Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2020 | Apr. 24, 2020 | |
Document and Entity Information [Abstract] | ||
Title of 12(b) Security | Class A Common Stock, par value $0.01 per share | |
Entity Interactive Data Current | Yes | |
Entity File Number | 001-38126 | |
Document Transition Report | false | |
Document Type | 10-Q | |
Entity Central Index Key | 0001702780 | |
Entity Registrant Name | Altice USA, Inc. | |
Document Fiscal Year Focus | 2020 | |
Entity Filer Category | Large Accelerated Filer | |
Document Fiscal Period Focus | FY | |
Amendment Flag | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Document Period End Date | Mar. 31, 2020 | |
Entity Common Stock, Shares Outstanding | 593,521,448 | |
Entity Current Reporting Status | Yes | |
Entity Small Business | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Tax Identification Number | 38-3980194 | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | 1 Court Square West | |
Entity Address, City or Town | Long Island City, | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 11101 | |
City Area Code | (516) | |
Local Phone Number | 803-2300 | |
Trading Symbol | ATUS | |
Security Exchange Name | NYSE | |
Document Quarterly Report | true |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Current Assets: | ||
Cash and cash equivalents | $ 244,491 | $ 701,898 |
Restricted cash | 264 | 262 |
Accounts receivable, trade (less allowance for doubtful accounts of $17,614 and $14,683) | 441,696 | 457,118 |
Prepaid expenses and other current assets | 237,228 | 215,304 |
Amounts due from affiliates | 3,935 | 6,774 |
Total current assets | 927,614 | 1,381,356 |
Property, plant and equipment, net of accumulated depreciation of $5,601,368 and $5,276,921 | 5,781,005 | 5,753,401 |
Operating Lease, Right-of-Use Asset | 280,389 | 280,340 |
Investment securities pledged as collateral | 1,476,801 | 1,931,697 |
Derivative contracts | 378,373 | 25,207 |
Other assets | 109,812 | 92,622 |
Amortizable intangibles, net of accumulated amortization of $3,871,778 and $3,670,679 | 3,280,096 | 3,481,109 |
Indefinite-lived cable television franchises | 13,020,081 | 13,020,081 |
Goodwill | 8,142,309 | 8,142,309 |
Total assets | 33,396,480 | 34,108,122 |
Current Liabilities: | ||
Accounts payable | 855,053 | 799,618 |
Amounts due to affiliates | 8,511 | 7,456 |
Deferred revenue | 126,026 | 124,777 |
Accrued employee related costs | 104,742 | 111,337 |
Interest payable | 252,851 | 385,655 |
Long-term Debt, Current Maturities | 179,515 | 170,682 |
Other Accrued Liabilities, Current | 354,882 | 378,954 |
Total current liabilities | 1,881,580 | 1,978,479 |
Other liabilities | 220,521 | 204,904 |
Deferred tax liability | 4,811,850 | 4,762,595 |
Liabilities under derivative contracts | 291,439 | 255,666 |
Long-term Debt, Right-Of-Use Financing Obligations, Excluding Current Maturities | 267,043 | 269,062 |
Long-term Debt, Excluding Current Maturities | 24,267,820 | 24,249,603 |
Total liabilities | 31,740,253 | 31,720,309 |
Commitments and contingencies (Note 16) | ||
Redeemable equity | 65,812 | 108,551 |
Stockholders' Equity: | ||
Preferred stock, $0.01 par value, 100,000,000 shares authorized, no shares issued and outstanding | 0 | 0 |
Paid-in capital | 1,362,836 | 2,039,918 |
Retained earnings | 389,908 | 390,766 |
Total stockholders' equity before accumulated other comprehensive Income and non-controlling interest | 1,758,867 | 2,437,118 |
Treasury Stock, Value | 163,893 | 163,904 |
Accumulated other comprehensive loss | (13,177) | (3,250) |
Total stockholders' equity | 1,581,797 | 2,269,964 |
Noncontrolling interest | 8,618 | 9,298 |
Total stockholders' equity | 1,590,415 | 2,279,262 |
Total liabilities and equity | 33,396,480 | 34,108,122 |
Common Class A | ||
Stockholders' Equity: | ||
Common stock | 4,261 | 4,572 |
Common Class B | ||
Stockholders' Equity: | ||
Common stock | 1,862 | 1,862 |
Common Class C | ||
Stockholders' Equity: | ||
Common stock | 0 | 0 |
CSC Holdings | ||
Current Assets: | ||
Cash and cash equivalents | 243,493 | 697,741 |
Restricted cash | 264 | 262 |
Accounts receivable, trade (less allowance for doubtful accounts of $17,614 and $14,683) | 441,696 | 457,118 |
Prepaid expenses and other current assets | 237,228 | 211,642 |
Amounts due from affiliates | 3,935 | 6,774 |
Total current assets | 926,616 | 1,373,537 |
Property, plant and equipment, net of accumulated depreciation of $5,601,368 and $5,276,921 | 5,781,005 | 5,753,401 |
Operating Lease, Right-of-Use Asset | 280,389 | 280,340 |
Investment securities pledged as collateral | 1,476,801 | 1,931,697 |
Derivative contracts | 378,373 | 25,207 |
Other assets | 109,812 | 92,622 |
Amortizable intangibles, net of accumulated amortization of $3,871,778 and $3,670,679 | 3,280,096 | 3,481,109 |
Indefinite-lived cable television franchises | 13,020,081 | 13,020,081 |
Goodwill | 8,142,309 | 8,142,309 |
Total assets | 33,395,482 | 34,100,303 |
Current Liabilities: | ||
Accounts payable | 855,053 | 799,618 |
Amounts due to affiliates | 8,511 | 7,456 |
Deferred revenue | 126,026 | 124,777 |
Accrued employee related costs | 104,742 | 111,337 |
Interest payable | 252,851 | 385,655 |
Long-term Debt, Current Maturities | 179,515 | 170,682 |
Other Accrued Liabilities, Current | 330,887 | 378,948 |
Total current liabilities | 1,857,585 | 1,978,473 |
Other liabilities | 220,521 | 204,904 |
Deferred tax liability | 5,172,465 | 4,980,599 |
Liabilities under derivative contracts | 291,439 | 255,666 |
Long-term Debt, Right-Of-Use Financing Obligations, Excluding Current Maturities | 267,043 | 269,062 |
Long-term Debt, Excluding Current Maturities | 24,267,820 | 24,249,603 |
Total liabilities | 32,076,873 | 31,938,307 |
Redeemable equity | 65,812 | 108,551 |
Stockholders' Equity: | ||
Retained earnings | 0 | 13,515 |
Accumulated other comprehensive loss | (13,177) | (3,250) |
Noncontrolling interest | 8,618 | 9,298 |
Total liabilities and equity | $ 33,395,482 | $ 34,100,303 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
Assets [Abstract] | ||
Property, plant and equipment, accumulated depreciation | $ 5,601,368 | $ 5,276,921 |
Amortizable intangible assets, accumulated amortization | $ 3,871,778 | 3,670,679 |
Accounts receivable, trade allowance for doubtful accounts | $ 14,683 | |
Stockholders' Equity: | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Treasury Stock, Shares, Acquired | 9,367,299 | 10,457,772 |
Common stock, shares outstanding (in shares) | 602,985,950 | |
Common Class A | ||
Stockholders' Equity: | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 4,000,000,000 | 4,000,000,000 |
Common stock, shares issued (in shares) | 426,114,516 | 457,207,079 |
Common stock, shares outstanding (in shares) | 416,747,217 | 446,749,307 |
Common Class B | ||
Stockholders' Equity: | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued (in shares) | 490,086,674 | 490,086,674 |
Common stock, shares outstanding (in shares) | 186,238,733 | 186,245,832 |
Common Class C | ||
Stockholders' Equity: | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 4,000,000,000 | 4,000,000,000 |
Common stock, shares issued (in shares) | 0 | 0 |
Common stock, shares outstanding (in shares) | 0 | 0 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Income Statement [Abstract] | ||
Revenue (including revenue from affiliates of $3,488 and $592 respectively) (See Note 15) | $ 2,450,256 | $ 2,396,567 |
Operating expenses: | ||
Cost of Goods and Services Sold | 864,514 | 812,985 |
Other operating expenses (including charges from affiliates of $3,941 and $2,246 respectively) (See Note 15) | 582,309 | 564,432 |
Restructuring and other expense | 7,294 | 15,244 |
Depreciation and amortization (including impairments) | 547,569 | 561,428 |
Total operating expenses | 2,001,686 | 1,954,089 |
Operating income | 448,570 | 442,478 |
Other income (expense): | ||
Interest expense | (365,211) | (388,283) |
Interest income | 1,659 | 1,819 |
Gain (loss) on investments and sale of affiliate interests, net | (455,473) | 254,725 |
Gain (loss) on derivative contracts, net | 439,861 | (177,029) |
Loss on interest rate swap contracts, net | (54,832) | (23,672) |
Loss on extinguishment of debt and write-off of deferred financing costs | 0 | (157,902) |
Other income, net | 923 | 80 |
Total other income (expense) | (433,073) | (490,262) |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest, Total | 15,497 | (47,784) |
Income Tax Expense (Benefit) | (17,035) | 22,586 |
Net loss | (1,538) | (25,198) |
Net loss attributable to noncontrolling interests | 680 | 199 |
Net loss attributable to Altice USA, Inc. stockholders | $ (858) | $ (24,999) |
Loss per share: | ||
Earnings Per Share, Basic | $ 0 | $ (0.04) |
Basic weighted average common shares (in thousands) | 621,414 | 695,528 |
CONSOLIDATED STATEMENTS OF OP_2
CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Income Statement [Abstract] | ||
Revenue from affiliates | $ 3,488 | $ 592 |
Programming and other direct costs from affiliates | 2,189 | 1,687 |
Other operating expenses from affiliates | $ 3,941 | $ 2,246 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | ||
Net loss | $ (1,538) | $ (25,198) |
Defined benefit pension plans: | ||
Unrecognized actuarial gain (loss) | 4,918 | |
Applicable income taxes | (1,292) | |
Unrecognized gain (loss) arising during period, net of income taxes | (9,871) | 3,626 |
Settlement loss included in other expense, net | 171 | |
Applicable income taxes | (45) | |
Settlement loss included in other expense, net, net of income taxes | 368 | 126 |
Foreign currency translation adjustment | (245) | |
Applicable income taxes | 64 | |
Foreign currency translation adjustment, net | (424) | (181) |
Other comprehensive income (loss) | (9,927) | 3,571 |
Comprehensive loss | (11,465) | (21,627) |
Comprehensive loss attributable to noncontrolling interests | 199 | |
Comprehensive loss attributable to Altice USA, Inc. stockholders | $ (10,785) | $ (21,428) |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Parent [Member] | Retained Earnings [Member] | Treasury Stock [Member] | AOCI Attributable to Parent [Member] | Noncontrolling Interests | Additional Paid-in Capital [Member] | Common Class ACommon Stock | Common Class BCommon Stock |
Beginning balance at Dec. 31, 2018 | $ 3,680,236 | $ 3,670,941 | $ 251,830 | $ 0 | $ (11,783) | $ 9,295 | $ 3,423,803 | $ 4,961 | $ 2,130 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net loss attributable to Altice USA, Inc. stockholders | (24,999) | (24,999) | (24,999) | ||||||
Net loss attributable to noncontrolling interests | 199 | 199 | |||||||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Plan Amendments, Net Of Tax | (3,752) | (3,752) | (3,752) | ||||||
Foreign currency translation adjustment, net of income taxes | (181) | (181) | (181) | ||||||
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | 13,790 | 13,790 | 13,790 | ||||||
Redeemable equity vested | 1,364 | 1,364 | 1,364 | ||||||
Adjustments to Additional Paid in Capital, Increase in Carrying Amount of Redeemable Preferred Stock | (61,696) | (61,696) | (61,696) | ||||||
Class A shares acquired through share repurchase program and retired | (600,001) | (600,001) | (599,707) | (294) | |||||
Conversion of Class B to Class A shares | 242 | (242) | |||||||
Ending balance at Mar. 31, 2019 | 3,011,066 | 3,002,970 | 226,831 | 0 | (8,212) | 8,096 | 2,777,554 | 4,909 | 1,888 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | 1,000 | 1,000 | |||||||
Beginning balance at Dec. 31, 2019 | 2,279,262 | 2,269,964 | 390,766 | (163,904) | (3,250) | 9,298 | 2,039,918 | 4,572 | 1,862 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net loss attributable to Altice USA, Inc. stockholders | (858) | (858) | (858) | ||||||
Net loss attributable to noncontrolling interests | 680 | 680 | |||||||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Plan Amendments, Net Of Tax | 9,503 | 9,503 | 9,503 | ||||||
Foreign currency translation adjustment, net of income taxes | (424) | (424) | (424) | ||||||
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | 27,370 | 27,370 | 27,370 | ||||||
Redeemable equity vested | 29,479 | 29,479 | 29,479 | ||||||
Adjustments to Additional Paid in Capital, Increase in Carrying Amount of Redeemable Preferred Stock | 13,260 | 13,260 | 13,260 | ||||||
Class A shares acquired through share repurchase program and retired | (749,998) | (749,998) | (749,686) | (312) | |||||
Stock Issued During Period, Value, New Issues | 2,495 | 1 | |||||||
Ending balance at Mar. 31, 2020 | $ 1,590,415 | $ 1,581,797 | $ 389,908 | (163,893) | $ (13,177) | $ 8,618 | $ 1,362,836 | $ 4,261 | $ 1,862 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Stock Issued During Period, Value, Treasury Stock Reissued | $ 11 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Cash flows from operating activities: | ||
Net loss | $ (1,538) | $ (25,198) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation, Depletion and Amortization | 547,569 | 561,428 |
Loss (gain) on investments and sale of affiliate interests, net | 455,473 | (254,725) |
Gain (Loss) on Price Risk Derivative Instruments Not Designated as Hedging Instruments | (439,861) | 177,029 |
Loss on extinguishment of debt and write-off of deferred financing costs | 0 | 157,902 |
Amortization of deferred financing costs and discounts (premiums) on indebtedness | 23,944 | 26,066 |
Settlement loss related to pension plan | 502 | 171 |
Share-based compensation expense related to equity classified awards | 27,370 | 13,790 |
Deferred income taxes | 30,225 | (19,918) |
Provision for doubtful accounts | 19,880 | 15,091 |
Change in assets and liabilities, net of effects of acquisitions and dispositions: | ||
Accounts receivable, trade | (4,458) | 28,278 |
Other receivables | (2,958) | (707) |
Prepaid expenses and other assets | (31,842) | (19,840) |
Amounts due from and due to affiliates | 3,894 | (4,023) |
Accounts payable | 23,613 | 33,889 |
Accrued liabilities | (188,765) | (239,562) |
Deferred revenue | (5,153) | 8,915 |
Liabilities related to interest rate swap contracts | 122,849 | 25,120 |
Net cash provided by operating activities | 593,565 | 503,994 |
Cash flows from investing activities: | ||
Capital expenditures | (299,082) | (340,386) |
Proceeds related to sale of equipment and costs of disposal | (2,580) | 479 |
Decrease in other investments | 4,008 | 0 |
Additions to other intangible assets | (89) | 0 |
Net cash used in investing activities | (297,743) | (339,907) |
Cash flows from financing activities: | ||
Proceeds from credit facility debt, net of discounts | 0 | 1,390,000 |
Repayment of credit facility debt | (10,688) | (361,250) |
Issuance of senior notes, including premiums | 0 | 1,754,375 |
Redemption of senior notes, including premiums and fees | 0 | (2,462,692) |
Repayment of notes payable | (7,495) | (58,500) |
Principal payments on finance lease obligations | (5,700) | (1,611) |
Purchase of shares of Altice USA Class A common stock, pursuant to a share repurchase program | (726,005) | (586,759) |
Additions to deferred financing costs | 0 | (11,678) |
Contingent payment for acquisition | (4,947) | (500) |
Proceeds from stock option exercises | 2,032 | 0 |
Distributions to noncontrolling interests, net | 0 | 1,000 |
Net cash used in financing activities | (752,803) | (339,615) |
Net decrease in cash and cash equivalents | (456,981) | (175,528) |
Effect of exchange rate changes on cash and cash equivalents | (424) | (245) |
Net decrease in cash and cash equivalents | (457,405) | (175,773) |
Cash, cash equivalents and restricted cash at beginning of year | 702,160 | 299,038 |
Cash, cash equivalents and restricted cash at end of period | 244,755 | 123,265 |
Restructuring Reserve, Settled without Cash | 1,347 | 8,583 |
Non-cash lease expense | $ 11,474 | $ 11,705 |
CSC HOLDINGS - CONSOLIDATED BAL
CSC HOLDINGS - CONSOLIDATED BALANCE SHEETS $ in Thousands | Dec. 31, 2019USD ($) |
Current Assets: | |
Cash and cash equivalents | $ 701,898 |
Restricted cash | 262 |
Accounts receivable, trade (less allowance for doubtful accounts of $13,420 and $11,677) | 457,118 |
Prepaid expenses and other current assets (including a prepayment to an affiliate of $19,563 in 2017) (See Note 14) | 215,304 |
Amounts due from affiliates | 6,774 |
Operating Lease, Right-of-Use Asset | 280,340 |
Total current assets | 1,381,356 |
Property, plant and equipment, net | 5,753,401 |
Investment securities pledged as collateral | 1,931,697 |
Derivative contracts | 25,207 |
Other assets | 92,622 |
Amortizable intangible assets, net of accumulated amortization | 3,481,109 |
Indefinite-lived cable television franchises | 13,020,081 |
Goodwill | 8,142,309 |
Total assets | 34,108,122 |
Current Liabilities: | |
Accounts payable | 799,618 |
Amounts due to affiliates | 7,456 |
Accrued liabilities: | |
Interest payable | 385,655 |
Accrued employee related costs | 111,337 |
Other Accrued Liabilities, Current | 378,954 |
Contract with Customer, Liability, Current | 124,777 |
Long-term Debt, Current Maturities | 170,682 |
Total current liabilities | 1,978,479 |
Other liabilities | 204,904 |
Deferred tax liability | 4,762,595 |
Liabilities under derivative contracts | 255,666 |
Long-term Debt, Right-Of-Use Financing Obligations, Excluding Current Maturities | 269,062 |
Long-term Debt, Excluding Current Maturities | 24,249,603 |
Total liabilities | 31,720,309 |
Commitments and contingencies | |
Redeemable equity | 108,551 |
Limited Liability Company (LLC) Members' Equity [Abstract] | |
Retained earnings (accumulated deficit) | 390,766 |
Accumulated other comprehensive income (loss) | (3,250) |
Noncontrolling interest | 9,298 |
Total liabilities and equity | 34,108,122 |
Customer Relationships [Member] | |
Current Assets: | |
Amortizable intangible assets, net of accumulated amortization | 3,173,963 |
Other Intangible Assets [Member] | |
Current Assets: | |
Amortizable intangible assets, net of accumulated amortization | 24,547 |
CSC Holdings | |
Current Assets: | |
Cash and cash equivalents | 697,741 |
Restricted cash | 262 |
Accounts receivable, trade (less allowance for doubtful accounts of $13,420 and $11,677) | 457,118 |
Prepaid expenses and other current assets (including a prepayment to an affiliate of $19,563 in 2017) (See Note 14) | 211,642 |
Amounts due from affiliates | 6,774 |
Operating Lease, Right-of-Use Asset | 280,340 |
Total current assets | 1,373,537 |
Property, plant and equipment, net | 5,753,401 |
Investment securities pledged as collateral | 1,931,697 |
Derivative contracts | 25,207 |
Other assets | 92,622 |
Amortizable intangible assets, net of accumulated amortization | 3,481,109 |
Indefinite-lived cable television franchises | 13,020,081 |
Goodwill | 8,142,309 |
Total assets | 34,100,303 |
Current Liabilities: | |
Accounts payable | 799,618 |
Amounts due to affiliates | 7,456 |
Accrued liabilities: | |
Interest payable | 385,655 |
Accrued employee related costs | 111,337 |
Other Accrued Liabilities, Current | 378,948 |
Contract with Customer, Liability, Current | 124,777 |
Long-term Debt, Current Maturities | 170,682 |
Total current liabilities | 1,978,473 |
Other liabilities | 204,904 |
Deferred tax liability | 4,980,599 |
Liabilities under derivative contracts | 255,666 |
Long-term Debt, Right-Of-Use Financing Obligations, Excluding Current Maturities | 269,062 |
Long-term Debt, Excluding Current Maturities | 24,249,603 |
Total liabilities | 31,938,307 |
Redeemable equity | 108,551 |
Limited Liability Company (LLC) Members' Equity [Abstract] | |
Members' Equity | 2,033,882 |
Retained earnings (accumulated deficit) | 13,515 |
Membership interest before accumulated comprehensive loss | 2,047,397 |
Accumulated other comprehensive income (loss) | (3,250) |
Membership equity before noncontrolling interest | 2,044,147 |
Noncontrolling interest | 9,298 |
Limited Liability Company (LLC) Members' Equity, Including Portion Attributable to Noncontrolling Interest | 2,053,445 |
Total liabilities and equity | $ 34,100,303 |
CSC HOLDINGS - CONSOLIDATED B_2
CSC HOLDINGS - CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Accounts receivable, trade allowance for doubtful accounts | $ 14,683 | |
Property, plant and equipment, accumulated depreciation | $ 5,601,368 | 5,276,921 |
Amortizable intangible assets, accumulated amortization | 3,871,778 | 3,670,679 |
CSC Holdings | ||
Accounts receivable, trade allowance for doubtful accounts | 17,614 | 14,683 |
Property, plant and equipment, accumulated depreciation | 5,601,368 | 5,276,921 |
Amortizable intangible assets, accumulated amortization | $ 3,871,778 | $ 3,670,679 |
Members' Equity | 100 | 100 |
Common Unit, Outstanding | 100 | 100 |
CSC HOLDINGS - CONSOLIDATED STA
CSC HOLDINGS - CONSOLIDATED STATEMENT OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Revenue (including revenue from affiliates of $2,205 and $1,086, respectively) (See Note 14) | $ 2,450,256 | $ 2,396,567 |
Operating expenses: | ||
Cost of Goods and Services Sold | 864,514 | 812,985 |
Other operating expenses | 582,309 | 564,432 |
Restructuring and other expense | 7,294 | 15,244 |
Depreciation and amortization (including impairments) | 547,569 | 561,428 |
Total operating expenses | 2,001,686 | 1,954,089 |
Operating income | 448,570 | 442,478 |
Other income (expense): | ||
Interest expense | (365,211) | (388,283) |
Interest income | 1,659 | 1,819 |
Loss on interest rate swap contracts, net | (54,832) | (23,672) |
Gain (loss) on investments and sale of affiliate interests, net | (455,473) | 254,725 |
Loss on equity derivative contracts, net | 439,861 | (177,029) |
Loss on extinguishment of debt and write-off of deferred financing costs | 0 | (157,902) |
Other income, net | 923 | 80 |
Total other income (expense) | (433,073) | (490,262) |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest, Total | 15,497 | (47,784) |
Income Tax Expense (Benefit) | (17,035) | 22,586 |
Net loss | (1,538) | (25,198) |
Net loss (income) attributable to noncontrolling interests | 680 | 199 |
Net income (loss) attributable to members | (858) | (24,999) |
CSC Holdings | ||
Revenue (including revenue from affiliates of $2,205 and $1,086, respectively) (See Note 14) | 2,450,256 | 2,396,567 |
Operating expenses: | ||
Cost of Goods and Services Sold | 864,514 | 812,985 |
Other operating expenses | 582,309 | 564,432 |
Restructuring and other expense | 7,294 | 15,244 |
Depreciation and amortization (including impairments) | 547,569 | 561,428 |
Total operating expenses | 2,001,686 | 1,954,089 |
Operating income | 448,570 | 442,478 |
Other income (expense): | ||
Interest expense | (365,211) | (364,039) |
Interest income | 1,659 | 1,819 |
Loss on interest rate swap contracts, net | (54,832) | (23,672) |
Gain (loss) on investments and sale of affiliate interests, net | (455,819) | 254,725 |
Loss on equity derivative contracts, net | 439,861 | (177,029) |
Loss on extinguishment of debt and write-off of deferred financing costs | 0 | (157,902) |
Other income, net | 923 | 80 |
Total other income (expense) | (433,419) | (466,018) |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest, Total | 15,151 | (23,540) |
Income Tax Expense (Benefit) | (5,029) | 15,676 |
Net loss | 10,122 | (7,864) |
Net loss (income) attributable to noncontrolling interests | 680 | 199 |
Net income (loss) attributable to members | $ 10,802 | $ (7,665) |
CSC HOLDINGS - CONSOLIDATED S_2
CSC HOLDINGS - CONSOLIDATED STATEMENT OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Income Statement [Abstract] | ||
Programming and other direct costs from affiliates | $ 2,189 | $ 1,687 |
Related Party Transaction, Other Operating Expense | 3,941 | 2,246 |
Revenue from affiliates | $ 3,488 | $ 592 |
CSC HOLDINGS - CONDENSED CONSOL
CSC HOLDINGS - CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Net income | $ (1,538) | $ (25,198) |
Defined benefit pension and postretirement plans: | ||
Unrecognized actuarial gain | 4,918 | |
Applicable income taxes | (1,292) | |
Unrecognized gain (loss) arising during period, net of income taxes | (9,871) | 3,626 |
Settlement loss included in other expense, net | 171 | |
Applicable income taxes | (45) | |
Other Comprehensive Income (Loss), Defined Benefit Plan, Settlement Gain (Loss), After Tax | 368 | 126 |
Foreign currency translation adjustment | (245) | |
Applicable income taxes | 64 | |
Foreign currency translation adjustment, net of income taxes | (424) | (181) |
Other comprehensive income (loss) | (9,927) | 3,571 |
Comprehensive loss | (11,465) | (21,627) |
Comprehensive loss attributable to noncontrolling interests | 199 | |
Comprehensive loss attributable to Altice USA, Inc. stockholders | (10,785) | (21,428) |
CSC Holdings | ||
Net income | 10,122 | (7,864) |
Defined benefit pension and postretirement plans: | ||
Unrecognized actuarial gain | (13,469) | 4,918 |
Applicable income taxes | 3,598 | (1,292) |
Unrecognized gain (loss) arising during period, net of income taxes | (9,871) | 3,626 |
Settlement loss included in other expense, net | 502 | 171 |
Applicable income taxes | (134) | (45) |
Other Comprehensive Income (Loss), Defined Benefit Plan, Settlement Gain (Loss), After Tax | 368 | 126 |
Foreign currency translation adjustment | (424) | (245) |
Applicable income taxes | 0 | 64 |
Foreign currency translation adjustment, net of income taxes | (424) | (181) |
Other comprehensive income (loss) | (9,927) | 3,571 |
Comprehensive loss | 195 | (4,293) |
Comprehensive loss attributable to noncontrolling interests | 680 | 199 |
Comprehensive loss attributable to Altice USA, Inc. stockholders | $ 875 | $ (4,094) |
CSC HOLDINGS - CONSOLIDATED S_3
CSC HOLDINGS - CONSOLIDATED STATEMENT OF MEMBER'S EQUITY - USD ($) $ in Thousands | Total | CSC Holdings | Retained Earnings | Retained EarningsCSC Holdings | Other Member's Equity | Other Member's EquityCSC Holdings | Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive LossCSC Holdings | Total Member's Equity | Total Member's EquityCSC Holdings | Noncontrolling Interests | Noncontrolling InterestsCSC Holdings |
Retained earnings | $ 549,691 | |||||||||||
Accumulated other comprehensive loss | $ (11,783) | |||||||||||
Membership equity before noncontrolling interest | $ 3,989,845 | |||||||||||
Noncontrolling interest | $ 9,295 | |||||||||||
Limited Liability Company (LLC) Members' Equity, Including Portion Attributable to Noncontrolling Interest | $ 3,999,140 | |||||||||||
Members' Equity | $ 3,451,937 | |||||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | $ (199) | (199) | $ (199) | (199) | ||||||||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Plan Amendments, Net Of Tax | (3,752) | (3,752) | $ (3,752) | (3,752) | $ (3,752) | (3,752) | ||||||
Redeemable equity vested | 1,364 | 1,364 | $ 1,364 | 1,364 | 1,364 | 1,364 | ||||||
Adjustments to Additional Paid in Capital, Increase in Carrying Amount of Redeemable Preferred Stock | 61,696 | 61,696 | 61,696 | 61,696 | 61,696 | 61,696 | ||||||
Net income (loss) attributable to members | (24,999) | (7,665) | $ (24,999) | (7,665) | (24,999) | (7,665) | ||||||
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | 13,790 | 13,790 | 13,790 | 13,790 | 13,790 | 13,790 | ||||||
Foreign currency translation adjustment, net of income taxes | (181) | (181) | (181) | (181) | (181) | (181) | ||||||
Distribution Made to Limited Liability Company (LLC) Member, Non-cash Distributions Paid | 594,462 | 543,217 | 51,245 | 594,462 | ||||||||
Noncash contribution from parent | 0 | |||||||||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | 1,000 | 1,000 | 1,000 | 1,000 | ||||||||
Stockholders' Equity, Other | (276) | (276) | (276) | |||||||||
Retained earnings | (1,191) | |||||||||||
Accumulated other comprehensive loss | (8,212) | |||||||||||
Membership equity before noncontrolling interest | 3,344,471 | |||||||||||
Noncontrolling interest | 8,096 | |||||||||||
Limited Liability Company (LLC) Members' Equity, Including Portion Attributable to Noncontrolling Interest | 3,352,567 | |||||||||||
Members' Equity | 3,353,874 | |||||||||||
Retained earnings | 390,766 | 13,515 | 13,515 | |||||||||
Membership interest before accumulated comprehensive loss | 2,047,397 | |||||||||||
Accumulated other comprehensive loss | (3,250) | (3,250) | (3,250) | |||||||||
Membership equity before noncontrolling interest | 2,044,147 | 2,044,147 | ||||||||||
Noncontrolling interest | 9,298 | 9,298 | ||||||||||
Limited Liability Company (LLC) Members' Equity, Including Portion Attributable to Noncontrolling Interest | 2,053,445 | |||||||||||
Members' Equity | 2,033,882 | 2,033,882 | ||||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | (680) | (680) | $ (680) | $ (680) | ||||||||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Plan Amendments, Net Of Tax | 9,503 | (9,503) | 9,503 | (9,503) | 9,503 | (9,503) | ||||||
Redeemable equity vested | 29,479 | 29,479 | 29,479 | 29,479 | 29,479 | 29,479 | ||||||
Adjustments to Additional Paid in Capital, Increase in Carrying Amount of Redeemable Preferred Stock | (13,260) | (13,260) | (13,260) | (13,260) | (13,260) | (13,260) | ||||||
Cash distributions to shareholders | 720,350 | 24,317 | 696,033 | 720,350 | ||||||||
Net income (loss) attributable to members | (858) | 10,802 | $ (858) | 10,802 | (858) | 10,802 | ||||||
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | 27,370 | 27,370 | 27,370 | 27,370 | 27,370 | 27,370 | ||||||
Foreign currency translation adjustment, net of income taxes | (424) | (424) | $ (424) | (424) | $ (424) | (424) | ||||||
Noncash contribution from parent | 150,602 | |||||||||||
Stock Issued During Period, Value, New Issues | $ 2,495 | |||||||||||
Intercompany settlement | (150,602) | (150,602) | (150,602) | |||||||||
Retained earnings | 389,908 | 0 | $ 0 | |||||||||
Membership interest before accumulated comprehensive loss | 1,257,356 | |||||||||||
Accumulated other comprehensive loss | (13,177) | (13,177) | $ (13,177) | |||||||||
Membership equity before noncontrolling interest | 1,244,179 | $ 1,244,179 | ||||||||||
Noncontrolling interest | $ 8,618 | 8,618 | ||||||||||
Limited Liability Company (LLC) Members' Equity, Including Portion Attributable to Noncontrolling Interest | 1,252,797 | |||||||||||
Members' Equity | $ 1,257,356 | $ 1,257,356 |
CSC HOLDINGS - CONSOLIDATED S_4
CSC HOLDINGS - CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Cash flows from operating activities: | ||
Net income | $ (1,538) | $ (25,198) |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation, Depletion and Amortization | 547,569 | 561,428 |
Gain (Loss) on Investments And Sale Of Affiliated Interests | 455,473 | (254,725) |
Loss (gain) on equity derivative contracts, net | (439,861) | 177,029 |
Loss on extinguishment of debt and write-off of deferred financing costs | 0 | 157,902 |
Amortization of deferred financing costs and discounts (premiums) on indebtedness | 23,944 | 26,066 |
Share-based compensation expense related to equity classified awards | 27,370 | 13,790 |
Deferred income taxes | 30,225 | (19,918) |
Provision for doubtful accounts | 19,880 | 15,091 |
Change in assets and liabilities, net of effects of acquisitions and dispositions: | ||
Accounts receivable, trade | (4,458) | 28,278 |
Other receivables | (2,958) | (707) |
Prepaid expenses and other assets | (31,842) | (19,840) |
Amounts due from and due to affiliates | 3,894 | (4,023) |
Accounts payable | 23,613 | 33,889 |
Accrued liabilities | (188,765) | (239,562) |
Deferred revenue | (5,153) | 8,915 |
Liabilities related to interest rate swap contracts | 122,849 | 25,120 |
Net cash provided by operating activities | 593,565 | 503,994 |
Cash flows from investing activities: | ||
Capital expenditures | (299,082) | (340,386) |
Proceeds related to sale of equipment and costs of disposal | (2,580) | 479 |
Decrease in other investments | 4,008 | 0 |
Additions to other intangible assets | (89) | 0 |
Net cash used in investing activities | (297,743) | (339,907) |
Cash flows from financing activities: | ||
Proceeds from credit facility debt, net of discounts | 0 | 1,390,000 |
Repayment of credit facility debt | (10,688) | (361,250) |
Proceeds from issuance of senior notes | 0 | 1,754,375 |
Redemption of senior notes, including premiums and fees | 0 | (2,462,692) |
Proceeds from Contributed Capital | 2,032 | 0 |
Repayment of notes payable | (7,495) | (58,500) |
Principal payments on finance lease obligations | (5,700) | (1,611) |
Additions to deferred financing costs | 0 | (11,678) |
Contingent payment for acquisition | (4,947) | (500) |
Proceeds from (Payments to) Noncontrolling Interests | 0 | (1,000) |
Net cash used in financing activities | (752,803) | (339,615) |
Net decrease in cash and cash equivalents | (456,981) | (175,528) |
Effect of exchange rate changes on cash and cash equivalents | (424) | (245) |
Net decrease in cash and cash equivalents | (457,405) | (175,773) |
Cash, cash equivalents and restricted cash at beginning of year | 702,160 | 299,038 |
Cash, cash equivalents and restricted cash at end of period | 244,755 | 123,265 |
Restructuring Reserve, Settled without Cash | 1,347 | 8,583 |
Non-cash lease expense | 11,474 | 11,705 |
CSC Holdings | ||
Cash flows from operating activities: | ||
Net income | 10,122 | (7,864) |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation, Depletion and Amortization | 547,569 | 561,428 |
Gain (Loss) on Investments And Sale Of Affiliated Interests | 455,819 | (254,725) |
Loss (gain) on equity derivative contracts, net | (439,861) | 177,029 |
Loss on extinguishment of debt and write-off of deferred financing costs | 0 | 157,902 |
Amortization of deferred financing costs and discounts (premiums) on indebtedness | 23,944 | 21,579 |
Settlement loss and amortization of actuarial losses related to pension and postretirement plans | 502 | 171 |
Share-based compensation expense related to equity classified awards | 27,370 | 13,790 |
Deferred income taxes | 172,835 | (13,007) |
Provision for doubtful accounts | 19,880 | 15,091 |
Change in assets and liabilities, net of effects of acquisitions and dispositions: | ||
Accounts receivable, trade | (4,458) | 28,278 |
Other receivables | (2,958) | (708) |
Prepaid expenses and other assets | (31,842) | (19,839) |
Amounts due from and due to affiliates | (147,183) | (14,712) |
Accounts payable | 23,613 | 33,889 |
Accrued liabilities | (188,760) | (240,722) |
Deferred revenue | (5,153) | 8,915 |
Liabilities related to interest rate swap contracts | 122,849 | 25,120 |
Net cash provided by operating activities | 597,109 | 511,903 |
Cash flows from investing activities: | ||
Capital expenditures | (299,082) | (340,386) |
Proceeds related to sale of equipment and costs of disposal | (2,580) | 479 |
Additions to other intangible assets | (89) | 0 |
Net cash used in investing activities | (301,751) | (339,907) |
Cash flows from financing activities: | ||
Proceeds from credit facility debt, net of discounts | 0 | 1,390,000 |
Repayment of credit facility debt | (10,688) | (361,250) |
Proceeds from issuance of senior notes | 0 | 1,754,375 |
Redemption of senior notes, including premiums and fees | 0 | (2,462,692) |
Payments of dividends | 720,350 | 594,462 |
Repayment of notes payable | (7,495) | (58,500) |
Principal payments on finance lease obligations | (5,700) | (1,611) |
Additions to deferred financing costs | 0 | (11,678) |
Contingent payment for acquisition | (4,947) | (500) |
Proceeds from (Payments to) Noncontrolling Interests | 0 | (1,000) |
Net cash used in financing activities | (749,180) | (347,318) |
Net decrease in cash and cash equivalents | (453,822) | (175,322) |
Effect of exchange rate changes on cash and cash equivalents | (424) | (245) |
Net decrease in cash and cash equivalents | (454,246) | (175,567) |
Cash, cash equivalents and restricted cash at beginning of year | 698,003 | 298,784 |
Cash, cash equivalents and restricted cash at end of period | 243,757 | 123,217 |
Restructuring Reserve, Settled without Cash | 1,347 | 8,583 |
Non-cash lease expense | $ 11,474 | $ 11,705 |
SUPPLEMENTAL CASH FLOW INFORMAT
SUPPLEMENTAL CASH FLOW INFORMATION | 3 Months Ended |
Mar. 31, 2019 | |
Supplemental Cash Flow Elements [Abstract] | |
SUPPLEMENTAL CASH FLOW INFORMATION | SUPPLEMENTAL CASH FLOW INFORMATION The Company's non-cash investing and financing activities and other supplemental data were as follows: Three Months Ended March 31, 2020 2019 Non-Cash Investing and Financing Activities: Altice USA and CSC Holdings: Property and equipment accrued but unpaid $ 219,889 $ 158,025 Notes payable issued to vendor for the purchase of equipment and other assets — 16,266 Unsettled purchases of shares of Altice USA, Inc. Class A common stock, pursuant to a share repurchase program 23,993 13,242 Right-of-use assets acquired in exchange for finance lease obligations 27,674 4,970 Deferred financing costs accrued but unpaid — 1,663 CSC Holdings: Distributions to parent 150,602 — Altice USA: Cash interest paid 474,268 475,109 Income taxes paid, net 1,195 110 CSC Holdings: Cash interest paid 474,268 455,974 Income taxes paid, net 1,195 110 |
SUPPLEMENTAL CASH FLOW INFORM_2
SUPPLEMENTAL CASH FLOW INFORMATION (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Supplemental Cash Flow Elements [Abstract] | |
Non-Cash Investing and Financing Activities and Other Supplemental Data | The Company's non-cash investing and financing activities and other supplemental data were as follows: Three Months Ended March 31, 2020 2019 Non-Cash Investing and Financing Activities: Altice USA and CSC Holdings: Property and equipment accrued but unpaid $ 219,889 $ 158,025 Notes payable issued to vendor for the purchase of equipment and other assets — 16,266 Unsettled purchases of shares of Altice USA, Inc. Class A common stock, pursuant to a share repurchase program 23,993 13,242 Right-of-use assets acquired in exchange for finance lease obligations 27,674 4,970 Deferred financing costs accrued but unpaid — 1,663 CSC Holdings: Distributions to parent 150,602 — Altice USA: Cash interest paid 474,268 475,109 Income taxes paid, net 1,195 110 CSC Holdings: Cash interest paid 474,268 455,974 Income taxes paid, net 1,195 110 |
SUPPLEMENTAL CASH FLOW INFORM_3
SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Non-Cash Investing and Financing Activities: | ||
Property and equipment accrued but unpaid | $ 219,889 | $ 158,025 |
Notes payable issued to vendor for the purchase of equipment and other assets | 0 | 16,266 |
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability | 27,674 | 4,970 |
Deferred financing costs accrued but unpaid | 0 | 1,663 |
Supplemental Data: | ||
Interest Paid, Excluding Capitalized Interest, Operating Activities | 474,268 | 475,109 |
Income taxes paid, net | 1,195 | 110 |
Noncash contribution from parent | 150,602 | 0 |
Unsettled Treasury Shares | 23,993 | 13,242 |
CSC Holdings | ||
Supplemental Data: | ||
Interest Paid, Excluding Capitalized Interest, Operating Activities | 474,268 | 455,974 |
Income taxes paid, net | $ 1,195 | $ 110 |
DESCRIPTION OF BUSINESS AND REL
DESCRIPTION OF BUSINESS AND RELATED MATTERS | 3 Months Ended |
Mar. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
DESCRIPTION OF BUSINESS AND RELATED MATTERS | DESCRIPTION OF BUSINESS AND RELATED MATTERS The Company and Related Matters Altice USA, Inc. ("Altice USA") was incorporated in Delaware on September 14, 2015. Through June 8, 2018, Altice USA was majority-owned by Altice Europe N.V. ("Altice Europe"), a public company with limited liability (naamloze vennootshcap) under Dutch law. On June 8, 2018, Altice Europe distributed substantially all of its equity interest in the Company through a distribution in kind to holders of Altice Europe's common shares A and common shares B (the "Distribution"). Altice USA is now majority-owned by Patrick Drahi through Next Alt. S.a.r.l. ("Next Alt"). Altice USA is a holding company that does not conduct any business operations of its own. Altice Europe, through a subsidiary, acquired Cequel Corporation ("Cequel" or "Suddenlink") on December 21, 2015 and Cequel was contributed to Altice USA on June 9, 2016. Altice USA acquired Cablevision Systems Corporation ("Cablevision" or "Optimum") on June 21, 2016. Altice USA, through CSC Holdings, LLC (a wholly-owned subsidiary of Cablevision) and its consolidated subsidiaries ("CSC Holdings," and collectively with Altice USA, the "Company"), principally provides broadband communications and video services in the United States. It markets its residential services primarily under two brands: Optimum, in the New York metropolitan area, and Suddenlink, principally in markets in the south-central United States. It operates enterprise services under the brands Lightpath and Altice Business. It delivers broadband, video, telephony services, proprietary content and advertising services to residential and business customers. In September 2019, the Company launched Altice Mobile, a full service voice and data offering, to consumers across its footprint. As these brands are managed on a consolidated basis, the Company classifies its operations in one segment. The accompanying consolidated financial statements of Altice USA include the accounts of Altice USA and its majority-owned subsidiaries and the accompanying consolidated financial statements of CSC Holdings include the accounts of CSC Holdings and its majority-owned subsidiaries and gives effect to the ATS Acquisition and the i24 Acquisition discussed below. Altice USA has no business operations independent of its CSC Holdings subsidiary, whose operating results and financial position are consolidated into Altice USA. The consolidated balance sheets and statements of operations of Altice USA are essentially identical to the consolidated balance sheets and statements of operations of CSC Holdings, with the following exceptions: Altice USA has additional cash and deferred taxes on its consolidated balance sheet. In addition, CSC Holdings and its subsidiaries have certain intercompany receivables from and payables to Altice USA. Differences between Altice USA's results of operations and those of CSC Holdings primarily include incremental interest expense for periods prior to the assumption of Cablevision senior notes by CSC Holdings in November 2019, interest income, loss (gain) on investments and sale of affiliate interests, net, loss on extinguishment of debt, the write-off of deferred financing costs, and income tax benefit (expense). The combined notes to the consolidated financial statements relate to the Company, which, except as noted, are essentially identical for Altice USA and CSC Holdings. All significant intercompany transactions and balances between Altice USA or CSC Holdings and their respective consolidated subsidiaries are eliminated in both sets of consolidated financial statements. Intercompany transactions between Altice USA and CSC Holdings are not eliminated in the CSC Holdings consolidated financial statements, but are eliminated in the Altice USA consolidated financial statements. The financial statements of CSC Holdings are included herein as supplemental information as CSC Holdings is not an SEC registrant. Stock Repurchase Plan In June 2018, the Board of Directors of Altice USA authorized a share repurchase program of $2.0 billion, and on July 30, 2019, the Board of Directors authorized a new incremental three-year share repurchase program of $5.0 billion that took effect following the completion in August 2019 of the $2.0 billion repurchase program. Under these repurchase programs, shares of Altice USA Class A common stock may be purchased from time to time in the open market and may include trading plans entered into with one or more brokerage firms in accordance with Rule 10b5-1 under the Securities Exchange Act of 1934. Size and timing of these purchases will be determined based on market conditions and other factors. For the three months ended March 31, 2020, Altice USA repurchased an aggregate of 31,216,259 shares for a total purchase price of approximately $749,998. From inception through March 31, 2020, Altice USA repurchased an aggregate of 131,913,651 shares for a total purchase price of approximately $2,936,872. These acquired shares were retired and the cost of these shares was recorded in paid in capital in Altice USA's consolidated balance sheet. As of March 31, 2020, Altice USA had approximately $4,063,128 of availability remaining under the incremental share repurchase program and had 602,985,950 combined Class A and Class B shares outstanding. |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Significant Accounting Policies | BASIS OF PRESENTATION The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") and with the instructions to Form 10-Q and Article 10 of Regulation S-X for interim financial information. Accordingly, these financial statements do not include all the information and notes required for complete annual financial statements. The interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2019. The financial statements presented in this report are unaudited; however, in the opinion of management, such financial statements include all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the results for the periods presented. The results of operations for the interim periods are not necessarily indicative of the results that might be expected for future interim periods or for the full year ending December 31, 2020. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. See Note 13 for a discussion of fair value estimates. Common Stock of Altice USA The following table provides details of Altice USA's shares of common stock outstanding: Shares of Common Stock Outstanding Class A Class B Balance at December 31, 2019 446,749,307 186,245,832 Conversion of Class B common stock to Class A common stock 7,099 (7,099) Shares issued in connection with stock option exercises 116,597 — Retirement of Class A common shares in connection with the Company's stock repurchase plan (see Note 1) (31,216,259) — Shares issued from treasury upon vesting of redeemable equity 1,090,473 — Balance at March 31, 2020 416,747,217 186,238,733 Reclassifications Certain reclassifications have been made to the 2019 financial statements to conform to the 2020 presentation. |
ACCOUNTING PRONOUNCEMENTS
ACCOUNTING PRONOUNCEMENTS | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
ACCOUNTING PRONOUNCEMENTS | ACCOUNTING PRONOUNCEMENTS Recently Adopted Accounting Pronouncements ASU No. 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting ("ASU 2020-04") In March 2020, the Financial Accounting Standards Board ("FASB") issued new accounting guidance related to the effects of reference rate reform on financial reporting. The guidance, effective for reporting periods through December 31, 2022, provides accounting relief for contract modifications that replace an interest rate impacted by reference rate reform (e.g., LIBOR) with a new alternative reference rate. The Company adopted the guidance as of March 31, 2020. The adoption of this guidance did not have an impact on the Company's consolidated financial statements. ASU No. 2019-12, Simplifying the Accounting for Income Taxes ("ASU 2019-12") In December 2019, FASB issued ASU 2019-12, Income Taxes (Topic 740). ASU 2019-12 simplifies the accounting for income taxes by eliminating certain exceptions for investments, intraperiod allocations and interim calculations. The new guidance also simplifies aspects of the accounting for franchise taxes, enacted changes in tax laws or rates, and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. The amendments did not create new accounting requirements. The Company adopted the standard as of January 1, 2020. The adoption of this standard did not have a significant impact on the Company's consolidated financial statements. ASU No. 2018-15, Customer’s Accounting for Implementation Costs in a Cloud Computing Arrangement That Is a Service Contract ("ASU 2018-15") In August 2018, the FASB issued ASU 2018-15 which requires upfront implementation costs incurred in a cloud computing arrangement (or hosting arrangement) that is a service contract to be amortized to hosting expense over the term of the arrangement, beginning when the module or component of the hosting arrangement is ready for its intended use. The Company adopted the standard as of January 1, 2020. The adoption of this standard did not have an impact on the Company's consolidated financial statements. ASU No. 2017-04, Intangibles-Goodwill and Other (Topic 350) ("ASU 2017-04") In January 2017, the FASB issued ASU 2017-04 which simplifies the subsequent measurement of goodwill by removing the second step of the two-step impairment test. The amendment requires an entity to perform its annual, or interim goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. The Company adopted the standard as of January 1, 2020. The adoption of this standard did not have an impact on the Company's consolidated financial statements. ASU No. 2016-13, Measurement of Credit Losses on Financial Instruments ("ASU 2016-13") In June 2016, the FASB issued ASU 2016-13 which requires a financial asset (or a group of financial assets) measured at amortized cost to be assessed for impairment under the current expected credit loss model rather than an incurred loss model. The measurement of expected credit losses is based on relevant information about past events, including historical experience, current conditions and reasonable and supportable forecasts that affect the collectability of the reported amount. ASU 2016-13 became effective for the Company on January 1, 2020 and the adoption of this standard did not have a significant impact on the Company's consolidated financial statements. Recently Issued But Not Yet Adopted Accounting Pronouncements ASU No. 2018-14, Changes to the Disclosure Requirements for Defined Benefit Plans ("ASU 2018-14") |
Revenue Recognition and Deferre
Revenue Recognition and Deferred Revenue | 3 Months Ended |
Mar. 31, 2020 | |
Disaggregation of Revenue [Abstract] | |
Revenue from Contract with Customer | REVENUE The following table presents the composition of revenue: Three Months Ended March 31, 2020 2019 Residential: Broadband $ 885,529 $ 775,573 Video 947,061 1,017,330 Telephony 125,030 154,464 Business services and wholesale 364,530 350,689 News and advertising 105,540 94,738 Mobile 18,356 — Other 4,210 3,773 Total revenue $ 2,450,256 $ 2,396,567 The Company is assessed non-income related taxes by governmental authorities, including franchising authorities (generally under multi-year agreements), and collects such taxes from its customers. In instances where the tax is being assessed directly on the Company, amounts paid to the governmental authorities are recorded as programming and other direct costs and amounts received from the customers are recorded as revenue. For the three months ended March 31, 2020, and 2019, the amount of franchise fees and certain other taxes and fees included as a component of revenue aggregated $64,910, and $64,236, respectively. The following table provides information about customer contract costs and deferred revenue related to contracts with customers: March 31, December 31, 2019 Customer contract costs (a) $ 29,981 $ 30,758 Deferred revenue (b) 176,881 182,034 (a) Customer contract costs include primarily sales commissions for enterprise customers that are deferred and amortized over the average contract term. (b) Deferred revenue represents payments received from customers for services that have yet to be provided and installation revenue which is deferred and recognized over the benefit period. A portion of the Company's deferred revenue represents payments for services for up to one month in advance from residential and small and medium sized business ("SMB") customers which is realized within the following month as services are performed and the remaining portion is recognized over the contract period. A significant portion of our revenue is derived from residential and SMB customer contracts which are month-to month. As such, the amount of revenue related to unsatisfied performance obligations is not necessarily indicative of the future revenue to be recognized from our existing customer base. Contracts with enterprise customers generally range from three years to five years, and services may only be terminated in accordance with the contractual terms. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | NET LOSS PER SHARE Net Loss Per Share Basic net loss per common share attributable to Altice USA stockholders is computed by dividing net loss attributable to Altice USA stockholders by the weighted average number of common shares outstanding during the period. Diluted net loss per common share attributable to Altice USA stockholders excludes the effects of weighted average common stock equivalents of 22,525,412 and 11,480,467 for the three months ended March 31, 2020 and 2019, respectively, as they were anti-dilutive. It also excludes performance stock units and restricted stock aggregating 8,981,483 as the performance metrics have not been achieved. |
RESTRUCTURING AND OTHER EXPENSE
RESTRUCTURING AND OTHER EXPENSE | 3 Months Ended |
Mar. 31, 2020 | |
Restructuring and Related Activities [Abstract] | |
RESTRUCTURING AND OTHER EXPENSE | RESTRUCTURING AND OTHER EXPENSE Restructuring Beginning in the first quarter of 2016, the Company commenced restructuring initiatives that were intended to simplify the Company's organizational structure ("2016 Restructuring Plan"). The following table summarizes the activity for the 2016 Restructuring Plan: Severance and Other Employee Related Costs Facility Realignment and Other Costs Total Accrual balance at December 31, 2019 $ 1,676 2,332 $ 4,008 Restructuring charges — 1,979 1,979 Payments and other (1,438) (914) (2,352) Accrual balance at March 31, 2020 $ 238 $ 3,397 $ 3,635 Cumulative costs to date relating to 2016 Restructuring Plan amounted to $436,293. In May 2019, the Company commenced another restructuring initiative to further simplify the Company's organization structure ("2019 Restructuring Plan"). The following table summarizes the activity for the 2019 Restructuring Plan: Severance and Other Employee Related Costs Accrual balance at December 31, 2019 $ 37,946 Restructuring charges 3,121 Payments and other (8,808) Accrual balance at March 31, 2020 $ 32,259 Cumulative costs to date relating to the 2019 Restructuring Plan amounted to $45,836. In addition, for the three months ended March 31, 2020, the Company recorded restructuring charges of $1,705 related primarily to the impairment of right-of-use operating lease assets, included in the Company's restructuring initiatives, as their carrying amount was not recoverable and exceeded their fair value. Transaction Costs |
LEASES
LEASES | 3 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
OPERATING LEASES | LEASES The Company's operating leases are comprised primarily of facility leases and finance leases are comprised primarily of vehicle and equipment leases. Balance sheet information related to our leases is presented below: Balance Sheet location March 31, 2020 December 31, 2019 Operating leases: Right-of-use lease assets Right-of-use operating lease assets $ 280,389 $ 280,340 Right-of-use lease liability, current Other current liabilities 41,571 38,836 Right-of-use lease liability, long-term Right-of-use operating lease liability 267,043 269,062 Finance leases: Right-of-use lease assets Property, plant and equipment 93,552 70,339 Right-of-use lease liability, current Current portion of long-term debt 30,845 22,017 Right-of-use lease liability, long-term Long-term debt 60,549 47,403 The following provides details of the Company's lease expense: Three Months Ended March 31, 2020 2019 Operating lease expense, net $ 15,004 $ 15,278 Amortization of assets 4,460 1,562 Interest on lease liabilities 1,027 358 Total finance lease expense 5,487 1,920 $ 20,491 $ 17,198 Other information related to leases is presented below: As of March 31, 2020 2019 Right-of-use assets acquired in exchange for operating lease obligations $ 12,875 $ 4,193 Cash Paid For Amounts Included In Measurement of Liabilities: Operating cash flows related to finance leases 1,027 358 Operating cash flows related to operating leases 16,659 16,482 Weighted Average Remaining Lease Term: Operating leases 9.3 years 8.9 years Finance leases 3.1 years 4.8 years Weighted Average Discount Rate: Operating leases 5.90 % 6.25 % Finance leases 5.50 % 5.82 % The minimum future annual payments under non-cancellable leases during the next five years and thereafter, at rates now in force, are as follows: Finance leases Operating leases 2020 (excluding the three months ended March 31, 2020) $ 27,180 $ 36,823 2021 32,226 49,142 2022 27,980 49,631 2023 7,902 39,638 2024 3,343 35,205 Thereafter 283 199,632 Total future minimum lease payments, undiscounted 98,914 410,071 Less: Imputed interest (7,520) (101,457) Present value of future minimum lease payments $ 91,394 $ 308,614 |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 3 Months Ended |
Mar. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
INTANGIBLE ASSETS | INTANGIBLE ASSETS The following table summarizes information relating to the Company's acquired amortizable intangible assets: As of March 31, 2020 As of December 31, 2019 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Estimated Useful Lives Customer relationships $ 6,017,524 $ (3,017,592) $ 2,999,932 $ 6,017,524 $ (2,843,561) $ 3,173,963 8 to 18 years Trade names 1,081,083 (822,871) 258,212 1,081,083 (798,484) 282,599 2 to 5 years Other amortizable intangibles 53,267 (31,315) 21,952 53,181 (28,634) 24,547 1 to 15 years $ 7,151,874 $ (3,871,778) $ 3,280,096 $ 7,151,788 $ (3,670,679) $ 3,481,109 Amortization expense for the three months ended March 31, 2020 and 2019 aggregated $201,099 and $200,619, respectively. |
DEBT
DEBT | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT The following details the Company's outstanding debt: Interest Rate March 31, 2020 December 31, 2019 Date Issued Maturity Date Principal Amount Carrying Amount (a) Principal Amount Carrying Amount (a) Senior Notes: November 15, 2011 November 15, 2021 6.750 % $ 1,000,000 $ 981,769 $ 1,000,000 $ 979,178 September 27, 2012 September 15, 2022 5.875 % 649,024 604,810 649,024 600,849 May 23, 2014 June 1, 2024 5.250 % 750,000 687,105 750,000 683,940 October 18, 2018 July 15, 2025 7.750 % 1,740 1,698 1,740 1,695 October 9, 2015 October 15, 2025 10.875 % 1,684,221 1,665,828 1,684,221 1,665,237 October 18, 2018 April 1, 2028 7.500 % 4,118 4,112 4,118 4,112 November 27, 2018 July 15, 2025 7.750 % 617,881 606,026 617,881 605,583 November 27, 2018 April 1, 2028 7.500 % 1,045,882 1,044,313 1,045,882 1,044,278 July 10 and October 7, 2019 January 15, 2030 5.750 % 2,250,000 2,288,419 2,250,000 2,289,168 Senior Guaranteed Notes: October 9, 2015 October 15, 2025 6.625 % 1,000,000 989,855 1,000,000 989,483 September 23, 2016 April 15, 2027 5.500 % 1,310,000 1,305,558 1,310,000 1,305,430 January 29, 2018 February 1, 2028 5.375 % 1,000,000 992,935 1,000,000 992,757 November 27, 2018 July 15, 2023 5.375 % 1,095,825 1,082,771 1,095,825 1,081,879 November 27, 2018 May 15, 2026 5.500 % 1,498,806 1,486,333 1,498,806 1,485,911 January 24, 2019 February 1, 2029 6.500 % 1,750,000 1,747,057 1,750,000 1,746,996 15,657,497 15,488,589 15,657,497 15,476,496 CSC Holdings Restricted Group: Revolving Credit Facility (c) (c) (b) — — — — Term Loan B July 17, 2025 2.86% 2,917,500 2,904,808 2,925,000 2,911,729 Incremental Term Loan B-3 January 15, 2026 2.86% 1,262,250 1,257,221 1,265,438 1,260,200 Incremental Term Loan B-5 April 15, 2027 3.11% 3,000,000 2,977,104 3,000,000 2,976,358 7,179,750 7,139,133 7,190,438 7,148,287 Collateralized indebtedness (see Note 12) 1,759,017 1,593,073 1,759,017 1,585,088 Finance lease obligations (see Note 9) 91,394 91,394 69,420 69,420 Notes payable and supply chain financing (d) 135,146 135,146 140,994 140,994 24,822,804 24,447,335 24,817,366 24,420,285 Less: current portion of credit facility debt (72,750) (72,750) (65,250) (65,250) Less: current portion of finance lease obligations (30,845) (30,845) (22,017) (22,017) Less: current portion of notes payable and supply chain financing (75,920) (75,920) (83,415) (83,415) (179,515) (179,515) (170,682) (170,682) Long-term debt $ 24,643,289 $ 24,267,820 $ 24,646,684 $ 24,249,603 (a) The carrying amount is net of the unamortized deferred financing costs and/or discounts/premiums and with respect to certain notes, a fair value adjustment resulting from the Cequel and Cablevision acquisitions. (b) At March 31, 2020, $178,014 of the revolving credit facility was restricted for certain letters of credit issued on behalf of the Company and $2,296,986 of the facility was undrawn and available, subject to covenant limitations. (c) The revolving credit facility of an aggregate principal amount of $2,275,000 matures in January 2024 and priced at LIBOR plus 2.25%. The remaining revolving credit facility of an aggregate principal amount of $200,000 matures in November 2021 and priced at LIBOR plus 3.25%. (d) Includes $65,854 related to supply chain financing agreements entered into in the second quarter of 2019 that is required to be repaid within one year from the date of the respective agreement. For financing purposes, the Company is structured as a restricted group (the "Restricted Group") and an unrestricted group, which includes certain designated subsidiaries and investments (the "Unrestricted Group"). The Restricted Group is comprised of CSC Holdings and substantially all of its wholly-owned operating subsidiaries. These subsidiaries are subject to the covenants and restrictions of the credit facility and indentures governing the notes issued by CSC Holdings. CSC Holdings' credit facilities agreement contains certain customary representations and warranties, affirmative covenants and events of default (including, among others, an event of default upon a change of control). If an event of default occurs, the lenders under the credit facilities will be entitled to take various actions, including the acceleration of amounts due under the credit facilities and all actions permitted to be taken by a secured creditor. As of March 31, 2020, CSC Holdings was in compliance with all of its financial covenants under its credit facilities and with all of its financial covenants under the indentures under which the senior and senior guaranteed notes were issued. The following table provides a summary of the loss (gain) on extinguishment of debt and the write-off of deferred financing costs recorded by the Company upon the redemption of senior notes and the refinancing of credit facilities: For the Three Months Ended March 31, 2019: CSC Holdings 10.125% Senior Notes due 2023 $ 154,666 Refinancing and subsequent amendment to CSC Holdings credit facility 3,236 $ 157,902 Summary of Debt Maturities The future maturities of debt payable by the Company under its various debt obligations outstanding as of March 31, 2020, including notes payable and collateralized indebtedness (see Note 11), but excluding finance lease obligations (see Note 8), are as follows: 2020 $ 128,964 2021 1,080,017 2022 728,785 2023 2,928,347 2024 822,888 Thereafter 18,996,836 |
DERIVATIVE CONTRACTS AND COLLAT
DERIVATIVE CONTRACTS AND COLLATERALIZED INDEBTEDNESS | 3 Months Ended |
Mar. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE CONTRACTS AND COLLATERALIZED INDEBTEDNESS | DERIVATIVE CONTRACTS AND COLLATERALIZED INDEBTEDNESS Prepaid Forward Contracts The Company has entered into various transactions to limit the exposure against equity price risk on its shares of Comcast Corporation ("Comcast") common stock. The Company has monetized all of its stock holdings in Comcast through the execution of prepaid forward contracts, collateralized by an equivalent amount of the respective underlying stock. At maturity, the contracts provide for the option to deliver cash or shares of Comcast stock with a value determined by reference to the applicable stock price at maturity. These contracts, at maturity, are expected to offset declines in the fair value of these securities below the hedge price per share while allowing the Company to retain upside appreciation from the hedge price per share to the relevant cap price. The Company received cash proceeds upon execution of the prepaid forward contracts discussed above which has been reflected as collateralized indebtedness in the accompanying consolidated balance sheets. In addition, the Company separately accounts for the equity derivative component of the prepaid forward contracts. These equity derivatives have not been designated as hedges for accounting purposes. Therefore, the net fair values of the equity derivatives have been reflected in the accompanying consolidated balance sheets as an asset or liability and the net increases or decreases in the fair value of the equity derivative component of the prepaid forward contracts are included in gain (loss) on derivative contracts in the accompanying consolidated statements of operations. All of the Company's monetization transactions are obligations of its wholly-owned subsidiaries that are not part of the Restricted Group; however, CSC Holdings has provided guarantees of the subsidiaries' ongoing contract payment expense obligations and potential payments that could be due as a result of an early termination event (as defined in the agreements). If any one of these contracts was terminated prior to its scheduled maturity date, the Company would be obligated to repay the fair value of the collateralized indebtedness less the sum of the fair values of the underlying stock and equity collar, calculated at the termination date. As of March 31, 2020, the Company did not have an early termination shortfall relating to any of these contracts. The Company monitors the financial institutions that are counterparties to its equity derivative contracts. All of the counterparties to such transactions carry investment grade credit ratings as of March 31, 2020. Interest Rate Swap Contracts To manage interest rate risk, we have from time to time entered into interest rate swap contracts to adjust the proportion of total debt that is subject to variable and fixed interest rates. Such contracts effectively fix the borrowing rates on floating rate debt to provide an economic hedge against the risk of rising rates and/or effectively convert fixed rate borrowings to variable rates to permit the Company to realize lower interest expense in a declining interest rate environment. We monitor the financial institutions that are counterparties to our interest rate swap contracts and we only enter into interest rate swap contracts with financial institutions that are rated investment grade. All such contracts are carried at their fair market values on our consolidated balance sheet, with changes in fair value reflected in the consolidated statement of operations. As of March 31, 2020, the Company did not hold and has not issued derivative instruments for trading or speculative purposes. The following represents the location of the assets and liabilities associated with the Company's derivative instruments within the consolidated balance sheets: Derivatives Not Designated as Hedging Instruments Balance Sheet Location Fair Value at March 31, 2020 December 31, 2019 Asset Derivatives: Interest rate swap contracts Derivative contracts, long-term $ 372 $ — Prepaid forward contracts Derivative contracts, long-term 378,001 25,207 378,373 25,207 Liability Derivatives: Interest rate swap contracts Other current liabilities (850) (469) Prepaid forward contracts Liabilities under derivative contracts, long-term (7,728) (94,795) Interest rate swap contracts Liabilities under derivative contracts, long-term (283,711) (160,871) $ (292,289) $ (256,135) The following table presents certain statement of operations data related to our derivative contracts and the underlying common stock: Three Months Ended March 31, 2020 2019 Gain (loss) on derivative contracts related to change in the value of equity derivative contracts related to Comcast common stock $ 439,861 $ (177,029) Change in the fair value of Comcast common stock included in gain (loss) on investments (454,896) 254,725 Loss on interest rate swap contracts, net of a gain of $74,835 recorded in the 2020 period in connection with the early termination of the swap agreements discussed below (54,832) (23,672) In March 2020, the Company terminated two swap agreements whereby the Company was paying a floating rate of interest and receiving a fixed rate of interest on an aggregate notional value of $1,500,000. These contracts were due to mature in May 2026. In connection with the early termination, the Company received cash of $74,835 which has been recorded in loss on interest swap contracts, net in our consolidated statement of operations and presented in operating activities in our consolidated statement of cash flows. In addition, in March 2020, the Company executed amendments to two interest swap contracts that reduced the fixed rate of interest that the Company was paying on an aggregate notional value of $1,000,000 and extended the maturity date of the contracts to January 15, 2025 from January 15, 2022. The difference in the fair value of the amended contracts and the original contracts on the date of the transaction of $5,689 (an increase in the liability) will be amortized to loss on derivative contracts over the remaining term of the contracts. Also, the Company entered into two new interest rate swap contracts on an aggregate notional value of $1,000,000. See table below. The following is a summary of interest rate swap contracts outstanding at March 31, 2020: Trade Date Maturity Date Notional Amount Company Pays Company Receives December 2018 January 2025 $ 500,000 Fixed rate of 1.53% Three-month LIBOR December 2018 January 2022 500,000 Fixed rate of 2.733% Three-month LIBOR December 2018 January 2025 500,000 Fixed rate of 1.625% Three-month LIBOR December 2018 December 2026 750,000 Fixed rate of 2.9155% Three-month LIBOR December 2018 December 2026 750,000 Fixed rate of 2.9025% Three-month LIBOR April 2019 April 2020 1,255,513 Three-month LIBOR minus 0.1075% One-month LIBOR March 2020 January 2025 500,000 Fixed rate of 1.458% Three-month LIBOR March 2020 January 2022 500,000 Three-month LIBOR Fixed rate of 2.733% |
FAIR VALUE MEASUREMENT
FAIR VALUE MEASUREMENT | 3 Months Ended |
Mar. 31, 2020 | |
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 financial liabilities that are measured at fair value on a recurring basis: Fair Value March 31, 2020 December 31, 2019 Assets: Money market funds Level I $ 148,922 $ 563,704 Investment securities pledged as collateral Level I 1,476,801 1,931,697 Prepaid forward contracts Level II 378,001 25,207 Interest rate swap contracts Level II 372 — Liabilities: Prepaid forward contracts Level II 7,728 94,795 Interest rate swap contracts Level II 284,561 161,340 Contingent consideration related to 2017 and 2018 acquisitions Level III 2,250 7,250 The Company's cash equivalents (money market funds) and investment securities pledged as collateral are classified within Level I of the fair value hierarchy because they are valued using quoted market prices. The Company's derivative contracts and liabilities under derivative contracts on the Company's consolidated balance sheets are valued using market-based inputs to valuation models. These valuation models require a variety of inputs, including contractual terms, market prices, yield curves, and measures of volatility. When appropriate, valuations are adjusted for various factors such as liquidity, bid/offer spreads and credit risk considerations. Such adjustments are generally based on available market evidence. Since model inputs can generally be verified and do not involve significant management judgment, the Company has concluded that these instruments should be classified within Level II of the fair value hierarchy. Fair Value of Financial Instruments The following methods and assumptions were used to estimate fair value of each class of financial instruments for which it is practicable to estimate: Credit Facility Debt, Collateralized Indebtedness, Senior Notes, Senior Guaranteed Notes, Notes Payable and Supply Chain Financing 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 fair value of notes payable is based primarily on the present value of the remaining payments discounted at the borrowing cost. The carrying value of outstanding amounts related to supply chain financing agreements approximates the fair value due to the short-term nature of their maturity (less than one year). The carrying values, estimated fair values, and classification under the fair value hierarchy of the Company's financial instruments, excluding those that are carried at fair value in the accompanying consolidated balance sheets, are summarized as follows: March 31, 2020 December 31, 2019 Fair Value Carrying Estimated Carrying Estimated Credit facility debt Level II $ 7,139,133 $ 7,179,750 $ 7,148,287 $ 7,190,438 Collateralized indebtedness Level II 1,593,073 1,689,819 1,585,088 1,611,095 Senior guaranteed notes Level II 7,604,509 7,943,752 7,602,456 8,220,518 Senior notes Level II 7,884,080 8,253,080 7,874,040 8,728,870 Notes payable and supply chain financing Level II 135,146 136,072 140,994 141,713 $ 24,355,941 $ 25,202,473 $ 24,350,865 $ 25,892,634 (a) Amounts are net of unamortized deferred financing costs and discounts/premiums. |
INCOME TAXES
INCOME TAXES | 3 Months Ended |
Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES In general, the Company is required to use an estimated annual effective tax rate ("AETR") to measure the income tax expense or benefit recognized on a year to date basis in an interim period. In addition, certain items included in income tax expense as well as the tax impact of certain items included in pretax income must be treated as discrete items. The income tax expense or benefit associated with these discrete items is fully recognized in the interim period in which the items occur. On March 27, 2020, the Coronavirus Aid, Relief and Economic Security ("CARES Act") was enacted and signed into law. Certain provisions of the CARES Act impacted the 2019 income tax provision computations of the Company and have been reflected in the consolidated financial statements for the three months ended March 31, 2020. The CARES Act modified the interest limitation under section 163(j) of the Internal Revenue Code ("163(j)") for 2019 and 2020, increasing the allowable business interest deduction from 30% to 50% of adjusted taxable income. This modification significantly increased the allowable interest deduction for the Company in 2019, resulting in less utilization of net operating loss carryforwards. For state tax purposes, an estimated net benefit of approximately $10,500 was recognized for the three months ended March 31, 2020 driven by a decrease in federal taxable income for 2019 due to the 163(j) law change under the CARES Act. As states enact new tax legislation in response to the federal CARES Act, this benefit may change. In addition, the CARES Act accelerated the ability of companies to receive refunds of Alternative Minimum Tax credits. For the Company, the remaining approximately $12,000 in tax credits will be refunded as part of the 2019 tax filing. Altice USA For the three months ended March 31, 2020, Altice USA recorded a tax expense of $17,035 on pre-tax income of $15,497, resulting in an effective tax rate that was higher than the U.S. statutory tax rate. The higher tax rate was due to the impact of certain non-deductible expenses and certain state tax expense adjustments, partially offset by a benefit resulting from the recently enacted CARES Act. For the three months ended March 31, 2019, Altice USA recorded a tax benefit of $22,586 on pre-tax loss of $47,784, resulting in an effective tax rate that was higher than the U.S. statutory tax rate. The higher tax rate was due to revaluation of state deferred taxes primarily due to certain changes to the state tax rates used to measure the Company’s deferred tax liabilities and certain non-deductible expenses. CSC Holdings For the three months ended March 31, 2020, CSC Holdings recorded a tax expense of $5,029 on pre-tax income of $15,151, resulting in an effective tax rate that was higher than the U.S. statutory tax rate. The higher tax rate was due to the impact of certain non-deductible expenses and certain state tax expense adjustments, partially offset by a benefit resulting from the recently enacted CARES Act. For the three months ended March 31, 2019, CSC Holdings recorded a tax benefit of $15,676 on pre-tax loss of $23,540, resulting in an effective tax rate that was higher than the U.S. statutory tax rate. The higher tax rate was due to revaluation of state deferred taxes primarily due to certain changes to the state tax rates used to measure CSC Holdings’ deferred tax liabilities, partially offset by certain non-deductible expenses. |
SHARE-BASED COMPENSATION
SHARE-BASED COMPENSATION | 3 Months Ended |
Mar. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
SHARE-BASED COMPENSATION | SHARE-BASED COMPENSATION Carry Unit Plan Certain employees of the Company and its affiliates received awards of units in a carry unit plan of Neptune Management LP, an entity which has an ownership interest in Neptune Holding US Limited Partnership ("Neptune LP"). The following table summarizes activity relating to these carry units: Number of Time Weighted Average Grant Date Fair Value Balance, December 31, 2019 37,518,750 $ 2.35 Vested (10,975,000) 3.80 Forfeited (212,500) 0.56 Balance, March 31, 2020 26,331,250 $ 1.76 The weighted average fair value per unit was $2.71 and $3.25, as of March 31, 2020 and December 31, 2019, respectively. For the three months ended March 31, 2020 and 2019, the Company recognized share-based compensation expense of $3,120 and $6,473, respectively, related to the carry unit plan. Stock Options The following table summarizes activity related to the Company's employee stock options: Shares Under Option Weighted Average Weighted Average Remaining Aggregate Intrinsic Balance at December 31, 2019 14,083,741 $ 19.12 8.74 $ 112,915 Granted (b) 25,761,736 28.36 Exercised (116,597) 17.42 Forfeited (1,022,960) 20.21 Balance at March 31, 2020 38,705,920 25.25 9.38 48,549 Options exercisable at March 31, 2020 831,596 $ 17.73 7.59 $ 3,834 (a) The aggregate intrinsic value is calculated as the difference between the exercise price and the closing price of the Company's Class A common stock at the respective date. (b) Grants of options aggregating 24,305,000 shares are subject to shareholder approval. The Company recognized share-based compensation expense related to employee stock options for the three months ended March 31, 2020 and 2019 of $20,349 and $7,317, respectively. As of March 31, 2020 there was $229,690 of total unrecognized compensation cost related to stock options which is expected to be recognized over a weighted-average period of approximately 3.40 years. The following weighted-average assumptions were used to calculate the fair values of stock option awards granted during the three months ended March 31, 2020: Risk-free interest rate 1.46% Expected life (in years) 6.38 Dividend yield —% Volatility 28.39% Grant date fair value $7.74 Performance Stock Unit Awards In January 2020, certain employees of the Company were granted performance stock units ("PSUs"). Each PSU gives the employee the right to receive one share of Altice USA class A common stock, upon achievement of a specified stock price hurdle. The PSUs will be forfeited if the applicable performance measure is not achieved prior to January 29, 2024 (January 29, 2026 in the event of a recession or market disruption event prior to achievement of the performance measure) or if the employee does not continue to provide services to the Company through the achievement date of the applicable performance measure. As of March 31, 2020, the Company had 7,556,330 PSUs outstanding, of which 7,230,575 are subject to shareholder approval of an increase of shares under the 2017 Altice USA Long Term Incentive Plan, as amended (the "LTIP"). The PSUs have a weighted average grant date fair value of $10.65 per unit. For the three months ended March 31, 2020, the Company recognized share based compensation expense of $3,901 related to these PSUs. As of March 31, 2020 there was $77,045 of total unrecognized compensation cost related to outstanding PSUs which is expected to be recognized over a weighted-average period of approximately 3.83 years. The following assumptions were used to calculate the fair values of the PSUs granted during the three months ended March 31, 2020: Risk-free interest rate 1.46% Expected life (in years) 4.00 Dividend yield —% Volatility 34.22% Restricted Awards |
AFFILIATE AND RELATED PARTY TRA
AFFILIATE AND RELATED PARTY TRANSACTIONS | 3 Months Ended |
Mar. 31, 2020 | |
Related Party Transactions [Abstract] | |
AFFILIATE AND RELATED PARTY TRANSACTIONS | AFFILIATE AND RELATED PARTY TRANSACTIONS Affiliate and Related Party Transactions Altice USA is controlled by Patrick Drahi who is also the controlling stockholder of Altice Europe and its subsidiaries and other entities. As the transactions discussed below were conducted between entities under common control by Mr. Drahi, amounts charged for certain services may not have represented amounts that might have been received or incurred if the transactions were based upon arm's length negotiations. The following table summarizes the revenue and charges related to services provided to or received from affiliates and related parties: Three Months Ended March 31, 2020 2019 Revenue $ 3,488 $ 592 Operating expenses: Programming and other direct costs $ (2,189) $ (1,687) Other operating expenses, net (3,941) (2,246) Operating expenses, net (6,130) (3,933) Net charges - Altice USA $ (2,642) $ (3,341) Capital Expenditures $ 7,225 $ 3,354 Revenue The Company recognized revenue primarily from the sale of advertising to a subsidiary of Altice Europe and a foundation controlled by Patrick Drahi. Programming and other direct costs Programming and other direct costs include costs incurred by the Company for advertising services provided by a subsidiary of Altice Europe. Other operating expenses, net Other operating expenses primarily include charges for services provided by other subsidiaries of Altice Europe and other related parties aggregating $3,941, and $2,246, for the three months ended March 31, 2020 and 2019, respectively. Capital Expenditures Capital expenditures for the three months ended March 31, 2020, and 2019 include $7,225 and $3,354, respectively, for equipment purchased and software development services provided by subsidiaries of Altice Europe. Aggregate amounts that were due from and due to affiliates and related parties are summarized below: March 31, December 31, 2020 2019 Due from: Altice Europe $ 631 $ 4,076 Other affiliates and related parties 3,304 2,698 $ 3,935 $ 6,774 Due to: Altice Europe $ 8,511 $ 7,456 $ 8,511 $ 7,456 Amounts due from affiliates presented in the table above represent amounts paid by the Company on behalf of or for services provided to the respective related party. Amounts due to affiliates relate to the purchase of equipment and advertising services, as well as reimbursement for payments made on our behalf. CSC Holdings CSC Holdings made cash equity distribution payments to its parent aggregating $720,350, and $594,462 during the three months ended March 31, 2020 and 2019, respectively. The distributions in 2020 and 2019 were recorded as a decrease in retained earnings of $24,317 and $543,217, representing the cumulative earnings through the distribution dates, and a decrease in other member's equity of $696,033 and $51,245, respectively. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Mar. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Legal Matters In the latter half of 2018, eight named plaintiffs, each on behalf of a putative class of stockholders who purchased Company common stock in Altice USA's IPO pursuant to the Registration Statement and Prospectus, filed complaints (seven in New York State Supreme Court, one in United States District Court for the Eastern District of New York). The lawsuits name as defendants Altice USA, Altice Europe, and Altice USA's directors, among others, and assert that all defendants violated Sections 11 and 12 of the Securities Act of 1933 (the "Securities Act") and that the individual defendants violated Section 15 of the Securities Act as control persons. In a consolidated amended complaint filed in the lawsuit in the Eastern District of New York, plaintiff also asserts violations of Section 10(b) of the Securities Act of 1934 ("34 Act"), Rule 10b-5 promulgated thereunder, and Section 20 of the 34 Act against Altice USA, Altice Europe, and certain individual directors. The facts underlying each case are substantively similar, with plaintiffs alleging that the Registration Statement and Prospectus misrepresented or omitted material facts relating to the negative performance of Altice France and Altice Portugal, the disclosure of which in November 2017 negatively impacted the value of Altice USA’s stock. In June of 2019, plaintiffs in the New York State action filed a consolidated amended complaint, which the Company moved to dismiss in July of 2019. The Company moved to dismiss the complaint in the Eastern District of New York in October 2019. The Company intends to vigorously defend the lawsuits. Although the outcome of the matter cannot be predicted and the impact of the final resolution of this matter on the Company’s results of operations in any particular subsequent reporting period is not known at this time, management does not believe that the ultimate resolution of the matter will have a material adverse effect on the operations or financial position of the Company or the ability of the Company to meet its financial obligations as they become due. On November 6, 2018, Sprint Communications Company L.P ("Sprint") filed a complaint in the U.S. District Court for the District of Delaware alleging that the Company infringes Sprint’s patents purportedly by providing Voice over Internet Protocol ("VoIP") services. On December 3, 2018, Sprint filed a second complaint alleging that the Company infringes Sprint’s patents purportedly by providing certain VOD related services. The lawsuits are part of a pattern of litigation that was initiated as far back as 2005 by Sprint against numerous broadband and telecommunications providers, which has resulted in judgments and settlements of significant value for Sprint. The Company is investigating the allegations, and will vigorously defend the lawsuits. Although the outcome of the matter cannot be predicted and the impact of the final resolution of this matter on the Company’s results of operations in any particular subsequent reporting period is not known at this time, management does not believe that the ultimate resolution of the matter will have a material adverse effect on the operations or financial position of the Company or the ability of the Company to meet its financial obligations as they become due, but it could be material to the Company’s consolidated results of operations or cash flows for any one period. The Company receives notices from third parties and, in some cases, is named as a defendant in certain lawsuits claiming infringement of various patents relating to various aspects of the Company's businesses. In certain of these cases other industry participants are also defendants. In certain of these cases the Company expects that any potential liability would be the responsibility of the Company's equipment vendors pursuant to applicable contractual indemnification provisions. In the event that the Company is found to infringe on any patent rights, the Company may be subject to substantial damages and/or an injunction that could require the Company or its vendors to modify certain products and services the Company offers to its subscribers, as well as enter into royalty or license agreements with respect to the patents at issue. The Company believes that the claims are without merit, but is unable to predict the outcome of these matters or reasonably estimate a range of possible loss. In addition to the matters discussed above, the Company is party to various lawsuits, disputes and investigations, some of which may involve claims for substantial damages, fines or penalties. Although the outcome of these other matters cannot be predicted and the impact of the final resolution of these other matters on the Company's results of operations in a particular subsequent reporting period is not known, management does not believe that the resolution of these other lawsuits 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. |
BASIS OF PRESENTATION (Policies
BASIS OF PRESENTATION (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Reclassifications | Reclassifications Certain reclassifications have been made to the 2019 financial statements to conform to the 2020 presentation. |
BASIS OF PRESENTATION (Tables)
BASIS OF PRESENTATION (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Schedule of Stock by Class | Common Stock of Altice USA The following table provides details of Altice USA's shares of common stock outstanding: Shares of Common Stock Outstanding Class A Class B Balance at December 31, 2019 446,749,307 186,245,832 Conversion of Class B common stock to Class A common stock 7,099 (7,099) Shares issued in connection with stock option exercises 116,597 — Retirement of Class A common shares in connection with the Company's stock repurchase plan (see Note 1) (31,216,259) — Shares issued from treasury upon vesting of redeemable equity 1,090,473 — Balance at March 31, 2020 416,747,217 186,238,733 |
Revenue Recognition and Defer_2
Revenue Recognition and Deferred Revenue (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Disaggregation of Revenue [Abstract] | |
Disaggregation of Revenue | The following table presents the composition of revenue: Three Months Ended March 31, 2020 2019 Residential: Broadband $ 885,529 $ 775,573 Video 947,061 1,017,330 Telephony 125,030 154,464 Business services and wholesale 364,530 350,689 News and advertising 105,540 94,738 Mobile 18,356 — Other 4,210 3,773 Total revenue $ 2,450,256 $ 2,396,567 |
Contract with Customer, Asset and Liability | The following table provides information about customer contract costs and deferred revenue related to contracts with customers: March 31, December 31, 2019 Customer contract costs (a) $ 29,981 $ 30,758 Deferred revenue (b) 176,881 182,034 (a) Customer contract costs include primarily sales commissions for enterprise customers that are deferred and amortized over the average contract term. (b) Deferred revenue represents payments received from customers for services that have yet to be provided and installation revenue which is deferred and recognized over the benefit period. A portion of the Company's deferred revenue represents payments for services for up to one month in advance from residential and small and medium sized business ("SMB") customers which is realized within the following month as services are performed and the remaining portion is recognized over the contract period. |
RESTRUCTURING AND OTHER EXPEN_2
RESTRUCTURING AND OTHER EXPENSE (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Cost Activity | The following table summarizes the activity for the 2016 Restructuring Plan: Severance and Other Employee Related Costs Facility Realignment and Other Costs Total Accrual balance at December 31, 2019 $ 1,676 2,332 $ 4,008 Restructuring charges — 1,979 1,979 Payments and other (1,438) (914) (2,352) Accrual balance at March 31, 2020 $ 238 $ 3,397 $ 3,635 The following table summarizes the activity for the 2019 Restructuring Plan: Severance and Other Employee Related Costs Accrual balance at December 31, 2019 $ 37,946 Restructuring charges 3,121 Payments and other (8,808) Accrual balance at March 31, 2020 $ 32,259 Cumulative costs to date relating to the 2019 Restructuring Plan amounted to $45,836. In addition, for the three months ended March 31, 2020, the Company recorded restructuring charges of $1,705 related primarily to the impairment of right-of-use operating lease assets, included in the Company's restructuring initiatives, as their carrying amount was not recoverable and exceeded their fair value. |
LEASES (Tables)
LEASES (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
Lesee, Operating Lease And Finance Lease, Liability | Balance sheet information related to our leases is presented below: Balance Sheet location March 31, 2020 December 31, 2019 Operating leases: Right-of-use lease assets Right-of-use operating lease assets $ 280,389 $ 280,340 Right-of-use lease liability, current Other current liabilities 41,571 38,836 Right-of-use lease liability, long-term Right-of-use operating lease liability 267,043 269,062 Finance leases: Right-of-use lease assets Property, plant and equipment 93,552 70,339 Right-of-use lease liability, current Current portion of long-term debt 30,845 22,017 Right-of-use lease liability, long-term Long-term debt 60,549 47,403 |
Lease, Cost | The following provides details of the Company's lease expense: Three Months Ended March 31, 2020 2019 Operating lease expense, net $ 15,004 $ 15,278 Amortization of assets 4,460 1,562 Interest on lease liabilities 1,027 358 Total finance lease expense 5,487 1,920 $ 20,491 $ 17,198 |
Lessee, Topic 842, Other Lease Information | Other information related to leases is presented below: As of March 31, 2020 2019 Right-of-use assets acquired in exchange for operating lease obligations $ 12,875 $ 4,193 Cash Paid For Amounts Included In Measurement of Liabilities: Operating cash flows related to finance leases 1,027 358 Operating cash flows related to operating leases 16,659 16,482 Weighted Average Remaining Lease Term: Operating leases 9.3 years 8.9 years Finance leases 3.1 years 4.8 years Weighted Average Discount Rate: Operating leases 5.90 % 6.25 % Finance leases 5.50 % 5.82 % |
Finance Lease, Liability, Maturity | The minimum future annual payments under non-cancellable leases during the next five years and thereafter, at rates now in force, are as follows: Finance leases Operating leases 2020 (excluding the three months ended March 31, 2020) $ 27,180 $ 36,823 2021 32,226 49,142 2022 27,980 49,631 2023 7,902 39,638 2024 3,343 35,205 Thereafter 283 199,632 Total future minimum lease payments, undiscounted 98,914 410,071 Less: Imputed interest (7,520) (101,457) Present value of future minimum lease payments $ 91,394 $ 308,614 |
Lessee, Operating Lease, Liability, Maturity | The minimum future annual payments under non-cancellable leases during the next five years and thereafter, at rates now in force, are as follows: Finance leases Operating leases 2020 (excluding the three months ended March 31, 2020) $ 27,180 $ 36,823 2021 32,226 49,142 2022 27,980 49,631 2023 7,902 39,638 2024 3,343 35,205 Thereafter 283 199,632 Total future minimum lease payments, undiscounted 98,914 410,071 Less: Imputed interest (7,520) (101,457) Present value of future minimum lease payments $ 91,394 $ 308,614 |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Acquired Finite-Lived Intangible Assets by Major Class | The following table summarizes information relating to the Company's acquired amortizable intangible assets: As of March 31, 2020 As of December 31, 2019 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Estimated Useful Lives Customer relationships $ 6,017,524 $ (3,017,592) $ 2,999,932 $ 6,017,524 $ (2,843,561) $ 3,173,963 8 to 18 years Trade names 1,081,083 (822,871) 258,212 1,081,083 (798,484) 282,599 2 to 5 years Other amortizable intangibles 53,267 (31,315) 21,952 53,181 (28,634) 24,547 1 to 15 years $ 7,151,874 $ (3,871,778) $ 3,280,096 $ 7,151,788 $ (3,670,679) $ 3,481,109 |
DEBT (Tables)
DEBT (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Line of Credit Facilities | The following details the Company's outstanding debt: Interest Rate March 31, 2020 December 31, 2019 Date Issued Maturity Date Principal Amount Carrying Amount (a) Principal Amount Carrying Amount (a) Senior Notes: November 15, 2011 November 15, 2021 6.750 % $ 1,000,000 $ 981,769 $ 1,000,000 $ 979,178 September 27, 2012 September 15, 2022 5.875 % 649,024 604,810 649,024 600,849 May 23, 2014 June 1, 2024 5.250 % 750,000 687,105 750,000 683,940 October 18, 2018 July 15, 2025 7.750 % 1,740 1,698 1,740 1,695 October 9, 2015 October 15, 2025 10.875 % 1,684,221 1,665,828 1,684,221 1,665,237 October 18, 2018 April 1, 2028 7.500 % 4,118 4,112 4,118 4,112 November 27, 2018 July 15, 2025 7.750 % 617,881 606,026 617,881 605,583 November 27, 2018 April 1, 2028 7.500 % 1,045,882 1,044,313 1,045,882 1,044,278 July 10 and October 7, 2019 January 15, 2030 5.750 % 2,250,000 2,288,419 2,250,000 2,289,168 Senior Guaranteed Notes: October 9, 2015 October 15, 2025 6.625 % 1,000,000 989,855 1,000,000 989,483 September 23, 2016 April 15, 2027 5.500 % 1,310,000 1,305,558 1,310,000 1,305,430 January 29, 2018 February 1, 2028 5.375 % 1,000,000 992,935 1,000,000 992,757 November 27, 2018 July 15, 2023 5.375 % 1,095,825 1,082,771 1,095,825 1,081,879 November 27, 2018 May 15, 2026 5.500 % 1,498,806 1,486,333 1,498,806 1,485,911 January 24, 2019 February 1, 2029 6.500 % 1,750,000 1,747,057 1,750,000 1,746,996 15,657,497 15,488,589 15,657,497 15,476,496 CSC Holdings Restricted Group: Revolving Credit Facility (c) (c) (b) — — — — Term Loan B July 17, 2025 2.86% 2,917,500 2,904,808 2,925,000 2,911,729 Incremental Term Loan B-3 January 15, 2026 2.86% 1,262,250 1,257,221 1,265,438 1,260,200 Incremental Term Loan B-5 April 15, 2027 3.11% 3,000,000 2,977,104 3,000,000 2,976,358 7,179,750 7,139,133 7,190,438 7,148,287 Collateralized indebtedness (see Note 12) 1,759,017 1,593,073 1,759,017 1,585,088 Finance lease obligations (see Note 9) 91,394 91,394 69,420 69,420 Notes payable and supply chain financing (d) 135,146 135,146 140,994 140,994 24,822,804 24,447,335 24,817,366 24,420,285 Less: current portion of credit facility debt (72,750) (72,750) (65,250) (65,250) Less: current portion of finance lease obligations (30,845) (30,845) (22,017) (22,017) Less: current portion of notes payable and supply chain financing (75,920) (75,920) (83,415) (83,415) (179,515) (179,515) (170,682) (170,682) Long-term debt $ 24,643,289 $ 24,267,820 $ 24,646,684 $ 24,249,603 (a) The carrying amount is net of the unamortized deferred financing costs and/or discounts/premiums and with respect to certain notes, a fair value adjustment resulting from the Cequel and Cablevision acquisitions. (b) At March 31, 2020, $178,014 of the revolving credit facility was restricted for certain letters of credit issued on behalf of the Company and $2,296,986 of the facility was undrawn and available, subject to covenant limitations. (c) The revolving credit facility of an aggregate principal amount of $2,275,000 matures in January 2024 and priced at LIBOR plus 2.25%. The remaining revolving credit facility of an aggregate principal amount of $200,000 matures in November 2021 and priced at LIBOR plus 3.25%. (d) Includes $65,854 related to supply chain financing agreements entered into in the second quarter of 2019 that is required to be repaid within one year from the date of the respective agreement. |
Schedule of Extinguishment of Debt | The following table provides a summary of the loss (gain) on extinguishment of debt and the write-off of deferred financing costs recorded by the Company upon the redemption of senior notes and the refinancing of credit facilities: For the Three Months Ended March 31, 2019: CSC Holdings 10.125% Senior Notes due 2023 $ 154,666 Refinancing and subsequent amendment to CSC Holdings credit facility 3,236 $ 157,902 |
Schedule of Maturities of Long-term Debt | The future maturities of debt payable by the Company under its various debt obligations outstanding as of March 31, 2020, including notes payable and collateralized indebtedness (see Note 11), but excluding finance lease obligations (see Note 8), are as follows: 2020 $ 128,964 2021 1,080,017 2022 728,785 2023 2,928,347 2024 822,888 Thereafter 18,996,836 |
DERIVATIVE CONTRACTS AND COLL_2
DERIVATIVE CONTRACTS AND COLLATERALIZED INDEBTEDNESS (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Interest Rate Derivatives | The following represents the location of the assets and liabilities associated with the Company's derivative instruments within the consolidated balance sheets: Derivatives Not Designated as Hedging Instruments Balance Sheet Location Fair Value at March 31, 2020 December 31, 2019 Asset Derivatives: Interest rate swap contracts Derivative contracts, long-term $ 372 $ — Prepaid forward contracts Derivative contracts, long-term 378,001 25,207 378,373 25,207 Liability Derivatives: Interest rate swap contracts Other current liabilities (850) (469) Prepaid forward contracts Liabilities under derivative contracts, long-term (7,728) (94,795) Interest rate swap contracts Liabilities under derivative contracts, long-term (283,711) (160,871) $ (292,289) $ (256,135) |
Location of Assets and Liabilities Associated With Derivative Instruments Within the Condensed Consolidated Balance Sheets | The following table presents certain statement of operations data related to our derivative contracts and the underlying common stock: Three Months Ended March 31, 2020 2019 Gain (loss) on derivative contracts related to change in the value of equity derivative contracts related to Comcast common stock $ 439,861 $ (177,029) Change in the fair value of Comcast common stock included in gain (loss) on investments (454,896) 254,725 Loss on interest rate swap contracts, net of a gain of $74,835 recorded in the 2020 period in connection with the early termination of the swap agreements discussed below (54,832) (23,672) |
Schedule of Collateralized Debt Settlement | The following is a summary of interest rate swap contracts outstanding at March 31, 2020: Trade Date Maturity Date Notional Amount Company Pays Company Receives December 2018 January 2025 $ 500,000 Fixed rate of 1.53% Three-month LIBOR December 2018 January 2022 500,000 Fixed rate of 2.733% Three-month LIBOR December 2018 January 2025 500,000 Fixed rate of 1.625% Three-month LIBOR December 2018 December 2026 750,000 Fixed rate of 2.9155% Three-month LIBOR December 2018 December 2026 750,000 Fixed rate of 2.9025% Three-month LIBOR April 2019 April 2020 1,255,513 Three-month LIBOR minus 0.1075% One-month LIBOR March 2020 January 2025 500,000 Fixed rate of 1.458% Three-month LIBOR March 2020 January 2022 500,000 Three-month LIBOR Fixed rate of 2.733% |
FAIR VALUE MEASUREMENT (Tables)
FAIR VALUE MEASUREMENT (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
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 financial liabilities that are measured at fair value on a recurring basis: Fair Value March 31, 2020 December 31, 2019 Assets: Money market funds Level I $ 148,922 $ 563,704 Investment securities pledged as collateral Level I 1,476,801 1,931,697 Prepaid forward contracts Level II 378,001 25,207 Interest rate swap contracts Level II 372 — Liabilities: Prepaid forward contracts Level II 7,728 94,795 Interest rate swap contracts Level II 284,561 161,340 Contingent consideration related to 2017 and 2018 acquisitions Level III 2,250 7,250 |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments | The carrying values, estimated fair values, and classification under the fair value hierarchy of the Company's financial instruments, excluding those that are carried at fair value in the accompanying consolidated balance sheets, are summarized as follows: March 31, 2020 December 31, 2019 Fair Value Carrying Estimated Carrying Estimated Credit facility debt Level II $ 7,139,133 $ 7,179,750 $ 7,148,287 $ 7,190,438 Collateralized indebtedness Level II 1,593,073 1,689,819 1,585,088 1,611,095 Senior guaranteed notes Level II 7,604,509 7,943,752 7,602,456 8,220,518 Senior notes Level II 7,884,080 8,253,080 7,874,040 8,728,870 Notes payable and supply chain financing Level II 135,146 136,072 140,994 141,713 $ 24,355,941 $ 25,202,473 $ 24,350,865 $ 25,892,634 (a) Amounts are net of unamortized deferred financing costs and discounts/premiums. |
SHARE-BASED COMPENSATION (Table
SHARE-BASED COMPENSATION (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Activity for Shares | The following table summarizes activity relating to these carry units: Number of Time Weighted Average Grant Date Fair Value Balance, December 31, 2019 37,518,750 $ 2.35 Vested (10,975,000) 3.80 Forfeited (212,500) 0.56 Balance, March 31, 2020 26,331,250 $ 1.76 |
Share-based Compensation, Stock Options, Activity | The following table summarizes activity related to the Company's employee stock options: Shares Under Option Weighted Average Weighted Average Remaining Aggregate Intrinsic Balance at December 31, 2019 14,083,741 $ 19.12 8.74 $ 112,915 Granted (b) 25,761,736 28.36 Exercised (116,597) 17.42 Forfeited (1,022,960) 20.21 Balance at March 31, 2020 38,705,920 25.25 9.38 48,549 Options exercisable at March 31, 2020 831,596 $ 17.73 7.59 $ 3,834 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | Risk-free interest rate 1.46% Expected life (in years) 6.38 Dividend yield —% Volatility 28.39% Grant date fair value $7.74 |
Performance Based Vesting | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | Risk-free interest rate 1.46% Expected life (in years) 4.00 Dividend yield —% Volatility 34.22% |
AFFILIATE AND RELATED PARTY T_2
AFFILIATE AND RELATED PARTY TRANSACTIONS (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Related Party Transactions [Abstract] | |
Summary of related party transactions | The following table summarizes the revenue and charges related to services provided to or received from affiliates and related parties: Three Months Ended March 31, 2020 2019 Revenue $ 3,488 $ 592 Operating expenses: Programming and other direct costs $ (2,189) $ (1,687) Other operating expenses, net (3,941) (2,246) Operating expenses, net (6,130) (3,933) Net charges - Altice USA $ (2,642) $ (3,341) Capital Expenditures $ 7,225 $ 3,354 March 31, December 31, 2020 2019 Due from: Altice Europe $ 631 $ 4,076 Other affiliates and related parties 3,304 2,698 $ 3,935 $ 6,774 Due to: Altice Europe $ 8,511 $ 7,456 $ 8,511 $ 7,456 |
DESCRIPTION OF BUSINESS AND R_2
DESCRIPTION OF BUSINESS AND RELATED MATTERS (Details) $ in Thousands | 3 Months Ended | 22 Months Ended | ||||
Mar. 31, 2020USD ($)segmentshares | Mar. 31, 2019USD ($) | Mar. 31, 2020USD ($)shares | Dec. 31, 2019shares | Jul. 31, 2019USD ($) | Jun. 08, 2018USD ($) | |
Business Acquisition [Line Items] | ||||||
Number of segments | segment | 1 | |||||
Share repurchase authorized | $ | $ 2,000,000 | |||||
Shares repurchased (in shares) | 31,216,259 | 131,913,651 | ||||
Value of shares repurchased | $ | $ 749,998 | $ 600,001 | $ 2,936,872 | |||
Availability remaining under its stock repurchase program | $ | $ 4,063,128 | $ 4,063,128 | ||||
Common stock, shares outstanding (in shares) | 602,985,950 | 602,985,950 | ||||
Common Class A | ||||||
Business Acquisition [Line Items] | ||||||
Shares repurchased (in shares) | 31,216,259 | |||||
Common stock, shares outstanding (in shares) | 416,747,217 | 416,747,217 | 446,749,307 | |||
Common Class B | ||||||
Business Acquisition [Line Items] | ||||||
Shares repurchased (in shares) | 0 | |||||
Common stock, shares outstanding (in shares) | 186,238,733 | 186,238,733 | 186,245,832 | |||
2019 Share Repurchase Authorization [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Share repurchase authorized | $ | $ 5,000,000 | |||||
Additional Paid-in Capital [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Value of shares repurchased | $ | $ 749,686 | $ 599,707 |
BASIS OF PRESENTATION - Narrati
BASIS OF PRESENTATION - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Class of Stock [Line Items] | ||
Antidilutive securities | 22,525,412 | 11,480,467 |
Document Period End Date | Mar. 31, 2020 | |
CSC Holdings | ||
Class of Stock [Line Items] | ||
Cash distributions to shareholders | $ 720,350 | |
Payments of dividends | $ 720,350 | $ 594,462 |
Distribution Made to Limited Liability Company (LLC) Member, Non-cash Distributions Paid | $ 594,462 |
BASIS OF PRESENTATION - Schedul
BASIS OF PRESENTATION - Schedule of Stock by Class (Details) - shares | 3 Months Ended | 22 Months Ended |
Mar. 31, 2020 | Mar. 31, 2020 | |
Common Stock Outstanding Roll Forward [Roll Forward] | ||
Retirement of Class A common shares in connection with the Company's stock repurchase plan (in shares) | (31,216,259) | (131,913,651) |
Ending balance common stock, shares outstanding (in shares) | 602,985,950 | 602,985,950 |
Common Class A | ||
Common Stock Outstanding Roll Forward [Roll Forward] | ||
Beginning balance common stock, shares outstanding (in shares) | 446,749,307 | |
Conversion of Class B common stock to Class A common stock (in shares) | 7,099 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 116,597 | |
Retirement of Class A common shares in connection with the Company's stock repurchase plan (in shares) | (31,216,259) | |
Stock Issued During Period, Shares, Treasury Stock Reissued | 1,090,473 | |
Ending balance common stock, shares outstanding (in shares) | 416,747,217 | 416,747,217 |
Common Class B | ||
Common Stock Outstanding Roll Forward [Roll Forward] | ||
Beginning balance common stock, shares outstanding (in shares) | 186,245,832 | |
Conversion of Class B common stock to Class A common stock (in shares) | (7,099) | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 0 | |
Retirement of Class A common shares in connection with the Company's stock repurchase plan (in shares) | 0 | |
Stock Issued During Period, Shares, Treasury Stock Reissued | 0 | |
Ending balance common stock, shares outstanding (in shares) | 186,238,733 | 186,238,733 |
Revenue Recognition and Defer_3
Revenue Recognition and Deferred Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Contract Assets and Liabilities [Line Items] | |||
Revenues | $ 2,450,256 | $ 2,396,567 | |
Contract assets | 29,981 | $ 30,758 | |
Deferred revenue | $ 176,881 | $ 182,034 | |
Customer Contracts | Minimum | |||
Contract Assets and Liabilities [Line Items] | |||
Finite-lived intangible asset, useful life | 3 years | ||
Customer Contracts | Maximum | |||
Contract Assets and Liabilities [Line Items] | |||
Finite-lived intangible asset, useful life | 5 years | ||
Broadband [Member] | |||
Contract Assets and Liabilities [Line Items] | |||
Revenues | $ 885,529 | 775,573 | |
Pay TV [Member] | |||
Contract Assets and Liabilities [Line Items] | |||
Revenues | 947,061 | 1,017,330 | |
Telephony [Member] | |||
Contract Assets and Liabilities [Line Items] | |||
Revenues | 125,030 | 154,464 | |
Business Services and Wholesale [Member] | |||
Contract Assets and Liabilities [Line Items] | |||
Revenues | 364,530 | 350,689 | |
Advertising and News [Member] | |||
Contract Assets and Liabilities [Line Items] | |||
Revenues | 105,540 | 94,738 | |
Mobile [Member] | |||
Contract Assets and Liabilities [Line Items] | |||
Revenues | 18,356 | 0 | |
Products And Services, Other [Member] | |||
Contract Assets and Liabilities [Line Items] | |||
Revenues | 4,210 | 3,773 | |
Franchise [Member] | |||
Contract Assets and Liabilities [Line Items] | |||
Franchise fees and other taxes and fees | $ 64,910 | $ 64,236 |
Earnings Per Share (Details)
Earnings Per Share (Details) - shares | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Antidilutive securities | 22,525,412 | 11,480,467 |
Performance Based Vesting | 2017 LTIP | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Performance Awards Excluded As Performance Measures Were Not Achieved | 8,981,483 |
RESTRUCTURING AND OTHER EXPEN_3
RESTRUCTURING AND OTHER EXPENSE (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Restructuring Reserve [Roll Forward] | ||
Accrual, beginning balance | $ 4,008 | |
Restructuring Charges | 1,979 | |
Payments for Restructuring | 2,352 | |
Accrual, ending balance | 3,635 | |
Cumulative restructuring costs | 436,293 | |
Transaction costs | 489 | $ 396 |
Restructuring expense relating to right of use operating leases | 1,705 | |
2019 Restructuring | ||
Restructuring Reserve [Roll Forward] | ||
Cumulative restructuring costs | 45,836 | |
Employee Severance [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Accrual, beginning balance | 1,676 | |
Restructuring Charges | 0 | |
Payments for Restructuring | 1,438 | |
Accrual, ending balance | 238 | |
Employee Severance [Member] | 2019 Restructuring | ||
Restructuring Reserve [Roll Forward] | ||
Accrual, beginning balance | 37,946 | |
Restructuring Charges | 3,121 | |
Payments for Restructuring | 8,808 | |
Accrual, ending balance | 32,259 | |
Facility Realignment and Other Costs [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Accrual, beginning balance | 2,332 | |
Restructuring Charges | 1,979 | |
Payments for Restructuring | 914 | |
Accrual, ending balance | $ 3,397 |
LEASES - Narrative (Details)
LEASES - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Leases [Abstract] | |||
Operating Lease, Right-of-Use Asset | $ 280,389 | $ 280,340 | |
Operating Lease, Liability, Current | 41,571 | 38,836 | |
Operating Lease, Liability, Noncurrent | 267,043 | 269,062 | |
Finance Lease, Right-of-Use Asset | 93,552 | 70,339 | |
Finance Lease, Liability, Current | 30,845 | 22,017 | |
Finance Lease, Liability, Noncurrent | 60,549 | $ 47,403 | |
Operating Lease Expense, Net | 15,004 | $ 15,278 | |
Finance Lease, Right-of-Use Asset, Amortization | 4,460 | 1,562 | |
Finance Lease, Interest Expense | 1,027 | 358 | |
Finance Lease, Cost | 5,487 | 1,920 | |
Finance And Operating Lease, Lessee Expense | 20,491 | 17,198 | |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | 12,875 | 4,193 | |
Finance Lease, Interest Payment on Liability | 1,027 | 358 | |
Operating Lease, Payments | $ 16,659 | $ 16,482 | |
Operating Lease, Weighted Average Remaining Lease Term | 9 years 3 months 18 days | 8 years 10 months 24 days | |
Finance Lease, Weighted Average Remaining Lease Term | 3 years 1 month 6 days | 4 years 9 months 18 days | |
Operating Lease, Weighted Average Discount Rate, Percent | 5.90% | 6.25% | |
Finance Lease, Weighted Average Discount Rate, Percent | 5.50% | 5.82% |
LEASES - Future Minimum Lease P
LEASES - Future Minimum Lease Payments (Details) $ in Thousands | Mar. 31, 2020USD ($) |
Finance Lease, Liability, Payments, Due Next Twelve Months | $ 27,180 |
Finance Lease, Liability, Payments, Due Year Two | 32,226 |
Finance Lease, Liability, Payments, Due Year Three | 27,980 |
Finance Lease, Liability, Payments, Due Year Four | 7,902 |
Finance Lease, Liability, Payments, Due Year Five | 3,343 |
Finance Lease, Liability, Payments, Due after Year Five | 283 |
Finance Lease, Liability, Payment, Due, Total | 98,914 |
Finance Leases, Future Minimum Payments, Interest Included in Payments | 7,520 |
Finance Leases, Future Minimum Payments, Present Value of Net Minimum Payments | 91,394 |
Lessee, Operating Lease, Liability, Payments, Due Next Twelve Months | 36,823 |
Lessee, Operating Lease, Liability, Payments, Due Year Two | 49,142 |
Lessee, Operating Lease, Liability, Payments, Due Year Three | 49,631 |
Lessee, Operating Lease, Liability, Payments, Due Year Four | 39,638 |
Lessee, Operating Lease, Liability, Payments, Due Year Five | 35,205 |
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 199,632 |
Lessee, Operating Lease, Liability, Payments, Due, Total | 410,071 |
Operating Leases, Future Minimum Payments, Interest Included in Payments | 101,457 |
Operating Leases, Future Minimum Payments, Present Value of Net Minimum Payments | $ 308,614 |
INTANGIBLE ASSETS - Summary of
INTANGIBLE ASSETS - Summary of Acquired Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 7,151,874 | $ 7,151,788 |
Accumulated Amortization | (3,871,778) | (3,670,679) |
Net Carrying Amount | 3,280,096 | 3,481,109 |
Customer Relationships [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 6,017,524 | 6,017,524 |
Accumulated Amortization | (3,017,592) | (2,843,561) |
Net Carrying Amount | 2,999,932 | 3,173,963 |
Trade names | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 1,081,083 | 1,081,083 |
Accumulated Amortization | (822,871) | (798,484) |
Net Carrying Amount | 258,212 | 282,599 |
Other amortizable intangibles | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 53,267 | 53,181 |
Accumulated Amortization | (31,315) | (28,634) |
Net Carrying Amount | $ 21,952 | $ 24,547 |
Minimum | Customer Relationships [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible asset, useful life | 8 years | |
Minimum | Trade names | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible asset, useful life | 2 years | |
Minimum | Other amortizable intangibles | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible asset, useful life | 1 year | |
Maximum | Customer Relationships [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible asset, useful life | 18 years | |
Maximum | Trade names | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible asset, useful life | 5 years | |
Maximum | Other amortizable intangibles | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible asset, useful life | 15 years |
INTANGIBLE ASSETS - Narrative (
INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Amortization of intangible assets | $ 201,099 | $ 200,619 |
INTANGIBLE ASSETS - Goodwill (D
INTANGIBLE ASSETS - Goodwill (Details) $ in Thousands | Mar. 31, 2020USD ($) |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | $ 8,142,309 |
Goodwill, ending balance | 8,142,309 |
Goodwill | $ 8,142,309 |
DEBT - Credit Silo Combination
DEBT - Credit Silo Combination (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | ||
Principal amount | $ 24,822,804 | $ 24,817,366 |
Long-term debt | 24,447,335 | 24,420,285 |
Face Amount of Senior Notes and Senior Guaranteed Notes | 15,657,497 | 15,657,497 |
Carrying amount of Senior Notes and Senior Guaranteed Notes | 15,488,589 | 15,476,496 |
Face amount of Credit Facility Debt | 7,179,750 | 7,190,438 |
Carrying value of Credit Facility Debt | 7,139,133 | 7,148,287 |
Finance Lease, Liability | 91,394 | 69,420 |
Long-term Debt, Current Maturities | 179,515 | 170,682 |
Finance Lease, Liability, Current | 30,845 | 22,017 |
Long-term Debt, Excluding Current Maturities | 24,267,820 | 24,249,603 |
Principal Amount | 24,822,804 | 24,817,366 |
Loans Payable | ||
Debt Instrument [Line Items] | ||
Principal amount | 75,920 | 83,415 |
Long-term debt | 75,920 | 83,415 |
Principal Amount | 75,920 | 83,415 |
Credit Facility [Domain] | ||
Debt Instrument [Line Items] | ||
Principal amount | 72,750 | 65,250 |
Long-term Debt, Current Maturities | 72,750 | 65,250 |
Principal Amount | 72,750 | 65,250 |
Short-term Debt | ||
Debt Instrument [Line Items] | ||
Principal amount | 179,515 | 170,682 |
Long-term Debt, Current Maturities | 179,515 | 170,682 |
Principal Amount | 179,515 | 170,682 |
Incremental Term Loan B-3 | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Principal amount | $ 1,262,250 | 1,265,438 |
Stated interest rate | 2.86% | |
Credit facility | $ 1,257,221 | 1,260,200 |
Principal Amount | 1,262,250 | 1,265,438 |
CSC Holdings Revolving Credit Facility | Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Principal amount | 0 | 0 |
Line of Credit Facility, Maximum Borrowing Capacity | 2,275,000 | |
Credit facility | 0 | 0 |
Principal Amount | $ 0 | 0 |
CSC Holdings Revolving Credit Facility | Secured Debt [Member] | LIBOR | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 2.25% | |
CSC Holdings Term Loan B | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Principal amount | $ 2,917,500 | 2,925,000 |
Stated interest rate | 2.86% | |
Credit facility | $ 2,904,808 | 2,911,729 |
Principal Amount | 2,917,500 | 2,925,000 |
Incremental Term Loan B-5 | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Principal amount | $ 3,000,000 | 3,000,000 |
Stated interest rate | 3.11% | |
Credit facility | $ 2,977,104 | 2,976,358 |
Principal Amount | 3,000,000 | 3,000,000 |
Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Principal amount | 1,759,017 | 1,759,017 |
Long-term debt | 1,593,073 | 1,585,088 |
Principal Amount | 1,759,017 | 1,759,017 |
Loans Payable | ||
Debt Instrument [Line Items] | ||
Principal amount | 135,146 | 140,994 |
Long-term debt | 135,146 | 140,994 |
Principal Amount | 135,146 | 140,994 |
Senior Notes | 6.75% Notes due November 15, 2021 | ||
Debt Instrument [Line Items] | ||
Principal amount | $ 1,000,000 | 1,000,000 |
Stated interest rate | 6.75% | |
Outstanding debt | $ 981,769 | 979,178 |
Principal Amount | 1,000,000 | 1,000,000 |
Senior Notes | 5.875% Notes due September 15, 2022 | ||
Debt Instrument [Line Items] | ||
Principal amount | $ 649,024 | 649,024 |
Stated interest rate | 5.875% | |
Outstanding debt | $ 604,810 | 600,849 |
Principal Amount | 649,024 | 649,024 |
Senior Notes | 5.25% Notes due June 1, 2024 | ||
Debt Instrument [Line Items] | ||
Principal amount | $ 750,000 | 750,000 |
Stated interest rate | 5.25% | |
Outstanding debt | $ 687,105 | 683,940 |
Principal Amount | 750,000 | 750,000 |
Senior Notes | Cablevision 7.750% Notes due July 15, 2025 | ||
Debt Instrument [Line Items] | ||
Principal amount | $ 1,740 | 1,740 |
Stated interest rate | 7.75% | |
Outstanding debt | $ 1,698 | 1,695 |
Principal Amount | 1,740 | 1,740 |
Senior Notes | 10.875% Notes due October 15, 2025 | ||
Debt Instrument [Line Items] | ||
Principal amount | $ 1,684,221 | 1,684,221 |
Stated interest rate | 10.875% | |
Outstanding debt | $ 1,665,828 | 1,665,237 |
Principal Amount | 1,684,221 | 1,684,221 |
Senior Notes | Cablevision 7.500% Notes due April 1, 2028 | ||
Debt Instrument [Line Items] | ||
Principal amount | $ 4,118 | 4,118 |
Stated interest rate | 7.50% | |
Outstanding debt | $ 4,112 | 4,112 |
Principal Amount | 4,118 | 4,118 |
Senior Notes | CSC Holdings 7.750% Notes due July 15, 2025 | ||
Debt Instrument [Line Items] | ||
Principal amount | $ 617,881 | 617,881 |
Stated interest rate | 7.75% | |
Outstanding debt | $ 606,026 | 605,583 |
Principal Amount | 617,881 | 617,881 |
Senior Notes | CSC Holdings 7.500% Notes due April 1, 2028 | ||
Debt Instrument [Line Items] | ||
Principal amount | $ 1,045,882 | 1,045,882 |
Stated interest rate | 7.50% | |
Outstanding debt | $ 1,044,313 | 1,044,278 |
Principal Amount | 1,045,882 | 1,045,882 |
Senior Notes | CSC Holdings 5.750% Notes due January 15, 2030 | ||
Debt Instrument [Line Items] | ||
Principal amount | $ 2,250,000 | 2,250,000 |
Stated interest rate | 5.75% | |
Outstanding debt | $ 2,288,419 | 2,289,168 |
Principal Amount | 2,250,000 | 2,250,000 |
Secured Debt [Member] | CSC Holdings 5.375% Senior Guaranteed Notes due July 15, 2023 | ||
Debt Instrument [Line Items] | ||
Principal amount | $ 1,095,825 | 1,095,825 |
Stated interest rate | 5.375% | |
Outstanding debt | $ 1,082,771 | 1,081,879 |
Principal Amount | 1,095,825 | 1,095,825 |
Secured Debt [Member] | CSC Holdings 5.500% Notes due May 15, 2026 | ||
Debt Instrument [Line Items] | ||
Principal amount | $ 1,498,806 | 1,498,806 |
Stated interest rate | 5.50% | |
Outstanding debt | $ 1,486,333 | 1,485,911 |
Principal Amount | 1,498,806 | 1,498,806 |
Secured Debt [Member] | 6.625% Notes due October 15, 2025 | ||
Debt Instrument [Line Items] | ||
Principal amount | $ 1,000,000 | 1,000,000 |
Stated interest rate | 6.625% | |
Outstanding debt | $ 989,855 | 989,483 |
Principal Amount | 1,000,000 | 1,000,000 |
Secured Debt [Member] | 5.5% Notes due April 15, 2027 | ||
Debt Instrument [Line Items] | ||
Principal amount | $ 1,310,000 | 1,310,000 |
Stated interest rate | 5.50% | |
Outstanding debt | $ 1,305,558 | 1,305,430 |
Principal Amount | 1,310,000 | 1,310,000 |
Secured Debt [Member] | 5.375% Senior Guaranteed Notes Due February 1, 2028 | ||
Debt Instrument [Line Items] | ||
Principal amount | $ 1,000,000 | 1,000,000 |
Stated interest rate | 5.375% | |
Outstanding debt | $ 992,935 | 992,757 |
Principal Amount | 1,000,000 | 1,000,000 |
Secured Debt [Member] | CSC Holdings 6.500% Notes due February 1, 2029 | ||
Debt Instrument [Line Items] | ||
Principal amount | $ 1,750,000 | 1,750,000 |
Stated interest rate | 6.50% | |
Outstanding debt | $ 1,747,057 | 1,746,996 |
Principal Amount | 1,750,000 | 1,750,000 |
Long-term Debt | ||
Debt Instrument [Line Items] | ||
Principal amount | 24,643,289 | 24,646,684 |
Long-term Debt, Excluding Current Maturities | 24,267,820 | 24,249,603 |
Principal Amount | $ 24,643,289 | $ 24,646,684 |
DEBT - Schedule of Exchange Agr
DEBT - Schedule of Exchange Agreement (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||
Principal amount | $ 24,822,804 | $ 24,817,366 |
DEBT - CSC Holdings Credit Faci
DEBT - CSC Holdings Credit Facilities (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | |||
Principal amount | $ 24,822,804 | $ 24,817,366 | |
Redemption of debt amount | 0 | $ 2,462,692 | |
Loss on extinguishment of debt and write-off of deferred financing costs | 0 | 157,902 | |
Proceeds from credit facility debt, net of discounts | 0 | 1,390,000 | |
Repayments of line of credit | 10,688 | 361,250 | |
Loss on extinguishment of debt and write-off of deferred financing costs | 0 | (157,902) | |
CSC Holdings | |||
Debt Instrument [Line Items] | |||
Redemption of debt amount | 0 | 2,462,692 | |
Loss on extinguishment of debt and write-off of deferred financing costs | 0 | 157,902 | |
Cash distributions to shareholders | 720,350 | ||
Proceeds from credit facility debt, net of discounts | 0 | 1,390,000 | |
Repayments of line of credit | 10,688 | 361,250 | |
Loss on extinguishment of debt and write-off of deferred financing costs | 0 | (157,902) | |
Retained Earnings [Member] | CSC Holdings | |||
Debt Instrument [Line Items] | |||
Cash distributions to shareholders | 24,317 | ||
CSC Holdings Term Loan Facility | |||
Debt Instrument [Line Items] | |||
Loss on extinguishment of debt and write-off of deferred financing costs | 3,236 | ||
Loss on extinguishment of debt and write-off of deferred financing costs | $ (3,236) | ||
5.5% Notes due April 15, 2027 | Secured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Principal amount | $ 1,310,000 | 1,310,000 | |
Stated interest rate | 5.50% | ||
Secured Debt [Member] | CSC Holdings Revolving Credit Facility | LIBOR | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 2.25% | ||
Secured Debt [Member] | Incremental Term Loan B-3 | |||
Debt Instrument [Line Items] | |||
Principal amount | $ 1,262,250 | 1,265,438 | |
Secured Debt [Member] | Incremental Term Loan B-5 | |||
Debt Instrument [Line Items] | |||
Principal amount | $ 3,000,000 | 3,000,000 | |
Secured Debt [Member] | CSC Holdings Revolving Credit Facility - Non-Extend Creditors [Member] | LIBOR | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 325.00% | ||
Revolving Credit Facility | CSC Holdings Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 2,275,000 | ||
Principal amount | $ 0 | $ 0 |
DEBT - Cequel Credit Facilities
DEBT - Cequel Credit Facilities (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Line of Credit Facility [Line Items] | |||
Redemption of debt amount | $ 0 | $ 2,462,692 | |
Loss on extinguishment of debt and write-off of deferred financing costs | 0 | $ 157,902 | |
Principal amount | $ 24,822,804 | $ 24,817,366 |
DEBT - Credit Facilities Outsta
DEBT - Credit Facilities Outstanding (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||
Long-term debt | $ 24,447,335,000 | $ 24,420,285,000 |
CSC Holdings Revolving Credit Facility, Portion Due October 9, 2020 | Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 200,000 | |
CSC Holdings Revolving Credit Facility | Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 2,275,000,000 | |
Credit facility, Carrying Value | 0 | 0 |
Letters of credit outstanding | 178,014,000 | |
Line of credit facility, remaining borrowing capacity | $ 2,296,986,000 | |
CSC Holdings Term Loan B | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 2.86% | |
Credit facility, Carrying Value | $ 2,904,808,000 | 2,911,729,000 |
Incremental Term Loan B-3 | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 2.86% | |
Credit facility, Carrying Value | $ 1,257,221,000 | 1,260,200,000 |
Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 1,593,073,000 | $ 1,585,088,000 |
DEBT - Senior Guaranteed Notes
DEBT - Senior Guaranteed Notes and Senior Notes and Debentures (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | |||
Principal amount | $ 24,822,804 | $ 24,817,366 | |
Face Amount of Senior Notes and Senior Guaranteed Notes | 15,657,497 | 15,657,497 | |
Carrying amount of Senior Notes and Senior Guaranteed Notes | 15,488,589 | 15,476,496 | |
Face amount of Credit Facility Debt | 7,179,750 | 7,190,438 | |
Carrying value of Credit Facility Debt | 7,139,133 | 7,148,287 | |
Finance Lease, Liability | 91,394 | 69,420 | |
Long-term debt | 24,447,335 | 24,420,285 | |
Long-term Debt, Current Maturities | 179,515 | 170,682 | |
Finance Lease, Liability, Current | 30,845 | 22,017 | |
Long-term Debt, Excluding Current Maturities | 24,267,820 | 24,249,603 | |
Repayments of line of credit | 10,688 | $ 361,250 | |
Loss on extinguishment of debt and write-off of deferred financing costs | 0 | $ (157,902) | |
Loans Payable | |||
Debt Instrument [Line Items] | |||
Principal amount | 75,920 | 83,415 | |
Long-term debt | 75,920 | 83,415 | |
Short-term Debt | |||
Debt Instrument [Line Items] | |||
Principal amount | 179,515 | 170,682 | |
Long-term Debt, Current Maturities | 179,515 | 170,682 | |
Credit Facility [Domain] | |||
Debt Instrument [Line Items] | |||
Principal amount | 72,750 | 65,250 | |
Long-term Debt, Current Maturities | 72,750 | 65,250 | |
Incremental Term Loan B-3 | Secured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Principal amount | $ 1,262,250 | 1,265,438 | |
Stated interest rate | 2.86% | ||
Credit facility | $ 1,257,221 | 1,260,200 | |
Incremental Term Loan B-5 | Secured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Principal amount | $ 3,000,000 | 3,000,000 | |
Stated interest rate | 3.11% | ||
Credit facility | $ 2,977,104 | 2,976,358 | |
Loans Payable | |||
Debt Instrument [Line Items] | |||
Principal amount | 135,146 | 140,994 | |
Long-term debt | 135,146 | 140,994 | |
Secured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Principal amount | 1,759,017 | 1,759,017 | |
Long-term debt | 1,593,073 | 1,585,088 | |
CSC Holdings Revolving Credit Facility | Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Principal amount | 0 | 0 | |
Line of Credit Facility, Maximum Borrowing Capacity | 2,275,000 | ||
Credit facility | $ 0 | 0 | |
Secured Debt [Member] | 6.625% Notes due October 15, 2025 | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 6.625% | ||
Principal amount | $ 1,000,000 | 1,000,000 | |
Carrying Amount | $ 989,855 | 989,483 | |
Secured Debt [Member] | 5.5% Notes due April 15, 2027 | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.50% | ||
Principal amount | $ 1,310,000 | 1,310,000 | |
Carrying Amount | $ 1,305,558 | 1,305,430 | |
Secured Debt [Member] | 5.375% Senior Guaranteed Notes Due February 1, 2028 | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.375% | ||
Principal amount | $ 1,000,000 | 1,000,000 | |
Carrying Amount | $ 992,935 | 992,757 | |
Secured Debt [Member] | CSC Holdings 5.375% Senior Guaranteed Notes due July 15, 2023 | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.375% | ||
Principal amount | $ 1,095,825 | 1,095,825 | |
Carrying Amount | $ 1,082,771 | 1,081,879 | |
Secured Debt [Member] | CSC Holdings 5.500% Notes due May 15, 2026 | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.50% | ||
Principal amount | $ 1,498,806 | 1,498,806 | |
Carrying Amount | $ 1,486,333 | 1,485,911 | |
Secured Debt [Member] | CSC Holdings 6.500% Notes due February 1, 2029 | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 6.50% | ||
Principal amount | $ 1,750,000 | 1,750,000 | |
Carrying Amount | 1,747,057 | 1,746,996 | |
Long-term Debt | |||
Debt Instrument [Line Items] | |||
Principal amount | 24,643,289 | 24,646,684 | |
Long-term Debt, Excluding Current Maturities | $ 24,267,820 | 24,249,603 | |
Senior Notes | 6.75% Notes due November 15, 2021 | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 6.75% | ||
Principal amount | $ 1,000,000 | 1,000,000 | |
Carrying Amount | $ 981,769 | 979,178 | |
Senior Notes | 5.25% Notes due June 1, 2024 | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.25% | ||
Principal amount | $ 750,000 | 750,000 | |
Carrying Amount | $ 687,105 | 683,940 | |
Senior Notes | 10.875% Notes due October 15, 2025 | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 10.875% | ||
Principal amount | $ 1,684,221 | 1,684,221 | |
Carrying Amount | $ 1,665,828 | 1,665,237 | |
Senior Notes | CSC Holdings 7.750% Notes due July 15, 2025 | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 7.75% | ||
Principal amount | $ 617,881 | 617,881 | |
Carrying Amount | $ 606,026 | 605,583 | |
Senior Notes | CSC Holdings 7.500% Notes due April 1, 2028 | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 7.50% | ||
Principal amount | $ 1,045,882 | 1,045,882 | |
Carrying Amount | $ 1,044,313 | 1,044,278 | |
Senior Notes | 5.875% Notes due September 15, 2022 | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.875% | ||
Principal amount | $ 649,024 | 649,024 | |
Carrying Amount | $ 604,810 | 600,849 | |
Senior Notes | Cablevision 7.750% Notes due July 15, 2025 | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 7.75% | ||
Principal amount | $ 1,740 | 1,740 | |
Carrying Amount | $ 1,698 | 1,695 | |
Senior Notes | Cablevision 7.500% Notes due April 1, 2028 | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 7.50% | ||
Principal amount | $ 4,118 | 4,118 | |
Carrying Amount | $ 4,112 | 4,112 | |
Senior Notes | CSC Holdings 5.750% Notes due January 15, 2030 | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.75% | ||
Principal amount | $ 2,250,000 | 2,250,000 | |
Carrying Amount | $ 2,288,419 | $ 2,289,168 |
DEBT - Senior Guaranteed Notes,
DEBT - Senior Guaranteed Notes, Senior Secured Notes, and Senior Notes and Debentures (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | |||
Principal amount | $ 24,822,804,000 | $ 24,817,366,000 | |
Long-term debt | 24,447,335,000 | 24,420,285,000 | |
Loss on extinguishment of debt and write-off of deferred financing costs | 0 | $ 157,902,000 | |
Collateralized Agreements | 65,854,000 | ||
CSC Holdings Revolving Credit Facility, Portion Due October 9, 2020 | Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | 200,000 | ||
Senior Notes | CSC Holdings 5.750% Notes due January 15, 2030 | |||
Debt Instrument [Line Items] | |||
Principal amount | $ 2,250,000,000 | 2,250,000,000 | |
Stated interest rate | 5.75% | ||
Secured Debt [Member] | 5.5% Notes due April 15, 2027 | |||
Debt Instrument [Line Items] | |||
Principal amount | $ 1,310,000,000 | 1,310,000,000 | |
Stated interest rate | 5.50% | ||
Long-term Debt | |||
Debt Instrument [Line Items] | |||
Principal amount | $ 24,643,289,000 | $ 24,646,684,000 |
DEBT - Schedule of Gain (Loss)
DEBT - Schedule of Gain (Loss) on Debt Extinguishment (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Debt Instrument [Line Items] | ||
Loss on extinguishment of debt and write-off of deferred financing costs | $ 0 | $ 157,902 |
Loss on extinguishment of debt and write-off of deferred financing costs | 0 | (157,902) |
CSC Holdings | ||
Debt Instrument [Line Items] | ||
Loss on extinguishment of debt and write-off of deferred financing costs | 0 | 157,902 |
Loss on extinguishment of debt and write-off of deferred financing costs | $ 0 | (157,902) |
10.125% Notes due January 15, 2023 | ||
Debt Instrument [Line Items] | ||
Loss on extinguishment of debt and write-off of deferred financing costs | 154,666 | |
Loss on extinguishment of debt and write-off of deferred financing costs | (154,666) | |
CSC Holdings Term Loan Facility | ||
Debt Instrument [Line Items] | ||
Loss on extinguishment of debt and write-off of deferred financing costs | 3,236 | |
Loss on extinguishment of debt and write-off of deferred financing costs | $ (3,236) |
DEBT - Summary of Debt Maturiti
DEBT - Summary of Debt Maturities (Details) $ in Thousands | Mar. 31, 2020USD ($) |
Debt Disclosure [Abstract] | |
2019 | $ 128,964 |
2020 | 1,080,017 |
2021 | 728,785 |
2022 | 2,928,347 |
2023 | 822,888 |
Thereafter | $ 18,996,836 |
DERIVATIVE CONTRACTS AND COLL_3
DERIVATIVE CONTRACTS AND COLLATERALIZED INDEBTEDNESS - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Derivative [Line Items] | |||
Gain (loss) on derivative contracts, net | $ 439,861 | $ (177,029) | |
Gain (loss) on investments and sale of affiliate interests, net | (454,896) | 254,725 | |
Loss on interest rate swap contracts, net | (54,832) | (23,672) | |
Long-term debt | 24,447,335 | $ 24,420,285 | |
Notes related to derivative contracts | |||
Derivative [Line Items] | |||
Gain (loss) on derivative contracts, net | $ 439,861 | $ (177,029) |
DERIVATIVE CONTRACTS AND COLL_4
DERIVATIVE CONTRACTS AND COLLATERALIZED INDEBTEDNESS - Schedule of Interest Rate Derivatives (Details) - Interest Rate Swap | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Derivative Instrument Maturity Date 2020, 3 Month LIBOR minus 0.1075% | |
Derivative [Line Items] | |
Derivative, Notional Amount | $ 1,255,513,000 |
Basis spread | 0.1075% |
Derivative Instrument Maturity Date 2025, Fixed 1.53% | |
Derivative [Line Items] | |
Derivative, Notional Amount | $ 500,000,000 |
Fixed interest rate | 1.53% |
Derivative Instrument Maturity Date 2022, Fixed 2.733% | |
Derivative [Line Items] | |
Derivative, Notional Amount | $ 500,000,000 |
Fixed interest rate | 2.733% |
Derivative Instrument Maturity Date 2025, Fixed 1.625 | |
Derivative [Line Items] | |
Derivative, Notional Amount | $ 500,000,000 |
Fixed interest rate | 1.625% |
Derivative Instrument Maturity Date 2026, Fixed 2.9155% | |
Derivative [Line Items] | |
Derivative, Notional Amount | $ 750,000,000 |
Fixed interest rate | 2.9155% |
Derivative Instrument Maturity Date 2026, Fixed 2.9025% | |
Derivative [Line Items] | |
Derivative, Notional Amount | $ 750,000,000 |
Fixed interest rate | 2.9025% |
Derivative Instrument Maturity Date 2025, Fixed 1.458% | |
Derivative [Line Items] | |
Derivative, Notional Amount | $ 500,000,000 |
Fixed interest rate | 1.458% |
Derivative Instruments Maturing Date 2025, Fixed 1.665% and 1.68% [Member] | |
Derivative [Line Items] | |
Derivative, Notional Amount | $ 1,500,000,000 |
Cash received from interest rate swap unwind | 74,835,000 |
Derivative Instruments Maturing Date 2025, Fixed 1.53% and 1.625% [Member] | |
Derivative [Line Items] | |
Derivative, Notional Amount | 1,000,000,000 |
Discount from fair value of interest rate swaps | 5,689,000 |
Derivative Instrument Maturity Date 2025, Fixed 1.458% and Maturity Date 2022 Counterswap 2.733% [Member] | |
Derivative [Line Items] | |
Derivative, Notional Amount | $ 1,000,000,000 |
DERIVATIVE CONTRACTS AND COLL_5
DERIVATIVE CONTRACTS AND COLLATERALIZED INDEBTEDNESS - Location of Assets and Liabilities Within the Consolidated Balance Sheets (Details) - Not Designated as Hedging Instruments - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | $ 378,373 | $ 25,207 |
Liability Derivatives | 292,289 | 256,135 |
Interest Rate Swap | Current derivative contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 372 | 0 |
Interest Rate Swap | Short-term liabilities under derivative contracts | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 850 | 469 |
Interest Rate Swap | Long-term liabilities under derivative contracts | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | (283,711) | (160,871) |
Prepaid forward contracts | Long-term derivative contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 378,001 | 25,207 |
Prepaid forward contracts | Long-term liabilities under derivative contracts | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | $ (7,728) | $ (94,795) |
DERIVATIVE CONTRACTS AND COLL_6
DERIVATIVE CONTRACTS AND COLLATERALIZED INDEBTEDNESS - Settlements of Collateralized Indebtedness (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Derivative [Line Items] | ||
Long-term debt | $ 24,447,335 | $ 24,420,285 |
FAIR VALUE MEASUREMENT - Assets
FAIR VALUE MEASUREMENT - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Fair Value Measured on a Recurring Basis - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Fair Value, Inputs, Level 1 [Member] | ||
Assets: | ||
Investment securities | $ 1,476,801 | $ 1,931,697 |
Level III | ||
Liabilities: | ||
Contingent consideration related to 2017 and 2018 acquisitions | 2,250 | 7,250 |
Prepaid forward contracts | Fair Value, Inputs, Level 2 [Member] | ||
Assets: | ||
Derivative asset | 378,001 | 25,207 |
Liabilities: | ||
Derivative liability | 7,728 | 94,795 |
Interest rate swap contracts | Fair Value, Inputs, Level 2 [Member] | ||
Assets: | ||
Derivative asset | 372 | 0 |
Liabilities: | ||
Derivative liability | 284,561 | 161,340 |
Money market funds | Fair Value, Inputs, Level 1 [Member] | ||
Assets: | ||
Money market funds | $ 148,922 | $ 563,704 |
FAIR VALUE MEASUREMENT - Fair V
FAIR VALUE MEASUREMENT - Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt, fair value | $ 24,355,941 | $ 24,350,865 |
Estimated Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt, fair value | 25,202,473 | 25,892,634 |
CSC Holdings | Credit facility debt | Carrying Amount | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt, fair value | 7,139,133 | 7,148,287 |
CSC Holdings | Credit facility debt | Estimated Fair Value | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt, fair value | 7,179,750 | 7,190,438 |
CSC Holdings | Collateralized indebtedness | Carrying Amount | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt, fair value | 1,593,073 | 1,585,088 |
CSC Holdings | Collateralized indebtedness | Estimated Fair Value | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt, fair value | 1,689,819 | 1,611,095 |
CSC Holdings | Senior guaranteed notes | Carrying Amount | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt, fair value | 7,604,509 | 7,602,456 |
CSC Holdings | Senior guaranteed notes | Estimated Fair Value | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt, fair value | 7,943,752 | 8,220,518 |
CSC Holdings | Senior notes | Carrying Amount | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt, fair value | 7,884,080 | 7,874,040 |
CSC Holdings | Senior notes | Estimated Fair Value | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt, fair value | 8,253,080 | 8,728,870 |
CSC Holdings | Notes payable and supply chain financing | Carrying Amount | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt, fair value | 135,146 | 140,994 |
CSC Holdings | Notes payable and supply chain financing | Estimated Fair Value | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt, fair value | $ 136,072 | $ 141,713 |
INCOME TAXES - Income Tax Expen
INCOME TAXES - Income Tax Expense (Benefit) Continuing Operations (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Decrease in Federal Taxable Income 163(j) Law Change due to Cares Act | $ 10,500 |
Allowable Business Interest Deduction in connection with CARES Act | 50.00% |
Increase (Decrease) in Income Taxes Receivable | $ 12,000 |
SHARE-BASED COMPENSATION - Narr
SHARE-BASED COMPENSATION - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Document Period End Date | Mar. 31, 2020 | ||
Carry Unit Plan | Restricted Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted average fair value (in dollars per unit) | $ 2.71 | $ 3.25 | |
Share based compensation expense | $ 3,120 | $ 6,473 | |
2017 LTIP | Stock options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share based compensation expense | 20,349 | $ 7,317 | |
2019 LTIP [Member] | Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share based compensation expense | $ 576 |
SHARE-BASED COMPENSATION - Carr
SHARE-BASED COMPENSATION - Carrying Unit Award Activity (Details) - Carry Unit Plan | 3 Months Ended |
Mar. 31, 2020$ / sharesshares | |
Weighted Average Grant Date Fair Value | |
Balance at beginning of period, weighted average grant date fair value (in dollars per share) | $ / shares | $ 2.35 |
Vested weighted average grant date fair value (in dollars per share) | $ / shares | 3.80 |
Forfeited weighted average grant date fair value (in dollars per share) | $ / shares | 0.56 |
Balance at end of period, weighted average grant date fair value (in dollars per share) | $ / shares | $ 1.76 |
Restricted Stock Units | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Beginning balance (in shares) | shares | 37,518,750 |
Vested (in shares) | shares | (10,975,000) |
Forfeited (in shares) | shares | (212,500) |
Ending balance (in shares) | shares | 26,331,250 |
SHARE-BASED COMPENSATION - Stoc
SHARE-BASED COMPENSATION - Stock Option Activity (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Weighted Average Exercise Price Per Share | |||
Exercised, weighted average exercise price per share (in dollars per share) | $ 17.42 | ||
Risk-free interest rate | 1.46% | ||
Expected life (in years) | 6 years 4 months 17 days | ||
Dividend yield | 0.00% | ||
Volatility | 28.39% | ||
Grant date fair value | $ 7.74 | ||
Performance Based Vesting | |||
Weighted Average Exercise Price Per Share | |||
Risk-free interest rate | 1.46% | ||
Expected life (in years) | 4 years | ||
Dividend yield | 0.00% | ||
Volatility | 34.22% | ||
2017 LTIP | |||
Weighted Average Exercise Price Per Share | |||
Beginning balance (in dollars per share) | $ 19.12 | ||
Granted (in dollars per share) | 28.36 | ||
Forfeited (in dollars per share) | 20.21 | ||
Ending balance (in dollars per share) | 25.25 | ||
Options exercisable (in dollars per share) | $ 17.73 | ||
Options outstanding, Weighted Average Remaining Contractual Term (in years) | 9 years 4 months 17 days | 8 years 8 months 26 days | |
Options exercisable, Weighted Average Remaining Contractual Term (in years) | 7 years 7 months 2 days | ||
Options outstanding, Aggregate Intrinsic Value | $ 48,549,000 | $ 112,915,000 | |
Options exercisable, Aggregate Intrinsic Value | $ 3,834,000 | ||
2017 LTIP | Shares Under Option | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Beginning balance (in shares) | 14,083,741 | ||
Granted (in shares) | 25,761,736 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 116,597 | ||
Forfeited (in shares) | (1,022,960) | ||
Ending balance (in shares) | 38,705,920 | ||
Options exercisable (in shares) | 831,596 | ||
Weighted Average Exercise Price Per Share | |||
Share based compensation expense | $ 20,349,000 | $ 7,317,000 | |
Share based compensation - Unrecognized deferred compensation cost | $ 229,690,000 | ||
Expected time (in years) unrecogized compensation costs relating to share based awards will be recognized | 2040-03 | ||
2017 LTIP | Performance Based Vesting | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Granted (in shares) | 7,556,330 | ||
Weighted Average Exercise Price Per Share | |||
Share based compensation expense | $ 3,901,000 | ||
Share based compensation - Unrecognized deferred compensation cost | $ 77,045,000 | ||
Expected time (in years) unrecogized compensation costs relating to share based awards will be recognized | 2083-03 | ||
Grant date fair value | $ 10.65 | ||
2017 LTIP | Employee Stock Option (subject to shareholder approval) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Granted (in shares) | 24,305,000 | ||
2017 LTIP | Performance awards (subject to shareholder approval) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Granted (in shares) | 7,230,575 | ||
2019 LTIP [Member] | Restricted Stock | |||
Weighted Average Exercise Price Per Share | |||
Share based compensation expense | $ 576,000 |
SHARE-BASED COMPENSATION - Fair
SHARE-BASED COMPENSATION - Fair Value Assumptions For Stock Options (Details) | 3 Months Ended |
Mar. 31, 2020$ / shares | |
Share-based Payment Arrangement [Abstract] | |
Risk-free interest rate | 1.46% |
Expected life (in years) | 6 years 4 months 17 days |
Dividend yield | 0.00% |
Volatility | 28.39% |
Grant date fair value | $ 7.74 |
AFFILIATE AND RELATED PARTY T_3
AFFILIATE AND RELATED PARTY TRANSACTIONS - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Related Party Transaction [Line Items] | ||
Related party expense | $ 2,642 | $ 3,341 |
Equipment Purchase Costs | Altice Management International | ||
Related Party Transaction [Line Items] | ||
Capital expenditures | $ 7,225 | $ 3,354 |
AFFILIATE AND RELATED PARTY T_4
AFFILIATE AND RELATED PARTY TRANSACTIONS - Revenue and Related Charges (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Related Party Transaction [Line Items] | ||
Revenue | $ 3,488 | $ 592 |
Operating expenses: | ||
Programming and other direct costs | (2,189) | (1,687) |
Other operating expenses, net | (3,941) | (2,246) |
Operating expenses, net | (6,130) | (3,933) |
Net charges | (2,642) | (3,341) |
Capital Expenditures | $ 7,225 | $ 3,354 |
AFFILIATE AND RELATED PARTY T_5
AFFILIATE AND RELATED PARTY TRANSACTIONS - Amounts Due From and Due to Related Parties (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Related Party Transaction [Line Items] | |||
Treasury Stock, Shares, Acquired | 9,367,299 | 10,457,772 | |
Payments for Repurchase of Common Stock | $ 726,005 | $ 586,759 | |
Related party expense | $ 2,642 | 3,341 | |
Stock options | 2017 LTIP | |||
Related Party Transaction [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 25,761,736 | ||
Share based compensation expense | $ 20,349 | 7,317 | |
Restricted Stock | 2019 LTIP [Member] | |||
Related Party Transaction [Line Items] | |||
Share based compensation expense | 576 | ||
CSC Holdings | |||
Related Party Transaction [Line Items] | |||
Cash distributions to shareholders | 720,350 | ||
Cash distributions | 720,350 | 594,462 | |
Affiliates | |||
Related Party Transaction [Line Items] | |||
Due from related parties and affiliates | 3,935 | $ 6,774 | |
Due to related parties and affiliates | 8,511 | 7,456 | |
Affiliates | Altice Management Americas | |||
Related Party Transaction [Line Items] | |||
Due from related parties and affiliates | 631 | 4,076 | |
Affiliates | Other Related Party | |||
Related Party Transaction [Line Items] | |||
Due from related parties and affiliates | 3,304 | 2,698 | |
Affiliates | Altice Management International | |||
Related Party Transaction [Line Items] | |||
Due to related parties and affiliates | 8,511 | $ 7,456 | |
Altice Management International | Equipment Purchase Costs | |||
Related Party Transaction [Line Items] | |||
Capital expenditures | 7,225 | 3,354 | |
Transition Services | |||
Related Party Transaction [Line Items] | |||
Other operating expenses, charges for related party services | $ 3,941 | $ 2,246 |