		2,927		16,124		10,133
Canada		1,365		9,220		10,507
Rest of the World		10,336		20,027		17,439
Total	$	137,003	$	395,664	$	374,401

No single country in the Rest of the World, Western Europe, Latin America and Asia (excluding Greater China) classifications comprise more than 10% of total revenue.

The following table presents the breakdown of Property, Plant and Equipment by geography as of December 31, 2020 and 2019:

	As of December 31,
(In thousands of U.S. Dollars)		2020		2019
United States		$	100,495	$	109,240
Greater China			104,731		105,312
Canada			31,624		47,837
Western Europe			25,487		27,748
Asia (excluding Greater China)			9,930		9,948
Rest of the World			5,130		6,764
Total		$	277,397	$	306,849

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Investments All Other Investments [Abstract]

Financial Instruments

12 Months Ended

Dec. 31, 2020

Financial Instruments

22. Financial Instruments

(a)

Financial Instruments

The Company maintains cash with various major financial institutions. The Company’s cash is invested with highly rated financial institutions.

(b)

Fair Value Measurements

The carrying values of the Company’s Cash and Cash Equivalents, Accounts Receivable, Accounts Payable and Accrued Liabilities due within one year approximate their fair values due to the short-term maturity of these instruments. Including these instruments, the Company’s financial instruments consist of the following:

	As of December 31, 2020						As of December 31, 2019
(In thousands of U.S. Dollars)	Carrying Amount			Estimated Fair Value			Carrying Amount			Estimated Fair Value
Level 1
Cash and cash equivalents⁽¹⁾	$	317,379			317,379		$	109,484		$	109,484
Equity securities ⁽³⁾		13,633			13,633			15,685			15,685
Level 2
Net financed sales receivables⁽²⁾		112,396		$	112,603		$	112,432		$	111,441
Net investment in sales-type leases ⁽²⁾		19,414			19,373			15,606			15,309
Convertible loan receivable⁽²⁾		—			—			1,500			1,500
Equity securities⁽¹⁾		1,000			1,000			1,000			1,000
COLI⁽⁴⁾		3,155			3,155			3,150			3,150
Foreign exchange contracts — designated forwards⁽³⁾		1,635			1,635			530			530
Foreign exchange contracts — non-designated forwards⁽³⁾		344			344			—			—
Bank indebtedness - under the Working Capital Facility⁽¹⁾		(7,643	)		(7,643	)		—			—
Bank indebtedness - under the Credit Facility⁽¹⁾		(300,000	)		(300,000	)		(20,000	)		(20,000	)

(1)	Recorded at cost, which approximates fair value.

(2)	Estimated based on discounting future cash flows at currently available interest rates with comparable terms.

(3)	Value determined using quoted prices in active markets.

(4)	Measured at cash surrender value, which approximates fair value.

When a determination is made to classify an asset or liability within Level 3, the determination is based upon the significance of the unobservable inputs to the overall fair value measurement. There were no transfers in or out of the Company’s Level 3 assets during the year ended December 31, 2020 and 2019.

(c)

Foreign Exchange Risk Management

The Company is exposed to market risk from changes in foreign currency rates. A majority of the Company’s revenues is denominated in U.S. Dollars while a substantial portion of its costs and expenses is denominated in Canadian Dollars. A portion of the net U.S. Dollar cash flows of the Company is periodically converted to Canadian Dollars to fund Canadian Dollar expenses through the spot market. In China and Japan, the Company has ongoing operating expenses related to its operations in Chinese Renminbi and Japanese Yen, respectively. Net cash flows are converted to and from U.S. Dollars through the spot market. The Company also has cash receipts under leases denominated in Chinese Renminbi, Japanese Yen, Canadian Dollars and Euros which are converted to U.S. Dollars through the spot market. In addition, because IMAX films generate box office in 84 different countries, unfavourable exchange rates between applicable local currencies and the U.S. Dollar affect the Company’s reported gross box-office and revenues, further impacting the Company’s results of operations. The Company’s policy is to not use any financial instruments for trading or other speculative purposes.

The Company entered into a series of foreign currency forward contracts to manage the Company’s risks associated with the volatility of foreign currencies. Certain of these foreign currency forward contracts met the criteria required for hedge accounting under the Derivatives and Hedging Topic of the FASB ASC at inception, and continue to meet hedge effectiveness tests at December 31, 2020 (the “Foreign Currency Hedges”), with settlement dates throughout 2021. Foreign currency derivatives are recognized and measured in the Consolidated Balance Sheets at fair value. Changes in the fair value (gains or losses) are recognized in the Consolidated Statements of Operations except for derivatives designated and qualifying as foreign currency cash flow hedging instruments. The Company currently has cash flow hedging instruments associated with selling, general and administrative expenses and inventories. For foreign currency cash flow hedging instruments related to selling, general and administrative expenses, the effective portion of the gain or loss in a hedge of a forecasted transaction is reported in Other Comprehensive Income and reclassified to the Consolidated Statements of Operations when the forecasted transaction occurs. For foreign currency cash flow hedging instruments related to inventories, the effective portion of the gain or loss in a hedge of a forecasted transaction is reported in Other Comprehensive Income and reclassified to Inventories in the Consolidated Balance Sheets when the forecasted transaction occurs. Any ineffective portion is recognized immediately in the Consolidated Statements of Operations.

On April 28, 2020, the FASB staff issued a question-and-answer document (Q&A) to respond to frequently asked questions about the disruptive effects of COVID-19 on cash flow hedge accounting. FASB Accounting Standards Codification Topic 815, Derivative and Hedging, provides guidance on when to discontinue cash flow hedge accounting and when and how to reclassify amounts deferred in Accumulated Other Comprehensive Income (AOCI) to earnings. The Q&A document addresses how the postponement or cancellation of forecasted transactions related to the effects of the COVID-19 pandemic should be considered when applying cash flow hedge accounting under Topic 815. The Company has considered the Q&A document when applying cash hedge flow accounting under Topic 815. The guidance did not have a material impact to the Company’s Consolidated Financial Statements.

The following tabular disclosures reflect the impact that derivative instruments and hedging activities have on the Company’s Consolidated Financial Statements:

Notional value of foreign exchange contracts:

	As of December 31,
(In thousands of U.S. Dollars)	2020		2019
Derivatives designated as hedging instruments:
Foreign exchange contracts — Forwards	$	26,358	$	36,052
Derivatives not designated as hedging instruments:
Foreign exchange contracts — Forwards		5,552		—
	$	31,910	$	36,052

Fair value of derivatives in foreign exchange contracts:

		As of December 31,
(In thousands of U.S. Dollars)	Balance Sheet Location	2020		2019
Derivatives designated as hedging instruments:
Foreign exchange contracts — Forwards	Other assets	$	1,635	$	602
	Accrued and other liabilities		—		(72	)
Derivatives not designated as hedging instruments:
Foreign exchange contracts — Forwards	Other assets		344		—
	Accrued and other liabilities		—		—
		$	1,979	$	530

Derivatives in foreign currency hedging relationships are as follows:

		Years Ended December 31,
(In thousands of U.S. Dollars)		2020			2019			2018
Foreign exchange contracts	Derivative Gain (Loss)
— Forwards	Recognized in OCI
	(Effective Portion)	$	550		$	552		$	(2,219	)

	Location of Derivative (Loss) Gain
	Reclassified from AOCI	Years Ended December 31,
	(Effective Portion)	2020			2019			2018
Foreign exchange contracts	Selling, general and
— Forwards	administrative expenses	$	(578	)	$	(1,109	)	$	408
	Inventory		(26	)		(42	)		—
	Property, plant and equipment		—			(32	)		—
		$	(604	)	$	(1,183	)	$	408

		Years Ended December 31,
(In thousands of U.S. Dollars)		2020		2019			2018
Foreign exchange contracts	Derivative Gain (Loss)
— Forwards	Recognized In
	and Out of OCI	$	17	$	(22	)	$	21

Non-designated derivatives in foreign currency relationships are as follows:

		Years Ended December 31,
(In thousands of U.S. Dollars)	Location of Derivative Gain	2020		2019		2018
Foreign exchange contracts	Selling, general and
— Forwards	administrative expenses
		$	344	$	—	$	—

The Company's estimated net amount of the existing gains as of December 31, 2020 is $2.0 million, which is expected to be reclassified to earnings within the next twelve months.

(d)

Investments in Equity Securities

As of December 31, 2020, the Consolidated Balance Sheets includes $13.6 million (December 31, 2019 — $15.7 million) of investments in equity securities.

On January 17, 2019, IMAX China (Hong Kong), Limited, a wholly-owned subsidiary of IMAX China, as an investor entered into a cornerstone investment agreement with Maoyan Entertainment (“Maoyan”) (as the issuer) and Morgan Stanley Asia Limited (as a sponsor, underwriter and the underwriters’ representative). Pursuant to this agreement, IMAX China (Hong Kong), Limited agreed to invest $15.2 million to subscribe for a certain number of shares of Maoyan at the final offer price pursuant to the global offering of the share capital of Maoyan, and this investment would be subject to a lock-up period of six months following the date of the global offering. On February 4, 2019, Maoyan completed its global offering, upon which, IMAX China (Hong Kong), Limited became a less than 1% shareholder in Maoyan. This investment is classified as an equity security, with a readily determinable market value through the Hong Kong Stock Exchange. The changes in fair value are recorded in Gain (Loss) in Fair Value of Investment in the Company’s Consolidated Statements of Operations. As of December 31, 2020, the value of the Company’s investment in Maoyan was $12.6 million (December 31, 2019 — $14.6 million). For the year ended December 31, 2020, the Company has recorded a net unrealized loss of $2.1 million (2019 — loss of $0.5 million). In February 2021, IMAX China (Hong Kong) sold all of its 7,949,000 shares of Maoyan for gross proceeds of $17.8 million, which represents a $2.6 million gain relative to the Company’s acquisition cost. No shares of Maoyan are currently held by IMAX China (Hong Kong).

The Company has an investment of $1.1 million (December 31, 2019 — $1.0 million) in the shares of an exchange traded fund. This investment is classified as an equity investment.

As of December 31, 2020, the Company held investments in the preferred shares of enterprises which meet the criteria for classification as an equity security under FASB ASC 325, carried at historical cost, net of impairment charges. The carrying value of these equity security investments was $1.0 million at December 31, 2020 (December 31, 2019 — $1.0 million) and is recorded in Other Assets.

Employees Pension and Postretirement Benefits

12 Months Ended

Dec. 31, 2020

Compensation And Retirement Disclosure [Abstract]

Employees Pension and Postretirement Benefits

23. Employee's Pension and Postretirement Benefits

(a)

Defined Benefit Plan

The Company has an unfunded defined benefit pension plan, the SERP, covering its CEO, Richard L. Gelfond. Under the terms of the SERP, if Mr. Gelfond’s employment terminated other than for cause (as defined in his employment agreement), he is entitled to receive SERP benefits in the form of a lump sum payment. SERP benefit payments to Mr. Gelfond are subject to a deferral for six months after the termination of his employment, at which time Mr. Gelfond will be entitled to receive interest on the deferred amount credited at the applicable federal rate for short-term obligations. Pursuant to an amendment to his employment agreement dated November 1, 2019, the term of Mr. Gelfond’s employment was extended through December 31, 2022, although Mr. Gelfond has not informed the Company that he intends to retire at that time. Under the terms of this amendment to his employment agreement, the total benefit payable to Mr. Gelfond under the SERP was fixed at $20.3 million.

As of December 31, 2020 and 2019, the amounts recorded on the Company’s Consolidated Balance Sheets related to the SERP are as follows:

	Years Ended December 31,
(In thousands of U.S. Dollars)	2020		2019
Obligation, beginning of period	$	18,840	$	17,977
Prior service cost		—		456
Interest cost		379		564
Actuarial loss (gain)		897		(157	)
Obligation, end of period and unfunded status⁽¹⁾		20,116		18,840
Accumulated other comprehensive gain		178		988
Net amount recognized in the consolidated balance sheets	$	20,294	$	19,828

(1)	The accumulated benefit obligation for the SERP was $20.1 million at December 31, 2020 (2019 — $18.8 million).

The increase in the SERP obligation resulting from the November 1, 2019 amendment to Mr. Gelfond’s employment agreement was recognized as a prior service cost within Other Comprehensive Income. This prior service cost is being amortized on a straight-line basis over the remaining employment agreement term of 36 months. The related amortization expense, as well as interest cost, is recorded within Retirement Benefits Non-Service Expense in the Consolidated Statements of Operations.

As of December 31, 2020, 2019 and 2018, the following amounts related to the SERP were recorded on the Company’s Consolidated Balance Sheets within Accumulated Other Comprehensive Loss and will be recognized as components of net periodic benefit cost in future periods:

		As of December 31,
(In thousands of U.S. Dollars)	2020				2019				2018
Unrealized actuarial gain	$		(547	)	$	(1,444	)	$		(1,287	)
Unamortized prior service cost			369			456				—
Net periodic benefit costs to be recognized in future periods	$		(178	)	$	(988	)	$		(1,287	)

For the years ended December 31, 2020, 2019 and 2018, the components of pension expense related to the SERP were as follows:

	Years ended December 31,
(In thousands of U.S. Dollars)	2020		2019		2018
Interest cost	$	379	$	564	$	422
Amortization of prior service cost		87		—		—
Pension expense	$	466	$	564	$	422

The following assumptions were used to determine the SERP obligation and any related costs as of and for the years ended December 31, 2020, 2019 and 2018:

	As of December 31,
	2020			2019			2018
Discount rate		0.36	%		2.00	%		3.14	%
Lump sum interest rate:
First 25 years	N/A				2.12	%	N/A
First 20 years	N/A			N/A				3.09	%
Thereafter	N/A				2.26	%		2.84	%
Cost of living adjustment on benefits	N/A				1.20	%		1.20	%

No contributions were made for the SERP during 2020. The Company expects interest costs of $0.1 million to be recognized as a component of pension cost in for the year ended December 31, 2021.

(b)

Defined Contribution Pension Plan

The Company also maintains defined contribution pension plans for its employees, including its executive officers. The Company makes contributions to these plans on behalf of employees in an amount up to 5% of their base salary subject to certain prescribed maximums. During 2020, the Company contributed and expensed an aggregate of $1.1 million (2019 — $1.2 million; 2018 — $1.2 million) to its Canadian plan and an aggregate of $0.6 million (2019 —$0.6 million; 2018 —$0.5 million) to its defined contribution employee pension plan under Section 401(k) of the U.S. Internal Revenue Code.

(c)

Postretirement Benefits - Executives

The Company has an unfunded postretirement plan for Messrs. Gelfond and Bradley J. Wechsler, Chairman of the Company’s Board of Directors (the “Executive Postretirement Benefit Plan”). The Executive Postretirement Benefit Plan provides that the Company will maintain health benefits for Messrs. Gelfond and Wechsler until they become eligible for Medicare and, thereafter, the Company will provide Medicare supplemental coverage as selected by Messrs. Gelfond and Wechsler.

As of December 31, 2020 and 2019, the Company’s Consolidated Balance Sheets include the following amounts within Accrued and Other Liabilities related to the Executive Postretirement Benefit Plan:

	As of December 31,
(In thousands of U.S. Dollars)	2020			2019
Obligation, beginning of year	$	665		$	639
Interest cost		20			26
Benefits paid		(29	)		—
Actuarial loss		54			—
Obligation, end of year	$	710		$	665

For the years ended December 31, 2020, 2019 and 2018, the components of pension expense related to the Executive Postretirement Benefit Plan were as follows:

	Years Ended December 31,
(In thousands of U.S. Dollars)	2020			2019		2018
Interest cost	$	20		$	26	$	24
Amortization of actuarial gain	$	(17	)		—		—
Pension expense	$	3		$	26	$	24

As of December 31, 2020, 2019 and 2018, the following amounts related to the Executive Postretirement Benefit Plan were recorded on the Company’s Consolidated Balance Sheets within Accumulated Other Comprehensive Loss and will be recognized as components of net pension cost in future periods:

	As of December 31,
(In thousands of U.S. Dollars)	2020		2019			2018
Unrealized actuarial loss (gain)	$	21	$	(50	)	$	(50	)

As of December 31, 2020, 2019 and 2018, the weighted average assumptions used to determine the benefit obligation related to the Executive Postretirement Benefit Plan are as follows:

	As of December 31,
	2020			2019			2018
Discount rate		2.36	%		3.13	%		4.15	%

For the years ended December 31, 2020, 2019 and 2018, the weighted average assumptions used to determine the net postretirement benefit expense related to the Executive Postretirement Benefit Plan are as follows:

	Years Ended December 31,
	2020			2019			2018
Discount rate		3.13	%		4.15	%		3.55	%

The following benefit payments are expected to be made as per the current plan assumptions for the Executive Postretirement Benefit Plan in each of the next five years following the December 31, 2020 balance sheet date:

2021	$	8
2022		9
2023		19
2024		19
2025		21
Thereafter		981
Total	$	1,057

(d)

Postretirement Benefits – Canadian Employees

The Company has an unfunded postretirement plan for its Canadian employees who meet certain specific eligibility requirements (the “Canadian Postretirement Benefit Plan”). The Company will provide eligible participants, upon retirement, with health and welfare benefits.

As of December 31, 2020, 2019 and 2018, the Company’s Consolidated Balance Sheets include the following amounts within Accrued and Other Liabilities related to the Canadian Postretirement Benefit Plan:

	As of December 31,
(In thousands of U.S. Dollars)	2020			2019
Obligation, beginning of year	$	1,581		$	1,487
Interest cost		47			49
Benefits paid		(110	)		(108	)
Actuarial loss		280			153
Unrealized foreign exchange loss		64			—
Obligation, end of year	$	1,862		$	1,581

For the years ended December 31, 2020, 2019 and 2018, the components of pension expense related to the Canadian Postretirement Benefit Plan were as follows:

	Years Ended December 31,
(In thousands of U.S. Dollars)	2020		2019		2018
Interest cost	$	47	$	49	$	53
Pension expense	$	47	$	49	$	53

The Company expects interest costs of less than $0.1 million to be recognized as a component of benefit cost for the year ended December 31, 2021.

As of December 31, 2020, 2019 and 2018, the following amounts related to the Canadian Postretirement Benefit Plan were recorded on the Company’s Consolidated Balance Sheets within Accumulated Other Comprehensive Loss and will be recognized as components of net pension cost in future periods:

	As of December 31,
(In thousands of U.S. Dollars)	2020		2019			2018
Unrealized actuarial loss (gain)	$	277	$	(3	)	$	(156	)

As December 31, 2020, 2019 and 2018, the weighted average assumptions used to determine the benefit obligation related to the Canadian Postretirement Benefit Plan are as follows:

	As of December 31,
	2020			2019			2018
Discount rate		2.30	%		3.05	%		3.35	%

For the years ended December 31, 2020, 2019 and 2018, the weighted average assumptions used to determine the net postretirement benefit expense related to the Canadian Postretirement Benefit Plan are as follows:

	Years Ended December 31,
	2020			2019			2018
Discount rate		3.05	%		3.80	%		3.35	%

The following benefit payments are expected to be made as per the current plan assumptions for the Canadian Postretirement Benefit Plan in each of the next five years following the December 31, 2020 balance sheet date:

2021	$	118
2022		119
2023		118
2024		118
2025		115
Thereafter		1,654
Total	$	2,242

(e)

Deferred Compensation Benefit Plan

The Company maintained a nonqualified deferred compensation benefit plan (the “Retirement Plan”) covering the former CEO of IMAX Entertainment and Senior Executive Vice President of the Company. Under the terms of the Retirement Plan, the benefits were due to vest in full if the executive incurred a separation from service from the Company (as defined therein). In the fourth quarter of 2018, the executive incurred a separation from service from the Company, and as such, the Retirement Plan benefits became fully vested as of December 31, 2018 and the accelerated costs were recognized and reflected in Executive Transition Costs in the Consolidated Statements of Operations.

As of December 31, 2020, the benefit obligation related to the Retirement Plan was $3.7 million (December 31, 2019 — $3.6 million) and is recorded on the Company’s Consolidated Balance Sheets within Accrued and Other Liabilities. As the Retirement Plan is fully vested, the benefit obligation is measured at the present value of the benefits expected to be paid in the future with the accretion of interest recognized in the Consolidated Statements of Operations within Retirement Benefits Non-Service Expenses.

The Retirement Plan is funded by an investment in company-owned life insurance (“COLI”), which is recorded at its fair value on the Company’s Consolidated Balance Sheets within Prepaid Expenses. As of December 31, 2020, fair value of the COLI asset was $3.2 million (December 31, 2019 — $3.2 million). Gains and losses resulting from changes in the cash surrender value of the COLI asset are recognized in the Consolidated Statements of Operations within Gain (Loss) In Fair Value of Investments.

The entire disclosure for retirement benefits.

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Temporary Equity Disclosure [Abstract]

Non-Controlling Interests

12 Months Ended

Dec. 31, 2020

Non-Controlling Interests

24. Non-Controlling Interests

(a)

IMAX China Non-Controlling Interest

The Company indirectly owns 69.89% of IMAX China, whose shares trade on the Hong Kong Stock Exchange. IMAX China remains a consolidated subsidiary of the Company. The balance of non-controlling interest in IMAX China as of December 31, 2020 is $78.5 million. The net loss attributable to the Company’s non-controlling interest in IMAX China for the year ended December 31, 2020 is $(8.6) million.

(b)

Other Non-Controlling Interests

The Company’s Original Film Fund was established in 2014 to co-finance a portfolio of 10 original large-format films. The initial investment in the Original Film Fund was committed by a third party in the amount of $25.0 million, with the possibility of contributing additional funds. The Company has contributed $9.0 million to the Original Film Fund since 2014, and has reached its maximum contribution. Through December 31, 2020, the Original Film Fund has invested $22.3 million toward the development of original films. The related production, financing and distribution agreement includes put and call rights relating to change of control of the rights, title and interest in the co-financed pictures.

The Company also established its VR Fund among the Company, its subsidiary IMAX China and other strategic investors to help finance the creation of interactive VR content experiences for use across all VR platforms, including in the pilot IMAX VR Centers. The VR Fund helped finance the production of one interactive VR experience, which debuted exclusively in the pilot IMAX VR Centers in November 2017 before being made available to other VR platforms. Through December 31, 2018, the Company had invested $4.0 million toward the development of VR content. In December 2018, the Company announced, in connection with its strategic review of its VR pilot initiative, that it had decided to close its remaining VR locations and write-off certain VR content investments. The Company has decided dissolve the VR Fund and will no longer actively pursue any additional VR opportunities at this time. For additional details see Note 26.

(c)

Non-Controlling Interest in Temporary Equity

The following summarizes the movement of the non-controlling interest in temporary equity, in the Original Film Fund for the years ended December 31, 2020, 2019 and 2018.

Balance as of January 1, 2018	$	1,353
Issuance of subsidiary shares to non-controlling interests	$	7,796
Net loss		(2,710	)
Balance as of December 31, 2018	$	6,439
Return of capital to non-controlling interests	$	(243	)
Share issuance costs from the issuance of subsidiary shares to a non-controlling interest		1,350
Net loss		(1,638	)
Balance as of December 31, 2019	$	5,908
Return of capital to non-controlling interests		(10	)
Net loss		(5,139	)
Balance as of December 31, 2020	$	759

Executive Transition Costs

12 Months Ended

Dec. 31, 2020

Executive Transition Costs

25. Executive Transition Costs

In 2018, the Company recognized Executive Transition Costs of $3.0 million associated with the separation from service of the former CEO of IMAX Entertainment and Senior Executive Vice President of the Company. These costs include $1.9 million of accelerated costs related to retirement benefits which became vested in full upon the separation from service. In addition, expenses of $1.1 million were recorded within Executive Transition Costs for severance, bonus and share-based compensation relating to the exit of this and other executives. No such charges were incurred in the years ended December 31, 2020 and 2019.

Exit Costs, Restructuring Charges and Associated Impairments

12 Months Ended

Dec. 31, 2020

Restructuring And Related Activities [Abstract]

Exit Costs, Restructuring Charges and Associated Impairments

26. Exit Costs, Restructuring Charges and Associated Impairments

The Company recognized the following charges in its Consolidated Statements of Operations for the years ended December 31, 2020, 2019 and 2018:

(In thousands of U.S. Dollars)	2020		2019		2018
Restructuring charges	$	—	$	628	$	2,405
Asset impairments		—		—		6,432
Costs to exit lease and restore facilities		—		222		619
Other		—		—		86
	$	—	$	850	$	9,542

(a)

Costs to exit an operating lease

In December 2018, the Company announced that it would be closing all remaining VR locations and, as a result, recognized New Business Initiatives segment expense of $0.2 million and $0.6 million for the years ended December 31, 2019 and 2018, respectively, reflecting the value of the remaining non-cancelable lease obligations for the closed VR location. No such costs were incurred in 2020.

(b)

Restructuring charges

Restructuring charges are comprised of employee severance costs including benefits and share-based compensation, costs of consolidating facilities and contract termination costs. Restructuring charges are based upon plans that have been committed to by the Company, but may be refined in subsequent periods. A liability for a cost associated with an exit or disposal activity is recognized and measured at its fair value in the Company’s Consolidated Statements of Operations in the period in which the liability is incurred. When estimating the value of facility restructuring activities, assumptions are applied regarding estimated sub-lease payments to be received, which can differ from actual results.

In December 2018, the Company performed a strategic review of its virtual reality pilot initiative and decided to close its remaining VR locations. In addition, as part of the Company’s ongoing efforts to decrease costs, the Company reduced certain functions and realigned resources.

In connection with these restructuring initiatives, the Company incurred $0.6 million and $2.4 million in restructuring charges for the years ended December 31, 2019 and December 31, 2018, respectively. No such costs were incurred in 2020. A summary of the restructuring costs incurred during the years ended December 31, 2020, 2019 and 2018 are as follows:

(In thousands of U.S. Dollars)	2020		2019		2018
Corporate	$	—	$	628	$	1,529
New Business Initiatives		—		—		611
Other		—		—		215
IMAX DMR		—		—		50
	$	—	$	628	$	2,405

The following table sets forth a summary of restructuring accrual activities for the years ended December 31, 2020 and 2019:

(In thousands of U.S. Dollars)	Employee Severance and Benefits
Balance as of December 31, 2018	$	1,936
Restructuring charges		628
Cash payments		(2,211	)
Balance as of December 31, 2019	$	353
Cash payments		(313	)
Balance as of December 31, 2020	$	40

(c)

Associated Impairments

As a result of the cost reduction plan discussed above, the Company recognized costs associated with the retirement of certain long-lived assets. The following impairments for the year ended December 31, 2018 are a direct result of the exit activities described in (a) above. In the years ended December 31, 2020 and 2019, the Company did not recognize any associated impairments.

(In thousands of U.S. Dollars)		2020			2019			2018
Property, plant and equipment	$		—	$		—	$		3,680
Other assets			—			—			2,565
Prepaid expenses			—			—			121
Intangible assets			—			—			66
	$		—	$		—	$		6,432

Selected Quarterly Financial Information (Unaudited)

12 Months Ended

Dec. 31, 2020

Quarterly Financial Information Disclosure [Abstract]

Selected Quarterly Financial Information (Unaudited)

27. Selected Quarterly Financial Information (Unaudited)

		2020
(in thousands of U.S. Dollars, except per share amounts)	Q1				Q2			Q3			Q4
Revenues		$	34,902		$	8,855		$	37,256		$	55,990
Costs and expenses applicable to revenues			29,816			16,543			33,427			35,677
Gross margin (margin loss)		$	5,086		$	(7,688	)	$	3,829		$	20,313
Net loss		$	(59,411	)	$	(30,047	)	$	(48,484	)	$	(19,544	)
Net loss attributable to common shareholders		$	(49,354	)	$	(25,967	)	$	(47,209	)	$	(21,245	)

Net loss per share attributable to common shareholders:
Net loss per share - basic & diluted		$	(0.82	)	$	(0.44	)	$	(0.80	)	$	(0.36	)

		2019
(in thousands of U.S. Dollars, except per share amounts)	Q1				Q2			Q3			Q4
Revenues		$	80,198		$	104,797		$	86,390		$	124,279
Costs and expenses applicable to revenues			35,058			45,244			39,270			61,920
Gross margin		$	45,140		$	59,553		$	47,120		$	62,359
Net income		$	12,487		$	13,836		$	10,896		$	21,352
Net income attributable to common shareholders		$	8,265		$	11,397		$	9,033		$	18,171

Net income per share attributable to common shareholders:
Net income per share - basic & diluted		$	0.13		$	0.19		$	0.15		$	0.29

Reclassification of Prior Year Amounts

12 Months Ended

Dec. 31, 2020

Prior Period Adjustment [Abstract]

Reclassification of Prior Year Amounts

28. Reclassification of Prior Year Amounts

In the current year, the Company presented Credit Loss Expense separately from Write-downs on the Consolidated Statements of Cash Flows. In addition, in the current year, Loss From Equity-Accounted Investments and (Gain) Loss on Non-Cash Contribution to Equity-Accounted Investees have been combined into Equity in Losses (Income) of Investees on the Consolidated Statements of Cash Flows.

Schedule II - Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2020

Valuation And Qualifying Accounts [Abstract]

Schedule II - Valuation and Qualifying Accounts

IMAX CORPORATION

Schedule II

Valuation and Qualifying Accounts

(In thousands of U.S. Dollars)

	Balance at beginning of year		Additions/ (recoveries) charged to expenses			Other additions/ (deductions)⁽¹⁾			Balance at end of year
Allowance for credit losses related to net investment in leases
Year ended December 31, 2018	$	155	$	—		$	—		$	155
Year ended December 31, 2019	$	155	$	—		$	—		$	155
Year ended December 31, 2020	$	155	$	451		$	(49	)	$	557

Allowance for credit losses related to financed sale receivables
Year ended December 31, 2018	$	922	$	(83	)	$	—		$	839
Year ended December 31, 2019	$	839	$	76		$	—		$	915
Year ended December 31, 2020	$	915	$	6,574		$	(215	)	$	7,274

Allowance for credit losses related to doubtful accounts receivable
Year ended December 31, 2018	$	1,613	$	3,030		$	(1,469	)	$	3,174
Year ended December 31, 2019	$	3,174	$	2,354		$	(390	)	$	5,138
Year ended December 31, 2020	$	5,138	$	9,708		$	(551	)	$	14,295

Allowance for credit losses related to variable consideration receivables
Year ended December 31, 2018	$	—	$	—		$	—		$	—
Year ended December 31, 2019	$	—	$	—		$	—		$	—
Year ended December 31, 2020	$	—	$	1,875		$	12		$	1,887

Inventories valuation allowance
Year ended December 31, 2018	$	3,886	$	250		$	(251	)	$	3,885
Year ended December 31, 2019	$	3,885	$	446		$	(1,115	)	$	3,216
Year ended December 31, 2020	$	3,216	$	3,028		$	(492	)	$	5,752

Deferred income tax valuation allowance
Year ended December 31, 2018	$	197	$	—		$	—		$	197
Year ended December 31, 2019	$	197	$	—		$	—		$	197
Year ended December 31, 2020	$	197	$	28,589		$	—		$	28,786

(1)	Deductions represent write-offs of amounts previously charged to the provision. Other additions/(deductions) also include impact of foreign exchanges.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2020

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Variable interest entities

(a)

Principles of Consolidation

As of December 31, 2020 and 2019, total assets and liabilities of the Company's consolidated VIEs are as follows:

	December 31,		December 31,
(In thousands of U.S. Dollars)	2020		2019
Total assets	$	1,543	$	9,677
Total liabilities⁽¹⁾	$	230	$	308

(1)	Prior year comparative amounts have been updated to conform with current year presentation. As a result, total liabilities as of December 31, 2019 have been updated to exclude the non-controlling interest in temporary equity.

Estimates and Assumptions

(b)

Estimates and Assumptions

Cash and Cash Equivalents

(c)

Cash and Cash Equivalents

The Company considers all highly liquid investments convertible to a known amount of cash and with an original maturity of three months or less to be cash equivalents.

Current Expected Credit Losses

(d)

Current Expected Credit Losses

(See Note 5 for more information related to the Company’s receivables and current expected credit losses.)

Property, Plant and Equipment

(e)

Inventories

Film Assets

(f)

Film Assets

Film exploitation costs, including advertising costs, are expensed as incurred.

(g)

Property, Plant and Equipment

Property, Plant and Equipment is recorded at cost and is depreciated on a straight-line basis over the estimated useful lives of the underlying assets as follows:


Theater system components⁽¹⁾	—	Over the equipment’s anticipated useful life (7 to 20 years)
Camera equipment	—	Over a period between 5 to 10 years
Buildings	—	Over a period between 20 to 25 years
Office and product equipment	—	Over a period between 3 to 5 years
Leasehold improvements	—	Over the shorter of the initial term of the underlying leases plus any reasonably assured renewal
		terms, and the useful life of the asset

(1)	Includes equipment under joint revenue sharing arrangements.

Investment in Equity Securities

(h)

Investment in Equity Securities

Other Assets

(i)

Other Assets

Foreign currency derivatives are accounted for at fair value using quoted prices in closed exchanges.

Goodwill

(j)

Goodwill

Other Intangible Assets

(k)

Other Intangible Assets

Deferred Revenue

(l)

Deferred Revenue

Income Taxes

(m)

Income Taxes

Revenue Recognition

(n)

Revenue Recognition

IMAX Theater Systems

Sales Arrangements

Constraints on the Recognition of Variable Consideration

•

The amount of consideration is highly susceptible to factors outside the entity’s influence;

•

The uncertainty about the amount of consideration is not expected to be resolved for a long period of time;

•

The Company’s experience (or other evidence) with similar types of contracts is limited, or that experience has limited predictive value; and

•

The entity has a practice of either offering a broad range of price concessions or changing the payment terms and conditions of similar contracts in similar circumstances.

Revenue Recognition Leases

Lease Arrangements

Revenue Recognition Finance Income

Finance Income

Improvements and Modifications

Cost and Expenses Applicable to Revenues – Technology Sales

Cost and Expenses Applicable to Revenues – Technology Rentals

Terminations, Consensual Buyouts and Concessions

Maintenance And Extended Warranty Services

Maintenance and Extended Warranty Services

Films Revenue Recognition

IMAX DMR Services

Film Production Services

Film Distribution Services

Film Post-Production Services

Revenues from post-production film services are recognized within Revenues – Image Enhancement and Maintenance Services when performance of the contracted services are satisfied.

Other Revenue

Other

Revenues on camera rentals are recognized within Revenues – Technology Rentals over the rental period.

Revenue from the sale of 3D glasses is recognized within Revenues – Technology Sales when the 3D glasses have been delivered to the customer.

Other service revenues are recognized within Revenues – Image Enhancement and Maintenance Services when the performance of contracted services is complete.

Leases

(o)

Leases

Research and Development Expense

(p)

Research and Development

Foreign Currency Translations

(q)

Foreign Currency Translation

Share-Based Compensation

(r)

Share-Based Compensation

Stock Options

(See Note 17(c) for the assumptions used to determine the fair value of the Company’s stock options.)

Restricted Share Units

Performance Share Units

The Company’s PSUs have been classified as equity.

Share-Based Payment Awards to Non-Employees

Pension and Other Postretirement Plans

(s)

Pension Plans and Postretirement Benefits

For defined contribution pension plans, required contributions by the Company are recorded as an expense.

Guarantees, Indemnifications and Warranties

(t)

Guarantees

New Accounting Pronouncements Adopted & Accounting Pronouncements Not Yet Adopted

Adoption of New Accounting Policies

The Company adopted several standards in 2020, as summarized below.

Recently Issued FASB Accounting Standard Codification Updates Not Yet Adopted

Commitments and Contingencies

The Company expenses legal costs relating to its lawsuits, claims and proceedings as incurred.

Segment Reporting

(i)

(ii)

IMAX Technology Sales and Maintenance, which includes results from the IMAX Systems, IMAX Maintenance and Other Theater Business segments, as well as fixed revenues from the JRSA segment;

(iii)

New Business Initiatives, which is a segment that includes activities related to the exploration of new lines of business and new initiatives outside of the Company’s core business; and

(iv)

Fair Value of Financial Instruments

	As of December 31, 2020						As of December 31, 2019
(In thousands of U.S. Dollars)	Carrying Amount			Estimated Fair Value			Carrying Amount			Estimated Fair Value
Level 1
Cash and cash equivalents⁽¹⁾	$	317,379			317,379		$	109,484		$	109,484
Equity securities ⁽³⁾		13,633			13,633			15,685			15,685
Level 2
Net financed sales receivables⁽²⁾		112,396		$	112,603		$	112,432		$	111,441
Net investment in sales-type leases ⁽²⁾		19,414			19,373			15,606			15,309
Convertible loan receivable⁽²⁾		—			—			1,500			1,500
Equity securities⁽¹⁾		1,000			1,000			1,000			1,000
COLI⁽⁴⁾		3,155			3,155			3,150			3,150
Foreign exchange contracts — designated forwards⁽³⁾		1,635			1,635			530			530
Foreign exchange contracts — non-designated forwards⁽³⁾		344			344			—			—
Bank indebtedness - under the Working Capital Facility⁽¹⁾		(7,643	)		(7,643	)		—			—
Bank indebtedness - under the Credit Facility⁽¹⁾		(300,000	)		(300,000	)		(20,000	)		(20,000	)

(1)	Recorded at cost, which approximates fair value.

(2)	Estimated based on discounting future cash flows at currently available interest rates with comparable terms.

(3)	Value determined using quoted prices in active markets.

(4)	Measured at cash surrender value, which approximates fair value.

Fair Value Transfer

When a determination is made to classify an asset or liability within Level 3, the determination is based upon the significance of the unobservable inputs to the overall fair value measurement.

Costs Associated With Exit or Disposal Activities or Restructurings

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2020

Organization Consolidation And Presentation Of Financial Statements [Abstract]

VIEs Total Assets and Liabilities

As of December 31, 2020 and 2019, total assets and liabilities of the Company's consolidated VIEs are as follows:

	December 31,		December 31,
(In thousands of U.S. Dollars)	2020		2019
Total assets	$	1,543	$	9,677
Total liabilities⁽¹⁾	$	230	$	308

(1)	Prior year comparative amounts have been updated to conform with current year presentation. As a result, total liabilities as of December 31, 2019 have been updated to exclude the non-controlling interest in temporary equity.

Summary of Estimated Useful Lives

Property, Plant and Equipment is recorded at cost and is depreciated on a straight-line basis over the estimated useful lives of the underlying assets as follows:


Theater system components⁽¹⁾	—	Over the equipment’s anticipated useful life (7 to 20 years)
Camera equipment	—	Over a period between 5 to 10 years
Buildings	—	Over a period between 20 to 25 years
Office and product equipment	—	Over a period between 3 to 5 years
Leasehold improvements	—	Over the shorter of the initial term of the underlying leases plus any reasonably assured renewal
		terms, and the useful life of the asset

(1)	Includes equipment under joint revenue sharing arrangements.

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

Summary of Allowance For Credit Losses Related to Accounts Receivable

Current Expected Credit Losses (Tables)

12 Months Ended

Dec. 31, 2020

Credit Loss [Abstract]

The following table summarizes the activity in the Allowance for Credit Losses related to Accounts Receivable for the year ended December 31, 2020:

	Year Ended December 31, 2020
(In thousands of U.S. Dollars)	Theater Operators			Studios		Other			Total
Beginning balance	$	3,302		$	893	$	943		$	5,138
Current period provision		5,793			3,393		522			9,708
Write-offs		(975	)		—		—			(975	)
Recoveries		—			—		—			—
Foreign exchange		248			195		(19	)		424
Ending balance	$	8,368		$	4,481	$	1,446		$	14,295

Schedule of Financing Receivables

As of December 31, 2020 and December 31, 2019, financing receivables consist of the following:

	December 31,			December 31,
(In thousands of U.S. Dollars)	2020			2019
Net investment in leases
Gross minimum payments due under sales-type leases	$	20,830		$	16,766
Unearned finance income		(859	)		(1,005	)
Present value of minimum payments due under sales-type leases		19,971			15,761
Allowance for credit losses		(557	)		(155	)
Net investment in leases		19,414			15,606
Financed sales receivables
Gross minimum payments due under financed sales		150,917			146,660
Unearned finance income		(31,247	)		(33,313	)
Present value of minimum payments due under financed sales		119,670			113,347
Allowance for credit losses		(7,274	)		(915	)
Net financed sales receivables		112,396			112,432
Total financing receivables	$	131,810		$	128,038

Net financed sales receivables due within one year	$	34,937		$	27,595
Net financed sales receivables due after one year	$	77,459		$	84,837
Total financed sales receivables	$	112,396		$	112,432

Schedule of Weighted-average Remaining Lease Term and Weighted-average Interest Rate

	December 31,			December 31,
	2020			2019
Weighted-average remaining lease term (in years)
Sales-type lease arrangements		8.3			8.1
Weighted-average interest rate
Sales-type lease arrangements		6.56	%		6.68	%
Financed sales receivables		8.92	%		9.00	%

Schedule of Net Investment In Leases by Credit Quality Indicator

The following tables provide information on the Company’s net investment in leases by credit quality indicator as of December 31, 2020 and December 31, 2019:

(In thousands of U.S. Dollars)	By Origination Year
As of December 31, 2020	2020		2019		2018		2017		2016		Prior		Total
Net investment in leases:
Credit quality classification:
In good standing	$	2,143	$	1,190	$	2,730	$	—	$	—	$	1,826	$	7,889
Credit Watch		2,005		7,278		—		988		—		1,047		11,318
Pre-approved transactions		—		—		—		—		—		—		—
Transactions suspended		—		—		—		—		—		764		764
Total net investment in leases	$	4,148	$	8,468	$	2,730	$	988	$	—	$	3,637	$	19,971

(In thousands of U.S. Dollars)	By Origination Year
As of December 31, 2019	2019		2018		2017		2016		2015		Prior		Total
Net investment in leases:
Credit quality classification:
In good standing	$	7,874	$	3,045	$	989	$	—	$	—	$	3,186	$	15,094
Credit Watch		—		—		—		—		—		667		667
Pre-approved transactions		—		—		—		—		—		—		—
Transactions suspended		—		—		—		—		—		—		—
Total net investment in leases	$	7,874	$	3,045	$	989	$	—	$	—	$	3,853	$	15,761

Schedule of Financed Sale Receivables by Credit Quality Indicator

The following tables provide information on the Company’s financed sale receivables by credit quality indicator as of December 31, 2020 and December 31, 2019:

(In thousands of U.S. Dollars)	By Origination Year
As of December 31, 2020	2020		2019		2018		2017		2016		Prior		Total
Financed sales receivables:
Credit quality classification:
In good standing	$	6,830	$	5,480	$	3,547	$	3,740	$	5,072	$	12,660	$	37,329
Credit Watch		1,986		6,501		11,356		12,520		11,446		34,351		78,160
Pre-approved transactions		—		—		—		—		613		755		1,368
Transactions suspended		—		—		—		987		728		1,098		2,813
Total financed sales receivables	$	8,816	$	11,981	$	14,903	$	17,247	$	17,859	$	48,864	$	119,670

(In thousands of U.S. Dollars)	By Origination Year
As of December 31, 2019	2019		2018		2017		2016		2015		Prior		Total
Financed sales receivables:
Credit quality classification:
In good standing	$	11,981	$	14,414	$	16,556	$	15,208	$	—	$	44,291	$	102,450
Credit Watch		—		—		637		1,687		—		6,955		9,279
Pre-approved transactions		—		—		250		295		—		285		830
Transactions suspended		—		—		—		165		—		623		788
Total financed sales receivables	$	11,981	$	14,414	$	17,443	$	17,355	$	—	$	52,154	$	113,347

Schedule of Aging Analysis for Net Investment in Leases and Financed Sale Receivables

The following tables provide an aging analysis for the Company’s net investment in leases and financed sale receivables as of December 31, 2020 and December 31, 2019:

	As of December 31, 2020
(In thousands of U.S. Dollars)	Accrued and Current		30-89 Days		90+ Days		Billed		Unbilled		Recorded Receivable		Allowance for Credit Losses			Net
Net investment in leases	$	298	$	180	$	689	$	1,167	$	18,804	$	19,971	$	(557	)	$	19,414
Financed sales receivables		3,307		1,943		10,699		15,949		103,721		119,670		(7,274	)		112,396
Total	$	3,605	$	2,123	$	11,388	$	17,116	$	122,525	$	139,641	$	(7,831	)	$	131,810

	As of December 31, 2019
(In thousands of U.S. Dollars)	Accrued and Current		30-89 Days		90+ Days		Billed		Unbilled		Recorded Receivable		Allowance for Credit Losses			Net
Net investment in leases	$	30	$	68	$	251	$	349	$	15,412	$	15,761	$	(155	)	$	15,606
Financed sales receivables		1,678		2,772		5,446		9,896		103,451		113,347		(915	)		112,432
Total	$	1,708	$	2,840	$	5,697	$	10,245	$	118,863	$	129,108	$	(1,070	)	$	128,038

Schedule of Net Investment in Leases and Financed Sale Receivables with Billed Amounts Past Due Continues to Accrue Finance Income

	As of December 31, 2020
(In thousands of U.S. Dollars)	Accrued and Current		30-89 Days		90+ Days		Billed		Unbilled		Allowance for Credit Losses			Net
Net investment in leases	$	231	$	162	$	359	$	752	$	13,912	$	(310	)	$	14,354
Financed sales receivables		2,026		1,551		10,249		13,826		62,602		(4,434	)		71,994
Total	$	2,257	$	1,713	$	10,608	$	14,578	$	76,514	$	(4,744	)	$	86,348

	As of December 31, 2019
(In thousands of U.S. Dollars)	Accrued and Current		30-89 Days		90+ Days		Billed		Unbilled		Allowance for Credit Losses			Net
Net investment in leases	$	9	$	19	$	251	$	279	$	578	$	—		$	857
Financed sales receivables		1,146		1,290		5,523		7,959		29,173		—			37,132
Total	$	1,155	$	1,309	$	5,774	$	8,238	$	29,751	$	—		$	37,989

Schedule of Net Investment in Leases and Financed Sale Receivables on Nonaccrual Status

The following table provides information about the Company’s net investment in leases and financed sale receivables that are on nonaccrual status as of December 31, 2020 and December 31, 2019:

	As of December 31, 2020							As of December 31, 2019
(In thousands of U.S. Dollars)	Recorded Receivable		Allowance for Credit Losses			Net		Recorded Receivable		Allowance for Credit Losses			Net
Net investment in leases	$	764	$	(18	)	$	746	$	—	$	—		$	—
Net financed sales receivables		2,813		(1,482	)		1,331		788		(732	)		56
Total	$	3,577	$	(1,500	)	$	2,077	$	788	$	(732	)	$	56

Summary of Allowance for Credit Losses Related to Net Investment in Leases and Financed Sale Receivables

	Year Ended December 31, 2020
	Net Investment			Financed
(In thousands of U.S. Dollars)	in Leases			Sales Receivables
Beginning balance	$	155		$	915
Current period provision		451			6,574
Write-offs		(69	)		(330	)
Recoveries	—			—
Foreign exchange		20			115
Ending balance	$	557		$	7,274

	Year Ended December 31, 2019
	Net Investment			Net Financed
(In thousands of U.S. Dollars)	in Leases			Sales Receivables
Beginning balance	$	155		$	839
Charge-offs		—			—
Recoveries		—			—
Provision		—			76
Ending balance	$	155		$	915

Summary of Allowance For Credit Losses Related to Variable Consideration Receivables

The following table summarizes the activity in the Allowance for Credit Losses related to Variable Consideration Receivables for the year ended December 31, 2020:

	Year Ended December 31, 2020
(In thousands of U.S. Dollars)	Theater Operators
Beginning balance	$	—
Current period provision		1,875
Write-offs		—
Recoveries		—
Foreign Exchange		12
Ending balance	$	1,887

Lease Arrangements (Tables)

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Components of Lease Expense

For the years ended December 31, 2020 and 2019, the components of lease expense recorded within Selling, General and Administrative expenses are as follows:

	Years Ended December 31,
(In thousands of U.S. Dollars)	2020		2019		2018
Operating lease cost ⁽¹⁾	$	540	$	850	$	4,863
Amortization of lease assets		3,114		2,370		—
Interest on lease liabilities		1,052		1,102		—
Total lease cost	$	4,706	$	4,322	$	4,863

(1) Includes rent expense associated with short-term leases and variable lease costs, which are not significant for the years ended December 31, 2020 and 2019

Supplemental Cash and Non-Cash Flow Information Related to Leases

For the years ended December 31, 2020 and 2019, supplemental cash and non-cash information related to leases is as follows:

	Years Ended December 31,
(In thousands of U.S. Dollars)	2020		2019
Cash paid for amounts included in the measurement of lease liabilities	$	3,743	$	3,607
Right-of-use assets obtained in exchange for lease obligations	$	563	$	17,147

(1) Mainly includes right-of-use assets recognized upon the adoption of ASC Topic 842 “Leases”.

Lessee Operating Lease Balance Sheet Amounts and Lines

For the years ended December 31, 2020 and 2019, supplemental balance sheet information related to leases is as follows:

		Years ended December 31,
(In thousands of U.S. Dollars)		2020		2019
Assets	Balance Sheet Classification
Right-of-Use-Assets	Property, plant and equipment	$	13,911	$	16,262
Liabilities	Balance Sheet Classification
Operating Leases	Accrued and other liabilities	$	16,634	$	18,677

Lessee Operating Leases Weighted Average Remaining Lease Term and Weighted Average Interest Rate

For the years ended December 31, 2020 and 2019, the weighted-average remaining lease term and weighted-average interest rate associated with the Company’s operating leases are as follows:

	Years ended December 31,
	2020			2019
Weighted-average remaining lease term (years)		7.6			8.1
Weighted-average discount rate		5.91	%		5.90	%

Lessee Operating Lease, Maturity

As of December 31, 2020, the maturities of the Company’s operating lease liabilities are as follows:

(In thousands of U.S. Dollars)	Operating Leases
2021	$	3,398
2022		2,942
2023		2,299
2024		2,236
2025		2,082
Thereafter		8,022
Total undiscounted operating lease payments	$	20,979
Less: imputed interest		(4,345	)
Present value of operating lease liabilities	$	16,634

Variable Consideration Receivable from Contracts With Customers (Tables)

12 Months Ended

Dec. 31, 2020

Change In Contract With Customer Asset [Abstract]

Summary of Variable Consideration Receivable from Contracts With Customers

The following table summarizes the activity related to variable consideration from contracts with customers for the year ended December 31, 2020:

	Variable Consideration Receivable from Contracts with customers
(In thousands of U.S. Dollars)
Balance as of December 31, 2019	$	40,040
Variable consideration for newly recognized sales		5,550
Accretion to finance income		2,133
Transferred to receivables from variable consideration assets		(5,310	)
Allowance for credit losses (see Note 5)		(1,887	)
Balance as of December 31, 2020	$	40,526

Inventories (Tables)

12 Months Ended

Dec. 31, 2020

Inventory Disclosure [Abstract]

Property Plant And Equipment [Abstract]

	As of December 31,
(In thousands of U.S. Dollars)	2020		2019
Raw materials	$	30,096	$	26,538
Work-in-process		3,014		4,608
Finished goods		6,470		11,843
	$	39,580	$	42,989

Film Assets (Tables)

12 Months Ended

Dec. 31, 2020

Film Costs [Abstract]

Film Assets

	As of December 31,
(In thousands of U.S. Dollars)	2020		2019
Completed and released films, net of accumulated amortization of	$	2,678	$	7,193
$201,832 (2019 ― $192,999)
Films in production		195		4,250
Films in development		2,904		6,478
	$	5,777	$	17,921

Property, Plant and Equipment (Tables)

12 Months Ended

Dec. 31, 2020

Property, Plant and Equipment

	As of December 31, 2020
			Accumulated		Net Book
(In thousands of U.S. Dollars)	Cost		Depreciation		Value
Equipment leased or held for use:
Theater system components^(1)(2)(3)	$	337,271	$	158,647	$	178,624
Camera equipment		5,399		4,653		746
		342,670		163,300		179,370
Assets under construction⁽⁴⁾		5,660		—		5,660
Right-of-use assets⁽⁵⁾		15,553		1,642		13,911
Other property, plant and equipment:
Land		8,203		—		8,203
Buildings		80,875		25,921		54,954
Office and production equipment⁽⁶⁾		40,362		29,156		11,206
Leasehold improvements		8,061		3,968		4,093
		137,501		59,045		78,456
	$	501,384	$	223,987	$	277,397

	As of December 31, 2019
			Accumulated		Net Book
(In thousands of U.S. Dollars)	Cost		Depreciation		Value
Equipment leased or held for use:
Theater system components^(1)(2)(3)	$	322,492	$	133,739	$	188,753
Camera equipment		5,192		4,239		953
		327,684		137,978		189,706
Assets under construction⁽⁴⁾		14,483		—		14,483
Right-of-use assets⁽⁵⁾		17,147		885		16,262
Other property, plant and equipment:
Land		8,203		—		8,203
Buildings		80,850		22,931		57,919
Office and production equipment⁽⁶⁾		41,673		25,654		16,019
Leasehold improvements		7,614		3,357		4,257
		138,340		51,942		86,398
	$	497,654	$	190,805	$	306,849

(1)	Included in theater system components are assets with costs of $7.6 million (2019 — $7.6 million) and accumulated depreciation of $6.8 million (2019 — $6.7 million) that are leased to customers under operating leases.

(2)	Included in theater system components are assets with costs of $315.4 million (2019—$297.4 million) and accumulated depreciation of $144.7 million (2019 — $121.3 million) that are used in joint revenue sharing arrangements.

(3)

(4)	Included in assets under construction are components with costs of $5.3 million (2019 — $13.2 million) that will be utilized to construct assets to be used in joint revenue sharing arrangements.

(5)	The right-of-use assets mainly include operating leases for office and warehouse storage space.

(6)	Fully amortized office and production equipment is still in use by the Company. In 2020, the Company identified and wrote off $0.9 million (2019 — $4.9 million) of office and production equipment that is no longer in use and fully amortized.

Other Assets (Tables)

12 Months Ended

Dec. 31, 2020

Other Assets [Abstract]

Schedule of Other Assets

	As of December 31,
(In thousands of U.S. Dollars)	2020		2019
Lease incentives provided to theaters	$	15,651	$	19,125
Commissions and other deferred selling expenses		2,608		1,501
Other investments⁽¹⁾		1,000		2,500
Investment in content⁽²⁾		—		955
Foreign currency derivatives		1,979		602
Other		435		351
	$	21,673	$	25,034

(1)	In 2020, the Company recorded a $1.5 million permanent impairment related to its investment in a debt security, which is recorded within Equity in (Losses) Income of Investees, Net of Tax in the Company’s Consolidated Statements of Operations.

(2)	In 2020, the Company recorded $1.2 million (2019 —$nil) in write-downs of other assets, of which $1.0 million relates to the write-down of certain content-related assets which became impaired during the year.

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of (Loss) Income Before Taxes by Jurisdiction

(a)

(Loss) Income Before Taxes by Jurisdiction

(Loss) income before taxes by tax jurisdiction for the years ended December 31, 2020, 2019 and 2018 consists of the following:

	Years Ended December 31,
(In thousands of U.S. Dollars)	2020			2019			2018
Canada	$	(104,166	)	$	884		$	(14,749	)
United States		(6,437	)		(234	)		(6,079	)
China		(8,253	)		51,809			50,446
Ireland		(7,473	)		17,630			8,071
Other		(2,795	)		5,247			5,916
	$	(129,124	)	$	75,336		$	43,605

Schedule of Income Tax (Expense) Benefit

(b)

Income Tax (Expense) Benefit

Income tax (expense) benefit for the years ended December 31, 2020, 2019 and 2018 consists of the following:

	Years Ended December 31,
(In thousands of U.S. Dollars)	2020			2019			2018
Income tax (expense) benefit - current:
Canada	$	555		$	2,369		$	(4,893	)
United States		488			595			1,300
China		(1,980	)		(11,789	)		(11,259	)
Ireland		(1,462	)		(762	)		(1,095	)
Other		(487	)		(419	)		(494	)
Sub-total		(2,886	)		(10,006	)		(16,441	)
Income tax (expense) benefit - deferred:
Canada⁽¹⁾		(10,801	)		(3,913	)		5,993
United States		867			(949	)		2,386
China⁽²⁾		(15,756	)		(18	)		(6	)
Ireland		2,161			(1,923	)		(1,423	)
Other		(89	)		41			(27	)
Sub-total		(23,618	)		(6,762	)		6,923
Total⁽³⁾	$	(26,504	)	$	(16,768	)	$	(9,518	)

(1)

(2)

(3)	For the year ended December 31, 2020, Income Tax (Expense) Benefit includes deferred taxes related to amounts reclassified from Other Comprehensive Income (Loss) of $0.1 million (2019 — $0.4 million; 2018 — $0.3 million).

Schedule of Reconciliation of Income Tax Expense to Statutory Rates

(c)Reconciliation of Income Tax Expense to Statutory Rates

	Years Ended December 31,
(In thousands of U.S. Dollars)	2020			2019			2018
Income tax benefit (expense) at combined statutory rates	$	34,218		$	(19,964	)	$	(11,555	)
Adjustments resulting from:
NCI share of partnership losses		(1,229	)		(397	)		(614	)
Other non-deductible/non-includable items		(2,243	)		198			447
Increase in valuation allowance		(28,589	)		—			—
Changes to tax reserves		(2,699	)		1,418			(204	)
U.S. federal and state taxes		(250	)		(300	)		30
Withholding taxes		(20,943	)		(1,071	)		(1,418	)
Income tax at different rates in foreign and other provincial jurisdictions		(2,607	)		5,019			3,477
Investment and other tax credits (non-refundable)		643			701			783
Changes to deferred tax assets and liabilities resulting from audit and other tax return adjustments		(1,219	)		(1,998	)		768
Reduction in tax benefits resulting from the vesting of share-based compensation		(1,237	)		(374	)		(1,232	)
Impact of changes in enhanced tax rates and other legislation		(349	)		—			—
Income tax expense	$	(26,504	)	$	(16,768	)	$	(9,518	)

Deferred Tax Assets and Deferred Tax Liability

(d)

Deferred Tax Assets and Deferred Tax Liability

As of December 31, 2020 and 2019, the Company’s deferred tax assets and deferred tax liability consists of the following:

	As of December 31,
(In thousands of U.S. Dollars)	2020			2019
Net operating loss carryforwards	$	17,120		$	888
Investment tax credit and other tax credit carryforwards		1,344			3,650
Write-downs of other assets		1,219			1,220
Excess of tax accounting basis in property, plant and equipment, inventories and other assets		9,692			6,257
Accrued pension liability		6,942			6,393
Accrued share-based compensation		7,350			5,360
Income recognition on net investment in leases		(2,018	)		(4,283	)
Other accrued reserves		5,120			4,617
Total deferred income tax assets		46,769			24,102
Valuation allowance		(28,786	)		(197	)
Deferred income tax asset net of valuation allowance		17,983			23,905
Deferred tax liability⁽¹⁾		(19,134	)		—
Net deferred tax asset	$	(1,151	)	$	23,905

(1)

Reconciliation of Beginning and Ending Amount of Tax Reserves (excluding interest and penalties)

The following table presents a reconciliation of the beginning and ending amount of tax reserves (excluding interest and penalties) for the years ended December 31, 2020, 2019 and 2018:

	Years Ended December 31,
(In thousands of U.S. Dollars)	2020			2019			2018
Balance at beginning of the year	$	14,718		$	16,136		$	15,927
Additions based on tax positions related to the current year		2,301			812			4,329
Reductions for tax positions of prior years		—			(2,230	)		(170	)
Reductions resulting from lapse of applicable statute of limitations and administrative practices		(2,943	)		—			(3,950	)
Balance at the end of the year	$	14,076		$	14,718		$	16,136

Income Tax Benefit (Expense) Included in the Other Comprehensive (Loss) Income

The income tax benefit (expense) related to the following items included in Other Comprehensive (Loss) Income are:

	Years Ended December 31,
(In thousands of U.S. Dollars)	2020			2019			2018
Unrealized defined benefit plan actuarial loss (gain)	$	276		$	(42	)	$	(379	)
Unrealized postretirement benefit plans actuarial loss (gain)		92			—			(23	)
Prior service cost arising during the period		—			145			—
Amortization of prior service cost		(23	)		(26	)		—
Unrealized change in cash flow hedging instruments		(132	)		(145	)		581
Realized change in cash flow hedging instruments upon settlement		(158	)		(310	)		107
	$	55		$	(378	)	$	286

Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2020

Goodwill And Intangible Assets Disclosure [Abstract]

Summary of Other Intangible Assets

	As of December 31, 2020
			Accumulated		Net Book
(In thousands of U.S. Dollars)	Cost		Amortization		Value
Patents and trademarks	$	12,714	$	8,878	$	3,836
Licenses and intellectual property		26,168		12,182		13,986
Internal use software		25,009		17,568		7,441
Other		1,445		463		982
	$	65,336	$	39,091	$	26,245

	As of December 31, 2019
			Accumulated		Net Book
(In thousands of U.S. Dollars)	Cost		Amortization		Value
Patents and trademarks	$	12,779	$	8,587	$	4,192
Licenses and intellectual property		26,168		10,747		15,421
Internal use software		23,791		13,239		10,552
Other		576		394		182
	$	63,314	$	32,967	$	30,347

Summary of Estimated Amortization Expenses

The estimated amortization expense for each of the next five years following the December 31, 2020 balance sheet date is as follows:

(In thousands of U.S. Dollars)
2021	$	6,616
2022		6,616
2023		5,676
2024		2,090
2025		1,975

Credit Facility and Other Financing Arrangements (Tables)

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Bank Indebtedness

As of December 31, 2020 and 2019, Bank Indebtedness includes the following:

	December 31,			December 31,
(In thousands of U.S. Dollars)	2020			2019
Credit Facility	$	300,000		$	20,000
Working Capital Facility	$	7,643			—
Unamortized debt issuance costs		(1,967	)		(1,771	)
	$	305,676		$	18,229

Commitments (Tables)

12 Months Ended

Dec. 31, 2020

Commitments And Contingencies Disclosure [Abstract]

Summary of Company's Contractual Obligations and Commitments

The following table presents a summary of the Company’s contractual obligations and commitments as of December 31, 2020:

	Payments Due by Fiscal Year
	Total
(In thousands of U.S. Dollars)	Obligations		2021		2022		2023		2024		2025		Thereafter
Purchase obligations⁽¹⁾	$	35,348	$	35,247	$	81	$	2	$	—	$	—	$	18
Pension obligations⁽²⁾		20,298		—		—		20,298		—		—		—
Operating lease obligations⁽³⁾		21,493		3,715		2,932		2,258		2,191		2,067		8,330
Credit Facility⁽⁴⁾		300,000		—		—		300,000		—		—		—
Working Capital Facility⁽⁵⁾		7,643		7,643		—		—		—		—		—
Postretirement benefits obligations⁽²⁾		3,299		126		128		137		137		136		2,635
	$	388,081	$	46,731	$	3,141	$	322,695	$	2,328	$	2,203	$	10,983

(1)	Represents total payments to be made under binding commitments with suppliers and outstanding payments to be made for supplies ordered, but yet to be invoiced.

(2)	The Company has an unfunded defined benefit pension plan covering its Chief Executive Officer, as well as a postretirement plan to provide health and welfare benefits to Canadian employees meeting certain eligibility requirements. (See Note 23.)

(3)	The Company’s operating lease arrangements principally involve office and warehouse space. (See Note 6.)

(4)

(5)	IMAX Shanghai, one of the Company’s majority-owned subsidiaries in China, has an unsecured revolving facility to fund ongoing working capital requirements. The facility expires in July 2021. (See Note 14.)

Capital Stock (Tables)

12 Months Ended

Dec. 31, 2020

Equity [Abstract]

Changes During the Year

The following table summarizes the settlement of stock option and RSU transactions:

	Years Ended December 31,
(Cash proceeds in thousands of U.S. Dollars)	2020		2019		2018
Stock options
Issued from treasury		—		19,088		12,750
Plan trustee purchases		—		67,840		—
Total stock options exercised		—		86,928		12,750

Cash proceeds from stock option exercises	$	—	$	1,752	$	218

RSUs
Issued from treasury		42,982		—		—
Plan trustee purchases		386,297		404,719		462,137
Shares withheld for tax withholdings		24,714		29,577		72,056
Total RSUs vested		453,993		434,296		534,193

Share-Based Compensation Expense

The following reflects the share-based compensation expense recorded to the respective financial statement line items:

	Years Ended December 31,
(In thousands of U.S. Dollars)		2020			2019			2018
Cost and expenses applicable to revenues	$		691	$		1,709	$		1,657
Selling, general and administrative expenses			20,652			20,750			20,102
Research and development			150			371			452
Executive transition costs			—			—			320
Exit costs, restructuring charges and associated impairments			—			—			54
	$		21,493	$		22,830	$		22,585

Stock Option Plan

The Company recorded the following expenses related to stock option grants issued to employees and directors under the IMAX LTIP and SOP:

	Years Ended December 31,
(In thousands of U.S. Dollars)	2020		2019		2018
Stock option expense	$	1,847	$	8,329	$	5,950

Non vested stock options

As of December 31, 2020, 2019 and 2018, unrecognized share-based compensation expense related to non-vested employee stock options is as follows:

	As of December 31,
(In thousands of U.S. Dollars)	2020		2019		2018
Expense related to non-vested employee stock options	$	2,029	$	4,073	$	8,482

	As of December 31,
	2020		2019		2018
Weighted average period (in years)		1.8		2.7		1.9

Options to Employees

	Years Ended December 31,
	2020		2019		2018
Weighted average fair value per share	N/A	$	6.65	$	6.74
Average risk-free interest rate	N/A		2.64%		2.67%
Expected option life (in years)	N/A		6.73 - 10.00		5.06 - 7.00
Expected volatility	N/A		31%		30%
Dividend yield	N/A		0%		0%

Schedule of Share-based Compensation, Stock Options, Activity

The following table summarizes the activity under the SOP and IMAX LTIP for the years ended December 31, 2020, 2019 and 2018:

											Weighted Average Exercise
	Number of Shares										Price Per Share
	2020			2019			2018			2020			2019		2018
Options outstanding, beginning of year		5,732,209			5,465,046			5,082,100		$		26.82	$	27.63	$	29.31
Granted		—			1,016,882			1,082,123				—		20.66		21.95
Exercised		—			(86,928	)		(12,750	)			—		20.16		17.08
Forfeited		(34,678	)		(336,493	)		(69,332	)			22.49		23.63		29.99
Expired		(786,086	)		(299,134	)		(507,977	)			27.07		25.82		31.69
Cancelled		(18,483	)		(27,164	)		(109,118	)			27.97		31.13		30.44
Options outstanding, end of year		4,892,962			5,732,209			5,465,046				26.81		26.82		27.63
Options exercisable, end of year		4,311,761			4,801,272			3,990,970				27.30		27.40		28.48

RSU Expenses

For the years ended December 31, 2020, 2019 and 2018, the Company recorded the following expenses related to RSUs issued to employees and directors in the IMAX LTIP:

	Years Ended December 31,
(In thousands of U.S. Dollars)	2020		2019		2018
RSU expenses	$	13,761	$	12,394	$	15,189

RSU Unrecognized Expenses

Total share-based compensation expense related to non-vested RSUs not yet recognized and the weighted average period over which the awards are expected to be recognized are as follows:

	Years Ended December 31,
	2020		2019		2018
Expense related to non-vested RSUs not yet recognized	$	17,343	$	23,548	$	18,597

Weighted average period awards are expected to be recognized (in years)		1.9		2.7		2.2

Restricted Stock Units Issued under the IMAX LTIP

The following table summarizes the activity in respect of RSUs issued under the IMAX LTIP for the years ended December 31, 2020, 2019 and 2018:

	Number of Awards									Weighted Average Grant Date Fair Value Per Share
	2020			2019			2018				2020			2019			2018
RSUs outstanding, beginning of year		1,065,347			1,033,871			995,329		$		23.17	$		25.70	$		32.68
Granted		1,050,385			687,475			659,282				15.35			22.30			20.99
Vested and settled		(453,993	)		(434,296	)		(534,193	)			22.71			27.54			32.33
Forfeited		(96,901	)		(221,703	)		(86,547	)			18.81			23.68			29.19
RSUs outstanding, end of year		1,564,838			1,065,347			1,033,871				18.33			23.17			25.70

RSU Carve out Balance

The following table summarizes the number of RSUs issued from the carve-out balance:

Approved under the June 3, 2020 amended and restated IMAX LTIP	360,000
Issued during 2020	(81,636	)
Outstanding, December 31, 2020	278,364

Performance Stock Units Activity under the IMAX LTIP

The following table summarizes the activity in respect of PSUs issued under the IMAX LTIP:

	Number of Awards			Weighted Average Grant Date Fair Value Per Share
	2020				2020
Granted		370,265		$		15.66
Forfeited		(8,421	)			14.84
PSUs outstanding, end of year		361,844				15.68

China LTIP Activity

For the years ended December 31, 2020, 2019 and 2018, share-based compensation expense related to China Options, China RSUs and China PSUs was as follows:

	Years Ended December 31,
(In thousands of U.S. Dollars)	2020		2019		2018
Expense
China Options	$	875	$	320	$	217
China RSUs		2,093		—		—
China PSUs		208		1,664		1,229
Total	$	3,176	$	1,984	$	1,446

Basic and Diluted Per-share Computations

The following table reconciles the denominator of the basic and diluted weighted average share computations:

	Years Ended December 31,
	2020			2019			2018
Weighted average number of common shares (000's):
Issued and outstanding, beginning of period		61,176			61,434			64,696
Weighted average number of shares repurchased, net of shares issued during the period		(1,939	)		(124	)		(1,621	)
Weighted average number of shares used in computing basic income per share		59,237			61,310			63,075
Assumed exercise of stock options, and vesting of RSUs and PSUs, net of shares assumed repurchased, if dilutive		—			179			132
Weighted average number of shares used in computing diluted income per share		59,237			61,489			63,207

Consolidated Statements of Cash Flows Supplemental Information (Tables)

12 Months Ended

Dec. 31, 2020

Supplemental Cash Flow Elements [Abstract]

Changes in Other Non-cash Operating Assets and Liabilities

	Years Ended December 31,
(In thousands of U.S. Dollars)		2020				2019				2018
Decrease (increase) in:
Financing receivables	$		(10,568	)	$		(320	)	$		1,325
Prepaid expenses			(979	)			(290	)			(3,703	)
Variable consideration receivable			(2,361	)			(4,056	)			—
Other assets			(4,747	)			(2,063	)			(3,084	)
Increase (decrease) in:
Accounts payable			414				(11,774	)			7,749
Accrued and other liabilities			(6,399	)			(8,505	)			(3,266	)
	$		(24,640	)	$		(27,008	)	$		(979	)

Cash Payments

	Years Ended December 31,
(In thousands of U.S. Dollars)		2020			2019			2018
Income taxes	$		4,763	$		17,298	$		12,684
Interest	$		5,773	$		1,231	$		502

Summary of Depreciation and Amortization

	Years Ended December 31,
(In thousands of U.S. Dollars)		2020			2019			2018
Film assets	$		8,838	$		19,176	$		15,679
Property, plant and equipment
Joint revenue sharing arrangements			24,930			23,153			20,739
Other property, plant and equipment			11,225			12,477			13,164
Other intangible assets			6,565			6,290			5,507
Other assets			1,146			1,882			1,242
Deferred financing costs			902			509			1,106
	$		53,606	$		63,487	$		57,437

Write Downs, Net of Recoveries


	Years Ended December 31,
(In thousands of U.S. Dollars)		2020			2019			2018
Film assets⁽¹⁾	$		10,804	$		1,379	$		—
Other assets^{(2) (4)}			1,151			—			2,565
Property, plant and equipment
Joint revenue sharing arrangements^{(3) (4)}			1,784			2,207			1,194
Other property, plant and equipment⁽⁴⁾			174			249			4,293
Inventories⁽⁵⁾			3,632			446			250
Other intangible assets⁽⁴⁾			184			95			217
Prepaid expenses			—			—			121
	$		17,729	$		4,376	$		8,640

(1)

(2)	In 2020, the Company recorded a $1.2 million (2019 — $nil; 2018 — $2.6 million) write-down of other assets, of which $1.0 million relates to the write-down of certain content-related assets which became impaired in the year.

(3)

(4)

(5)	In 2020, the Company recorded write-downs of $3.6 million (2019 — $0.4 million; 2018 — $0.3 million) related to excess inventory.

Significant Non-cash Investing and Financing Activities

	Years Ended December 31,
(In thousands of U.S. Dollars)		2020				2019
Net (decrease) increase in accruals related to:
Investment in joint revenue sharing arrangements	$		(1,888	)	$		(2,013	)
Acquisition of other intangible assets			792				(51	)
Purchases of property, plant and equipment			158				496
	$		(938	)	$		(1,568	)

Revenue from Contracts with Customers (Tables)

12 Months Ended

Dec. 31, 2020

Revenue From Contract With Customer [Abstract]

Disaggregation of Revenue by Segment

The following tables summarize the Company’s revenues by type and reportable segment for the years ended December 31, 2020, 2019 and 2018:

	Year Ended December 31, 2020
	Revenue from
	Contracts with Customers				Revenue from
(In thousands of U.S. Dollars)	Fixed consideration		Variable consideration		Lease Arrangements		Finance Income		Total
Technology sales
IMAX Systems⁽¹⁾	$	38,140	$	5,799	$	—	$	—	$	43,939
Joint Revenue Sharing Arrangements, fixed fees		—		—		2,056		—		2,056
Other Theater Business		1,666		—		—		—		1,666
Other sales⁽²⁾		1,957		110		—		—		2,067
Sub-total		41,763		5,909		2,056		—		49,728
Image enhancement and maintenance services
IMAX DMR		—		28,265		—		—		28,265
IMAX Maintenance		21,999		—		—		—		21,999
Film Post-Production		3,878		—		—		—		3,878
Film Distribution		3,000		1,841		—		—		4,841
Other		—		335		—		—		335
Sub-total		28,877		30,441		—		—		59,318
Technology rentals
Joint Revenue Sharing Arrangements, contingent rent		—		—		17,841		—		17,841
Sub-total		—		—		17,841		—		17,841
Finance income
IMAX Systems		—		—		—		10,116		10,116
Total	$	70,640	$	36,350	$	19,897	$	10,116	$	137,003

(1)	Includes revenues earned from the sales or sales-type lease arrangements involving new and upgraded IMAX Theater Systems, as well as the impact on revenue of renewals and amendments to existing theater system arrangements.

(2)	Other sales include revenues associated with New Business Initiatives such as IMAX Enhanced.

	Year Ended December 31, 2019
	Revenue from
	Contracts with Customers				Revenue from
(In thousands of U.S. Dollars)	Fixed consideration		Variable consideration		Lease Arrangements		Finance Income		Total
Technology sales
IMAX Systems⁽¹⁾	$	86,163	$	10,247	$	—	$	—	$	96,410
Joint Revenue Sharing Arrangements, fixed fees		—		—		11,014		—		11,014
Other Theater Business		8,390		—		—		—		8,390
Other sales⁽²⁾		2,209		222		—		—		2,431
Sub-total		96,762		10,469		11,014		—		118,245
Image enhancement and maintenance services
IMAX DMR		—		120,765		—		—		120,765
IMAX Maintenance		53,151		—		—		—		53,151
Film Post-Production		7,392		—		—		—		7,392
Film Distribution		—		4,818		—		—		4,818
Other				2,421		—		—		2,421
Sub-total		60,543		128,004		—		—		188,547
Technology rentals
Joint Revenue Sharing Arrangements, contingent rent		—		—		76,673		—		76,673
Other		—		25		1,263		—		1,288
Sub-total		—		25		77,936		—		77,961
Finance income
IMAX Systems		—		—		—		10,911		10,911
Total	$	157,305	$	138,498	$	88,950	$	10,911	$	395,664

(1)	Includes revenues earned from the sales or sales-type lease arrangements involving new and upgraded IMAX Theater Systems, as well as the impact on revenue of renewals and amendments to existing theater system arrangements.

(2)	Other sales include revenues associated with New Business Initiatives such as IMAX Enhanced.

	Year Ended December 31, 2018
	Revenue from
	Contracts with Customers				Revenue from
(In thousands of U.S. Dollars)	Fixed consideration		Variable consideration		Lease Arrangements		Finance Income		Total
Technology sales
IMAX Systems⁽¹⁾	$	81,442	$	6,990	$	—	$	—	$	88,432
Joint Revenue Sharing Arrangements, fixed fees		—		—		9,706		—		9,706
Other Theater Business		8,358		—		—		—		8,358
Other sales		—		95		—		—		95
Sub-total		89,800		7,085		9,706		—		106,591
Image enhancement and maintenance services
IMAX DMR		—		110,793		—		—		110,793
IMAX Maintenance		49,684		—		—		—		49,684
Film Post-Production		9,516		—		—		—		9,516
Film Distribution		—		3,446		—		—		3,446
Other				8,301		—		—		8,301
Sub-total		59,200		122,540		—		—		181,740
Technology rentals
Joint Revenue Sharing Arrangements, contingent rent		—		—		73,997		—		73,997
Other		—		271		204		—		475
Sub-total		—		271		74,201		—		74,472
Finance income
IMAX Systems		—		—		—		11,598		11,598
Total	$	149,000	$	129,896	$	83,907	$	11,598	$	374,401

(1)	Includes revenues earned from the sales or sales-type lease arrangements involving new and upgraded IMAX Theater Systems, as well as the impact on revenue of renewals and amendments to existing theater system arrangements.

Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

Breakdown of Segment Reporting Information by Category and Segment

The following table presents the breakdown of revenue and gross margin (loss) by category and segment for the years ended December 31, 2020, 2019 and 2018:

	Years Ended December 31,
		Revenue⁽¹⁾						Gross Margin (Margin Loss)⁽⁴⁾
(In thousands of U.S. Dollars)		2020		2019		2018		2020			2019			2018
IMAX Technology Network
IMAX DMR		$	28,265	$	120,765	$	110,793	$	13,731		$	78,592		$	72,773
Joint revenue sharing arrangements, contingent rent			17,841		76,673		73,997		(9,500	)		48,446			49,292
			46,106		197,438		184,790		4,231			127,038			122,065
IMAX Technology Sales and Maintenance
IMAX Systems⁽²⁾			54,055		107,321		100,030		24,816			58,168			59,583
Joint revenue sharing arrangements, fixed fees			2,056		11,014		9,706		529			2,613			1,982
IMAX Maintenance			21,999		53,151		49,684		3,068			23,010			21,991
Other Theater Business⁽³⁾			1,666		8,390		8,358		(438	)		2,624			1,806
			79,776		179,876		167,778		27,975			86,415			85,362
New Business Initiatives			2,226		2,754		5,769		1,878			2,106			(350	)
Film Distribution and Post-Production
Film Distribution⁽⁵⁾			4,841		4,818		3,446		(9,840	)		(2,942	)		(1,344	)
Post-Production			3,878		7,392		9,516		(358	)		1,680			3,107
			8,719		12,210		12,962		(10,198	)		(1,262	)		1,763
Sub-total			136,827		392,278		371,299		23,886			214,297			208,840
Other			176		3,386		3,102		(2,346	)		(125	)		(911	)
Total		$	137,003	$	395,664	$	374,401	$	21,540		$	214,172		$	207,929

The following table presents the breakdown of assets by category and segment as of December 31, 2020 and 2019:

	As of December 31,
(In thousands of U.S. Dollars)	2020		2019
IMAX Technology Network
IMAX DMR	$	29,672	$	46,417
Joint revenue sharing arrangements, contingent rent		195,822		231,626
IMAX Technology Sales and Maintenance
IMAX Systems		240,972		277,720
Joint revenue sharing arrangements, fixed fees		27,778		27,189
IMAX Maintenance		36,949		22,869
Other Theater Business		106		2,042
New Business Initiatives		1,196		—
Film Distribution and Post-Production
Film Distribution		35,526		14,831
Post-Production		5,984		36,562
Other		20,307		23,809
Corporate and other non-segment specific assets		403,438		206,004
Total	$	997,750	$	889,069

The following table presents the breakdown of depreciation and amortization by category and segment for the years ended December 31, 2020, 2019 and 2018:

	Years Ended December 31,
(In thousands of U.S. Dollars)	2020		2019		2018
IMAX Technology Network
IMAX DMR	$	10,269	$	16,117	$	13,602
Joint revenue sharing arrangements, contingent rent		26,076		25,036		21,970
IMAX Technology Sales and Maintenance
IMAX Systems		3,548		3,878		3,615
IMAX Maintenance		213		299		164
New Business Initiatives		11		58		2,519
Film Distribution and Post-Production
Film Distribution		1,213		3,894		2,225
Post-Production		1,281		1,301		1,500
Other		601		747		790
Corporate and other non-segment specific assets		10,394		12,157		11,052
Total	$	53,606	$	63,487	$	57,437

The following table presents the breakdown of write-downs, including asset impairments and credit loss expense, by category and segment for the years ended December 31, 2020, 2019 and 2018:

	Years Ended December 31,
(In thousands of U.S. Dollars)	2020		2019		2018
IMAX Technology Network
IMAX DMR		1,057	$	—	$	15
Joint revenue sharing arrangements, contingent rent		1,784		2,207		1,193
IMAX Technology Sales and Maintenance
IMAX Systems		2,872		276		250
IMAX Maintenance		510		170		—
New Business Initiatives		52		96		7,399
Film Distribution and Post-Production
Film Distribution		9,997		1,379		—
Post-Production		—		—		—
Corporate and other non-segment specific assets⁽⁶⁾		20,065		2,678		2,913
Total	$	36,337	$	6,806	$	11,770

The following table presents the breakdown of purchases of Property, Plant and Equipment by category and segment for the years ended December 31, 2020, 2019 and 2018:

	Years Ended December 31,
(In thousands of U.S. Dollars)	2020		2019		2018
IMAX Technology Network
IMAX DMR	$	—	$	99	$	55
Joint revenue sharing arrangements, contingent rent		6,654		40,489		34,810
IMAX Technology Sales and Maintenance
IMAX Systems		50		452		2,813
IMAX Maintenance		—		311		527
New Business Initiatives		—		—		342
Film Distribution and Post-Production
Film Distribution		—		—		—
Post-Production		456		1,210		1,067
Other		68		504		193
Corporate and other non-segment specific assets		123		4,845		8,371
Total	$	7,351	$	47,910	$	48,178

(1)	The Company’s largest customer represents 16.4% of total revenues as of December 31, 2020 (2019 ― 16.5%; 2018 ― 17.1%).

(2)

(3)	Principally includes after-market sales of IMAX projection system parts and 3D glasses.

(4)

(5)

(6)	During the year ended December 31, 2020, the Corporate and other non-segment specific write-downs included $18.6 million in current expected credit loss expense excluded from the Company’s segment allocations.

Geographic Information

	Years Ended December 31,
(In thousands of U.S. Dollars)	2020		2019		2018
Greater China	$	52,331	$	124,294	$	117,520
United States		30,157		121,264		118,495
Asia (excluding Greater China)		20,090		48,386		46,858
Western Europe		13,683		46,911		40,497
Latin America		6,114		9,438		12,952
Russia & the CIS		2,927		16,124		10,133
Canada		1,365		9,220		10,507
Rest of the World		10,336		20,027		17,439
Total	$	137,003	$	395,664	$	374,401

Schedule of Property Plant and Equipment By Geographic Areas

The following table presents the breakdown of Property, Plant and Equipment by geography as of December 31, 2020 and 2019:

	As of December 31,
(In thousands of U.S. Dollars)		2020		2019
United States		$	100,495	$	109,240
Greater China			104,731		105,312
Canada			31,624		47,837
Western Europe			25,487		27,748
Asia (excluding Greater China)			9,930		9,948
Rest of the World			5,130		6,764
Total		$	277,397	$	306,849

Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2020

Derivative Instruments Gain Loss [Line Items]

Fair Value of Financial Instruments

	As of December 31, 2020						As of December 31, 2019
(In thousands of U.S. Dollars)	Carrying Amount			Estimated Fair Value			Carrying Amount			Estimated Fair Value
Level 1
Cash and cash equivalents⁽¹⁾	$	317,379			317,379		$	109,484		$	109,484
Equity securities ⁽³⁾		13,633			13,633			15,685			15,685
Level 2
Net financed sales receivables⁽²⁾		112,396		$	112,603		$	112,432		$	111,441
Net investment in sales-type leases ⁽²⁾		19,414			19,373			15,606			15,309
Convertible loan receivable⁽²⁾		—			—			1,500			1,500
Equity securities⁽¹⁾		1,000			1,000			1,000			1,000
COLI⁽⁴⁾		3,155			3,155			3,150			3,150
Foreign exchange contracts — designated forwards⁽³⁾		1,635			1,635			530			530
Foreign exchange contracts — non-designated forwards⁽³⁾		344			344			—			—
Bank indebtedness - under the Working Capital Facility⁽¹⁾		(7,643	)		(7,643	)		—			—
Bank indebtedness - under the Credit Facility⁽¹⁾		(300,000	)		(300,000	)		(20,000	)		(20,000	)

(1)	Recorded at cost, which approximates fair value.

(2)	Estimated based on discounting future cash flows at currently available interest rates with comparable terms.

(3)	Value determined using quoted prices in active markets.

(4)	Measured at cash surrender value, which approximates fair value.

Notional Amount of Derivative

The following tabular disclosures reflect the impact that derivative instruments and hedging activities have on the Company’s Consolidated Financial Statements:

Notional value of foreign exchange contracts:

	As of December 31,
(In thousands of U.S. Dollars)	2020		2019
Derivatives designated as hedging instruments:
Foreign exchange contracts — Forwards	$	26,358	$	36,052
Derivatives not designated as hedging instruments:
Foreign exchange contracts — Forwards		5,552		—
	$	31,910	$	36,052

Fair Value of Foreign Exchange Contracts

Fair value of derivatives in foreign exchange contracts:

		As of December 31,
(In thousands of U.S. Dollars)	Balance Sheet Location	2020		2019
Derivatives designated as hedging instruments:
Foreign exchange contracts — Forwards	Other assets	$	1,635	$	602
	Accrued and other liabilities		—		(72	)
Derivatives not designated as hedging instruments:
Foreign exchange contracts — Forwards	Other assets		344		—
	Accrued and other liabilities		—		—
		$	1,979	$	530

Derivatives in Foreign Currency Hedging Relationships

Derivatives in foreign currency hedging relationships are as follows:

		Years Ended December 31,
(In thousands of U.S. Dollars)		2020			2019			2018
Foreign exchange contracts	Derivative Gain (Loss)
— Forwards	Recognized in OCI
	(Effective Portion)	$	550		$	552		$	(2,219	)

	Location of Derivative (Loss) Gain
	Reclassified from AOCI	Years Ended December 31,
	(Effective Portion)	2020			2019			2018
Foreign exchange contracts	Selling, general and
— Forwards	administrative expenses	$	(578	)	$	(1,109	)	$	408
	Inventory		(26	)		(42	)		—
	Property, plant and equipment		—			(32	)		—
		$	(604	)	$	(1,183	)	$	408

		Years Ended December 31,
(In thousands of U.S. Dollars)		2020		2019			2018
Foreign exchange contracts	Derivative Gain (Loss)
— Forwards	Recognized In
	and Out of OCI	$	17	$	(22	)	$	21

Not Designated as Hedging Instrument [Member]

Derivative Instruments Gain Loss [Line Items]

Derivatives in Foreign Currency Hedging Relationships

Non-designated derivatives in foreign currency relationships are as follows:

		Years Ended December 31,
(In thousands of U.S. Dollars)	Location of Derivative Gain	2020		2019		2018
Foreign exchange contracts	Selling, general and
— Forwards	administrative expenses
		$	344	$	—	$	—

Employees Pension and Postretirement Benefits (Tables)

12 Months Ended

Dec. 31, 2020

SERP Benefits [Member]

Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]

Summary of Amounts Accrued for the SERP

As of December 31, 2020 and 2019, the amounts recorded on the Company’s Consolidated Balance Sheets related to the SERP are as follows:

	Years Ended December 31,
(In thousands of U.S. Dollars)	2020		2019
Obligation, beginning of period	$	18,840	$	17,977
Prior service cost		—		456
Interest cost		379		564
Actuarial loss (gain)		897		(157	)
Obligation, end of period and unfunded status⁽¹⁾		20,116		18,840
Accumulated other comprehensive gain		178		988
Net amount recognized in the consolidated balance sheets	$	20,294	$	19,828

(1)	The accumulated benefit obligation for the SERP was $20.1 million at December 31, 2020 (2019 — $18.8 million).

Summary of Accumulated Other Comprehensive Income and Components of Net Periodic Benefit Cost in Future Periods

		As of December 31,
(In thousands of U.S. Dollars)	2020				2019				2018
Unrealized actuarial gain	$		(547	)	$	(1,444	)	$		(1,287	)
Unamortized prior service cost			369			456				—
Net periodic benefit costs to be recognized in future periods	$		(178	)	$	(988	)	$		(1,287	)

Summary of Disclosure of Pension Expense

For the years ended December 31, 2020, 2019 and 2018, the components of pension expense related to the SERP were as follows:

	Years ended December 31,
(In thousands of U.S. Dollars)	2020		2019		2018
Interest cost	$	379	$	564	$	422
Amortization of prior service cost		87		—		—
Pension expense	$	466	$	564	$	422

Summary of Weighted Average Assumptions Used to Determine the Benefit Obligation and Expense

The following assumptions were used to determine the SERP obligation and any related costs as of and for the years ended December 31, 2020, 2019 and 2018:

	As of December 31,
	2020			2019			2018
Discount rate		0.36	%		2.00	%		3.14	%
Lump sum interest rate:
First 25 years	N/A				2.12	%	N/A
First 20 years	N/A			N/A				3.09	%
Thereafter	N/A				2.26	%		2.84	%
Cost of living adjustment on benefits	N/A				1.20	%		1.20	%

Postretirement Benefits Executives [Member]

Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]

Summary of Amounts Accrued for the SERP

As of December 31, 2020 and 2019, the Company’s Consolidated Balance Sheets include the following amounts within Accrued and Other Liabilities related to the Executive Postretirement Benefit Plan:

	As of December 31,
(In thousands of U.S. Dollars)	2020			2019
Obligation, beginning of year	$	665		$	639
Interest cost		20			26
Benefits paid		(29	)		—
Actuarial loss		54			—
Obligation, end of year	$	710		$	665

Summary of Accumulated Other Comprehensive Income and Components of Net Periodic Benefit Cost in Future Periods

	As of December 31,
(In thousands of U.S. Dollars)	2020		2019			2018
Unrealized actuarial loss (gain)	$	21	$	(50	)	$	(50	)

Summary of Disclosure of Pension Expense

For the years ended December 31, 2020, 2019 and 2018, the components of pension expense related to the Executive Postretirement Benefit Plan were as follows:

	Years Ended December 31,
(In thousands of U.S. Dollars)	2020			2019		2018
Interest cost	$	20		$	26	$	24
Amortization of actuarial gain	$	(17	)		—		—
Pension expense	$	3		$	26	$	24

Summary of Weighted Average Assumptions Used to Determine the Benefit Obligation and Expense

As of December 31, 2020, 2019 and 2018, the weighted average assumptions used to determine the benefit obligation related to the Executive Postretirement Benefit Plan are as follows:

	As of December 31,
	2020			2019			2018
Discount rate		2.36	%		3.13	%		4.15	%

	Years Ended December 31,
	2020			2019			2018
Discount rate		3.13	%		4.15	%		3.55	%

Summary of Benefit Payment are Expected in Next Five Year

2021	$	8
2022		9
2023		19
2024		19
2025		21
Thereafter		981
Total	$	1,057

Postretirement Benefits Canadian Employees [Member]

Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]

Summary of Amounts Accrued for the SERP

	As of December 31,
(In thousands of U.S. Dollars)	2020			2019
Obligation, beginning of year	$	1,581		$	1,487
Interest cost		47			49
Benefits paid		(110	)		(108	)
Actuarial loss		280			153
Unrealized foreign exchange loss		64			—
Obligation, end of year	$	1,862		$	1,581

Summary of Accumulated Other Comprehensive Income and Components of Net Periodic Benefit Cost in Future Periods

	As of December 31,
(In thousands of U.S. Dollars)	2020		2019			2018
Unrealized actuarial loss (gain)	$	277	$	(3	)	$	(156	)

Summary of Disclosure of Pension Expense

For the years ended December 31, 2020, 2019 and 2018, the components of pension expense related to the Canadian Postretirement Benefit Plan were as follows:

	Years Ended December 31,
(In thousands of U.S. Dollars)	2020		2019		2018
Interest cost	$	47	$	49	$	53
Pension expense	$	47	$	49	$	53

Summary of Weighted Average Assumptions Used to Determine the Benefit Obligation and Expense

As December 31, 2020, 2019 and 2018, the weighted average assumptions used to determine the benefit obligation related to the Canadian Postretirement Benefit Plan are as follows:

	As of December 31,
	2020			2019			2018
Discount rate		2.30	%		3.05	%		3.35	%

	Years Ended December 31,
	2020			2019			2018
Discount rate		3.05	%		3.80	%		3.35	%

Summary of Benefit Payment are Expected in Next Five Year

2021	$	118
2022		119
2023		118
2024		118
2025		115
Thereafter		1,654
Total	$	2,242

Non-Controlling Interests (Tables)

12 Months Ended

Dec. 31, 2020

Other Noncontrolling Interest [Member]

Summary of Movement of the Non-controlling Interest in Temporary Equity in Original Film Fund

(c)

Non-Controlling Interest in Temporary Equity

The following summarizes the movement of the non-controlling interest in temporary equity, in the Original Film Fund for the years ended December 31, 2020, 2019 and 2018.

Balance as of January 1, 2018	$	1,353
Issuance of subsidiary shares to non-controlling interests	$	7,796
Net loss		(2,710	)
Balance as of December 31, 2018	$	6,439
Return of capital to non-controlling interests	$	(243	)
Share issuance costs from the issuance of subsidiary shares to a non-controlling interest		1,350
Net loss		(1,638	)
Balance as of December 31, 2019	$	5,908
Return of capital to non-controlling interests		(10	)
Net loss		(5,139	)
Balance as of December 31, 2020	$	759

Exit Costs, Restructuring Charges and Associated Impairments (Tables)

12 Months Ended

Dec. 31, 2020

Restructuring And Related Activities [Abstract]

Exit Costs Restructuring Charges and Associated Impairment

(In thousands of U.S. Dollars)	2020		2019		2018
Restructuring charges	$	—	$	628	$	2,405
Asset impairments		—		—		6,432
Costs to exit lease and restore facilities		—		222		619
Other		—		—		86
	$	—	$	850	$	9,542

Restructuring and Related Costs

(In thousands of U.S. Dollars)	2020		2019		2018
Corporate	$	—	$	628	$	1,529
New Business Initiatives		—		—		611
Other		—		—		215
IMAX DMR		—		—		50
	$	—	$	628	$	2,405

Restructuring and Accrual Activities

The following table sets forth a summary of restructuring accrual activities for the years ended December 31, 2020 and 2019:

(In thousands of U.S. Dollars)	Employee Severance and Benefits
Balance as of December 31, 2018	$	1,936
Restructuring charges		628
Cash payments		(2,211	)
Balance as of December 31, 2019	$	353
Cash payments		(313	)
Balance as of December 31, 2020	$	40

Associated Impairments

(In thousands of U.S. Dollars)		2020			2019			2018
Property, plant and equipment	$		—	$		—	$		3,680
Other assets			—			—			2,565
Prepaid expenses			—			—			121
Intangible assets			—			—			66
	$		—	$		—	$		6,432

Selected Quarterly Financial Information (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2020

Quarterly Financial Information Disclosure [Abstract]

Selected Quarterly Financial Information

		2020
(in thousands of U.S. Dollars, except per share amounts)	Q1				Q2			Q3			Q4
Revenues		$	34,902		$	8,855		$	37,256		$	55,990
Costs and expenses applicable to revenues			29,816			16,543			33,427			35,677
Gross margin (margin loss)		$	5,086		$	(7,688	)	$	3,829		$	20,313
Net loss		$	(59,411	)	$	(30,047	)	$	(48,484	)	$	(19,544	)
Net loss attributable to common shareholders		$	(49,354	)	$	(25,967	)	$	(47,209	)	$	(21,245	)

Net loss per share attributable to common shareholders:
Net loss per share - basic & diluted		$	(0.82	)	$	(0.44	)	$	(0.80	)	$	(0.36	)

		2019
(in thousands of U.S. Dollars, except per share amounts)	Q1				Q2			Q3			Q4
Revenues		$	80,198		$	104,797		$	86,390		$	124,279
Costs and expenses applicable to revenues			35,058			45,244			39,270			61,920
Gross margin		$	45,140		$	59,553		$	47,120		$	62,359
Net income		$	12,487		$	13,836		$	10,896		$	21,352
Net income attributable to common shareholders		$	8,265		$	11,397		$	9,033		$	18,171

Net income per share attributable to common shareholders:
Net income per share - basic & diluted		$	0.13		$	0.19		$	0.15		$	0.29

Description of the Business - Additional Information (Details)	Dec. 31, 2020 TheaterSystem Country Multiplex Destination Institutionallocation	Dec. 31, 2019 TheaterSystem Country Multiplex Destination Institutionallocation
Description of Business (Textuals) [Abstract]
Number of theater systems operating \| TheaterSystem	1,650	1,624
Number of Countries and Territories in which Entity Operates \| Country	84	81
Number of commercial multiplexes \| Multiplex	1,562	1,529
Number of commercial destinations \| Destination	12	14
Number of institutional locations \| Institutionallocation	76	81

Impact of COVID-19 Pandemic - Additional Information (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Dec. 31, 2020 USD ($)	Mar. 31, 2020 USD ($)	Dec. 31, 2020 USD ($) Theater	Sep. 30, 2020 USD ($)	Dec. 31, 2019 USD ($)
Impact Of Coronavirus Nineteen Pandemic [Line Items]
Provision for current expected credit losses			$ 18,600
Goodwill	$ 39,027		39,027		$ 39,027
Deferred tax asset, valuation allowance	28,786		28,786		197
IMAX Systems Reporting Unit [Member]
Impact Of Coronavirus Nineteen Pandemic [Line Items]
Goodwill	19,100		19,100
Joint Revenue Sharing Arrangements Reporting Unit [Member]
Impact Of Coronavirus Nineteen Pandemic [Line Items]
Goodwill	13,500		13,500
Impairment loss expected			300
IMAX Maintenance Reporting Unit [Member]
Impact Of Coronavirus Nineteen Pandemic [Line Items]
Goodwill	6,400		6,400
Credit Facility [Member]
Impact Of Coronavirus Nineteen Pandemic [Line Items]
Amount drew down in available borrowing capacity			280,000
Impact of COVID-19 Pandemic [Member]
Impact Of Coronavirus Nineteen Pandemic [Line Items]
Deferred tax asset, valuation allowance	28,600		28,600	$ 23,700
Deferred tax asset, increase in valuation allowance	$ 4,900
Impact of COVID-19 Pandemic [Member] \| Credit Facility [Member]
Impact Of Coronavirus Nineteen Pandemic [Line Items]
Amount drew down in available borrowing capacity		$ 280,000
Impact of COVID-19 Pandemic [Member] \| Selling, General and Administrative Expenses [Member]
Impact Of Coronavirus Nineteen Pandemic [Line Items]
Proceeds from government subsidies			6,000
Impact of COVID-19 Pandemic [Member] \| Costs and Expenses Applicable to Revenues [Member]
Impact Of Coronavirus Nineteen Pandemic [Line Items]
Proceeds from government subsidies			1,000
Impact of COVID-19 Pandemic [Member] \| Research and Development [Member]
Impact Of Coronavirus Nineteen Pandemic [Line Items]
Proceeds from government subsidies			$ 100
Impact of COVID-19 Pandemic [Member] \| China [Member]
Impact Of Coronavirus Nineteen Pandemic [Line Items]
Number of temporarily closed movie theatres \| Theater			70,000
Impact of COVID-19 Pandemic [Member] \| Canada [Member] \| Emergency Wage Subsidy Program [Member]
Impact Of Coronavirus Nineteen Pandemic [Line Items]
Proceeds from government subsidies			$ 6,400
Impact of COVID-19 Pandemic [Member] \| United States [Member] \| CARES Act [Member]
Impact Of Coronavirus Nineteen Pandemic [Line Items]
Proceeds from government subsidies			$ 700
Impact of COVID-19 Pandemic [Member] \| Imax \| Greater China [Member]
Impact Of Coronavirus Nineteen Pandemic [Line Items]
Number of temporarily closed movie theatres \| Theater			700
Impact of COVID-19 Pandemic [Member] \| Imax \| Asia [Member]
Impact Of Coronavirus Nineteen Pandemic [Line Items]
Percentage of box office tickets sold			70.00%

Summary of Significant Accounting Policies - Additional Information (Details)	12 Months Ended
	Dec. 31, 2020 Lease
Significant Accounting Policies [Line Items]
Number of variable interest entities	ten
Period of revenue estimation from initial film release	10 years
Lessee, operating lease, existence of option to extend term	true
Lessee, operating lease, existence of option to extend description	The Company has determined that it is reasonably certain that the renewal options on its warehouse leases will be exercised based on previous history, its current understanding of future business needs and its level of investment in leasehold improvements, among other factors.
Lessee, operating lease, assumptions for discount rate	The incremental borrowing rate used in the calculation of the Company’s lease liability is based on the location of each leased property.
Leases include options to purchase leased property	0
Lessee, operating lease, existence of residual value	false
Lessee, operating lease, sublease options	The Company rents or subleases certain office space to third parties, which have a remaining term of less than 12 months and are not expected to be renewed.
Pension policy details	10.00%
Remaining weighted average service life of employee	2.0 year
Performance Share Units [Member]
Significant Accounting Policies [Line Items]
Share-based compensation arrangement by share-based payment award, award vesting period	3 years
Minimum [Member]
Significant Accounting Policies [Line Items]
Finite-Lived Intangible Assets, Useful Life	4 years
Lessee, operating lease, renewal term	1 year
Minimum [Member] \| Performance Share Units [Member]
Significant Accounting Policies [Line Items]
Share-based compensation arrangement by share-based payment award, award vesting rights, percentage	0.00%
Maximum [Member]
Significant Accounting Policies [Line Items]
Finite-Lived Intangible Assets, Useful Life	10 years
Lessee, operating lease, renewal term	5 years
Maximum [Member] \| Performance Share Units [Member]
Significant Accounting Policies [Line Items]
Share-based compensation arrangement by share-based payment award, award vesting rights, percentage	175.00%
Variable Interest Entity, Primary Beneficiary [Member]
Significant Accounting Policies [Line Items]
Number of variable interest entities not a primary beneficiary	five
Variable Interest Entity, Not Primary Beneficiary [Member]
Significant Accounting Policies [Line Items]
Number of variable interest entities primary beneficiary	five

Summary of Significant Accounting Policies - VIEs Total Assets and Liabilities (Details) - USD ($)
$ in Thousands

Dec. 31, 2020

Dec. 31, 2019

Variable Interest Entity [Line Items]

Variable Interest Entity, Consolidated, Carrying Amount, Total Assets

$ 997,750

$ 889,069

Variable Interest Entity, Consolidated, Carrying Amount, Total Liabilities

532,983

245,974

Variable Interest Entity, Primary Beneficiary [Member]

Variable Interest Entity [Line Items]

Variable Interest Entity, Consolidated, Carrying Amount, Total Assets

1,543

9,677

Variable Interest Entity, Consolidated, Carrying Amount, Total Liabilities

^[1]

$ 230

$ 308

[1]	Prior year comparative amounts have been updated to conform with current year presentation. As a result, total liabilities as of December 31, 2019 have been updated to exclude the non-controlling interest in temporary equity.

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

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Leasehold Improvements [Member]

Summary of Significant Accounting Policies - Summary of Estimated Useful Lives (Details)

12 Months Ended

Dec. 31, 2020

Property, Plant And Equipment, Useful Life, Maximum

over the shorter of the initial term of the underlying leases plus any reasonably assured renewal terms, and the useful life of the asset

Minimum [Member] | Theater System Components [Member]

Minimum [Member] | Camera Equipment [Member]

7 years

^[1]

Minimum [Member] | Buildings [Member]

5 years

Minimum [Member] | Office and Production Equipment [Member]

20 years

Maximum [Member] | Theater System Components [Member]

3 years

Maximum [Member] | Camera Equipment [Member]

20 years

^[1]

Maximum [Member] | Buildings [Member]

10 years

Maximum [Member] | Office and Production Equipment [Member]

25 years

5 years

[1]	Includes equipment under joint revenue sharing arrangements.

New Accounting Standards and Accounting Changes - Additional Information (Details)	Jan. 01, 2020
ASU 2016-13 [Member]
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
ASU adopted	true
ASU adoption date	Jan. 01, 2020
ASU 2019-02 [Member]
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
ASU adopted	true
ASU adoption date	Jan. 01, 2020
ASU adoption, immaterial effect	true

Indicates (true false) whether accounting standards update was adopted.

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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 10
-Section 65
-Paragraph 3
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121646688&loc=SL120320025-210437

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 926
-SubTopic 20
-Section 65
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120154821&loc=SL120154904-197079

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22583-107794

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 65
-Paragraph 15
-Subparagraph (c)
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (a)
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Section 65
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Section 65
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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-Section 65
-Paragraph 8
-Subparagraph (a)

Amortization of lease assets

Current Expected Credit Losses - Summary of Allowance For Credit Losses Related to Accounts Receivable (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($)
Accounts Receivable Allowance For Credit Loss [Line Items]
Beginning balance	$ 5,138
Current period provision	9,708
Write-offs	(975)
Foreign exchange	424
Ending balance	14,295
Theatre Operators [Member]
Accounts Receivable Allowance For Credit Loss [Line Items]
Beginning balance	3,302
Current period provision	5,793
Write-offs	(975)
Foreign exchange	248
Ending balance	8,368
Studios [Member]
Accounts Receivable Allowance For Credit Loss [Line Items]
Beginning balance	893
Current period provision	3,393
Foreign exchange	195
Ending balance	4,481
Other [Member]
Accounts Receivable Allowance For Credit Loss [Line Items]
Beginning balance	943
Current period provision	522
Foreign exchange	(19)
Ending balance	$ 1,446

Current Expected Credit Losses - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Current Expected Credit Losses [Line Items]
Provisions for current expected credit losses	$ 9,708
Finance income related to net investment in leases with billed amounts past due	200	$ 100
Finance income related to financed sale receivables with billed amounts past due	5,700	$ 6,200
Theatre And Studio [Member]
Current Expected Credit Losses [Line Items]
Provisions for current expected credit losses	9,700
Theatre Operators [Member]
Current Expected Credit Losses [Line Items]
Provisions for current expected credit losses	5,793
Provision for current expected credit losses	7,000
Provision for current expected credit losses	$ 1,875

Current Expected Credit Losses - Schedule of Financing Receivables (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Net investment in leases
Gross minimum payments due under sales-type leases	$ 20,830	$ 16,766
Unearned finance income	(859)	(1,005)
Present value of minimum payments due under sales-type leases	19,971	15,761
Allowance for credit losses	(557)	(155)
Net investment in leases	19,414	15,606
Financed sales receivables
Gross minimum payments due under financed sales	150,917	146,660
Unearned finance income	(31,247)	(33,313)
Present value of minimum payments due under financed sales	119,670	113,347
Allowance for credit losses	(7,274)	(915)
Net financed sales receivables	112,396	112,432
Total financing receivables	131,810	128,038
Net financed sales receivables due within one year	34,937	27,595
Net financed sales receivables due after one year	77,459	84,837
Net financed sales receivables	$ 112,396	$ 112,432

Current Expected Credit Losses - Schedule of Weighted-average Remaining Lease Term and Weighted-average Interest Rate (Details)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Weighted-average remaining lease term (in years)
Sales-type lease arrangements	8 years 3 months 18 days	8 years 1 month 6 days
Weighted-average interest rate
Sales-type lease arrangements	6.56%	6.68%
Financed sales receivables	8.92%	9.00%

Current Expected Credit Losses - Schedule of Net Investment In Leases by Credit Quality Indicator (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Net Investment In Lease Credit Quality Indicator [Line Items]
Net investment leases, By Origination Year, Current fiscal year	$ 4,148	$ 7,874
Net investment leases, By Origination Year, Before latest fiscal year	8,468	3,045
Net investment leases, By Origination Year, Two years before latest fiscal year	2,730	989
Net investment leases, By Origination Year, Three years before latest fiscal year	988
Net investment leases, By Origination Year, Prior	3,637	3,853
Net Investment in Lease, Total	19,971	15,761
In Good Standing [Member]
Net Investment In Lease Credit Quality Indicator [Line Items]
Net investment leases, By Origination Year, Current fiscal year	2,143	7,874
Net investment leases, By Origination Year, Before latest fiscal year	1,190	3,045
Net investment leases, By Origination Year, Two years before latest fiscal year	2,730	989
Net investment leases, By Origination Year, Prior	1,826	3,186
Net Investment in Lease, Total	7,889	15,094
Credit Watch [Member]
Net Investment In Lease Credit Quality Indicator [Line Items]
Net investment leases, By Origination Year, Current fiscal year	2,005
Net investment leases, By Origination Year, Before latest fiscal year	7,278
Net investment leases, By Origination Year, Three years before latest fiscal year	988
Net investment leases, By Origination Year, Prior	1,047	667
Net Investment in Lease, Total	11,318	$ 667
Transactions Suspended [Member]
Net Investment In Lease Credit Quality Indicator [Line Items]
Net investment leases, By Origination Year, Prior	764
Net Investment in Lease, Total	$ 764

Current Expected Credit Losses - Schedule of Financed Sale Receivables by Credit Quality Indicator (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Financing Receivable Recorded Investment [Line Items]
Financed sales receivables, By Origination Year, Current fiscal year	$ 8,816	$ 11,981
Financed sales receivables, By Origination Year, Before lastest fiscal year	11,981	14,414
Financed sales receivables, By Origination Year, Two year before latest fiscal year	14,903	17,443
Financed sales receivables, By Origination Year, Three year before latest fiscal year	17,247	17,355
Financed sales receivables, By Origination Year, Four year before latest fiscal year	17,859
Financed sales receivables, By Origination Year, Prior	48,864	52,154
Financed sales receivables, Total	139,641	129,108
Financing Receivable [Member]
Financing Receivable Recorded Investment [Line Items]
Financed sales receivables, Total	119,670	113,347
In Good Standing [Member]
Financing Receivable Recorded Investment [Line Items]
Financed sales receivables, By Origination Year, Current fiscal year	6,830	11,981
Financed sales receivables, By Origination Year, Before lastest fiscal year	5,480	14,414
Financed sales receivables, By Origination Year, Two year before latest fiscal year	3,547	16,556
Financed sales receivables, By Origination Year, Three year before latest fiscal year	3,740	15,208
Financed sales receivables, By Origination Year, Four year before latest fiscal year	5,072
Financed sales receivables, By Origination Year, Prior	12,660	44,291
In Good Standing [Member] \| Financing Receivable [Member]
Financing Receivable Recorded Investment [Line Items]
Financed sales receivables, Total	37,329	102,450
Credit Watch [Member]
Financing Receivable Recorded Investment [Line Items]
Financed sales receivables, By Origination Year, Current fiscal year	1,986
Financed sales receivables, By Origination Year, Before lastest fiscal year	6,501
Financed sales receivables, By Origination Year, Two year before latest fiscal year	11,356	637
Financed sales receivables, By Origination Year, Three year before latest fiscal year	12,520	1,687
Financed sales receivables, By Origination Year, Four year before latest fiscal year	11,446
Financed sales receivables, By Origination Year, Prior	34,351	6,955
Credit Watch [Member] \| Financing Receivable [Member]
Financing Receivable Recorded Investment [Line Items]
Financed sales receivables, Total	78,160	9,279
Pre-Approved Transactions [Member]
Financing Receivable Recorded Investment [Line Items]
Financed sales receivables, By Origination Year, Two year before latest fiscal year		250
Financed sales receivables, By Origination Year, Three year before latest fiscal year		295
Financed sales receivables, By Origination Year, Four year before latest fiscal year	613
Financed sales receivables, By Origination Year, Prior	755	285
Pre-Approved Transactions [Member] \| Financing Receivable [Member]
Financing Receivable Recorded Investment [Line Items]
Financed sales receivables, Total	1,368	830
Transactions Suspended [Member]
Financing Receivable Recorded Investment [Line Items]
Financed sales receivables, By Origination Year, Three year before latest fiscal year	987	165
Financed sales receivables, By Origination Year, Four year before latest fiscal year	728
Financed sales receivables, By Origination Year, Prior	1,098	623
Transactions Suspended [Member] \| Financing Receivable [Member]
Financing Receivable Recorded Investment [Line Items]
Financed sales receivables, Total	$ 2,813	$ 788

Current Expected Credit Losses - Schedule of Aging Analysis for Net Investment in Leases and Financed Sale Receivables (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Financing Receivable Recorded Investment Current And Past Due [Line Items]
Billed	$ 17,116	$ 10,245
Unbilled	122,525	118,863
Financed sales receivables, Total	139,641	129,108
Allowance for Credit Losses	(7,831)	(1,070)
Total financing receivables	131,810	128,038
Net Investment in Leases [Member]
Financing Receivable Recorded Investment Current And Past Due [Line Items]
Billed	1,167	349
Unbilled	18,804	15,412
Financed sales receivables, Total	19,971	15,761
Allowance for Credit Losses	(557)	(155)	$ (155)
Total financing receivables	19,414	15,606
Net Financed Sales Receivables [Member]
Financing Receivable Recorded Investment Current And Past Due [Line Items]
Billed	15,949	9,896
Unbilled	103,721	103,451
Financed sales receivables, Total	119,670	113,347
Allowance for Credit Losses	(7,274)	(915)	$ (839)
Total financing receivables	112,396	112,432
Accrued and Current [Member]
Financing Receivable Recorded Investment Current And Past Due [Line Items]
Billed	3,605	1,708
Accrued and Current [Member] \| Net Investment in Leases [Member]
Financing Receivable Recorded Investment Current And Past Due [Line Items]
Billed	298	30
Accrued and Current [Member] \| Net Financed Sales Receivables [Member]
Financing Receivable Recorded Investment Current And Past Due [Line Items]
Billed	3,307	1,678
30 to 89 Days Past Due [Member]
Financing Receivable Recorded Investment Current And Past Due [Line Items]
Billed	2,123	2,840
30 to 89 Days Past Due [Member] \| Net Investment in Leases [Member]
Financing Receivable Recorded Investment Current And Past Due [Line Items]
Billed	180	68
30 to 89 Days Past Due [Member] \| Net Financed Sales Receivables [Member]
Financing Receivable Recorded Investment Current And Past Due [Line Items]
Billed	1,943	2,772
Equal To Greater Than 90 Days Past Due [Member]
Financing Receivable Recorded Investment Current And Past Due [Line Items]
Billed	11,388	5,697
Equal To Greater Than 90 Days Past Due [Member] \| Net Investment in Leases [Member]
Financing Receivable Recorded Investment Current And Past Due [Line Items]
Billed	689	251
Equal To Greater Than 90 Days Past Due [Member] \| Net Financed Sales Receivables [Member]
Financing Receivable Recorded Investment Current And Past Due [Line Items]
Billed	$ 10,699	$ 5,446

Current Expected Credit Losses - Schedule of Net Investment in Leases and Financed Sale Receivables with Billed Amounts Past Due Continues to Accrue Finance Income (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Financing Receivable Recorded Investment Past Due [Line Items]
Billed	$ 17,116	$ 10,245
Unbilled	122,525	118,863
Allowance for Credit Losses	(7,831)	(1,070)
Total financing receivables	131,810	128,038
Accrued and Current [Member]
Financing Receivable Recorded Investment Past Due [Line Items]
Billed	3,605	1,708
30 to 89 Days Past Due [Member]
Financing Receivable Recorded Investment Past Due [Line Items]
Billed	2,123	2,840
Equal To Greater Than 90 Days Past Due [Member]
Financing Receivable Recorded Investment Past Due [Line Items]
Billed	11,388	5,697
Net Investment in Leases [Member]
Financing Receivable Recorded Investment Past Due [Line Items]
Billed	1,167	349
Unbilled	18,804	15,412
Allowance for Credit Losses	(557)	(155)	$ (155)
Total financing receivables	19,414	15,606
Net Investment in Leases [Member] \| Accrued and Current [Member]
Financing Receivable Recorded Investment Past Due [Line Items]
Billed	298	30
Net Investment in Leases [Member] \| 30 to 89 Days Past Due [Member]
Financing Receivable Recorded Investment Past Due [Line Items]
Billed	180	68
Net Investment in Leases [Member] \| Equal To Greater Than 90 Days Past Due [Member]
Financing Receivable Recorded Investment Past Due [Line Items]
Billed	689	251
Net Financed Sales Receivables [Member]
Financing Receivable Recorded Investment Past Due [Line Items]
Billed	15,949	9,896
Unbilled	103,721	103,451
Allowance for Credit Losses	(7,274)	(915)	$ (839)
Total financing receivables	112,396	112,432
Net Financed Sales Receivables [Member] \| Accrued and Current [Member]
Financing Receivable Recorded Investment Past Due [Line Items]
Billed	3,307	1,678
Net Financed Sales Receivables [Member] \| 30 to 89 Days Past Due [Member]
Financing Receivable Recorded Investment Past Due [Line Items]
Billed	1,943	2,772
Net Financed Sales Receivables [Member] \| Equal To Greater Than 90 Days Past Due [Member]
Financing Receivable Recorded Investment Past Due [Line Items]
Billed	10,699	5,446
Net Investment in Leases and Financed Sale Receivables Continue to Accrue Finance Income [Member]
Financing Receivable Recorded Investment Past Due [Line Items]
Billed	14,578	8,238
Unbilled	76,514	29,751
Allowance for Credit Losses	(4,744)
Total financing receivables	86,348	37,989
Net Investment in Leases and Financed Sale Receivables Continue to Accrue Finance Income [Member] \| Accrued and Current [Member]
Financing Receivable Recorded Investment Past Due [Line Items]
Billed	2,257	1,155
Net Investment in Leases and Financed Sale Receivables Continue to Accrue Finance Income [Member] \| 30 to 89 Days Past Due [Member]
Financing Receivable Recorded Investment Past Due [Line Items]
Billed	1,713	1,309
Net Investment in Leases and Financed Sale Receivables Continue to Accrue Finance Income [Member] \| Equal To Greater Than 90 Days Past Due [Member]
Financing Receivable Recorded Investment Past Due [Line Items]
Billed	10,608	5,774
Net Investment in Leases and Financed Sale Receivables Continue to Accrue Finance Income [Member] \| Net Investment in Leases [Member]
Financing Receivable Recorded Investment Past Due [Line Items]
Billed	752	279
Unbilled	13,912	578
Allowance for Credit Losses	(310)
Total financing receivables	14,354	857
Net Investment in Leases and Financed Sale Receivables Continue to Accrue Finance Income [Member] \| Net Investment in Leases [Member] \| Accrued and Current [Member]
Financing Receivable Recorded Investment Past Due [Line Items]
Billed	231	9
Net Investment in Leases and Financed Sale Receivables Continue to Accrue Finance Income [Member] \| Net Investment in Leases [Member] \| 30 to 89 Days Past Due [Member]
Financing Receivable Recorded Investment Past Due [Line Items]
Billed	162	19
Net Investment in Leases and Financed Sale Receivables Continue to Accrue Finance Income [Member] \| Net Investment in Leases [Member] \| Equal To Greater Than 90 Days Past Due [Member]
Financing Receivable Recorded Investment Past Due [Line Items]
Billed	359	251
Net Investment in Leases and Financed Sale Receivables Continue to Accrue Finance Income [Member] \| Net Financed Sales Receivables [Member]
Financing Receivable Recorded Investment Past Due [Line Items]
Billed	13,826	7,959
Unbilled	62,602	29,173
Allowance for Credit Losses	(4,434)
Total financing receivables	71,994	37,132
Net Investment in Leases and Financed Sale Receivables Continue to Accrue Finance Income [Member] \| Net Financed Sales Receivables [Member] \| Accrued and Current [Member]
Financing Receivable Recorded Investment Past Due [Line Items]
Billed	2,026	1,146
Net Investment in Leases and Financed Sale Receivables Continue to Accrue Finance Income [Member] \| Net Financed Sales Receivables [Member] \| 30 to 89 Days Past Due [Member]
Financing Receivable Recorded Investment Past Due [Line Items]
Billed	1,551	1,290
Net Investment in Leases and Financed Sale Receivables Continue to Accrue Finance Income [Member] \| Net Financed Sales Receivables [Member] \| Equal To Greater Than 90 Days Past Due [Member]
Financing Receivable Recorded Investment Past Due [Line Items]
Billed	$ 10,249	$ 5,523

Current Expected Credit Losses - Schedule of Net Investment in Leases and Financed Sale Receivables on Nonaccrual Status (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Financing Receivable Nonaccrual Status [Line Items]
Recorded Receivable	$ 3,577	$ 788
Allowance for Credit Losses	(1,500)	(732)
Net	2,077	56
Net Investment in Leases [Member]
Financing Receivable Nonaccrual Status [Line Items]
Recorded Receivable	764
Allowance for Credit Losses	(18)
Net	746
Net Financed Sales Receivables [Member]
Financing Receivable Nonaccrual Status [Line Items]
Recorded Receivable	2,813	788
Allowance for Credit Losses	(1,482)	(732)
Net	$ 1,331	$ 56

Current Expected Credit Losses - Summary of Allowance for Credit Losses Related to Net Investment in Leases and Financed Sale Receivables (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Financing Receivable Allowance For Credit Losses [Line Items]
Beginning balance	$ 1,070
Ending balance	7,831	$ 1,070
Net Investment in Leases [Member]
Financing Receivable Allowance For Credit Losses [Line Items]
Beginning balance	155	155
Current period provision	451
Write-offs	(69)
Foreign exchange	20
Ending balance	557	155
Recoveries	69
Net Financed Sales Receivables [Member]
Financing Receivable Allowance For Credit Losses [Line Items]
Beginning balance	915	839
Current period provision	6,574
Write-offs	(330)
Recoveries		76
Foreign exchange	115
Ending balance	7,274	$ 915
Recoveries	$ 330

Current Expected Credit Losses - Summary of Allowance For Credit Losses Related to Variable Consideration Receivables (Details) - Theatre Operators [Member] $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($)
Accounts Receivable Allowance For Credit Loss [Line Items]
Current period provision	$ 1,875
Foreign Exchange	12
Ending balance	$ 1,887

Lease Arrangements - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($) Lease	Dec. 31, 2019 USD ($)	Jan. 01, 2019 USD ($)
Leases [Line Items]
Net lease assets	$ 997,750	$ 889,069
Accrued and other liabilities	99,354	112,779
Lease liabilities	16,634
Prepaid expenses	$ 10,420	$ 10,237
Lessee, operating lease description	The Company’s operating lease arrangements principally involve office and warehouse space. Office equipment is generally purchased outright. Leases with an initial term of less than 12 months are not recorded on the Consolidated Balance Sheets and the related lease expense is recognized on a straight-line basis over the lease term.
Lessee, operating lease, existence of option to extend term	true
Lessee, operating lease, existence of option to extend description	The Company has determined that it is reasonably certain that the renewal options on its warehouse leases will be exercised based on previous history, its current understanding of future business needs and its level of investment in leasehold improvements, among other factors.
Lessee, operating lease, assumptions for discount rate	The incremental borrowing rate used in the calculation of the Company’s lease liability is based on the location of each leased property.
Leases include options to purchase leased property \| Lease	0
Lessee, operating lease, existence of residual value	false
Lessee, operating lease, sublease options	The Company rents or subleases certain office space to third parties, which have a remaining term of less than 12 months and are not expected to be renewed.
Lessor, sales-type lease description	The Company provides IMAX Theater Systems to customers through long-term lease arrangements that for accounting purposes are classified as sales-type leases. Under these arrangements, in exchange for providing the IMAX Theater System, the Company earns fixed upfront and ongoing consideration. Certain arrangements that are legal sales are also classified as sales-type leases as certain clauses within the arrangements limit transfer of title or provide the Company with conditional rights to the system.
Minimum [Member]
Leases [Line Items]
Lessee, operating lease, renewal term	1 year
Sales-type lease, lease term	10 years
Non-cancellable term of joint revenue sharing arrangements	10 years
Maximum [Member]
Leases [Line Items]
Lessee, operating lease, renewal term	5 years
Sales-type lease, lease term	20 years
Non-cancellable term of joint revenue sharing arrangements	or longer
ASC Topic 842 Leases [Member]
Leases [Line Items]
ASU adopted	true
ASU adoption date	Jan. 01, 2019
ASU adoption, immaterial effect	true
ASC Topic 842 Leases [Member] \| As Adjusted [Member]
Leases [Line Items]
Net lease assets			$ 17,400
Accrued and other liabilities			17,400
Right-of-use assets			20,000
Lease liabilities			$ 20,000
Operating Lease, Liability, Statement of Financial Position [Extensible List]			us-gaap:AccruedLiabilitiesAndOtherLiabilities
Prepaid expenses			$ 2,600
Unamortized lease incentives, other accruals			$ (2,600)

Lease Arrangements - Components of Lease Expense (Details) - Selling, General and Administrative Expenses [Member] - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Leases [Line Items]

Operating lease cost

^[1]

$ 540

$ 850

$ 4,863

3,114

2,370

Interest on lease liabilities

1,052

1,102

Total lease cost

$ 4,706

$ 4,322

$ 4,863

[1]	Includes rent expense associated with short-term leases and variable lease costs, which are not significant for the years ended December 31, 2020 and 2019

Lease Arrangements - Supplemental Cash and Non-Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Cash paid for amounts included in the measurement of lease liabilities	$ 3,743	$ 3,607
Right-of-use assets obtained in exchange for lease obligations	$ 563	$ 17,147

Lease Arrangements - Lessee Operating Lease Balance Sheet Amounts and Lines (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Leases [Line Items]
Operating Leases	$ 16,634
Property, plant and equipment [Member]
Leases [Line Items]
Right-of-Use-Assets	13,911	$ 16,262
Accrued and other liabilities [Member]
Leases [Line Items]
Operating Leases	$ 16,634	$ 18,677

Lease Arrangements - Lessee Operating Leases Weighted Average Remaining Lease Term and Weighted Average Interest Rate (Details)	Dec. 31, 2020	Dec. 31, 2019
Lease Cost [Abstract]
Weighted-average remaining lease term (years)	7 years 7 months 6 days	8 years 1 month 6 days
Weighted-average discount rate	5.91%	5.90%

Lease Arrangements - Lessee Operating Lease, Maturity (Details) $ in Thousands	Dec. 31, 2020 USD ($)
Operating Lease Liabilities Payments Due [Abstract]
2021	$ 3,398
2022	2,942
2023	2,299
2024	2,236
2025	2,082
Thereafter	8,022
Total undiscounted operating lease payments	20,979
Less: imputed interest	(4,345)
Present value of operating lease liabilities	$ 16,634

Variable Consideration Receivable from Contracts With Customers - Summary of Variable Consideration Receivable from Contracts With Customers (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($)
Change In Contract With Customer Asset [Abstract]
Balance as of December 31, 2019	$ 40,040
Variable consideration for newly recognized sales	5,550
Accretion to finance income	2,133
Transferred to receivables from variable consideration assets	(5,310)
Allowance for credit losses (see Note 5)	(1,887)
Balance as of December 31, 2020	$ 40,526

Inventories - Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Inventories
Raw materials	$ 30,096	$ 26,538
Work-in-process	3,014	4,608
Finished goods	6,470	11,843
Total	$ 39,580	$ 42,989

Inventories - Additional Information (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Inventories (Textuals) [Abstract]

Finished goods inventory with title passed to customer

$ 2,100

$ 700

Write-downs for excess and obsolete inventory

^[1]

$ 3,632

$ 446

$ 250

[1]	In 2020, the Company recorded write-downs of $3.6 million (2019 — $0.4 million; 2018 — $0.3 million) related to excess inventory.

Film Assets - Film Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Film Costs [Abstract]
Completed and released films, net of accumulated amortization of $201,832 (2019 - $192,999)	$ 2,678	$ 7,193
Films in production	195	4,250
Films in development	2,904	6,478
Film Costs, Total	$ 5,777	$ 17,921

Film Assets - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Film Assets [Line Items]
Accumulated amortization, completed and released films		$ 5.3
Film costs expected to be amortized within three years from balance sheet date			$ 11.4
Film costs, amortized in next operating cycle			7.3
Amount of participation payments expected to be made to third parties in the next operating cycle		2.7	1.6
Documentary film asset impairments		$ 10.8	$ 1.4
Forecast [Member]
Film Assets [Line Items]
Film costs, amortized in next operating cycle	$ 4.4

Property, Plant and Equipment - Property, Plant and Equipment (Details) - USD ($)
$ in Thousands

Dec. 31, 2020

Dec. 31, 2019

$ 501,384

$ 497,654

223,987

190,805

Theater System Components [Member]

277,397

306,849

^[1],[2],[3]

337,271

322,492

^[1],[2],[3]

158,647

133,739

Camera Equipment [Member]

^[1],[2],[3]

178,624

188,753

5,399

5,192

4,653

4,239

Equipment leased or held for use [Member]

746

953

342,670

327,684

163,300

137,978

Asset under Construction [Member]

179,370

189,706

^[4]

5,660

14,483

^[4]

^[4]

5,660

14,483

Right Of Use Assets

^[5]

15,553

17,147

^[5]

1,642

885

^[5]

13,911

16,262

Land [Member]

8,203

8,203

Buildings [Member]

80,875

80,850

25,921

22,931

Office and Production Equipment [Member]

54,954

57,919

^[6]

40,362

41,673

^[6]

29,156

25,654

Leasehold Improvements [Member]

^[6]

11,206

16,019

8,061

7,614

3,968

3,357

Other property, plant and equipment [Member]

4,093

4,257

137,501

138,340

59,045

51,942

Lease incentives provided to theaters

$ 78,456

$ 86,398

[1]	In 2020, the Company recorded a charge of $1.8 million (2019 — $2.2 million; 2018 — $0.6 million) in Costs and Expenses Applicable to Technology Rentals principally related to the write-down of leased xenon-based digital systems which were taken out of service in connection with customer upgrades to laser-based digital systems.
[2]	Included in theater system components are assets with costs of $315.4 million (2019—$297.4 million) and accumulated depreciation of $144.7 million (2019 — $121.3 million) that are used in joint revenue sharing arrangements.
[3]	Included in theater system components are assets with costs of $7.6 million (2019 — $7.6 million) and accumulated depreciation of $6.8 million (2019 — $6.7 million) that are leased to customers under operating leases.
[4]	Included in assets under construction are components with costs of $5.3 million (2019 — $13.2 million) that will be utilized to construct assets to be used in joint revenue sharing arrangements.
[5]	The right-of-use assets mainly include operating leases for office and warehouse storage space.
[6]	Fully amortized office and production equipment is still in use by the Company. In 2020, the Company identified and wrote off $0.9 million (2019 — $4.9 million) of office and production equipment that is no longer in use and fully amortized.

Property, Plant and Equipment - Property, Plant and Equipment (Parenthetical) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Theater System Components [Member]
Property, plant and equipment
Assets leased to customers under operating lease, Gross	$ 7.6	$ 7.6
Accumulated Depreciation, assets leased to customers under operating lease	6.8	6.7
Assets under joint revenue sharing arrangements included in Theater system components	315.4	297.4
Accumulated Depreciation , Assets under joint revenue sharing arrangements included in Theater system components	144.7	121.3
Theater system components written off in Costs and expenses	1.8	2.2	$ 0.6
Asset under Construction [Member]
Property, plant and equipment
Assets under joint revenue sharing arrangements included in Assets under construction	5.3	13.2
Office and Production Equipment [Member]
Property, plant and equipment
Fully amortized office and production equipment written off in the period	$ 0.9	$ 4.9

Property, Plant and Equipment - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Property Plant And Equipment [Line Items]
Property, plant and equipment associated impairment charges relating to restructuring activities	$ 0	$ 0	$ 3,700,000
Restructuring Charges [Member]
Property Plant And Equipment [Line Items]
Property, plant and equipment associated impairment charges relating to restructuring activities	0	0	3,680,000
Other property, plant and equipment [Member]
Property Plant And Equipment [Line Items]
Property plant and equipment write downs no longer in use	$ 200,000	$ 200,000	$ 800,000

Other Assets - Schedule of Other Assets (Details) - USD ($)
$ in Thousands

Dec. 31, 2020

Dec. 31, 2019

Other Assets [Abstract]

$ 15,651

$ 19,125

Commissions and other deferred selling expenses

2,608

1,501

Other investments

^[1]

1,000

2,500

Investment in content

^[2]

955

Foreign currency derivatives

1,979

602

Other

435

351

Other assets, total

$ 21,673

$ 25,034

[1]	In 2020, the Company recorded a $1.5 million permanent impairment related to its investment in a debt security, which is recorded within Equity in (Losses) Income of Investees, Net of Tax in the Company’s Consolidated Statements of Operations.
[2]	In 2020, the Company recorded $1.2 million (2019 —$nil) in write-downs of other assets, of which $1.0 million relates to the write-down of certain content-related assets which became impaired during the year.

Other Assets - Schedule of Other Assets (Parenthetical) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Other Assets [Abstract]
Impairment recorded on investment of debt securities	$ 1.5
Other assets write down on impairment	1.2		$ 2.6
Write-down of content-related assets	$ 1.0

Income Taxes - Schedule of (Loss) Income Before Taxes by Jurisdiction (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Taxes Disclosure [Line Items]
Income (loss) before income taxes	$ (129,124)	$ 75,336	$ 43,605
Canada [Member]
Income Taxes Disclosure [Line Items]
Income (loss) before income taxes	(104,166)	884	(14,749)
United States [Member]
Income Taxes Disclosure [Line Items]
Income (loss) before income taxes	(6,437)	(234)	(6,079)
China [Member]
Income Taxes Disclosure [Line Items]
Income (loss) before income taxes	(8,253)	51,809	50,446
Ireland [Member]
Income Taxes Disclosure [Line Items]
Income (loss) before income taxes	(7,473)	17,630	8,071
Other [Member]
Income Taxes Disclosure [Line Items]
Income (loss) before income taxes	$ (2,795)	$ 5,247	$ 5,916

Income Taxes - Schedule of Income Tax (Expense) Benefit (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

$ (2,886)

$ (10,006)

$ (16,441)

(23,618)

(6,762)

6,923

Total

^[1]

(26,504)

(16,768)

(9,518)

Canada [Member]

555

2,369

(4,893)

^[2]

(10,801)

(3,913)

5,993

United States [Member]

488

595

1,300

867

(949)

2,386

China [Member]

(1,980)

(11,789)

(11,259)

^[3]

(15,756)

(18)

(6)

Ireland [Member]

(1,462)

(762)

(1,095)

2,161

(1,923)

(1,423)

Other [Member]

(487)

(419)

(494)

Income Tax Expense Benefit Continuing Operations [Abstract]

$ (89)

$ 41

$ (27)

[1]	For the year ended December 31, 2020, Income Tax (Expense) Benefit includes deferred taxes related to amounts reclassified from Other Comprehensive Income (Loss) of $0.1 million (2019 — $0.4 million; 2018 — $0.3 million).
[2]	For the year ended December 31, 2020, the Company recorded a $28.8 million valuation allowance against its deferred tax assets (2019 — $0.2 million). The valuation allowance was recorded in the jurisdictions where management could not reliably establish that it was more likely than not that the deferred tax assets would be realized, primarily due uncertainty around the long term impact of the COVID-19 global pandemic.
[3]	In the first quarter of 2020, management completed a reassessment of its strategy with respect to the most efficient means of deploying the Company’s capital resources globally. Based on the results of this reassessment, management concluded that the historical earnings of certain foreign subsidiaries in excess of amounts required to sustain business operations would no longer be indefinitely reinvested. As a result, the Company recognized a deferred tax liability of $19.1 million for the year for the estimated applicable foreign withholding taxes associated with these historical earnings, which will become payable upon the repatriation of any such earnings.

Income Taxes - Schedule of Income Tax (Expense) Benefit (Parenthetical) (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Deferred tax asset, valuation allowance

$ 28,786

$ 197

Other comprehensive income (loss), deferred income tax reclassified

(55)

$ 378

$ (286)

^[1]

$ 19,134

[1]

Amount of tax expense (benefit) allocated to other comprehensive income (loss).

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 740
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-Paragraph 2
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=120385591&loc=d3e38679-109324

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(23))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

Reference 6: 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(21))
-URI http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32672-109319

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6450520&loc=d3e32583-110901

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=121641772&loc=d3e640-108580

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(19))
-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Income Taxes - Schedule of Reconciliation of Income Tax Expense to Statutory Rates (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Expense Benefit Continuing Operations Income Tax Reconciliation [Abstract]
Income tax benefit (expense) at combined statutory rates	$ 34,218	$ (19,964)	$ (11,555)
NCI share of partnership losses	(1,229)	(397)	(614)
Other non-deductible/non-includable items	(2,243)	198	447
Increase in valuation allowance	(28,589)	0	0
Changes to tax reserves	(2,699)	1,418	(204)
U.S. federal and state taxes	(250)	(300)	30
Withholding taxes	(20,943)	(1,071)	(1,418)
Income tax at different rates in foreign and other provincial jurisdictions	(2,607)	5,019	3,477
Investment and other tax credits (non-refundable)	643	701	783
Changes to deferred tax assets and liabilities resulting from audit and other tax return adjustments	(1,219)	(1,998)	768
Reduction in tax benefits resulting from the vesting of share-based compensation	(1,237)	(374)	(1,232)
Impact of changes in enhanced tax rates and other legislation	(349)	0	0
Income tax expense	$ (26,504)	$ (16,768)	$ (9,518)

Income Taxes - Additional Information (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Sep. 30, 2020

Provision for income taxes

^[1]

$ 26,504

$ 16,768

$ 9,518

Statutory effective rate

(20.50%)

22.30%

21.80%

Combined federal and provincial rate

26.20%

Deferred tax assets, Other

$ 600

$ 400

Investment tax credits and other tax credit carryforward, expiration period

2040

Net Operating Loss Carryforwards, Limitations on Use

Deferred tax asset, valuation allowance

^[2]

$ 19,134

28,786

197

Provision for uncertain tax positions recorded to income tax provision

2,700

Total tax reserves (including interest and penalties)

17,400

14,700

Interest and penalty associated with tax reserves

$ 3,300

200

Maximum [Member]

Interest and penalty associated with tax reserves

$ 100

Maximum [Member] | Internal Revenue Service (IRS) [Member]

Maximum [Member] | Canada Revenue Agency [Member]

2020

Minimum [Member] | Internal Revenue Service (IRS) [Member]

2020

Minimum [Member] | Canada Revenue Agency [Member]

2016

Impact of COVID-19 Pandemic [Member]

2016

Deferred tax asset, valuation allowance

$ 28,600

$ 23,700

U.S. and Canada [Member]

Net operating loss carryforwards, expiration period

2040

Net Operating Loss Carryforwards

$ 72,200

Remaining net operating loss carryforwards

$ 22,700

[1]

For the year ended December 31, 2020, Income Tax (Expense) Benefit includes deferred taxes related to amounts reclassified from Other Comprehensive Income (Loss) of $0.1 million (2019 — $0.4 million; 2018 — $0.3 million).

[2]

Income Taxes - Deferred Tax Assets and Deferred Tax Liability (Details) - USD ($)
$ in Thousands

Dec. 31, 2020

Dec. 31, 2019

Deferred Tax Assets Net [Abstract]

Net operating loss carryforwards

$ 17,120

$ 888

Investment tax credit and other tax credit carryforwards

1,344

3,650

Write-downs of other assets

1,219

1,220

Excess of tax accounting basis in property, plant and equipment, inventories and other assets

9,692

6,257

Accrued pension liability

6,942

6,393

Accrued share-based compensation

7,350

5,360

Income recognition on net investment in leases

(2,018)

(4,283)

Other accrued reserves

5,120

4,617

Total deferred income tax assets

46,769

24,102

Valuation allowance

(28,786)

(197)

Deferred income tax asset net of valuation allowance

17,983

23,905

^[1]

(19,134)

Net deferred tax asset

$ (1,151)

Net deferred tax asset

$ 23,905

[1]

Income Taxes - Deferred Tax Assets and Deferred Tax Liability (Parenthetical) (Details)
$ in Thousands

Dec. 31, 2020

USD ($)

Deferred Tax Assets Net [Abstract]

$ 19,134

^[1]

[1]

Income Taxes - Reconciliation of Beginning and Ending Amount of Tax Reserves (excluding interest and penalties) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Reconciliation of beginning and ending amount of tax reserves (excluding interest and penalties)
Balance at beginning of the year	$ 14,718	$ 16,136	$ 15,927
Additions based on tax positions related to the current year	2,301	812	4,329
Reductions for tax positions of prior years		(2,230)	(170)
Reductions resulting from lapse of applicable statute of limitations and administrative practices	(2,943)		(3,950)
Balance at the end of the year	$ 14,076	$ 14,718	$ 16,136

Income Taxes - Income Tax Benefit (Expense) Included in the Other Comprehensive (Loss) Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Unrealized defined benefit plan actuarial loss (gain)	$ 276	$ (42)	$ (379)
Unrealized postretirement benefit plans actuarial loss (gain)	92	0	(23)
Prior service cost arising during the period	0	145	0
Amortization of prior service cost	(23)	(26)	0
Unrealized change in cash flow hedging instruments	(132)	(145)	581
Realized change in cash flow hedging instruments upon settlement	(158)	(310)	107
Income tax effect on comprehensive (loss) income	$ 55	$ (378)	$ 286

Amount of tax expense (benefit) allocated to other comprehensive income (loss).

Other Intangible Assets - Summary of Other Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Other Intangible Assets
Other Intangible Assets, Cost	$ 65,336	$ 63,314
Other Intangible Assets, Accumulated Amortization	39,091	32,967
Other Intangible Assets, Net Book Value	26,245	30,347
Patents and Trademarks [Member]
Other Intangible Assets
Other Intangible Assets, Cost	12,714	12,779
Other Intangible Assets, Accumulated Amortization	8,878	8,587
Other Intangible Assets, Net Book Value	3,836	4,192
Licenses and Intellectual Property [Member]
Other Intangible Assets
Other Intangible Assets, Cost	26,168	26,168
Other Intangible Assets, Accumulated Amortization	12,182	10,747
Other Intangible Assets, Net Book Value	13,986	15,421
Internal Use Software [Member]
Other Intangible Assets
Other Intangible Assets, Cost	25,009	23,791
Other Intangible Assets, Accumulated Amortization	17,568	13,239
Other Intangible Assets, Net Book Value	7,441	10,552
Other [Member]
Other Intangible Assets
Other Intangible Assets, Cost	1,445	576
Other Intangible Assets, Accumulated Amortization	463	394
Other Intangible Assets, Net Book Value	$ 982	$ 182

Other Intangible Assets - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Net book value of patents and trademarks disposed of in the year	$ 0.2	$ 0.1
Weighted average amortization period for additions to other intangible assets	6 years 7 months 6 days
Costs incurred to renew or extend the term of acquired patents and trademarks	$ 0.4	$ 0.4
Other Intangible Assets [Member]
Finite-Lived Intangible Assets [Line Items]
Acquisition of other intangible assets, cost	2.8
Acquisition of other intangible assets, net book value	$ 2.6

Other Intangible Assets - Summary of Estimated Amortization Expenses (Details) $ in Thousands	Dec. 31, 2020 USD ($)
Other Intangible Assets Additional Textuals [Abstract]
2021	$ 6,616
2022	6,616
2023	5,676
2024	2,090
2025	$ 1,975

Credit Facility and Other Financing Arrangements - Bank Indebtedness (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Debt Disclosure [Abstract]
Credit Facility	$ 300,000	$ 20,000
Working Capital Facility	7,643
Unamortized debt issuance costs	(1,967)	(1,771)
Total bank indebtedness	$ 305,676	$ 18,229

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

Purchase obligations, Total

Credit Facility and Other Financing Arrangements - Additional Information (Details)		12 Months Ended
	Jun. 10, 2020	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2020 CNY (¥)	Jul. 24, 2020 USD ($)	Jul. 24, 2020 CNY (¥)	Oct. 28, 2019 USD ($)
Credit Facility and Other Financing Arrangements (Textual) [Abstract]
Current borrowing capacity		$ 300,000,000.0
Credit Facility Description		The Company has a credit agreement, the Fifth Amended and Restated Credit Agreement, with Wells Fargo Bank, National Association (“Wells Fargo”), as agent, and a syndicate of lenders party thereto (the “Credit Agreement”). The Company’s obligations under the Credit Agreement are guaranteed by certain of its subsidiaries (the “Guarantors”) and are secured by first-priority security interests in substantially all the assets of the Company and the Guarantors. The Credit Facility provided by the Credit Agreement matures on June 28, 2023.
Credit Facility Maturity Date		Jun. 28, 2023
Line of credit facility covenant terms		The Credit Agreement contains a covenant that requires the Company to maintain a Senior Secured Net Leverage Ratio (as defined in the Credit Agreement), as of the last day of any Fiscal Quarter (as defined in the Credit Agreement) of no greater than 3.25:1.00.
Effective interest rate		2.38%	3.43%
Amounts Drawn		$ 7,643,000
Working Capital Facility [Member]
Credit Facility and Other Financing Arrangements (Textual) [Abstract]
Current borrowing capacity					$ 30,600,000	¥ 200,000,000.0
Credit Facility Description		On July 24, 2020, IMAX (Shanghai) Multimedia Technology Co., Ltd. (“IMAX Shanghai”), one of the Company’s majority-owned subsidiaries in China, renewed its unsecured revolving facility for up to 200.0 million Renminbi (approximately $30.6 million) to fund ongoing working capital requirements (the “Working Capital Facility”).
Effective interest rate		4.31%
Line of credit facility expiration period		2021-07
Amounts Drawn		$ 7,600,000		¥ 49,900,000
Remaining borrowing capacity		21,500,000		140,100,000
Credit Facility [Member]
Credit Facility and Other Financing Arrangements (Textual) [Abstract]
Amount drew down in available borrowing capacity		$ 280,000,000.0
Line of credit facility covenant terms		On June 10, 2020, the Company entered into the First Amendment to the Credit Agreement (the “Amendment”), which, among other things, (i) suspends the Senior Secured Net Leverage Ratio covenant through the first quarter of 2021, (ii) re-establishes the Senior Secured Net Leverage Ratio covenant thereafter, provided that for subsequent quarters that such covenant is tested, as applicable, the Company will be permitted to use its quarterly EBITDA (as defined in the Credit Agreement) from the third and fourth quarters of 2019 in lieu of the EBITDA for the corresponding quarters of 2020, (iii) adds a $75.0 million minimum liquidity covenant measured at the end of each calendar month and (iv) restricts the Company’s ability to make certain restricted payments, dispositions and investments, create or assume liens and incur debt that would otherwise have been permitted by the Credit Agreement. The modifications to the negative covenants, the minimum liquidity covenant and modifications to certain other provisions in the Credit Agreement pursuant to the Amendment were effective from the date of the Amendment until the earlier of the delivery of the compliance certificate for the fourth quarter of 2021 and the date on which the Company, in its sole discretion, elects to calculate its compliance with the Senior Secured Net Leverage Ratio by using either its actual EBITDA or annualized EBITDA (the “Designated Period”).
Compliance with covenants		As of December 31, 2020, the Company was in compliance with all of its requirements under the Credit Agreement, as amended.
Liquidity covenant minimum		$ 75,000,000.0
Interest rate description		Borrowings under the Credit Facility bear interest, at the Company’s option, at (i) LIBOR plus a margin ranging from 1.00% to 1.75% per annum; or (ii) the U.S. base rate plus a margin ranging from 0.25% to 1.00% per annum, in each case depending on the Company’s Total Leverage Ratio (as defined in the Credit Agreement); provided, however, that from the effective date of the Amendment until the Company delivers a compliance certificate under the Credit Facility following the end of the Designated Period, the applicable margin for LIBOR borrowings will be 2.50% per annum and the applicable margin for U.S. base rate borrowings will be 1.75% per annum. The effective interest rate for the year ended December 31, 2020 was 2.38% (2019 — 3.43%).
Standby fees percentage	0.50%
Fees incurred with amendment		$ 1,100,000
Letters of credit and advance payment guarantees		0	$ 0
Credit Facility [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Credit Facility and Other Financing Arrangements (Textual) [Abstract]
Interest rate margin percentage	2.50%
Credit Facility [Member] \| Base Rate [Member]
Credit Facility and Other Financing Arrangements (Textual) [Abstract]
Interest rate margin percentage	1.75%
Letters of Guarantees [Member] \| Working Capital Facility [Member]
Credit Facility and Other Financing Arrangements (Textual) [Abstract]
Remaining borrowing capacity		1,500,000		¥ 10,000,000.0
Wells Fargo Foreign Exchange Facility [Member]
Credit Facility and Other Financing Arrangements (Textual) [Abstract]
Settlement gain on its foreign currency forward contracts		2,000,000.0	500,000
Notional Amount of arrangements entered into		31,900,000	36,100,000
NBC Facility [Member]
Credit Facility and Other Financing Arrangements (Textual) [Abstract]
Current borrowing capacity							$ 5,000,000.0
Remaining borrowing capacity		0	$ 0
Minimum [Member]
Credit Facility and Other Financing Arrangements (Textual) [Abstract]
Borrowing capacity under uncommitted accordion feature		$ 440,000,000.0
Minimum [Member] \| Credit Facility [Member]
Credit Facility and Other Financing Arrangements (Textual) [Abstract]
Standby fees percentage		0.25%
Minimum [Member] \| Credit Facility [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Credit Facility and Other Financing Arrangements (Textual) [Abstract]
Interest rate margin percentage		1.00%
Minimum [Member] \| Credit Facility [Member] \| Base Rate [Member]
Credit Facility and Other Financing Arrangements (Textual) [Abstract]
Interest rate margin percentage		0.25%
Maximum [Member] \| Credit Facility [Member]
Credit Facility and Other Financing Arrangements (Textual) [Abstract]
Debt instrument net leverage ratio		3.25
Standby fees percentage		0.38%
Maximum [Member] \| Credit Facility [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Credit Facility and Other Financing Arrangements (Textual) [Abstract]
Interest rate margin percentage		1.75%
Maximum [Member] \| Credit Facility [Member] \| Base Rate [Member]
Credit Facility and Other Financing Arrangements (Textual) [Abstract]
Interest rate margin percentage		1.00%

Commitments - Summary of Company's Contractual Obligations and Commitments (Details) - USD ($)
$ in Thousands

Dec. 31, 2020

Dec. 31, 2019

Purchase obligations

^[1]

$ 35,348

2021, Purchase obligations

^[1]

35,247

2022, Purchase obligations

^[1]

2023, Purchase obligations

^[1]

2024, Purchase obligations

^[1]

2025, Purchase obligations

^[1]

Thereafter, Purchase obligations

^[1]

Operating lease obligations

Operating Leases, Total

^[2]

21,493

2021, Operating Leases

^[2]

3,715

2022, Operating Leases

^[2]

2,932

2023, Operating Leases

^[2]

2,258

2024, Operating Leases

^[2]

2,191

2025, Operating Leases

^[2]

2,067

Thereafter, Operating Leases

^[2]

8,330

Credit Facility

Credit Facility, Total

300,000

$ 20,000

Working Capital Facility, Total

7,643

Total contractual obligations and commitments

Total contractual obligations and commitments, Total

388,081

2021, Total contractual obligations and commitments

46,731

2022, Total contractual obligations and commitments

3,141

2023, Total contractual obligations and commitments

322,695

2024, Total contractual obligations and commitments

2,328

2025, Total contractual obligations and commitments

2,203

Thereafter, Total contractual obligations and commitments

10,983

Credit Facility [Member]

Credit Facility

Credit Facility, Total

^[3]

300,000

2021, Credit Facility

^[3]

2022, Credit Facility

^[3]

2023, Credit Facility

^[3]

300,000

2024, Credit Facility

^[3]

2025, Credit Facility

^[3]

Thereafter, Credit Facility

^[3]

Working Capital Facility [Member]

Credit Facility

2021, Credit Facility

^[4]

7,643

2022, Credit Facility

^[4]

2023, Credit Facility

^[4]

2024, Credit Facility

^[4]

2025, Credit Facility

^[4]

Thereafter, Credit Facility

^[4]

Working Capital Facility, Total

^[4]

7,643

Pension Obligations [Member]

Pension and Postretirement benefits obligations

Total expected future benefit payment

^[5]

20,298

2021

^[5]

2022

^[5]

2023

^[5]

20,298

2024

^[5]

2025

^[5]

Thereafter

^[5]

Postretirement Benefits Obligations [Member]

Pension and Postretirement benefits obligations

Total expected future benefit payment

^[5]

3,299

2021

^[5]

126

2022

^[5]

128

2023

^[5]

137

2024

^[5]

137

2025

^[5]

136

Thereafter

^[5]

$ 2,635

[1]	Represents total payments to be made under binding commitments with suppliers and outstanding payments to be made for supplies ordered, but yet to be invoiced.
[2]	The Company’s operating lease arrangements principally involve office and warehouse space. (See Note 6.)
[3]	The Company has a Credit Agreement with Wells Fargo Bank, National Association, as agent, and a syndicate of lenders party thereto. The Credit Facility provided by the Credit Agreement matures on June 28, 2023. The Company is not required to make any minimum principal payments on its Credit Facility. (See Note 14.)
[4]	IMAX Shanghai, one of the Company’s majority-owned subsidiaries in China, has an unsecured revolving facility to fund ongoing working capital requirements. The facility expires in July 2021. (See Note 14.)
[5]	The Company has an unfunded defined benefit pension plan covering its Chief Executive Officer, as well as a postretirement plan to provide health and welfare benefits to Canadian employees meeting certain eligibility requirements. (See Note 23.)

Commitments - Additional Information (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Commitments And Contingencies Disclosure [Abstract]
Accrued commission on sale or lease of the theater systems payable in future periods	$ 1.6	$ 0.6

Contingencies and Guarantees - Additional Information (Details) - USD ($)				3 Months Ended	12 Months Ended		25 Months Ended	51 Months Ended	95 Months Ended
	Dec. 03, 2020	Nov. 01, 2018	Jul. 11, 2018	Dec. 31, 2020	Dec. 31, 2020	Dec. 31, 2018	Dec. 14, 2015	Mar. 27, 2008	Dec. 02, 2011	Dec. 31, 2019
Loss Contingencies [Line Items]
Damages awarded	$ 11,300,000
Legal judgement and arbitration award				$ 3,200,000	$ 4,105,000	$ 11,737,000
Final Award in favor of company								amount of $11.3 million, consisting of past and future rents owed to the Company, plus interest and costs, as well as an additional $2,512 each day in interest from October 1, 2007 until the date the award is paid	$30,000 to cover the costs of the application
Final Award amount issued								$ 11,300,000
Final Award additional interest								$ 2,512
Final Award settlement cost									$ 30,000
Damages sought							$ 10,400,000
Litigation liability related to Final Judgment				11,300,000	11,300,000
Amounts collected in respect of theater systems not delivered				7,200,000	7,200,000
Indemnification of its directors/officers				0	0					$ 0
Other Indemnification					0
Minimum [Member]
Loss Contingencies [Line Items]
Counterclaim sought							$ 24,000,000.0
Maximum [Member]
Loss Contingencies [Line Items]
Product Warranty Accrual				$ 100,000	$ 100,000					$ 200,000
3DMG [Member]
Loss Contingencies [Line Items]
Damages awarded			$ 8,800,000
Pre-award interest			$ 1,800,000
Attorney fees and expense granted		$ 5,200,000
Legal judgement and arbitration award						$ 11,700,000

Capital Stock - Summary of Settlement of Stock Option and RSU Transactions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Plan trustee purchases	200,000	615,000
Cash proceeds from stock option exercises		$ 2,404	$ 1,017
Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issued from treasury		19,088	12,750
Plan trustee purchases		67,840
Total stock options exercised		86,928	12,750
Cash proceeds from stock option exercises		$ 1,752	$ 218
Restricted Share Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issued from treasury	42,982
Plan trustee purchases	386,297	404,719	462,137
Shares withheld for tax withholdings	24,714	29,577	72,056
Total RSUs vested	453,993	434,296	534,193

Capital Stock - Additional Information (Details)		12 Months Ended					43 Months Ended
Capital Stock - Additional Information (Details)	May 03, 2018 shares	Dec. 31, 2020 USD ($) $ / shares shares	Dec. 31, 2020 USD ($) $ / shares $ / shares shares	Dec. 31, 2019 USD ($) $ / shares shares	Dec. 31, 2019 USD ($) $ / shares shares	Dec. 31, 2018 USD ($) shares	Dec. 31, 2020 USD ($) $ / shares shares	Jun. 02, 2020 shares	Jun. 06, 2019 shares	Dec. 31, 2017 USD ($) shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation costs recorded for the period \| $		$ 21,500,000		$ 22,800,000		$ 22,600,000
Stock-based compensation expense \| $		$ 21,493,000		$ 22,830,000		$ 22,585,000
Common stock, shares outstanding		58,921,008	58,921,008	61,175,852	61,175,852		58,921,008
Common shares purchased in open market by trustee in connection with RSUs		200,000		615,000
Weighted average price of common shares purchased in open market by trustee in connection with RSUs \| $ / shares		$ 15.43		$ 22.49
Number of treasury shares held in trust for future settlement of share based awards		723		187,020
Value of treasury shares held in trust for future settlement of RSUs and stock options \| $		$ 11,000	$ 11,000	$ 4,038,000	$ 4,038,000		$ 11,000
Antidilutive shares issuable upon exercise of stock options and vesting of restricted share units and performance stock units		6,999,667		5,809,468		5,666,976
IMAX China
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Details of the share repurchase program		In 2018, IMAX China announced that its shareholders granted its Board of Directors a general mandate authorizing the Board, subject to applicable laws, to buy back shares of IMAX China in an amount not to exceed 10% of the total number of issued shares of IMAX China as of May 3, 2018 (35,818,112 shares). The share repurchase program expired on June 6, 2019. In 2019, IMAX China announced that its shareholders granted its Board of Directors a general mandate authorizing the Board, subject to applicable laws, to repurchase shares of IMAX China in an amount not to exceed 10% of the total number of issued shares of IMAX China as of June 6, 2019 (35,605,560 shares). The share purchase program expired on the date of the 2020 Annual General Meeting of IMAX China on June 11, 2020. During the 2020 Annual General Meeting, shareholders approved the repurchase of shares of IMAX China not to exceed 10% of the total number of issued shares as of June 11, 2020 (34,848,398 shares). This program will be valid until the 2021 Annual General Meeting of IMAX China. The repurchases may be made in the open market or through other means permitted by applicable laws. IMAX China has no obligation to repurchase its shares and the share repurchase program may be suspended or discontinued by IMAX China at any time.
Stock Repurchase Program Expiration Date	Jun. 06, 2019
Repurchase of common shares		906,400		8,051,500
Stock Acquired, Average Cost per Share \| (per share)		$ 1.69	$ 13.13	$ 2.38	$ 18.63
Stock Repurchase Program, maximum percentage of shares to be repurchased	10.00%								10.00%
Stock Repurchase Program, Authorized number of shares	35,818,112								35,605,560
Parent [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Details of the share repurchase program		In 2017, the Company’s Board of Directors approved a new $200.0 million share repurchase program which would have expired on June 30, 2020. In June 2020, the Board of Directors approved a 12-month extension of this program which will now expire on June 30, 2021. The repurchases may be made either in the open market or through private transactions, subject to market conditions, applicable legal requirements, and other relevant factors. The Company has no obligation to repurchase shares and the share repurchase program may be suspended or discontinued by the Company at any time.
Stock Repurchase Program, Authorized Amount \| $										$ 200,000,000.0
Stock Repurchase Program Expiration Date		Jun. 30, 2021
Repurchase of common shares		2,484,123		134,384
Stock Acquired, Average Cost per Share \| $ / shares		$ 14.72		$ 19.76
EBITDA
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares outstanding		633,227	633,227				633,227
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of performance stock units vesting		175.00%
Value of treasury shares held in trust for future settlement of RSUs and stock options \| $		$ 100,000	$ 100,000				$ 100,000
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of performance stock units vesting		0.00%
Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation costs recorded for the period \| $		$ 1,847,000		$ 8,329,000		$ 5,950,000
Reserved common shares for future issuance		15,486,807	15,486,807	8,944,999	8,944,999		15,486,807
Options outstanding		4,892,962	4,892,962	5,732,209	5,732,209	5,465,046	4,892,962			5,082,100
Options common shares were vested and exercisable		4,311,761	4,311,761	4,801,272	4,801,272		4,311,761
Income tax benefit from stock based compensation \| $		$ 100,000		$ 1,900,000		$ 1,200,000
Options fully vested and unvested, weighted average exercise price \| $ / shares		$ 26.81	$ 26.81				$ 26.81
Aggregate intrinsic value of vested stock options \| $		$ 0	$ 0				$ 0
Options fully vested and unvested, weighted average remaining contractual life		4 years 1 month 6 days
Options exercisable intrinsic value \| $		$ 0	$ 0				$ 0
Weighted average remaining contractual life of exercisable option		4 years 1 month 6 days
Intrinsic value of options exercised \| $				$ 200,000		$ 100,000
Antidilutive shares issuable upon exercise of stock options and vesting of restricted share units and performance stock units		4,892,962		5,732,209		5,389,433
Employee Stock Option [Member] \| Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based awards vesting period		4 years
Stock based awards expiration period or remaining contractual life		10 years
Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares outstanding		361,844	361,844				361,844
RSU awards, granted to non-employees		370,265
Share based compensation expense recognized related outstanding \| $		$ 2,600,000	$ 2,600,000				$ 2,600,000
Unrecognized share based compensation expense \| $		$ 6,000,000.0
Weighted average term expense expected recognized		2 years 1 month 6 days
Antidilutive shares issuable upon exercise of stock options and vesting of restricted share units and performance stock units		541,867
Restricted Share Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation costs recorded for the period \| $		$ 13,761,000		$ 12,394,000		$ 15,189,000
Number of shares outstanding		1,564,838	1,564,838	1,065,347	1,065,347	1,033,871	1,564,838			995,329
Restricted Stock Unit Contingent Right		1
Restricted Stock Unit Economic Equivalent		1
Tax benefits realized \| $		$ 300,000		$ 1,600,000		$ 1,400,000
Accrued liabilities \| $		$ 2,100,000	$ 2,100,000	$ 400,000	$ 400,000		$ 2,100,000
RSU that may vest on a shorter period		278,364	278,364				278,364	360,000
RSU awards, granted to non-employees		1,050,385		687,475		659,282
Common shares purchased in open market by trustee in connection with RSUs		386,297		404,719		462,137
Antidilutive shares issuable upon exercise of stock options and vesting of restricted share units and performance stock units		1,564,838		77,259		277,543
Restricted Share Units [Member] \| Certain Advisor [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSU awards, granted to non-employees		0		12,580		0
Stock-based compensation expense \| $		$ 100,000		$ 100,000		$ 0
Restricted Share Units [Member] \| Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based awards vesting period		3 years
Percentage of common shares authorized		5.00%
Restricted Share Units [Member] \| Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based awards vesting period							1 year
IMAX China Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense \| $		$ 700,000
Vested stock options contractual life		2 years

Capital Stock - Share-Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 21,493	$ 22,830	$ 22,585
Cost and Expenses Applicable to Revenues [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	691	1,709	1,657
Selling, General and Administrative Expenses [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	20,652	20,750	20,102
Research and Development [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 150	$ 371	452
Executive Transition Costs [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense			320
Exit Costs, Restructuring Charges and Associated Impairments [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense			$ 54

Capital Stock - Expenses Related to Stock Option Grants Issued to Employees and Directors (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option expense	$ 21,500	$ 22,800	$ 22,600
Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option expense	$ 1,847	$ 8,329	$ 5,950

Capital Stock - Total Share-Based Compensation Expense Related to Non-Vested Employee Stock Options not yet Recognized (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expense related to non-vested employee stock options	$ 2,029	$ 4,073	$ 8,482

Capital Stock - Weighted Average Period over Which Awards Expected to be Recognized (Details)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average period (in years)	1 year 9 months 18 days	2 years 8 months 12 days	1 year 10 months 24 days

Capital Stock - Weighted Average Fair Value of all Stock Options Granted to Employees and Directors and Assumptions used to Estimate Average Fair Value of Stock Option (Details) - Employee Stock Option [Member] - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Stock options valuation assumptions
Weighted average fair value per share	$ 6.65	$ 6.74
Average risk-free interest rate	2.64%	2.67%
Expected volatility	31.00%	30.00%
Dividend yield	0.00%	0.00%
Minimum [Member]
Stock options valuation assumptions
Expected option life (in years)	6 years 8 months 23 days	5 years 21 days
Maximum [Member]
Stock options valuation assumptions
Expected option life (in years)	10 years	7 years

Capital Stock - Schedule of Share-based Compensation, Stock Options, Activity (Details) - Employee Stock Option [Member] - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding, beginning of year	5,732,209	5,465,046	5,082,100
Granted		1,016,882	1,082,123
Exercised		(86,928)	(12,750)
Forfeited	(34,678)	(336,493)	(69,332)
Expired	(786,086)	(299,134)	(507,977)
Cancelled	(18,483)	(27,164)	(109,118)
Options outstanding, end of year	4,892,962	5,732,209	5,465,046
Options exercisable, end of year	4,311,761	4,801,272	3,990,970
Options outstanding, weighted average exercise price per share, beginning of year	$ 26.82	$ 27.63	$ 29.31
Granted, weighted average exercise price per share		20.66	21.95
Exercised, weighted average exercise price per share		20.16	17.08
Forfeited, weighted average exercise price per share	22.49	23.63	29.99
Expired, weighted average exercise price per share	27.07	25.82	31.69
Cancelled, weighted average exercise price per share	27.97	31.13	30.44
Options outstanding, weighted average exercise price per share, end of year	26.81	26.82	27.63
Options exercisable, weighted average exercise price per share, end of year	$ 27.30	$ 27.40	$ 28.48

Capital Stock - Expenses Related to RSU Grants Issued to Employees and Directors in Plan (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSU expenses	$ 21,500	$ 22,800	$ 22,600
Restricted Share Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSU expenses	$ 13,761	$ 12,394	$ 15,189

Capital Stock -Total Share-Based Compensation Expense Related to Non-Vested RSUs not Yet Recognized and Weighted Average Period (Details) - Restricted Share Units [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expense related to non-vested RSUs not yet recognized	$ 17,343	$ 23,548	$ 18,597
Weighted average period awards are expected to be recognized (in years)	1 year 10 months 24 days	2 years 8 months 12 days	2 years 2 months 12 days

Capital Stock - Restricted Stock Units Activity under the IMAX LTIP (Details) - Restricted Share Units [Member] - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding, beginning of year	1,065,347	1,033,871	995,329
Granted	1,050,385	687,475	659,282
Vested and settled	(453,993)	(434,296)	(534,193)
Forfeited	(96,901)	(221,703)	(86,547)
Outstanding, end of year	1,564,838	1,065,347	1,033,871
Outstanding, weighted average grant date fair value per share, beginning of year	$ 23.17	$ 25.70	$ 32.68
Granted, weighted average grant date fair value per share	15.35	22.30	20.99
Vested and settled, weighted average grant date fair value per share	22.71	27.54	32.33
Forfeited, weighted average grant date fair value per share	18.81	23.68	29.19
Outstanding, weighted average grant date fair value per share, end of year	$ 18.33	$ 23.17	$ 25.70

Capital Stock - Summary of Number of RSUs Issued From Carve-Out Balance (Details) - Restricted Share Units [Member]	7 Months Ended
	Dec. 31, 2020 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSU carve out, balance beginning of period	360,000
RSUs issued from carve-out	(81,636)
RSU carve out, balance end of period	278,364

Capital Stock - Performance Stock Units Activity under the IMAX LTIP (Details) - Performance Stock Units	12 Months Ended
	Dec. 31, 2020 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted \| shares	370,265
Forfeited \| shares	(8,421)
Number of shares outstanding \| shares	361,844
Granted, weighted average grant date fair value per share \| $ / shares	$ 15.66
Forfeited, weighted average grant date fair value per share \| $ / shares	14.84
PSUs outstanding, end of year \| $ / shares	$ 15.68

Capital Stock - Summary of Expense Related to Award Type (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expense	$ 21,500	$ 22,800	$ 22,600
China Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expense	875	320	217
China RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expense	2,093
China PSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expense	208	1,664	1,229
China Options, RSUs and PSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expense	$ 3,176	$ 1,984	$ 1,446

Capital Stock - Basic and Diluted Weighted Average Share Computations (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Weighted average number of common shares (000's):
Issued and outstanding, beginning of period	61,176	61,434	64,696
Weighted average number of shares repurchased, net of shares issued during the period	(1,939)	(124)	(1,621)
Weighted average number of shares used in computing basic income per share	59,237	61,310	63,075
Assumed exercise of stock options, and vesting of RSUs and PSUs, net of shares assumed repurchased, if dilutive		179	132
Weighted average number of shares used in computing diluted income per share	59,237	61,489	63,207

Consolidated Statements of Operations Supplemental Information - Additional Information (Details)
$ in Thousands

12 Months Ended

Dec. 31, 2020

USD ($)

Theater

exhibitor

Film

Dec. 31, 2019

USD ($)

Theater

exhibitor

Film

Dec. 31, 2018

USD ($)

Dec. 31, 2017

Film

Selling Expenses

Film exploitation costs, including advertising and marketing included in costs and expenses applicable to revenues-services

$ 4,300

$ 22,900

$ 21,200

Foreign Exchange

Foreign exchange translation gain (loss)

$ 800

$ (900)

(1,700)

Total number of exhibitors under traditional and hybrid joint revenue sharing agreements | exhibitor

Total number of theater systems under traditional and hybrid joint revenue sharing agreements | Theater

1,232

1,223

Total number of operating theaters under traditional and hybrid joint revenue sharing agreement | Theater

890

870

Average percentage of the box-office receipts of the film for recovering digital re-mastering cost

12.50%

IMAX DMR films exhibited in the period | Film

Revenues attributable to transactions arising between the company and its customers under IMAX DMR arrangements

$ 28,300

$ 120,800

110,800

Number of significant co-produced film arrangement | Film

Number of other co-produced film arrangements | Film

Variable Interest Entity, Consolidated, Carrying Amount, Total Assets

$ 997,750

889,069

Variable Interest Entity, Consolidated, Carrying Amount, Total Liabilities

532,983

245,974

Amounts attributable to transactions between the company and other parties involved in the production of films included in cost and expense

2,000

600

500

Co-produced television collaborative arrangement revenue

300

400

300

Co-produced television collaborative arrangement costs and expenses

300

Variable Interest Entity, Primary Beneficiary [Member]

Variable Interest Entity, Consolidated, Carrying Amount, Total Assets

1,543

9,677

Variable Interest Entity, Consolidated, Carrying Amount, Total Liabilities

^[1]

230

308

Retrospective adoption of ASC Topic 606, Revenue from Contracts with Customers [Member]

Revenues attributable to transactions arising between the company and its customers under joint revenue sharing arrangements

$ 19,900

92,000

86,600

Minimum [Member]

Non-cancellable term of joint revenue sharing arrangements

10 years

Maximum [Member]

Non-cancellable term of joint revenue sharing arrangements

or longer

Co-produced television collaborative arrangement costs and expenses

100

Technology Sales [Member]

Selling Expenses

Deferred direct selling costs and direct advertising and marketing included in costs and expenses applicable to revenues-technology sales

$ 1,300

2,000

1,900

Direct advertising and marketing costs included in costs and expenses applicable to revenues-rentals

1,100

1,000

Technology Rentals [Member]

Selling Expenses

Deferred direct selling costs and direct advertising and marketing included in costs and expenses applicable to revenues-technology sales

900

400

900

Direct advertising and marketing costs included in costs and expenses applicable to revenues-rentals

$ 500

$ 3,000

$ 2,100

[1]	Prior year comparative amounts have been updated to conform with current year presentation. As a result, total liabilities as of December 31, 2019 have been updated to exclude the non-controlling interest in temporary equity.

Consolidated Statements of Cash Flows Supplemental Information - Summary of Changes in Other Non-cash Operating Assets and Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Decrease (increase) in:
Financing receivables	$ (10,568)	$ (320)	$ 1,325
Prepaid expenses	(979)	(290)	(3,703)
Variable consideration receivable	(2,361)	(4,056)	0
Other assets	(4,747)	(2,063)	(3,084)
Increase (decrease) in:
Accounts payable	414	(11,774)	7,749
Accrued and other liabilities	(6,399)	(8,505)	(3,266)
Changes in other non-cash operating assets and liabilities	(24,640)	(27,008)	(979)
Cash payments made on account of:
Income taxes	4,763	17,298	12,684
Interest	$ 5,773	$ 1,231	$ 502

Consolidated Statements of Cash Flows Supplemental Information - Summary of Depreciation and Amortization (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Summary of Depreciation and amortization
Film assets	$ 8,838	$ 19,176	$ 15,679
Property, plant and equipment
Joint revenue sharing arrangements	24,930	23,153	20,739
Other property, plant and equipment	11,225	12,477	13,164
Other intangible assets	6,565	6,290	5,507
Other assets	1,146	1,882	1,242
Deferred financing costs	902	509	1,106
Depreciation and amortization	$ 53,606	$ 63,487	$ 57,437

Consolidated Statements of Cash Flows Supplemental Information - Write-downs, Net of Recoveries (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Write-downs

Film assets

^[1]

$ 10,804

$ 1,379

$ 0

^[2],[3]

1,151

2,565

Joint revenue sharing arrangements

^[2],[4]

1,784

2,207

1,194

Other property, plant and equipment

^[2]

174

249

4,293

Supplemental Cash Flow Elements [Abstract]

^[5]

3,632

446

250

Other intangible assets

^[2]

184

217

Prepaid expenses

121

Write-downs

$ 17,729

$ 4,376

$ 8,640

[1]	In 2020, the Company recorded impairment losses of $10.8 million (2019 — $1.4 million; 2018 — $nil) principally to write-down the carrying value of certain documentary and alternative content film assets due to a decrease in projected box office totals and related revenues based on management’s regular quarterly recoverability assessments. To a much lesser extent, the impairment losses also relate to the write-down of DMR related film assets. In 2020, following the recording of these write-downs, the Company’s film assets totaled $5.8 million, which principally consists of DMR and documentary content. There can be no assurances that there will not be additional write-downs to the carrying values of these assets as the Company continues to assess the ongoing impact of the COVID-19 pandemic (see Notes 2 and 3).
[2]	In 2018, in connection with the strategic review of the Company’s VR initiative, the Company decided to close its remaining VR locations and as a result record an impairment charge of $3.7 million in other Property, Plant and Equipment, $2.6 million in other assets which includes a $2.5 million impairment of the VR content asset, and $0.1 million in Intangible Assets. The VR Fund is consolidated by the Company and has a third party non-controlling interest. The Company’s share of this impairment after non-controlling interest is $0.8 million. No such charge was recorded in 2019 or 2020. Additional details of the Company’s restructuring activities are discussed in Note 26.
[3]	In 2020, the Company recorded a $1.2 million (2019 — $nil; 2018 — $2.6 million) write-down of other assets, of which $1.0 million relates to the write-down of certain content-related assets which became impaired in the year.
[4]	In 2020, the Company recorded charges of $1.8 million (2019 — $2.2 million; 2018 — $0.6 million) in Costs and Expenses Applicable to Technology Rentals principally related to the write-down of leased xenon-based digital systems which were taken out of service in connection with customer upgrades to laser-based digital systems. In 2018, the Company also recorded a charge of $0.4 million in Revenues – Technology Rentals related to the write-down of leased xenon-based digital systems which were taken out of service in connection with customer upgrades to laser-based digital systems.
[5]	In 2020, the Company recorded write-downs of $3.6 million (2019 — $0.4 million; 2018 — $0.3 million) related to excess inventory.

Consolidated Statements of Cash Flows Supplemental Information - Write-downs, Net of Recoveries (Parenthetical) (Details) - USD ($)

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Film assets write downs on impairment loss

$ 10,800,000

$ 1,400,000

Film assets

5,800,000

Film assets additional write downs

Other assets write down on impairment

1,200,000

2,600,000

Write-down of content-related assets

1,000,000.0

Theater system components written off in Costs and expenses

1,800,000

2,200,000

600,000

Theater system components written off in revenues

400,000

Write-downs for excess and obsolete inventory

^[1]

3,632,000

446,000

250,000

Property, plant and equipment associated impairment charges relating to restructuring activities

3,700,000

Non-controlling interests

^[2],[3]

1,151,000

2,565,000

Content asset

2,500,000

Intangible assets

100,000

$ 78,519,000

$ 89,493,000

$ 800,000

[1]	In 2020, the Company recorded write-downs of $3.6 million (2019 — $0.4 million; 2018 — $0.3 million) related to excess inventory.
[2]	In 2018, in connection with the strategic review of the Company’s VR initiative, the Company decided to close its remaining VR locations and as a result record an impairment charge of $3.7 million in other Property, Plant and Equipment, $2.6 million in other assets which includes a $2.5 million impairment of the VR content asset, and $0.1 million in Intangible Assets. The VR Fund is consolidated by the Company and has a third party non-controlling interest. The Company’s share of this impairment after non-controlling interest is $0.8 million. No such charge was recorded in 2019 or 2020. Additional details of the Company’s restructuring activities are discussed in Note 26.
[3]	In 2020, the Company recorded a $1.2 million (2019 — $nil; 2018 — $2.6 million) write-down of other assets, of which $1.0 million relates to the write-down of certain content-related assets which became impaired in the year.

Consolidated Statements of Cash Flows Supplemental Information - Significant Non-cash Investing and Financing Activities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Net (decrease) increase in accruals related to:
Investment in joint revenue sharing arrangements	$ (1,888)	$ (2,013)
Acquisition of other intangible assets	792	(51)
Purchases of property, plant and equipment	158	496
Net accruals	$ (938)	$ (1,568)

Revenue from Contracts with Customers - Additional Information (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenue From Contract With Customer [Abstract]
Revenue Remaining Performance Obligation	$ 21.6	$ 17.7	$ 21.9

Segment Reporting - Additional Information (Details)	12 Months Ended
Segment Reporting - Additional Information (Details)	Dec. 31, 2020
Segment Reporting (Textual) [Abstract]
Description of products and services from which each reportable segment derives its revenues	The Company has the following reportable segments: (i) IMAX DMR; (ii) Joint Revenue Sharing Arrangements; (iii) IMAX Systems, (iv) IMAX Maintenance; (v) Other Theater Business; (vi) New Business Initiatives; (vii) Film Distribution; and (viii) Film Post-Production.
Disclosure on geographic areas, description of revenue from external customers	No single country in the Rest of the World, Western Europe, Latin America and Asia (excluding Greater China) classifications comprise more than 10% of total revenue.

Segment Reporting - Breakdown of Segment Reporting Information by Category and Segment (Details) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2020

Sep. 30, 2020

Jun. 30, 2020

Mar. 31, 2020

Dec. 31, 2019

Sep. 30, 2019

Jun. 30, 2019

Mar. 31, 2019

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Revenues

$ 55,990

$ 37,256

$ 8,855

$ 34,902

$ 124,279

$ 86,390

$ 104,797

$ 80,198

$ 137,003

^[1]

$ 395,664

^[1]

$ 374,401

^[1]

20,313

$ 3,829

$ (7,688)

$ 5,086

62,359

$ 47,120

$ 59,553

$ 45,140

21,540

^[2]

214,172

^[2]

207,929

^[2]

Assets

997,750

889,069

997,750

889,069

Write-downs, including asset impairments and credit loss expense

53,606

63,487

57,437

Write-downs, including asset impairments and credit loss expense

36,337

6,806

11,770

7,351

47,910

48,178

IMAX DMR [Member]

Revenues

^[1]

28,265

120,765

110,793

^[2]

13,731

78,592

72,773

Assets

29,672

46,417

29,672

46,417

Write-downs, including asset impairments and credit loss expense

10,269

16,117

13,602

Write-downs, including asset impairments and credit loss expense

1,057

Joint Revenue Sharing Arrangements Reporting Unit [Member]

Revenues

^[1]

17,841

76,673

73,997

^[2]

(9,500)

48,446

49,292

Assets

195,822

231,626

195,822

231,626

Write-downs, including asset impairments and credit loss expense

26,076

25,036

21,970

Write-downs, including asset impairments and credit loss expense

1,784

2,207

1,193

IMAX Technology Network [Member]

6,654

40,489

34,810

Revenues

^[1]

46,106

197,438

184,790

^[2]

4,231

127,038

122,065

IMAX Systems [Member]

Revenues

^[1],[3]

54,055

107,321

100,030

^[2],[3]

24,816

58,168

59,583

Assets

240,972

277,720

240,972

277,720

Write-downs, including asset impairments and credit loss expense

3,548

3,878

3,615

Write-downs, including asset impairments and credit loss expense

2,872

276

250

IMAX Maintenance Reporting Unit [Member]

452

2,813

Revenues

^[1]

21,999

53,151

49,684

^[2]

3,068

23,010

21,991

Assets

36,949

22,869

36,949

22,869

Write-downs, including asset impairments and credit loss expense

213

299

164

Write-downs, including asset impairments and credit loss expense

510

170

Joint Revenue Sharing Arrangements, Fixed Fees [Member]

311

527

Revenues

^[1]

2,056

11,014

9,706

^[2]

529

2,613

1,982

Assets

Other Theater Business [Member]

27,778

27,189

27,778

27,189

Revenues

^[1],[4]

1,666

8,390

8,358

^[2],[4]

(438)

2,624

1,806

Assets

New Business Initiatives [Member]

106

2,042

106

2,042

Revenues

^[1]

2,226

2,754

5,769

^[2]

1,878

2,106

(350)

Assets

1,196

Write-downs, including asset impairments and credit loss expense

2,519

Write-downs, including asset impairments and credit loss expense

7,399

IMAX Technology Sales and Maintenance [Member]

342

Revenues

^[1]

79,776

179,876

167,778

^[2]

27,975

86,415

85,362

Post-Production [Member]

Revenues

^[1]

3,878

7,392

9,516

^[2]

(358)

1,680

3,107

Assets

5,984

36,562

5,984

36,562

1,281

1,301

1,500

Film Distribution [Member]

456

1,210

1,067

Revenues

^[1],[5]

4,841

4,818

3,446

^[2],[5]

(9,840)

(2,942)

(1,344)

Assets

35,526

14,831

35,526

14,831

Write-downs, including asset impairments and credit loss expense

1,213

3,894

2,225

Write-downs, including asset impairments and credit loss expense

9,997

1,379

Reportable Segments

Revenues

^[1]

136,827

392,278

371,299

Reportable Segments [Member]

^[2]

23,886

214,297

208,840

Revenues

^[1]

8,719

12,210

12,962

^[2]

(10,198)

(1,262)

1,763

Other [Member]

Revenues

^[1]

176

3,386

3,102

^[2]

(2,346)

(125)

(911)

Assets

20,307

23,809

20,307

23,809

601

747

790

Corporate and other non-segment specific assets [Member]

504

193

Assets

$ 403,438

$ 206,004

403,438

206,004

Write-downs, including asset impairments and credit loss expense

10,394

12,157

11,052

Write-downs, including asset impairments and credit loss expense

^[6]

20,065

2,678

2,913

Revenues From External Customers And Long Lived Assets [Line Items]

$ 123

$ 4,845

$ 8,371

[1]	The Company’s largest customer represents 16.4% of total revenues as of December 31, 2020 (2019 ― 16.5%; 2018 ― 17.1%).
[2]	IMAX DMR segment margins include marketing costs of $3.4 million, $22.5 million, and $16.5 million in 2020, 2019 and 2018, respectively. Joint revenue sharing arrangements segment margins include advertising, marketing, and commission costs of $1.8 million, $4.5 million and $3.6 million in 2020, 2019 and 2018, respectively. IMAX Systems segment margins include marketing and commission costs of $2.0 million, $2.0 million and $2.4 million in 2020, 2019 and 2018, respectively. Film Distribution segment margins includes marketing expense of $0.7 million, 0.4 million and $2.2 million in 2020, 2019 and 2018, respectively.
[3]	Includes initial upfront payments and the present value of fixed minimum payments from sales and sales-type lease arrangements of IMAX Theater Systems, and the present value of estimated variable consideration from sales of IMAX Theater Systems. To a lesser extent, also includes finance income associated with these revenue streams.
[4]	Principally includes after-market sales of IMAX projection system parts and 3D glasses.
[5]	During the year ended December 31, 2020, Film Distribution segment results were significantly influenced by impairment losses of $10.0 million, respectively, to write-down the carrying value of certain documentary and alternative content film assets due to a decrease in projected box office totals and related revenues based on management’s regular quarterly recoverability assessments (2019 ― $1.4 million; 2018 ― $nil).
[6]	During the year ended December 31, 2020, the Corporate and other non-segment specific write-downs included $18.6 million in current expected credit loss expense excluded from the Company’s segment allocations.

Segment Reporting - Breakdown of Segment Reporting Information by Category and Segment (Parenthetical) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting Information [Line Items]
Percentage of total revenues represented by largest customer	16.40%	16.50%	17.10%
IMAX DMR [Member]
Segment Reporting (Textual) [Abstract]
Marketing costs (recovery)	$ 3.4	$ 22.5	$ 16.5
Joint revenue sharing arrangements [Member]
Segment Reporting (Textual) [Abstract]
Advertising, marketing and commission costs	1.8	4.5	3.6
IMAX systems [Member]
Segment Reporting (Textual) [Abstract]
Advertising, marketing and commission costs	2.0	2.0	2.4
Film Distribution [Member]
Segment Reporting (Textual) [Abstract]
Marketing costs (recovery)	0.7	0.4	2.2
Impairment loss	10.0	$ 1.4
Corporate and other non-segment specific assets [Member]
Segment Reporting (Textual) [Abstract]
Write-downs, included in current expected credit loss expense	$ 18.6

Segment Reporting - Geographic Information (Details) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2020

Sep. 30, 2020

Jun. 30, 2020

Mar. 31, 2020

Dec. 31, 2019

Sep. 30, 2019

Jun. 30, 2019

Mar. 31, 2019

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Revenues From External Customers And Long Lived Assets [Line Items]

$ 55,990

$ 37,256

$ 8,855

$ 34,902

$ 124,279

$ 86,390

$ 104,797

$ 80,198

$ 137,003

^[1]

$ 395,664

^[1]

$ 374,401

^[1]

United States [Member]

Revenues From External Customers And Long Lived Assets [Line Items]

30,157

121,264

118,495

Greater China [Member]

Revenues From External Customers And Long Lived Assets [Line Items]

52,331

124,294

117,520

Canada [Member]

Revenues From External Customers And Long Lived Assets [Line Items]

1,365

9,220

10,507

Western Europe [Member]

Asia (excluding Greater China) [Member]

13,683

46,911

40,497

Revenues From External Customers And Long Lived Assets [Line Items]

Russia & the CIS [Member]

20,090

48,386

46,858

Revenues From External Customers And Long Lived Assets [Line Items]

Revenues From External Customers And Long Lived Assets [Line Items]

2,927

16,124

10,133

Latin America [Member]

Rest of the World [Member]

6,114

9,438

12,952

Revenues From External Customers And Long Lived Assets [Line Items]

$ 10,336

$ 20,027

$ 17,439

[1]	The Company’s largest customer represents 16.4% of total revenues as of December 31, 2020 (2019 ― 16.5%; 2018 ― 17.1%).

Segment Reporting - Schedule of Property Plant and Equipment By Geographic Areas (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Revenues From External Customers And Long Lived Assets [Line Items]
Property, plant and equipment	$ 277,397	$ 306,849
United States [Member]
Revenues From External Customers And Long Lived Assets [Line Items]
Property, plant and equipment	100,495	109,240
Greater China [Member]
Revenues From External Customers And Long Lived Assets [Line Items]
Property, plant and equipment	104,731	105,312
Canada [Member]
Revenues From External Customers And Long Lived Assets [Line Items]
Property, plant and equipment	31,624	47,837
Western Europe [Member]
Revenues From External Customers And Long Lived Assets [Line Items]
Property, plant and equipment	25,487	27,748
Asia (excluding Greater China) [Member]
Revenues From External Customers And Long Lived Assets [Line Items]
Property, plant and equipment	9,930	9,948
Rest of the World [Member]
Revenues From External Customers And Long Lived Assets [Line Items]
Property, plant and equipment	$ 5,130	$ 6,764

Financial Instruments - Fair Value of Financial Instruments (Details) - USD ($)
$ in Thousands

Dec. 31, 2020

Dec. 31, 2019

Cash and cash equivalents

$ 317,379

$ 109,484

Net investment in sales-type leases

13,633

15,685

19,414

15,606

Bank indebtedness - under the Credit Facility

(1,979)

(530)

(300,000)

(20,000)

Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value, Inputs, Level 1 [Member]

Cash and cash equivalents

^[1]

317,379

109,484

Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value, Inputs, Level 2 [Member]

^[2]

13,633

15,685

Net financed sales receivables

^[1]

1,000

^[3]

112,396

112,432

Net investment in sales-type leases

^[3]

19,414

15,606

Convertible loan receivable

^[3]

1,500

COLI

^[4]

3,155

3,150

Bank indebtedness - under the Working Capital Facility

^[1]

(7,643)

Bank indebtedness - under the Credit Facility

^[1]

(300,000)

(20,000)

Estimate of Fair Value, Fair Value Disclosure [Member] | Designated as Hedging Instrument [Member] | Fair Value, Inputs, Level 2 [Member]

Estimate of Fair Value, Fair Value Disclosure [Member] | Not Designated as Hedging Instrument [Member] | Fair Value, Inputs, Level 2 [Member]

^[2]

1,635

530

Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value, Inputs, Level 1 [Member]

^[2]

344

Cash and cash equivalents

^[1]

317,379

109,484

Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value, Inputs, Level 2 [Member]

^[2]

13,633

15,685

Net financed sales receivables

^[1]

1,000

^[3]

112,603

111,441

Net investment in sales-type leases

^[3]

19,373

15,309

Convertible loan receivable

^[3]

1,500

COLI

^[4]

3,155

3,150

Bank indebtedness - under the Working Capital Facility

^[1]

(7,643)

Bank indebtedness - under the Credit Facility

^[1]

(300,000)

(20,000)

Estimate of Fair Value, Fair Value Disclosure [Member] | Designated as Hedging Instrument [Member] | Fair Value, Inputs, Level 2 [Member]

Estimate of Fair Value, Fair Value Disclosure [Member] | Not Designated as Hedging Instrument [Member] | Fair Value, Inputs, Level 2 [Member]

^[2]

1,635

$ 530

^[2]

$ 344

[1]	Recorded at cost, which approximates fair value.
[2]	Value determined using quoted prices in active markets.
[3]	Estimated based on discounting future cash flows at currently available interest rates with comparable terms.
[4]	Measured at cash surrender value, which approximates fair value.

Financial Instruments - Additional Information (Details)	1 Months Ended	12 Months Ended
	Feb. 28, 2021 USD ($) shares	Dec. 31, 2020 USD ($) Country	Dec. 31, 2019 USD ($)
Financial Instruments (Textual) [Abstract]
Transfers into/out of Level 3		$ 0	$ 0
Number of countries that generate box office \| Country		84
Foreign Exchange contract settlement date range		settlement dates throughout 2021
Estimated gains to be reclassified to earnings within the next twelve months		$ 2,000,000.0
Investment in equity securities		13,633,000	15,685,000
Investment in equity securities - cost		$ 15,200,000
Equity securities restrictions		lock-up period of six months
Movements in fair value of financial instruments		$ 2,081,000	517,000
Fixed Income Securities [Member]
Financial Instruments (Textual) [Abstract]
Equity Investment, Debt Securities		1,100,000	1,000,000.0
Preferred Stock [Member] \| Other Assets [Member]
Financial Instruments (Textual) [Abstract]
Investment in equity securities		1,000,000.0	1,000,000.0
Maoyan [Member]
Financial Instruments (Textual) [Abstract]
Investment in equity securities		$ 12,600,000	$ 14,600,000
Subsequent Event [Member] \| Maoyan [Member]
Financial Instruments (Textual) [Abstract]
Number of shares sold \| shares	7,949,000
Gross proceeds from sale of investment	$ 17,800,000
Gain relating to acquisition cost	$ 2,600,000
Number of shares held \| shares	0
Maximum [Member]
Financial Instruments (Textual) [Abstract]
Equity securities percentage ownership		1.00%

Financial Instruments - Notional Amount of Derivative (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Derivatives Fair Value [Line Items]
Foreign exchange contracts — Forwards	$ 31,910	$ 36,052
Foreign Exchange Contract [Member] \| Designated as Hedging Instrument [Member]
Derivatives Fair Value [Line Items]
Foreign exchange contracts — Forwards	26,358	$ 36,052
Foreign Exchange Contract [Member] \| Not Designated as Hedging Instrument [Member]
Derivatives Fair Value [Line Items]
Foreign exchange contracts — Forwards	$ 5,552

Financial Instruments - Fair Value of Foreign Exchange Contracts (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Derivatives Fair Value [Line Items]
Foreign currency derivatives	$ 1,979	$ 602
Foreign exchange contracts - designated forwards	1,979	530
Other Assets [Member] \| Designated as Hedging Instrument [Member]
Derivatives Fair Value [Line Items]
Foreign currency derivatives	1,635	602
Other Assets [Member] \| Not Designated as Hedging Instrument [Member]
Derivatives Fair Value [Line Items]
Foreign currency derivatives	344	0
Accrued and other liabilities [Member] \| Designated as Hedging Instrument [Member]
Derivatives Fair Value [Line Items]
Derivative Liability, Fair Value	0	(72)
Accrued and other liabilities [Member] \| Not Designated as Hedging Instrument [Member]
Derivatives Fair Value [Line Items]
Derivative Liability, Fair Value	$ 0	$ 0

Financial Instruments - Derivatives in Foreign Currency Hedging Relationships (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Derivative Instruments Gain Loss [Line Items]
Derivative Gain (Loss)Recognized in OCI (Effective Portion)	$ 500	$ 552	$ (2,219)
Location of Derivative (Loss) Gain Reclassified from AOCI into Income (Effective Portion)	(604)	(1,183)	408
Derivative Gain (Loss) Recognized In and Out of OCI (Effective Portion)	17	(22)	21
Fair Value Hedging [Member]
Derivative Instruments Gain Loss [Line Items]
Derivative Gain (Loss)Recognized in OCI (Effective Portion)	550	552	(2,219)
Selling, General and Administrative Expenses [Member]
Derivative Instruments Gain Loss [Line Items]
Location of Derivative (Loss) Gain Reclassified from AOCI into Income (Effective Portion)	(578)	(1,109)	408
Inventory [Member]
Derivative Instruments Gain Loss [Line Items]
Location of Derivative (Loss) Gain Reclassified from AOCI into Income (Effective Portion)	(26)	(42)	0
Property, Plant and Equipment [Member]
Derivative Instruments Gain Loss [Line Items]
Location of Derivative (Loss) Gain Reclassified from AOCI into Income (Effective Portion)	$ 0	$ (32)	$ 0

Financial Instruments - Non Designated Derivatives in Foreign Currency Relationships (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($)
Not Designated as Hedging Instrument [Member]
Derivative Instruments Gain Loss [Line Items]
Location of Derivative Gain	$ 344

Employee's Pension and Postretirement Benefits - Additional Information (Details) - USD ($) $ in Thousands		12 Months Ended
	Nov. 01, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Deferred Compensation Plan [Member]
Pension and Other Postretirement Benefit Expense (Textual) [Abstract]
Deferred compensation plan description		The Company maintained a nonqualified deferred compensation benefit plan (the “Retirement Plan”) covering the former CEO of IMAX Entertainment and Senior Executive Vice President of the Company. Under the terms of the Retirement Plan, the benefits were due to vest in full if the executive incurred a separation from service from the Company (as defined therein).
Deferred Compensation Plan [Member] \| Accrued and Other Liabilities [Member]
Pension and Other Postretirement Benefit Expense (Textual) [Abstract]
Benefit obligation recorded		$ 3,700	$ 3,600
Deferred Compensation Plan [Member] \| Prepaid Expenses [Member]
Pension and Other Postretirement Benefit Expense (Textual) [Abstract]
Company-owned life insurance		$ 3,200	3,200
Richard L. Gelfond [Member]
Pension and Other Postretirement Benefit Expense (Textual) [Abstract]
Benefit payable	$ 20,300
Remaining employment agreement term	36 months
SERP Benefits [Member]
Pension and Other Postretirement Benefit Expense (Textual) [Abstract]
Defined benefit pension plan		The Company has an unfunded defined benefit pension plan, the SERP, covering its CEO, Richard L.
Benefit Obligation		$ 20,116	18,840	$ 17,977
Companies contribution and expenses		0
Expected interest costs in the remainder of the year		100
Expected interest costs		$ 379	564	422
Defined Contribution Plan [Member]
Pension and Other Postretirement Benefit Expense (Textual) [Abstract]
Defined contribution pension plans for employees		The Company also maintains defined contribution pension plans for its employees, including its executive officers. The Company makes contributions to these plans on behalf of employees in an amount up to 5% of their base salary subject to certain prescribed maximums.
Maximum percentage of base salary contributed to Defined Contribution Pension Plan by Company		5.00%
Canadian Plan [Member]
Pension and Other Postretirement Benefit Expense (Textual) [Abstract]
Companies contribution and expenses		$ 1,100	1,200	1,200
Us Internal Revenue Code [Member]
Pension and Other Postretirement Benefit Expense (Textual) [Abstract]
Companies contribution and expenses		600	600	500
Postretirement Benefits Canadian Employees [Member]
Pension and Other Postretirement Benefit Expense (Textual) [Abstract]
Benefit Obligation		1,862	1,581	1,487
Expected interest costs		47	$ 49	$ 53
Postretirement Benefits Canadian Employees [Member] \| Maximum [Member]
Pension and Other Postretirement Benefit Expense (Textual) [Abstract]
Expected interest costs		$ 100

Employee's Pension and Postretirement Benefits - Summary of Amounts Accrued for the SERP (Details) - SERP Benefits [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Amounts Accrued
Obligation, beginning of period	$ 18,840	$ 17,977
Prior service cost		456
Interest cost	379	564	$ 422
Actuarial loss (gain)	897	(157)
Obligation, end of period and unfunded status	20,116	18,840	$ 17,977
Accumulated other comprehensive gain	178	988
Net amount recognized in the consolidated balance sheets	$ 20,294	$ 19,828

Employee's Pension and Postretirement Benefits - Summary of Accumulated Other Comprehensive Income and Components of Net Periodic Benefit Cost in Future Periods (Details) - SERP Benefits [Member] - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Components of net periodic benefit cost in future periods
Unrealized actuarial (gain) loss	$ (547)	$ (1,444)	$ (1,287)
Unamortized prior service cost	369	456
Net periodic benefit costs to be recognized in future periods	$ (178)	$ (988)	$ (1,287)

Employee's Pension and Postretirement Benefits - Summary of Disclosure of Pension Expense (Details) - SERP Benefits [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Net periodic benefit cost
Interest cost	$ 379	$ 564	$ 422
Amortization of prior service cost	87
Pension expense	$ 466	$ 564	$ 422

Employee's Pension and Postretirement Benefits - Summary of Assumptions to Determine SERP Obligation and Any Related Costs (Details) - SERP Benefits [Member]	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2020
Assumptions used to determine obligation and cost status
Discount rate	2.00%	3.14%	0.36%
First 25 years	2.12%
First 20 years		3.09%
Lump sum interest rate - thereafter	2.26%	2.84%
Cost of living adjustment on benefits	1.20%	1.20%

Employee's Pension and Postretirement Benefits - Summary of Amounts Include within Accrued and Other Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Postretirement Benefits Executives [Member]
Defined Benefit Plan Disclosure [Line Items]
Obligation, beginning of period	$ 665	$ 639
Interest cost	20	26	$ 24
Benefits paid	(29)
Actuarial loss (gain)	54
Obligation, end of period and unfunded status	710	665	639
Postretirement Benefits Canadian Employees [Member]
Defined Benefit Plan Disclosure [Line Items]
Obligation, beginning of period	1,581	1,487
Interest cost	47	49	53
Benefits paid	(110)	(108)
Actuarial loss (gain)	280	153
Unrealized foreign exchange (gain) loss	64
Obligation, end of period and unfunded status	$ 1,862	$ 1,581	$ 1,487

Employee's Pension and Postretirement Benefits - Summary of Components of Pension Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Postretirement Benefits Executives [Member]
Defined Benefit Plan Disclosure [Line Items]
Interest cost	$ 20	$ 26	$ 24
Amortization of actuarial gain	(17)
Pension expense	3	26	24
Postretirement Benefits Canadian Employees [Member]
Defined Benefit Plan Disclosure [Line Items]
Interest cost	47	49	53
Pension expense	$ 47	$ 49	$ 53

Employee's Pension and Postretirement Benefits - Summary of Accumulated Other Comprehensive Loss and Components of Net Pension Cost in Future Periods (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Postretirement Benefits Executives [Member]
Components of net periodic benefit cost in future periods
Unrealized actuarial (gain) loss	$ 21	$ (50)	$ (50)
Postretirement Benefits Canadian Employees [Member]
Components of net periodic benefit cost in future periods
Unrealized actuarial (gain) loss	$ 277	$ (3)	$ (156)

Employee's Pension and Postretirement Benefits - Summary of Weighted Average Assumptions Used to Determine the Benefit Obligation (Details)	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Postretirement Benefits Executives [Member]
Assumptions used to determine obligation and cost status
Discount rate	2.36%	3.13%	4.15%
Postretirement Benefits Canadian Employees [Member]
Assumptions used to determine obligation and cost status
Discount rate	2.30%	3.05%	3.35%

Employee's Pension and Postretirement Benefits - Summary of Weighted Average Assumptions Used to Determine the net postretirement Benefit Expense (Details)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Postretirement Benefits Executives [Member]
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]
Discount rate used in calculating net periodic benefit cost	3.13%	4.15%	3.55%
Postretirement Benefits Canadian Employees [Member]
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]
Discount rate used in calculating net periodic benefit cost	3.05%	3.80%	3.35%

Employee's Pension and Postretirement Benefits - Summary of Benefit Payment are Expected in Next Five Year (Details) $ in Thousands	Dec. 31, 2020 USD ($)
Postretirement Benefits Executives [Member]
Pension and Postretirement benefits obligations
2021	$ 8
2022	9
2023	19
2024	19
2025	21
Thereafter	981
Total expected future benefit payment	1,057
Postretirement Benefits Canadian Employees [Member]
Pension and Postretirement benefits obligations
2021	118
2022	119
2023	118
2024	118
2025	115
Thereafter	1,654
Total expected future benefit payment	$ 2,242

Non-Controlling Interests - Additional Information (Details)
$ in Thousands

12 Months Ended

Dec. 31, 2020

USD ($)

Dec. 31, 2019

USD ($)

Dec. 31, 2018

USD ($)

Dec. 31, 2014

USD ($)

Film

Net loss attributable to non-controlling interest

Non-controlling interest

$ 78,519

$ 89,493

$ 800

(13,711)

11,705

10,751

Investment in film assets

$ 7,665

23,437

23,200

Investment in content

^[1]

955

IMAX China Noncontrolling Interest

Minority Interest Ownership Percentage By Company

69.89%

IMAX China

Net loss attributable to non-controlling interest

Non-controlling interest

$ 78,500

(8,600)

Other Noncontrolling Interest [Member]

Net loss attributable to non-controlling interest

$ (5,139)

$ (1,638)

(2,710)

Non-controlling interest description

Number Of Expected Original Films | Film

Investment in film assets

$ 22,300

Investment in content

$ 4,000

Other Noncontrolling Interest [Member] | Third Party [Member]

Film Fund Expected Capital Contribution

$ 25,000

Other Noncontrolling Interest [Member] | Imax

Film fund contributions paid

$ 9,000

[1]	In 2020, the Company recorded $1.2 million (2019 —$nil) in write-downs of other assets, of which $1.0 million relates to the write-down of certain content-related assets which became impaired during the year.

Non-Controlling Interests - Summary of Movement of the Non-controlling Interest in Temporary Equity in Original Film Fund (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Non-controlling Interests
Issuance of subsidiary shares to non-controlling interests		$ 1,106	$ 7,796
Net loss	$ (13,711)	11,705	10,751
Other Noncontrolling Interest [Member]
Non-controlling Interests
Beginning Balance	5,908	6,439	1,353
Issuance of subsidiary shares to non-controlling interests			7,796
Return of capital to non-controlling interests	(10)	(243)
Share issuance costs from the issuance of subsidiary shares to a non-controlling interest		1,350
Net loss	(5,139)	(1,638)	(2,710)
Ending Balance	$ 759	$ 5,908	$ 6,439

Carrying amount, attributable to parent and noncontrolling interests, of an entity's issued and outstanding stock which is not included within permanent equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. Includes stock with a put option held by an ESOP and stock redeemable by a holder only in the event of a change in control of the issuer.

Restructuring costs and reserves [Line Items]

Executive Transition Costs - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Compensation Related Costs [Abstract]
Executive transition costs	$ 0	$ 0	$ 2,994,000
Accelerated post retirement plan costs			1,900,000
Executive transition costs for severance, bonus and share-based compensation			$ 1,100,000

Exit Costs, Restructuring Charges and Associated Impairments - Exit Costs Restructuring Charges and Associated Impairment (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Restructuring And Related Activities [Abstract]
Restructuring charges	$ 0	$ 628,000	$ 2,405,000
Asset impairments			6,432,000
Costs to exit lease and restore facilities		222,000	619,000
Other			86,000
Total exit costs, restructuring charges and associated impairments		$ 850,000	$ 9,542,000

Exit Costs, Restructuring Charges and Associated Impairments - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Restructuring And Related Activities [Abstract]
Costs to exit an operating lease	$ 0	$ 200,000	$ 600,000
Restructuring charges incurred	$ 0	$ 628,000	$ 2,405,000

Exit Costs, Restructuring Charges and Associated Impairments - Restructuring and Related Costs (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Restructuring costs and reserves [Line Items]
Restructuring charges	$ 0	$ 628,000	$ 2,405,000
Corporate [Member]
Restructuring costs and reserves [Line Items]
Restructuring charges		$ 628,000	1,529,000
New Business Initiatives [Member]
Restructuring costs and reserves [Line Items]
Restructuring charges			611,000
Other [Member]
Restructuring costs and reserves [Line Items]
Restructuring charges			215,000
IMAX DMR [Member]
Restructuring costs and reserves [Line Items]
Restructuring charges			$ 50,000

Exit Costs, Restructuring Charges and Associated Impairments - Restructuring and Accrual Activities (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Restructuring And Related Activities [Abstract]
Balance, beginning of period	$ 353,000	$ 1,936,000
Restructuring charges	0	628,000	$ 2,405,000
Cash payments	(313,000)	(2,211,000)
Balance, end of period	$ 40,000	$ 353,000	$ 1,936,000

Exit Costs, Restructuring Charges and Associated Impairments - Associated Impairments (Details) - USD ($)

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Property, plant and equipment

$ 0

$ 3,700,000

Restructuring Charges [Member]

^[1],[2]

1,151,000

2,565,000

Prepaid expenses

121,000

Intangible assets

100,000

Associated Impairments

6,432,000

Restructuring costs and reserves [Line Items]

Property, plant and equipment

$ 0

3,680,000

Quarterly Financial Information Disclosure [Abstract]

2,565,000

Prepaid expenses

121,000

Intangible assets

66,000

Associated Impairments

$ 6,432,000

[1]

[2]

In 2020, the Company recorded a $1.2 million (2019 — $nil; 2018 — $2.6 million) write-down of other assets, of which $1.0 million relates to the write-down of certain content-related assets which became impaired in the year.

Selected Quarterly Financial Information (Unaudited) - Selected Quarterly Financial Information (Details) - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2020

Sep. 30, 2020

Jun. 30, 2020

Mar. 31, 2020

Dec. 31, 2019

Sep. 30, 2019

Jun. 30, 2019

Mar. 31, 2019

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Costs and expenses applicable to revenues

$ 55,990

$ 37,256

$ 8,855

$ 34,902

$ 124,279

$ 86,390

$ 104,797

$ 80,198

$ 137,003

^[1]

$ 395,664

^[1]

$ 374,401

^[1]

35,677

33,427

16,543

29,816

61,920

39,270

45,244

35,058

Gross margin (margin loss)

20,313

3,829

(7,688)

5,086

62,359

47,120

59,553

45,140

21,540

^[2]

214,172

^[2]

207,929

^[2]

Net (loss) income

(19,544)

(48,484)

(30,047)

(59,411)

21,352

10,896

13,836

12,487

(157,486)

58,571

33,595

Net (loss) income attributable to common shareholders

$ (21,245)

$ (47,209)

$ (25,967)

$ (49,354)

$ 18,171

$ 9,033

$ 11,397

$ 8,265

$ (143,775)

$ 46,866

$ 22,844

Net (loss) income per share attributable to common shareholders:

Net (loss) income per share - basic & diluted

$ (0.36)

$ (0.80)

$ (0.44)

$ (0.82)

$ 0.29

$ 0.15

$ 0.19

$ 0.13

$ (2.43)

$ 0.76

$ 0.36

[1]

The Company’s largest customer represents 16.4% of total revenues as of December 31, 2020 (2019 ― 16.5%; 2018 ― 17.1%).

[2]

Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.

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