Cover
Cover - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 14, 2020 | Jun. 30, 2019 | |
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Transition Report | false | ||
Entity File Number | 1-35106 | ||
Amendment Flag | false | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2019 | ||
Entity Registrant Name | AMC Networks Inc. | ||
Entity Central Index Key | 0001514991 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 27-5403694 | ||
Entity Address, Address Line One | 11 Penn Plaza | ||
Entity Address, City or Town | New York | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 10001 | ||
City Area Code | 212 | ||
Local Phone Number | 324-8500 | ||
Title of 12(b) Security | Class A Common Stock, par value $0.01 per share | ||
Trading Symbol | AMCX | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 2.3 | ||
Common Class A [Member] | |||
Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 44,078,364 | ||
Common Class B [Member] | |||
Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 11,484,408 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Current Assets: | ||
Cash and cash equivalents | $ 816,170 | $ 554,886 |
Accounts receivable, trade (including amounts due from related parties, net, less allowance for doubtful accounts of $5,733 and $10,788) | 857,143 | 835,977 |
Current portion of program rights, net | 426,624 | 440,739 |
Prepaid expenses and other current assets | 230,360 | 131,809 |
Total current assets | 2,330,297 | 1,963,411 |
Property and equipment, net of accumulated depreciation of $347,302 and $293,918 | 283,752 | 246,262 |
Program rights, net | 1,038,060 | 1,214,051 |
Intangible assets, net | 524,531 | 578,907 |
Goodwill | 701,980 | 798,037 |
Deferred tax assets, net | 51,545 | 19,272 |
Operating lease right-of-use assets | 170,056 | |
Other assets | 496,465 | 458,623 |
Total assets | 5,596,686 | 5,278,563 |
Current Liabilities: | ||
Accounts payable | 94,306 | 107,066 |
Accrued liabilities | 251,214 | 264,918 |
Current portion of program rights obligations | 304,692 | 343,589 |
Deferred revenue | 63,921 | 55,424 |
Current portion of long-term debt | 56,250 | 21,334 |
Current portion of lease obligations | 33,959 | 5,090 |
Total current liabilities | 804,342 | 797,421 |
Program rights obligations | 239,813 | 373,249 |
Long-term debt, net | 3,039,979 | 3,088,221 |
Lease obligations | 211,047 | 21,427 |
Deferred tax liability, net | 136,911 | 145,443 |
Other liabilities | 163,638 | 208,036 |
Total liabilities | 4,595,730 | 4,633,797 |
Commitments and contingencies | ||
Redeemable noncontrolling interests | 309,451 | 299,558 |
Stockholders' equity: | ||
Preferred stock, $0.01 par value, 45,000 shares authorized; none issued | 0 | 0 |
Paid-in capital | 286,491 | 239,767 |
Accumulated earnings | 1,609,428 | 1,228,942 |
Treasury stock, at cost (19,808 and 18,507 shares Class A Common Stock, respectively) | (1,063,181) | (992,583) |
Accumulated other comprehensive loss | (167,711) | (160,194) |
Total AMC Networks stockholders' equity | 665,781 | 316,680 |
Non-redeemable noncontrolling interests | 25,724 | 28,528 |
Total stockholders' equity | 691,505 | 345,208 |
Total liabilities and stockholders' equity | $ 5,596,686 | $ 5,278,563 |
Preferred stock, shares authorized (in shares) | 45,000,000 | 45,000,000 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common Class A [Member] | ||
Stockholders' equity: | ||
Common stock | $ 639 | $ 633 |
Common stock, shares authorized (in shares) | 360,000,000 | 360,000,000 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares, issued (in shares) | 63,886,000 | 63,255,000 |
Common Class B [Member] | ||
Stockholders' equity: | ||
Common stock | $ 115 | $ 115 |
Common stock, shares authorized (in shares) | 90,000,000 | 90,000,000 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares, issued (in shares) | 11,484,000 | 11,484,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Property and equipment, accumulated depreciation | $ 347,302 | $ 293,918 |
Accounts receivable, trade, allowance for doubtful accounts | $ 5,733 | $ 10,788 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 45,000,000 | 45,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Treasury stock (in shares) | 19,808,000 | 18,507,000 |
Common Class A [Member] | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 360,000,000 | 360,000,000 |
Common stock, shares, issued (in shares) | 63,886,000 | 63,255,000 |
Common stock, shares, outstanding (in shares) | 44,078,000 | 44,749,000 |
Common Class B [Member] | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 90,000,000 | 90,000,000 |
Common stock, shares, issued (in shares) | 11,484,000 | 11,484,000 |
Common stock, shares, outstanding (in shares) | 11,484,000 | 11,484,000 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Statement [Abstract] | |||
Revenues, net | $ 3,060,321 | $ 2,971,929 | $ 2,805,691 |
Operating Expenses | |||
Technical and operating (excluding depreciation and amortization) | 1,506,985 | 1,445,949 | 1,341,076 |
Selling, general and administrative | 679,444 | 657,457 | 613,342 |
Depreciation and amortization | 101,098 | 91,281 | 94,638 |
Impairment and related charges | 106,603 | 4,486 | 28,148 |
Restructuring and other related charges | 40,914 | 45,847 | 6,128 |
Total operating expenses | 2,435,044 | 2,245,020 | 2,083,332 |
Operating income | 625,277 | 726,909 | 722,359 |
Other income (expense): | |||
Interest expense | (157,798) | (154,993) | (134,001) |
Interest income | 24,707 | 19,180 | 14,704 |
Loss on extinguishment of debt | 0 | 0 | (3,004) |
Miscellaneous, net | (6,000) | 29,177 | 40,320 |
Total other income (expense) | (139,091) | (106,636) | (81,981) |
Income from operations before income taxes | 486,186 | 620,273 | 640,378 |
Income tax expense | (78,470) | (156,306) | (150,741) |
Net income including noncontrolling interests | 407,716 | 463,967 | 489,637 |
Net income attributable to noncontrolling interests | (27,230) | (17,780) | (18,321) |
Net income attributable to AMC Networks' stockholders | $ 380,486 | $ 446,187 | $ 471,316 |
Net income per share attributable to AMC Networks' stockholders: | |||
Basic (in dollars per share) | $ 6.77 | $ 7.68 | $ 7.26 |
Diluted (in dollars per share) | $ 6.67 | $ 7.57 | $ 7.18 |
Weighted average common shares | |||
Basic (in shares) | 56,205 | 58,066 | 64,905 |
Diluted (in shares) | 57,037 | 58,947 | 65,625 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | |||||||||||
Net income including noncontrolling interests | $ 348 | $ 123,226 | $ 133,985 | $ 150,157 | $ 76,439 | $ 116,660 | $ 110,332 | $ 160,536 | $ 407,716 | $ 463,967 | $ 489,637 |
Other comprehensive income (loss): | |||||||||||
Foreign currency translation adjustment | (6,272) | (41,716) | 76,023 | ||||||||
Unrealized loss on interest rate swaps | (1,609) | (356) | (35) | ||||||||
Unrealized gain on available for sale securities | 0 | 0 | 5,398 | ||||||||
Amounts reclassified from accumulated other comprehensive loss | 0 | (370) | 0 | ||||||||
Other comprehensive income (loss), before income taxes | (7,881) | (42,442) | 81,386 | ||||||||
Income tax benefit (expense) | 364 | 45 | (1,974) | ||||||||
Other comprehensive income (loss), net of income taxes | (7,517) | (42,397) | 79,412 | ||||||||
Comprehensive income | 400,199 | 421,570 | 569,049 | ||||||||
Comprehensive income attributable to noncontrolling interests | (27,078) | (16,044) | (21,430) | ||||||||
Comprehensive income attributable to AMC Networks' stockholders | $ 373,121 | $ 405,526 | $ 547,619 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Deficiency) - USD ($) shares in Thousands, $ in Thousands | Total | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Loss [Member] | Parent [Member] | Noncontrolling Interest [Member] | Common Class A [Member]Common Stock [Member] | Common Class B [Member]Common Stock [Member] |
Beginning Balance (in shares) at Dec. 31, 2016 | 624 | 115 | |||||||
Beginning Balance at Dec. 31, 2016 | $ (1,644) | $ 142,798 | $ 295,409 | $ (275,230) | $ (193,798) | $ (30,082) | $ 28,438 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income attributable to AMC Networks' stockholders | 471,316 | 471,316 | 471,316 | ||||||
Net income attributable to non-redeemable noncontrolling interests | 524 | 524 | |||||||
Distribution to noncontrolling member | (3,070) | (3,070) | |||||||
Settlement of treasury stock | 10,454 | 10,454 | 10,454 | ||||||
Treasury stock not yet settled and other | (995) | (995) | (995) | ||||||
Other comprehensive income | 79,412 | 79,412 | 79,412 | ||||||
Other comprehensive income | 82,521 | 3,109 | |||||||
Share-based compensation expense | 53,545 | 53,545 | 53,545 | ||||||
Treasury stock acquired | (434,210) | (434,210) | (434,210) | ||||||
Restricted stock units converted to shares | (14,496) | (14,499) | (14,496) | $ 3 | |||||
Ending Balance (in shares) at Dec. 31, 2017 | 627 | 115 | |||||||
Ending Balance at Dec. 31, 2017 | 163,945 | 191,303 | 766,725 | (709,440) | (114,386) | 134,944 | 29,001 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income attributable to AMC Networks' stockholders | 446,187 | 446,187 | 446,187 | ||||||
Net income attributable to non-redeemable noncontrolling interests | 2,756 | 2,756 | |||||||
Distribution to noncontrolling member | (2,847) | (2,847) | |||||||
Settlement of treasury stock | 995 | 995 | 995 | ||||||
Noncontrolling interests acquired | 1,354 | 1,354 | |||||||
Treasury stock not yet settled and other | (985) | (985) | (985) | ||||||
Other comprehensive income | (42,397) | (42,397) | (42,397) | ||||||
Other comprehensive income | (44,133) | (1,736) | |||||||
Share-based compensation expense | 60,979 | 60,979 | 60,979 | ||||||
Proceeds from the exercise of stock options | 4,317 | 4,317 | 4,317 | ||||||
Treasury stock acquired | (283,143) | (283,143) | (283,143) | ||||||
Restricted stock units converted to shares | (16,836) | (16,842) | (16,836) | $ 6 | |||||
Ending Balance (in shares) at Dec. 31, 2018 | 633 | 115 | |||||||
Ending Balance at Dec. 31, 2018 | 345,208 | 239,767 | 1,228,942 | (992,583) | (160,194) | 316,680 | 28,528 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income attributable to AMC Networks' stockholders | 380,486 | 380,486 | 380,486 | ||||||
Net income attributable to non-redeemable noncontrolling interests | 4,911 | 4,911 | |||||||
Distribution to noncontrolling member | (3,438) | (3,438) | |||||||
Non-redeemable noncontrolling interests changes | (4,429) | (4,429) | |||||||
Settlement of treasury stock | 985 | 985 | 985 | ||||||
Other comprehensive income | (7,517) | (7,517) | (7,517) | ||||||
Other comprehensive income | (7,365) | 152 | |||||||
Share-based compensation expense | 64,133 | 64,133 | 64,133 | ||||||
Proceeds from the exercise of stock options | 4,630 | 4,630 | 4,630 | ||||||
Treasury stock acquired | (70,598) | (70,598) | (70,598) | ||||||
Restricted stock units converted to shares | (23,018) | (23,024) | (23,018) | $ 6 | |||||
Ending Balance (in shares) at Dec. 31, 2019 | 639 | 115 | |||||||
Ending Balance at Dec. 31, 2019 | $ 691,505 | $ 286,491 | $ 1,609,428 | $ (1,063,181) | $ (167,711) | $ 665,781 | $ 25,724 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flows from operating activities: | |||
Net income including noncontrolling interests | $ 407,716 | $ 463,967 | $ 489,637 |
Adjustments to reconcile income from continuing operations to net cash provided by operating activities: | |||
Depreciation and amortization | 101,098 | 91,281 | 94,638 |
Impairment and related charges | 106,603 | 4,486 | 17,112 |
Share-based compensation expense related to equity classified awards | 64,133 | 60,979 | 53,545 |
Non-cash restructuring and other related charges | 14,098 | 7,440 | 0 |
Amortization and write-off of program rights | 974,835 | 961,134 | 954,238 |
Amortization of deferred carriage fees | 21,587 | 17,342 | 17,605 |
Unrealized foreign currency transaction (gain) loss | (16,325) | 2,057 | (15,258) |
Unrealized (gain) on derivative contracts, net | 0 | (43,476) | (27,233) |
Amortization of deferred financing costs and discounts on indebtedness | 8,007 | 7,715 | 8,436 |
Loss on extinguishment of debt | 0 | 0 | 3,004 |
Bad debt expense | 12,641 | 7,399 | 3,567 |
Deferred income taxes | (38,916) | 33,367 | (48,665) |
Write-down of non-marketable equity securities and note receivable | 20,206 | 0 | 0 |
Other, net | (2,832) | 5,311 | (11,014) |
Changes in assets and liabilities: | |||
Accounts receivable, trade (including amounts due from related parties, net) | (43,345) | (52,106) | (74,561) |
Prepaid expenses and other assets | (142,303) | (2,789) | (59,979) |
Program rights and obligations, net | (969,900) | (978,763) | (996,816) |
Income taxes payable | 1,219 | (17,006) | (21,966) |
Deferred revenue | 8,667 | (6,392) | (11,553) |
Deferred carriage fees, net | (15,033) | (4,250) | (4,617) |
Accounts payable, accrued liabilities and other liabilities | (28,408) | 48,851 | 15,609 |
Net cash provided by operating activities | 483,748 | 606,547 | 385,729 |
Cash flows from investing activities: | |||
Capital expenditures | (91,604) | (89,802) | (80,049) |
Return of capital from investees | 5,380 | 4,088 | 2,447 |
Investments in and loans to investees | (3,483) | (90,081) | (53,000) |
Payments for acquisition of a business, net of cash acquired | 0 | (84,389) | 0 |
Net cash used in investing activities | (89,707) | (260,184) | (130,602) |
Cash flows from financing activities: | |||
Proceeds from the issuance of long-term debt | 1,521 | 289 | 1,536,000 |
Principal payments on long-term debt | (22,988) | 0 | (1,257,965) |
Payments for financing costs | 0 | 0 | (10,405) |
Deemed repurchase of restricted stock units | (23,018) | (16,836) | (14,496) |
Purchase of treasury stock | (70,598) | (283,143) | (434,210) |
Proceeds from stock option exercises | 4,630 | 4,317 | 0 |
Principal payments on finance lease obligations | (5,115) | (4,938) | (4,573) |
Distributions to noncontrolling interest | (15,558) | (14,296) | (18,561) |
Net cash used in financing activities | (131,126) | (314,607) | (204,210) |
Net increase in cash and cash equivalents from operations | 262,915 | 31,756 | 50,917 |
Effect of exchange rate changes on cash and cash equivalents | (1,631) | (35,653) | 26,477 |
Cash and cash equivalents at beginning of year | 554,886 | 558,783 | 481,389 |
Cash and cash equivalents at end of year | $ 816,170 | $ 554,886 | $ 558,783 |
Description of Business and Bas
Description of Business and Basis of Presentation | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description Of Business And Basis Of Presentation | Description of Business and Basis of Presentation Description of Business AMC Networks Inc. ("AMC Networks") and its subsidiaries (collectively referred to as the "Company") own and operate entertainment businesses and assets. The Company is comprised of two operating segments: • National Networks: Includes activities of our five national programming networks, AMC Studios operations and AMC Broadcasting & Technology. Our national programming networks are AMC, WE tv, BBC AMERICA, IFC, and SundanceTV in the U.S.; and AMC and IFC in Canada. Our AMC Studios operation produces original programming for our programming networks and also licenses such programming worldwide. AMC Networks Broadcasting & Technology is our technical services business, which primarily services most of the national programming networks. • International and Other : Includes AMCNI, the Company's international programming businesses consisting of a portfolio of channels around the world; AMC Networks SVOD consisting of the Company's targeted subscription streaming services: Acorn TV, Shudder, Sundance Now, and UMC; Levity, our production services and comedy venues business; and IFC Films, the Company's independent film distribution business. Basis of Presentation Principles of Consolidation The consolidated financial statements include the accounts of AMC Networks and its subsidiaries in which a controlling voting interest is maintained or variable interest entities ("VIE's") in which the Company has determined it is the primary beneficiary. All intercompany transactions and balances have been eliminated in consolidation. Investments in business entities in which the Company lacks control but does have the ability to exercise significant influence over operating and financial policies are accounted for using the equity method of accounting. Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported period. Actual results could differ from those estimates. Significant estimates and judgments inherent in the preparation of the consolidated financial statements include the useful lives and methodologies used to amortize and assess recoverability of program rights, the estimated useful lives of intangible assets and the valuation and recoverability of goodwill and intangible assets. Reclassifications Certain reclassifications were made to the prior period amounts to conform to the current period presentation. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Revenue Recognition The Company adopted ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) on January 1, 2018, using the modified retrospective method for all contracts not completed as of the date of adoption. The reported results as of and for the years ended December 31, 2019 and 2018 reflect the application of the new standard, while the reported results for 2017 have not been adjusted to reflect the new standard and were prepared under prior revenue recognition accounting guidance. The Company primarily earns revenue from the distribution of its programming services, including licensing of its programming and other content, and advertising. Revenue is recognized when, or as, performance obligations under the terms of a contract are satisfied, which generally occurs when, or as, control of the promised products or services is transferred to customers. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring products or services to a customer. The Company’s revenue recognition policies associated with each major source of revenue from contracts with customers are described in Note 3 Revenue Recognition. Adoption of Lease Standard The Company adopted ASU No. 2016-02, Leases (Topic 842) on January 1, 2019, using the modified retrospective approach and effective date method. In addition, the Company elected the package of practical expedients, permitted under the transition guidance within the new standard, which among other things, allowed for the carry forward of the historical classification of leases. The adoption of the new standard resulted in additional net lease assets of $180.0 million (which is net of the historical deferred rent liability balance of $57.0 million) and lease liabilities of $237.0 million, respectively, as of January 1, 2019. The new standard did not materially impact our consolidated net income or cash flows. See Note 15 for further discussion regarding leases. Technical and Operating Expenses Costs of revenues, including but not limited to programming expense, primarily consisting of amortization or write-offs of programming rights, such as those for original programming, feature films and licensed series, participation and residual costs, distribution and production related costs and program delivery costs, such as transmission, encryption, hosting and formatting are classified as technical and operating expenses in the consolidated statements of income. Advertising and Distribution Expenses Advertising costs are charged to expense when incurred and are included in selling, general and administrative expenses in the consolidated statements of income. Advertising costs were $180.3 million, $196.0 million and $200.4 million for the years ended December 31, 2019, 2018 and 2017, respectively. Marketing, distribution and general and administrative costs related to the exploitation of owned original programming are expensed as incurred and included in selling, general and administrative expenses in the consolidated statements of income. Share-Based Compensation The Company measures the cost of employee services received in exchange for an award of equity-based instruments based on the grant date fair value of the portion of awards that are ultimately expected to vest. The cost is recognized in earnings over the period during which an employee is required to provide service in exchange for the award using a straight-line amortization method, except for restricted stock units granted to non-employee directors which vest 100%, and are expensed, at the date of grant. Share-based compensation expense is included in selling, general and administrative expenses in the consolidated statements of income. Foreign Currency The reporting currency of the Company is the U.S. dollar. The functional currency of most of the Company's international subsidiaries is the local currency. Assets and liabilities, including intercompany balances for which settlement is anticipated in the foreseeable future, are translated at exchange rates in effect at the balance sheet date. Foreign currency equity balances are translated at historical rates. Revenues and expenses denominated in foreign currencies are translated at average exchange rates for the respective periods. Foreign currency translation adjustments are recorded as a component of other comprehensive income ("OCI") in the consolidated statements of stockholders' equity. Transactions denominated in currencies other than subsidiaries' functional currencies are recorded based on exchange rates at the time such transactions arise. Changes in exchange rates with respect to amounts recorded in the consolidated balance sheets related to these items will result in unrealized foreign currency transaction gains and losses based upon period-end exchange rates. The Company also records realized foreign currency transaction gains and losses upon settlement of the transactions. The Company recognized realized and unrealized foreign currency transaction gains (losses) of $11.1 million, $(6.8) million and $15.0 million for the years ended December 31, 2019, 2018 and 2017, respectively, which are included in miscellaneous, net in the consolidated statements of income. Cash and Cash Equivalents The Company's cash investments are placed with money market funds and financial institutions that are investment grade as rated by Standard & Poor's and Moody's Investors Service. The Company selects money market funds that predominantly invest in marketable, direct obligations issued or guaranteed by the U.S. government or its agencies, commercial paper, fully collateralized repurchase agreements, certificates of deposit, and time deposits. The Company considers the balance of its investment in funds that hold securities that mature within three months or less from the date the fund purchases these securities to be cash equivalents. The carrying amount of cash and cash equivalents either approximates fair value due to the short-term maturity of these instruments or are at fair value. Accounts Receivable, Trade The Company periodically assesses the adequacy of valuation allowances for uncollectible accounts receivable by evaluating the collectability of outstanding receivables and general factors such as length of time individual receivables are past due, historical collection experience, and the economic and competitive environment. As of December 31, 2019 and 2018, the Company had $273.0 million and $182.1 million, respectively, of accounts receivable contractually due in excess of one-year, which are included in other assets in the consolidated balance sheets. Program Rights Rights to programming, including feature films and episodic series, acquired under license agreements are stated at the lower of unamortized cost or net realizable value. Such licensed rights along with the related obligations are recorded at the contract value when a license agreement is executed, unless there is uncertainty with respect to either cost, acceptability or availability. If such uncertainty exists, those rights and obligations are recorded at the earlier of when the uncertainty is resolved or the license period begins. Costs are amortized to technical and operating expense on a straight-line or accelerated basis over a period not to exceed the respective license periods. Owned original programming costs, including estimated participation and residual costs, qualifying for capitalization as program rights are amortized to technical and operating expense over their estimated useful lives, commencing upon the first airing, based on attributable revenue for airings to date as a percentage of total projected attributable revenue, or ultimate revenue (individual-film-forecast-computation method). Projected attributable revenue is based on previously generated revenues for similar content in established markets, primarily consisting of distribution and advertising revenues, and projected program usage. Projected program usage is based on the Company's current expectation of future exhibitions taking into account historical usage of similar content. Projected attributable revenue can change based upon programming market acceptance, levels of distribution and advertising revenue and decisions regarding planned program usage. These calculations require management to make assumptions and to apply judgment regarding revenue and planned usage. Accordingly, the Company periodically reviews revenue estimates and planned usage and revises its assumptions if necessary, which could impact the timing of amortization expense or result in a write-down to fair value. Any capitalized development costs for programs that the Company determines will not be produced are written off. The Company periodically reviews the programming usefulness of its licensed and owned original program rights based on several factors, including expected future revenue generation from airings on the Company's networks and other exploitation opportunities, ratings, type and quality of program material, standards and practices, and fitness for exhibition through various forms of distribution. If it is determined that film or other program rights have limited, or no, future programming usefulness, the useful life is updated, which generally results in a write-off of the unamortized cost to technical and operating expense in the consolidated statements of income. See Note 6 for further discussion regarding program rights write-offs. Investments Investments in equity securities (excluding equity method investments) with readily determinable fair values are accounted for at fair value. The Company applies the measurement alternative to fair value for equity securities without readily determinable far values, which is to record the investments at cost, less impairment, if any, and subsequently adjust for observable price changes of identical or similar investments of the same issuer. All gains and losses related to equity securities are recorded in earnings as a component of miscellaneous, net, in the consolidated statements of income. Investments in which the Company has the ability to exercise significant influence but does not control and is not the primary beneficiary are equity method investments. Significant influence typically exists if the Company has a 20% to 50% ownership interest in a venture unless persuasive evidence to the contrary exists. Under this method of accounting, the Company records its proportionate share of the net earnings or losses of equity method investees and a corresponding increase or decrease to the investment balances. Cash payments to equity method investees such as additional investments, loans and advances and expenses incurred on behalf of investees as well as payments from equity method investees such as dividends, distributions and repayments of loans and advances are recorded as adjustments to investment balances. The Company applies the cumulative earnings approach for determining the cash flow presentation of cash distributions received from equity method investees. Distributions received are included in the consolidated statements of cash flows as operating activities, unless the cumulative distributions exceed the Company's portion of the cumulative equity in the net earnings of the equity method investment, in which case the excess distributions are deemed to be returns of the investment and are classified as investing activities in the consolidated statements of cash flows. The Company evaluates its equity method investments for impairment whenever events or changes in circumstances indicate that the carrying amounts of such investments may not be recoverable. See Note 8 for further discussion regarding investments. Long-Lived Assets and Amortizable Intangible Assets Property and equipment are carried at cost. Equipment under finance leases is recorded at the present value of the total minimum lease payments. Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets or, with respect to equipment under finance leases and leasehold improvements, amortized over the shorter of the lease term or the assets' useful lives and reported in depreciation and amortization in the consolidated statements of income. Amortizable intangible assets established in connection with business combinations primarily consist of affiliate and customer relationships, advertiser relationships and tradenames. Amortizable intangible assets are amortized on a straight-line basis over their respective estimated useful lives. The Company reviews its long-lived assets (property and equipment, and amortizable intangible assets) for impairment whenever events or circumstances indicate that the carrying amount of an asset may not be recoverable. If the sum of the expected cash flows, undiscounted and without interest, is less than the carrying amount of the asset, an impairment loss is recognized as the amount by which the carrying amount of the asset exceeds its fair value. Goodwill and Indefinite-Lived Intangible Assets Goodwill Goodwill and identifiable intangible assets that have indefinite useful lives are not amortized, but instead are tested annually for impairment and upon the occurrence of certain events or substantive changes in circumstances. The annual goodwill impairment test allows for the option to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. An entity may choose to perform the qualitative assessment on none, some or all of its reporting units or an entity may bypass the qualitative assessment for any reporting unit and proceed directly to step one of the quantitative impairment test. If it is determined, on the basis of qualitative factors, that the fair value of a reporting unit is, more likely than not, less than its carrying value, the quantitative impairment test is required. The quantitative impairment test calculates any goodwill impairment as the difference between the carrying amount of a reporting unit and its fair value, but not to exceed the carrying amount of goodwill. See Note 10 for further discussion regarding goodwill impairment. Indefinite-Lived Intangible Assets Indefinite-lived intangible assets established in connection with business combinations consist of trademarks. The impairment test for identifiable indefinite-lived intangible assets consists of a comparison of the estimated fair value of the intangible asset with its carrying value. If the carrying value exceeds its fair value, an impairment loss is recognized in an amount equal to that excess. Deferred Carriage Fees Deferred carriage fees, included in other assets in the consolidated balance sheets, represent amounts principally paid to multichannel video programming distributors to obtain additional subscribers and/or guarantee carriage of certain programming services and are amortized as a reduction of revenue over the period of the related affiliation arrangement (up to 10 years). Derivative Financial Instruments The Company's derivative financial instruments are recorded as either assets or liabilities in the consolidated balance sheet based on their fair values. The Company's embedded derivative financial instruments which are clearly and closely related to the host contracts are not accounted for on a stand-alone basis. Changes in the fair values are reported in earnings or other comprehensive income depending on the use of the derivative and whether it qualifies for hedge accounting. Derivative instruments are designated and accounted for as either a hedge of a recognized asset or liability (fair value hedge) or a hedge of a forecasted transaction (cash flow hedge). For derivatives not designated as hedges, changes in fair values are recognized in earnings and included in interest expense, for interest rate swap contracts and miscellaneous, net, for foreign currency and other derivative contracts. For derivatives designated as effective cash flow hedges, changes in fair values are recognized in other comprehensive income (loss). Changes in fair values related to fair value hedges as well as the ineffective portion of cash flow hedges are recognized in earnings. Changes in the fair value of the underlying hedged item of a fair value hedge are also recognized in earnings. See Note 14 for a further discussion of the Company's derivative financial instruments. Income Taxes The Company's provision for income taxes is based on current period income, changes in deferred tax assets and liabilities and estimates with regard to the liability for unrecognized tax benefits resulting from uncertain tax positions. Deferred tax assets are evaluated quarterly for expected future realization and reduced by a valuation allowance to the extent management believes it is more likely than not that a portion will not be realized. The Company provides deferred taxes for the outside basis difference for its investment in partnerships and uses the deferral method to recognize the income tax benefit from investment tax credits. Global low taxed intangible income (“GILTI”) tax is treated as a period expense. Interest and penalties, if any, associated with uncertain tax positions are included in income tax expense. Commitments and Contingencies Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount of the contingency can be reasonably estimated. See Note 17 for further discussion regarding commitments and contingencies. Concentration of Credit Risk Financial instruments that potentially subject the Company to a concentration of credit risk consist primarily of cash and cash equivalents and trade accounts receivable. Cash is invested in money market funds and bank time deposits. The Company monitors the financial institutions and money market funds where it invests its cash and cash equivalents with diversification among counterparties to mitigate exposure to any single financial institution. The Company's emphasis is primarily on safety of principal and liquidity and secondarily on maximizing the yield on its investments. As of December 31, 2019, two customers accounted for 16% and 10%, respectively, of the combined balances of consolidated accounts receivable, trade and receivables due in excess of one-year (included in other assets). As of December 31, 2018, two customers accounted for 13% and 12%, respectively, of the combined balances of consolidated accounts receivable, trade and receivables due in excess of one-year. Redeemable Noncontrolling Interests Noncontrolling interest with redemption features, such as put options, that are not solely within the Company's control are considered redeemable noncontrolling interests. Redeemable noncontrolling interests are considered to be temporary equity and are reported in the mezzanine section between total liabilities and stockholders' equity in the Company's consolidated balance sheet at the greater of their initial carrying amount, increased or decreased for contributions, distributions and the noncontrolling interest's share of net income or loss, or redemption value. Net Income per Share The consolidated statements of income present basic and diluted net income per share ("EPS"). Basic EPS is based upon net income divided by the weighted-average number of common shares outstanding during the period. Diluted EPS reflects the dilutive effects of AMC Networks outstanding equity-based awards. The following is a reconciliation between basic and diluted weighted average shares outstanding: (In thousands) Years Ended December 31, 2019 2018 2017 Basic weighted average shares outstanding 56,205 58,066 64,905 Effect of dilution: Stock options 14 15 1 Restricted stock units 818 866 719 Diluted weighted average shares outstanding 57,037 58,947 65,625 Common Stock of AMC Networks Each holder of AMC Networks Class A Common Stock has one vote per share while holders of AMC Networks Class B Common Stock have ten votes per share. AMC Networks Class B shares can be converted to AMC Networks Class A Common Stock at any time with a conversion ratio of one AMC Networks Class A common share for one AMC Networks Class B common share. The AMC Networks Class A stockholders are entitled to elect 25% of the Company's Board of Directors. AMC Networks Class B stockholders have the right to elect the remaining members of the Company's Board of Directors. In addition, AMC Networks Class B stockholders are parties to an agreement which has the effect of causing the voting power of these AMC Networks Class B stockholders to be cast as a block. Stock Repurchase Program The Company's Board of Directors has authorized a program to repurchase up to $1.5 billion of its outstanding shares of common stock (the "Stock Repurchase Program"). The Stock Repurchase Program has no pre-established closing date and may be suspended or discontinued at any time. For the year ended December 31, 2019, the Company repurchased 1.3 million shares of its Class A common stock at an average purchase price of $54.24 per share. As of December 31, 2019, the Company has $488.8 million available for repurchase under the Stock Repurchase Program. Shares Outstanding (In thousands) Class A Common Stock Class B Common Stock Balance at December 31, 2016 57,079 11,484 Share repurchases (7,790) — Employee and non-employee director stock transactions* 312 — Balance at December 31, 2017 49,601 11,484 Share repurchases (5,386) — Employee and non-employee director stock transactions* 534 — Balance at December 31, 2018 44,749 11,484 Share repurchases (1,302) — Employee and non-employee director stock transactions* 631 — Balance at December 31, 2019 44,078 11,484 *Reflects common stock activity in connection with restricted stock units and stock options granted to employees, as well as in connection with the fulfillment of employees' statutory tax withholding obligations for applicable income and other employment taxes and forfeited employee restricted stock units. Recently Issued Accounting Pronouncements In June 2016, the FASB issued ASU No. 2016-13, Measurement of Credit Losses on Financial Instruments . ASU 2016-13 changes the impairment model for most financial assets and certain other instruments, including trade and other receivables, held-to-maturity debt securities and loans, and requires entities to use a new forward-looking "expected loss" model that would generally result in the earlier recognition of allowances for losses. This ASU is effective for the first quarter of 2020. Adoption of the standard will be applied using a modified retrospective approach through a cumulative-effect adjustment to retained earnings as of the effective date to align our credit loss methodology with the new standard. The Company does not expect the adoption of this standard to have a material effect on its consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820) . ASU 2018-13 changes the disclosure requirements for fair value measurements and is effective for the first quarter of 2020. ASU 2018-13 changes disclosure requirements related to transfers between Level I and II assets, as well as several aspects surrounding the valuation process and unrealized gains and losses related to Level III assets. The adoption of the modified disclosure requirements will not have a material impact on the consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-15, Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract . ASU 2018-15 amends current guidance to align the accounting for costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing costs associated with developing or obtaining internal-use software. Capitalized implementation costs must be expensed over the term of the hosting arrangement and presented in the same line item in the income statement as the fees associated with the hosting element (service) of the arrangement. The changes in this standard are effective for the first quarter of 2020. The Company does not expect the adoption of this standard to have a material effect on its consolidated financial statements. In March 2019, the FASB issued ASU No. 2019-02, Improvements to Accounting for Costs of Films and License Agreements for Program Materials . ASU 2019-02 aligns the accounting for production costs of episodic television series with the accounting for production costs of films. In addition, ASU 2019-02 modifies certain aspects of the capitalization, impairment, presentation and disclosure requirements in Accounting Standards Codification (“ASC”) 926-20 and the impairment, presentation and disclosure requirements in ASC 920-350. The changes in this standard are effective for the first quarter of 2020. The Company will adopt the updated accounting guidance prospectively in the first quarter of 2020. Following adoption, the Company will present all program rights, including capitalized costs of acquired programming rights, as noncurrent assets in the consolidated balance sheet. The Company does not expect the adoption of this standard to have a material effect on its consolidated financial statements. In December 2019, the FASB issued ASU No. 2019-12, Simplifying the Accounting for Income Taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 - Income Taxes. These changes are effective for first quarter of 2021 with early adoption permitted. The Company is currently evaluating the impact the adoption will have on its consolidated financial statements. |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Revenue Recognition Revenue is recognized when, or as, performance obligations under the terms of a contract are satisfied, which generally occurs when, or as, control of the promised products or services is transferred to customers. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring products or services to a customer ("transaction price"). To the extent the transaction price includes variable consideration, the Company estimates the amount of variable consideration that should be included in the transaction price utilizing the most likely amount to which the Company expects to be entitled. Variable consideration is included in the transaction price if, in the Company’s judgment, it is probable that a significant future reversal of cumulative revenue under the contract will not occur. Estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on an assessment of the Company’s anticipated performance and all information that is reasonably available. Amounts collected on behalf of others (including taxes), where the Company is an agent, are excluded from revenue. When determining the transaction price of a contract, an adjustment is made if payment from a customer occurs either significantly before or significantly after performance, resulting in a significant financing component. Applying a practical expedient in the guidance, the Company does not assess whether a significant financing component exists if the period between when the Company performs its obligations under the contract and when the customer pays is one year or less. Contracts with customers may contain multiple performance obligations. For such arrangements, the transaction price is allocated to each performance obligation based on the estimated relative standalone selling prices of the promised products or services underlying each performance obligation. The Company determines standalone selling prices based on the price at which the performance obligation is sold separately. If the standalone selling price is not observable through past transactions, the Company estimates the standalone selling price considering available information such as market conditions and internal pricing guidelines related to the performance obligations. Contracts may be modified to account for changes in contract specifications and requirements. Contract modifications exist when the modification either creates new or changes existing enforceable rights and obligations. The effect of a contract modification on the transaction price and measure of progress for the performance obligation to which it relates, is recognized as an adjustment to revenue (either as an increase in or a reduction of revenue) on a cumulative catch-up basis. The Company primarily earns revenue from the distribution of its programming services, including licensing of its programming and other content, and advertising. The Company’s revenue recognition policies summarizing the nature, amount, timing and uncertainty associated with each major source of revenue from contracts with customers are described below. Distribution The majority of the Company’s distribution revenues relate to sales-based and usage-based royalties which are recognized on the later of (i) when the subsequent sale or usage occurs and (ii) when the performance obligation to which some or all of the sales-based or usage-based royalty has been allocated has been satisfied or partially satisfied. Occasionally, the Company incurs costs to obtain a distribution contract and these costs are amortized over the period of the related distribution contract as a reduction of revenue. Subscription fee revenue: Subscription fees are earned from cable and other multichannel video programming distribution platforms, including direct broadcast satellite ("DBS"), platforms operated by telecommunications providers and virtual multichannel video programming distributors (collectively "distributors"), for the rights to use the Company's network programming under multi-year contracts, commonly referred to as "affiliation agreements." The Company's performance obligation under affiliation agreements is a license of functional intellectual property that is satisfied as the Company provides its programming over the term of the agreement. The transaction price is represented by subscription fees that are generally based upon (i) contractual rates applied to the number of the distributor's subscribers who receive or can receive our programming ("rate-per-subscriber"), or (ii) fixed contractual monthly fees ("fixed fee"). For rate-per-subscriber agreements, the Company applies the sales-based or usage-based royalty guidance, and accordingly, recognizes revenue in the period of the distributor’s usage, based on the subscription fee earned during the period. Fixed fee affiliation agreements are generally billed in monthly installments, and such amounts may vary over the term of the contract. In cases where the invoice amount corresponds directly with the value to the affiliate of the performance to-date, the Company recognizes revenue based on the invoiced amount. In cases where changes in fees during the contract term do not correspond directly to the value of the performance to-date (for example, if the fees vary over the contract term due to a significant financing or credit risk component), the Company recognizes the total amount of fixed transaction price over the contract period using a time-based (e.g., straight-line) measure of progress. Certain of the Company’s fixed fee affiliation agreements contain guaranteed minimum fees that are recoupable during the term of the agreement, and variable fees based on rates-per-subscriber after the guaranteed minimum is recouped. The Company recognizes revenue for the fixed consideration over the minimum guarantee period and recognizes variable fees only when cumulative consideration exceeds the minimum guarantee. Subscription revenue from AMC Networks SVOD services, consisting of the Company's targeted subscription streaming services: Acorn TV, Shudder, Sundance Now, and UMC, is recognized as the streaming service is provided to customers. Content licensing revenue: The Company licenses its original programming content to certain distributors, including under subscription video on-demand ("SVOD"), pay-per-view ("PPV") and electronic sell-through ("EST") arrangements. Under these arrangements, our performance obligation is a license to functional intellectual property that provides the distributor the right to use our programming as it exists at a point in time. The satisfaction of the Company’s performance obligation, and related recognition of revenue, occurs when the content is delivered to the licensee and the license period has begun. The Company’s performance obligation in a content license arrangement pertains to each distinct unit of content, which is generally each season of an episodic series or a film. The Company typically delivers all episodes of a season for a series concurrently and the licensee’s rights to exploit the content is the same across all of the episodes. For SVOD arrangements, the Company adjusts the transaction price for the time value of money in cases where license fees are paid over several years. SVOD licensing revenue is recognized at the later of the beginning of the license period, or when we provide the programming to the distributor. The Company recognizes a contract asset for the difference between the revenue recognized and the amount we are permitted to invoice. For PPV and EST license fee arrangements, the Company applies the sales-based or usage-based royalty guidance and recognizes revenue in the period of end-customer purchases, based on the fees earned during the period. The Company also licenses trademarks, logos, brands, derivative character copyrights, etc. under multi-year arrangements. Under these arrangements, the Company may receive a non-refundable minimum guarantee that is recoupable against a volume-based royalty throughout the term of the agreement. The performance obligation is a license of symbolic intellectual property that provides the customer with a right to access the intellectual property. The Company adjusts the transaction price for the time value of money in cases where license fees are paid over several years. The Company recognizes revenue for the minimum guarantee on a straight-line basis over the term of the agreement, and recognizes variable fees only when cumulative consideration exceeds the minimum guarantee. For production services arrangements, the Company recognizes revenue based on the percentage of cost incurred to total estimated cost of the contract. The Company’s payment terms vary by the type and location of customer. Generally, payment terms are 30-45 days after revenue is earned. In certain limited circumstances, agreements with customers have payment terms in excess of one-year after satisfaction of the performance obligation. Advertising The Company generates revenues from the sale of advertising time on its networks. In such arrangements, the Company generally promises to air a certain number of commercials (spots) and to generate guaranteed viewer ratings for an audience demographic (impressions) over a period that generally does not exceed one year. The promise to deliver impressions by airing spots represents the Company’s performance obligation. Advertising revenues are recognized as commercials are aired, to the extent that guaranteed viewer ratings are achieved. A contract liability is recognized to the extent the guaranteed viewer ratings are not met, and is subsequently recognized as revenue either when the Company provides the required additional advertising or the guarantee obligation contractually expires, which is generally within one year. Generally, payment terms are 30 days after revenue is earned. Transaction Price Allocated to Future Performance Obligations The guidance requires disclosure of the aggregate amount of transaction price that is allocated to performance obligations that have not yet been satisfied as of December 31, 2019. However, the guidance does not apply to sales-based or usage-based royalty arrangements and also provides certain practical expedients that allow companies to omit this disclosure requirement for (i) contracts with an original expected length of one year or less, (ii) contracts for which revenue is recognized at the amount to which the Company has the right to invoice for services performed and (iii) variable consideration related to a wholly unsatisfied performance obligation. As of December 31, 2019, other than contracts for which the Company has applied the practical expedients, the aggregate amount of transaction price allocated to remaining performance obligations was not material to our consolidated revenues. Contract Balances from Contracts with Customers The timing of revenue recognition, billings and cash collections results in billed receivables, contract assets and contract liabilities in the consolidated balance sheet. For certain types of contracts with customers, the Company may recognize revenue in advance of the contractual right to invoice the customer, resulting in an amount recorded to contract assets. Once the Company has an unconditional right to consideration under a contract, the contract assets are reclassified to account receivables. When consideration is received, or such consideration is unconditionally due, from a customer prior to transferring goods or services to the customer under the terms of a contract, a contract liability is recorded. Contract liabilities are recognized as revenue when, or as, control of the products or services is transferred to the customer and all revenue recognition criteria have been met. The primary source of the Company’s contract liabilities relates to advertising sales arrangements and content licensing arrangements. As noted above, the Company’s programming networks generally guarantee viewer ratings for its programming. If these guaranteed viewer ratings are not met, the Company is required to provide additional advertising units to the advertiser. For these types of arrangements, a portion of the related revenue is deferred if the guaranteed ratings are not met, representing a contract liability, and is subsequently recognized either when the Company provides the required additional advertising time or the guarantee obligation contractually expires. In certain content licensing arrangements, payment may be received in advance of a distributor's ability to exhibit a program. Such payments are recorded as a contract liability and subsequently recognized when the program becomes available for exhibition. The following table provides information about receivables, contract assets, and contract liabilities from contracts with customers. (In thousands) December 31, 2019 December 31, 2018 Balances from contracts with customers: Accounts receivable (including long-term, included in Other assets) $ 1,121,834 $ 1,018,105 Contract assets, short-term (included in Other current assets) 7,283 9,131 Contract assets, long-term (included in Other assets) 9,964 8,136 Contract liabilities (Deferred revenue) 63,921 55,424 (a) Revenue recognized for the twelve months ended December 31, 2019 relating to the contract liability at December 31, 2018 was $50.2 million. |
Impairment and Related Charges
Impairment and Related Charges | 12 Months Ended |
Dec. 31, 2019 | |
Supplemental Income Statement Elements [Abstract] | |
Impairment and Related Charges | Impairment and Related Charges In 2019, the Company incurred impairment charges of $106.6 million, consisting of $98.0 million related to goodwill impairment associated with the AMCNI reporting unit, and $8.6 million related to impairments of intangibles and property and equipment associated with the sale of a subsidiary. In connection with the preparation of the fourth quarter financial information, the Company performed its annual goodwill impairment test and concluded that the estimated fair value of the AMCNI reporting unit declined to less than its carrying amount. As a result, the Company recognized an impairment charge of $98.0 million for the year ended December 31, 2019, reflecting a partial write-down of the goodwill associated with the AMCNI reporting unit. In 2018, AMCNI recognized a $4.5 million charge, primarily related to program rights, in connection with the disposition of a business. In 2017, the Company completed the sale of its Amsterdam-based media logistics business, AMCNI – DMC. In connection with the sale, the Company recognized a pre-tax loss of $11.0 million and an impairment charge of $17.1 million to reflect the AMCNI – DMC assets held for sale at fair value less estimated sale costs, which are included in impairment and related charges in the consolidated statement of income for the year ended December 31, 2017. |
Restructuring and Other Related
Restructuring and Other Related Charges | 12 Months Ended |
Dec. 31, 2019 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Other Related Charges | Restructuring and Other Related Charges Restructuring and other related charges of $40.9 million for the year ended December 31, 2019 related to the management restructuring, which commenced in the third quarter of 2019, and the AMC Networks SVOD organization restructuring, which commenced in the second quarter of 2019. In connection with each of these restructuring initiatives, a number of roles were eliminated to address redundancy at the management level and improve the effectiveness of management while reducing the cost structure of the Company. In connection with restructuring initiative related to the management team, the Company incurred restructuring charges for severance and other personnel related costs of $26.0 million, of which $13.5 million was attributable to the National Networks segment and $12.5 million was attributable to the International and Other segment. The Company expects additional restructuring charges in the first quarter of 2020. In connection with the AMC Networks SVOD restructuring, management made certain organization changes within the owned subscription streaming services businesses. The restructuring combined the owned subscription streaming services under one management team. As a result, the Company incurred restructuring charges of $1.9 million related to severance and other personnel related costs. In connection with the organization changes in the AMC Networks SVOD business, the Company implemented changes to its strategy for owned subscription streaming services, including programming that will no longer be made available. As a result, the Company incurred other charges of $13.0 million related to the write-off of programming associated with the reorganization and change in strategy. During the third quarter of 2018, management commenced a restructuring initiative designed to reduce the cost structure of the Company. The restructuring was intended to improve the organizational design of the Company through the elimination of certain roles, a reduction in the grade of certain roles, an increase in the span of responsibilities of certain senior managers, and the re-alignment of certain senior leaders to new or additional responsibilities. This restructuring resulted in a $36.0 million charge for the year ended December 31, 2018 primarily related to severance. During the fourth quarter of 2018, AMCNI completed a portfolio rationalization review that resulted in the termination of distribution in certain territories, resulting in a $9.9 million charge. During 2017, the Company incurred restructuring expense related to corporate headquarters severance costs and charges incurred at AMCNI related to costs associated with the termination of distribution in certain territories. The following table summarizes the restructuring and other related charges recognized by operating segment: Years Ended December 31, (In thousands) 2019 2018 2017 National Networks $ 13,453 $ 17,160 $ (53) International and Other 28,084 35,189 6,181 Inter-segment Eliminations (623) (6,502) — Total restructuring and other related charges $ 40,914 $ 45,847 $ 6,128 The following table summarizes the restructuring and other related charges recognized for the three years: Years Ended December 31, (In thousands) 2019 2018 2017 Restructuring charges $ 27,897 $ 45,847 $ 6,128 Other related charges 13,017 — — Total restructuring and other related charges $ 40,914 $ 45,847 $ 6,128 The following table summarizes the accrued restructuring and other related costs: (In thousands) Severance and Employee-Related Costs Other Exit Costs Total Balance at December 31, 2017 $ 1,212 $ 24 $ 1,236 Charges 35,965 9,882 45,847 Other (137) (745) (882) Cash payments (3,257) (297) (3,554) Non-cash adjustments — (7,440) (7,440) Currency translation (9) (9) (18) Balance at December 31, 2018 33,774 1,415 35,189 Charges 26,132 1,765 27,897 Other (612) (1,480) (2,092) Cash payments (31,897) (414) (32,311) Non-cash adjustments — (1,081) (1,081) Currency translation 10 16 26 Balance at December 31, 2019 $ 27,407 $ 221 $ 27,628 Accrued restructuring and other related costs of $27.6 million are included in accrued liabilities in the consolidated balance sheet at December 31, 2019. |
Program Rights and Obligations
Program Rights and Obligations | 12 Months Ended |
Dec. 31, 2019 | |
Film Cost Disclosures [Abstract] | |
Programs Rights and Obligations | Program Rights and Obligations Program Rights Owned original program rights, net is comprised of $334.5 million of completed programming and $214.2 million of in-production programming at December 31, 2019 and is included as a component of long-term program rights, net in the consolidated balance sheet. The Company estimates that approximately 87% of unamortized owned original programming costs, as of December 31, 2019, will be amortized within the next three years. The Company expects to amortize approximately $173.2 million of unamortized owned original programming costs during the next twelve months. Program rights write-offs of $40.9 million, $50.5 million and $49.4 million were recorded for the years ended December 31, 2019, 2018 and 2017, respectively. Program Rights Obligations Amounts payable subsequent to December 31, 2019 related to program rights obligations included in the consolidated balance sheet are as follows: (In thousands) Years Ending December 31, 2020 $ 304,692 2021 125,189 2022 70,803 2023 26,500 2024 15,678 Thereafter 1,643 $ 544,505 |
Business Combinations
Business Combinations | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Business Combinations | Business Combinations RLJ Entertainment On July 29, 2018, the Company, Digital Entertainment Holdings LLC, a wholly-owned subsidiary of the Company ("DEH"), and River Merger Sub Inc., a wholly-owned subsidiary of DEH ("Merger Sub"), and RLJE entered into an Agreement and Plan of Merger (the "Merger Agreement") pursuant to which the Company agreed to acquire all of the outstanding shares of RLJE not owned by the Company or entities affiliated with Robert L. Johnson. The Merger Agreement provided, upon the terms and subject to the conditions set forth therein, for the merger of Merger Sub with and into RLJE, with RLJE continuing as the surviving corporation and a subsidiary of DEH (the "Merger"). DEH and RLJE were parties to a Credit and Guaranty Agreement entered into on October 14, 2016 pursuant to which DEH provided term loans to RLJE (the "RLJE Term Loans"). In connection with the RLJE Credit and Guaranty Agreement, DEH received Class A, Class B and Class C warrants to purchase at least 20 million shares of RLJE’s common stock, at a price of $3.00 per share (the "RLJE Warrants"). On June 20, 2017, DEH exercised a portion of its RLJE Class A warrants at $3.00 per share and was issued 1.7 million shares of RLJE common stock in exchange for the cancellation of $5 million of the RLJE Term Loans. As of December 31, 2017, the balance of the RLJE Term Loans was $68 million, consisting of a $13 million Tranche A term loan and a $55 million Tranche B term loan. On October 1, 2018, DEH fully exercised the remainder of its Class A warrants at $3.00 per share and was issued 3.3 million shares of RLJE common stock in exchange for the cancellation of $10.0 million of Tranche B of the RLJE Term Loans. On October 1, 2018, DEH also partially exercised its Class B warrant at $3.00 per share and was issued 3.4 million shares of RLJE common stock in exchange for the cancellation of $10.1 million of Tranche B of the RLJE Term Loans. As a result of the warrant exercises, the Company obtained a 51% controlling interest in RLJE and recognized a net gain of $2.6 million relating to the step-up to fair value of the Company's previously held equity interest in RLJE, which is included in miscellaneous, net in the consolidated statement of income for the year ended December 31, 2018. On October 30, 2018, DEH fully exercised the remainder of its Class B warrants at $3.00 per share and was issued 6.6 million shares of RLJE common stock in exchange for the cancellation of $19.9 million of Tranche B of the RLJE Term Loans. On October 30, 2018, DEH also fully exercised its Class C warrants at $3.00 per share and was issued 5.0 million shares of RLJE common stock in exchange for the cancellation of $15.0 million of Tranche B of the RLJE Term Loans. As a result of the warrant exercises, the full amount of Tranche B of the RLJE Term Loans was canceled. On October 31, 2018, the Company completed the acquisition of RLJE pursuant to the terms of the Merger Agreement. At the Effective Time, Merger Sub merged with and into RLJE, with RLJE continuing as the surviving corporation and a wholly owned subsidiary of DEH. The Merger Agreement was approved by the common stockholders of RLJE at a special meeting held earlier on October 31, 2018. The total cash purchase price paid by the Company to acquire the RLJE securities not previously owned by the Company or entities affiliated with Mr. Johnson was $52.2 million. Following the Effective Time, DEH was renamed "RLJ Entertainment Holdings LLC" ("RLJE Holdings"). RLJE Holdings is a majority owned subsidiary of the Company, with a minority stake of 17% held by affiliates of Mr. Johnson. The Company has entered into arrangements with Mr. Johnson related to the governance of RLJE Holdings and RLJE following the Merger. The Company accounted for the acquisition of RLJE using the acquisition method of accounting. The acquisition method of accounting requires, among other things, that the assets acquired and liabilities assumed in a business combination be measured at their estimated respective fair values as of the closing date of the acquisition. Goodwill recognized in connection with this transaction represents primarily the potential economic benefits that the Company believes may arise from the acquisition. The goodwill associated with the RLJE acquisition is generally not deductible for tax purposes. In connection with the acquisition of RLJE, the terms of the operating agreement provide the noncontrolling member with a right to put all of its noncontrolling interest to a subsidiary of the Company at the greater of the then fair value or the fair value of the initial equity interest at the closing date of the acquisition. The put option is exercisable following the seventh anniversary of the agreement, or earlier upon a change of control. The following table summarizes the valuation of the tangible and identifiable intangible assets acquired and liabilities assumed as of October 1, 2018, the date the Company obtained a controlling interest (in thousands). Fair value of consideration transferred $ 41,513 Fair value of previously held interest 130,890 Fair value of redeemable noncontrolling interest 103,359 $ 275,762 Allocation to net assets acquired: Cash 3,360 Accounts receivable 16,316 Prepaid expenses and other current assets 963 Programming rights 69,775 Property and equipment 2,841 Other assets (equity method investments) 38,800 Intangible assets 126,600 Accounts payable (12,008) Accrued liabilities (42,935) Debt (25,187) 178,525 Goodwill 97,237 $ 275,762 Levity Entertainment Group LLC On April 20, 2018, the Company acquired a 57% controlling interest in Levity Entertainment Group LLC ("Levity"), a production services and comedy venues company, for a total purchase price of $48.4 million. The purchase price consisted of a $35.0 million payment for the outstanding Class B Common Units of Levity and the acquisition of Series L Preferred Units for $13.4 million. The Company has entered into arrangements with the noncontrolling members related to the governance of Levity following the Merger. The Company views this acquisition as complementary to its business and programming content strategy. The Company accounted for the acquisition of Levity using the acquisition method of accounting. The acquisition method of accounting requires, among other things, that the assets acquired and liabilities assumed in a business combination be measured at their estimated respective fair values as of the closing date of the acquisition. Goodwill recognized in connection with this transaction represents primarily the potential economic benefits that the Company believes may arise from the acquisition. The goodwill associated with the Levity acquisition is generally deductible for tax purposes. In connection with the acquisition of Levity, the terms of the operating agreement provide the noncontrolling interest holders with a right to put 50% of their interests to a subsidiary of the Company on the four year anniversary of the agreement and a right to put all of their interests to the Company on the six year anniversary of the agreement. The put rights are at fair market value. The following table summarizes the valuation of the tangible and identifiable intangible assets acquired and liabilities assumed (in thousands). Cash paid for controlling interest $ 48,350 Redeemable noncontrolling interest 30,573 $ 78,923 Allocation to net assets acquired: Cash 13,471 Other current assets 17,251 Property and equipment 20,663 Intangible assets 46,413 Other noncurrent assets 3,306 Current liabilities (23,647) Noncurrent liabilities (21,394) Noncontrolling interests acquired (1,354) Fair value of net assets acquired 54,709 Goodwill 24,214 $ 78,923 Unaudited Pro forma financial information The following unaudited pro forma financial information is based on (i) the historical financial statements of AMC Networks, (ii) the historical financial statements of RLJE and (iii) the historical financial statements of Levity and is intended to provide information about how the acquisitions may have affected the Company's historical consolidated financial statements if they had occurred as of January 1, 2017. The unaudited pro forma information has been prepared for comparative purposes only and includes adjustments for estimated additional depreciation and amortization expense as a result of tangible and identifiable intangible assets acquired. The pro forma information is not necessarily indicative of the results of operations that would have been achieved had the acquisition taken place on the date indicated or that may result in the future. (In thousands, except per share data) Pro forma Financial Information for the Year Ended December 31, 2018 2017 Revenues, net $ 3,087 $ 3,033 Income from operations, net of income taxes $ 426 $ 459 Net income per share, basic $ 7.34 $ 7.06 Net income per share, diluted $ 7.23 $ 6.99 |
Investments
Investments | 12 Months Ended |
Dec. 31, 2019 | |
Investments [Abstract] | |
Investments | Investments Equity Method Investments Equity method investments were $69.1 million and $90.9 million at December 31, 2019 and 2018, respectively, and are included in Other assets in the consolidated balance sheets. In December 2019, one of the Company's equity method investments had a call option exercised to purchase the Company's interest in the joint venture. The call price of $20.0 million is equal to the Company's initial investment. The Company reclassified its investment in the joint venture to other receivables (current and noncurrent) as of December 31, 2019. In September 2018, the Company recognized an impairment charge of $3.5 million related to the partial write-down of an equity method investment, which is included in miscellaneous, net in the consolidated statement of income. Marketable Equity Securities The Company classifies publicly traded investments with readily determinable fair values that are not accounted for under the equity method as marketable equity securities. Marketable equity securities are recorded at cost and adjusted to fair value at each reporting period. The changes in fair value between measurement dates are recorded in realized and unrealized gains (losses) on equity securities, included in miscellaneous, net in the consolidated statements of income. During 2019, the Company purchased an additional interest in one of its marketable equity securities of $3.5 million. Investments in marketable equity securities were $4.4 million at December 31, 2019 and $1.2 million at December 31, 2018 and are included in Other assets in the consolidated balance sheets. Non-marketable Equity Securities The Company classifies investments without readily determinable fair values that are not accounted for under the equity method as non-marketable equity securities. The accounting guidance requires non-marketable equity securities to be recorded at cost and adjusted to fair value at each reporting period. However, the guidance allows for a measurement alternative, which is to record the investments at cost, less impairment, if any, and subsequently adjust for observable price changes of identical or similar investments of the same issuer. The Company applies this measurement alternative to its non-marketable equity securities. When an observable event occurs, the Company estimates the fair values of its non-marketable equity securities based on Level 2 inputs that are derived from observable price changes of similar securities adjusted for insignificant differences in rights and obligations. The changes in value are recorded in realized and unrealized gains (losses) on equity securities, included in miscellaneous, net in the consolidated statements of income. In 2018, the Company made an investment in fuboTV Inc. of $25.0 million, and provided a senior secured term loan to fuboTV Inc. of $25.0 million with a maturity date of April 6, 2023. The Company recognized impairment charges of $20.2 million and $10.0 million for the years ended December 31, 2019 and 2018, respectively, related to the partial write-down of certain non-marketable equity securities, included in miscellaneous, net in the consolidated statements of income. Investments in non-marketable equity securities were $61.8 million at December 31, 2019 and $71.8 million at December 31, 2018 and are included in Other assets in the consolidated balance sheets. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and Equipment Property and equipment (including equipment under capital leases) consists of the following: (In thousands) December 31, Estimated Useful Lives 2019 2018 Program, service and test equipment $ 296,680 $ 250,328 5 years Satellite equipment 46,871 46,368 Term of lease Furniture and fixtures 29,811 29,421 3 to 8 years Transmission equipment 76,604 58,710 5 years Leasehold improvements 181,088 155,353 Term of lease Property and equipment 631,054 540,180 Accumulated depreciation and amortization (347,302) (293,918) Property and equipment, net $ 283,752 $ 246,262 Depreciation and amortization expense on property and equipment (including capital leases) amounted to $54.9 million, $48.3 million and $47.6 million, for the years ended December 31, 2019, 2018 and 2017, respectively. At December 31, 2019 and 2018, the gross amount of equipment and related accumulated amortization recorded under finance leases were as follows: (In thousands) December 31, 2019 2018 Satellite equipment $ 46,871 $ 46,368 Less accumulated amortization (31,158) (26,808) $ 15,713 $ 19,560 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill And Other Intangible Assets | Goodwill and Other Intangible Assets The carrying amount of goodwill, by operating segment is as follows: (In thousands) National Networks International and Other Total December 31, 2017 $ 239,759 $ 455,399 $ 695,158 Additions — 123,865 $ 123,865 Amortization of "second component" goodwill (1,328) — (1,328) Foreign currency translation — (19,658) (19,658) December 31, 2018 238,431 559,606 798,037 Impairment charge — (97,996) (97,996) Purchase accounting adjustments — (2,414) (2,414) Amortization of "second component" goodwill (1,328) — (1,328) Foreign currency translation — 5,681 5,681 December 31, 2019 $ 237,103 $ 464,877 $ 701,980 As of December 31, 2019, the accumulated impairment charges totaled $98.0 million. The increase in the carrying amount of goodwill in 2018 for the International and Other segment relates to the acquisitions of RLJE and Levity (see Note 7). The reduction of $1.3 million in the carrying amount of goodwill for the National Networks is due to the realization of a tax benefit for the amortization of "second component" goodwill at SundanceTV. Second component goodwill is the amount of tax deductible goodwill in excess of goodwill for financial reporting purposes. In accordance with the authoritative guidance at the time of the SundanceTV acquisition, the tax benefits associated with this excess are applied to first reduce the amount of goodwill, and then other intangible assets for financial reporting purposes, if and when such tax benefits are realized in the Company's tax returns. Annual Impairment Test of Goodwill Goodwill Goodwill is not amortized, but instead is tested for impairment at the reporting unit level annually as of December 1, or more frequently upon the occurrence of certain events or substantive changes in circumstances. The annual goodwill impairment test allows for the option to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If it is determined, on the basis of qualitative factors, that the fair value of a reporting unit is, more likely than not, less than its carrying value, the quantitative impairment test is required. In accordance with Accounting Standards Update 2017-04 Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment, the Company recognizes goodwill impairment as the difference between the carrying amount of a reporting unit and its fair value, but not to exceed the carrying amount of goodwill. We performed a quantitative assessment for our International Programming Networks reporting unit. The fair value was determined using a combination of an income approach, using a discounted cash flow model (DCF), and a market comparables approach. The DCF model includes significant assumptions about revenue growth rates, long-term growth rates and enterprise specific discount rates. Additionally, the market comparables approach is determined using guideline company financial multiples. Given the uncertainty in determining assumptions underlying the DCF approach, actual results may differ from those used in the valuations. Based on the valuations performed, in response to current and expected trends across the International television broadcasting markets, the fair value of the Company's AMCNI reporting unit declined to less than its carrying amount. As a result, the Company recognized an impairment charge of $98.0 million related to the AMCNI reporting unit. No impairment charge was required for any of the Company's other reporting units. The determination of fair value of the Company's AMCNI reporting unit represents a Level 3 fair value measurement in the fair value hierarchy due to its use of internal projections and unobservable measurement inputs. Changes in significant judgments and estimates could significantly impact the concluded fair value of the reporting unit or the valuation of intangible assets. Changes to assumptions that would decrease the fair value of the reporting unit would result in corresponding increases to the impairment of goodwill at the reporting unit. The following table summarizes information relating to the Company's identifiable intangible assets: (In thousands) December 31, 2019 Estimated Useful Lives Gross Accumulated Amortization Net Amortizable intangible assets: Affiliate and customer relationships $ 616,197 $ (232,193) $ 384,004 6 to 25 years Advertiser relationships 46,282 (21,820) 24,462 11 years Trade names 113,075 (17,997) 95,078 3 to 20 years Other amortizable intangible assets 2,798 (1,711) 1,087 5 to 11 years Total amortizable intangible assets 778,352 (273,721) 504,631 Indefinite-lived intangible assets: Trademarks 19,900 — 19,900 Total intangible assets $ 798,252 $ (273,721) $ 524,531 (In thousands) December 31, 2018 Gross Accumulated Amortization Net Amortizable intangible assets: Affiliate and customer relationships $ 620,771 $ (198,500) $ 422,271 Advertiser relationships 46,282 (17,613) 28,669 Trade names 118,772 (17,971) 100,801 Other amortizable intangible assets 13,643 (6,377) 7,266 Total amortizable intangible assets 799,468 (240,461) 559,007 Indefinite-lived intangible assets: Trademarks 19,900 — 19,900 Total intangible assets $ 819,368 $ (240,461) $ 578,907 Aggregate amortization expense for amortizable intangible assets for the years ended December 31, 2019, 2018 and 2017 was $46.2 million, $43.0 million and $47.1 million, respectively. Estimated aggregate amortization expense for intangible assets subject to amortization for each of the following five years is: (In thousands) Years Ending December 31, 2020 $ 47,016 2021 46,579 2022 45,937 2023 45,502 2024 45,432 Impairment Test of Identifiable Indefinite-Lived Intangible Assets Based on the Company's 2019 annual impairment test for identifiable indefinite-lived intangible assets, no impairment charge was required. The Company's indefinite-lived intangible assets relate to SundanceTV trademarks, which were valued using a relief-from-royalty method in which the expected benefits are valued by discounting estimated royalty revenue over projected revenues covered by the trademarks. In order to evaluate the sensitivity of the fair value calculations for the Company's identifiable indefinite-lived intangible assets, the Company applied a hypothetical 20% decrease to the estimated fair value of the identifiable indefinite-lived intangible assets. This hypothetical decrease in estimated fair value would not result in an impairment. Significant judgments inherent in estimating the fair value of indefinite-lived intangible assets include the selection of appropriate discount and royalty rates, estimating the amount and timing of estimated future cash flows and identification of appropriate continuing growth rate assumptions. The discount rates used in the analysis are intended to reflect the risk inherent in the projected future cash flows generated by the respective intangible assets. |
Accrued Liabilities
Accrued Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Accrued Liabilities [Abstract] | |
Accrued Liabilities | Accrued Liabilities Accrued liabilities consist of the following: (In thousands) December 31, 2019 December 31, 2018 Employee related costs $ 89,753 $ 100,729 Participations and residuals 70,682 70,955 Interest 29,767 30,018 Other accrued expenses 61,012 63,216 Total accrued liabilities $ 251,214 $ 264,918 |
Long-term Debt
Long-term Debt | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Long-term Debt | Long-term Debt The Company's long-term debt consists of: (In thousands) December 31, 2019 December 31, 2018 Senior Secured Credit Facility: Term Loan A Facility $ 731,250 $ 750,000 Senior Notes: 4.75% Notes due August 2025 800,000 800,000 5.00% Notes due April 2024 1,000,000 1,000,000 4.75% Notes due December 2022 600,000 600,000 Other debt — 2,584 Total long-term debt 3,131,250 3,152,584 Unamortized discount (24,351) (29,181) Unamortized deferred financing costs (10,670) (13,848) Long-term debt, net 3,096,229 3,109,555 Current portion of long-term debt 56,250 21,334 Noncurrent portion of long-term debt $ 3,039,979 $ 3,088,221 Amended and Restated Senior Secured Credit Facility On July 28, 2017, AMC Networks entered into a Second Amended and Restated Credit Agreement (the "Credit Agreement") among AMC Networks and its subsidiary, AMC Network Entertainment LLC, as the Initial Borrowers, certain of AMC Networks' subsidiaries, as restricted subsidiaries, JPMorgan Chase Bank, N.A., as Administrative Agent, Collateral Agent and an L/C Issuer, Bank of America, as an L/C Issuer, and the lenders party thereto. The Credit Agreement amends and restates AMC Networks' prior credit agreement dated December 16, 2013 in its entirety. The Credit Agreement provides the Initial Borrowers with senior secured credit facilities consisting of (a) a $750 million Term Loan A (the "Term Loan A Facility") after giving effect to the approximate $400 million payment from the proceeds of the 4.75% Notes due 2025 described below and (b) a $500 million revolving credit facility (the "Revolving Facility") that was not drawn upon initially. Under the Credit Agreement, the maturity date of the Term Loan A Facility was extended to July 28, 2023 and the maturity date of the Revolving Facility was extended to July 28, 2022. Borrowings under the Credit Agreement bear interest at a floating rate, which at the option of the Initial Borrowers may be either (a) a base rate plus an additional rate ranging from 0.25% to 1.25% per annum (determined based on a cash flow ratio) (the "Base Rate"), or (b) a Eurodollar rate plus an additional rate ranging from 1.25% to 2.25% per annum (determined based on a cash flow ratio) (the "Eurodollar Rate"), provided that for the six month period following the closing date, the additional rate used in calculating both floating rates was (i) 0.50% per annum for borrowings bearing the Base Rate, and (ii) 1.50% per annum for borrowings bearing the Eurodollar Rate. The Credit Agreement requires the Initial Borrowers to pay a commitment fee of between 0.25% and 0.50% (determined based on a cash flow ratio) in respect of the average daily unused commitments under the Revolving Facility. The Initial Borrowers also are required to pay customary letter of credit fees, as well as fronting fees, to banks that issue letters of credit pursuant to the Credit Agreement. All obligations under the Credit Agreement are guaranteed by certain of the Initial Borrowers' existing and future domestic restricted subsidiaries in accordance with the Credit Agreement. All obligations under the Credit Agreement, including the guarantees of those obligations, are secured by certain assets of the Initial Borrowers and certain of their subsidiaries (collectively, the "Loan Parties"). The Credit Agreement contains certain affirmative and negative covenants applicable to the Loan Parties. These include restrictions on the Loan Parties' ability to incur indebtedness, make investments, place liens on assets, dispose of assets, enter into certain affiliate transactions and make certain restricted payments, including restrictions on AMC Networks' ability to pay dividends on and to repurchase its common stock. The Credit Agreement also requires the Initial Borrowers to comply with the following financial covenants: (i) a maximum ratio of net debt to annual operating cash flow (each defined in the Credit Agreement) of 6.00:1 initially and decreasing in steps down to 5.00:1 on and after January 1, 2022, subject to increase if AMC Networks consummates any leveraging acquisition; and (ii) a minimum ratio of annual operating cash flow to annual total interest expense (as defined in the Credit Agreement) of 2.50:1. The revolving credit facility was not drawn upon at December 31, 2019. The total undrawn revolver commitment is available to be drawn for our general corporate purposes. AMC Networks was in compliance with all of its financial covenants under the Credit Facility as of December 31, 2019. For the year ended December 31, 2017, in connection with the issuance of the 4.75% Notes due 2025 and the amendment to the Credit Agreement, AMC Networks incurred a loss on extinguishment of debt of $3.0 million for the write-off of a portion of unamortized deferred financing costs, and incurred financing costs of $10.4 million, of which $9.4 million were deferred and are being amortized, using the effective interest method, to interest expense over the term of the related borrowing, and $1.0 million were expensed when incurred. 4.75% Notes due 2025 On July 28, 2017, AMC Networks issued, and certain of AMC Networks' subsidiaries (hereinafter, the "Guarantors") guaranteed $800 million aggregate principal amount of senior notes due August 1, 2025 (the "4.75% Notes due 2025") in a registered public offering. The 4.75% Notes due 2025 were issued net of a $14.0 million underwriting discount. AMC Networks used approximately $400 million of the net proceeds to repay loans under AMC Networks' Term Loan A Facility and to pay fees and expenses related to the issuance. The remaining proceeds are for general corporate purposes. The 4.75% Notes due 2025 were issued pursuant to an indenture, dated as of March 30, 2016, as amended by the Second Supplemental Indenture, dated as of July 28, 2017. The 4.75% Notes due 2025 bear interest at a rate of 4.75% per annum and mature on August 1, 2025. Interest is payable semiannually on February 1 and August 1 of each year, commencing on February 1, 2018. The 4.75% Notes due 2025 are AMC Networks' general senior unsecured obligations and rank equally with all of AMC Networks' and the Guarantors' existing and future unsecured and unsubordinated indebtedness, but are effectively subordinated to all of AMC Networks' and the guarantors' existing and future secured indebtedness, including all borrowings and guarantees under the Credit Agreement referred to above, to the extent of the assets securing that indebtedness. The 4.75% Notes due 2025 are subject to redemption on the terms set forth in the Second Supplemental Indenture. The 4.75% Notes due 2025 may be redeemed, at AMC Networks' option, in whole or in part, at any time on or after August 1, 2021, at a redemption price equal to 102.375% of the principal amount thereof (plus accrued and unpaid interest thereon, if any, to the date of such redemption), declining annually to 100% of the principal amount thereof (plus accrued and unpaid interest thereon, if any, to the date of such redemption) beginning on August 1, 2023. In addition to the optional redemption of the 4.75% Notes due 2025 described above, at any time prior to August 1, 2020, AMC Networks may redeem up to 35% of the aggregate principal amount of the 4.75% Notes due 2025 at a redemption price equal to 104.750% of the principal amount thereof, plus accrued and unpaid interest and additional interest, if any, using the net proceeds of certain equity offerings. Finally, at any time prior to August 1, 2021, AMC Networks may redeem the 4.75% Notes due 2025, at its option in whole or in part, at any time and from time to time, at a redemption price equal to 100% of the principal amount thereof to be redeemed plus the "Applicable Premium" calculated as described in the Second Supplemental Indenture at the rate of T+50 basis points, and accrued and unpaid interest thereon, if any, to, but excluding, the redemption date. The indenture governing the 4.75% Notes due 2025 contains certain affirmative and negative covenants applicable to AMC Networks and its restricted subsidiaries including restrictions on their ability to incur additional indebtedness, consummate certain assets sales, make investments in entities that are not restricted subsidiaries, create liens on their assets, enter into certain affiliate transactions and make certain restricted payments, including restrictions on AMC Networks' ability to pay dividends on, or repurchase, its common stock. 5.00% Notes due 2024 On March 30, 2016, the Company issued $1.0 billion in aggregate principal amount of 5.00% senior notes due 2024 (the "5.00% Notes due 2024"), net of an issuance discount of $17.5 million. AMC Networks used $703 million of the net proceeds of this offering to make a cash tender ("Tender Offer") for its outstanding 7.75% Notes due 2021 (the "7.75% Notes"). In addition, $45.6 million of the proceeds from the issuance of the 5.00% Notes due 2024 was used for the redemption of the 7.75% Notes not tendered. The remaining proceeds are for general corporate purposes. The 5.00% Notes due 2024 were issued pursuant to an indenture dated as of March 30, 2016. In connection with the issuance of the 5.00% Notes due 2024, AMC Networks incurred deferred financing costs of $2.1 million, which are being amortized, using the effective interest method, to interest expense over the term of the 5.00% Notes due 2024. Interest on the 5.00% Notes due 2024 is payable semi-annually in arrears on April 1 and October 1 of each year. The 5.00% Notes due 2024 may be redeemed, in whole or in part, at any time on or after April 1, 2020, at a redemption price equal to 102.5% of the principal amount thereof (plus accrued and unpaid interest thereon, if any, to the date of such redemption), declining annually to 100% of the principal amount thereof (plus accrued and unpaid interest thereon, if any, to the date of such redemption) beginning on April 1, 2022. The 5.00% Notes due 2024 are guaranteed on a senior unsecured basis by the Guarantors, in accordance with the indenture governing the 5.00% Notes due 2024. The guarantees under the 5.00% Notes due 2024 are full and unconditional and joint and several. The indenture governing the 5.00% Notes due 2024 contains certain affirmative and negative covenants applicable to AMC Networks and its restricted subsidiaries including restrictions on their ability to incur additional indebtedness, consummate certain assets sales, make investments in entities that are not restricted subsidiaries, create liens on their assets, enter into certain affiliate transactions and make certain restricted payments, including restrictions on AMC Networks' ability to pay dividends on, or repurchase, its common stock. 4.75% Senior Notes due 2022 On December 17, 2012, AMC Networks issued $600 million in aggregate principal amount of its 4.75% senior notes, net of an issuance discount of $10.5 million, due December 15, 2022 (the "4.75% Notes due 2022"). AMC Networks used the net proceeds of this offering to repay the outstanding amount under its term loan B facility of approximately $587.6 million, with the remaining proceeds used for general corporate purposes. The 4.75% Notes due 2022 were issued pursuant to an indenture, and first supplemental indenture, each dated as of December 17, 2012. In connection with the issuance of the 4.75% Notes due 2022, AMC Networks incurred deferred financing costs of $1.5 million, which are being amortized, using the effective interest method, to interest expense over the term of the 4.75% Notes due 2022. Interest on the 4.75% Notes due 2022 accrues at the rate of 4.75% per annum and is payable semi-annually in arrears on June 15 and December 15 of each year. The 4.75% Notes due 2022 may be redeemed, in whole or in part, at a redemption price equal to 100.792% of the principal amount thereof (plus accrued and unpaid interest thereon, if any, to the date of such redemption), declining annually to 100% of the principal amount thereof (plus accrued and unpaid interest thereon, if any, to the date of such redemption) beginning on December 15, 2020. The 4.75% Notes due 2022 are guaranteed on a senior unsecured basis by the Guarantors, in accordance with the indenture governing the 4.75% Notes due 2022. The guarantees under the 4.75% Notes due 2022 are full and unconditional and joint and several. The indenture governing the 4.75% Notes due 2022 contains certain affirmative and negative covenants applicable to AMC Networks and its restricted subsidiaries including restrictions on their ability to incur additional indebtedness, consummate certain assets sales, make investments in entities that are not restricted subsidiaries, create liens on their assets, enter into certain affiliate transactions and make certain restricted payments, including restrictions on AMC Networks' ability to pay dividends on, or repurchase, its common stock. Summary of Debt Maturities Total amounts payable by the Company under its various debt obligations outstanding as of December 31, 2019 are as follows: (In thousands) Years Ending December 31, 2020 $ 56,250 2021 75,000 2022 675,000 2023 525,000 2024 1,000,000 Thereafter 800,000 |
Fair Value Measurement
Fair Value Measurement | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | Fair Value Measurement The fair value hierarchy is based on inputs to valuation techniques that are used to measure fair value that are either observable or unobservable. Observable inputs reflect assumptions market participants would use in pricing an asset or liability based on market data obtained from independent sources while unobservable inputs reflect a reporting entity's pricing based upon their own market assumptions. The fair value hierarchy consists of the following three levels: • Level I—Quoted prices for identical instruments in active markets. • Level II—Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable. • Level III—Instruments whose significant value drivers are unobservable. The following table presents for each of these hierarchy levels, the Company's financial assets and liabilities that are measured at fair value on a recurring basis at December 31, 2019 and December 31, 2018: (In thousands) Level I Level II Level III Total At December 31, 2019: Assets: Cash equivalents $ 191,214 $ — $ — $ 191,214 Marketable securities 4,448 — — 4,448 Foreign currency derivatives — 1,884 — 1,884 Liabilities: Interest rate swap contracts — 1,966 — 1,966 Foreign currency derivatives — 1,888 — 1,888 At December 31, 2018: Assets: Cash equivalents $ 68,498 $ — $ — $ 68,498 Marketable securities 1,173 — — 1,173 Foreign currency derivatives — 3,509 — 3,509 Liabilities: Interest rate swap contracts — 356 — 356 Foreign currency derivatives — 3,121 — 3,121 The Company's cash equivalents and marketable securities are classified within Level I of the fair value hierarchy because they are valued using quoted market prices. The Company's interest rate swap contracts and foreign currency derivatives are classified within Level II of the fair value hierarchy and their fair values are determined based on a market approach valuation technique that uses readily observable market parameters and the consideration of counterparty risk. At December 31, 2019, the Company does not have any other assets or liabilities measured at fair value on a recurring basis that would be considered Level III. Fair value measurements are also used in nonrecurring valuations performed in connection with acquisition accounting. These nonrecurring valuations primarily include the valuation of affiliate and customer relationships intangible assets, advertiser relationship intangible assets and property and equipment. All of our nonrecurring valuations use significant unobservable inputs and therefore fall under Level III of the fair value hierarchy. Credit Facility Debt and Senior Notes The fair values of each of the Company's debt instruments are based on quoted market prices for the same or similar issues or on the current rates offered to the Company for instruments of the same remaining maturities. The carrying values and estimated fair values of the Company's financial instruments, excluding those that are carried at fair value in the consolidated balance sheets are summarized as follows: (In thousands) December 31, 2019 Carrying Amount Estimated Fair Value Debt instruments: Term Loan A Facility $ 723,560 $ 724,303 4.75% Notes due August 2025 788,247 803,000 5.00% Notes due April 2024 988,609 1,020,000 4.75% Notes due December 2022 595,813 605,250 Other debt — — $ 3,096,229 $ 3,152,553 (In thousands) December 31, 2018 Carrying Estimated Debt instruments: Term Loan A facility $ 739,710 $ 738,750 4.75% Notes due August 2025 786,458 720,000 5.00% Notes due April 2024 986,275 947,500 4.75% Notes due December 2022 594,528 580,500 Other debt 2,584 2,584 $ 3,109,555 $ 2,989,334 Fair value estimates related to the Company's debt instruments presented above are made at a specific point in time, based on relevant market information and information about the financial instrument. These estimates are subjective in nature and involve uncertainties and matters of significant judgments and therefore cannot be determined with precision. Changes in assumptions could significantly affect the estimates. |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments Interest Rate Risk To manage interest rate risk, the Company enters into interest rate swap contracts to adjust the amount of total debt that is subject to variable interest rates. Such contracts effectively fix the borrowing rates on floating rate debt to limit the exposure against the risk of rising interest rates. The Company does not enter into interest rate swap contracts for speculative or trading purposes and it has only entered into interest rate swap contracts with financial institutions that it believes are creditworthy counterparties. The Company monitors the financial institutions that are counterparties to its interest rate swap contracts and to the extent possible diversifies its swap contracts among various counterparties to mitigate exposure to any single financial institution. The Company's risk management objective and strategy with respect to interest rate swap contracts is to protect the Company against adverse fluctuations in interest rates by reducing its exposure to variability in cash flows relating to interest payments on a portion of its outstanding debt. The Company is meeting its objective by hedging the risk of changes in its cash flows (interest payments) attributable to changes in the LIBOR index rate, the designated benchmark interest rate being hedged (the "hedged risk"), on an amount of the Company's debt principal equal to the then-outstanding swap notional. The forecasted interest payments are deemed to be probable of occurring. The Company assesses, both at the hedge's inception and on an ongoing basis, hedge effectiveness based on the overall changes in the fair value of the interest rate swap contracts. Hedge effectiveness of the interest rate swap contracts is based on a hypothetical derivative methodology. Any ineffective portion of an interest rate swap contract which is designated as a hedging instrument is recorded in current-period earnings. Changes in fair value of interest rate swap contracts not designated as hedging instruments are also recognized in earnings and included in interest expense. As of December 31, 2019, the Company had interest rate swap contracts outstanding with notional amounts aggregating $100.0 million that are designated as cash flow hedges. The Company's outstanding interest rate swap contracts mature in December 2021. Foreign Currency Exchange Rate Risk We are exposed to foreign currency risk to the extent that we enter into transactions denominated in currencies other than our subsidiaries' respective functional currencies (non-functional currency risk), such as affiliation agreements, programming contracts, certain trade receivables and accounts payable (including intercompany amounts) that are denominated in a currency other than the applicable functional currency. To manage foreign currency exchange rate risk, the Company may enter into foreign currency contracts from time to time with financial institutions to limit the exposure to fluctuations in foreign currency exchange rates. The Company does not enter into foreign currency contracts for speculative or trading purposes. In certain circumstances, the Company enters into contracts that are settled in currencies other than the functional or local currencies of the contracting parties. Accordingly, these contracts consist of the underlying operational contract and an embedded foreign currency derivative element. Hedge accounting is not applied to the embedded foreign currency derivative element and changes in their fair values are included in miscellaneous, net in the consolidated statement of income. Other Derivatives During 2018, the Company exercised RLJE Warrants (See Note 7). In addition, the interest on the RLJE Term Loans to be paid in shares of RLJE common stock (prior to the acquisition) is an embedded derivative. Both the RLJE Warrants and the embedded derivative for the future interest to be paid in shares of RLJE common stock were remeasured at the end of each period with changes in fair value recorded in the consolidated statement of income. For the years ended December 31, 2018 and 2017, the Company recorded a gain of $30.2 million and $20.2 million, respectively, related to the RLJE Warrants which is included in miscellaneous, net in the consolidated statement of income. The fair values of the Company's derivative financial instruments included in the consolidated balance sheets are as follows: (In thousands) Balance Sheet Location December 31, 2019 2018 Derivatives designated as hedging instruments: Liabilities: Interest rate swap contracts Accrued liabilities $ 1,966 $ 356 Derivatives not designated as hedging instruments: Assets: Foreign currency derivatives Prepaid expenses and other current assets $ 891 $ 1,452 Foreign currency derivatives Other assets 993 2,057 Liabilities: Foreign currency derivatives Accrued liabilities $ 687 $ 700 Foreign currency derivatives Other liabilities 1,202 2,421 The amount of the gains and losses related to the Company's derivative financial instruments designated as hedging instruments are as follows: (In thousands) Gain or (Loss) on Derivatives Location of Gain or (Loss) in Earnings Gain or (Loss) Reclassified Years Ended December 31, Years Ended December 31, 2019 2018 2019 2018 Derivatives in cash flow hedging relationships: Interest rate swap contracts $ (1,609) $ (356) Interest expense $ 295 $ — (a) There were no gains or losses recognized in earnings related to any ineffective portion of the hedging relationship or related to any amount excluded from the assessment of hedge effectiveness for the years ended December 31, 2019 and 2018. The amount of the gains and losses related to the Company's derivative financial instruments not designated as hedging instruments are as follows: (In thousands) Location of Gain (Loss) Recognized in Earnings on Derivatives Amount of Gain (Loss) Recognized in Earnings on Derivatives Years Ended December 31, 2019 2018 2017 Interest rate swap contracts Interest expense $ — $ (1,444) $ 3 Foreign currency derivatives Miscellaneous, net 301 1,279 (2,958) Other derivatives Miscellaneous, net — 42,092 24,223 Total $ 301 $ 41,927 $ 21,268 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Leases | Leases Certain subsidiaries of the Company lease office space and equipment under long-term non-cancelable lease agreements which expire at various dates through 2034. Leases with an initial term of 12 months or less are not recorded on the balance sheet, instead the lease expense is recorded on a straight-line basis over the lease term. For lease agreements entered into, we combine lease and non-lease components. Some leases include options to extend the lease term or terminate the lease prior to the end of the lease term. The depreciable life of assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. The leases generally provide for fixed annual rentals plus certain other costs or credits. Some leases include rental payments based on a percentage of revenue over contractual levels or based on an index or rate. Our lease agreements do not include any material residual value guarantees or material restrictive covenants. The following table summarizes the leases included in the consolidated balance sheets as follows: (In thousands) Balance Sheet Location December 31, 2019 Assets Operating Operating lease right-of-use assets $ 170,056 Finance Property and equipment, net 15,713 Total lease assets $ 185,769 Liabilities Current: Operating Current portion of lease obligations $ 30,171 Finance Current portion of lease obligations 3,788 33,959 Noncurrent: Operating Lease obligations 193,570 Finance Lease obligations 17,477 211,047 Total lease liabilities $ 245,006 As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the lease commencement date. Upon transition to ASC Topic 842, the Company used the incremental borrowing rate on January 1, 2019 for all operating leases that commenced prior to that date. The following table summarizes the lease costs included in the consolidated statement of income: (In thousands) Income Statement Location December 31, 2019 Operating lease costs SG&A expenses $ 33,184 Finance lease costs: Amortization of leased assets Depreciation and amortization 2,472 Interest on lease liabilities Net interest expense 2,513 Short term lease costs SG&A expenses 3,309 Variable lease costs SG&A expenses 1,068 Total net lease costs $ 42,546 The following table summarizes the maturity of lease liabilities for operating and finance leases: (In thousands) Operating Leases Finance Leases Total 2020 $ 39,446 $ 5,863 $ 45,309 2021 32,681 4,389 37,070 2022 34,330 4,416 38,746 2023 34,915 4,442 39,357 2024 34,391 4,469 38,860 Thereafter 92,963 5,197 98,160 Total lease payments 268,726 28,776 297,502 Less: Interest 44,990 7,506 52,496 Present value of lease liabilities $ 223,736 $ 21,270 $ 245,006 The following table summarizes the weighted average remaining lease term and discount rate for operating and finance leases: December 31, 2019 Weighted average remaining lease term (years): Operating leases 7.7 Finance leases 5.9 Weighted average discount rate: Operating leases 4.8 % Finance leases 10.5 % The following table summarizes the supplemental cash paid for amounts in the measurement of lease liabilities: December 31, 2019 Operating cash flows from operating leases $ 26,758 Financing cash flows from finance leases $ 5,115 Rent expense for the years ended December 31, 2019, 2018 and 2017 amounted to $38.8 million, $38.0 million and $31.7 million, respectively. |
Leases | Leases Certain subsidiaries of the Company lease office space and equipment under long-term non-cancelable lease agreements which expire at various dates through 2034. Leases with an initial term of 12 months or less are not recorded on the balance sheet, instead the lease expense is recorded on a straight-line basis over the lease term. For lease agreements entered into, we combine lease and non-lease components. Some leases include options to extend the lease term or terminate the lease prior to the end of the lease term. The depreciable life of assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. The leases generally provide for fixed annual rentals plus certain other costs or credits. Some leases include rental payments based on a percentage of revenue over contractual levels or based on an index or rate. Our lease agreements do not include any material residual value guarantees or material restrictive covenants. The following table summarizes the leases included in the consolidated balance sheets as follows: (In thousands) Balance Sheet Location December 31, 2019 Assets Operating Operating lease right-of-use assets $ 170,056 Finance Property and equipment, net 15,713 Total lease assets $ 185,769 Liabilities Current: Operating Current portion of lease obligations $ 30,171 Finance Current portion of lease obligations 3,788 33,959 Noncurrent: Operating Lease obligations 193,570 Finance Lease obligations 17,477 211,047 Total lease liabilities $ 245,006 As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the lease commencement date. Upon transition to ASC Topic 842, the Company used the incremental borrowing rate on January 1, 2019 for all operating leases that commenced prior to that date. The following table summarizes the lease costs included in the consolidated statement of income: (In thousands) Income Statement Location December 31, 2019 Operating lease costs SG&A expenses $ 33,184 Finance lease costs: Amortization of leased assets Depreciation and amortization 2,472 Interest on lease liabilities Net interest expense 2,513 Short term lease costs SG&A expenses 3,309 Variable lease costs SG&A expenses 1,068 Total net lease costs $ 42,546 The following table summarizes the maturity of lease liabilities for operating and finance leases: (In thousands) Operating Leases Finance Leases Total 2020 $ 39,446 $ 5,863 $ 45,309 2021 32,681 4,389 37,070 2022 34,330 4,416 38,746 2023 34,915 4,442 39,357 2024 34,391 4,469 38,860 Thereafter 92,963 5,197 98,160 Total lease payments 268,726 28,776 297,502 Less: Interest 44,990 7,506 52,496 Present value of lease liabilities $ 223,736 $ 21,270 $ 245,006 The following table summarizes the weighted average remaining lease term and discount rate for operating and finance leases: December 31, 2019 Weighted average remaining lease term (years): Operating leases 7.7 Finance leases 5.9 Weighted average discount rate: Operating leases 4.8 % Finance leases 10.5 % The following table summarizes the supplemental cash paid for amounts in the measurement of lease liabilities: December 31, 2019 Operating cash flows from operating leases $ 26,758 Financing cash flows from finance leases $ 5,115 Rent expense for the years ended December 31, 2019, 2018 and 2017 amounted to $38.8 million, $38.0 million and $31.7 million, respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Income (loss) from continuing operations before income taxes consists of the following components: (In thousands) Years Ended December 31, 2019 2018 2017 Domestic $ 529,451 $ 587,346 $ 618,955 Foreign (43,265) 32,927 21,423 Total $ 486,186 $ 620,273 $ 640,378 Income tax expense attributable to continuing operations consists of the following components: (In thousands) Years Ended December 31, 2019 2018 2017 Current expense: Federal $ 81,459 $ 80,360 $ 162,639 State 12,657 13,663 14,301 Foreign 24,608 25,001 17,382 118,724 119,024 194,322 Deferred expense (benefit): Federal (2,216) 34,636 (38,416) State (98) 3,627 (2,436) Foreign (36,602) (4,896) (7,813) (38,916) 33,367 (48,665) Tax expense (benefit) relating to uncertain tax positions, including accrued interest (1,338) 3,915 5,084 Income tax expense $ 78,470 $ 156,306 $ 150,741 A reconciliation of the federal statutory income tax rate to the effective income tax rate is as follows: (In thousands) Years Ended December 31, 2019 2018 2017 U.S. federal statutory income tax rate 21 % 21 % 35 % State and local income taxes, net of federal benefit 2 2 2 Effect of foreign operations 2 — (1) Effect of rate changes on deferred taxes (a) — (2) (11) Transition tax, net of foreign taxes deemed paid — — 2 Nontaxable income attributable to noncontrolling interests (1) (1) (1) Changes in the valuation allowance (b) (4) 3 — Domestic production activity deduction — — (3) Tax expense relating to uncertain tax positions, including accrued interest, net of deferred tax benefits — — 1 Deferral of investment tax credit benefit (c) (2) Other (2) 2 — Effective income tax rate 16 % 25 % 24 % (a) The benefits related to effects of rate changes in the years ended December 31, 2018 and 2017, primarily relate to the one-time impact of the change in the corporate tax rate on deferred tax assets and liabilities as enacted by the Tax Cuts and Jobs Act (enacted December 22, 2017) and the one-time rate change on deferred tax assets and liabilities that resulted from the extension of certain television production cost deductions included in the Bipartisan Budget Act of 2018 (enacted February 9, 2018) and return to provision adjustments. (b) In the year ended December 31, 2019, the decrease in valuation allowance relates primarily to the expected utilization of foreign net operating loss carryforwards resulting from the reorganization of intellectual property amongst the Company’s international subsidiaries. In the year ended December 31, 2018, the increase in valuation allowance relates primarily to a change in judgement related to U.S. foreign tax credits. (c) In the year ended December 31, 2019, the deferral of investment tax credit benefit relates to the income tax benefit recognized from investment tax credits recorded using the deferral method of accounting. The tax effects of temporary differences that give rise to significant components of deferred tax assets or liabilities at December 31, 2019 and 2018 are as follows: (In thousands) December 31, 2019 2018 Deferred Tax Asset (Liability) NOLs and tax credit carry forwards $ 103,407 $ 123,487 Compensation and benefit plans 27,835 29,294 Allowance for doubtful accounts 428 981 Fixed assets and intangible assets 37,893 24,150 Accrued interest expense 7,202 8,832 Other liabilities 27,276 24,594 Deferred tax asset 204,041 211,338 Valuation allowance (59,584) (95,185) Net deferred tax asset 144,457 116,153 Prepaid liabilities (530) (514) Fixed assets and intangible assets (93,300) (90,960) Investments in partnerships (105,062) (121,156) Other assets (30,931) (29,694) Deferred tax liability (229,823) (242,324) Total net deferred tax liability $ (85,366) $ (126,171) At December 31, 2019, the Company had investment tax credit carry forwards of approximately $33.7 million, expiring on various dates from 2031 through 2034 and foreign tax credit carry forwards of approximately $28.9 million, expiring on various dates from 2020 through 2029, which have been reduced by a valuation allowance of $28.1 million as it is more likely than not that these carry forwards will not be realized. The Company had net operating loss carry forwards of approximately $466.7 million, related primarily to federal and state net operating losses acquired as a result of the purchase of the outstanding shares of RLJE of approximately $158.5 million and to net operating loss carryforwards of our foreign subsidiaries. The deferred tax asset related to the federal and state net operating loss carryforward of approximately $27.8 million has expiration dates ranging from 2022 through 2037 and has been reduced by a valuation allowance of approximately $9.9 million that was recorded through goodwill as part of purchase accounting. Although the foreign net operating loss carry forward periods range from 5 years to unlimited, the related deferred tax assets of approximately $45.2 million for these carry forwards have been reduced by a valuation allowance of approximately $20.2 million as it is more likely than not that these carry forwards will not be realized. The remainder of the valuation allowance at December 31, 2019 relates primarily to deferred tax assets attributable to temporary differences of certain foreign subsidiaries for which it is more likely than not that these deferred tax assets will not be realized. For the year ended December 31, 2019, $1.3 million relating to amortization of tax deductible second component goodwill was realized as a reduction in tax liability (as determined on a 'with-and-without' approach). At December 31, 2019, the liability for uncertain tax positions was $18.6 million, excluding the related accrued interest liability of $4.6 million and deferred tax assets of $4.1 million. All of such unrecognized tax benefits, if recognized, would reduce the Company's income tax expense and effective tax rate. A reconciliation of the beginning to ending amount of the liability for uncertain tax positions (excluding related accrued interest and deferred tax benefit) is as follows: (In thousands) Balance at December 31, 2018 $ 23,169 Increases related to current year tax positions 2,043 Increases related to prior year tax positions 4,880 Decreases related to prior year tax positions (6,324) Decreases due to settlements/payments (4,809) Decreases due to lapse of statute (371) Balance at December 31, 2019 $ 18,588 Interest expense (net of the related deferred tax benefit) of $1.0 million was recognized during the year ended December 31, 2019 and is included in income tax expense in the consolidated statement of income. At December 31, 2019 and 2018, the liability for uncertain tax positions and related accrued interest noted above are included in other liabilities in the consolidated balance sheets. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | Commitments and Contingencies Commitments (In thousands) Payments due by period Total Year 1 Years 2 - 3 Years 4 - 5 More than 5 years Purchase obligations (1) $ 933,444 $ 291,108 $ 178,419 $ 51,202 $ 412,715 Total $ 933,444 $ 291,108 $ 178,419 $ 51,202 $ 412,715 (1) Purchase obligations consist primarily of program rights obligations, participations, residuals, and transmission and marketing commitments. Legal Matters On December 17, 2013, Frank Darabont ("Darabont"), Ferenc, Inc., Darkwoods Productions, Inc., and Creative Artists Agency, LLC (together, the "2013 Plaintiffs"), filed a complaint in New York Supreme Court in connection with Darabont's rendering services as a writer, director and producer of the television series entitled The Walking Dead and the agreement between the parties related thereto. The Plaintiffs asserted claims for breach of contract, breach of the covenant of good faith and fair dealing, for an accounting and for declaratory relief. On August 19, 2015, Plaintiffs filed their First Amended Complaint (the "Amended Complaint"), in which they retracted their claims for wrongful termination and failure to apply production tax credits in calculating Plaintiffs' contingent compensation. Plaintiffs also added a claim that Darabont is entitled to a larger share, on a percentage basis, of contingent compensation than he is currently being accorded. On September 26, 2016, Plaintiffs filed their note of issue and certificate of readiness for trial, which included a claim for damages of no less than $280 million. The parties each filed motions for summary judgment. Oral arguments of the summary judgment motions took place on September 15, 2017. On April 19, 2018, the Court granted the Company’s motion for leave to submit supplemental summary judgment briefing. A hearing on the supplemental summary judgment submissions was held on June 13, 2018. On December 10, 2018, the Court denied Plaintiffs' motion for partial summary judgment and granted in part Defendants' motion for summary judgment, dismissing four of Plaintiffs' causes of action. The Company believes that the remaining claims are without merit, denies the allegations and continues to defend the case vigorously. At this time, no determination can be made as to the ultimate outcome of this litigation or the potential liability, if any, on the part of the Company. On January 18, 2018, the 2013 Plaintiffs filed a second action in New York Supreme Court in connection with Darabont’s services on The Walking Dead television series and agreements between the parties related thereto. The claims in the action allegedly arise from Plaintiffs' audit of their participation statements covering the accounting period from inception of The Walking Dead through September 30, 2014. Plaintiffs seek no less than $20 million in damages on claims for breach of contract, breach of the covenant of good faith and fair dealing, and declaratory relief. The Company filed an Answer to the Complaint on April 16, 2018. On August 30, 2018, Plaintiff's filed an Amended Complaint, and on September 19, 2018, the Company answered. The parties have agreed to consolidate this action for a joint trial with the action Plaintiffs filed in the New York Supreme Court on December 17, 2013. Following the conclusion of discovery, the Company filed a motion for summary judgment seeking the dismissal of the second action which is expected to be fully briefed by March 2, 2020. Pending the outcome of the Company’s motion for summary judgment, the trial is scheduled to begin on June 1, 2020. The Company believes that the asserted claims are without merit, denies the allegations and will defend the case vigorously. At this time, no determination can be made as to the ultimate outcome of this litigation or the potential liability, if any, on the part of the Company. On August 14, 2017, Robert Kirkman, Robert Kirkman, LLC, Glen Mazzara, 44 Strong Productions, Inc., David Alpert, Circle of Confusion Productions, LLC, New Circle of Confusion Productions, Inc., Gale Anne Hurd, and Valhalla Entertainment, Inc. f/k/a Valhalla Motion Pictures, Inc. (together, the "California Plaintiffs") filed a complaint in California Superior Court in connection with California Plaintiffs’ rendering of services as writers and producers of the television series entitled The Walking Dead , as well as Fear the Walking Dead and/or Talking Dead , and the agreements between the parties related thereto (the "California Action"). The California Plaintiffs asserted that the Company has been improperly underpaying the California Plaintiffs under their contracts with the Company and they assert claims for breach of contract, breach of the covenant of good faith and fair dealing, inducing breach of contract, and liability for violation of Cal. Bus. & Prof. Code § 17200. On August 15, 2017, two of the California Plaintiffs, Gale Anne Hurd and David Alpert (and their associated loan-out companies), along with Charles Eglee and his loan-out company, United Bongo Drum, Inc., filed a complaint in New York Supreme Court alleging nearly identical claims as the California Action (the "New York Action"). Hurd, Alpert, and Eglee filed the New York Action in connection with their contract claims involving The Walking Dead because their agreements contained exclusive New York jurisdiction provisions. On October 23, 2017, the parties stipulated to discontinuing the New York Action without prejudice and consolidating all of the claims in the California Action. The California Plaintiffs seek compensatory and punitive damages and restitution. The Company filed an Answer on April 30, 2018 and believes that the asserted claims are without merit and will vigorously defend against them. On August 8, 2019, the judge in the California Action ordered a trial to resolve certain issues of contract interpretation only. Such trial commenced on February 10, 2020 and is expected to conclude on March 9 and 10, 2020. At this time, no determination can be made as to the ultimate outcome of this litigation or the potential liability, if any, on the part of the Company. The Company is party to various lawsuits and claims in the ordinary course of business, including the matters described above. Although the outcome of these matters cannot be predicted with certainty and while the impact of these matters on the Company's results of operations in any particular subsequent reporting period could be material, management does not believe that the resolution of these matters will have a material adverse effect on the financial position of the Company or the ability of the Company to meet its financial obligations as they become due. |
Redeemable Noncontroling Intere
Redeemable Noncontroling Interests | 12 Months Ended |
Dec. 31, 2019 | |
Noncontrolling Interest [Abstract] | |
Redeemable Noncontrolling Interests | Redeemable Noncontrolling Interests In connection with the 2018 acquisition of RLJE, the terms of the operating agreement provide the noncontrolling member with a right to put all of its noncontrolling interest to a subsidiary of the Company at the greater of the then fair market value or enterprise value of RLJE, in each case pursuant to the operating agreement and applied to the equity interest. The put option is exercisable following the seventh anniversary of the agreement, or earlier upon a change of control. In connection with the 2018 acquisition of Levity, the terms of the operating agreement provide the noncontrolling interest holders with a right to put 50% of their interests to a subsidiary of the Company on the fourth anniversary of the agreement and a right to put all of their interests to the Company on the sixth anniversary of the agreement. The put rights are at fair market value. In 2014, the Company, through a wholly-owned subsidiary, acquired 49.9% of the limited liability company interests of New Video Channel America L.L.C, that owns the cable channel BBC AMERICA. In connection with acquisition, the terms of the agreement provide the BBC with a right to put all of its 50.1% noncontrolling interest to a subsidiary of the Company at the greater of the then fair value or the fair value of the initial equity interest at the closing date of the agreement. The put option is exercisable on the fifteenth and twenty-fifth anniversary of the joint venture agreement. Because exercise of these put rights is outside the Company's control, the noncontrolling interest in each entity is presented as redeemable noncontrolling interest outside of stockholders' equity on the Company's consolidated balance sheet. The activity reflected within redeemable noncontrolling interests for the years ended December 31, 2019 and 2018 is presented below. (In thousands) Redeemable Noncontrolling Interest December 31, 2017 $ 218,604 Net earnings 15,026 Distributions (11,450) Additions from acquisitions 77,378 December 31, 2018 299,558 Net earnings 22,320 Distributions (12,120) Other (307) December 31, 2019 $ 309,451 |
Equity and Long-Term Incentive
Equity and Long-Term Incentive Plans | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Equity And Long-Term Incentive Plans | Equity and Long-Term Incentive Plans On June 8, 2016, the Company's shareholders approved the AMC Networks Inc. 2016 Employee Stock Plan (the "2016 Employee Stock Plan") and the AMC Networks Inc. 2016 Executive Cash Incentive Plan (the "2016 Cash Incentive Plan"). On June 5, 2012, the Company's shareholders approved the AMC Networks Inc. 2011 Stock Plan for Non-Employee Directors (the "2011 Non-Employee Director Plan"). Equity Plans The 2016 Employee Stock Plan provides for the grants of incentive stock options, non-qualified stock options, stock appreciation rights, restricted shares, restricted stock units and other equity-based awards (collectively, "awards"). Under the 2016 Employee Stock Plan, the Company may grant awards for up to 6,000,000 shares of AMC Networks Class A Common Stock (subject to certain adjustments). Equity-based awards granted under the 2016 Employee Stock Plan must be granted with an exercise price of not less than the fair market value of a share of AMC Networks Class A Common Stock on the date of grant and must expire no later than 10 years from the date of grant. The terms and conditions of awards granted under the 2016 Employee Stock Plan, including vesting and exercisability, are determined by the Compensation Committee of the Board of Directors ("Compensation Committee") and may include terms or conditions based upon performance criteria. Awards issued to employees under the 2016 Employee Stock Plan will settle in shares of the Company's Class A Common Stock (either from treasury or with newly issued shares), or, at the option of the Compensation Committee, in cash. As of December 31, 2019, there are 1,727,879 share awards available for future grant under the 2016 Employee Stock Plan. For the purpose of calculating the remaining shares available for issuance under the 2016 Employee Stock Plan, awards containing performance criteria are excluded based on the maximum potential performance target that can be achieved. Under the 2011 Non-Employee Director Plan, the Company is authorized to grant non-qualified stock options, restricted stock units, restricted shares, stock appreciation rights and other equity-based awards. The Company may grant awards for up to 465,000 shares of AMC Networks Class A Common Stock (subject to certain adjustments). Stock options under the 2011 Non-Employee Director Plan must be granted with an exercise price of not less than the fair market value of a share of AMC Networks Class A Common Stock on the date of grant and must expire no later than 10 years from the date of grant. The terms and conditions of awards granted under the 2011 Non-Employee Director Plan, including vesting and exercisability, are determined by the Compensation Committee. Unless otherwise provided in an applicable award agreement, stock options granted under this plan will be fully vested and exercisable, and restricted stock units granted under this plan will be fully vested, upon the date of grant and will settle in shares of the Company's Class A Common Stock (either from treasury or with newly issued shares), or, at the option of the Compensation Committee, in cash, on the first business day after ninety days from the date the director's service on the Board of Directors ceases or, if earlier, upon the director's death. As of December 31, 2019, there are 121,345 shares available for future grant under the 2011 Non-Employee Director Plan. Restricted Stock Unit Activity The following table summarizes activity relating to Company employees who held AMC Networks restricted stock units for the year ended December 31, 2019: Number of Restricted Stock Units Number of Performance Restricted Stock Units Weighted Average Fair Value Per Stock Unit at Date of Grant Unvested award balance, December 31, 2017 1,120,041 1,816,147 $ 62.53 Granted 587,471 887,807 $ 52.76 Released/Vested (531,655) (227,852) $ 66.58 Canceled/Forfeited (294,380) (91,335) $ 59.80 Unvested award balance, December 31, 2018 881,477 2,384,767 $ 57.49 Granted 371,673 582,282 $ 61.69 Released/Vested (410,865) (519,531) $ 60.74 Canceled/Forfeited (81,854) (77,617) $ 55.85 Unvested award balance, December 31, 2019 760,431 2,369,901 $ 57.89 All restricted stock units granted vest ratably over a three four The target number of PRSUs granted represents the right to receive a corresponding number of shares, subject to adjustment based on the performance of the Company against target performance criteria for a three The following table summarizes activity relating to Non-employee Directors who held AMC Networks restricted stock units for the year ended December 31, 2019: Number of Restricted Stock Units Weighted Average Vested award balance, December 31, 2017 187,446 $ 53.20 Granted 32,210 $ 61.38 Released/Vested — $ — Vested award balance, December 31, 2018 219,656 $ 54.40 Granted 34,678 $ 54.42 Released/Vested (4,566) $ 55.90 Vested award balance, December 31, 2019 249,768 $ 54.38 Stock Option Award Activity The following table summarizes activity relating to employees of the Company who held unvested AMC Networks stock options for the year ended December 31, 2019: Shares Under Option Weighted Average Exercise Price Per Share Weighted Average Contractual Term (in years) Aggregate Intrinsic Value(a) Time Vesting Options Balance, December 31, 2017 388,385 $ 48.26 8.79 $ 2,260 Exercised (89,462) $ — Balance, December 31, 2018 298,923 $ 48.26 7.79 $ 1,979 Exercised (95,962) Balance, December 31, 2019 202,961 $ 48.26 6.79 $ — Options exercisable at December 31, 2019 202,961 $ 48.26 6.79 $ — Options expected to vest in the future — $ — — $ — (a) The aggregate intrinsic value is calculated as the difference between (i) the exercise price of the underlying award and (ii) the quoted price of AMC Networks Class A Common Stock on the reporting date, as indicated. Share-based Compensation Expense The Company recorded share-based compensation expense of $64.1 million, $61.0 million and $53.5 million, reduced for forfeitures, for the years ended December 31, 2019, 2018 and 2017, respectively. Forfeitures are estimated based on historical experience. To the extent actual results of forfeitures differ from those estimates, such amounts are recorded as an adjustment in the period the estimates are revised. Share-based compensation expense is recognized in the consolidated statements of income as part of selling, general and administrative expenses. As of December 31, 2019, there was $70.7 million of total unrecognized share-based compensation costs related to Company employees who held unvested AMC Networks restricted stock units and options. The unrecognized compensation cost is expected to be recognized over a weighted-average remaining period of approximately 1.93 years. There were no costs related to share-based compensation that were capitalized. The Company receives income tax deductions related to restricted stock units, stock options or other equity awards granted to its employees by the Company. The Company uses the 'with-and-without' approach to determine the recognition and measurement of excess tax benefits and deficiencies. Cash flows resulting from excess tax benefits and deficiencies are classified along with other income tax cash flows as an operating activity. Excess tax benefits are realized tax benefits from tax deductions for options exercised and restricted shares issued, in excess of the deferred tax asset attributable to stock compensation costs for such awards. Excess tax deficiencies are realized deficiencies from tax deductions being less than the deferred tax asset. Excess tax benefits of $0.1 million were recorded for the year ended December 31, 2019 and excess tax deficiencies of $2.0 million, and $2.2 million were recorded for the years ended December 31, 2018 and 2017, respectively. Long-Term Incentive Plans Under the terms of the 2016 Cash Incentive Plan, the Company is authorized to grant a cash or equity based award to certain employees. The terms and conditions of such awards are determined by the Compensation Committee of the Company's Board of Directors, may include the achievement of certain performance criteria and may extend for a period not to exceed ten years. Beginning in 2016, the Company has granted long-term incentive awards in the form of PRSUs whereas cash awards were issued in prior years. In connection with the long-term incentive awards outstanding, the Company recorded expense of $1.3 million and $7.5 million for the years ended December 31, 2018 and 2017 respectively. |
Benefit Plans
Benefit Plans | 12 Months Ended |
Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |
Benefit Plans | Benefit Plans Certain employees of the Company participate in the AMC Networks 401(k) Savings Plan (the "401(k) Plan"), a qualified defined contribution plan, and the AMC Networks Excess Savings Plan (the "Excess Savings Plan"), a non-qualified deferred compensation plan. Under the 401(k) Plan, participating Company employees may contribute into their plan accounts a percentage of their eligible pay on a before-tax basis as well as a percentage of their eligible pay on an after-tax basis. The Company makes matching contributions on behalf of participating employees in accordance with the terms of the 401(k) Plan. In addition to the matching contribution, the Company may make a discretionary year-end contribution to employee 401(k) Plan and Excess Savings Plan accounts, subject to certain conditions. Total expense related to all benefit plans was $8.3 million, $5.9 million and $9.1 million for the years ended December 31, 2019, 2018 and 2017, respectively. The Company does not provide postretirement benefits for any of its employees. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party TransactionsOn June 30, 2011, Cablevision spun off the Company (the "Distribution") and the Company became an independent public company. At the time of the Distribution, both Cablevision and AMC Networks were controlled by Charles F. Dolan, certain members of his immediate family and certain family related entities (collectively the "Dolan Family"). Members of the Dolan Family, for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended, including trusts for the benefit of the Dolan Family, collectively beneficially own all of the Company's outstanding Class B Common Stock and own approximately 2% of the Company's outstanding Class A Common Stock. Such shares of the Company's Class A Common Stock and Class B Common Stock, collectively, represent approximately 73% of the aggregate voting power of the Company's outstanding common stock. Members of the Dolan Family are also the controlling stockholders of The Madison Square Garden Company ("MSG") and MSG Networks Inc. ("MSG Networks"). The Company provides services to and receives services from MSG and MSG Networks. Revenues, net AMC Networks Broadcasting & Technology has entered into agreements with MSG Networks to provide various transponder, technical and support services through 2020. Revenues, net from related parties amounted to $4.8 million, $5.6 million and $6.2 million for the years ended December 31, 2019, 2018 and 2017, respectively. Selling, General and Administrative Amounts charged to the Company, included in selling, general and administrative expenses, pursuant to a transition services agreement and for other transactions with its related parties amounted to $1.0 million, $1.6 million and $1.5 million for the years ended December 31, 2019, 2018 and 2017, respectively. In 2016, AMC Networks entered into an arrangement with the Dolan Family Office, LLC ("DFO"), MSG and MSG Networks providing for the sharing of certain expenses associated with executive office space which will be available to Charles F. Dolan (the Executive Chairman and a director of the Company and a director of MSG and MSG Networks), James L. Dolan (the Executive Chairman and a director of MSG and MSG Networks and a director of the Company), and the DFO which is controlled by Charles F. Dolan. The Company's share of initial set-up costs and office expenses is not material. |
Cash Flows
Cash Flows | 12 Months Ended |
Dec. 31, 2019 | |
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract] | |
Cash Flows | Cash Flows During 2019, 2018 and 2017, the Company's non-cash investing and financing activities and other supplemental data were as follows: (In thousands) Years Ended December 31, 2019 2018 2017 Non-Cash Investing and Financing Activities: Treasury stock not yet settled — 985 995 Exercise of RLJE Warrants — 20,086 5,001 Capital expenditures incurred but not yet paid 6,270 5,081 5,889 Supplemental Data: Cash interest paid 151,501 147,710 110,650 Income taxes paid, net 139,994 138,433 219,425 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss The following table details the components of accumulated other comprehensive loss: (In thousands) Year Ended December 31, 2019 Currency Translation Adjustment Gains (Losses) on Cash Flow Hedges Gains (Losses) on Available for Sale Investments Accumulated Other Comprehensive Loss Beginning Balance $ (159,920) $ (274) $ — $ (160,194) Net current-period other comprehensive (loss), before income taxes (6,272) (1,609) — (7,881) Income tax expense (benefit) (11) 375 — 364 Net current-period other comprehensive (loss), net of income taxes (6,283) (1,234) — (7,517) Ending Balance $ (166,203) $ (1,508) $ — $ (167,711) (In thousands) Year Ended December 31, 2018 Currency Translation Adjustment Gains (Losses) on Cash Flow Hedges Gains (Losses) on Available for Sale Investments Accumulated Other Comprehensive Loss Beginning Balance $ (118,166) $ 369 $ 3,411 (114,386) Other comprehensive income before reclassifications (41,716) (356) — (42,072) Amounts reclassified from accumulated other comprehensive loss (a) — (370) — (370) Net current-period other comprehensive income (loss), before income taxes (41,716) (726) — (42,442) Income tax expense (benefit) (38) 83 — 45 Net current-period other comprehensive income (loss), net of income taxes (41,754) (643) — (42,397) Cumulative effect of adoption of accounting standard (a) — — (3,411) (3,411) Ending Balance $ (159,920) $ (274) $ — $ (160,194) (a) Effective January 1, 2018, upon adoption of ASU 2016-01, unrealized gains and losses on equity investments with readily determinable fair values are recorded in miscellaneous expense, net. The Company recorded a transition adjustment to reclassify prior period amounts in other comprehensive income to retained earnings. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information The Company classifies its operations into two operating segments: National Networks and International and Other. These operating segments represent strategic business units that are managed separately. The Company generally allocates all corporate overhead costs within operating expenses to the Company's two operating segments based upon their proportionate estimated usage of services, including such costs as executive salaries and benefits, costs of maintaining corporate headquarters, facilities and common support functions (such as human resources, legal, finance, strategic planning and information technology) as well as sales support functions and creative and production services. The Company evaluates segment performance based on several factors, of which the primary financial measure is operating segment adjusted operating income ("AOI"), a non-GAAP measure. The Company defines AOI as operating income (loss) before depreciation and amortization, share-based compensation expense or benefit, impairment and related charges (including gains or losses on sales or dispositions of businesses), restructuring and other related charges and including the Company’s proportionate share of adjusted operating income (loss) from majority-owned equity method investees. The Company has presented the components that reconcile adjusted operating income to operating income, an accepted GAAP measure, and other information as to the continuing operations of the Company's operating segments below. (In thousands) Year Ended December 31, 2019 National Networks International and Other Inter-segment eliminations Consolidated Revenues, net Advertising $ 904,253 $ 89,659 $ (79) $ 993,833 Distribution 1,464,791 644,484 (42,787) 2,066,488 Consolidated revenues, net $ 2,369,044 $ 734,143 $ (42,866) $ 3,060,321 Operating income (loss) $ 804,422 $ (170,039) $ (9,106) $ 625,277 Share-based compensation expense 52,977 11,156 — 64,133 Depreciation and amortization 32,674 68,424 — 101,098 Impairment and related charges — 106,603 — 106,603 Restructuring and other related charges 13,453 28,084 (623) 40,914 Majority-owned equity investees AOI — 5,965 — 5,965 Adjusted operating income $ 903,526 $ 50,193 $ (9,729) $ 943,990 Capital expenditures $ 36,199 $ 55,405 $ — $ 91,604 (In thousands) Year Ended December 31, 2018 National Networks International and Other Inter-segment eliminations Consolidated Revenues, net Advertising $ 944,675 $ 91,404 $ — $ 1,036,079 Distribution 1,468,650 506,902 (39,702) 1,935,850 Consolidated revenues, net $ 2,413,325 $ 598,306 $ (39,702) $ 2,971,929 Operating income (loss) $ 825,770 $ (93,326) $ (5,535) $ 726,909 Share-based compensation expense 48,621 12,358 — 60,979 Depreciation and amortization 33,728 57,553 — 91,281 Impairment and related charges — 4,486 — 4,486 Restructuring and other related charges 17,160 35,189 (6,502) 45,847 Majority-owned equity investees AOI $ — 3,043 $ — 3,043 Adjusted operating income $ 925,279 $ 19,303 $ (12,037) $ 932,545 Capital expenditures $ 16,316 $ 73,486 $ — $ 89,802 (In thousands) Year Ended December 31, 2017 National Networks International and Other Inter-segment eliminations Consolidated Revenues, net Advertising $ 959,551 $ 89,894 $ — $ 1,049,445 Distribution 1,408,064 367,288 (19,106) 1,756,246 Consolidated revenues, net $ 2,367,615 $ 457,182 $ (19,106) $ 2,805,691 Operating income (loss) $ 817,566 $ (88,894) $ (6,313) $ 722,359 Share-based compensation expense 43,697 9,848 — 53,545 Depreciation and amortization 33,702 60,936 — 94,638 Impairment and related charges — 28,148 — 28,148 Restructuring and other related charges (53) 6,181 — 6,128 Adjusted operating income $ 894,912 $ 16,219 $ (6,313) $ 904,818 Capital expenditures $ 25,333 $ 54,716 $ — $ 80,049 Inter-segment eliminations are primarily licensing revenues recognized between the National Networks and International and Other segments as well as revenues recognized by AMC Networks Broadcasting & Technology for transmission revenues recognized from the International and Other operating segment. (In thousands) Years Ended December 31, 2019 2018 2017 Inter-segment revenues National Networks $ (32,762) $ (33,600) $ (17,634) International and Other (10,104) (6,102) (1,472) $ (42,866) $ (39,702) $ (19,106) One customer within the National Networks segment accounted for approximately 10% revenues, net for the years ended December 31, 2019 and 2018, respectively, and 11% of consolidated revenues, net for the year ended December 31, 2017. The table below summarizes revenue based on customer location: Years Ended December 31, (In thousands) 2019 2018 2017 Revenue United States $ 2,511,686 $ 2,389,624 $ 2,244,057 Europe 382,888 394,235 369,815 Other 165,747 188,070 191,819 $ 3,060,321 $ 2,971,929 $ 2,805,691 The table below summarizes property and equipment based on asset location: Years Ended December 31, (In thousands) 2019 2018 Property and equipment, net United States $ 244,175 $ 202,833 Europe 25,925 27,218 Other 13,652 16,211 $ 283,752 $ 246,262 |
Condensed Consolidating Financi
Condensed Consolidating Financial Information | 12 Months Ended |
Dec. 31, 2019 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Consolidating Financial Statements | Condensed Consolidating Financial Statements Debt of AMC Networks includes $600.0 million of 4.75% Notes due December 2022 and $1.0 billion of 5.00% Notes due April 2024 and $800.0 million of 4.75% Notes due August 2025. All outstanding senior notes issued by AMC Networks are guaranteed on a senior unsecured basis by certain of its existing and future domestic restricted subsidiaries (the "Guarantor Subsidiaries"). All Guarantor Subsidiaries are owned 100% by AMC Networks. The outstanding notes are fully and unconditionally guaranteed by the Guarantor Subsidiaries on a joint and several basis. Set forth below are condensed consolidating financial statements presenting the financial position, results of operations, comprehensive income, and cash flows of (i) the Parent Company, (ii) the Guarantor Subsidiaries on a combined basis (as such guarantees are joint and several), (iii) the direct and indirect non-guarantor subsidiaries of the Parent Company (the "Non-Guarantor Subsidiaries") on a combined basis and (iv) reclassifications and eliminations necessary to arrive at the information for the Company on a consolidated basis. Basis of Presentation In presenting the condensed consolidating financial statements, the equity method of accounting has been applied to (i) the Parent Company's interests in the Guarantor Subsidiaries and the Non-Guarantor Subsidiaries, and (ii) the Guarantor Subsidiaries' interests in the Non-Guarantor Subsidiaries, even though all such subsidiaries meet the requirements to be consolidated under GAAP. All intercompany balances and transactions between the Parent Company, the Guarantor Subsidiaries and the Non-Guarantor Subsidiaries have been eliminated, as shown in the column "Eliminations." The accounting basis in all subsidiaries, including goodwill and identified intangible assets, have been allocated to the applicable subsidiaries. Condensed Consolidating Balance Sheet December 31, 2019 (In thousands) Parent Company Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated ASSETS Current Assets: Cash and cash equivalents $ 169 $ 574,771 $ 241,230 $ — $ 816,170 Accounts receivable, trade (including amounts due from related parties, net, less allowance for doubtful accounts) — 588,715 268,428 — 857,143 Current portion of program rights, net — 270,909 156,385 (670) 426,624 Prepaid expenses, other current assets and intercompany receivable 30,359 257,022 (8,359) (48,662) 230,360 Total current assets 30,528 1,691,417 657,684 (49,332) 2,330,297 Property and equipment, net — 217,971 65,781 — 283,752 Investment in affiliates 3,910,121 1,612,507 — (5,522,628) — Program rights, net — 800,294 238,985 (1,219) 1,038,060 Long-term intercompany notes receivable — — 28 (28) — Operating lease right-of-use assets 94,263 19,000 56,793 — 170,056 Intangible assets, net — 151,538 372,993 — 524,531 Goodwill — 63,954 638,026 — 701,980 Deferred tax asset, net (66) — 51,611 — 51,545 Other assets 46,330 179,601 268,908 1,626 496,465 Total assets $ 4,081,176 $ 4,736,282 $ 2,350,809 $ (5,571,581) $ 5,596,686 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable $ 49 $ 31,103 $ 63,154 $ — $ 94,306 Accrued liabilities and intercompany payable 29,770 152,680 117,426 (48,662) 251,214 Current portion of program rights obligations — 241,673 63,019 — 304,692 Deferred revenue — 37,775 26,409 (263) 63,921 Current portion of long-term debt 56,250 — — — 56,250 Current portion of capital lease obligations 14,012 6,796 13,151 — 33,959 Total current liabilities 100,081 470,027 283,159 (48,925) 804,342 Program rights obligations — 223,775 16,038 — 239,813 Long-term debt, net 3,039,979 — — — 3,039,979 Capital lease obligations 115,243 18,131 77,673 — 211,047 Deferred tax liability, net 134,899 — 2,012 — 136,911 Other liabilities and intercompany notes payable 25,193 119,418 19,055 (28) 163,638 Total liabilities 3,415,395 831,351 397,937 (48,953) 4,595,730 Commitments and contingencies Redeemable noncontrolling interests — (5,190) 314,641 — 309,451 Stockholders' equity: AMC Networks stockholders' equity 665,781 3,910,121 1,612,507 (5,522,628) 665,781 Non-redeemable noncontrolling interests — — 25,724 — 25,724 Total stockholders' equity 665,781 3,910,121 1,638,231 (5,522,628) 691,505 Total liabilities and stockholders' equity $ 4,081,176 $ 4,736,282 $ 2,350,809 $ (5,571,581) $ 5,596,686 Condensed Consolidating Balance Sheet December 31, 2018 (In thousands) Parent Company Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated ASSETS Current Assets: Cash and cash equivalents $ 121 $ 368,151 $ 186,614 $ — $ 554,886 Accounts receivable, trade (including amounts due from related parties, net, less allowance for doubtful accounts) 16 600,121 235,840 — 835,977 Current portion of program rights, net — 292,002 148,955 (218) 440,739 Prepaid expenses, other current assets and intercompany receivable 6,543 158,936 23,549 (57,219) 131,809 Total current assets 6,680 1,419,210 594,958 (57,437) 1,963,411 Property and equipment, net — 175,040 71,222 — 246,262 Investment in affiliates 3,656,003 1,655,083 — (5,311,086) — Program rights, net — 969,802 245,862 (1,613) 1,214,051 Long-term intercompany notes receivable — — 190 (190) — Intangible assets, net — 161,417 417,490 — 578,907 Goodwill — 65,282 732,755 — 798,037 Deferred tax asset, net — — 19,272 — 19,272 Other assets — 165,717 292,906 — 458,623 Total assets $ 3,662,683 $ 4,611,551 $ 2,374,655 $ (5,370,326) $ 5,278,563 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable $ — $ 34,630 $ 72,436 $ — $ 107,066 Accrued liabilities and intercompany payable 35,189 173,836 114,943 (59,050) 264,918 Current portion of program rights obligations — 259,414 84,175 — 343,589 Deferred revenue — 34,608 20,816 — 55,424 Current portion of long-term debt 18,750 — 2,584 — 21,334 Current portion of capital lease obligations — 2,941 2,149 — 5,090 Total current liabilities 53,939 505,429 297,103 (59,050) 797,421 Program rights obligations — 349,814 23,435 — 373,249 Long-term debt, net 3,088,221 — — — 3,088,221 Capital lease obligations — 1,420 20,007 — 21,427 Deferred tax liability, net 140,474 — 4,969 — 145,443 Other liabilities and intercompany notes payable 63,369 98,885 45,972 (190) 208,036 Total liabilities 3,346,003 955,548 391,486 (59,240) 4,633,797 Commitments and contingencies Redeemable noncontrolling interests — — 299,558 — 299,558 Stockholders' deficiency: AMC Networks stockholders' equity 316,680 3,656,003 1,655,083 (5,311,086) 316,680 Non-redeemable noncontrolling interests — — 28,528 — 28,528 Total stockholders' equity 316,680 3,656,003 1,683,611 (5,311,086) 345,208 Total liabilities and stockholders' equity $ 3,662,683 $ 4,611,551 $ 2,374,655 $ (5,370,326) $ 5,278,563 Condensed Consolidating Statement of Income Year Ended December 31, 2019 (In thousands) Parent Company Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Revenues, net $ — $ 2,122,212 $ 954,534 $ (16,425) $ 3,060,321 Operating expenses: Technical and operating (excluding depreciation and amortization) — 939,507 572,733 (5,255) 1,506,985 Selling, general and administrative 19 429,732 260,433 (10,740) 679,444 Depreciation and amortization — 49,794 51,304 — 101,098 Impairment and related charges — — 106,603 — 106,603 Restructuring and other related charges — 35,507 5,407 — 40,914 Total operating expenses 19 1,454,540 996,480 (15,995) 2,435,044 Operating income (19) 667,672 (41,946) (430) 625,277 Other income (expense): Interest expense, net (154,718) 14,078 7,549 — (133,091) Share of affiliates' income (loss) 623,278 (49,205) — (574,073) — Miscellaneous, net (525) 749 (6,654) 430 (6,000) Total other income (expense) 468,035 (34,378) 895 (573,643) (139,091) Income from operations before income taxes 468,016 633,294 (41,051) (574,073) 486,186 Income tax expense (87,531) (10,016) 19,077 — (78,470) Net income including noncontrolling interests 380,485 623,278 (21,974) (574,073) 407,716 Net income attributable to noncontrolling interests — — (27,230) — (27,230) Net income attributable to AMC Networks' stockholders $ 380,485 $ 623,278 $ (49,204) $ (574,073) $ 380,486 Condensed Consolidating Statement of Income Year Ended December 31, 2018 (In thousands) Parent Company Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Revenues, net $ — $ 2,166,686 $ 820,532 $ (15,289) $ 2,971,929 Operating expenses: Technical and operating (excluding depreciation and amortization) — 956,272 493,751 (4,074) 1,445,949 Selling, general and administrative — 450,880 216,608 (10,031) 657,457 Depreciation and amortization — 45,204 46,077 — 91,281 Impairment and related charges — — 4,486 4,486 Restructuring and other related charges — 29,277 16,570 — 45,847 Total operating expenses — 1,481,633 777,492 (14,105) 2,245,020 Operating income — 685,053 43,040 (1,184) 726,909 Other income (expense): Interest expense, net (151,751) 28,460 (12,522) — (135,813) Share of affiliates' income (loss) 734,472 32,874 — (767,346) — Miscellaneous, net (151) (1,876) 30,020 1,184 29,177 Total other income (expense) 582,570 59,458 17,498 (766,162) (106,636) Income from operations before income taxes 582,570 744,511 60,538 (767,346) 620,273 Income tax (expense) benefit (136,383) (10,039) (9,884) — (156,306) Net income including noncontrolling interests 446,187 734,472 50,654 (767,346) 463,967 Net income attributable to noncontrolling interests — — (17,780) — (17,780) Net income attributable to AMC Networks' stockholders $ 446,187 $ 734,472 $ 32,874 $ (767,346) $ 446,187 Condensed Consolidating Statement of Comprehensive Income Year Ended December 31, 2019 (In thousands) Parent Company Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Net income including noncontrolling interest $ 380,485 $ 623,278 $ (21,974) $ (574,073) $ 407,716 Other comprehensive income (loss): Foreign currency translation adjustment (6,272) — (6,272) 6,272 (6,272) Unrealized loss on interest rate swaps (1,609) — — — (1,609) Amounts reclassified from accumulated other comprehensive loss — — — — — Other comprehensive (loss) income, before income taxes (7,881) — (6,272) 6,272 (7,881) Income tax expense 364 — — — 364 Other comprehensive (loss) income, net of income taxes (7,517) — (6,272) 6,272 (7,517) Comprehensive income (loss) 372,968 623,278 (28,246) (567,801) 400,199 Comprehensive income attributable to noncontrolling interests — — (27,078) — (27,078) Comprehensive income (loss) attributable to AMC Networks' stockholders $ 372,968 $ 623,278 $ (55,324) $ (567,801) $ 373,121 Condensed Consolidating Statement of Comprehensive Income Year Ended December 31, 2018 (In thousands) Parent Company Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Net income (loss) including noncontrolling interest $ 446,187 $ 734,472 $ 50,654 $ (767,346) $ 463,967 Other comprehensive income (loss): Foreign currency translation adjustment (41,716) — (41,716) 41,716 (41,716) Unrealized loss on interest rate swaps (356) — — — (356) Unrealized gain on available for sale securities — — — — — Amounts reclassified from accumulated other comprehensive loss (370) — — — (370) Other comprehensive income, before income taxes (42,442) — (41,716) 41,716 (42,442) Income tax expense 45 — — — 45 Other comprehensive income, net of income taxes (42,397) — (41,716) 41,716 (42,397) Comprehensive income 403,790 734,472 8,938 (725,630) 421,570 Comprehensive income attributable to noncontrolling interests — — (16,044) — (16,044) Comprehensive income attributable to AMC Networks' stockholders $ 403,790 $ 734,472 $ (7,106) $ (725,630) $ 405,526 Condensed Consolidating Statement of Cash Flows Year Ended December 31, 2019 (In thousands) Parent Company Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Cash flows from operating activities: Net cash provided by operating activities $ 365,846 $ 69,276 $ 639,239 $ (590,613) $ 483,748 Cash flows from investing activities: Capital expenditures — (81,486) (10,118) — (91,604) Return of capital from investees — 1,354 4,026 — 5,380 Investments in and loans to investees — — (3,483) — (3,483) (Increase) decrease to investment in affiliates (283,060) 15,149 — 267,911 — Net cash (used in) provided by investing activities (283,060) (64,983) (9,575) 267,911 (89,707) Cash flows from financing activities: Proceeds from the issuance of long-term debt — — 1,521 — 1,521 Principal payments on long-term debt (18,750) 0 — 0 (4,238) 0 — (22,988) Deemed repurchases of restricted stock/units (23,019) — 1 — (23,018) Purchase of treasury stock (70,598) — — — (70,598) Proceeds from stock option exercises 4,630 — — — 4,630 Principal payments on finance lease obligations — (2,985) (2,130) — (5,115) Distributions to noncontrolling interest — — (15,558) — (15,558) Net cash used in financing activities (107,737) (2,985) (20,404) — (131,126) Net (decrease) increase in cash and cash equivalents from operations (24,951) 1,308 609,260 (322,702) 262,915 Effect of exchange rate changes on cash and cash equivalents 24,999 205,312 (554,644) 322,702 (1,631) Cash and cash equivalents at beginning of period 121 368,151 186,614 — 554,886 Cash and cash equivalents at end of period $ 169 $ 574,771 $ 241,230 $ — $ 816,170 Condensed Consolidating Statement of Cash Flows Year Ended December 31, 2018 (In thousands) Parent Company Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Cash flows from operating activities: Net cash provided by (used in) operating activities $ 503,796 $ 1,351,256 $ (476,129) $ (772,376) $ 606,547 Cash flows from investing activities: Capital expenditures — (74,710) (15,092) — (89,802) Return of capital from investees — — 4,088 — 4,088 Payments for acquisitions, net of cash acquired (675) (83,714) — (84,389) Investments in and loans to investees — — (90,081) — (90,081) (Increase) decrease to investment in affiliates (215,862) (2,646,335) 1,813,007 1,049,190 — Net cash (used in) provided by investing activities (215,862) (2,721,720) 1,628,208 1,049,190 (260,184) Cash flows from financing activities: Proceeds from the issuance of long-term debt 289 — — — 289 Deemed repurchases of restricted stock/units (16,836) — — — (16,836) Purchase of treasury stock (283,143) — — — (283,143) Proceeds from stock option exercises 4,317 — — — 4,317 Principal payments on capital lease obligations — (3,000) (1,938) — (4,938) Distributions to noncontrolling interest — — (14,296) — (14,296) Net cash used in financing activities (295,373) (3,000) (16,234) — (314,607) Net increase (decrease) in cash and cash equivalents from operations (7,439) (1,373,464) 1,135,845 276,814 31,756 Effect of exchange rate changes on cash and cash equivalents 7,240 1,350,367 (1,116,446) (276,814) (35,653) Cash and cash equivalents at beginning of period 320 391,248 167,215 — 558,783 Cash and cash equivalents at end of period $ 121 $ 368,151 $ 186,614 $ — $ 554,886 |
Interim Financial Information (
Interim Financial Information (Unaudited) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Interim Financial Information (Unaudited) | Interim Financial Information (Unaudited) The following is a summary of the Company's selected quarterly financial data for the years ended December 31, 2019 and 2018: (In thousands) For the three months ended, 2019: March 31, 2019 June 30, 2019 September 30, 2019 December 31, 2019 2019 Revenues, net $ 784,221 $ 772,299 $ 718,597 785,204 $ 3,060,321 Operating expenses (539,358) (602,042) (550,159) (743,485) (2,435,044) Operating income $ 244,863 $ 170,257 $ 168,438 $ 41,719 $ 625,277 Net income including noncontrolling interests $ 150,157 $ 133,985 $ 123,226 $ 348 $ 407,716 Net income (loss) attributable to AMC Networks' stockholders $ 143,397 $ 128,743 $ 116,923 $ (8,577) $ 380,486 Net income per share attributable to AMC Networks' stockholders: Basic $ 2.53 $ 2.28 $ 2.09 $ (0.15) $ 6.77 Diluted $ 2.48 $ 2.25 $ 2.07 $ (0.15) $ 6.67 (In thousands) For the three months ended, 2018: March 31, 2018 June 30, 2018 September 30, 2018 December 31, 2018 2018 Revenues, net $ 740,823 $ 761,385 $ 696,875 $ 772,846 $ 2,971,929 Operating expenses (507,168) (569,854) (532,276) (635,722) (2,245,020) Operating income $ 233,655 $ 191,531 $ 164,599 $ 137,124 $ 726,909 Net income including noncontrolling interests $ 160,536 $ 110,332 $ 116,660 $ 76,439 $ 463,967 Net income attributable to AMC Networks' stockholders $ 156,870 $ 106,181 $ 111,257 $ 71,879 $ 446,187 Net income per share attributable to AMC Networks' stockholders: Basic $ 2.57 $ 1.84 $ 1.96 $ 1.27 $ 7.68 Diluted $ 2.54 $ 1.82 $ 1.93 $ 1.24 $ 7.57 |
Schedule II Valuation and Quali
Schedule II Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2019 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule of Valuation and Qualifying Accounts Disclosure | (In thousands) Balance at Beginning of Period Provision for (Recovery of) Bad Debt Deductions/ Write-Offs and Other Charges, Net Balance at End of Period Year Ended December 31, 2019 Allowance for doubtful accounts $ 10,788 $ 12,641 $ (17,696) $ 5,733 Year Ended December 31, 2018 Allowance for doubtful accounts $ 9,691 $ 7,399 $ (6,302) $ 10,788 Year Ended December 31, 2017 Allowance for doubtful accounts $ 6,064 $ 3,567 $ 60 $ 9,691 |
Description of Business and B_2
Description of Business and Basis of Presentation (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of AMC Networks and its subsidiaries in which a controlling voting interest is maintained or variable interest entities ("VIE's") in which the Company has determined it is the primary beneficiary. All intercompany transactions and balances have been eliminated in consolidation. Investments in business entities in which the Company lacks control but does have the ability to exercise significant influence over operating and financial policies are accounted for using the equity method of accounting. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported period. Actual results could differ from those estimates. Significant estimates and judgments inherent in the preparation of the consolidated financial statements include the useful lives and methodologies used to amortize and assess recoverability of program rights, the estimated useful lives of intangible assets and the valuation and recoverability of goodwill and intangible assets. |
Reclassifications | Reclassifications Certain reclassifications were made to the prior period amounts to conform to the current period presentation. |
Revenue Recognition | Revenue Recognition The Company adopted ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) on January 1, 2018, using the modified retrospective method for all contracts not completed as of the date of adoption. The reported results as of and for the years ended December 31, 2019 and 2018 reflect the application of the new standard, while the reported results for 2017 have not been adjusted to reflect the new standard and were prepared under prior revenue recognition accounting guidance. The Company primarily earns revenue from the distribution of its programming services, including licensing of its programming and other content, and advertising. Revenue is recognized when, or as, performance obligations under the terms of a contract are satisfied, which generally occurs when, or as, control of the promised products or services is transferred to customers. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring products or services to a customer. The Company’s revenue recognition policies associated with each major source of revenue from contracts with customers are described in Note 3 Revenue Recognition. Adoption of Lease Standard The Company adopted ASU No. 2016-02, Leases (Topic 842) on January 1, 2019, using the modified retrospective approach and effective date method. In addition, the Company elected the package of practical expedients, permitted under the transition guidance within the new standard, which among other things, allowed for the carry forward of the historical classification of leases. The adoption of the new standard resulted in additional net lease assets of $180.0 million (which is net |
Technical and Operating Expenses | Technical and Operating Expenses Costs of revenues, including but not limited to programming expense, primarily consisting of amortization or write-offs of programming rights, such as those for original programming, feature films and licensed series, participation and residual costs, distribution and production related costs and program delivery costs, such as transmission, encryption, hosting and formatting are classified as technical and operating expenses in the consolidated statements of income. |
Advertising and Distribution Expenses | Advertising and Distribution Expenses Advertising costs are charged to expense when incurred and are included in selling, general and administrative expenses in the consolidated statements of income. Advertising costs were $180.3 million, $196.0 million and $200.4 million for the years ended December 31, 2019, 2018 and 2017, respectively. Marketing, distribution and general and administrative costs related to the exploitation of owned original programming are expensed as incurred and included in selling, general and administrative expenses in the consolidated statements of income. |
Share-based Compensation | Share-Based Compensation The Company measures the cost of employee services received in exchange for an award of equity-based instruments based on the grant date fair value of the portion of awards that are ultimately expected to vest. The cost is recognized in earnings over the period during which an employee is required to provide service in exchange for the award using a straight-line amortization method, except for restricted stock units granted to non-employee directors which vest 100%, and are expensed, at the date of grant. Share-based compensation expense is included in selling, general and administrative expenses in the consolidated statements of income. |
Foreign Currency | Foreign Currency The reporting currency of the Company is the U.S. dollar. The functional currency of most of the Company's international subsidiaries is the local currency. Assets and liabilities, including intercompany balances for which settlement is anticipated in the foreseeable future, are translated at exchange rates in effect at the balance sheet date. Foreign currency equity balances are translated at historical rates. Revenues and expenses denominated in foreign currencies are translated at average exchange rates for the respective periods. Foreign currency translation adjustments are recorded as a component of other comprehensive income ("OCI") in the consolidated statements of stockholders' equity. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company's cash investments are placed with money market funds and financial institutions that are investment grade as rated by Standard & Poor's and Moody's Investors Service. The Company selects money market funds that predominantly invest in marketable, direct obligations issued or guaranteed by the U.S. government or its agencies, commercial paper, fully collateralized repurchase agreements, certificates of deposit, and time deposits. The Company considers the balance of its investment in funds that hold securities that mature within three months or less from the date the fund purchases these securities to be cash equivalents. The carrying amount of cash and cash equivalents either approximates fair value due to the short-term maturity of these instruments or are at fair value. |
Accounts Receivable, Trade | Accounts Receivable, Trade The Company periodically assesses the adequacy of valuation allowances for uncollectible accounts receivable by evaluating the collectability of outstanding receivables and general factors such as length of time individual receivables are past due, historical collection experience, and the economic and competitive environment. As of December 31, 2019 and 2018, the Company had $273.0 million and $182.1 million, respectively, of accounts receivable contractually due in excess of one-year, which are included in other assets in the consolidated balance sheets. |
Program Rights | Program Rights Rights to programming, including feature films and episodic series, acquired under license agreements are stated at the lower of unamortized cost or net realizable value. Such licensed rights along with the related obligations are recorded at the contract value when a license agreement is executed, unless there is uncertainty with respect to either cost, acceptability or availability. If such uncertainty exists, those rights and obligations are recorded at the earlier of when the uncertainty is resolved or the license period begins. Costs are amortized to technical and operating expense on a straight-line or accelerated basis over a period not to exceed the respective license periods. Owned original programming costs, including estimated participation and residual costs, qualifying for capitalization as program rights are amortized to technical and operating expense over their estimated useful lives, commencing upon the first airing, based on attributable revenue for airings to date as a percentage of total projected attributable revenue, or ultimate revenue (individual-film-forecast-computation method). Projected attributable revenue is based on previously generated revenues for similar content in established markets, primarily consisting of distribution and advertising revenues, and projected program usage. Projected program usage is based on the Company's current expectation of future exhibitions taking into account historical usage of similar content. Projected attributable revenue can change based upon programming market acceptance, levels of distribution and advertising revenue and decisions regarding planned program usage. These calculations require management to make assumptions and to apply judgment regarding revenue and planned usage. Accordingly, the Company periodically reviews revenue estimates and planned usage and revises its assumptions if necessary, which could impact the timing of amortization expense or result in a write-down to fair value. Any capitalized development costs for programs that the Company determines will not be produced are written off. The Company periodically reviews the programming usefulness of its licensed and owned original program rights based on several factors, including expected future revenue generation from airings on the Company's networks and other exploitation opportunities, ratings, type and quality of program material, standards and practices, and fitness for exhibition through various forms of distribution. If it is determined that film or other program rights have limited, or no, future programming usefulness, the useful life is updated, which generally results in a write-off of the unamortized cost to technical and operating expense in the consolidated statements of income. See Note 6 for further discussion regarding program rights write-offs. |
Investments | Investments Investments in equity securities (excluding equity method investments) with readily determinable fair values are accounted for at fair value. The Company applies the measurement alternative to fair value for equity securities without readily determinable far values, which is to record the investments at cost, less impairment, if any, and subsequently adjust for observable price changes of identical or similar investments of the same issuer. All gains and losses related to equity securities are recorded in earnings as a component of miscellaneous, net, in the consolidated statements of income. Investments in which the Company has the ability to exercise significant influence but does not control and is not the primary beneficiary are equity method investments. Significant influence typically exists if the Company has a 20% to 50% ownership interest in a venture unless persuasive evidence to the contrary exists. Under this method of accounting, the Company records its proportionate share of the net earnings or losses of equity method investees and a corresponding increase or decrease to the investment balances. Cash payments to equity method investees such as additional investments, loans and advances and expenses incurred on behalf of investees as well as payments from equity method investees such as dividends, distributions and repayments of loans and advances are recorded as adjustments to investment balances. The Company applies the cumulative earnings approach for determining the cash flow presentation of cash distributions received from equity method investees. Distributions received are included in the consolidated statements of cash flows as operating activities, unless the cumulative distributions exceed the Company's portion of the cumulative equity in the net earnings of the equity method investment, in which case the excess distributions are deemed to be returns of the investment and are classified as investing activities in the consolidated statements of cash flows. The Company evaluates its equity method investments for impairment whenever events or changes in circumstances indicate that the carrying amounts of such investments may not be recoverable. See Note 8 for further discussion regarding investments. |
Goodwill and Intangible Assets | Long-Lived Assets and Amortizable Intangible Assets Property and equipment are carried at cost. Equipment under finance leases is recorded at the present value of the total minimum lease payments. Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets or, with respect to equipment under finance leases and leasehold improvements, amortized over the shorter of the lease term or the assets' useful lives and reported in depreciation and amortization in the consolidated statements of income. Amortizable intangible assets established in connection with business combinations primarily consist of affiliate and customer relationships, advertiser relationships and tradenames. Amortizable intangible assets are amortized on a straight-line basis over their respective estimated useful lives. The Company reviews its long-lived assets (property and equipment, and amortizable intangible assets) for impairment whenever events or circumstances indicate that the carrying amount of an asset may not be recoverable. If the sum of the expected cash flows, undiscounted and without interest, is less than the carrying amount of the asset, an impairment loss is recognized as the amount by which the carrying amount of the asset exceeds its fair value. Goodwill and Indefinite-Lived Intangible Assets Goodwill Goodwill and identifiable intangible assets that have indefinite useful lives are not amortized, but instead are tested annually for impairment and upon the occurrence of certain events or substantive changes in circumstances. The annual goodwill impairment test allows for the option to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. An entity may choose to perform the qualitative assessment on none, some or all of its reporting units or an entity may bypass the qualitative assessment for any reporting unit and proceed directly to step one of the quantitative impairment test. If it is determined, on the basis of qualitative factors, that the fair value of a reporting unit is, more likely than not, less than its carrying value, the quantitative impairment test is required. The quantitative impairment test calculates any goodwill impairment as the difference between the carrying amount of a reporting unit and its fair value, but not to exceed the carrying amount of goodwill. See Note 10 for further discussion regarding goodwill impairment. Indefinite-Lived Intangible Assets Indefinite-lived intangible assets established in connection with business combinations consist of trademarks. The impairment test for identifiable indefinite-lived intangible assets consists of a comparison of the estimated fair value of the intangible asset with its carrying value. If the carrying value exceeds its fair value, an impairment loss is recognized in an amount equal to that excess. |
Deferred Carriage Fees | Deferred Carriage Fees Deferred carriage fees, included in other assets in the consolidated balance sheets, represent amounts principally paid to multichannel video programming distributors to obtain additional subscribers and/or guarantee carriage of certain programming services and are amortized as a reduction of revenue over the period of the related affiliation arrangement (up to 10 years). |
Derivative Financial Instruments | Derivative Financial InstrumentsThe Company's derivative financial instruments are recorded as either assets or liabilities in the consolidated balance sheet based on their fair values. The Company's embedded derivative financial instruments which are clearly and closely related to the host contracts are not accounted for on a stand-alone basis. Changes in the fair values are reported in earnings or other comprehensive income depending on the use of the derivative and whether it qualifies for hedge accounting. Derivative instruments are designated and accounted for as either a hedge of a recognized asset or liability (fair value hedge) or a hedge of a forecasted transaction (cash flow hedge). For derivatives not designated as hedges, changes in fair values are recognized in earnings and included in interest expense, for interest rate swap contracts and miscellaneous, net, for foreign currency and other derivative contracts. For derivatives designated as effective cash flow hedges, changes in fair values are recognized in other comprehensive income (loss). Changes in fair values related to fair value hedges as well as the ineffective portion of cash flow hedges are recognized in earnings. Changes in the fair value of the underlying hedged item of a fair value hedge are also recognized in earnings. |
Income Taxes | Income Taxes The Company's provision for income taxes is based on current period income, changes in deferred tax assets and liabilities and estimates with regard to the liability for unrecognized tax benefits resulting from uncertain tax positions. Deferred tax assets are evaluated quarterly for expected future realization and reduced by a valuation allowance to the extent management believes it is more likely than not that a portion will not be realized. The Company provides deferred taxes for the outside basis difference for its investment in partnerships and uses the deferral method to recognize the income tax benefit from investment tax credits. Global low taxed intangible income (“GILTI”) tax is treated as a period expense. Interest and penalties, if any, associated with uncertain tax positions are included in income tax expense. |
Commitments and Contingencies | Commitments and Contingencies Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount of the contingency can be reasonably estimated. See Note 17 for further discussion regarding commitments and contingencies. |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments that potentially subject the Company to a concentration of credit risk consist primarily of cash and cash equivalents and trade accounts receivable. Cash is invested in money market funds and bank time deposits. The Company monitors the financial institutions and money market funds where it invests its cash and cash equivalents with diversification among counterparties to mitigate exposure to any single financial institution. The Company's emphasis is primarily on safety of principal and liquidity and secondarily on maximizing the yield on its investments. As of December 31, 2019, two customers accounted for 16% and 10%, respectively, of the combined balances of consolidated accounts receivable, trade and receivables due in excess of one-year (included in other assets). As of December 31, 2018, two customers accounted for 13% and 12%, respectively, of the combined balances of consolidated accounts receivable, trade and receivables due in excess of one-year. |
Redeemable Noncontrolling Interests | Redeemable Noncontrolling InterestsNoncontrolling interest with redemption features, such as put options, that are not solely within the Company's control are considered redeemable noncontrolling interests. Redeemable noncontrolling interests are considered to be temporary equity and are reported in the mezzanine section between total liabilities and stockholders' equity in the Company's consolidated balance sheet at the greater of their initial carrying amount, increased or decreased for contributions, distributions and the noncontrolling interest's share of net income or loss, or redemption value. |
Net Income per Share | Net Income per Share The consolidated statements of income present basic and diluted net income per share ("EPS"). Basic EPS is based upon net income divided by the weighted-average number of common shares outstanding during the period. Diluted EPS reflects the dilutive effects of AMC Networks outstanding equity-based awards. The following is a reconciliation between basic and diluted weighted average shares outstanding: (In thousands) Years Ended December 31, 2019 2018 2017 Basic weighted average shares outstanding 56,205 58,066 64,905 Effect of dilution: Stock options 14 15 1 Restricted stock units 818 866 719 Diluted weighted average shares outstanding 57,037 58,947 65,625 |
Common Stock of AMC Networks | Common Stock of AMC Networks Each holder of AMC Networks Class A Common Stock has one vote per share while holders of AMC Networks Class B Common Stock have ten votes per share. AMC Networks Class B shares can be converted to AMC Networks Class A Common Stock at any time with a conversion ratio of one AMC Networks Class A common share for one AMC Networks Class B common share. The AMC Networks Class A stockholders are entitled to elect 25% of the Company's Board of Directors. AMC Networks Class B stockholders have the right to elect the remaining members of the Company's Board of Directors. In addition, AMC Networks Class B stockholders are parties to an agreement which has the effect of causing the voting power of these AMC Networks Class B stockholders to be cast as a block. Stock Repurchase Program The Company's Board of Directors has authorized a program to repurchase up to $1.5 billion of its outstanding shares of common stock (the "Stock Repurchase Program"). The Stock Repurchase Program has no pre-established closing date and may be suspended or discontinued at any time. For the year ended December 31, 2019, the Company repurchased 1.3 million shares of its Class A common stock at an average purchase price of $54.24 per share. As of December 31, 2019, the Company has $488.8 million available for repurchase under the Stock Repurchase Program. Shares Outstanding (In thousands) Class A Common Stock Class B Common Stock Balance at December 31, 2016 57,079 11,484 Share repurchases (7,790) — Employee and non-employee director stock transactions* 312 — Balance at December 31, 2017 49,601 11,484 Share repurchases (5,386) — Employee and non-employee director stock transactions* 534 — Balance at December 31, 2018 44,749 11,484 Share repurchases (1,302) — Employee and non-employee director stock transactions* 631 — Balance at December 31, 2019 44,078 11,484 *Reflects common stock activity in connection with restricted stock units and stock options granted to employees, as well as in connection with the fulfillment of employees' statutory tax withholding obligations for applicable income and other employment taxes and forfeited employee restricted stock units. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In June 2016, the FASB issued ASU No. 2016-13, Measurement of Credit Losses on Financial Instruments . ASU 2016-13 changes the impairment model for most financial assets and certain other instruments, including trade and other receivables, held-to-maturity debt securities and loans, and requires entities to use a new forward-looking "expected loss" model that would generally result in the earlier recognition of allowances for losses. This ASU is effective for the first quarter of 2020. Adoption of the standard will be applied using a modified retrospective approach through a cumulative-effect adjustment to retained earnings as of the effective date to align our credit loss methodology with the new standard. The Company does not expect the adoption of this standard to have a material effect on its consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820) . ASU 2018-13 changes the disclosure requirements for fair value measurements and is effective for the first quarter of 2020. ASU 2018-13 changes disclosure requirements related to transfers between Level I and II assets, as well as several aspects surrounding the valuation process and unrealized gains and losses related to Level III assets. The adoption of the modified disclosure requirements will not have a material impact on the consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-15, Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract . ASU 2018-15 amends current guidance to align the accounting for costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing costs associated with developing or obtaining internal-use software. Capitalized implementation costs must be expensed over the term of the hosting arrangement and presented in the same line item in the income statement as the fees associated with the hosting element (service) of the arrangement. The changes in this standard are effective for the first quarter of 2020. The Company does not expect the adoption of this standard to have a material effect on its consolidated financial statements. In March 2019, the FASB issued ASU No. 2019-02, Improvements to Accounting for Costs of Films and License Agreements for Program Materials . ASU 2019-02 aligns the accounting for production costs of episodic television series with the accounting for production costs of films. In addition, ASU 2019-02 modifies certain aspects of the capitalization, impairment, presentation and disclosure requirements in Accounting Standards Codification (“ASC”) 926-20 and the impairment, presentation and disclosure requirements in ASC 920-350. The changes in this standard are effective for the first quarter of 2020. The Company will adopt the updated accounting guidance prospectively in the first quarter of 2020. Following adoption, the Company will present all program rights, including capitalized costs of acquired programming rights, as noncurrent assets in the consolidated balance sheet. The Company does not expect the adoption of this standard to have a material effect on its consolidated financial statements. In December 2019, the FASB issued ASU No. 2019-12, Simplifying the Accounting for Income Taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 - Income Taxes. These changes are effective for first quarter of 2021 with early adoption permitted. The Company is currently evaluating the impact the adoption will have on its consolidated financial statements. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Schedule of Weighted Average Number of Shares | The following is a reconciliation between basic and diluted weighted average shares outstanding: (In thousands) Years Ended December 31, 2019 2018 2017 Basic weighted average shares outstanding 56,205 58,066 64,905 Effect of dilution: Stock options 14 15 1 Restricted stock units 818 866 719 Diluted weighted average shares outstanding 57,037 58,947 65,625 |
Schedule of Stock by Class | Shares Outstanding (In thousands) Class A Common Stock Class B Common Stock Balance at December 31, 2016 57,079 11,484 Share repurchases (7,790) — Employee and non-employee director stock transactions* 312 — Balance at December 31, 2017 49,601 11,484 Share repurchases (5,386) — Employee and non-employee director stock transactions* 534 — Balance at December 31, 2018 44,749 11,484 Share repurchases (1,302) — Employee and non-employee director stock transactions* 631 — Balance at December 31, 2019 44,078 11,484 *Reflects common stock activity in connection with restricted stock units and stock options granted to employees, as well as in connection with the fulfillment of employees' statutory tax withholding obligations for applicable income and other employment taxes and forfeited employee restricted stock units. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Contract with Customer, Asset and Liability | The following table provides information about receivables, contract assets, and contract liabilities from contracts with customers. (In thousands) December 31, 2019 December 31, 2018 Balances from contracts with customers: Accounts receivable (including long-term, included in Other assets) $ 1,121,834 $ 1,018,105 Contract assets, short-term (included in Other current assets) 7,283 9,131 Contract assets, long-term (included in Other assets) 9,964 8,136 Contract liabilities (Deferred revenue) 63,921 55,424 (a) Revenue recognized for the twelve months ended December 31, 2019 relating to the contract liability at December 31, 2018 was $50.2 million. |
Restructuring and Other Relat_2
Restructuring and Other Related Charges (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Costs | The following table summarizes the restructuring and other related charges recognized by operating segment: Years Ended December 31, (In thousands) 2019 2018 2017 National Networks $ 13,453 $ 17,160 $ (53) International and Other 28,084 35,189 6,181 Inter-segment Eliminations (623) (6,502) — Total restructuring and other related charges $ 40,914 $ 45,847 $ 6,128 The following table summarizes the restructuring and other related charges recognized for the three years: Years Ended December 31, (In thousands) 2019 2018 2017 Restructuring charges $ 27,897 $ 45,847 $ 6,128 Other related charges 13,017 — — Total restructuring and other related charges $ 40,914 $ 45,847 $ 6,128 |
Schedule of Restructuring Reserve by Type of Cost | The following table summarizes the accrued restructuring and other related costs: (In thousands) Severance and Employee-Related Costs Other Exit Costs Total Balance at December 31, 2017 $ 1,212 $ 24 $ 1,236 Charges 35,965 9,882 45,847 Other (137) (745) (882) Cash payments (3,257) (297) (3,554) Non-cash adjustments — (7,440) (7,440) Currency translation (9) (9) (18) Balance at December 31, 2018 33,774 1,415 35,189 Charges 26,132 1,765 27,897 Other (612) (1,480) (2,092) Cash payments (31,897) (414) (32,311) Non-cash adjustments — (1,081) (1,081) Currency translation 10 16 26 Balance at December 31, 2019 $ 27,407 $ 221 $ 27,628 |
Program Rights and Obligations
Program Rights and Obligations (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Film Cost Disclosures [Abstract] | |
Schedule Of Amounts Payable For Program Rights Obligations | Amounts payable subsequent to December 31, 2019 related to program rights obligations included in the consolidated balance sheet are as follows: (In thousands) Years Ending December 31, 2020 $ 304,692 2021 125,189 2022 70,803 2023 26,500 2024 15,678 Thereafter 1,643 $ 544,505 |
Business Combinations (Tables)
Business Combinations (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Business Acquisition [Line Items] | |
Business Acquisition, Pro Forma Information | The following unaudited pro forma financial information is based on (i) the historical financial statements of AMC Networks, (ii) the historical financial statements of RLJE and (iii) the historical financial statements of Levity and is intended to provide information about how the acquisitions may have affected the Company's historical consolidated financial statements if they had occurred as of January 1, 2017. The unaudited pro forma information has been prepared for comparative purposes only and includes adjustments for estimated additional depreciation and amortization expense as a result of tangible and identifiable intangible assets acquired. The pro forma information is not necessarily indicative of the results of operations that would have been achieved had the acquisition taken place on the date indicated or that may result in the future. (In thousands, except per share data) Pro forma Financial Information for the Year Ended December 31, 2018 2017 Revenues, net $ 3,087 $ 3,033 Income from operations, net of income taxes $ 426 $ 459 Net income per share, basic $ 7.34 $ 7.06 Net income per share, diluted $ 7.23 $ 6.99 |
RLJE [Member] | |
Business Acquisition [Line Items] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the valuation of the tangible and identifiable intangible assets acquired and liabilities assumed as of October 1, 2018, the date the Company obtained a controlling interest (in thousands). Fair value of consideration transferred $ 41,513 Fair value of previously held interest 130,890 Fair value of redeemable noncontrolling interest 103,359 $ 275,762 Allocation to net assets acquired: Cash 3,360 Accounts receivable 16,316 Prepaid expenses and other current assets 963 Programming rights 69,775 Property and equipment 2,841 Other assets (equity method investments) 38,800 Intangible assets 126,600 Accounts payable (12,008) Accrued liabilities (42,935) Debt (25,187) 178,525 Goodwill 97,237 $ 275,762 |
Levity [Member] | |
Business Acquisition [Line Items] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the valuation of the tangible and identifiable intangible assets acquired and liabilities assumed (in thousands). Cash paid for controlling interest $ 48,350 Redeemable noncontrolling interest 30,573 $ 78,923 Allocation to net assets acquired: Cash 13,471 Other current assets 17,251 Property and equipment 20,663 Intangible assets 46,413 Other noncurrent assets 3,306 Current liabilities (23,647) Noncurrent liabilities (21,394) Noncontrolling interests acquired (1,354) Fair value of net assets acquired 54,709 Goodwill 24,214 $ 78,923 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property and equipment (including equipment under capital leases) consists of the following: (In thousands) December 31, Estimated Useful Lives 2019 2018 Program, service and test equipment $ 296,680 $ 250,328 5 years Satellite equipment 46,871 46,368 Term of lease Furniture and fixtures 29,811 29,421 3 to 8 years Transmission equipment 76,604 58,710 5 years Leasehold improvements 181,088 155,353 Term of lease Property and equipment 631,054 540,180 Accumulated depreciation and amortization (347,302) (293,918) Property and equipment, net $ 283,752 $ 246,262 |
Schedule of Capital Leased Assets | At December 31, 2019 and 2018, the gross amount of equipment and related accumulated amortization recorded under finance leases were as follows: (In thousands) December 31, 2019 2018 Satellite equipment $ 46,871 $ 46,368 Less accumulated amortization (31,158) (26,808) $ 15,713 $ 19,560 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The carrying amount of goodwill, by operating segment is as follows: (In thousands) National Networks International and Other Total December 31, 2017 $ 239,759 $ 455,399 $ 695,158 Additions — 123,865 $ 123,865 Amortization of "second component" goodwill (1,328) — (1,328) Foreign currency translation — (19,658) (19,658) December 31, 2018 238,431 559,606 798,037 Impairment charge — (97,996) (97,996) Purchase accounting adjustments — (2,414) (2,414) Amortization of "second component" goodwill (1,328) — (1,328) Foreign currency translation — 5,681 5,681 December 31, 2019 $ 237,103 $ 464,877 $ 701,980 |
Schedule of Finite-Lived Intangible Assets | The following table summarizes information relating to the Company's identifiable intangible assets: (In thousands) December 31, 2019 Estimated Useful Lives Gross Accumulated Amortization Net Amortizable intangible assets: Affiliate and customer relationships $ 616,197 $ (232,193) $ 384,004 6 to 25 years Advertiser relationships 46,282 (21,820) 24,462 11 years Trade names 113,075 (17,997) 95,078 3 to 20 years Other amortizable intangible assets 2,798 (1,711) 1,087 5 to 11 years Total amortizable intangible assets 778,352 (273,721) 504,631 Indefinite-lived intangible assets: Trademarks 19,900 — 19,900 Total intangible assets $ 798,252 $ (273,721) $ 524,531 (In thousands) December 31, 2018 Gross Accumulated Amortization Net Amortizable intangible assets: Affiliate and customer relationships $ 620,771 $ (198,500) $ 422,271 Advertiser relationships 46,282 (17,613) 28,669 Trade names 118,772 (17,971) 100,801 Other amortizable intangible assets 13,643 (6,377) 7,266 Total amortizable intangible assets 799,468 (240,461) 559,007 Indefinite-lived intangible assets: Trademarks 19,900 — 19,900 Total intangible assets $ 819,368 $ (240,461) $ 578,907 |
Schedule of Indefinite-Lived Intangible Assets | The following table summarizes information relating to the Company's identifiable intangible assets: (In thousands) December 31, 2019 Estimated Useful Lives Gross Accumulated Amortization Net Amortizable intangible assets: Affiliate and customer relationships $ 616,197 $ (232,193) $ 384,004 6 to 25 years Advertiser relationships 46,282 (21,820) 24,462 11 years Trade names 113,075 (17,997) 95,078 3 to 20 years Other amortizable intangible assets 2,798 (1,711) 1,087 5 to 11 years Total amortizable intangible assets 778,352 (273,721) 504,631 Indefinite-lived intangible assets: Trademarks 19,900 — 19,900 Total intangible assets $ 798,252 $ (273,721) $ 524,531 (In thousands) December 31, 2018 Gross Accumulated Amortization Net Amortizable intangible assets: Affiliate and customer relationships $ 620,771 $ (198,500) $ 422,271 Advertiser relationships 46,282 (17,613) 28,669 Trade names 118,772 (17,971) 100,801 Other amortizable intangible assets 13,643 (6,377) 7,266 Total amortizable intangible assets 799,468 (240,461) 559,007 Indefinite-lived intangible assets: Trademarks 19,900 — 19,900 Total intangible assets $ 819,368 $ (240,461) $ 578,907 |
Schedule of Estimated Amortization Expense | Estimated aggregate amortization expense for intangible assets subject to amortization for each of the following five years is: (In thousands) Years Ending December 31, 2020 $ 47,016 2021 46,579 2022 45,937 2023 45,502 2024 45,432 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accrued Liabilities [Abstract] | |
Schedule of Accrued Liabilities | Accrued liabilities consist of the following: (In thousands) December 31, 2019 December 31, 2018 Employee related costs $ 89,753 $ 100,729 Participations and residuals 70,682 70,955 Interest 29,767 30,018 Other accrued expenses 61,012 63,216 Total accrued liabilities $ 251,214 $ 264,918 |
Long-term Debt (Tables)
Long-term Debt (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | The Company's long-term debt consists of: (In thousands) December 31, 2019 December 31, 2018 Senior Secured Credit Facility: Term Loan A Facility $ 731,250 $ 750,000 Senior Notes: 4.75% Notes due August 2025 800,000 800,000 5.00% Notes due April 2024 1,000,000 1,000,000 4.75% Notes due December 2022 600,000 600,000 Other debt — 2,584 Total long-term debt 3,131,250 3,152,584 Unamortized discount (24,351) (29,181) Unamortized deferred financing costs (10,670) (13,848) Long-term debt, net 3,096,229 3,109,555 Current portion of long-term debt 56,250 21,334 Noncurrent portion of long-term debt $ 3,039,979 $ 3,088,221 |
Schedule of Maturities of Long-term Debt | Total amounts payable by the Company under its various debt obligations outstanding as of December 31, 2019 are as follows: (In thousands) Years Ending December 31, 2020 $ 56,250 2021 75,000 2022 675,000 2023 525,000 2024 1,000,000 Thereafter 800,000 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Financial Assets And Liabilities Measured At Fair Value On A Recurring Basis | The following table presents for each of these hierarchy levels, the Company's financial assets and liabilities that are measured at fair value on a recurring basis at December 31, 2019 and December 31, 2018: (In thousands) Level I Level II Level III Total At December 31, 2019: Assets: Cash equivalents $ 191,214 $ — $ — $ 191,214 Marketable securities 4,448 — — 4,448 Foreign currency derivatives — 1,884 — 1,884 Liabilities: Interest rate swap contracts — 1,966 — 1,966 Foreign currency derivatives — 1,888 — 1,888 At December 31, 2018: Assets: Cash equivalents $ 68,498 $ — $ — $ 68,498 Marketable securities 1,173 — — 1,173 Foreign currency derivatives — 3,509 — 3,509 Liabilities: Interest rate swap contracts — 356 — 356 Foreign currency derivatives — 3,121 — 3,121 |
Carrying Values And Fair Values Of The Company's Financial Instruments | The carrying values and estimated fair values of the Company's financial instruments, excluding those that are carried at fair value in the consolidated balance sheets are summarized as follows: (In thousands) December 31, 2019 Carrying Amount Estimated Fair Value Debt instruments: Term Loan A Facility $ 723,560 $ 724,303 4.75% Notes due August 2025 788,247 803,000 5.00% Notes due April 2024 988,609 1,020,000 4.75% Notes due December 2022 595,813 605,250 Other debt — — $ 3,096,229 $ 3,152,553 (In thousands) December 31, 2018 Carrying Estimated Debt instruments: Term Loan A facility $ 739,710 $ 738,750 4.75% Notes due August 2025 786,458 720,000 5.00% Notes due April 2024 986,275 947,500 4.75% Notes due December 2022 594,528 580,500 Other debt 2,584 2,584 $ 3,109,555 $ 2,989,334 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Fair Value Of Derivative Instruments Included In Balance Sheets | The fair values of the Company's derivative financial instruments included in the consolidated balance sheets are as follows: (In thousands) Balance Sheet Location December 31, 2019 2018 Derivatives designated as hedging instruments: Liabilities: Interest rate swap contracts Accrued liabilities $ 1,966 $ 356 Derivatives not designated as hedging instruments: Assets: Foreign currency derivatives Prepaid expenses and other current assets $ 891 $ 1,452 Foreign currency derivatives Other assets 993 2,057 Liabilities: Foreign currency derivatives Accrued liabilities $ 687 $ 700 Foreign currency derivatives Other liabilities 1,202 2,421 |
Schedule Of Gains And Losses Related To Derivative Instruments | The amount of the gains and losses related to the Company's derivative financial instruments designated as hedging instruments are as follows: (In thousands) Gain or (Loss) on Derivatives Location of Gain or (Loss) in Earnings Gain or (Loss) Reclassified Years Ended December 31, Years Ended December 31, 2019 2018 2019 2018 Derivatives in cash flow hedging relationships: Interest rate swap contracts $ (1,609) $ (356) Interest expense $ 295 $ — (a) There were no gains or losses recognized in earnings related to any ineffective portion of the hedging relationship or related to any amount excluded from the assessment of hedge effectiveness for the years ended December 31, 2019 and 2018. |
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location | The amount of the gains and losses related to the Company's derivative financial instruments not designated as hedging instruments are as follows: (In thousands) Location of Gain (Loss) Recognized in Earnings on Derivatives Amount of Gain (Loss) Recognized in Earnings on Derivatives Years Ended December 31, 2019 2018 2017 Interest rate swap contracts Interest expense $ — $ (1,444) $ 3 Foreign currency derivatives Miscellaneous, net 301 1,279 (2,958) Other derivatives Miscellaneous, net — 42,092 24,223 Total $ 301 $ 41,927 $ 21,268 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Summary of Lessee Assets and Liabilities | The following table summarizes the leases included in the consolidated balance sheets as follows: (In thousands) Balance Sheet Location December 31, 2019 Assets Operating Operating lease right-of-use assets $ 170,056 Finance Property and equipment, net 15,713 Total lease assets $ 185,769 Liabilities Current: Operating Current portion of lease obligations $ 30,171 Finance Current portion of lease obligations 3,788 33,959 Noncurrent: Operating Lease obligations 193,570 Finance Lease obligations 17,477 211,047 Total lease liabilities $ 245,006 |
Summary of Lease Costs | The following table summarizes the lease costs included in the consolidated statement of income: (In thousands) Income Statement Location December 31, 2019 Operating lease costs SG&A expenses $ 33,184 Finance lease costs: Amortization of leased assets Depreciation and amortization 2,472 Interest on lease liabilities Net interest expense 2,513 Short term lease costs SG&A expenses 3,309 Variable lease costs SG&A expenses 1,068 Total net lease costs $ 42,546 |
Summary of Maturity of Lease Liabilities for Operating Leases | The following table summarizes the maturity of lease liabilities for operating and finance leases: (In thousands) Operating Leases Finance Leases Total 2020 $ 39,446 $ 5,863 $ 45,309 2021 32,681 4,389 37,070 2022 34,330 4,416 38,746 2023 34,915 4,442 39,357 2024 34,391 4,469 38,860 Thereafter 92,963 5,197 98,160 Total lease payments 268,726 28,776 297,502 Less: Interest 44,990 7,506 52,496 Present value of lease liabilities $ 223,736 $ 21,270 $ 245,006 |
Summary of Maturity of Lease Liabilities for Financing Leases | The following table summarizes the maturity of lease liabilities for operating and finance leases: (In thousands) Operating Leases Finance Leases Total 2020 $ 39,446 $ 5,863 $ 45,309 2021 32,681 4,389 37,070 2022 34,330 4,416 38,746 2023 34,915 4,442 39,357 2024 34,391 4,469 38,860 Thereafter 92,963 5,197 98,160 Total lease payments 268,726 28,776 297,502 Less: Interest 44,990 7,506 52,496 Present value of lease liabilities $ 223,736 $ 21,270 $ 245,006 |
Summary of Lease Information | The following table summarizes the weighted average remaining lease term and discount rate for operating and finance leases: December 31, 2019 Weighted average remaining lease term (years): Operating leases 7.7 Finance leases 5.9 Weighted average discount rate: Operating leases 4.8 % Finance leases 10.5 % |
Summary of Supplemental Cash Paid for Amounts in the Measurement of Lease Liabilities | The following table summarizes the supplemental cash paid for amounts in the measurement of lease liabilities: December 31, 2019 Operating cash flows from operating leases $ 26,758 Financing cash flows from finance leases $ 5,115 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income before Income Tax, Domestic and Foreign | Income (loss) from continuing operations before income taxes consists of the following components: (In thousands) Years Ended December 31, 2019 2018 2017 Domestic $ 529,451 $ 587,346 $ 618,955 Foreign (43,265) 32,927 21,423 Total $ 486,186 $ 620,273 $ 640,378 |
Schedule of Components of Income Tax Expense (Benefit) | Income tax expense attributable to continuing operations consists of the following components: (In thousands) Years Ended December 31, 2019 2018 2017 Current expense: Federal $ 81,459 $ 80,360 $ 162,639 State 12,657 13,663 14,301 Foreign 24,608 25,001 17,382 118,724 119,024 194,322 Deferred expense (benefit): Federal (2,216) 34,636 (38,416) State (98) 3,627 (2,436) Foreign (36,602) (4,896) (7,813) (38,916) 33,367 (48,665) Tax expense (benefit) relating to uncertain tax positions, including accrued interest (1,338) 3,915 5,084 Income tax expense $ 78,470 $ 156,306 $ 150,741 |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of the federal statutory income tax rate to the effective income tax rate is as follows: (In thousands) Years Ended December 31, 2019 2018 2017 U.S. federal statutory income tax rate 21 % 21 % 35 % State and local income taxes, net of federal benefit 2 2 2 Effect of foreign operations 2 — (1) Effect of rate changes on deferred taxes (a) — (2) (11) Transition tax, net of foreign taxes deemed paid — — 2 Nontaxable income attributable to noncontrolling interests (1) (1) (1) Changes in the valuation allowance (b) (4) 3 — Domestic production activity deduction — — (3) Tax expense relating to uncertain tax positions, including accrued interest, net of deferred tax benefits — — 1 Deferral of investment tax credit benefit (c) (2) Other (2) 2 — Effective income tax rate 16 % 25 % 24 % (a) The benefits related to effects of rate changes in the years ended December 31, 2018 and 2017, primarily relate to the one-time impact of the change in the corporate tax rate on deferred tax assets and liabilities as enacted by the Tax Cuts and Jobs Act (enacted December 22, 2017) and the one-time rate change on deferred tax assets and liabilities that resulted from the extension of certain television production cost deductions included in the Bipartisan Budget Act of 2018 (enacted February 9, 2018) and return to provision adjustments. (b) In the year ended December 31, 2019, the decrease in valuation allowance relates primarily to the expected utilization of foreign net operating loss carryforwards resulting from the reorganization of intellectual property amongst the Company’s international subsidiaries. In the year ended December 31, 2018, the increase in valuation allowance relates primarily to a change in judgement related to U.S. foreign tax credits. (c) In the year ended December 31, 2019, the deferral of investment tax credit benefit relates to the income tax benefit recognized from investment tax credits recorded using the deferral method of accounting. |
Schedule of Deferred Tax Assets and Liabilities | The tax effects of temporary differences that give rise to significant components of deferred tax assets or liabilities at December 31, 2019 and 2018 are as follows: (In thousands) December 31, 2019 2018 Deferred Tax Asset (Liability) NOLs and tax credit carry forwards $ 103,407 $ 123,487 Compensation and benefit plans 27,835 29,294 Allowance for doubtful accounts 428 981 Fixed assets and intangible assets 37,893 24,150 Accrued interest expense 7,202 8,832 Other liabilities 27,276 24,594 Deferred tax asset 204,041 211,338 Valuation allowance (59,584) (95,185) Net deferred tax asset 144,457 116,153 Prepaid liabilities (530) (514) Fixed assets and intangible assets (93,300) (90,960) Investments in partnerships (105,062) (121,156) Other assets (30,931) (29,694) Deferred tax liability (229,823) (242,324) Total net deferred tax liability $ (85,366) $ (126,171) |
Schedule Of Unrecognized Tax Benefits Reconciliation | A reconciliation of the beginning to ending amount of the liability for uncertain tax positions (excluding related accrued interest and deferred tax benefit) is as follows: (In thousands) Balance at December 31, 2018 $ 23,169 Increases related to current year tax positions 2,043 Increases related to prior year tax positions 4,880 Decreases related to prior year tax positions (6,324) Decreases due to settlements/payments (4,809) Decreases due to lapse of statute (371) Balance at December 31, 2019 $ 18,588 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contractual Obligation, Fiscal Year Maturity Schedule | Commitments (In thousands) Payments due by period Total Year 1 Years 2 - 3 Years 4 - 5 More than 5 years Purchase obligations (1) $ 933,444 $ 291,108 $ 178,419 $ 51,202 $ 412,715 Total $ 933,444 $ 291,108 $ 178,419 $ 51,202 $ 412,715 (1) Purchase obligations consist primarily of program rights obligations, participations, residuals, and transmission and marketing commitments. |
Redeemable Noncontrolling Inter
Redeemable Noncontrolling Interests (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Noncontrolling Interest [Abstract] | |
Redeemable Noncontrolling Interest | The activity reflected within redeemable noncontrolling interests for the years ended December 31, 2019 and 2018 is presented below. (In thousands) Redeemable Noncontrolling Interest December 31, 2017 $ 218,604 Net earnings 15,026 Distributions (11,450) Additions from acquisitions 77,378 December 31, 2018 299,558 Net earnings 22,320 Distributions (12,120) Other (307) December 31, 2019 $ 309,451 |
Equity and Long-Term Incentiv_2
Equity and Long-Term Incentive Plans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity | The following table summarizes activity relating to Company employees who held AMC Networks restricted stock units for the year ended December 31, 2019: Number of Restricted Stock Units Number of Performance Restricted Stock Units Weighted Average Fair Value Per Stock Unit at Date of Grant Unvested award balance, December 31, 2017 1,120,041 1,816,147 $ 62.53 Granted 587,471 887,807 $ 52.76 Released/Vested (531,655) (227,852) $ 66.58 Canceled/Forfeited (294,380) (91,335) $ 59.80 Unvested award balance, December 31, 2018 881,477 2,384,767 $ 57.49 Granted 371,673 582,282 $ 61.69 Released/Vested (410,865) (519,531) $ 60.74 Canceled/Forfeited (81,854) (77,617) $ 55.85 Unvested award balance, December 31, 2019 760,431 2,369,901 $ 57.89 All restricted stock units granted vest ratably over a three four The target number of PRSUs granted represents the right to receive a corresponding number of shares, subject to adjustment based on the performance of the Company against target performance criteria for a three The following table summarizes activity relating to Non-employee Directors who held AMC Networks restricted stock units for the year ended December 31, 2019: Number of Restricted Stock Units Weighted Average Vested award balance, December 31, 2017 187,446 $ 53.20 Granted 32,210 $ 61.38 Released/Vested — $ — Vested award balance, December 31, 2018 219,656 $ 54.40 Granted 34,678 $ 54.42 Released/Vested (4,566) $ 55.90 Vested award balance, December 31, 2019 249,768 $ 54.38 |
Schedule of Share-based Compensation, Stock Options, Activity | The following table summarizes activity relating to employees of the Company who held unvested AMC Networks stock options for the year ended December 31, 2019: Shares Under Option Weighted Average Exercise Price Per Share Weighted Average Contractual Term (in years) Aggregate Intrinsic Value(a) Time Vesting Options Balance, December 31, 2017 388,385 $ 48.26 8.79 $ 2,260 Exercised (89,462) $ — Balance, December 31, 2018 298,923 $ 48.26 7.79 $ 1,979 Exercised (95,962) Balance, December 31, 2019 202,961 $ 48.26 6.79 $ — Options exercisable at December 31, 2019 202,961 $ 48.26 6.79 $ — Options expected to vest in the future — $ — — $ — (a) The aggregate intrinsic value is calculated as the difference between (i) the exercise price of the underlying award and (ii) the quoted price of AMC Networks Class A Common Stock on the reporting date, as indicated. |
Cash Flows (Tables)
Cash Flows (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract] | |
Summary Of Non-Cash Activities And Other Supplemental Data | During 2019, 2018 and 2017, the Company's non-cash investing and financing activities and other supplemental data were as follows: (In thousands) Years Ended December 31, 2019 2018 2017 Non-Cash Investing and Financing Activities: Treasury stock not yet settled — 985 995 Exercise of RLJE Warrants — 20,086 5,001 Capital expenditures incurred but not yet paid 6,270 5,081 5,889 Supplemental Data: Cash interest paid 151,501 147,710 110,650 Income taxes paid, net 139,994 138,433 219,425 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table details the components of accumulated other comprehensive loss: (In thousands) Year Ended December 31, 2019 Currency Translation Adjustment Gains (Losses) on Cash Flow Hedges Gains (Losses) on Available for Sale Investments Accumulated Other Comprehensive Loss Beginning Balance $ (159,920) $ (274) $ — $ (160,194) Net current-period other comprehensive (loss), before income taxes (6,272) (1,609) — (7,881) Income tax expense (benefit) (11) 375 — 364 Net current-period other comprehensive (loss), net of income taxes (6,283) (1,234) — (7,517) Ending Balance $ (166,203) $ (1,508) $ — $ (167,711) (In thousands) Year Ended December 31, 2018 Currency Translation Adjustment Gains (Losses) on Cash Flow Hedges Gains (Losses) on Available for Sale Investments Accumulated Other Comprehensive Loss Beginning Balance $ (118,166) $ 369 $ 3,411 (114,386) Other comprehensive income before reclassifications (41,716) (356) — (42,072) Amounts reclassified from accumulated other comprehensive loss (a) — (370) — (370) Net current-period other comprehensive income (loss), before income taxes (41,716) (726) — (42,442) Income tax expense (benefit) (38) 83 — 45 Net current-period other comprehensive income (loss), net of income taxes (41,754) (643) — (42,397) Cumulative effect of adoption of accounting standard (a) — — (3,411) (3,411) Ending Balance $ (159,920) $ (274) $ — $ (160,194) (a) Effective January 1, 2018, upon adoption of ASU 2016-01, unrealized gains and losses on equity investments with readily determinable fair values are recorded in miscellaneous expense, net. The Company recorded a transition adjustment to reclassify prior period amounts in other comprehensive income to retained earnings. |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | (In thousands) Year Ended December 31, 2019 National Networks International and Other Inter-segment eliminations Consolidated Revenues, net Advertising $ 904,253 $ 89,659 $ (79) $ 993,833 Distribution 1,464,791 644,484 (42,787) 2,066,488 Consolidated revenues, net $ 2,369,044 $ 734,143 $ (42,866) $ 3,060,321 Operating income (loss) $ 804,422 $ (170,039) $ (9,106) $ 625,277 Share-based compensation expense 52,977 11,156 — 64,133 Depreciation and amortization 32,674 68,424 — 101,098 Impairment and related charges — 106,603 — 106,603 Restructuring and other related charges 13,453 28,084 (623) 40,914 Majority-owned equity investees AOI — 5,965 — 5,965 Adjusted operating income $ 903,526 $ 50,193 $ (9,729) $ 943,990 Capital expenditures $ 36,199 $ 55,405 $ — $ 91,604 (In thousands) Year Ended December 31, 2018 National Networks International and Other Inter-segment eliminations Consolidated Revenues, net Advertising $ 944,675 $ 91,404 $ — $ 1,036,079 Distribution 1,468,650 506,902 (39,702) 1,935,850 Consolidated revenues, net $ 2,413,325 $ 598,306 $ (39,702) $ 2,971,929 Operating income (loss) $ 825,770 $ (93,326) $ (5,535) $ 726,909 Share-based compensation expense 48,621 12,358 — 60,979 Depreciation and amortization 33,728 57,553 — 91,281 Impairment and related charges — 4,486 — 4,486 Restructuring and other related charges 17,160 35,189 (6,502) 45,847 Majority-owned equity investees AOI $ — 3,043 $ — 3,043 Adjusted operating income $ 925,279 $ 19,303 $ (12,037) $ 932,545 Capital expenditures $ 16,316 $ 73,486 $ — $ 89,802 (In thousands) Year Ended December 31, 2017 National Networks International and Other Inter-segment eliminations Consolidated Revenues, net Advertising $ 959,551 $ 89,894 $ — $ 1,049,445 Distribution 1,408,064 367,288 (19,106) 1,756,246 Consolidated revenues, net $ 2,367,615 $ 457,182 $ (19,106) $ 2,805,691 Operating income (loss) $ 817,566 $ (88,894) $ (6,313) $ 722,359 Share-based compensation expense 43,697 9,848 — 53,545 Depreciation and amortization 33,702 60,936 — 94,638 Impairment and related charges — 28,148 — 28,148 Restructuring and other related charges (53) 6,181 — 6,128 Adjusted operating income $ 894,912 $ 16,219 $ (6,313) $ 904,818 Capital expenditures $ 25,333 $ 54,716 $ — $ 80,049 |
Summary Of Inter-segment Eliminations | Inter-segment eliminations are primarily licensing revenues recognized between the National Networks and International and Other segments as well as revenues recognized by AMC Networks Broadcasting & Technology for transmission revenues recognized from the International and Other operating segment. (In thousands) Years Ended December 31, 2019 2018 2017 Inter-segment revenues National Networks $ (32,762) $ (33,600) $ (17,634) International and Other (10,104) (6,102) (1,472) $ (42,866) $ (39,702) $ (19,106) |
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area | The table below summarizes revenue based on customer location: Years Ended December 31, (In thousands) 2019 2018 2017 Revenue United States $ 2,511,686 $ 2,389,624 $ 2,244,057 Europe 382,888 394,235 369,815 Other 165,747 188,070 191,819 $ 3,060,321 $ 2,971,929 $ 2,805,691 |
Long-lived Assets by Geographic Areas | The table below summarizes property and equipment based on asset location: Years Ended December 31, (In thousands) 2019 2018 Property and equipment, net United States $ 244,175 $ 202,833 Europe 25,925 27,218 Other 13,652 16,211 $ 283,752 $ 246,262 |
Condensed Consolidating Finan_2
Condensed Consolidating Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Consolidating Balance Sheet | The accounting basis in all subsidiaries, including goodwill and identified intangible assets, have been allocated to the applicable subsidiaries. Condensed Consolidating Balance Sheet December 31, 2019 (In thousands) Parent Company Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated ASSETS Current Assets: Cash and cash equivalents $ 169 $ 574,771 $ 241,230 $ — $ 816,170 Accounts receivable, trade (including amounts due from related parties, net, less allowance for doubtful accounts) — 588,715 268,428 — 857,143 Current portion of program rights, net — 270,909 156,385 (670) 426,624 Prepaid expenses, other current assets and intercompany receivable 30,359 257,022 (8,359) (48,662) 230,360 Total current assets 30,528 1,691,417 657,684 (49,332) 2,330,297 Property and equipment, net — 217,971 65,781 — 283,752 Investment in affiliates 3,910,121 1,612,507 — (5,522,628) — Program rights, net — 800,294 238,985 (1,219) 1,038,060 Long-term intercompany notes receivable — — 28 (28) — Operating lease right-of-use assets 94,263 19,000 56,793 — 170,056 Intangible assets, net — 151,538 372,993 — 524,531 Goodwill — 63,954 638,026 — 701,980 Deferred tax asset, net (66) — 51,611 — 51,545 Other assets 46,330 179,601 268,908 1,626 496,465 Total assets $ 4,081,176 $ 4,736,282 $ 2,350,809 $ (5,571,581) $ 5,596,686 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable $ 49 $ 31,103 $ 63,154 $ — $ 94,306 Accrued liabilities and intercompany payable 29,770 152,680 117,426 (48,662) 251,214 Current portion of program rights obligations — 241,673 63,019 — 304,692 Deferred revenue — 37,775 26,409 (263) 63,921 Current portion of long-term debt 56,250 — — — 56,250 Current portion of capital lease obligations 14,012 6,796 13,151 — 33,959 Total current liabilities 100,081 470,027 283,159 (48,925) 804,342 Program rights obligations — 223,775 16,038 — 239,813 Long-term debt, net 3,039,979 — — — 3,039,979 Capital lease obligations 115,243 18,131 77,673 — 211,047 Deferred tax liability, net 134,899 — 2,012 — 136,911 Other liabilities and intercompany notes payable 25,193 119,418 19,055 (28) 163,638 Total liabilities 3,415,395 831,351 397,937 (48,953) 4,595,730 Commitments and contingencies Redeemable noncontrolling interests — (5,190) 314,641 — 309,451 Stockholders' equity: AMC Networks stockholders' equity 665,781 3,910,121 1,612,507 (5,522,628) 665,781 Non-redeemable noncontrolling interests — — 25,724 — 25,724 Total stockholders' equity 665,781 3,910,121 1,638,231 (5,522,628) 691,505 Total liabilities and stockholders' equity $ 4,081,176 $ 4,736,282 $ 2,350,809 $ (5,571,581) $ 5,596,686 Condensed Consolidating Balance Sheet December 31, 2018 (In thousands) Parent Company Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated ASSETS Current Assets: Cash and cash equivalents $ 121 $ 368,151 $ 186,614 $ — $ 554,886 Accounts receivable, trade (including amounts due from related parties, net, less allowance for doubtful accounts) 16 600,121 235,840 — 835,977 Current portion of program rights, net — 292,002 148,955 (218) 440,739 Prepaid expenses, other current assets and intercompany receivable 6,543 158,936 23,549 (57,219) 131,809 Total current assets 6,680 1,419,210 594,958 (57,437) 1,963,411 Property and equipment, net — 175,040 71,222 — 246,262 Investment in affiliates 3,656,003 1,655,083 — (5,311,086) — Program rights, net — 969,802 245,862 (1,613) 1,214,051 Long-term intercompany notes receivable — — 190 (190) — Intangible assets, net — 161,417 417,490 — 578,907 Goodwill — 65,282 732,755 — 798,037 Deferred tax asset, net — — 19,272 — 19,272 Other assets — 165,717 292,906 — 458,623 Total assets $ 3,662,683 $ 4,611,551 $ 2,374,655 $ (5,370,326) $ 5,278,563 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable $ — $ 34,630 $ 72,436 $ — $ 107,066 Accrued liabilities and intercompany payable 35,189 173,836 114,943 (59,050) 264,918 Current portion of program rights obligations — 259,414 84,175 — 343,589 Deferred revenue — 34,608 20,816 — 55,424 Current portion of long-term debt 18,750 — 2,584 — 21,334 Current portion of capital lease obligations — 2,941 2,149 — 5,090 Total current liabilities 53,939 505,429 297,103 (59,050) 797,421 Program rights obligations — 349,814 23,435 — 373,249 Long-term debt, net 3,088,221 — — — 3,088,221 Capital lease obligations — 1,420 20,007 — 21,427 Deferred tax liability, net 140,474 — 4,969 — 145,443 Other liabilities and intercompany notes payable 63,369 98,885 45,972 (190) 208,036 Total liabilities 3,346,003 955,548 391,486 (59,240) 4,633,797 Commitments and contingencies Redeemable noncontrolling interests — — 299,558 — 299,558 Stockholders' deficiency: AMC Networks stockholders' equity 316,680 3,656,003 1,655,083 (5,311,086) 316,680 Non-redeemable noncontrolling interests — — 28,528 — 28,528 Total stockholders' equity 316,680 3,656,003 1,683,611 (5,311,086) 345,208 Total liabilities and stockholders' equity $ 3,662,683 $ 4,611,551 $ 2,374,655 $ (5,370,326) $ 5,278,563 |
Condensed Consolidating Income Statement | Condensed Consolidating Statement of Income Year Ended December 31, 2019 (In thousands) Parent Company Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Revenues, net $ — $ 2,122,212 $ 954,534 $ (16,425) $ 3,060,321 Operating expenses: Technical and operating (excluding depreciation and amortization) — 939,507 572,733 (5,255) 1,506,985 Selling, general and administrative 19 429,732 260,433 (10,740) 679,444 Depreciation and amortization — 49,794 51,304 — 101,098 Impairment and related charges — — 106,603 — 106,603 Restructuring and other related charges — 35,507 5,407 — 40,914 Total operating expenses 19 1,454,540 996,480 (15,995) 2,435,044 Operating income (19) 667,672 (41,946) (430) 625,277 Other income (expense): Interest expense, net (154,718) 14,078 7,549 — (133,091) Share of affiliates' income (loss) 623,278 (49,205) — (574,073) — Miscellaneous, net (525) 749 (6,654) 430 (6,000) Total other income (expense) 468,035 (34,378) 895 (573,643) (139,091) Income from operations before income taxes 468,016 633,294 (41,051) (574,073) 486,186 Income tax expense (87,531) (10,016) 19,077 — (78,470) Net income including noncontrolling interests 380,485 623,278 (21,974) (574,073) 407,716 Net income attributable to noncontrolling interests — — (27,230) — (27,230) Net income attributable to AMC Networks' stockholders $ 380,485 $ 623,278 $ (49,204) $ (574,073) $ 380,486 Condensed Consolidating Statement of Income Year Ended December 31, 2018 (In thousands) Parent Company Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Revenues, net $ — $ 2,166,686 $ 820,532 $ (15,289) $ 2,971,929 Operating expenses: Technical and operating (excluding depreciation and amortization) — 956,272 493,751 (4,074) 1,445,949 Selling, general and administrative — 450,880 216,608 (10,031) 657,457 Depreciation and amortization — 45,204 46,077 — 91,281 Impairment and related charges — — 4,486 4,486 Restructuring and other related charges — 29,277 16,570 — 45,847 Total operating expenses — 1,481,633 777,492 (14,105) 2,245,020 Operating income — 685,053 43,040 (1,184) 726,909 Other income (expense): Interest expense, net (151,751) 28,460 (12,522) — (135,813) Share of affiliates' income (loss) 734,472 32,874 — (767,346) — Miscellaneous, net (151) (1,876) 30,020 1,184 29,177 Total other income (expense) 582,570 59,458 17,498 (766,162) (106,636) Income from operations before income taxes 582,570 744,511 60,538 (767,346) 620,273 Income tax (expense) benefit (136,383) (10,039) (9,884) — (156,306) Net income including noncontrolling interests 446,187 734,472 50,654 (767,346) 463,967 Net income attributable to noncontrolling interests — — (17,780) — (17,780) Net income attributable to AMC Networks' stockholders $ 446,187 $ 734,472 $ 32,874 $ (767,346) $ 446,187 |
Condensed Consolidating Statement of Comprehensive Income | Condensed Consolidating Statement of Comprehensive Income Year Ended December 31, 2019 (In thousands) Parent Company Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Net income including noncontrolling interest $ 380,485 $ 623,278 $ (21,974) $ (574,073) $ 407,716 Other comprehensive income (loss): Foreign currency translation adjustment (6,272) — (6,272) 6,272 (6,272) Unrealized loss on interest rate swaps (1,609) — — — (1,609) Amounts reclassified from accumulated other comprehensive loss — — — — — Other comprehensive (loss) income, before income taxes (7,881) — (6,272) 6,272 (7,881) Income tax expense 364 — — — 364 Other comprehensive (loss) income, net of income taxes (7,517) — (6,272) 6,272 (7,517) Comprehensive income (loss) 372,968 623,278 (28,246) (567,801) 400,199 Comprehensive income attributable to noncontrolling interests — — (27,078) — (27,078) Comprehensive income (loss) attributable to AMC Networks' stockholders $ 372,968 $ 623,278 $ (55,324) $ (567,801) $ 373,121 Condensed Consolidating Statement of Comprehensive Income Year Ended December 31, 2018 (In thousands) Parent Company Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Net income (loss) including noncontrolling interest $ 446,187 $ 734,472 $ 50,654 $ (767,346) $ 463,967 Other comprehensive income (loss): Foreign currency translation adjustment (41,716) — (41,716) 41,716 (41,716) Unrealized loss on interest rate swaps (356) — — — (356) Unrealized gain on available for sale securities — — — — — Amounts reclassified from accumulated other comprehensive loss (370) — — — (370) Other comprehensive income, before income taxes (42,442) — (41,716) 41,716 (42,442) Income tax expense 45 — — — 45 Other comprehensive income, net of income taxes (42,397) — (41,716) 41,716 (42,397) Comprehensive income 403,790 734,472 8,938 (725,630) 421,570 Comprehensive income attributable to noncontrolling interests — — (16,044) — (16,044) Comprehensive income attributable to AMC Networks' stockholders $ 403,790 $ 734,472 $ (7,106) $ (725,630) $ 405,526 |
Condensed Consolidating Cash Flow Statement | Condensed Consolidating Statement of Cash Flows Year Ended December 31, 2019 (In thousands) Parent Company Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Cash flows from operating activities: Net cash provided by operating activities $ 365,846 $ 69,276 $ 639,239 $ (590,613) $ 483,748 Cash flows from investing activities: Capital expenditures — (81,486) (10,118) — (91,604) Return of capital from investees — 1,354 4,026 — 5,380 Investments in and loans to investees — — (3,483) — (3,483) (Increase) decrease to investment in affiliates (283,060) 15,149 — 267,911 — Net cash (used in) provided by investing activities (283,060) (64,983) (9,575) 267,911 (89,707) Cash flows from financing activities: Proceeds from the issuance of long-term debt — — 1,521 — 1,521 Principal payments on long-term debt (18,750) 0 — 0 (4,238) 0 — (22,988) Deemed repurchases of restricted stock/units (23,019) — 1 — (23,018) Purchase of treasury stock (70,598) — — — (70,598) Proceeds from stock option exercises 4,630 — — — 4,630 Principal payments on finance lease obligations — (2,985) (2,130) — (5,115) Distributions to noncontrolling interest — — (15,558) — (15,558) Net cash used in financing activities (107,737) (2,985) (20,404) — (131,126) Net (decrease) increase in cash and cash equivalents from operations (24,951) 1,308 609,260 (322,702) 262,915 Effect of exchange rate changes on cash and cash equivalents 24,999 205,312 (554,644) 322,702 (1,631) Cash and cash equivalents at beginning of period 121 368,151 186,614 — 554,886 Cash and cash equivalents at end of period $ 169 $ 574,771 $ 241,230 $ — $ 816,170 Condensed Consolidating Statement of Cash Flows Year Ended December 31, 2018 (In thousands) Parent Company Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Cash flows from operating activities: Net cash provided by (used in) operating activities $ 503,796 $ 1,351,256 $ (476,129) $ (772,376) $ 606,547 Cash flows from investing activities: Capital expenditures — (74,710) (15,092) — (89,802) Return of capital from investees — — 4,088 — 4,088 Payments for acquisitions, net of cash acquired (675) (83,714) — (84,389) Investments in and loans to investees — — (90,081) — (90,081) (Increase) decrease to investment in affiliates (215,862) (2,646,335) 1,813,007 1,049,190 — Net cash (used in) provided by investing activities (215,862) (2,721,720) 1,628,208 1,049,190 (260,184) Cash flows from financing activities: Proceeds from the issuance of long-term debt 289 — — — 289 Deemed repurchases of restricted stock/units (16,836) — — — (16,836) Purchase of treasury stock (283,143) — — — (283,143) Proceeds from stock option exercises 4,317 — — — 4,317 Principal payments on capital lease obligations — (3,000) (1,938) — (4,938) Distributions to noncontrolling interest — — (14,296) — (14,296) Net cash used in financing activities (295,373) (3,000) (16,234) — (314,607) Net increase (decrease) in cash and cash equivalents from operations (7,439) (1,373,464) 1,135,845 276,814 31,756 Effect of exchange rate changes on cash and cash equivalents 7,240 1,350,367 (1,116,446) (276,814) (35,653) Cash and cash equivalents at beginning of period 320 391,248 167,215 — 558,783 Cash and cash equivalents at end of period $ 121 $ 368,151 $ 186,614 $ — $ 554,886 |
Interim Financial Information_2
Interim Financial Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | The following is a summary of the Company's selected quarterly financial data for the years ended December 31, 2019 and 2018: (In thousands) For the three months ended, 2019: March 31, 2019 June 30, 2019 September 30, 2019 December 31, 2019 2019 Revenues, net $ 784,221 $ 772,299 $ 718,597 785,204 $ 3,060,321 Operating expenses (539,358) (602,042) (550,159) (743,485) (2,435,044) Operating income $ 244,863 $ 170,257 $ 168,438 $ 41,719 $ 625,277 Net income including noncontrolling interests $ 150,157 $ 133,985 $ 123,226 $ 348 $ 407,716 Net income (loss) attributable to AMC Networks' stockholders $ 143,397 $ 128,743 $ 116,923 $ (8,577) $ 380,486 Net income per share attributable to AMC Networks' stockholders: Basic $ 2.53 $ 2.28 $ 2.09 $ (0.15) $ 6.77 Diluted $ 2.48 $ 2.25 $ 2.07 $ (0.15) $ 6.67 (In thousands) For the three months ended, 2018: March 31, 2018 June 30, 2018 September 30, 2018 December 31, 2018 2018 Revenues, net $ 740,823 $ 761,385 $ 696,875 $ 772,846 $ 2,971,929 Operating expenses (507,168) (569,854) (532,276) (635,722) (2,245,020) Operating income $ 233,655 $ 191,531 $ 164,599 $ 137,124 $ 726,909 Net income including noncontrolling interests $ 160,536 $ 110,332 $ 116,660 $ 76,439 $ 463,967 Net income attributable to AMC Networks' stockholders $ 156,870 $ 106,181 $ 111,257 $ 71,879 $ 446,187 Net income per share attributable to AMC Networks' stockholders: Basic $ 2.57 $ 1.84 $ 1.96 $ 1.27 $ 7.68 Diluted $ 2.54 $ 1.82 $ 1.93 $ 1.24 $ 7.57 |
Description of Business and B_3
Description of Business and Basis of Presentation (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2019segmentnetwork | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of operating segments | segment | 2 |
Number of national programming networks | network | 5 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Narrative) (Details) $ / shares in Units, shares in Thousands | 12 Months Ended | |||
Dec. 31, 2019USD ($)customer$ / sharesshares | Dec. 31, 2018USD ($)customershares | Dec. 31, 2017USD ($)shares | Jan. 01, 2019USD ($) | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Operating lease right-of-use assets | $ 170,056,000 | |||
Lease liabilities | 223,736,000 | |||
Advertising costs | 180,300,000 | $ 196,000,000 | $ 200,400,000 | |
Foreign currency transaction gains (losses) | 11,100,000 | (6,800,000) | $ 15,000,000 | |
Accounts receivable contractually due in excess of one-year | 273,000,000 | $ 182,100,000 | ||
Repurchase amount (up to) | $ 1,500,000,000 | |||
Average purchase (in dollars per share) | $ / shares | $ 54.24 | |||
Available for repurchase under program | $ 488,800,000 | |||
ASU 2016-02 [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Operating lease right-of-use assets | $ 180,000,000 | |||
Historical deferred rent liability | 57,000,000 | |||
Lease liabilities | $ 237,000,000 | |||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Number of customers | customer | 2 | 2 | ||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer One [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Concentration risk, percentage | 16.00% | 13.00% | ||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer Two [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Concentration risk, percentage | 10.00% | 12.00% | ||
Common Class A [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Common stock, voting rights | one | |||
Common stock, conversion basis | one | |||
Stockholders entitled election of Board of Directors | 25.00% | |||
Share repurchases | shares | 1,302 | 5,386 | 7,790 | |
Common Class B [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Common stock, voting rights | ten | |||
Common stock, conversion basis | one | |||
Share repurchases | shares | 0 | 0 | 0 | |
Maximum [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Period of related affiliation arrangement (up to) | 10 years | |||
2011 Non-Employee Director Plan [Member] | Restricted Stock Units (RSUs) [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Vesting percentage | 100.00% |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Net Income Per Share) (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Basic (in shares) | 56,205 | 58,066 | 64,905 |
Diluted (in shares) | 57,037 | 58,947 | 65,625 |
Employee Stock Option [Member] | |||
Incremental Weighted Average Shares Attributable to Dilutive Effect [Abstract] | |||
Effect of dilution (in shares) | 14 | 15 | 1 |
Restricted Stock Units (RSUs) [Member] | |||
Incremental Weighted Average Shares Attributable to Dilutive Effect [Abstract] | |||
Effect of dilution (in shares) | 818 | 866 | 719 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Schedule of Stock by Class) (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Common Class A [Member] | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning Balance (in shares) | 44,749 | 49,601 | 57,079 |
Share repurchases | (1,302) | (5,386) | (7,790) |
Employee and non-employee director stock transactions* | 631 | 534 | 312 |
Ending Balance (in shares) | 44,078 | 44,749 | 49,601 |
Common Class B [Member] | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning Balance (in shares) | 11,484 | 11,484 | 11,484 |
Share repurchases | 0 | 0 | 0 |
Employee and non-employee director stock transactions* | 0 | 0 | 0 |
Ending Balance (in shares) | 11,484 | 11,484 | 11,484 |
Revenue Recognition (Contract w
Revenue Recognition (Contract with Customer, Asset and Liability) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | ||
Accounts receivable (including long-term, included in Other assets) | $ 1,018,105 | $ 1,121,834 |
Contract assets, short-term (included in Other current assets) | 9,131 | 7,283 |
Contract assets, long-term (included in Other assets) | 8,136 | 9,964 |
Contract liabilities (Deferred revenue) | 55,424 | $ 63,921 |
Revenue recognized relating to the contract liability | $ 50,200 |
Impairment and Related Charges
Impairment and Related Charges (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Finite-Lived Intangible Assets [Line Items] | |||
Impairment and related charges | $ 106,603 | $ 4,486 | $ 28,148 |
Impairment charge | 97,996 | ||
impairments of intangibles and property and equipment associated with the sale of a subsidiary | 8,600 | ||
Impairment and related charges | 106,603 | 4,486 | 17,112 |
AMCNI Reporting Unit [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Impairment and related charges | $ 4,500 | ||
Impairment charge | $ 98,000 | ||
Pre-tax loss on sale of business | 11,000 | ||
Impairment and related charges | $ 17,100 |
Restructuring and Other Relat_3
Restructuring and Other Related Charges (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and other related charges | $ 40,914 | $ 45,847 | $ 6,128 |
Restructuring charges | 27,897 | 45,847 | $ 6,128 |
Accrued restructuring and other related costs | 27,600 | ||
Severance and Other Personnel Related Costs [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 26,132 | 35,965 | |
Severance and Other Personnel Related Costs [Member] | Management Changes [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 26,000 | ||
Severance and Other Personnel Related Costs [Member] | Owned Subscription Streaming Services Restructuring [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 1,900 | ||
Other Restructuring [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 1,765 | $ 9,882 | |
Other Restructuring [Member] | AMC Networks SVOD Organizational Changes [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 13,000 | ||
National Networks [Member] | Severance and Other Personnel Related Costs [Member] | Management Changes [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 13,500 | ||
International And Other [Member] | Severance and Other Personnel Related Costs [Member] | Management Changes [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 12,500 |
Restructuring and Other Relat_4
Restructuring and Other Related Charges (Restructuring and Related Costs) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and other related charges | $ 27,897 | $ 45,847 | $ 6,128 |
Other related charges | 13,017 | 0 | 0 |
Total restructuring and other related charges | 40,914 | 45,847 | 6,128 |
Intersegment Eliminations [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring and other related charges | (623) | (6,502) | 0 |
National Networks [Member] | Operating Segments [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring and other related charges | 13,453 | 17,160 | (53) |
International And Other [Member] | Operating Segments [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring and other related charges | $ 28,084 | $ 35,189 | $ 6,181 |
Restructuring and Other Relat_5
Restructuring and Other Related Charges (Summary of Accrued Restructuring and Other Related Costs) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Restructuring Reserve [Roll Forward] | |||
Accrued restructuring costs, beginning balance | $ 35,189 | $ 1,236 | |
Charges | 27,897 | 45,847 | $ 6,128 |
Other | (2,092) | (882) | |
Cash payments | (32,311) | (3,554) | |
Non-cash adjustments | (1,081) | (7,440) | |
Currency translation | 26 | (18) | |
Accrued restructuring costs, ending balance | 27,628 | 35,189 | 1,236 |
Severance and Other Personnel Related Costs [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Accrued restructuring costs, beginning balance | 33,774 | 1,212 | |
Charges | 26,132 | 35,965 | |
Other | (612) | (137) | |
Cash payments | (31,897) | (3,257) | |
Non-cash adjustments | 0 | 0 | |
Currency translation | 10 | (9) | |
Accrued restructuring costs, ending balance | 27,407 | 33,774 | 1,212 |
Other Exit Costs [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Accrued restructuring costs, beginning balance | 1,415 | 24 | |
Charges | 1,765 | 9,882 | |
Other | (1,480) | (745) | |
Cash payments | (414) | (297) | |
Non-cash adjustments | (1,081) | (7,440) | |
Currency translation | 16 | (9) | |
Accrued restructuring costs, ending balance | $ 221 | $ 1,415 | $ 24 |
Program Rights and Obligation_2
Program Rights and Obligations (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Film Cost Disclosures [Abstract] | |||
Program rights, completed programming | $ 334.5 | ||
Program rights, in production programming | $ 214.2 | ||
Owned original program rights expected to be amortized within three years (as a percentage) | 87.00% | ||
Program rights expected to be paid within twelve months | $ 173.2 | ||
Program rights write offs | $ 40.9 | $ 50.5 | $ 49.4 |
Program Rights and Obligation_3
Program Rights and Obligations (Schedule of Future Payments) (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Program Rights Obligations [Abstract] | |
2020 | $ 304,692 |
2021 | 125,189 |
2022 | 70,803 |
2023 | 26,500 |
2024 | 15,678 |
Thereafter | 1,643 |
Total | $ 544,505 |
Business Combinations (Narrativ
Business Combinations (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||||||
Dec. 31, 2019 | Dec. 31, 2018 | Oct. 31, 2018 | Oct. 30, 2018 | Oct. 01, 2018 | Apr. 20, 2018 | Jun. 20, 2017 | Oct. 14, 2016 | |
Levity [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Controlling interest (as a percentage) | 57.00% | |||||||
Total cash purchase price paid | $ 48,350 | |||||||
Noncontrolling interest, right to put (as a percentage) | 50.00% | |||||||
Revenues, net attributable to business acquisitions | $ 134,900 | |||||||
Operating loss attributable to business acquisitions | 2,800 | |||||||
Acquisition related costs | 7,300 | |||||||
Levity [Member] | Common Class B [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Total cash purchase price paid | 35,000 | |||||||
Levity [Member] | Series L Preferred Stock [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Total cash purchase price paid | $ 13,400 | |||||||
RLJE [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Warrants received per RLJE investment agreement | 20,000,000 | |||||||
Warrant price (in dollars per share) | $ 3 | |||||||
Loan balance | $ 68,000 | |||||||
Controlling interest (as a percentage) | 17.00% | 51.00% | ||||||
Net gain relating to step-up to fair value | $ 2,600 | |||||||
Total cash purchase price paid | $ 52,200 | |||||||
RLJE [Member] | Class A [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Warrant price (in dollars per share) | $ 3 | $ 3 | ||||||
Common stock of RLJE acquired, number of shares | 3,300,000 | 1,700,000 | ||||||
Cancellation of RLJE Term Loans | $ 5,000 | |||||||
Cancellation of Tranche B Term Loans | $ 10,000 | |||||||
RLJE [Member] | Class B [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Warrant price (in dollars per share) | $ 3 | $ 3 | ||||||
Common stock of RLJE acquired, number of shares | 6,600,000 | 3,400,000 | ||||||
Cancellation of Tranche B Term Loans | $ 19,900 | $ 10,100 | ||||||
RLJE [Member] | Class C [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Warrant price (in dollars per share) | $ 3 | |||||||
Common stock of RLJE acquired, number of shares | 5,000,000 | |||||||
Cancellation of Tranche B Term Loans | $ 15,000 | |||||||
RLJE [Member] | Tranche A Loan [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Loan balance | 13,000 | |||||||
RLJE [Member] | Tranche B Loan [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Loan balance | $ 55,000 |
Business Combinations (Schedule
Business Combinations (Schedule of Business Acquisitions) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Oct. 01, 2018 | Apr. 20, 2018 | Dec. 31, 2017 | |
Business Acquisition [Line Items] | |||||
Goodwill | $ 701,980 | $ 798,037 | $ 695,158 | ||
RLJE [Member] | |||||
Business Acquisition [Line Items] | |||||
Fair value of consideration transferred | 41,513 | ||||
Fair value of previously held interest | $ 130,890 | ||||
Fair value of redeemable noncontrolling interest | $ 103,359 | ||||
Total fair value of business combination | 275,762 | ||||
Cash | 3,360 | ||||
Accounts receivable | 16,316 | ||||
Prepaid expenses and other current assets | 963 | ||||
Programming rights | 69,775 | ||||
Property and equipment | 2,841 | ||||
Other assets (equity method investments) | 38,800 | ||||
Intangible assets | 126,600 | ||||
Accounts payable | (12,008) | ||||
Accrued liabilities | (42,935) | ||||
Debt | (25,187) | ||||
Fair value of net assets acquired | 178,525 | ||||
Goodwill | $ 97,237 | ||||
Levity [Member] | |||||
Business Acquisition [Line Items] | |||||
Fair value of redeemable noncontrolling interest | $ 30,573 | ||||
Total fair value of business combination | 78,923 | ||||
Total cash purchase price paid | 48,350 | ||||
Cash | 13,471 | ||||
Programming rights | 17,251 | ||||
Property and equipment | 20,663 | ||||
Other assets (equity method investments) | 3,306 | ||||
Intangible assets | 46,413 | ||||
Current liabilities | (23,647) | ||||
Noncurrent liabilities | (21,394) | ||||
Noncontrolling interests acquired | (1,354) | ||||
Fair value of net assets acquired | 54,709 | ||||
Goodwill | $ 24,214 |
Business Combinations (Schedu_2
Business Combinations (Schedule of Pro Forma) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Business Combinations [Abstract] | ||
Revenues, net | $ 3,087 | $ 3,033 |
Income from operations, net of income taxes | $ 426 | $ 459 |
Net income per share, basic | $ 7.34 | $ 7.06 |
Net income per share, diluted | $ 7.23 | $ 6.99 |
Investments (Narrative) (Detail
Investments (Narrative) (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Sep. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Mar. 05, 2018 | |
Investments [Line Items] | ||||
Equity method investments | $ 69,100,000 | $ 90,900,000 | ||
Call price | 20,000,000 | |||
Impairment related to partial write-down of equity method investment | $ 3,500,000 | 20,200,000 | 10,000,000 | |
Purchase of additional interest in marketable equity securities | 3,500,000 | |||
Investments in marketable equity securities | 4,400,000 | 1,200,000 | ||
Investments in non-marketable equity securities | $ 61,800,000 | 71,800,000 | ||
fuboTV [Member] | ||||
Investments [Line Items] | ||||
Investments in non-marketable equity securities | $ 25,000,000 | |||
Senior secured term loan provided | $ 25,000,000 |
Property and Equipment (Propert
Property and Equipment (Property, Plant, Equipment) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Property, Plant and Equipment [Line Items] | ||
Property and equipment | $ 631,054 | $ 540,180 |
Accumulated depreciation and amortization | (347,302) | (293,918) |
Property and equipment, net | 283,752 | 246,262 |
Program, Service and Test Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 296,680 | 250,328 |
Satellite Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 46,871 | 46,368 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 29,811 | 29,421 |
Transmission Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | $ 76,604 | 58,710 |
Estimated Useful Lives | 5 years | |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | $ 181,088 | $ 155,353 |
Pending Litigation [Member] | Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives | 3 years | |
Maximum [Member] | Program, Service and Test Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives | 5 years | |
Maximum [Member] | Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives | 8 years |
Property and Equipment (Narrati
Property and Equipment (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation | $ 54.9 | $ 48.3 | $ 47.6 |
Property and Equipment (Schedul
Property and Equipment (Schedule of Capital Leased Assets) (Details) - Satellite Equipment [Member] - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Property, Plant and Equipment [Line Items] | ||
Satellite equipment | $ 46,871 | $ 46,368 |
Less accumulated amortization | (31,158) | (26,808) |
Gross amount of equipment and related accumulated amortization recorded under finance leases | $ 15,713 | $ 19,560 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill [Line Items] | |||
Accumulated impairment charges | $ 98,000 | ||
Reduction in carrying about of goodwill | 1,328 | $ 1,328 | |
Impairment charge | 97,996 | ||
Aggregate amortization expense | $ 46,200 | 43,000 | $ 47,100 |
Hypothetical decrease (as a percentage) | 20.00% | ||
National Networks [Member] | |||
Goodwill [Line Items] | |||
Reduction in carrying about of goodwill | $ 1,328 | 1,328 | |
Impairment charge | 0 | ||
International And Other [Member] | |||
Goodwill [Line Items] | |||
Reduction in carrying about of goodwill | 0 | $ 0 | |
Impairment charge | 97,996 | ||
AMCNI Reporting Unit [Member] | |||
Goodwill [Line Items] | |||
Impairment charge | $ 98,000 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets (Schedule Of Goodwill) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Goodwill [Roll Forward] | ||
Beginning balance | $ 798,037 | $ 695,158 |
Additions | 123,865 | |
Impairment charge | (97,996) | |
Purchase accounting adjustments | (2,414) | |
Amortization of "second component" goodwill | (1,328) | (1,328) |
Foreign currency translation | 5,681 | (19,658) |
Ending balance | 701,980 | 798,037 |
National Networks [Member] | ||
Goodwill [Roll Forward] | ||
Beginning balance | 238,431 | 239,759 |
Additions | 0 | |
Impairment charge | 0 | |
Purchase accounting adjustments | 0 | |
Amortization of "second component" goodwill | (1,328) | (1,328) |
Foreign currency translation | 0 | 0 |
Ending balance | 237,103 | 238,431 |
International And Other [Member] | ||
Goodwill [Roll Forward] | ||
Beginning balance | 559,606 | 455,399 |
Additions | 123,865 | |
Impairment charge | (97,996) | |
Purchase accounting adjustments | (2,414) | |
Amortization of "second component" goodwill | 0 | 0 |
Foreign currency translation | 5,681 | (19,658) |
Ending balance | $ 464,877 | $ 559,606 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets (Summary Of Intangible Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross | $ 778,352 | $ 799,468 |
Accumulated Amortization | (273,721) | (240,461) |
Net | 504,631 | 559,007 |
Trademarks | 19,900 | 19,900 |
Total intangible assets, Gross | 798,252 | 819,368 |
Total intangible assets, Net | 524,531 | 578,907 |
Affiliate and customer relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | 616,197 | 620,771 |
Accumulated Amortization | (232,193) | (198,500) |
Net | $ 384,004 | 422,271 |
Affiliate and customer relationships [Member] | Pending Litigation [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Useful Lives | 6 years | |
Affiliate and customer relationships [Member] | Maximum [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Useful Lives | 25 years | |
Advertiser relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | $ 46,282 | 46,282 |
Accumulated Amortization | (21,820) | (17,613) |
Net | $ 24,462 | 28,669 |
Estimated Useful Lives | 11 years | |
Trade names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | $ 113,075 | 118,772 |
Accumulated Amortization | (17,997) | (17,971) |
Net | $ 95,078 | 100,801 |
Trade names [Member] | Pending Litigation [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Useful Lives | 3 years | |
Trade names [Member] | Maximum [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Useful Lives | 20 years | |
Other amortizable intangible assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | $ 2,798 | 13,643 |
Accumulated Amortization | (1,711) | (6,377) |
Net | $ 1,087 | $ 7,266 |
Other amortizable intangible assets [Member] | Pending Litigation [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Useful Lives | 5 years | |
Other amortizable intangible assets [Member] | Maximum [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Useful Lives | 11 years |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets (Schedule Of Estimated Amortization Expense) (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2020 | $ 47,016 |
2021 | 46,579 |
2022 | 45,937 |
2023 | 45,502 |
2024 | $ 45,432 |
Accrued Liabilities (Details)
Accrued Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Accrued Liabilities [Abstract] | ||
Employee related costs | $ 89,753 | $ 100,729 |
Participations and residuals | 70,682 | 70,955 |
Interest | 29,767 | 30,018 |
Other accrued expenses | 61,012 | 63,216 |
Total accrued liabilities | $ 251,214 | $ 264,918 |
Long-term Debt (Narrative) (Det
Long-term Debt (Narrative) (Details) | Feb. 03, 2020USD ($) | Jul. 28, 2017USD ($) | Dec. 17, 2012USD ($) | Dec. 31, 2019USD ($)linesOfCredit | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Jul. 15, 2016USD ($) | Mar. 30, 2016USD ($) |
Debt Instrument [Line Items] | ||||||||
Long-term debt | $ 3,131,250,000 | $ 3,152,584,000 | ||||||
Deferred financing costs | $ 10,400,000 | |||||||
Unamortized deferred financing costs | 10,670,000 | 13,848,000 | 9,400,000 | |||||
Financing costs expensed | 1,000,000 | |||||||
Loss on extinguishment of debt | 0 | 0 | $ 3,004,000 | |||||
Issuance discount | 24,351,000 | 29,181,000 | ||||||
Revolving Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Credit facility borrowing capacity | $ 500,000,000 | |||||||
Line of Credit [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt, interest rate | 3.50% | |||||||
Number of lines of credit assumed | linesOfCredit | 2 | |||||||
Line of credit assumed | $ 5,000,000 | |||||||
Outstanding borrowings on lines of credit | $ 0 | |||||||
Term-A Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Minimum ratio of annual operating cash flow to annual total interest expense | 2.50 | |||||||
Term-A Facility [Member] | Base Rate [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 0.50% | |||||||
Term-A Facility [Member] | Eurodollar [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 1.50% | |||||||
Term-A Facility [Member] | Minimum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Commitment fee percentage | 0.25% | |||||||
Debt instrument, covenant, cash flow ratio | 5 | |||||||
Term-A Facility [Member] | Minimum [Member] | Base Rate [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 0.25% | |||||||
Term-A Facility [Member] | Minimum [Member] | Eurodollar [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 1.25% | |||||||
Term-A Facility [Member] | Maximum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Commitment fee percentage | 0.50% | |||||||
Debt instrument, covenant, cash flow ratio | 6 | |||||||
Term-A Facility [Member] | Maximum [Member] | Base Rate [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 1.25% | |||||||
Term-A Facility [Member] | Maximum [Member] | Eurodollar [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 2.25% | |||||||
Term-A Facility [Member] | Secured Debt [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt | $ 750,000,000 | $ 731,250,000 | $ 750,000,000 | |||||
Repayment of outstanding amount under loan facility | 400,000,000 | |||||||
4.75% Senior Notes Due 2025 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Aggregate principal amount | 800,000,000 | |||||||
Underwriting discount | $ 14,000,000 | |||||||
Debt, interest rate | 4.75% | |||||||
4.75% Senior Notes Due 2025 [Member] | Subsequent Event [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Aggregate principal amount | $ 600,000,000 | |||||||
Redemption price (as a percentage) | 100.792% | |||||||
Redemption of notes | $ 200,000,000 | |||||||
4.75% Senior Notes Due 2025 [Member] | Debt Instrument, Redemption, Period Two [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Redemption price (as a percentage) | 104.75% | |||||||
Redemption percentage (up to) | 35.00% | |||||||
4.75% Senior Notes Due 2025 [Member] | Debt Instrument, Redemption, Period Three [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Redemption price (as a percentage) | 100.00% | |||||||
4.75% Senior Notes Due 2025 [Member] | Minimum [Member] | Debt Instrument, Redemption, Period One [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Redemption price (as a percentage) | 102.375% | |||||||
5.00% Senior Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Aggregate principal amount | $ 1,000,000,000 | |||||||
Deferred financing costs | 2,100,000 | |||||||
Issuance discount | 17,500,000 | |||||||
Debt, interest rate | 5.00% | |||||||
5.00% Senior Notes [Member] | Debt Instrument, Redemption, Period One [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Redemption price (as a percentage) | 102.50% | |||||||
5.00% Senior Notes [Member] | Debt Instrument, Redemption, Period Two [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Redemption price (as a percentage) | 100.00% | |||||||
7.75% Senior Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt, interest rate | 7.75% | |||||||
Debt proceeds used in redemption | $ 45,600,000 | |||||||
Debt extinguishment including principal interest and fees | $ 703,000,000 | |||||||
4.75% Senior Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Aggregate principal amount | $ 600,000,000 | |||||||
Deferred financing costs | 1,500,000 | |||||||
Issuance discount | 10,500,000 | |||||||
Debt, interest rate | 4.75% | |||||||
4.75% Senior Notes [Member] | Debt Instrument, Redemption, Period One [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Redemption price (as a percentage) | 100.792% | |||||||
4.75% Senior Notes [Member] | Debt Instrument, Redemption, Period Two [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Redemption price (as a percentage) | 100.00% | |||||||
Term-B Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Repayment of outstanding amount under loan facility | $ 587,600,000 |
Long-term Debt (Summary Of Long
Long-term Debt (Summary Of Long-Term Debt) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jul. 28, 2017 | Mar. 30, 2016 | Dec. 17, 2012 |
Debt Instrument [Line Items] | ||||||
Long-term debt | $ 3,131,250 | $ 3,152,584 | ||||
Unamortized discount | (24,351) | (29,181) | ||||
Unamortized deferred financing costs | (10,670) | (13,848) | $ (9,400) | |||
Long-term debt, net | 3,096,229 | 3,109,555 | ||||
Current portion of long-term debt | 56,250 | 21,334 | ||||
Long-term debt, net | 3,039,979 | 3,088,221 | ||||
Term-A Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt, net | 723,560 | 739,710 | ||||
4.75% Senior Notes Due 2025 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt, net | $ 788,247 | 786,458 | ||||
Debt, interest rate | 4.75% | |||||
5.00% Senior Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Unamortized discount | $ (17,500) | |||||
Long-term debt, net | $ 988,609 | 986,275 | ||||
Debt, interest rate | 5.00% | |||||
4.75% Senior Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Unamortized discount | $ (10,500) | |||||
Long-term debt, net | $ 595,813 | 594,528 | ||||
Debt, interest rate | 4.75% | |||||
Other Debt [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt, net | $ 0 | |||||
Senior Notes [Member] | 4.75% Senior Notes Due 2025 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt | 800,000 | 800,000 | ||||
Senior Notes [Member] | 5.00% Senior Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt | 1,000,000 | 1,000,000 | ||||
Senior Notes [Member] | 4.75% Senior Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt | 600,000 | 600,000 | ||||
Senior Notes [Member] | Other Debt [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt | 0 | 2,584 | ||||
Secured Debt [Member] | Term-A Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt | $ 731,250 | $ 750,000 | $ 750,000 |
Long-term Debt (Schedule of Deb
Long-term Debt (Schedule of Debt Maturities) (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Debt Disclosure [Abstract] | |
2020 | $ 56,250 |
2021 | 75,000 |
2022 | 675,000 |
2023 | 525,000 |
2024 | 1,000,000 |
Thereafter | $ 800,000 |
Fair Value Measurement (Financi
Fair Value Measurement (Financial Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Assets, Fair Value Disclosure [Abstract] | ||
Cash equivalents | $ 191,214 | $ 68,498 |
Marketable securities | 4,448 | 1,173 |
Foreign currency derivatives | 1,884 | 3,509 |
Interest Rate Swap [Member] | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Derivative liabilities | 1,966 | 356 |
Foreign Exchange Forward [Member] | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Derivative liabilities | 1,888 | 3,121 |
Level I [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Cash equivalents | 191,214 | 68,498 |
Marketable securities | 4,448 | 1,173 |
Foreign currency derivatives | 0 | 0 |
Level I [Member] | Interest Rate Swap [Member] | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Derivative liabilities | 0 | 0 |
Level I [Member] | Foreign Exchange Forward [Member] | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Derivative liabilities | 0 | 0 |
Level II [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Cash equivalents | 0 | 0 |
Marketable securities | 0 | 0 |
Foreign currency derivatives | 1,884 | 3,509 |
Level II [Member] | Interest Rate Swap [Member] | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Derivative liabilities | 1,966 | 356 |
Level II [Member] | Foreign Exchange Forward [Member] | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Derivative liabilities | 1,888 | 3,121 |
Level III [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Cash equivalents | 0 | 0 |
Marketable securities | 0 | 0 |
Foreign currency derivatives | 0 | 0 |
Level III [Member] | Interest Rate Swap [Member] | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Derivative liabilities | 0 | 0 |
Level III [Member] | Foreign Exchange Forward [Member] | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Derivative liabilities | $ 0 | $ 0 |
Fair Value Measurement (Carryin
Fair Value Measurement (Carrying Values And Fair Values Of The Company's Financial Instruments) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Amount | $ 3,096,229 | $ 3,109,555 |
Estimated Fair Value | 3,152,553 | 2,989,334 |
Term-A Facility [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Amount | 723,560 | 739,710 |
Estimated Fair Value | 724,303 | 738,750 |
4.75% Senior Notes Due 2025 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Amount | 788,247 | 786,458 |
Estimated Fair Value | 803,000 | 720,000 |
5.00% Senior Notes [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Amount | 988,609 | 986,275 |
Estimated Fair Value | 1,020,000 | 947,500 |
4.75% Senior Notes [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Amount | 595,813 | 594,528 |
Estimated Fair Value | 605,250 | 580,500 |
Other Debt [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Amount | 0 | |
Estimated Fair Value | $ 0 | |
Other Debt [Member] | Reported Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 2,584 | |
Other Debt [Member] | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | $ 2,584 |
Derivative Financial Instrume_3
Derivative Financial Instruments (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Derivative [Line Items] | |||
Amount of Gain (Loss) Recognized in Earnings on Derivatives | $ 301 | $ 41,927 | $ 21,268 |
Other Contract [Member] | Other Nonoperating Income (Expense) [Member] | |||
Derivative [Line Items] | |||
Amount of Gain (Loss) Recognized in Earnings on Derivatives | 0 | $ 42,092 | $ 24,223 |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Interest Rate Swap [Member] | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | $ 100,000 |
Derivative Financial Instrume_4
Derivative Financial Instruments (Schedule Of Derivative Instruments Included In Balance Sheets) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Interest Rate Swap [Member] | Accrued Liabilities [Member] | ||
Derivatives designated as hedging instruments: | ||
Liabilities | $ 1,966 | $ 356 |
Foreign Exchange Forward [Member] | Accrued Liabilities [Member] | ||
Derivatives not designated as hedging instruments: | ||
Liabilities | 687 | 700 |
Foreign Exchange Forward [Member] | Other Assets [Member] | ||
Derivatives not designated as hedging instruments: | ||
Assets | 993 | 2,057 |
Foreign Exchange Forward [Member] | Prepaid Expenses and Other Current Assets [Member] | ||
Derivatives not designated as hedging instruments: | ||
Assets | 891 | 1,452 |
Foreign Exchange Forward [Member] | Other Liabilities [Member] | ||
Derivatives not designated as hedging instruments: | ||
Liabilities | $ 1,202 | $ 2,421 |
Derivative Financial Instrume_5
Derivative Financial Instruments (Schedule Of Gains And Losses Related To Derivative Instruments) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Derivative [Line Items] | ||||
Unrealized loss on interest rate swaps | $ (1,609) | $ (356) | $ (35) | |
Cash Flow Hedging [Member] | Interest Expense [Member] | ||||
Derivative [Line Items] | ||||
Gain or (Loss) Reclassified from Accumulated OCI into Earnings | [1] | 295 | 0 | |
Cash Flow Hedging [Member] | Interest Rate Swap [Member] | ||||
Derivative [Line Items] | ||||
Unrealized loss on interest rate swaps | $ (1,609) | $ (356) | ||
[1] | There were no gains or losses recognized in earnings related to any ineffective portion of the hedging relationship or related to any amount excluded from the assessment of hedge effectiveness for the years ended December 31, 2019 and 2018. |
Derivative Financial Instrume_6
Derivative Financial Instruments (Schedule Of Gains And Losses Related To Derivative Instruments Not Designated) (Details) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Amount of Gain (Loss) Recognized in Earnings on Derivatives | $ 301 | $ 41,927 | $ 21,268 |
Interest Rate Swap [Member] | Interest Expense [Member] | |||
Amount of Gain (Loss) Recognized in Earnings on Derivatives | 0 | (1,444) | 3 |
Foreign Exchange Forward [Member] | Other Nonoperating Income (Expense) [Member] | |||
Amount of Gain (Loss) Recognized in Earnings on Derivatives | 301 | 1,279 | (2,958) |
Other Contract [Member] | Other Nonoperating Income (Expense) [Member] | |||
Amount of Gain (Loss) Recognized in Earnings on Derivatives | $ 0 | $ 42,092 | $ 24,223 |
Leases (Summary of Lease Assets
Leases (Summary of Lease Assets and Liabilities) (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Assets | |
Operating lease assets | $ 170,056 |
Finance lease assets | 15,713 |
Total lease assets | 185,769 |
Liabilities | |
Current operating lease liabilities | 30,171 |
Current finance lease liabilities | 3,788 |
Total current lease liabilities | 33,959 |
Noncurrent operating lease liabilities | 193,570 |
Noncurrent finance lease liabilities | 17,477 |
Total noncurrent lease liabilities | 211,047 |
Total lease liabilities | $ 245,006 |
Leases (Summary of Lease Costs)
Leases (Summary of Lease Costs) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Leases [Abstract] | |
Operating lease costs | $ 33,184 |
Finance lease costs: | |
Amortization of leased assets | 2,472 |
Interest on lease liabilities | 2,513 |
Short term lease costs | 3,309 |
Variable lease costs | 1,068 |
Total net lease costs | $ 42,546 |
Leases (Summary of Maturity of
Leases (Summary of Maturity of Lease Liabilities) (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Operating Leases | |
2020 | $ 39,446 |
2021 | 32,681 |
2022 | 34,330 |
2023 | 34,915 |
2024 | 34,391 |
Thereafter | 92,963 |
Total lease payments | 268,726 |
Less: Interest | 44,990 |
Present value of lease liabilities | 223,736 |
Finance Leases | |
2020 | 5,863 |
2021 | 4,389 |
2022 | 4,416 |
2023 | 4,442 |
2024 | 4,469 |
Thereafter | 5,197 |
Total lease payments | 28,776 |
Less: Interest | 7,506 |
Present value of lease liabilities | 21,270 |
Total | |
2020 | 45,309 |
2021 | 37,070 |
2022 | 38,746 |
2023 | 39,357 |
2024 | 38,860 |
Thereafter | 98,160 |
Total lease payments | 297,502 |
Less: Interest | 52,496 |
Total lease liabilities | $ 245,006 |
Leases (Summary of Leases) (Det
Leases (Summary of Leases) (Details) | Dec. 31, 2019 |
Weighted average remaining lease term (years): | |
Operating leases | 7 years 8 months 12 days |
Finance leases | 5 years 10 months 24 days |
Weighted average discount rate: | |
Operating leases | 4.80% |
Finance leases | 10.50% |
Leases (Summary of Supplemental
Leases (Summary of Supplemental Cash Paid) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Leases [Abstract] | |
Operating cash flows from operating leases | $ 26,758 |
Financing cash flows from finance leases | $ 5,115 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Leases [Abstract] | |||
Rent expense | $ 38.8 | ||
Rent expense | $ 38 | $ 31.7 |
Income Taxes (Schedule of Earni
Income Taxes (Schedule of Earnings Before Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Domestic | $ 529,451 | $ 587,346 | $ 618,955 |
Foreign | (43,265) | 32,927 | 21,423 |
Income from operations before income taxes | $ 486,186 | $ 620,273 | $ 640,378 |
Income Taxes (Schedule of Compo
Income Taxes (Schedule of Components of Income Tax Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Current expense: | |||
Federal | $ 81,459 | $ 80,360 | $ 162,639 |
State | 12,657 | 13,663 | 14,301 |
Foreign | 24,608 | 25,001 | 17,382 |
Current expense (benefit) | 118,724 | 119,024 | 194,322 |
Deferred expense (benefit): | |||
Federal | (2,216) | 34,636 | (38,416) |
State | (98) | 3,627 | (2,436) |
Foreign | (36,602) | (4,896) | (7,813) |
Deferred expense (benefit) | (38,916) | 33,367 | (48,665) |
Tax expense (benefit) relating to uncertain tax positions, including accrued interest | (1,338) | 3,915 | 5,084 |
Income tax expense | $ 78,470 | $ 156,306 | $ 150,741 |
Income Taxes (Schedule of Effec
Income Taxes (Schedule of Effective Income Tax Rate Reconciliation) (Details) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
U.S. federal statutory income tax rate | 21.00% | 21.00% | 35.00% |
State and local income taxes, net of federal benefit | 2.00% | 2.00% | 2.00% |
Effect of foreign operations | 2.00% | 0.00% | (1.00%) |
Effect of rate change on deferred taxes | 0.00% | (2.00%) | (11.00%) |
Transition tax, net of foreign taxes deemed paid | 0.00% | 0.00% | 2.00% |
Nontaxable income attributable to noncontrolling interests | (1.00%) | (1.00%) | (1.00%) |
Changes in the valuation allowance | (4.00%) | 3.00% | 0.00% |
Domestic production activity deduction | 0.00% | 0.00% | (3.00%) |
Tax expense relating to uncertain tax positions, including accrued interest, net of deferred tax benefits | 0.00% | 0.00% | 1.00% |
Deferral of investment tax credit benefit | (2.00%) | ||
Other | (2.00%) | 2.00% | 0.00% |
Effective income tax rate | 16.00% | 25.00% | 24.00% |
Income Taxes (Schedule of Defer
Income Taxes (Schedule of Deferred Tax Asset (Liability)) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Income Tax Disclosure [Abstract] | ||
NOLs and tax credit carry forwards | $ 103,407 | $ 123,487 |
Compensation and benefit plans | 27,835 | 29,294 |
Allowance for doubtful accounts | 428 | 981 |
Fixed assets and intangible assets | 37,893 | 24,150 |
Accrued interest expense | 7,202 | 8,832 |
Other liabilities | 27,276 | 24,594 |
Deferred tax asset | 204,041 | 211,338 |
Valuation allowance | (59,584) | (95,185) |
Net deferred tax asset | 144,457 | 116,153 |
Prepaid liabilities | (530) | (514) |
Fixed assets and intangible assets | (93,300) | (90,960) |
Investments in partnerships | (105,062) | (121,156) |
Other assets | (30,931) | (29,694) |
Deferred tax liability | (229,823) | (242,324) |
Total net deferred tax liability | $ (85,366) | $ (126,171) |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Operating Loss Carryforwards [Line Items] | |
Deferred tax asset credit carry forwards | $ 33,700 |
Foreign tax credit carry forwards | 28,900 |
Valuation allowance increase (decrease) | (28,100) |
Federal and state net operating loss carryforward | 27,800 |
Second component of tax deductible goodwill, net of tax | 1,300 |
Liability for uncertain tax positions | 18,600 |
Accrued interest liability | 4,600 |
Deferred tax asset, uncertain tax position | 4,100 |
Interest expense (net of related deferred tax benefit) | 1,000 |
Domestic Tax Authority [Member] | |
Operating Loss Carryforwards [Line Items] | |
Valuation allowance increase (decrease) | (9,900) |
Net operating loss carry forwards | 466,700 |
Foreign Tax Authority [Member] | |
Operating Loss Carryforwards [Line Items] | |
Deferred tax asset credit carry forwards | 45,200 |
Valuation allowance increase (decrease) | (20,200) |
Net operating loss carry forwards | $ 158,500 |
Income Taxes (Reconciliation Of
Income Taxes (Reconciliation Of Unrecognized Tax Benefits) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |
Balance at December 31, 2018 | $ 23,169 |
Increases related to current year tax positions | 2,043 |
Increases related to prior year tax positions | 4,880 |
Decreases related to prior year tax positions | (6,324) |
Decreases due to settlements/payments | (4,809) |
Decreases due to lapse of statute | (371) |
Balance at December 31, 2019 | $ 18,588 |
Commitments and Contingencies_2
Commitments and Contingencies (Contractual Obligation, Fiscal Year Maturity Schedule) (Details) $ in Thousands | Dec. 31, 2019USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | ||
Total purchase obligations | $ 933,444 | [1] |
Purchase obligations, year 1 | 291,108 | [1] |
Purchase obligations, years 2-3 | 178,419 | [1] |
Purchase obligations, years 4-5 | 51,202 | [1] |
Purchase obligations, more than 5 years | 412,715 | [1] |
Total | 933,444 | |
Year 1 | 291,108 | |
Years 2 - 3 | 178,419 | |
Years 4 - 5 | 51,202 | |
More than 5 years | $ 412,715 | |
[1] | Purchase obligations consist primarily of program rights obligations, participations, residuals, and transmission and marketing commitments. |
Commitments and Contingencies_3
Commitments and Contingencies (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Threatened Litigation [Member] | |
Loss Contingencies [Line Items] | |
Claims for damages | $ 20,000,000 |
Pending Litigation [Member] | |
Loss Contingencies [Line Items] | |
Claims for damages | $ 280,000,000 |
Redeemable Noncontrolling Int_2
Redeemable Noncontrolling Interests (Narrative) (Details) | Dec. 31, 2019 | Apr. 20, 2018 |
Levity [Member] | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling interest, right to put (as a percentage) | 50.00% | |
Controlling interest (as a percentage) | 57.00% | |
New Video (BBC AMERICA) [Member] | ||
Noncontrolling Interest [Line Items] | ||
Controlling interest (as a percentage) | 49.90% | |
New Video (BBC AMERICA) [Member] | Unnamed Subsidiary [Member] | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 50.10% |
Redeemable Noncontrolling Int_3
Redeemable Noncontrolling Interests Activity (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | |||||||||||
Redeemable noncontrolling interests | $ 299,558 | $ 218,604 | $ 299,558 | $ 218,604 | |||||||
Net earnings | 22,320 | 15,026 | |||||||||
Distributions | (12,120) | (11,450) | |||||||||
Additions from acquisitions | 77,378 | ||||||||||
Operating income | $ 41,719 | $ 168,438 | $ 170,257 | $ 244,863 | $ 137,124 | $ 164,599 | $ 191,531 | $ 233,655 | 625,277 | 726,909 | $ 722,359 |
Other | (307) | ||||||||||
Redeemable noncontrolling interests | $ 309,451 | $ 299,558 | $ 309,451 | $ 299,558 | $ 218,604 |
Equity and Long-Term Incentiv_3
Equity and Long-Term Incentive Plans (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation expense | $ 64,133 | $ 60,979 | $ 53,545 |
Total unrecognized share-based compensation costs | $ 70,700 | ||
Weighted-average remaining period | 1 year 11 months 4 days | ||
Excess tax benefits | $ 100 | 2,000 | 2,200 |
Expense related to long-term incentive awards outstanding | $ 1,300 | $ 7,500 | |
Maximum [Member] | Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 4 years | ||
Minimum [Member] | Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
2016 Employee Stock Plan [Member] | Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
2016 Employee Stock Plan [Member] | Maximum [Member] | Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting percentage | 200.00% | ||
2016 Employee Stock Plan [Member] | Minimum [Member] | Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting percentage | 0.00% | ||
2011 Non-Employee Director Plan [Member] | Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting percentage | 100.00% | ||
Common Class A [Member] | 2016 Employee Stock Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares authorized for grant | 6,000,000 | ||
Number of share awards available for future grant | 1,727,879 | ||
Common Class A [Member] | 2016 Employee Stock Plan [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expiration period | 10 years | ||
Common Class A [Member] | 2011 Non-Employee Director Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares authorized for grant | 465,000 | ||
Number of share awards available for future grant | 121,345 | ||
Common Class A [Member] | 2011 Non-Employee Director Plan [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expiration period | 10 years |
Equity and Long-Term Incentiv_4
Equity and Long-Term Incentive Plans (Schedule of Restricted Stock Unit Activity) (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
2011 Non-Employee Director Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Granted, number of shares | 34,678 | 32,210 |
Released/Vested, number of shares | (4,566) | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||
Granted, weighted average fair value per stock unit at date of grant (in dollars per share) | $ 54.42 | $ 61.38 |
Released/Vested, weighted average fair value per stock unit at date of grant (in dollars per share) | $ 55.90 | $ 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested, Number of Shares [Roll Forward] | ||
Vested award beginning balance, number of shares | 219,656 | 187,446 |
Vested award ending balance, number of shares | 249,768 | 219,656 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested, Weighted Average Grant Date Fair Value [Abstract] | ||
Vested award beginning balance, weighted average fair value per stock unit at date of grant (in dollars per share) | $ 54.40 | $ 53.20 |
Vested award ending balance, weighted average fair value per stock unit at date of grant (in dollars per share) | $ 54.38 | $ 54.40 |
Parent Company [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Unvested award, beginning balance, number of shares | 881,477 | 1,120,041 |
Granted, number of shares | 371,673 | 587,471 |
Released/Vested, number of shares | (410,865) | (531,655) |
Canceled/Forfeited, number of shares | (81,854) | (294,380) |
Unvested award, ending balance, number of shares | 760,431 | 881,477 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||
Unvested award beginning balance, weighted average fair value per stock unit at date of grant (in dollars per share) | $ 57.49 | $ 62.53 |
Granted, weighted average fair value per stock unit at date of grant (in dollars per share) | 61.69 | 52.76 |
Released/Vested, weighted average fair value per stock unit at date of grant (in dollars per share) | 60.74 | 66.58 |
Canceled/Forfeited, weighted average fair value per stock unit at date of grant (in dollars per share) | 55.85 | 59.80 |
Unvested award ending balance, weighted average fair value per stock unit at date of grant (in dollars per share) | $ 57.89 | $ 57.49 |
Parent Company [Member] | Share-based Compensation Award, Tranche Two [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Unvested award, beginning balance, number of shares | 2,384,767 | 1,816,147 |
Granted, number of shares | 582,282 | 887,807 |
Released/Vested, number of shares | (519,531) | (227,852) |
Canceled/Forfeited, number of shares | (77,617) | (91,335) |
Unvested award, ending balance, number of shares | 2,369,901 | 2,384,767 |
Equity and Long-Term Incentiv_5
Equity and Long-Term Incentive Plans (Stock Option Award Activity) (Details) - Parent Company [Member] - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |||
Beginning balance, weighted average exercise price per share (in dollars per share) | $ 48.26 | $ 48.26 | |
Exercised, weighted average exercise price per share (in dollars per share) | 0 | ||
Ending balance, weighted average exercise price per share (in dollars per share) | $ 48.26 | $ 48.26 | $ 48.26 |
Weighted average contractual term (in years) | 6 years 9 months 14 days | 8 years 9 months 14 days | |
Aggregate intrinsic value | $ 0 | $ 1,979 | $ 2,260 |
Options exercisable, weighted average exercise price per share | $ 48.26 | ||
Options exercisable, weighted average contractual term | 7 years 9 months 14 days | ||
Options exercisable, aggregate intrinsic value | $ 0 | ||
Options expected to vest in the future, weighted average exercise price per share | $ 0 | ||
Options expected to vest in the future, weighted average contractual term (in years) | 0 years | ||
Options expected to vest in the future, aggregate intrinsic value | $ 0 | ||
Share-based Compensation Award, Tranche One [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Beginning balance, number of shares under option | 298,923 | 388,385 | |
Exercised, number of shares under option | (95,962) | (89,462) | |
Ending balance, number of shares under option | 202,961 | 298,923 | 388,385 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |||
Options exercisable, number of shares under option | 202,961 | ||
Options expected to vest in the future, number of shares under option | 0 |
Benefit Plans (Narrative) (Deta
Benefit Plans (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Retirement Benefits [Abstract] | |||
Total expense related to all benefit plans | $ 8.3 | $ 5.9 | $ 9.1 |
Related Party Transactions (Nar
Related Party Transactions (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Related Party Transaction [Line Items] | |||
Aggregate Voting Power Held By Related Party | 73.00% | ||
Revenues, Net From Related Parties | $ 4.8 | $ 5.6 | $ 6.2 |
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party | $ 1 | $ 1.6 | $ 1.5 |
Maximum [Member] | Common Class A [Member] | |||
Related Party Transaction [Line Items] | |||
Percentage Of Common Stock Owned By Related Party | 2.00% |
Cash Flows (Summary Of Non-Cash
Cash Flows (Summary Of Non-Cash Activities And Other Supplemental Data) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract] | |||
Treasury stock not yet settled | $ 0 | $ 985 | $ 995 |
Exercise of RLJE Warrants | 0 | 20,086 | 5,001 |
Capital expenditures incurred but not yet paid | 6,270 | 5,081 | 5,889 |
Cash interest paid | 151,501 | 147,710 | 110,650 |
Income taxes paid, net | $ 139,994 | $ 138,433 | $ 219,425 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2018 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | $ 316,680 | |||
Other comprehensive income before reclassifications | $ (42,072) | |||
Amounts reclassified from accumulated other comprehensive loss | (370) | |||
Net current-period other comprehensive (loss), before income taxes | (7,881) | (42,442) | $ 81,386 | |
Income tax expense (benefit) | 364 | 45 | ||
Net current-period other comprehensive (loss), net of income taxes | (7,517) | (42,397) | 79,412 | |
Cumulative effects of adoption of accounting standards | $ 12,619 | |||
Ending balance | 665,781 | 316,680 | ||
Currency Translation Adjustment [Member] | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | (159,920) | (118,166) | ||
Other comprehensive income before reclassifications | (41,716) | |||
Amounts reclassified from accumulated other comprehensive loss | 0 | |||
Net current-period other comprehensive (loss), before income taxes | (6,272) | (41,716) | ||
Income tax expense (benefit) | (11) | (38) | ||
Net current-period other comprehensive (loss), net of income taxes | (6,283) | (41,754) | ||
Cumulative effects of adoption of accounting standards | 0 | |||
Ending balance | (166,203) | (159,920) | (118,166) | |
Gain (Losses) on Cash Flow Hedges [Member] | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | (274) | 369 | ||
Other comprehensive income before reclassifications | (356) | |||
Amounts reclassified from accumulated other comprehensive loss | (370) | |||
Net current-period other comprehensive (loss), before income taxes | (1,609) | (726) | ||
Income tax expense (benefit) | 375 | 83 | ||
Net current-period other comprehensive (loss), net of income taxes | (1,234) | (643) | ||
Cumulative effects of adoption of accounting standards | 0 | |||
Ending balance | (1,508) | (274) | 369 | |
Gain (Losses) on Available for Sale Investments [Member] | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | 0 | 3,411 | ||
Other comprehensive income before reclassifications | 0 | |||
Amounts reclassified from accumulated other comprehensive loss | 0 | |||
Net current-period other comprehensive (loss), before income taxes | 0 | 0 | ||
Income tax expense (benefit) | 0 | 0 | ||
Net current-period other comprehensive (loss), net of income taxes | 0 | 0 | ||
Cumulative effects of adoption of accounting standards | (3,411) | |||
Ending balance | 0 | 0 | 3,411 | |
Accumulated Other Comprehensive Loss [Member] | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | (160,194) | (114,386) | ||
Net current-period other comprehensive (loss), net of income taxes | (7,517) | (42,397) | 79,412 | |
Cumulative effects of adoption of accounting standards | $ (3,411) | |||
Ending balance | $ (167,711) | $ (160,194) | $ (114,386) |
Segment Information (Narrative)
Segment Information (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2019segmentcustomer | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||
Number of operating segments | segment | 2 | ||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Customer One [Member] | |||
Segment Reporting Information [Line Items] | |||
Number of customers | customer | 1 | ||
Concentration risk, percentage | 10.00% | 10.00% | 11.00% |
Segment Information (Summary Of
Segment Information (Summary Of Continuing Operations By Reportable Segment) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenues, net | $ 785,204 | $ 718,597 | $ 772,299 | $ 784,221 | $ 772,846 | $ 696,875 | $ 761,385 | $ 740,823 | $ 3,060,321 | $ 2,971,929 | $ 2,805,691 |
Operating income | $ 41,719 | $ 168,438 | $ 170,257 | $ 244,863 | $ 137,124 | $ 164,599 | $ 191,531 | $ 233,655 | 625,277 | 726,909 | 722,359 |
Share-based compensation expense | 64,133 | 60,979 | 53,545 | ||||||||
Depreciation and amortization | 101,098 | 91,281 | 94,638 | ||||||||
Restructuring and other related charges | 40,914 | 45,847 | 6,128 | ||||||||
Impairment and related charges | 106,603 | 4,486 | 28,148 | ||||||||
Majority-owned equity investees AOI | 5,965 | 3,043 | |||||||||
Adjusted operating income | 943,990 | 932,545 | 904,818 | ||||||||
Capital expenditures | 91,604 | 89,802 | 80,049 | ||||||||
Operating Segments [Member] | National Networks [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues, net | 2,369,044 | 2,413,325 | 2,367,615 | ||||||||
Operating income | 804,422 | 825,770 | 817,566 | ||||||||
Share-based compensation expense | 52,977 | 48,621 | 43,697 | ||||||||
Depreciation and amortization | 32,674 | 33,728 | 33,702 | ||||||||
Restructuring and other related charges | 13,453 | 17,160 | (53) | ||||||||
Impairment and related charges | 0 | 0 | 0 | ||||||||
Majority-owned equity investees AOI | 0 | 0 | |||||||||
Adjusted operating income | 903,526 | 925,279 | 894,912 | ||||||||
Capital expenditures | 36,199 | 16,316 | 25,333 | ||||||||
Operating Segments [Member] | International And Other [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues, net | 734,143 | 598,306 | 457,182 | ||||||||
Operating income | (170,039) | (93,326) | (88,894) | ||||||||
Share-based compensation expense | 11,156 | 12,358 | 9,848 | ||||||||
Depreciation and amortization | 68,424 | 57,553 | 60,936 | ||||||||
Restructuring and other related charges | 28,084 | 35,189 | 6,181 | ||||||||
Impairment and related charges | 106,603 | 4,486 | 28,148 | ||||||||
Majority-owned equity investees AOI | 5,965 | 3,043 | |||||||||
Adjusted operating income | 50,193 | 19,303 | 16,219 | ||||||||
Capital expenditures | 55,405 | 73,486 | 54,716 | ||||||||
Intersegment Eliminations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues, net | (42,866) | (39,702) | (19,106) | ||||||||
Operating income | (9,106) | (5,535) | (6,313) | ||||||||
Share-based compensation expense | 0 | 0 | 0 | ||||||||
Depreciation and amortization | 0 | 0 | 0 | ||||||||
Restructuring and other related charges | (623) | (6,502) | 0 | ||||||||
Impairment and related charges | 0 | 0 | 0 | ||||||||
Majority-owned equity investees AOI | 0 | 0 | |||||||||
Adjusted operating income | (9,729) | (12,037) | (6,313) | ||||||||
Capital expenditures | 0 | 0 | 0 | ||||||||
Intersegment Eliminations [Member] | National Networks [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues, net | (32,762) | (33,600) | (17,634) | ||||||||
Intersegment Eliminations [Member] | International And Other [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues, net | (10,104) | (6,102) | (1,472) | ||||||||
Advertising [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues, net | 993,833 | 1,036,079 | 1,049,445 | ||||||||
Advertising [Member] | Operating Segments [Member] | National Networks [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues, net | 904,253 | 944,675 | 959,551 | ||||||||
Advertising [Member] | Operating Segments [Member] | International And Other [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues, net | 89,659 | 91,404 | 89,894 | ||||||||
Advertising [Member] | Intersegment Eliminations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues, net | (79) | 0 | 0 | ||||||||
Entertainment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues, net | 2,066,488 | 1,935,850 | 1,756,246 | ||||||||
Entertainment [Member] | Operating Segments [Member] | National Networks [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues, net | 1,464,791 | 1,468,650 | 1,408,064 | ||||||||
Entertainment [Member] | Operating Segments [Member] | International And Other [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues, net | 644,484 | 506,902 | 367,288 | ||||||||
Entertainment [Member] | Intersegment Eliminations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues, net | $ (42,787) | $ (39,702) | $ (19,106) |
Segment Information (Summary _2
Segment Information (Summary Of Inter-Segment Eliminations) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenues, net | $ 785,204 | $ 718,597 | $ 772,299 | $ 784,221 | $ 772,846 | $ 696,875 | $ 761,385 | $ 740,823 | $ 3,060,321 | $ 2,971,929 | $ 2,805,691 |
Intersegment Eliminations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues, net | (42,866) | (39,702) | (19,106) | ||||||||
Intersegment Eliminations [Member] | National Networks [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues, net | (32,762) | (33,600) | (17,634) | ||||||||
Intersegment Eliminations [Member] | International And Other [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues, net | $ (10,104) | $ (6,102) | $ (1,472) |
Segment Information (Schedule o
Segment Information (Schedule of Revenue by Geographic Location) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenues, net | $ 785,204 | $ 718,597 | $ 772,299 | $ 784,221 | $ 772,846 | $ 696,875 | $ 761,385 | $ 740,823 | $ 3,060,321 | $ 2,971,929 | $ 2,805,691 |
North America [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues, net | 2,511,686 | 2,389,624 | 2,244,057 | ||||||||
Europe [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues, net | 382,888 | 394,235 | 369,815 | ||||||||
Other Geographic Locations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues, net | $ 165,747 | $ 188,070 | $ 191,819 |
Segment Information (Schedule_2
Segment Information (Schedule of Fixed Assets by Geographic Location) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property and equipment, net | $ 283,752 | $ 246,262 |
North America [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property and equipment, net | 244,175 | 202,833 |
Europe [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property and equipment, net | 25,925 | 27,218 |
Other Geographic Locations [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property and equipment, net | $ 13,652 | $ 16,211 |
Condensed Consolidating Finan_3
Condensed Consolidating Financial Information (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Condensed Financial Statements, Captions [Line Items] | ||
Long-term debt | $ 3,131,250 | $ 3,152,584 |
Parent percentage of ownership in guarantor subsidiaries | 100.00% | |
4.75% Senior Notes [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Debt, interest rate | 4.75% | |
5.00% Senior Notes [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Debt, interest rate | 5.00% | |
4.75% Senior Notes Due 2025 [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Debt, interest rate | 4.75% | |
Senior Notes [Member] | 4.75% Senior Notes [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Long-term debt | $ 600,000 | 600,000 |
Senior Notes [Member] | 5.00% Senior Notes [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Long-term debt | 1,000,000 | 1,000,000 |
Senior Notes [Member] | 4.75% Senior Notes Due 2025 [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Long-term debt | $ 800,000 | $ 800,000 |
Condensed Consolidating Finan_4
Condensed Consolidating Financial Information (Balance Sheet) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Current Assets: | ||||
Cash and cash equivalents | $ 816,170 | $ 554,886 | $ 558,783 | $ 481,389 |
Accounts receivable, trade (including amounts due from related parties, net, less allowance for doubtful accounts) | 857,143 | 835,977 | ||
Current portion of program rights, net | 426,624 | 440,739 | ||
Prepaid expenses and other current assets | 230,360 | 131,809 | ||
Total current assets | 2,330,297 | 1,963,411 | ||
Property and equipment, net | 283,752 | 246,262 | ||
Investment in affiliates | 0 | 0 | ||
Program rights, net | 1,038,060 | 1,214,051 | ||
Long-term intercompany notes receivable | 0 | 0 | ||
Operating lease right-of-use assets | 170,056 | |||
Intangible assets, net | 524,531 | 578,907 | ||
Goodwill | 701,980 | 798,037 | 695,158 | |
Deferred tax assets, net | 51,545 | 19,272 | ||
Other assets | 496,465 | 458,623 | ||
Total assets | 5,596,686 | 5,278,563 | ||
Current Liabilities: | ||||
Accounts payable | 94,306 | 107,066 | ||
Accrued liabilities and intercompany payable | 251,214 | 264,918 | ||
Current portion of program rights obligations | 304,692 | 343,589 | ||
Deferred revenue | 63,921 | 55,424 | ||
Current portion of long-term debt | 56,250 | 21,334 | ||
Current portion of lease obligations | 33,959 | 5,090 | ||
Total current liabilities | 804,342 | 797,421 | ||
Program rights obligations | 239,813 | 373,249 | ||
Long-term debt, net | 3,039,979 | 3,088,221 | ||
Capital lease obligations | 211,047 | 21,427 | ||
Deferred tax liability, net | 136,911 | 145,443 | ||
Other liabilities and intercompany notes payable | 163,638 | 208,036 | ||
Total liabilities | 4,595,730 | 4,633,797 | ||
Commitments and contingencies | ||||
Redeemable noncontrolling interests | 309,451 | 299,558 | 218,604 | |
Stockholders' equity: | ||||
AMC Networks stockholders' equity | 665,781 | 316,680 | ||
Non-redeemable noncontrolling interests | 25,724 | 28,528 | ||
Total stockholders' equity | 691,505 | 345,208 | 163,945 | $ (1,644) |
Total liabilities and stockholders' equity | 5,596,686 | 5,278,563 | ||
Consolidation, Eliminations [Member] | ||||
Current Assets: | ||||
Cash and cash equivalents | 0 | 0 | 0 | |
Accounts receivable, trade (including amounts due from related parties, net, less allowance for doubtful accounts) | 0 | 0 | ||
Current portion of program rights, net | (670) | (218) | ||
Prepaid expenses and other current assets | (48,662) | (57,219) | ||
Total current assets | (49,332) | (57,437) | ||
Property and equipment, net | 0 | 0 | ||
Investment in affiliates | (5,522,628) | (5,311,086) | ||
Program rights, net | (1,219) | (1,613) | ||
Long-term intercompany notes receivable | (28) | (190) | ||
Operating lease right-of-use assets | 0 | |||
Intangible assets, net | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Deferred tax assets, net | 0 | 0 | ||
Other assets | 1,626 | 0 | ||
Total assets | (5,571,581) | (5,370,326) | ||
Current Liabilities: | ||||
Accounts payable | 0 | 0 | ||
Accrued liabilities and intercompany payable | (48,662) | (59,050) | ||
Current portion of program rights obligations | 0 | 0 | ||
Deferred revenue | (263) | 0 | ||
Current portion of long-term debt | 0 | 0 | ||
Current portion of lease obligations | 0 | 0 | ||
Total current liabilities | (48,925) | (59,050) | ||
Program rights obligations | 0 | 0 | ||
Long-term debt, net | 0 | 0 | ||
Capital lease obligations | 0 | 0 | ||
Deferred tax liability, net | 0 | 0 | ||
Other liabilities and intercompany notes payable | (28) | (190) | ||
Total liabilities | (48,953) | (59,240) | ||
Commitments and contingencies | ||||
Redeemable noncontrolling interests | 0 | 0 | ||
Stockholders' equity: | ||||
AMC Networks stockholders' equity | (5,522,628) | (5,311,086) | ||
Non-redeemable noncontrolling interests | 0 | 0 | ||
Total stockholders' equity | (5,522,628) | (5,311,086) | ||
Total liabilities and stockholders' equity | (5,571,581) | (5,370,326) | ||
Parent Company [Member] | ||||
Current Assets: | ||||
Cash and cash equivalents | 169 | 121 | 320 | |
Accounts receivable, trade (including amounts due from related parties, net, less allowance for doubtful accounts) | 0 | 16 | ||
Current portion of program rights, net | 0 | 0 | ||
Prepaid expenses and other current assets | 30,359 | 6,543 | ||
Total current assets | 30,528 | 6,680 | ||
Property and equipment, net | 0 | 0 | ||
Investment in affiliates | 3,910,121 | 3,656,003 | ||
Program rights, net | 0 | 0 | ||
Long-term intercompany notes receivable | 0 | 0 | ||
Operating lease right-of-use assets | 94,263 | |||
Intangible assets, net | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Deferred tax assets, net | (66) | 0 | ||
Other assets | 46,330 | 0 | ||
Total assets | 4,081,176 | 3,662,683 | ||
Current Liabilities: | ||||
Accounts payable | 49 | 0 | ||
Accrued liabilities and intercompany payable | 29,770 | 35,189 | ||
Current portion of program rights obligations | 0 | 0 | ||
Deferred revenue | 0 | 0 | ||
Current portion of long-term debt | 56,250 | 18,750 | ||
Current portion of lease obligations | 14,012 | 0 | ||
Total current liabilities | 100,081 | 53,939 | ||
Program rights obligations | 0 | 0 | ||
Long-term debt, net | 3,039,979 | 3,088,221 | ||
Capital lease obligations | 115,243 | 0 | ||
Deferred tax liability, net | 134,899 | 140,474 | ||
Other liabilities and intercompany notes payable | 25,193 | 63,369 | ||
Total liabilities | 3,415,395 | 3,346,003 | ||
Commitments and contingencies | ||||
Redeemable noncontrolling interests | 0 | 0 | ||
Stockholders' equity: | ||||
AMC Networks stockholders' equity | 665,781 | 316,680 | ||
Non-redeemable noncontrolling interests | 0 | 0 | ||
Total stockholders' equity | 665,781 | 316,680 | ||
Total liabilities and stockholders' equity | 4,081,176 | 3,662,683 | ||
Guarantor Subsidiaries [Member] | ||||
Current Assets: | ||||
Cash and cash equivalents | 574,771 | 368,151 | 391,248 | |
Accounts receivable, trade (including amounts due from related parties, net, less allowance for doubtful accounts) | 588,715 | 600,121 | ||
Current portion of program rights, net | 270,909 | 292,002 | ||
Prepaid expenses and other current assets | 257,022 | 158,936 | ||
Total current assets | 1,691,417 | 1,419,210 | ||
Property and equipment, net | 217,971 | 175,040 | ||
Investment in affiliates | 1,612,507 | 1,655,083 | ||
Program rights, net | 800,294 | 969,802 | ||
Long-term intercompany notes receivable | 0 | 0 | ||
Operating lease right-of-use assets | 19,000 | |||
Intangible assets, net | 151,538 | 161,417 | ||
Goodwill | 63,954 | 65,282 | ||
Deferred tax assets, net | 0 | 0 | ||
Other assets | 179,601 | 165,717 | ||
Total assets | 4,736,282 | 4,611,551 | ||
Current Liabilities: | ||||
Accounts payable | 31,103 | 34,630 | ||
Accrued liabilities and intercompany payable | 152,680 | 173,836 | ||
Current portion of program rights obligations | 241,673 | 259,414 | ||
Deferred revenue | 37,775 | 34,608 | ||
Current portion of long-term debt | 0 | 0 | ||
Current portion of lease obligations | 6,796 | 2,941 | ||
Total current liabilities | 470,027 | 505,429 | ||
Program rights obligations | 223,775 | 349,814 | ||
Long-term debt, net | 0 | 0 | ||
Capital lease obligations | 18,131 | 1,420 | ||
Deferred tax liability, net | 0 | 0 | ||
Other liabilities and intercompany notes payable | 119,418 | 98,885 | ||
Total liabilities | 831,351 | 955,548 | ||
Commitments and contingencies | ||||
Redeemable noncontrolling interests | (5,190) | 0 | ||
Stockholders' equity: | ||||
AMC Networks stockholders' equity | 3,910,121 | 3,656,003 | ||
Non-redeemable noncontrolling interests | 0 | 0 | ||
Total stockholders' equity | 3,910,121 | 3,656,003 | ||
Total liabilities and stockholders' equity | 4,736,282 | 4,611,551 | ||
Non-Guarantor Subsidiaries [Member] | ||||
Current Assets: | ||||
Cash and cash equivalents | 241,230 | 186,614 | $ 167,215 | |
Accounts receivable, trade (including amounts due from related parties, net, less allowance for doubtful accounts) | 268,428 | 235,840 | ||
Current portion of program rights, net | 156,385 | 148,955 | ||
Prepaid expenses and other current assets | (8,359) | 23,549 | ||
Total current assets | 657,684 | 594,958 | ||
Property and equipment, net | 65,781 | 71,222 | ||
Investment in affiliates | 0 | 0 | ||
Program rights, net | 238,985 | 245,862 | ||
Long-term intercompany notes receivable | 28 | 190 | ||
Operating lease right-of-use assets | 56,793 | |||
Intangible assets, net | 372,993 | 417,490 | ||
Goodwill | 638,026 | 732,755 | ||
Deferred tax assets, net | 51,611 | 19,272 | ||
Other assets | 268,908 | 292,906 | ||
Total assets | 2,350,809 | 2,374,655 | ||
Current Liabilities: | ||||
Accounts payable | 63,154 | 72,436 | ||
Accrued liabilities and intercompany payable | 117,426 | 114,943 | ||
Current portion of program rights obligations | 63,019 | 84,175 | ||
Deferred revenue | 26,409 | 20,816 | ||
Current portion of long-term debt | 0 | 2,584 | ||
Current portion of lease obligations | 13,151 | 2,149 | ||
Total current liabilities | 283,159 | 297,103 | ||
Program rights obligations | 16,038 | 23,435 | ||
Long-term debt, net | 0 | 0 | ||
Capital lease obligations | 77,673 | 20,007 | ||
Deferred tax liability, net | 2,012 | 4,969 | ||
Other liabilities and intercompany notes payable | 19,055 | 45,972 | ||
Total liabilities | 397,937 | 391,486 | ||
Commitments and contingencies | ||||
Redeemable noncontrolling interests | 314,641 | 299,558 | ||
Stockholders' equity: | ||||
AMC Networks stockholders' equity | 1,612,507 | 1,655,083 | ||
Non-redeemable noncontrolling interests | 25,724 | 28,528 | ||
Total stockholders' equity | 1,638,231 | 1,683,611 | ||
Total liabilities and stockholders' equity | $ 2,350,809 | $ 2,374,655 |
Condensed Consolidating Finan_5
Condensed Consolidating Financial Information (Income Statement) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Condensed Income Statements, Captions [Line Items] | |||||||||||
Revenues, net | $ 785,204 | $ 718,597 | $ 772,299 | $ 784,221 | $ 772,846 | $ 696,875 | $ 761,385 | $ 740,823 | $ 3,060,321 | $ 2,971,929 | $ 2,805,691 |
Operating expenses | |||||||||||
Technical and operating (excluding depreciation and amortization) | 1,506,985 | 1,445,949 | 1,341,076 | ||||||||
Selling, general and administrative | 679,444 | 657,457 | 613,342 | ||||||||
Depreciation and amortization | 101,098 | 91,281 | 94,638 | ||||||||
Impairment and related charges | 106,603 | 4,486 | 28,148 | ||||||||
Restructuring and other related charges | 40,914 | 45,847 | 6,128 | ||||||||
Total operating expenses | 743,485 | 550,159 | 602,042 | 539,358 | 635,722 | 532,276 | 569,854 | 507,168 | 2,435,044 | 2,245,020 | 2,083,332 |
Operating income | 41,719 | 168,438 | 170,257 | 244,863 | 137,124 | 164,599 | 191,531 | 233,655 | 625,277 | 726,909 | 722,359 |
Other income (expense): | |||||||||||
Interest expense, net | (133,091) | (135,813) | |||||||||
Share of affiliates' income (loss) | 0 | 0 | |||||||||
Miscellaneous, net | (6,000) | 29,177 | 40,320 | ||||||||
Total other income (expense) | (139,091) | (106,636) | (81,981) | ||||||||
Income from operations before income taxes | 486,186 | 620,273 | 640,378 | ||||||||
Income tax (expense) benefit | (78,470) | (156,306) | (150,741) | ||||||||
Net income including noncontrolling interests | 348 | 123,226 | 133,985 | 150,157 | 76,439 | 116,660 | 110,332 | 160,536 | 407,716 | 463,967 | 489,637 |
Net income attributable to noncontrolling interests | (27,230) | (17,780) | (18,321) | ||||||||
Net income attributable to AMC Networks' stockholders | $ (8,577) | $ 116,923 | $ 128,743 | $ 143,397 | $ 71,879 | $ 111,257 | $ 106,181 | $ 156,870 | 380,486 | 446,187 | $ 471,316 |
Consolidation, Eliminations [Member] | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Revenues, net | (16,425) | (15,289) | |||||||||
Operating expenses | |||||||||||
Technical and operating (excluding depreciation and amortization) | (5,255) | (4,074) | |||||||||
Selling, general and administrative | (10,740) | (10,031) | |||||||||
Depreciation and amortization | 0 | 0 | |||||||||
Impairment and related charges | 0 | ||||||||||
Restructuring and other related charges | 0 | 0 | |||||||||
Total operating expenses | (15,995) | (14,105) | |||||||||
Operating income | (430) | (1,184) | |||||||||
Other income (expense): | |||||||||||
Interest expense, net | 0 | 0 | |||||||||
Share of affiliates' income (loss) | (574,073) | (767,346) | |||||||||
Miscellaneous, net | 430 | 1,184 | |||||||||
Total other income (expense) | (573,643) | (766,162) | |||||||||
Income from operations before income taxes | (574,073) | (767,346) | |||||||||
Income tax (expense) benefit | 0 | 0 | |||||||||
Net income including noncontrolling interests | (574,073) | (767,346) | |||||||||
Net income attributable to noncontrolling interests | 0 | 0 | |||||||||
Net income attributable to AMC Networks' stockholders | (574,073) | (767,346) | |||||||||
Parent Company [Member] | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Revenues, net | 0 | 0 | |||||||||
Operating expenses | |||||||||||
Technical and operating (excluding depreciation and amortization) | 0 | 0 | |||||||||
Selling, general and administrative | 19 | 0 | |||||||||
Depreciation and amortization | 0 | 0 | |||||||||
Impairment and related charges | 0 | 0 | |||||||||
Restructuring and other related charges | 0 | 0 | |||||||||
Total operating expenses | 19 | 0 | |||||||||
Operating income | (19) | 0 | |||||||||
Other income (expense): | |||||||||||
Interest expense, net | (154,718) | (151,751) | |||||||||
Share of affiliates' income (loss) | 623,278 | 734,472 | |||||||||
Miscellaneous, net | (525) | (151) | |||||||||
Total other income (expense) | 468,035 | 582,570 | |||||||||
Income from operations before income taxes | 468,016 | 582,570 | |||||||||
Income tax (expense) benefit | (87,531) | (136,383) | |||||||||
Net income including noncontrolling interests | 380,485 | 446,187 | |||||||||
Net income attributable to noncontrolling interests | 0 | 0 | |||||||||
Net income attributable to AMC Networks' stockholders | 380,485 | 446,187 | |||||||||
Guarantor Subsidiaries [Member] | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Revenues, net | 2,122,212 | 2,166,686 | |||||||||
Operating expenses | |||||||||||
Technical and operating (excluding depreciation and amortization) | 939,507 | 956,272 | |||||||||
Selling, general and administrative | 429,732 | 450,880 | |||||||||
Depreciation and amortization | 49,794 | 45,204 | |||||||||
Impairment and related charges | 0 | 0 | |||||||||
Restructuring and other related charges | 35,507 | 29,277 | |||||||||
Total operating expenses | 1,454,540 | 1,481,633 | |||||||||
Operating income | 667,672 | 685,053 | |||||||||
Other income (expense): | |||||||||||
Interest expense, net | 14,078 | 28,460 | |||||||||
Share of affiliates' income (loss) | (49,205) | 32,874 | |||||||||
Miscellaneous, net | 749 | (1,876) | |||||||||
Total other income (expense) | (34,378) | 59,458 | |||||||||
Income from operations before income taxes | 633,294 | 744,511 | |||||||||
Income tax (expense) benefit | (10,016) | (10,039) | |||||||||
Net income including noncontrolling interests | 623,278 | 734,472 | |||||||||
Net income attributable to noncontrolling interests | 0 | 0 | |||||||||
Net income attributable to AMC Networks' stockholders | 623,278 | 734,472 | |||||||||
Non-Guarantor Subsidiaries [Member] | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Revenues, net | 954,534 | 820,532 | |||||||||
Operating expenses | |||||||||||
Technical and operating (excluding depreciation and amortization) | 572,733 | 493,751 | |||||||||
Selling, general and administrative | 260,433 | 216,608 | |||||||||
Depreciation and amortization | 51,304 | 46,077 | |||||||||
Impairment and related charges | 106,603 | 4,486 | |||||||||
Restructuring and other related charges | 5,407 | 16,570 | |||||||||
Total operating expenses | 996,480 | 777,492 | |||||||||
Operating income | (41,946) | 43,040 | |||||||||
Other income (expense): | |||||||||||
Interest expense, net | 7,549 | (12,522) | |||||||||
Share of affiliates' income (loss) | 0 | 0 | |||||||||
Miscellaneous, net | (6,654) | 30,020 | |||||||||
Total other income (expense) | 895 | 17,498 | |||||||||
Income from operations before income taxes | (41,051) | 60,538 | |||||||||
Income tax (expense) benefit | 19,077 | (9,884) | |||||||||
Net income including noncontrolling interests | (21,974) | 50,654 | |||||||||
Net income attributable to noncontrolling interests | (27,230) | (17,780) | |||||||||
Net income attributable to AMC Networks' stockholders | $ (49,204) | $ 32,874 |
Condensed Consolidating Finan_6
Condensed Consolidating Financial Information (Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net income including noncontrolling interests | $ 348 | $ 123,226 | $ 133,985 | $ 150,157 | $ 76,439 | $ 116,660 | $ 110,332 | $ 160,536 | $ 407,716 | $ 463,967 | $ 489,637 |
Other comprehensive income (loss): | |||||||||||
Foreign currency translation adjustment | (6,272) | (41,716) | 76,023 | ||||||||
Unrealized loss on interest rate swaps | (1,609) | (356) | (35) | ||||||||
Amounts reclassified from accumulated other comprehensive loss | 0 | (370) | 0 | ||||||||
Unrealized gain on available for sale securities | 0 | 0 | 5,398 | ||||||||
Other comprehensive income (loss), before income taxes | (7,881) | (42,442) | 81,386 | ||||||||
Income tax benefit (expense) | 364 | 45 | (1,974) | ||||||||
Other comprehensive income (loss), net of income taxes | (7,517) | (42,397) | 79,412 | ||||||||
Comprehensive income | 400,199 | 421,570 | 569,049 | ||||||||
Comprehensive income attributable to noncontrolling interests | (27,078) | (16,044) | (21,430) | ||||||||
Comprehensive income attributable to AMC Networks' stockholders | 373,121 | 405,526 | $ 547,619 | ||||||||
Consolidation, Eliminations [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net income including noncontrolling interests | (574,073) | (767,346) | |||||||||
Other comprehensive income (loss): | |||||||||||
Foreign currency translation adjustment | 6,272 | 41,716 | |||||||||
Unrealized loss on interest rate swaps | 0 | 0 | |||||||||
Amounts reclassified from accumulated other comprehensive loss | 0 | 0 | |||||||||
Unrealized gain on available for sale securities | 0 | ||||||||||
Other comprehensive income (loss), before income taxes | 6,272 | 41,716 | |||||||||
Income tax benefit (expense) | 0 | 0 | |||||||||
Other comprehensive income (loss), net of income taxes | 6,272 | 41,716 | |||||||||
Comprehensive income | (567,801) | (725,630) | |||||||||
Comprehensive income attributable to noncontrolling interests | 0 | 0 | |||||||||
Comprehensive income attributable to AMC Networks' stockholders | (567,801) | (725,630) | |||||||||
Parent Company [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net income including noncontrolling interests | 380,485 | 446,187 | |||||||||
Other comprehensive income (loss): | |||||||||||
Foreign currency translation adjustment | (6,272) | (41,716) | |||||||||
Unrealized loss on interest rate swaps | (1,609) | (356) | |||||||||
Amounts reclassified from accumulated other comprehensive loss | 0 | (370) | |||||||||
Unrealized gain on available for sale securities | 0 | ||||||||||
Other comprehensive income (loss), before income taxes | (7,881) | (42,442) | |||||||||
Income tax benefit (expense) | 364 | 45 | |||||||||
Other comprehensive income (loss), net of income taxes | (7,517) | (42,397) | |||||||||
Comprehensive income | 372,968 | 403,790 | |||||||||
Comprehensive income attributable to noncontrolling interests | 0 | 0 | |||||||||
Comprehensive income attributable to AMC Networks' stockholders | 372,968 | 403,790 | |||||||||
Guarantor Subsidiaries [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net income including noncontrolling interests | 623,278 | 734,472 | |||||||||
Other comprehensive income (loss): | |||||||||||
Foreign currency translation adjustment | 0 | 0 | |||||||||
Unrealized loss on interest rate swaps | 0 | 0 | |||||||||
Amounts reclassified from accumulated other comprehensive loss | 0 | 0 | |||||||||
Unrealized gain on available for sale securities | 0 | ||||||||||
Other comprehensive income (loss), before income taxes | 0 | 0 | |||||||||
Income tax benefit (expense) | 0 | 0 | |||||||||
Other comprehensive income (loss), net of income taxes | 0 | 0 | |||||||||
Comprehensive income | 623,278 | 734,472 | |||||||||
Comprehensive income attributable to noncontrolling interests | 0 | 0 | |||||||||
Comprehensive income attributable to AMC Networks' stockholders | 623,278 | 734,472 | |||||||||
Non-Guarantor Subsidiaries [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net income including noncontrolling interests | (21,974) | 50,654 | |||||||||
Other comprehensive income (loss): | |||||||||||
Foreign currency translation adjustment | (6,272) | (41,716) | |||||||||
Unrealized loss on interest rate swaps | 0 | 0 | |||||||||
Amounts reclassified from accumulated other comprehensive loss | 0 | 0 | |||||||||
Unrealized gain on available for sale securities | 0 | ||||||||||
Other comprehensive income (loss), before income taxes | (6,272) | (41,716) | |||||||||
Income tax benefit (expense) | 0 | 0 | |||||||||
Other comprehensive income (loss), net of income taxes | (6,272) | (41,716) | |||||||||
Comprehensive income | (28,246) | 8,938 | |||||||||
Comprehensive income attributable to noncontrolling interests | (27,078) | (16,044) | |||||||||
Comprehensive income attributable to AMC Networks' stockholders | $ (55,324) | $ (7,106) |
Condensed Consolidating Finan_7
Condensed Consolidating Financial Information (Cash Flow) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flows from operating activities: | |||
Net cash provided by (used in) operating activities | $ 483,748 | $ 606,547 | $ 385,729 |
Cash flows from investing activities: | |||
Capital expenditures | (91,604) | (89,802) | (80,049) |
Return of capital from investees | 5,380 | 4,088 | 2,447 |
Payments for acquisition of a business, net of cash acquired | 0 | (84,389) | 0 |
Investments in and loans to investees | (3,483) | (90,081) | (53,000) |
(Increase) decrease to investment in affiliates | 0 | 0 | |
Net cash used in investing activities | (89,707) | (260,184) | (130,602) |
Cash flows from financing activities: | |||
Proceeds from the issuance of long-term debt | 1,521 | 289 | 1,536,000 |
Principal payments on long-term debt | (22,988) | 0 | (1,257,965) |
Deemed repurchase of restricted stock units | (23,018) | (16,836) | (14,496) |
Purchase of treasury stock | (70,598) | (283,143) | (434,210) |
Proceeds from stock option exercises | 4,630 | 4,317 | 0 |
Principal payments on finance lease obligations | (5,115) | (4,938) | (4,573) |
Distributions to noncontrolling interest | (15,558) | (14,296) | (18,561) |
Net cash used in financing activities | (131,126) | (314,607) | (204,210) |
Net increase in cash and cash equivalents from operations | 262,915 | 31,756 | 50,917 |
Effect of exchange rate changes on cash and cash equivalents | (1,631) | (35,653) | 26,477 |
Cash and cash equivalents at beginning of year | 554,886 | 558,783 | 481,389 |
Cash and cash equivalents at end of year | 816,170 | 554,886 | 558,783 |
Consolidation, Eliminations [Member] | |||
Cash flows from operating activities: | |||
Net cash provided by (used in) operating activities | (590,613) | (772,376) | |
Cash flows from investing activities: | |||
Capital expenditures | 0 | 0 | |
Return of capital from investees | 0 | 0 | |
Payments for acquisition of a business, net of cash acquired | 0 | ||
Investments in and loans to investees | 0 | 0 | |
(Increase) decrease to investment in affiliates | 267,911 | 1,049,190 | |
Net cash used in investing activities | 267,911 | 1,049,190 | |
Cash flows from financing activities: | |||
Proceeds from the issuance of long-term debt | 0 | 0 | |
Principal payments on long-term debt | 0 | ||
Deemed repurchase of restricted stock units | 0 | 0 | |
Purchase of treasury stock | 0 | 0 | |
Proceeds from stock option exercises | 0 | 0 | |
Principal payments on finance lease obligations | 0 | 0 | |
Distributions to noncontrolling interest | 0 | 0 | |
Net cash used in financing activities | 0 | 0 | |
Net increase in cash and cash equivalents from operations | (322,702) | 276,814 | |
Effect of exchange rate changes on cash and cash equivalents | 322,702 | (276,814) | |
Cash and cash equivalents at beginning of year | 0 | 0 | |
Cash and cash equivalents at end of year | 0 | 0 | 0 |
Parent Company [Member] | |||
Cash flows from operating activities: | |||
Net cash provided by (used in) operating activities | 365,846 | 503,796 | |
Cash flows from investing activities: | |||
Capital expenditures | 0 | 0 | |
Return of capital from investees | 0 | 0 | |
Payments for acquisition of a business, net of cash acquired | |||
Investments in and loans to investees | 0 | 0 | |
(Increase) decrease to investment in affiliates | (283,060) | (215,862) | |
Net cash used in investing activities | (283,060) | (215,862) | |
Cash flows from financing activities: | |||
Proceeds from the issuance of long-term debt | 0 | 289 | |
Principal payments on long-term debt | (18,750) | ||
Deemed repurchase of restricted stock units | (23,019) | (16,836) | |
Purchase of treasury stock | (70,598) | (283,143) | |
Proceeds from stock option exercises | 4,630 | 4,317 | |
Principal payments on finance lease obligations | 0 | 0 | |
Distributions to noncontrolling interest | 0 | 0 | |
Net cash used in financing activities | (107,737) | (295,373) | |
Net increase in cash and cash equivalents from operations | (24,951) | (7,439) | |
Effect of exchange rate changes on cash and cash equivalents | 24,999 | 7,240 | |
Cash and cash equivalents at beginning of year | 121 | 320 | |
Cash and cash equivalents at end of year | 169 | 121 | 320 |
Guarantor Subsidiaries [Member] | |||
Cash flows from operating activities: | |||
Net cash provided by (used in) operating activities | 69,276 | 1,351,256 | |
Cash flows from investing activities: | |||
Capital expenditures | (81,486) | (74,710) | |
Return of capital from investees | 1,354 | 0 | |
Payments for acquisition of a business, net of cash acquired | (675) | ||
Investments in and loans to investees | 0 | 0 | |
(Increase) decrease to investment in affiliates | 15,149 | (2,646,335) | |
Net cash used in investing activities | (64,983) | (2,721,720) | |
Cash flows from financing activities: | |||
Proceeds from the issuance of long-term debt | 0 | 0 | |
Principal payments on long-term debt | 0 | ||
Deemed repurchase of restricted stock units | 0 | 0 | |
Purchase of treasury stock | 0 | 0 | |
Proceeds from stock option exercises | 0 | 0 | |
Principal payments on finance lease obligations | (2,985) | (3,000) | |
Distributions to noncontrolling interest | 0 | 0 | |
Net cash used in financing activities | (2,985) | (3,000) | |
Net increase in cash and cash equivalents from operations | 1,308 | (1,373,464) | |
Effect of exchange rate changes on cash and cash equivalents | 205,312 | 1,350,367 | |
Cash and cash equivalents at beginning of year | 368,151 | 391,248 | |
Cash and cash equivalents at end of year | 574,771 | 368,151 | 391,248 |
Non-Guarantor Subsidiaries [Member] | |||
Cash flows from operating activities: | |||
Net cash provided by (used in) operating activities | 639,239 | (476,129) | |
Cash flows from investing activities: | |||
Capital expenditures | (10,118) | (15,092) | |
Return of capital from investees | 4,026 | 4,088 | |
Payments for acquisition of a business, net of cash acquired | (83,714) | ||
Investments in and loans to investees | (3,483) | (90,081) | |
(Increase) decrease to investment in affiliates | 0 | 1,813,007 | |
Net cash used in investing activities | (9,575) | 1,628,208 | |
Cash flows from financing activities: | |||
Proceeds from the issuance of long-term debt | 1,521 | 0 | |
Principal payments on long-term debt | (4,238) | ||
Deemed repurchase of restricted stock units | 1 | 0 | |
Purchase of treasury stock | 0 | 0 | |
Proceeds from stock option exercises | 0 | 0 | |
Principal payments on finance lease obligations | (2,130) | (1,938) | |
Distributions to noncontrolling interest | (15,558) | (14,296) | |
Net cash used in financing activities | (20,404) | (16,234) | |
Net increase in cash and cash equivalents from operations | 609,260 | 1,135,845 | |
Effect of exchange rate changes on cash and cash equivalents | (554,644) | (1,116,446) | |
Cash and cash equivalents at beginning of year | 186,614 | 167,215 | |
Cash and cash equivalents at end of year | $ 241,230 | $ 186,614 | $ 167,215 |
Interim Financial Information_3
Interim Financial Information (Unaudited) (Schedule of Quarterly Financial Information) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenues, net | $ 785,204 | $ 718,597 | $ 772,299 | $ 784,221 | $ 772,846 | $ 696,875 | $ 761,385 | $ 740,823 | $ 3,060,321 | $ 2,971,929 | $ 2,805,691 |
Operating expenses | (743,485) | (550,159) | (602,042) | (539,358) | (635,722) | (532,276) | (569,854) | (507,168) | (2,435,044) | (2,245,020) | (2,083,332) |
Operating income | 41,719 | 168,438 | 170,257 | 244,863 | 137,124 | 164,599 | 191,531 | 233,655 | 625,277 | 726,909 | 722,359 |
Net income including noncontrolling interests | 348 | 123,226 | 133,985 | 150,157 | 76,439 | 116,660 | 110,332 | 160,536 | 407,716 | 463,967 | 489,637 |
Net income attributable to AMC Networks' stockholders | $ (8,577) | $ 116,923 | $ 128,743 | $ 143,397 | $ 71,879 | $ 111,257 | $ 106,181 | $ 156,870 | $ 380,486 | $ 446,187 | $ 471,316 |
Basic (in dollars per share) | $ (0.15) | $ 2.09 | $ 2.28 | $ 2.53 | $ 1.27 | $ 1.96 | $ 1.84 | $ 2.57 | $ 6.77 | $ 7.68 | $ 7.26 |
Diluted (in dollars per share) | $ (0.15) | $ 2.07 | $ 2.25 | $ 2.48 | $ 1.24 | $ 1.93 | $ 1.82 | $ 2.54 | $ 6.67 | $ 7.57 | $ 7.18 |
Schedule II Valuation and Qua_2
Schedule II Valuation and Qualifying Accounts (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | $ 10,788 | $ 9,691 | $ 6,064 |
Provision for (Recovery of) Bad Debt | 12,641 | 7,399 | 3,567 |
Deductions/ Write-Offs and Other Charges, Net | (17,696) | (6,302) | |
Deductions/ Write-Offs and Other Charges, Net | 60 | ||
Balance at End of Period | $ 5,733 | $ 10,788 | $ 9,691 |
Uncategorized Items - amcx-2019
Label | Element | Value |
Parent [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 12,619,000 |
Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 16,030,000 |