Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 05, 2021 | Jun. 30, 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 Quarterly Report | true | ||
Document Type | 10-K | ||
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 | Dec. 31, 2020 | ||
Entity Common Stock, Shares Outstanding | 473,216,854 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Public Float | $ 7,109,567,296 | ||
Documents Incorporated by Reference | Altice USA, Inc. intends to file with the Securities and Exchange Commission, not later than 120 days after the close of its fiscal year, a definitive proxy statement or an amendment to this report filed under cover of Form 10-K/A containing the information required to be disclosed under Part III of Form 10-K. | ||
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 | ||
ICFR Auditor Attestation Flag | true |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Current Assets: | ||
Cash and cash equivalents | $ 278,422 | $ 701,898 |
Restricted cash | 264 | 262 |
Accounts receivable, trade (less allowance for doubtful accounts of $25,198 and $14,683) | 442,581 | 457,118 |
Prepaid expenses and other current assets | 200,252 | 215,304 |
Amounts due from affiliates | 4,262 | 6,774 |
Derivative contracts | 50,785 | 0 |
Total current assets | 976,566 | 1,381,356 |
Property, plant and equipment, net of accumulated depreciation of $6,431,843 and $5,276,921 | 5,805,996 | 5,753,401 |
Right-of-use operating lease assets | 241,342 | 280,340 |
Investment securities pledged as collateral | 2,250,854 | 1,931,697 |
Derivative contracts | 4,774 | 25,207 |
Other assets | 87,429 | 92,622 |
Amortizable intangibles, net of accumulated amortization of $4,409,312 and $3,670,679 | 2,781,116 | 3,481,109 |
Indefinite-lived cable television franchises | 13,068,017 | 13,020,081 |
Goodwill | 8,160,566 | 8,142,309 |
Assets | 33,376,660 | 34,108,122 |
Current Liabilities: | ||
Accounts payable | 795,576 | 799,618 |
Interest payable | 252,060 | 385,655 |
Accrued employee related costs | 142,116 | 111,337 |
Amounts due to affiliates | 8,538 | 7,456 |
Deferred revenue | 109,798 | 124,777 |
Debt | 1,245,713 | 170,682 |
Other current liabilities | 544,302 | 378,954 |
Liabilities, Current | 3,098,103 | 1,978,479 |
Defined benefit plan obligations | 30,700 | 57,190 |
Other liabilities | 161,863 | 147,714 |
Deferred Income Tax Liabilities, Net | 5,006,167 | 4,762,595 |
Liabilities under derivative contracts | 523,150 | 255,666 |
Operating Lease, Liability, Noncurrent | 257,424 | 269,062 |
Long-term Debt, Excluding Current Maturities | 25,476,629 | 24,249,603 |
Total liabilities | 34,554,036 | 31,720,309 |
Commitments and contingencies (Note 17) | ||
Redeemable equity | 25,763 | 108,551 |
Stockholders' Equity (Deficiency): | ||
Preferred stock, $.01 par value, 100,000,000 shares authorized, no shares issued and outstanding | 0 | 0 |
Paid-in capital | 0 | 2,039,918 |
Retained earnings (accumulated deficit) | (985,641) | 390,766 |
Total stockholders' equity before accumulated other comprehensive Income and non-controlling interest | (980,810) | 2,437,118 |
Treasury stock, at cost (6,629,415 and 10,457,772 Class A common shares at December 31, 2020 and 2019, respectively) | 163,866 | 163,904 |
Accumulated other comprehensive income (loss) | 3,646 | (3,250) |
Total Altice USA stockholders' equity (deficiency) | (1,141,030) | 2,269,964 |
Noncontrolling interests | (62,109) | 9,298 |
Total stockholders' equity (deficiency) | (1,203,139) | 2,279,262 |
Total liabilities and equity | 33,376,660 | 34,108,122 |
Common Class A | ||
Stockholders' Equity (Deficiency): | ||
Common Stock, Value, Issued | 2,972 | 4,572 |
Common Class B | ||
Stockholders' Equity (Deficiency): | ||
Common Stock, Value, Issued | 1,859 | 1,862 |
Common Class C | ||
Stockholders' Equity (Deficiency): | ||
Common Stock, Value, Issued | 0 | 0 |
CSC Holdings | ||
Current Assets: | ||
Cash and cash equivalents | 277,938 | 697,741 |
Restricted cash | 264 | 262 |
Accounts receivable, trade (less allowance for doubtful accounts of $25,198 and $14,683) | 442,581 | 457,118 |
Prepaid expenses and other current assets | 200,252 | 211,642 |
Amounts due from affiliates | 4,262 | 6,774 |
Derivative contracts | 50,785 | 0 |
Total current assets | 976,082 | 1,373,537 |
Property, plant and equipment, net of accumulated depreciation of $6,431,843 and $5,276,921 | 5,805,996 | 5,753,401 |
Right-of-use operating lease assets | 241,342 | 280,340 |
Investment securities pledged as collateral | 2,250,854 | 1,931,697 |
Derivative contracts | 4,774 | 25,207 |
Other assets | 87,429 | 92,622 |
Amortizable intangibles, net of accumulated amortization of $4,409,312 and $3,670,679 | 2,781,116 | 3,481,109 |
Indefinite-lived cable television franchises | 13,068,017 | 13,020,081 |
Goodwill | 8,160,566 | 8,142,309 |
Assets | 33,376,176 | 34,100,303 |
Current Liabilities: | ||
Accounts payable | 795,576 | 799,618 |
Interest payable | 252,060 | 385,655 |
Accrued employee related costs | 142,116 | 111,337 |
Amounts due to affiliates | 8,538 | 7,456 |
Deferred revenue | 109,798 | 124,777 |
Debt | 1,245,713 | 170,682 |
Other current liabilities | 543,834 | 378,948 |
Liabilities, Current | 3,097,635 | 1,978,473 |
Defined benefit plan obligations | 30,700 | 57,190 |
Other liabilities | 161,863 | 147,714 |
Deferred Income Tax Liabilities, Net | 5,033,980 | 4,980,599 |
Liabilities under derivative contracts | 523,150 | 255,666 |
Operating Lease, Liability, Noncurrent | 257,424 | 269,062 |
Long-term Debt, Excluding Current Maturities | 25,476,629 | 24,249,603 |
Total liabilities | 34,581,381 | 31,938,307 |
Redeemable equity | 25,763 | 108,551 |
Stockholders' Equity (Deficiency): | ||
Accumulated other comprehensive income (loss) | 3,646 | (3,250) |
Noncontrolling interests | (62,109) | 9,298 |
Total liabilities and equity | $ 33,376,176 | $ 34,100,303 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
ASSETS | ||
Property, plant and equipment, accumulated depreciation | $ 6,431,843 | $ 5,276,921 |
Amortizable intangible assets, accumulated amortization | 4,409,312 | 3,670,679 |
Accounts receivable, trade allowance for doubtful accounts | $ 25,198 | $ 14,683 |
Stockholders' Equity (Deficiency): | ||
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 | 6,629,415 | 10,457,772 |
Common stock, shares outstanding (in shares) | 476,469,575 | |
CSC Holdings | ||
ASSETS | ||
Property, plant and equipment, accumulated depreciation | $ 5,276,921 | $ 4,044,671 |
Amortizable intangible assets, accumulated amortization | 4,409,312 | 3,670,679 |
Accounts receivable, trade allowance for doubtful accounts | $ 14,683 | $ 13,520 |
Common Class A | ||
Stockholders' Equity (Deficiency): | ||
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) | 297,203,087 | 457,207,079 |
Common stock, shares outstanding (in shares) | 290,573,672 | 446,749,307 |
Common Class B | ||
Stockholders' Equity (Deficiency): | ||
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 |
Treasury Stock, Shares, Acquired | 0 | 0 |
Common stock, shares outstanding (in shares) | 185,895,903 | 186,245,832 |
Common Class C | ||
Stockholders' Equity (Deficiency): | ||
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 | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Statement [Abstract] | |||
Revenue (including revenue from affiliates of $14,729, $3,974 and $2,575 respectively) (See Note 16) | $ 9,894,642 | $ 9,760,859 | $ 9,566,608 |
Operating expenses: | |||
Programming and other direct costs (including charges from affiliates of $13,346, $11,580 and $7,261 respectively) (See Note 16) | 3,340,442 | 3,300,528 | 3,173,076 |
Other operating expenses (including charges from affiliates of $11,869, $8,355 and $16,307 respectively) (See Note 16) | 2,264,473 | 2,300,398 | 2,290,266 |
Restructuring and other expense | 91,073 | 72,978 | 38,548 |
Depreciation and amortization (including impairments) | 2,083,365 | 2,263,144 | 2,382,339 |
Total operating expenses | 7,779,353 | 7,937,048 | 7,884,229 |
Operating income | 2,115,289 | 1,823,811 | 1,682,379 |
Other income (expense): | |||
Interest expense (including interest expense to affiliates and related parties of $600 in 2018) (See Note 16) | (1,352,535) | (1,536,559) | (1,556,282) |
Interest income | 2,194 | 5,709 | 10,856 |
Gain (loss) on investments and sale of affiliate interests, net | 320,061 | 473,406 | (250,877) |
Gain (loss) on derivative contracts, net | (178,264) | (282,713) | 218,848 |
Loss on interest rate swap contracts | (78,606) | (53,902) | (61,697) |
Loss on extinguishment of debt and write-off of deferred financing costs | (250,489) | (243,806) | (48,804) |
Other income (expense), net | 5,577 | 1,183 | (12,484) |
Total other income (expense) | (1,532,062) | (1,636,682) | (1,700,440) |
Income (loss) before income taxes | 583,227 | 187,129 | (18,061) |
Income Tax Expense (Benefit) | (139,748) | (47,190) | 38,655 |
Net income | 443,479 | 139,939 | 20,594 |
Net income attributable to noncontrolling interests | (7,296) | (1,003) | (1,761) |
Net income attributable to Altice USA, Inc. stockholders | $ 436,183 | $ 138,936 | $ 18,833 |
Income per share: | |||
Basic income per share | $ 0.75 | $ 0.21 | $ 0.03 |
Basic weighted average common shares (in thousands) | 581,057 | 660,384 | 730,088 |
Diluted income per share | $ 0.75 | $ 0.21 | $ 0.03 |
Diluted weighted average common shares (in thousands) | 583,689 | 662,541 | 730,088 |
Cash dividends declared per common share | $ 0 | $ 0 | $ 2.035 |
CONSOLIDATED STATEMENTS OF OP_2
CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Statement [Abstract] | |||
Revenue from affiliates | $ 14,729 | $ 3,974 | $ 2,575 |
Programming and other direct costs from affiliates | 13,346 | 11,580 | 7,261 |
Other operating expenses from affiliates | 11,869 | 8,355 | 16,307 |
Interest expense to related parties and affiliates | $ 0 | 0 | 600 |
Loss on extinguishment of debt and write-off of deferred financing costs related to affiliates and related parties | $ 0 | $ 0 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | |||||||||||
Net income | $ 336,269 | $ (2,729) | $ 111,477 | $ (1,538) | $ 1,331 | $ 77,396 | $ 86,410 | $ (25,198) | $ 443,479 | $ 139,939 | $ 20,594 |
Defined benefit pension plans: | |||||||||||
Unrecognized actuarial gain | 12,074 | 830 | |||||||||
Applicable income taxes | (3,644) | (220) | |||||||||
Unrecognized gain arising during period, net of income taxes | 8,614 | 8,430 | 610 | ||||||||
Applicable income taxes | (24) | 0 | |||||||||
Amortization of actuarial losses included in other expense, net of tax | 0 | 65 | 0 | ||||||||
Settlement loss included in other expense, net | 1,643 | 1,268 | |||||||||
Applicable income taxes | (441) | (342) | |||||||||
Settlement loss included in other expense, net, net of income taxes | 449 | 1,202 | 926 | ||||||||
Foreign currency translation adjustment | (1,164) | 967 | |||||||||
Applicable income taxes | 0 | (261) | |||||||||
Foreign currency translation adjustment, net of income taxes | (2,167) | (1,164) | 706 | ||||||||
Other comprehensive income | 6,896 | 8,533 | 2,242 | ||||||||
Comprehensive income | 450,375 | 148,472 | 22,836 | ||||||||
Comprehensive income attributable to noncontrolling interests | (1,003) | (1,761) | |||||||||
Comprehensive income attributable to Altice USA, Inc. stockholders | $ 443,079 | $ 147,469 | $ 21,075 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Parent [Member] | Retained Earnings (Accumulated Deficit) | Treasury Stock [Member] | AOCI Attributable to Parent [Member] | Noncontrolling Interests | Additional Paid-in Capital [Member] | Treasury Stock, Common | Common Class ACommon Stock | Common Class BCommon Stock |
Beginning balance at Dec. 31, 2017 | $ 5,504,753 | $ 5,503,214 | $ 840,636 | $ (10,022) | $ 1,539 | $ 4,665,229 | $ 2,470 | $ 4,901 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income attributable to Altice USA, Inc. stockholders | 18,833 | 18,833 | 18,833 | |||||||
Net income attributable to noncontrolling interests | 1,761 | 1,761 | ||||||||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Plan Amendments, Net Of Tax | (1,536) | (1,536) | (1,536) | |||||||
Foreign currency translation adjustment, net of income taxes | 706 | 706 | 706 | |||||||
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | 59,812 | 59,812 | 59,812 | |||||||
Redeemable equity vested | 169,452 | 169,452 | 169,452 | |||||||
Change in redeemable equity | (68,169) | (68,169) | (68,169) | |||||||
Dividend payment | (1,499,935) | (1,499,935) | (536,224) | (963,711) | ||||||
Class A shares acquired through share repurchase program and retired | (500,000) | (500,000) | (499,720) | (280) | ||||||
Conversion of Class B to Class A shares | 2,771 | (2,771) | ||||||||
Temporary Equity, Interest in Subsidiary Earnings | 13,649 | 13,649 | (73,578) | (1,840) | (61,769) | |||||
Other changes to equity | 859 | 859 | 859 | |||||||
Ending balance at Dec. 31, 2018 | 3,680,236 | 3,670,941 | 251,830 | (11,783) | 9,295 | 3,423,803 | 4,961 | 2,130 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Proceeds from the sale of a noncontrolling interest in Lightpath, net of expenses | 5,995 | 0 | 5,995 | 0 | ||||||
Adoption of ASU No. 2018-02 | 2,163 | (2,163) | ||||||||
Net income attributable to Altice USA, Inc. stockholders | 138,936 | 138,936 | 138,936 | |||||||
Net income attributable to noncontrolling interests | 1,003 | 1,003 | ||||||||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Plan Amendments, Net Of Tax | (9,697) | (9,697) | (9,697) | |||||||
Foreign currency translation adjustment, net of income taxes | (1,164) | (1,164) | (1,164) | |||||||
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | 99,077 | 99,077 | 99,077 | |||||||
Redeemable equity vested | 187,966 | 187,966 | 187,966 | |||||||
Change in redeemable equity | (166,511) | (166,511) | (166,511) | |||||||
Class A shares acquired through share repurchase program and retired | (1,686,873) | (1,686,873) | (1,686,146) | (727) | ||||||
Conversion of Class B to Class A shares | 268 | (268) | ||||||||
Temporary Equity, Interest in Subsidiary Earnings | (10,773) | (10,773) | (10,768) | 5 | ||||||
Issuance of common shares pursuant to employee long term incentive plan | 7,122 | 7,122 | $ 42 | 7,099 | (65) | |||||
Stock Issued During Period Relating to Acquisition | (163,862) | (163,862) | ||||||||
Ending 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] | ||||||||||
Proceeds from the sale of a noncontrolling interest in Lightpath, net of expenses | 1,000 | 1,000 | ||||||||
Net income attributable to Altice USA, Inc. stockholders | 436,183 | 436,183 | 436,183 | |||||||
Net income attributable to noncontrolling interests | 7,296 | 7,296 | ||||||||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Plan Amendments, Net Of Tax | (9,063) | (9,063) | (9,063) | |||||||
Foreign currency translation adjustment, net of income taxes | (2,167) | (2,167) | (2,167) | |||||||
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | 122,811 | 122,811 | 122,811 | |||||||
Redeemable equity vested | 96,918 | 96,918 | 96,918 | |||||||
Change in redeemable equity | (14,130) | (14,130) | (14,130) | |||||||
Class A shares acquired through share repurchase program and retired | (4,816,895) | (4,816,895) | 1,812,590 | (3,002,693) | (1,612) | |||||
Conversion of Class B to Class A shares | 3 | (3) | ||||||||
Gain on sale of minority interest in subsidiary | 650,270 | 741,471 | 91,201 | 741,471 | ||||||
Issuance of common shares pursuant to employee long term incentive plan | (15,752) | (15,752) | (15,705) | $ (38) | (9) | |||||
Ending balance at Dec. 31, 2020 | (1,203,139) | $ (1,141,030) | $ (985,641) | $ (163,866) | $ 3,646 | (62,109) | $ 0 | $ 2,972 | $ 1,859 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | $ (12,498) | $ (12,498) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities: | |||
Net income | $ 443,479 | $ 139,939 | $ 20,594 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization (including impairments) | 2,083,365 | 2,263,144 | 2,382,339 |
Loss (gain) on investments and sale of affiliate interests, net | (320,061) | (473,406) | 250,877 |
Loss (gain) on derivative contracts, net | 178,264 | 282,713 | (218,848) |
Loss on extinguishment of debt and write-off of deferred financing costs | 250,489 | 243,806 | 48,804 |
Amortization of deferred financing costs and discounts (premiums) on indebtedness | 91,127 | 106,214 | 85,121 |
Share-based compensation expense | 125,087 | 105,538 | 59,812 |
Deferred income taxes | 75,512 | 14,931 | (67,603) |
Decrease in right-of-use asset | 45,995 | 46,581 | 0 |
Provision for doubtful accounts | 65,965 | 91,520 | 71,426 |
Payments for Other Operating Activities | 34,079 | 18,558 | 12,117 |
Change in assets and liabilities, net of effects of acquisitions and dispositions: | |||
Accounts receivable, trade | (50,747) | (91,718) | (144,079) |
Prepaid expenses and other assets | 8,330 | (60,854) | (10,643) |
Amounts due from and due to affiliates | 3,594 | (7,857) | 11,049 |
Accounts payable and accrued liabilities | (118,388) | (144,894) | (118,176) |
Deferred revenue | (39,977) | (10,384) | 72,426 |
Liabilities related to interest rate swap contracts | 104,051 | 30,338 | 53,101 |
Net cash provided by operating activities | 2,980,164 | 2,554,169 | 2,508,317 |
Net Cash Provided by (Used in) Investing Activities [Abstract] | |||
Capital expenditures | (1,073,955) | (1,355,350) | (1,153,589) |
Payment for acquisitions, net of cash acquired | (149,973) | (172,269) | (10,753) |
Payments for (Proceeds from) Other Investing Activities | 3,502 | 2,150 | 15,985 |
Net cash used in investing activities | (1,220,426) | (1,525,469) | (1,148,357) |
Cash flows from financing activities: | |||
Proceeds from long-term debt | 8,019,648 | 9,160,229 | 5,555,268 |
Repayment of long-term debt | (6,194,804) | (8,159,914) | (4,882,769) |
Proceeds from collateralized indebtedness, net | 0 | 93,000 | 516,513 |
Repayment of collateralized indebtedness and related derivative contracts, net | 0 | 0 | (516,513) |
Principal payments on finance lease obligations | (43,083) | (8,980) | (10,228) |
Purchase of shares of Altice USA, Inc. Class A common stock, pursuant to a share repurchase program and Tender Offer | (4,816,379) | (1,686,873) | (500,000) |
Dividends to stockholders | 0 | 0 | (1,499,935) |
Additions to deferred financing costs | (48,523) | (23,583) | (28,468) |
Proceeds from stock option exercises | 14,348 | 3,209 | 0 |
Contributions from (distributions to) noncontrolling interests, net | (12,498) | 1,000 | (5,995) |
Other | (4,947) | (500) | (30,859) |
Net cash used in financing activities | (2,181,045) | (624,412) | (1,390,996) |
Net increase (decrease) in cash and cash equivalents excluding effect of exchange rate changes | (421,307) | 404,288 | (31,036) |
Effect of exchange rate changes on cash and cash equivalents | (2,167) | (1,166) | (26) |
Net increase (decrease) in cash and cash equivalents | (423,474) | 403,122 | (31,062) |
Cash, cash equivalents and restricted cash at beginning of year | 702,160 | 299,038 | 330,100 |
Cash, cash equivalents and restricted cash at end of year | 278,686 | 702,160 | 299,038 |
us-gaap_ProceedsFromMinorityShareholders | $ 880,197 | $ 0 | $ 0 |
CSC HOLDINGS - CONSOLIDATED BAL
CSC HOLDINGS - CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Current Assets: | ||
Cash and cash equivalents | $ 278,422 | $ 701,898 |
Restricted cash | 264 | 262 |
Accounts receivable, trade (less allowance for doubtful accounts of $13,420 and $11,677) | 442,581 | 457,118 |
Prepaid expenses and other current assets (including a prepayment to an affiliate of $19,563 in 2017) (See Note 14) | 200,252 | 215,304 |
Amounts due from affiliates | 4,262 | 6,774 |
Derivative contracts | 50,785 | 0 |
Total current assets | 976,566 | 1,381,356 |
Property, plant and equipment, net | 5,805,996 | 5,753,401 |
Right-of-use operating lease assets | 241,342 | 280,340 |
Investment securities pledged as collateral | 2,250,854 | 1,931,697 |
Derivative contracts | 4,774 | 25,207 |
Other assets | 87,429 | 92,622 |
Amortizable intangible assets, net of accumulated amortization | 2,781,116 | 3,481,109 |
Indefinite-lived cable television franchises | 13,068,017 | 13,020,081 |
Goodwill | 8,160,566 | 8,142,309 |
Total assets | 33,376,660 | 34,108,122 |
Current Liabilities: | ||
Accounts payable | 795,576 | 799,618 |
Interest payable | 252,060 | 385,655 |
Accrued employee related costs | 142,116 | 111,337 |
Amounts due to affiliates | 8,538 | 7,456 |
Contract with Customer, Liability, Current | 109,798 | 124,777 |
Debt | 1,245,713 | 170,682 |
Other current liabilities | 544,302 | 378,954 |
Total current liabilities | 3,098,103 | 1,978,479 |
Long-term defined benefit plan obligations | 30,700 | 57,190 |
Other liabilities | 161,863 | 147,714 |
Operating Lease, Liability, Noncurrent | 257,424 | 269,062 |
Deferred Income Tax Liabilities, Net | 5,006,167 | 4,762,595 |
Liabilities under derivative contracts | 523,150 | 255,666 |
Long-term Debt, Excluding Current Maturities | 25,476,629 | 24,249,603 |
Total liabilities | 34,554,036 | 31,720,309 |
Commitments and contingencies | ||
Redeemable equity | 25,763 | 108,551 |
Limited Liability Company (LLC) Members' Equity [Abstract] | ||
Accumulated other comprehensive income (loss) | 3,646 | (3,250) |
Noncontrolling interests | (62,109) | 9,298 |
Total liabilities and equity | 33,376,660 | 34,108,122 |
Customer Relationships [Member] | ||
Current Assets: | ||
Amortizable intangible assets, net of accumulated amortization | 2,573,856 | 3,173,963 |
Other Intangible Assets [Member] | ||
Current Assets: | ||
Amortizable intangible assets, net of accumulated amortization | 20,366 | 24,547 |
CSC Holdings | ||
Current Assets: | ||
Cash and cash equivalents | 277,938 | 697,741 |
Restricted cash | 264 | 262 |
Accounts receivable, trade (less allowance for doubtful accounts of $13,420 and $11,677) | 442,581 | 457,118 |
Prepaid expenses and other current assets (including a prepayment to an affiliate of $19,563 in 2017) (See Note 14) | 200,252 | 211,642 |
Amounts due from affiliates | 4,262 | 6,774 |
Derivative contracts | 50,785 | 0 |
Total current assets | 976,082 | 1,373,537 |
Property, plant and equipment, net | 5,805,996 | 5,753,401 |
Right-of-use operating lease assets | 241,342 | 280,340 |
Investment securities pledged as collateral | 2,250,854 | 1,931,697 |
Derivative contracts | 4,774 | 25,207 |
Other assets | 87,429 | 92,622 |
Amortizable intangible assets, net of accumulated amortization | 2,781,116 | 3,481,109 |
Indefinite-lived cable television franchises | 13,068,017 | 13,020,081 |
Goodwill | 8,160,566 | 8,142,309 |
Total assets | 33,376,176 | 34,100,303 |
Current Liabilities: | ||
Accounts payable | 795,576 | 799,618 |
Interest payable | 252,060 | 385,655 |
Accrued employee related costs | 142,116 | 111,337 |
Amounts due to affiliates | 8,538 | 7,456 |
Contract with Customer, Liability, Current | 109,798 | 124,777 |
Debt | 1,245,713 | 170,682 |
Other current liabilities | 543,834 | 378,948 |
Total current liabilities | 3,097,635 | 1,978,473 |
Long-term defined benefit plan obligations | 30,700 | 57,190 |
Other liabilities | 161,863 | 147,714 |
Operating Lease, Liability, Noncurrent | 257,424 | 269,062 |
Deferred Income Tax Liabilities, Net | 5,033,980 | 4,980,599 |
Liabilities under derivative contracts | 523,150 | 255,666 |
Long-term Debt, Excluding Current Maturities | 25,476,629 | 24,249,603 |
Total liabilities | 34,581,381 | 31,938,307 |
Redeemable equity | 25,763 | 108,551 |
Limited Liability Company (LLC) Members' Equity [Abstract] | ||
Member's equity (deficiency) (100 membership units issued and outstanding) | (1,172,505) | 2,047,397 |
Accumulated other comprehensive income (loss) | 3,646 | (3,250) |
Total member's equity (deficiency) | (1,168,859) | 2,044,147 |
Noncontrolling interests | (62,109) | 9,298 |
Limited Liability Company (LLC) Members' Equity, Including Portion Attributable to Noncontrolling Interest | (1,230,968) | 2,053,445 |
Total liabilities and equity | $ 33,376,176 | $ 34,100,303 |
CSC HOLDINGS - CONSOLIDATED B_2
CSC HOLDINGS - CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Accounts receivable, trade allowance for doubtful accounts | $ 25,198 | $ 14,683 |
Property, plant and equipment, accumulated depreciation | 6,431,843 | 5,276,921 |
Amortizable intangible assets, accumulated amortization | 4,409,312 | 3,670,679 |
Customer Relationships [Member] | ||
Amortizable intangible assets, accumulated amortization | 3,478,742 | 2,843,561 |
Other Intangible Assets [Member] | ||
Amortizable intangible assets, accumulated amortization | 36,381 | 28,634 |
CSC Holdings | ||
Accounts receivable, trade allowance for doubtful accounts | 14,683 | 13,520 |
Property, plant and equipment, accumulated depreciation | 5,276,921 | 4,044,671 |
Amortizable intangible assets, accumulated amortization | $ 4,409,312 | $ 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 | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue (including revenue from affiliates of $2,205 and $1,086, respectively) (See Note 14) | $ 9,894,642 | $ 9,760,859 | $ 9,566,608 |
Operating expenses: | |||
Programming and other direct costs (including charges from affiliates of $13,346, $11,580 and $7,261 respectively) (See Note 16) | 3,340,442 | 3,300,528 | 3,173,076 |
Other operating expenses | 2,264,473 | 2,300,398 | 2,290,266 |
Restructuring and other expense | 91,073 | 72,978 | 38,548 |
Depreciation and amortization (including impairments) | 2,083,365 | 2,263,144 | 2,382,339 |
Total operating expenses | 7,779,353 | 7,937,048 | 7,884,229 |
Operating income | 2,115,289 | 1,823,811 | 1,682,379 |
Other income (expense): | |||
Interest expense | (1,352,535) | (1,536,559) | (1,556,282) |
Interest income | 2,194 | 5,709 | 10,856 |
Gain (loss) on investments and sale of affiliate interests, net | 320,061 | 473,406 | (250,877) |
Loss on equity derivative contracts, net | (178,264) | (282,713) | 218,848 |
Loss on interest rate swap contracts | (78,606) | (53,902) | (61,697) |
Loss on extinguishment of debt and write-off of deferred financing costs | (250,489) | (243,806) | (48,804) |
Other income, net | 5,577 | 1,183 | (12,484) |
Total other income (expense) | (1,532,062) | (1,636,682) | (1,700,440) |
Income (loss) before income taxes | 583,227 | 187,129 | (18,061) |
Income tax benefit (expense) | (139,748) | (47,190) | 38,655 |
Net income | 443,479 | 139,939 | 20,594 |
Net loss (income) attributable to noncontrolling interests | (7,296) | (1,003) | (1,761) |
Net income (loss) attributable to members | (436,183) | (138,936) | (18,833) |
CSC Holdings | |||
Revenue (including revenue from affiliates of $2,205 and $1,086, respectively) (See Note 14) | 9,894,642 | 9,760,859 | 9,566,608 |
Operating expenses: | |||
Programming and other direct costs (including charges from affiliates of $13,346, $11,580 and $7,261 respectively) (See Note 16) | 3,340,442 | 3,300,528 | 3,173,076 |
Other operating expenses | 2,264,473 | 2,300,398 | 2,290,266 |
Restructuring and other expense | 91,073 | 72,978 | 38,548 |
Depreciation and amortization (including impairments) | 2,083,365 | 2,263,144 | 2,382,339 |
Total operating expenses | 7,779,353 | 7,937,048 | 7,884,229 |
Operating income | 2,115,289 | 1,823,811 | 1,682,379 |
Other income (expense): | |||
Interest expense | (1,352,535) | (1,455,302) | (1,253,176) |
Interest income | 2,194 | 5,709 | 13,228 |
Gain (loss) on investments and sale of affiliate interests, net | 319,515 | 473,406 | (261,536) |
Loss on equity derivative contracts, net | (178,264) | (282,713) | 218,848 |
Loss on interest rate swap contracts | (78,606) | (53,902) | (61,697) |
Loss on extinguishment of debt and write-off of deferred financing costs | (250,489) | (228,130) | (7,883) |
Other income, net | 5,577 | 1,181 | (12,274) |
Total other income (expense) | (1,532,608) | (1,539,751) | (1,364,490) |
Income (loss) before income taxes | 582,681 | 284,060 | 317,889 |
Income tax benefit (expense) | (126,843) | (71,243) | (57,563) |
Net income | 455,838 | 212,817 | 260,326 |
Net loss (income) attributable to noncontrolling interests | (7,296) | (1,003) | (1,761) |
Net income (loss) attributable to members | $ 448,542 | $ (211,814) | $ (258,565) |
CSC HOLDINGS - CONSOLIDATED S_2
CSC HOLDINGS - CONSOLIDATED STATEMENT OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Statement [Abstract] | |||
Programming and other direct costs from affiliates | $ 13,346 | $ 11,580 | $ 7,261 |
Related Party Transaction, Other Operating Expense | 11,869 | 8,355 | 16,307 |
Revenue from affiliates | $ 14,729 | $ 3,974 | $ 2,575 |
CSC HOLDINGS - CONDENSED CONSOL
CSC HOLDINGS - CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net income | $ 443,479 | $ 139,939 | $ 20,594 |
Defined benefit pension and postretirement plans: | |||
Unrecognized actuarial gain | 12,074 | 830 | |
Applicable income taxes | (3,644) | (220) | |
Unrecognized gain arising during period, net of income taxes | 8,614 | 8,430 | 610 |
Applicable income taxes | (24) | 0 | |
Amortization of actuarial losses included in other expense, net of tax | 0 | 65 | 0 |
Settlement loss included in other expense, net | 1,643 | 1,268 | |
Applicable income taxes | (441) | (342) | |
Settlement loss included in other expense, net, net of income taxes | 449 | 1,202 | 926 |
Foreign currency translation adjustment | (1,164) | 967 | |
Applicable income taxes | 0 | (261) | |
Foreign currency translation adjustment, net of income taxes | (2,167) | (1,164) | 706 |
Other comprehensive income | 6,896 | 8,533 | 2,242 |
Comprehensive income | 450,375 | 148,472 | 22,836 |
Comprehensive income attributable to noncontrolling interests | (1,003) | (1,761) | |
Comprehensive income attributable to Altice USA, Inc. stockholders | 443,079 | 147,469 | 21,075 |
CSC Holdings | |||
Net income | 455,838 | 212,817 | 260,326 |
Defined benefit pension and postretirement plans: | |||
Unrecognized actuarial gain | 11,710 | 12,074 | 830 |
Applicable income taxes | (3,096) | (3,644) | (220) |
Unrecognized gain arising during period, net of income taxes | 8,614 | 8,430 | 610 |
Amortization of actuarial losses | 0 | 89 | 0 |
Applicable income taxes | 0 | (24) | 0 |
Amortization of actuarial losses included in other expense, net of tax | 0 | 65 | 0 |
Settlement loss included in other expense, net | 623 | 1,643 | 1,268 |
Applicable income taxes | (174) | (441) | (342) |
Settlement loss included in other expense, net, net of income taxes | 449 | 1,202 | 926 |
Foreign currency translation adjustment | (2,167) | (1,164) | 967 |
Applicable income taxes | 0 | 0 | (261) |
Foreign currency translation adjustment, net of income taxes | (2,167) | (1,164) | 706 |
Other comprehensive income | 6,896 | 8,533 | 2,242 |
Comprehensive income | 462,734 | 221,350 | 262,568 |
Comprehensive income attributable to noncontrolling interests | (7,296) | (1,003) | (1,761) |
Comprehensive income attributable to Altice USA, Inc. stockholders | $ 455,438 | $ 220,347 | $ 260,807 |
CSC HOLDINGS - CONSOLIDATED S_3
CSC HOLDINGS - CONSOLIDATED STATEMENT OF MEMBER'S EQUITY - USD ($) $ in Thousands | Total | CSC Holdings | Retained Earnings | Member's Equity | Member's EquityCSC Holdings | Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss)CSC Holdings | Total Member's Equity | Total Member's EquityCSC Holdings | Noncontrolling Interests | Noncontrolling InterestsCSC Holdings |
Members' Equity | $ 9,454,753 | ||||||||||
Accumulated other comprehensive income (loss) | $ (10,022) | ||||||||||
Total member's equity (deficiency) | $ 9,444,731 | ||||||||||
Noncontrolling interests | $ 1,539 | ||||||||||
Limited Liability Company (LLC) Members' Equity, Including Portion Attributable to Noncontrolling Interest | 9,446,270 | ||||||||||
Net income (loss) attributable to members | $ (18,833) | (258,565) | $ (18,833) | (258,565) | $ (18,833) | (258,565) | |||||
Net Income (Loss) Attributable to Noncontrolling Interest | 1,761 | 1,761 | $ 1,761 | $ 1,761 | |||||||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Plan Amendments, Net Of Tax | (1,536) | 1,536 | $ (1,536) | 1,536 | (1,536) | 1,536 | |||||
Foreign currency translation adjustment, net of income taxes | 706 | 706 | 706 | 706 | 706 | 706 | |||||
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | 59,812 | 59,812 | $ 59,812 | 59,812 | 59,812 | 59,812 | |||||
Redeemable equity vested | 169,452 | 169,452 | 169,452 | 169,452 | 169,452 | 169,452 | |||||
Adjustments to Additional Paid in Capital, Increase in Carrying Amount of Redeemable Preferred Stock | 68,169 | 68,169 | 68,169 | 68,169 | 68,169 | 68,169 | |||||
Cash distributions to shareholders | 1,499,935 | 3,058,747 | 3,058,747 | 3,058,747 | |||||||
Proceeds from Contributions from Parent | 50,000 | 50,000 | (50,000) | ||||||||
Distribution Made to Limited Liability Company (LLC) Member, Non-cash Distributions Paid | (3,058,747) | ||||||||||
Temporary Equity, Interest in Subsidiary Earnings | 13,649 | (13,649) | (73,578) | (61,769) | (11,809) | (1,840) | (1,840) | 13,649 | (13,649) | ||
Debt exchanged to subsidiary | (2,854,392) | (2,854,392) | (2,854,392) | ||||||||
Proceeds from the sale of a noncontrolling interest in Lightpath, net of expenses | 5,995 | 5,995 | 0 | 0 | 5,995 | 5,995 | |||||
Other changes to equity | 859 | 859 | 859 | ||||||||
Contributions from parent | 0 | ||||||||||
Members' Equity | 4,001,628 | ||||||||||
Accumulated other comprehensive income (loss) | (11,783) | ||||||||||
Total member's equity (deficiency) | 3,989,845 | ||||||||||
Noncontrolling interests | 9,295 | 9,295 | |||||||||
Limited Liability Company (LLC) Members' Equity, Including Portion Attributable to Noncontrolling Interest | 3,999,140 | ||||||||||
Adoption of ASU No. 2018-02 | 2,163 | (2,163) | |||||||||
Net income (loss) attributable to members | (138,936) | (211,814) | (138,936) | (138,936) | (211,814) | ||||||
Net Income (Loss) Attributable to Noncontrolling Interest | 1,003 | 1,003 | 1,003 | 1,003 | |||||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | 1,000 | 1,000 | |||||||||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Plan Amendments, Net Of Tax | (9,697) | (9,697) | (9,697) | (9,697) | (9,697) | (9,697) | |||||
Foreign currency translation adjustment, net of income taxes | (1,164) | (1,164) | (1,164) | (1,164) | (1,164) | (1,164) | |||||
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | 99,077 | 99,077 | 99,077 | 99,077 | 99,077 | 99,077 | |||||
Redeemable equity vested | 187,966 | 187,967 | 187,966 | 187,967 | 187,966 | 187,967 | |||||
Adjustments to Additional Paid in Capital, Increase in Carrying Amount of Redeemable Preferred Stock | 166,511 | 166,511 | 166,511 | 166,511 | 166,511 | 166,511 | |||||
Distribution Made to Limited Liability Company (LLC) Member, Non-cash Distributions Paid | 2,279,472 | 2,279,472 | 2,279,472 | ||||||||
Temporary Equity, Interest in Subsidiary Earnings | (10,773) | 10,773 | (10,768) | 10,773 | (10,773) | 10,773 | |||||
Debt exchange between parent and subsidiary | (169,334) | (169,334) | (169,334) | ||||||||
Proceeds from the sale of a noncontrolling interest in Lightpath, net of expenses | 1,000 | 1,000 | |||||||||
Issuance of common shares pursuant to employee long term incentive plan | (7,122) | (7,099) | (7,122) | ||||||||
Contributions from parent | 151,455 | 151,455 | 151,455 | (151,455) | |||||||
Retained earnings (accumulated deficit) | 390,766 | ||||||||||
Member's equity (deficiency) (100 membership units issued and outstanding) | 2,047,397 | ||||||||||
Members' Equity | 2,047,397 | ||||||||||
Accumulated other comprehensive income (loss) | (3,250) | (3,250) | (3,250) | ||||||||
Total member's equity (deficiency) | 2,044,147 | 2,044,147 | |||||||||
Noncontrolling interests | 9,298 | 9,298 | 9,298 | ||||||||
Limited Liability Company (LLC) Members' Equity, Including Portion Attributable to Noncontrolling Interest | 2,053,445 | ||||||||||
Adoption of ASU No. 2018-02 | 2,163 | (2,163) | |||||||||
Net income (loss) attributable to members | (436,183) | 448,542 | $ (436,183) | (436,183) | (448,542) | ||||||
Net Income (Loss) Attributable to Noncontrolling Interest | 7,296 | 7,296 | 7,296 | 7,296 | |||||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | 12,498 | 12,498 | |||||||||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Plan Amendments, Net Of Tax | (9,063) | (9,063) | (9,063) | (9,063) | (9,063) | (9,063) | |||||
Foreign currency translation adjustment, net of income taxes | (2,167) | (2,167) | $ (2,167) | (2,167) | (2,167) | (2,167) | |||||
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | 122,811 | 122,811 | 122,811 | 122,811 | 122,811 | 122,811 | |||||
Redeemable equity vested | 96,918 | 96,918 | 96,918 | 96,918 | 96,918 | 96,918 | |||||
Adjustments to Additional Paid in Capital, Increase in Carrying Amount of Redeemable Preferred Stock | 14,130 | 14,130 | 14,130 | 14,130 | 14,130 | 14,130 | |||||
Distribution Made to Limited Liability Company (LLC) Member, Non-cash Distributions Paid | 4,794,408 | 4,794,408 | 4,794,408 | ||||||||
Issuance of common shares pursuant to employee long term incentive plan | 15,752 | 15,705 | 15,752 | ||||||||
Gain on sale of minority interest in subsidiary | 650,270 | 650,444 | $ 741,471 | 741,645 | $ 741,471 | (741,645) | $ 91,201 | 91,201 | |||
Contributions from parent | 178,720 | 178,720 | |||||||||
Noncash distribution to parent | 178,720 | ||||||||||
Retained earnings (accumulated deficit) | (985,641) | ||||||||||
Member's equity (deficiency) (100 membership units issued and outstanding) | (1,172,505) | ||||||||||
Members' Equity | $ (1,172,505) | ||||||||||
Accumulated other comprehensive income (loss) | 3,646 | 3,646 | $ 3,646 | ||||||||
Total member's equity (deficiency) | (1,168,859) | $ (1,168,859) | |||||||||
Noncontrolling interests | $ (62,109) | (62,109) | $ (62,109) | ||||||||
Limited Liability Company (LLC) Members' Equity, Including Portion Attributable to Noncontrolling Interest | $ (1,230,968) |
CSC HOLDINGS - CONSOLIDATED S_4
CSC HOLDINGS - CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities: | |||
Net income | $ 443,479 | $ 139,939 | $ 20,594 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||
Depreciation and amortization (including impairments) | 2,083,365 | 2,263,144 | 2,382,339 |
Gain (Loss) on Investments And Sale Of Affiliated Interests | (320,061) | (473,406) | 250,877 |
Loss (gain) on equity derivative contracts, net | 178,264 | 282,713 | (218,848) |
Loss on extinguishment of debt and write-off of deferred financing costs | 250,489 | 243,806 | 48,804 |
Amortization of deferred financing costs and discounts (premiums) on indebtedness | 91,127 | 106,214 | 85,121 |
Share-based compensation expense | 125,087 | 105,538 | 59,812 |
Deferred income taxes | 75,512 | 14,931 | (67,603) |
Decrease in right-of-use asset | 45,995 | 46,581 | 0 |
Provision for doubtful accounts | 65,965 | 91,520 | 71,426 |
Payments for Other Operating Activities | 34,079 | 18,558 | 12,117 |
Change in assets and liabilities, net of effects of acquisitions and dispositions: | |||
Accounts receivable, trade | (50,747) | (91,718) | (144,079) |
Prepaid expenses and other assets | 8,330 | (60,854) | (10,643) |
Amounts due from and due to affiliates | 3,594 | (7,857) | 11,049 |
Accounts payable and accrued liabilities | (118,388) | (144,894) | (118,176) |
Deferred revenue | (39,977) | (10,384) | 72,426 |
Liabilities related to interest rate swap contracts | 104,051 | 30,338 | 53,101 |
Net cash provided by operating activities | 2,980,164 | 2,554,169 | 2,508,317 |
Net Cash Provided by (Used in) Investing Activities [Abstract] | |||
Capital expenditures | (1,073,955) | (1,355,350) | (1,153,589) |
Payment for acquisitions, net of cash acquired | (149,973) | (172,269) | (10,753) |
Payments for (Proceeds from) Other Investing Activities | 3,502 | 2,150 | 15,985 |
Net cash used in investing activities | (1,220,426) | (1,525,469) | (1,148,357) |
Cash flows from financing activities: | |||
Proceeds from long-term debt | 8,019,648 | 9,160,229 | 5,555,268 |
Repayment of long-term debt | (6,194,804) | (8,159,914) | (4,882,769) |
Proceeds from collateralized indebtedness | 0 | 93,000 | 516,513 |
Repayment of collateralized indebtedness and related derivative contracts, net | 0 | 0 | (516,513) |
Payments of dividends | 0 | 0 | 1,499,935 |
us-gaap_ProceedsFromMinorityShareholders | 880,197 | 0 | 0 |
Principal payments on finance lease obligations | (43,083) | (8,980) | (10,228) |
Additions to deferred financing costs | (48,523) | (23,583) | (28,468) |
Proceeds from (Payments to) Noncontrolling Interests | 12,498 | (1,000) | 5,995 |
Other | (4,947) | (500) | (30,859) |
Net cash used in financing activities | (2,181,045) | (624,412) | (1,390,996) |
Net increase (decrease) in cash and cash equivalents excluding effect of exchange rate changes | (421,307) | 404,288 | (31,036) |
Effect of exchange rate changes on cash and cash equivalents | (2,167) | (1,166) | (26) |
Net increase (decrease) in cash and cash equivalents | (423,474) | 403,122 | (31,062) |
Cash, cash equivalents and restricted cash at beginning of year | 702,160 | 299,038 | 330,100 |
Cash, cash equivalents and restricted cash at end of year | 278,686 | 702,160 | 299,038 |
CSC Holdings | |||
Cash flows from operating activities: | |||
Net income | 455,838 | 212,817 | 260,326 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||
Depreciation and amortization (including impairments) | 2,083,365 | 2,263,144 | 2,382,339 |
Gain (Loss) on Investments And Sale Of Affiliated Interests | (319,515) | (473,406) | 261,536 |
Loss (gain) on equity derivative contracts, net | 178,264 | 282,713 | (218,848) |
Loss on extinguishment of debt and write-off of deferred financing costs | 250,489 | 228,130 | 7,883 |
Amortization of deferred financing costs and discounts (premiums) on indebtedness | 91,127 | 90,706 | 43,135 |
Share-based compensation expense | 125,087 | 105,538 | 59,812 |
Deferred income taxes | 101,217 | (238,709) | (251,593) |
Decrease in right-of-use asset | 45,995 | 46,581 | 0 |
Provision for doubtful accounts | 65,965 | 91,520 | 71,426 |
Payments for Other Operating Activities | 34,079 | 18,558 | 12,117 |
Change in assets and liabilities, net of effects of acquisitions and dispositions: | |||
Accounts receivable, trade | (50,747) | (91,718) | (144,079) |
Prepaid expenses and other assets | 8,328 | (51,611) | (23,938) |
Amounts due from and due to affiliates | 180,911 | 247,917 | 175,159 |
Accounts payable and accrued liabilities | (334,055) | (128,392) | 5,273 |
Deferred revenue | (39,977) | (10,384) | 72,426 |
Liabilities related to interest rate swap contracts | 104,051 | 30,338 | 53,101 |
Net cash provided by operating activities | 2,980,422 | 2,623,742 | 2,766,075 |
Net Cash Provided by (Used in) Investing Activities [Abstract] | |||
Capital expenditures | (1,073,955) | (1,355,350) | (1,153,589) |
Payment for acquisitions, net of cash acquired | (149,973) | (172,269) | (10,753) |
Payments for (Proceeds from) Other Investing Activities | (706) | 2,150 | 4,158 |
Net cash used in investing activities | (1,224,634) | (1,525,469) | (1,160,184) |
Cash flows from financing activities: | |||
Proceeds from long-term debt | 8,019,648 | 9,160,229 | 4,505,268 |
Repayment of long-term debt | (6,194,804) | (7,637,582) | (3,059,013) |
Proceeds from collateralized indebtedness | 0 | 93,000 | 516,513 |
Repayment of collateralized indebtedness and related derivative contracts, net | 0 | 0 | (516,513) |
Payments of dividends | 4,794,408 | 2,279,472 | 3,058,750 |
Proceeds from Contributed Capital | 0 | 0 | 50,000 |
us-gaap_ProceedsFromMinorityShareholders | 880,197 | 0 | 0 |
Principal payments on finance lease obligations | (43,083) | (8,980) | (10,228) |
Additions to deferred financing costs | (48,523) | (23,583) | (28,471) |
Proceeds from (Payments to) Noncontrolling Interests | 12,498 | (1,000) | 5,995 |
Other | (4,947) | (500) | (30,000) |
Net cash used in financing activities | (2,173,422) | (697,888) | (1,625,199) |
Net increase (decrease) in cash and cash equivalents excluding effect of exchange rate changes | (417,634) | 400,385 | (19,308) |
Effect of exchange rate changes on cash and cash equivalents | (2,167) | (1,166) | (26) |
Net increase (decrease) in cash and cash equivalents | (419,801) | 399,219 | (19,334) |
Cash, cash equivalents and restricted cash at beginning of year | 698,003 | 298,784 | 318,118 |
Cash, cash equivalents and restricted cash at end of year | $ 278,202 | $ 698,003 | $ 298,784 |
DESCRIPTION OF BUSINESS AND REL
DESCRIPTION OF BUSINESS AND RELATED MATTERS | 12 Months Ended |
Dec. 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 combined consolidated financial statements ("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. 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 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 and 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. Lightpath Transaction In December 2020, the Company completed the sale of a 49.99% interest in its Lightpath fiber enterprise business (the "Lightpath Transaction") based on an implied enterprise value of $3,200,000. The Company received total gross cash proceeds of approximately $2,355,000 ($890,000 from the sale and $1,465,000 from the related financing activity, excluding the discount on the term loan of $3,000). The excess of the cash received from the sale, net of related expenses, over the book value of the interest sold of $741,471, net of taxes of $228,489, was recorded in stockholders' equity (deficiency) by Altice USA. The Company retained a 50.01% interest in the Lightpath business and maintained control of Cablevision Lightpath LLC, the entity holding the interest in the Lightpath business. Accordingly, the Company will continue to consolidate the operating results of the Lightpath business. Cablevision Lightpath LLC was financed independently outside of the CSC Holdings restricted group. Proceeds from this transaction were used to fund the Tender Offer (see discussion below). See Note 11 for additional information regarding the debt financing related to the Lightpath Transaction. Acquisition of Neptune Holding US Limited Partnership In December 2019, Altice USA entered into an agreement with CVC 3 B.V., an indirect subsidiary of Altice Europe ("CVC 3"), whereby CVC 3 assigned all of its interest (the "Partnership Interest") in Neptune Holding US Limited Partnership (“Neptune LP”) to Altice USA in exchange for 6,290,292 shares of Class A common stock of Altice USA with an aggregate value of $163,862. At the time of the assignment, the Partnership Interest represented 6,290,292 shares of Class A common stock of Altice USA held by Neptune LP. As a result of this transaction, Altice USA obtained control of Neptune LP and accordingly, Neptune LP is consolidated within the Altice USA financial statements. The assets of Neptune LP which consisted solely of shares of class A common stock of Altice USA are presented as treasury stock in the consolidated balance sheets of Altice USA at December 31, 2020 and 2019. Acquisition of Altice Technical Services US Corp Altice Technical Services US Corp. ("ATS") was formed to provide network construction and maintenance services and commercial and residential installations, disconnections, and maintenance. During the second quarter of 2017, a portion of the Company's technical workforce became employees of ATS and ATS commenced operations and began to perform services for the Company. Another portion of the Company's technical workforce became employees of ATS in December 2017. Additionally, in the second quarter of 2017, the Company entered into an Independent Contractor Agreement with ATS that governed the terms of the services provided to the Company and entered into a Transition Services Agreement for the use of the Company's resources to provide various overhead functions to ATS, including accounting, legal and human resources and for the use of certain facilities, vehicles and technician tools during a transitional period. The Transition Services Agreement required ATS to reimburse the Company for its cost to provide such services. In January 2018, the Company acquired 70% of the equity interests in ATS for $1.00 (the "ATS Acquisition") and the Company became the owner of 100% of the equity interests in ATS in March 2018. ATS was previously owned by Altice Europe and a member of ATS's management through a holding company. As the acquisition is a combination of businesses under common control, the Company combined the results of operations and related assets and liabilities of ATS for all periods since its formation. In connection with the ATS Acquisition, the Company recorded goodwill of $23,101, representing the amount previously transferred to ATS. Acquisition of i24NEWS In April 2018, Altice Europe transferred its ownership of i24 US and i24 Europe ("i24NEWS"), Altice Europe's 24/7 international news and current affairs channels to the Company for minimal consideration (the "i24 Acquisition"). As the acquisition was a combination of businesses under common control, the Company combined the results of operations and related assets and liabilities of i24NEWS as of April 1, 2018. Operating results for periods prior to April 1, 2018 have not been revised to reflect the i24 Acquisition as the impact was deemed immaterial. Altice Europe Distribution On June 8, 2018, Altice Europe distributed substantially all of its equity interest in Altice USA through a distribution in kind to holders of Altice Europe's common shares A and common shares B (the "Distribution'). The Distribution took place by way of a special distribution in kind by Altice Europe of its 67.2% interest in Altice USA to Altice Europe shareholders. Each shareholder of Altice Europe on May 23, 2018, the Distribution record date, received 0.4163 shares of Altice USA's common stock for every share held by such shareholder in Altice Europe. Prior to Altice Europe's announcement of the Distribution, the Board of Directors of Altice USA, acting through its independent directors, approved the payment of a $2.035 per share dividend to all shareholders of record on May 22, 2018. The payment of the dividend, aggregating $1,499,935, was made on June 6, 2018, and was funded with cash at CSC Holdings from financings completed in January 2018, and cash generated from operations. In connection with the payment of the dividend, Altice USA recorded a decrease in retained earnings of $536,224, representing the cumulative earnings through the payment date, and a decrease in paid in capital of $963,711. Immediately following the Distribution, there were 489,384,523 shares of Altice USA Class A common stock and 247,684,443 shares of Altice USA Class B common stock outstanding. In connection with the Distribution, the Management Advisory and Consulting Services Agreement with Altice Europe which provided certain consulting, advisory and other services was terminated. See Note 16 for further details. Share Repurchase Program In June 2018, the Board of Directors of Altice USA authorized a share repurchase program of $2,000,000, and on July 30, 2019, the Board of Directors authorized a new incremental three-year share repurchase program of $5,000,000 that took effect following the completion in August 2019 of the $2,000,000 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. In November 2020, the Company's Board of Directors authorized the repurchase of up to an additional $2,000,000 of Altice USA Class A common stock pursuant to a tender offer. On November 23, 2020, the Company commenced a modified "Dutch auction" tender offer (the "Tender Offer") to purchase up to $2,500,000 in value of shares of its Class A Common Stock, at a price not greater than $36.00 per share nor less than $32.25 per share . The Tender Offer expired on December 21, 2020. On December 21, 2020, the Company accepted for purch ase 64,613,479 shares of its Class A Common Stock, at a price of $36.00 per share, plus related fees, for an aggregate purchase price of $2,326,949. The aggregate purchase price of these shares (including the fees relating to the Tender Offer), is reflected in stockholders' equity (deficiency) in the consolidated balance sheet of Altice USA as of December 31, 2020. For the year ended December 31, 2020, 2019 and 2018, Altice USA repurchased an aggregate of 161,216,653, 72,668,712, and 28,028,680 shares, respectively, for a total purchase price of approximately $4,816,895, $1,686,873 and $500,000 respectively. These acquired shares were retired and the cost of these shares was recorded in stockholders' equity (deficiency) in the consolidated balance sheet of Altice USA. As of December 31, 2020, Altice USA had approximately $1,996,230 of availability remaining under the incremental share repurchase program and had 476,469,575 combined Class A and Class B shares outstanding. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Summary of Significant Accounting Policies Revenue Recognition Residential Services The Company derives revenue through monthly charges to residential customers of its broadband, video, and telephony services, including installation services. In addition, the Company derives revenue from digital video recorder ("DVR"), video-on-demand ("VOD"), pay-per-view, and home shopping commissions which are reflected in "Residential video" revenues. The Company recognizes broadband, video, and telephony revenues as the services are provided to a customer on a monthly basis. Revenue from the sale of bundled services at a discounted rate is allocated to each product based on the standalone selling price of each performance obligation within the bundled offer. The standalone selling price requires judgment and is typically determined based on the current prices at which the separate services are sold by the Company. Installation revenue for the Company's residential services is deferred and recognized over the benefit period, which is estimated to be less than one year. The estimated benefit period takes into account both quantitative and qualitative factors including the significance of average installation fees to total recurring revenue per customer. 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 years ended December 31, 2020, 2019 and 2018, the amount of franchise fees and certain other taxes and fees included as a component of revenue aggregated $257,405, $254,227 and $257,467, respectively. Business and Wholesale Revenue The Company derives revenue from the sale of products and services to both large enterprise and small and medium-sized business ("SMB") customers, including broadband, telephony, networking, and video services reflected in "Business services and wholesale" revenues. The Company's business services also include Ethernet, data transport, and IP-based virtual private networks. The Company also provides managed services to businesses, including hosted telephony services (cloud based SIP-based private branch exchange), managed WiFi, managed desktop and server backup and managed collaboration services including audio and web conferencing. The Company also offers fiber-to-the-tower services to wireless carriers for cell tower backhaul, which enables wireline communications service providers to connect to customers that their own networks do not reach. The Company recognizes revenues for these services as the services are provided to a customer on a monthly basis. Substantially all of our SMB customers are billed monthly and large enterprise customers are billed in accordance with the terms of their contracts which is typically also on a monthly basis. Contracts with large enterprise customers typically range from three years to five years. Installation revenue related to our large enterprise customers is deferred and recognized over the average contract term. Installation revenue related to SMB customers is deferred and recognized over the benefit period, which is less than one year. The estimated benefit period for SMB customers takes into account both quantitative and qualitative factors including the significance of average installation fees to total recurring revenue per customer. News and Advertising Revenue As part of the agreements under which the Company acquires video programming, the Company typically receives an allocation of scheduled advertising time during such programming into which the Company's cable systems can insert commercials. In several of the markets in which the Company operates, it has entered into agreements commonly referred to as interconnects with other cable operators to jointly sell local advertising. In some of these markets, the Company represents the advertising sales efforts of other cable operators; in other markets, other cable operators represent the Company. The Company also offers customers the opportunity to advertise on digital platforms. Advertising revenues are recognized when the advertising is distributed. For arrangements in which the Company controls the sale of advertising and acts as the principal to the transaction, the Company recognizes revenue earned from the advertising customer on a gross basis and the amount remitted to the distributor as an operating expense. For arrangements in which the Company does not control the sale of advertising and acts as an agent to the transaction, the Company recognizes revenue net of any fee remitted to the distributor. The Company's advanced advertising businesses provide data-driven, audience-based advertising solutions using advanced analytics tools that provide granular measurement of consumer groups, accurate hyper-local ratings and other insights into target audience behavior not available through traditional sample-based measurement services. Revenue earned from the Company's advanced advertising businesses is recognized when services are provided. Affiliation fee revenue derived by our news business is recognized as the programming services are provided. Mobile Revenue In September 2019, the Company commercially launched Altice Mobile, a mobile service providing data, talk and text to consumers in or near our service areas. Customers can purchase or finance a variety of mobile devices. Revenue is recognized from the sale of equipment upon delivery and acceptance by the customer. Customers are billed monthly, in advance, for access to and usage of our mobile services. The Company recognizes mobile service revenue as the services are provided to the customers. Other Revenue Revenues derived from other sources are recognized when services are provided or events occur. Customer Contract Costs Incremental costs incurred in obtaining a contract with a customer are deferred and recorded as a contract asset if the period of benefit is expected to be greater than one year. Sales commissions for enterprise customers are deferred and amortized over the average contract term. For sales commission expenses related to residential and SMB customers with a term of one year or less, the Company is utilizing the practical expedient and is recognizing the costs when incurred. The costs of fulfilling a contract with a customer are deferred and recorded as a contract asset if they generate or enhance resources of the Company that will be used in satisfying future performance obligations and are expected to be recovered. Installation costs related to residential and SMB customers that are not capitalized as part of the initial deployment of new customer premise equipment are expensed as incurred pursuant to industry-specific guidance. Deferred enterprise commission costs are included in other noncurrent assets in the consolidated balance sheet and totaled $19,959 and $30,758 as of December 31, 2020 and 2019, respectively. 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. The following table presents the composition of revenue: Years Ended December 31, 2020 2019 2018 Residential: Broadband $ 3,689,159 $ 3,222,605 $ 2,887,455 Video 3,670,859 3,997,873 4,156,428 Telephony 468,777 598,694 652,895 Business services and wholesale 1,454,532 1,428,532 1,362,758 News and advertising 519,205 475,904 487,264 Mobile 78,127 21,264 — Other 13,983 15,987 19,808 Total revenue $ 9,894,642 $ 9,760,859 $ 9,566,608 Multiple-Element Transactions In the normal course of business, the Company may enter into multiple-element transactions where it is simultaneously both a customer and a vendor with the same counterparty or in which it purchases multiple products and/or services, or settles outstanding items contemporaneously with the purchase of a product or service, from a single counterparty. The Company's policy for accounting for each transaction negotiated contemporaneously is to record each deliverable of the transaction based on its best estimate of selling price in a manner consistent with that used to determine the price to sell each deliverable on a standalone basis. In determining the fair value of the respective deliverable, the Company utilizes historical transactions, quoted market prices (as available), or comparable transactions. Technical and Operating Expenses Costs of revenue related to sales of services and goods are classified as "programming and other direct costs" in the accompanying consolidated statements of operations. Programming Costs Programming expenses related to the Company's video service represent fees paid to programming distributors to license the programming distributed to customers. This programming is acquired generally under multi-year distribution agreements, with rates usually based on the number of customers that receive the programming. If there are periods when an existing distribution agreement has expired and the parties have not finalized negotiations of either a renewal of that agreement or a new agreement for certain periods of time, the Company continues to carry and pay for these services until execution of definitive replacement agreements or renewals. The amount of programming expense recorded during the interim period is based on the Company's estimates of the ultimate contractual agreement expected to be reached, which is based on several factors, including previous contractual rates, customary rate increases and the current status of negotiations. Such estimates are adjusted as negotiations progress until new programming terms are finalized. In addition, the Company has received, or may receive, incentives from programming distributors for carriage of the distributors' programming. The Company generally recognizes these incentives as a reduction of programming costs in "programming and other direct costs", generally over the term of the distribution agreement. Advertising Expenses Advertising costs are charged to expense when incurred and are reflected in "other operating expenses" in the accompanying consolidated statements of operations. Advertising costs amounted to $213,474, $233,326 and $240,273 for the years ended December 31, 2020, 2019 and 2018, respectively. Share-Based Compensation Share-based compensation expense which primarily relates to awards of units in a carried unit plan, stock options, and performance stock units is based on the fair value of share-based payment awards at the date of grant. The Company recognizes share-based compensation expense over the requisite service period or when it is probable any related performance condition will be met. For awards with graded vesting, compensation cost is recognized on an accelerated method under the graded vesting method over the requisite service period. Share-based compensation expense related to awards that vest entirely at the end of the vesting period are expensed on a straight-line basis. See Note 15 to the consolidated financial statements for additional information about our share-based compensation. Income Taxes The Company's provision for income taxes is based on current period income, changes in deferred tax assets and liabilities and changes in estimates with regard to uncertain tax positions. Deferred tax assets are subject to an ongoing assessment of realizability. Cash and Cash Equivalents The Company's cash investments are placed with money market funds and financial institutions that are investment grade as rated by S&P Global Ratings and Moody's Investors Service. The Company selects money market funds that predominantly invest in marketable, direct obligations issued or guaranteed by the United States government or its agencies, commercial paper, fully collateralized repurchase agreements, certificates of deposit, and time deposits. The Company considers the balance of its investment in funds that substantially hold securities that mature within three months or less from the date the fund purchases these securities to be cash equivalents. The carrying amount of cash and cash equivalents either approximates fair value due to the short-term maturity of these instruments or are at fair value. Accounts Receivable Accounts receivable are recorded at net realizable value. 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. Investment Securities Investment securities and investment securities pledged as collateral are carried at fair value with realized and unrealized holding gains and losses included in the consolidated statements of operations. Long-Lived Assets and Amortizable Intangible Assets Property, plant and equipment, including construction materials, are carried at cost, and include all direct costs and certain indirect costs associated with the construction of cable systems, and the costs of new equipment installations. Equipment under finance leases is recorded at the present value of the total minimum lease payments. Depreciation on equipment is calculated on the straight-line basis over the estimated useful lives of the assets or, with respect to equipment under finance lease obligations and leasehold improvements, amortized over the lease term or the assets' useful lives and reported in depreciation and amortization (including impairments) in the consolidated statements of operations. The Company capitalizes certain internal and external costs incurred to acquire or develop internal-use software. Capitalized software costs are amortized over the estimated useful life of the software and reported in depreciation and amortization. Customer relationships, trade names and other intangibles established in connection with acquisitions that are finite-lived are amortized in a manner that reflects the pattern in which the projected net cash inflows to the Company are expected to occur, such as the sum of the years' digits method, or when such pattern does not exist, using the straight-line basis over their respective estimated useful lives. The Company reviews its long-lived assets (property, plant and equipment, and intangible assets subject to amortization that arose from acquisitions) for impairment whenever events or circumstances indicate that the carrying amount of an asset may not be recoverable. If the sum of the expected cash flows, undiscounted and without interest, is less than the carrying amount of the asset, an impairment loss is recognized as the amount by which the carrying amount of the asset exceeds its fair value. Goodwill and Indefinite-Lived Intangible Assets Goodwill and the value of franchises acquired in purchase business combinations which have indefinite useful lives are not amortized. Rather, such assets are tested for impairment annually or upon the occurrence of a triggering event. The Company assesses the recoverability of its goodwill annually, or more frequently whenever events or substantive changes in circumstances indicate that the carrying amount of its reporting units may exceed their fair value. The Company firsts considers qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more-likely- than-not that the fair value of a reporting unit is less than its carrying amount. If, after this qualitative assessment, the Company determines that it is not more-likely-than-not that the fair value of a reporting unit is less than its carrying amount then no further testing is performed. A quantitative assessment is performed if the qualitative assessment results in a more-likely-than-not determination or if a qualitative assessment is not performed. The quantitative assessment considers whether the carrying amount of a reporting unit exceeds its fair value, in which case an impairment charge is recorded to the extent the reporting unit’s carrying value exceeds its fair value. The Company assesses qualitative factors to determine whether it is necessary to perform the one-step quantitative identifiable indefinite-lived intangible assets impairment test. This quantitative test is required only if the Company concludes that it is more likely than not that a unit of accounting’s fair value is less than its carrying amount. When the qualitative assessment is not used, or if the qualitative assessment is not conclusive, the impairment test for other intangible assets not subject to amortization requires a comparison of the fair value of the intangible asset with its carrying value. If the carrying value of the indefinite-lived intangible asset exceeds its fair value, an impairment loss is recognized in an amount equal to that excess. Deferred Financing Costs Deferred financing costs, which are presented as a reduction of debt, are amortized to interest expense using the effective interest method over the terms of the related debt. Derivative Financial Instruments The Company accounts for derivative financial instruments as either assets or liabilities measured at fair value. The Company uses derivative instruments to manage its exposure to market risks from changes in certain equity prices and interest rates and does not hold or issue derivative instruments for speculative or trading purposes. These derivative instruments are not designated as hedges, and changes in the fair values of these derivatives are recognized in the consolidated statements of operations as gain (loss) on derivative contracts or gain (loss) on interest rate swap contracts. Commitments and Contingencies Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties and other sources are recorded when the Company believes it is probable that a liability has been incurred and the amount of the contingency can be reasonably estimated. Foreign Currency Certain of the Company's i24NEWS subsidiaries are located outside the United States. The functional currency for these subsidiaries is determined based on the primary economic environment in which the subsidiary operates. Revenues and expenses for these subsidiaries are translated into U.S. dollars using rates that approximate those in effect during the period while the assets and liabilities are translated into U.S. dollars using exchange rates in effect at the end of each period. The resulting gains and losses from these translations are recognized in cumulative translation adjustment included in accumulated other comprehensive income (loss) in stockholders’/member's equity (deficiency) on the consolidated balance sheets. Common Stock of Altice USA Each holder of Class A common stock has one vote per share while holders of Class B common stock have twenty-five votes per share. Class B shares can be converted to Class A common stock at anytime with a conversion ratio of one Class A common share for one Class B common share. 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, 2017 246,982,292 490,086,674 Altice Europe Distribution on June 8, 2018 (see Note 1) 242,402,231 (242,402,231) Conversion of Class B common stock to Class A common stock 34,708,184 (34,708,184) Retirement of Class A common shares in connection with the Company's stock repurchase plan (see Note 1) (28,028,680) — Balance at December 31, 2018 496,064,027 212,976,259 Conversion of Class B common stock to Class A common stock 26,730,427 (26,730,427) Issuance of common shares 6,897,190 — Option exercises 184,147 — Repurchase and retirement of Class A common shares in connection with the Company's stock repurchase plan (see Note 1) (72,668,712) — Treasury shares acquired (a) (10,457,772) — Balance at December 31, 2019 446,749,307 186,245,832 Conversion of Class B common stock to Class A common stock 349,929 (349,929) Issuance of common shares 40,000 — Option exercises 822,732 — Repurchase and retirement of Class A common shares in connection with the Company's stock repurchase plan (see Note 1) (161,216,653) — Treasury shares reissued 3,828,357 — Balance at December 31, 2020 290,573,672 185,895,903 (a) Primarily represent Altice USA shares held by Neptune LP which are presented as treasury stock in the consolidated balance sheets of Altice USA as of December 31, 2019. CSC Holdings Membership Interests As of December 31, 2020 and 2019, CSC Holdings had 100 membership units issued and outstanding, which are all indirectly owned by Altice USA. Dividends and Distributions Altice USA Altice USA may pay dividends on its capital stock only from net profits and surplus as determined under Delaware law. If dividends are paid on the Altice USA common stock, holders of the Altice USA Class A common stock and Altice USA Class B common stock are entitled to receive dividends, and other distributions in cash, stock or property, equally on a per share basis, except that stock dividends with respect to Altice USA Class A common stock may be paid only with shares of Altice USA Class A common stock and stock dividends with respect to Altice USA Class B common stock may be paid only with shares of Altice USA Class B common stock. The Company's indentures restrict the amount of dividends and distributions in respect of any equity interest that can be made. During 2020 and 2019, there were no dividends paid to shareholders by Altice USA. In 2018, Altice USA paid dividends of $1,499,935 (see discussion in Note 1). CSC Holdings CSC Holdings may make distributions on its membership interests only if sufficient funds exist as determined under Delaware law. CSC Holdings made cash equity distribution payments to its parent aggregating $4,794,408, $2,279,472, and $3,058,747, respectively, during the years ended December 31, 2020, 2019, and 2018. Concentrations of Credit Risk Financial instruments that may potentially subject the Company to a concentration of credit risk consist primarily of cash and cash equivalents and trade account receivables. The Company monitors the financial institutions and money market funds where it invests its cash and cash equivalents with diversification among counterparties to mitigate exposure to any single financial institution. The Company's emphasis is primarily on safety of principal and liquidity and secondarily on maximizing the yield on its investments. Management believes that no significant concentration of credit risk exists with respect to its cash and cash equivalents because of its assessment of the creditworthiness and financial viability of the respective financial institutions. The Company did not have a single customer that represented 10% or more of its consolidated revenues for the years ended December 31, 2020, 2019 and 2018 or 10% or more of its consolidated net trade receivables at December 31, 2020, and 2019, respectively. Use of Estimates in Preparation of Financial Statements The preparation of financial statements in conformity with U.S. generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. See Note 13 for a discussion of fair value estimates. Reclassifications Certain reclassifications have been made to the 2019 and 2018 financial statements to conform to the 2020 presentation. |
ACCOUNTING PRONOUNCEMENTS
ACCOUNTING PRONOUNCEMENTS | 12 Months Ended |
Dec. 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, the 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 a significant impact on the Company's consolidated financial statements. ASU No. 2018-14, Changes to the Disclosure Requirements for Defined Benefit Plans ("ASU 2018-14") In August 2018, the FASB issued ASU 2018-14 which amends ASC 715 to clarify certain disclosure requirements related to defined benefit pension and other postretirement plans. See Note 18 for additional disclosures provided in connection with the adoption of the standard. 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. The Company will continue to actively monitor the impact of the recent coronavirus (COVID-19) pandemic on expected credit losses. |
CHANGE IN ACCOUNTING POLICIES
CHANGE IN ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Changes and Error Corrections [Abstract] | |
CHANGE IN ACCOUNTING POLICIES AND ATS ACQUISITION | 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, the 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 a significant impact on the Company's consolidated financial statements. ASU No. 2018-14, Changes to the Disclosure Requirements for Defined Benefit Plans ("ASU 2018-14") In August 2018, the FASB issued ASU 2018-14 which amends ASC 715 to clarify certain disclosure requirements related to defined benefit pension and other postretirement plans. See Note 18 for additional disclosures provided in connection with the adoption of the standard. 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. The Company will continue to actively monitor the impact of the recent coronavirus (COVID-19) pandemic on expected credit losses. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | NET INCOME (LOSS) PER SHARE Basic net income (loss) per common share attributable to Altice USA stockholders is computed by dividing net income (loss) attributable to Altice USA stockholders by the weighted average number of common shares outstanding during the period. Diluted income per common share attributable to Altice USA stockholders reflects the dilutive effects of stock options and restricted stock. For such awards that are performance based, the diluted effect is reflected upon the achievement of the performance criteria. Diluted net loss per common share attributable to Altice USA stockholders excludes the effects of common stock equivalents as they are anti-dilutive. The following table presents a reconciliation of weighted average shares used in the calculations of the basic and diluted net income per share attributable to Altice USA stockholders: Years Ended December 31, 2020 2019 2018 (in thousands) Basic weighted average shares outstanding 581,057 660,384 730,088 Effect of dilution: Stock options 2,617 1,348 — Restricted stock 15 809 — Diluted weighted average shares outstanding 583,689 662,541 730,088 Weighted average shares excluded from diluted weighted average shares outstanding: Anti-dilutive shares 25,768 4,245 6,292 Performance stock units and restricted stock whose performance metrics have not been achieved. 8,308 — 74 Net income (loss) per membership unit for CSC Holdings is not presented since CSC Holdings is a limited liability company and a wholly-owned subsidiary of Altice USA. |
ALLOWANCE FOR DOUBTFUL ACCOUNTS
ALLOWANCE FOR DOUBTFUL ACCOUNTS | 12 Months Ended |
Dec. 31, 2019 | |
Receivables [Abstract] | |
ALLOWANCE FOR DOUBTFUL ACCOUNTS | ALLOWANCE FOR DOUBTFUL ACCOUNTS Activity related to the Company's allowance for doubtful accounts is presented below: Balance at Beginning of Period Provision for Bad Debt Deductions/ Write-Offs and Other Charges Balance at End of Period Year Ended December 31, 2020 Allowance for doubtful accounts $ 14,683 $ 65,965 $ (55,450) $ 25,198 Year Ended December 31, 2019 Allowance for doubtful accounts $ 13,520 $ 91,520 $ (90,357) $ 14,683 Year Ended December 31, 2018 Allowance for doubtful accounts $ 13,420 $ 71,426 $ (71,326) $ 13,520 |
SUPPLEMENTAL CASH FLOW INFORMAT
SUPPLEMENTAL CASH FLOW INFORMATION | 12 Months Ended |
Dec. 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: Years Ended December 31, 2020 2019 2018 Non-Cash Investing and Financing Activities: Altice USA and CSC Holdings: Property and equipment accrued but unpaid $ 206,680 $ 188,067 $ 213,936 Notes payable issued to vendor for the purchase of equipment and other assets 106,925 35,124 95,394 Right-of-use assets acquired in exchange for finance lease obligations 133,300 54,532 13,548 Other non-cash investing and financing transactions 3,973 1,563 7,550 Altice USA: Receivable related to the sale of an investment — — 4,015 CSC Holdings: Assumption of Cablevision debt, net of the acquisition of Cablevision assets — 169,334 — Contributions from parent 178,720 151,455 — Supplemental Data: Altice USA: Cash interest paid 1,406,825 1,436,332 1,481,468 Income taxes paid, net 80,415 10,263 13,667 CSC Holdings: Cash interest paid 1,406,825 1,350,756 1,163,942 Income taxes paid, net 80,415 10,263 13,667 |
RESTRUCTURING AND OTHER EXPENSE
RESTRUCTURING AND OTHER EXPENSE | 12 Months Ended |
Dec. 31, 2020 | |
Restructuring and Related Activities [Abstract] | |
RESTRUCTURING AND OTHER EXPENSE | RESTRUCTURING AND OTHER EXPENSE 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, 2017 $ 113,474 $ 9,626 $ 123,100 Restructuring charges 15,580 15,447 31,027 Payments and other (107,600) (11,458) (119,058) Accrual balance at December 31, 2018 21,454 13,615 35,069 Restructuring charges 6,606 6,317 12,923 Payments and other (26,384) (3,751) (30,135) Impact of the adoption of ASC 842 (a) — (13,849) (13,849) Accrual balance at December 31, 2019 1,676 2,332 4,008 Restructuring charges — 3,399 3,399 Payments and other (1,676) (3,366) (5,042) Accrual balance at December 31, 2020 $ — $ 2,365 $ 2,365 (a) Certain accrued restructuring liabilities were netted against right-of-use operating assets on the Company's consolidated balance sheet as of January 1, 2019 in connection with the Company's adoption of ASC 842 (see Note 9). Cumulative costs to date relating to the 2016 Restructuring Plan amounted to $436,008. 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 Restructuring charges $ 42,715 Payments and other (4,769) Accrual balance at December 31, 2019 37,946 Restructuring charges 3,221 Payments and other (34,459) Accrual balance at December 31, 2020 $ 6,708 Cumulative costs to date relating to the 2019 Restructuring Plan amounted to $45,936. In addition, for the years ended December 31, 2020 and 2019, the Company recorded restructuring charges of $30,429 and $12,160, respectively, related primarily to the impairment of right-of-use operating lease assets, included in the Company's restructuring initiatives. The Company also recorded restructuring charges of $4,068 related to the facility realignment costs of which $3,689 is outstanding as of December 31, 2020 and is reflected in other current and other long-term liabilities in our consolidated balance sheet. Restructuring and other expense for the year ended December 31, 2020 also includes $47,631 related to contractual payments for terminated employees. As of December 31, 2020, the outstanding amount due to terminated employees amounted to $14,366 and is reflected in other current and other long-term liabilities in our consolidated balance sheet. For the years ended December 31, 2020 and December 31, 2019, the Company incurred transaction costs of $2,325 and $5,180, respectively, primarily related to certain transactions not related to the Company's operations. For the year ended December 31, 2018, the Company incurred transaction costs of $7,521 relating to the Distribution discussed in Note 1. |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY, PLANT AND EQUIPMENT | PROPERTY, PLANT AND EQUIPMENT Costs incurred in the construction of the Company's cable systems, including line extensions to, and upgrade of, the Company's hybrid fiber/coaxial infrastructure and construction of the parallel fiber to the home ("FTTH") infrastructure, are capitalized. This includes headend facilities and initial placement of the feeder cable to connect a customer that had not been previously connected. These costs consist of materials, subcontractor labor, direct consulting fees, and internal labor and related costs associated with the construction activities. The internal costs that are capitalized consist of salaries and benefits of the Company's employees and the portion of facility costs, including rent, taxes, insurance and utilities, that supports the construction activities. These costs are depreciated over the estimated life of the plant (10 to 25 years) and headend facilities (5 to 25 years). Costs of operating the plant and the technical facilities, including repairs and maintenance, are expensed as incurred. Costs associated with the initial deployment of new customer premise equipment ("CPE") necessary to provide broadband, video and telephony services are also capitalized. These costs include materials, subcontractor labor, internal labor, and other related costs associated with the connection activities. The departmental activities supporting the connection process are tracked through specific metrics, and the portion of departmental costs that is capitalized is determined through a time weighted activity allocation of costs incurred based on time studies used to estimate the average time spent on each activity. These installation costs are amortized over the estimated useful lives of the CPE necessary to provide broadband, video and telephony services. The portion of departmental costs related to disconnecting services and removing CPE from a customer, costs related to connecting CPE that has been previously connected to the network, and repair and maintenance are expensed as incurred. The estimated useful lives assigned to our property, plant and equipment are reviewed on an annual basis or more frequently if circumstances warrant and such lives are revised to the extent necessary due to changing facts and circumstances. Any changes in estimated useful lives are reflected prospectively. Property, plant and equipment (including equipment under finance leases) consist of the following assets, which are depreciated or amortized on a straight-line basis over the estimated useful lives shown below: December 31, 2020 December 31, 2019 Estimated Customer premise equipment $ 1,845,830 $ 1,563,729 3 to 5 years Headends and related equipment 2,158,704 2,023,684 5 to 25 years Infrastructure 5,964,419 5,314,322 5 to 25 years Equipment and software 1,237,057 1,111,577 3 to 10 years Construction in progress (including materials and supplies) 174,610 192,571 Furniture and fixtures 65,724 63,478 5 to 8 years Transportation equipment 150,974 151,627 5 to 10 years Buildings and building improvements 481,693 457,174 10 to 40 years Leasehold improvements 110,037 103,734 Term of lease Land 48,791 48,426 12,237,839 11,030,322 Less accumulated depreciation and amortization (6,431,843) (5,276,921) $ 5,805,996 $ 5,753,401 For the years ended December 31, 2020, 2019 and 2018, the Company capitalized certain costs aggregating $134,857, $132,966 and $134,265, respectively, related to the acquisition and development of internal use software, which are included in the table above. Depreciation expense on property, plant and equipment (including finance leases) for the years ended December 31, 2020, 2019 and 2018 amounted to $1,344,732, $1,475,251 and $1,508,125, respectively. |
LEASES
LEASES | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
OPERATING LEASES | LEASES On January 1, 2019, the Company adopted ASC 842 which increases transparency and comparability by recognizing a lessee’s rights and obligations resulting from leases by recording them on the balance sheet as lease assets and lease liabilities. The new guidance requires the recognition of the right-of-use ("ROU") assets and related operating and finance lease liabilities on the balance sheet. The Company adopted the new guidance using the modified retrospective approach with a cumulative-effect adjustment recorded on January 1, 2019. The adoption of ASC 842 resulted in the recognition of ROU assets of $274,292 and lease liabilities for operating leases of $299,900 on the Company's consolidated balance sheet as of January 1, 2019, with no material impact to its consolidated statements of operations. The difference between the ROU assets and the operating lease liability represents the reclassification of (i) deferred rent balances, resulting from the historical operating leases, and (ii) certain accrued restructuring liabilities (See Note 7). The Company's accounting for finance leases remained substantially unchanged from its accounting for capital leases in prior periods. The Company elected the package of practical expedients permitted within the standard, which allow an entity to forgo reassessing (i) whether a contract contains a lease, (ii) classification of leases, and (iii) whether capitalized costs associated with a lease meet the definition of initial direct costs. Also, the Company elected the expedient allowing an entity to use hindsight to determine the lease term and impairment of ROU assets and the expedient related to land easements which allows the Company not to retrospectively treat land easements as leases; however, the Company must apply lease accounting prospectively to land easements if they meet the definition of a lease. For contracts entered into on or after the effective date, at the inception of a contract the Company will assess whether the contract is, or contains, a lease. The Company's assessment is based on: (i) whether the contract involves the use of a distinct identified asset, (ii) whether the Company obtained the right to substantially all the economic benefit from the use of the asset throughout the period, and (iii) whether the Company has the right to direct the use of the asset. Leases entered into prior to January 1, 2019, are accounted for under ASC 840 and were not reassessed for classification. For operating leases, the lease liability is initially and subsequently measured at the present value of the unpaid lease payments. For finance leases, the lease liability is initially measured in the same manner and date as for operating leases, and is subsequently measured at amortized cost using the effective interest method. The Company generally uses its incremental borrowing rate as the discount rate for leases, unless an interest rate is implicitly stated in the lease. The lease term for all of the Company’s leases includes the noncancellable period of the lease plus any additional periods covered by either a Company option to extend the lease that the Company is reasonably certain to exercise, or an option to extend the lease controlled by the lessor. All ROU assets are reviewed for impairment. Lease expense for operating leases consists of the lease payments plus any initial direct costs and is recognized on a straight-line basis over the lease term. Lease expense for finance leases consists of the amortization of the asset on a straight-line basis over the earlier of the lease term or its useful life and interest expense determined on an amortized cost basis. The lease payments are allocated between a reduction of the lease liability and interest expense. 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 December 31, 2020 December 31, 2019 Operating leases: Right-of-use lease assets Right-of-use operating lease assets $ 241,342 $ 280,340 Right-of-use lease liability, current Other current liabilities 38,296 38,836 Right-of-use lease liability, long-term Right-of-use operating lease liability 257,424 269,062 Finance leases: Right-of-use lease assets Property, plant and equipment 170,155 70,339 Right-of-use lease liability, current Current portion of long-term debt 63,454 22,017 Right-of-use lease liability, long-term Long-term debt 96,183 47,403 The following provides details of the Company's lease expense: Years Ended December 31, 2020 2019 Operating lease expense, net $ 58,923 $ 60,364 Finance lease expense: Amortization of assets 30,123 9,347 Interest on lease liabilities 6,324 2,106 Total finance lease expense 36,447 11,453 $ 95,370 $ 71,817 Other information related to leases is presented below: As of December 31, 2020 2019 Right-of-use assets acquired in exchange for operating lease obligations $ 35,383 $ 61,244 Cash Paid For Amounts Included In Measurement of Liabilities: Operating cash flows from finance leases 6,324 2,106 Operating cash flows from operating leases 64,391 65,352 Weighted Average Remaining Lease Term: Operating leases 9.0 years 9.4 years Finance leases 2.5 years 3.4 years Weighted Average Discount Rate: Operating leases 5.66 % 5.96 % Finance leases 5.38 % 5.49 % 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 2021 $ 70,074 $ 42,832 2022 65,828 52,508 2023 30,701 44,814 2024 3,456 40,986 2025 319 32,986 Thereafter — 171,238 Total future minimum lease payments, undiscounted 170,378 385,364 Less: Imputed interest (10,741) (89,644) Present value of future minimum lease payments $ 159,637 $ 295,720 |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 12 Months Ended |
Dec. 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 December 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 $ 6,052,598 $ (3,478,742) $ 2,573,856 $ 6,017,524 $ (2,843,561) $ 3,173,963 3 to 18 years Trade names 1,081,083 (894,189) 186,894 1,081,083 (798,484) 282,599 2 to 5 years Other amortizable intangibles 56,747 (36,381) 20,366 53,181 (28,634) 24,547 1 to 15 years $ 7,190,428 $ (4,409,312) $ 2,781,116 $ 7,151,788 $ (3,670,679) $ 3,481,109 Amortization expense for the years ended December 31, 2020, 2019 and 2018 aggregated $738,633, $787,893, and $874,214, respectively. The following table sets forth the estimated amortization expense on intangible assets for the periods presented: Estimated amortization expense Year Ending December 31, 2021 $ 629,513 Year Ending December 31, 2022 545,826 Year Ending December 31, 2023 380,300 Year Ending December 31, 2024 301,035 Year Ending December 31, 2025 255,439 The carrying amount of indefinite-lived cable television franchises and goodwill is presented below: Indefinite-lived Cable Television Franchises Goodwill Balance as of December 31, 2018 $ 13,020,081 $ 8,012,416 Goodwill recorded in connection with an acquisition of Cheddar Inc. ("Cheddar") — 130,039 Adjustments to purchase accounting relating to business acquired — (146) Balance as of December 31, 2019 13,020,081 $ 8,142,309 Indefinite-lived cable television franchises and goodwill recorded in connection with an acquisition (see discussion below) 47,936 18,257 Balance as of December 31, 2020 $ 13,068,017 $ 8,160,566 On July 14, 2020, the Company completed its acquisition of certain cable assets in New Jersey for approximately $150,000. The acquisition was accounted for as a business combination in accordance with ASC Topic 805. In connection with the acquisition, the Company recorded indefinite-lived cable television franchise rights of approximately $47,936, customer relationships of approximately $35,074 and goodwill of approximately $18,257 based on an allocation of the purchase price. In addition, the Company recorded property, plant and equipment of approximately $52,362. |
DEBT
DEBT | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT The following table provides details of the Company's outstanding debt: Interest Rate December 31, 2020 December 31, 2019 Date Issued Maturity Date Principal Amount Carrying Amount (a) Principal Amount Carrying Amount (a) CSC Holdings Senior Notes: November 15, 2011 November 15, 2021 6.750 % $ 1,000,000 $ 989,917 $ 1,000,000 $ 979,178 September 27, 2012 September 15, 2022 5.875 % 649,024 617,333 649,024 600,849 May 23, 2014 June 1, 2024 5.250 % 750,000 697,041 750,000 683,940 October 18, 2018 July 15, 2025 7.750 % (e) — — 1,740 1,695 October 9, 2015 October 15, 2025 10.875 % (f) — — 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 % (e) — — 617,881 605,583 November 27, 2018 April 1, 2028 7.500 % 1,045,882 1,044,424 1,045,882 1,044,278 July 10 and October 7, 2019 January 15, 2030 5.750 % 2,250,000 2,286,097 2,250,000 2,289,168 June 16, 2020 December 1, 2030 4.625 % 2,325,000 2,370,502 — — 8,024,024 8,009,426 8,002,866 7,874,040 CSC Holdings Senior Guaranteed Notes: October 9, 2015 October 15, 2025 6.625 % (f) — — 1,000,000 989,483 September 23, 2016 April 15, 2027 5.500 % 1,310,000 1,305,955 1,310,000 1,305,430 January 29, 2018 February 1, 2028 5.375 % 1,000,000 993,490 1,000,000 992,757 November 27, 2018 July 15, 2023 5.375 % (e) — — 1,095,825 1,081,879 November 27, 2018 May 15, 2026 5.500 % 1,498,806 1,487,644 1,498,806 1,485,911 January 24, 2019 February 1, 2029 6.500 % 1,750,000 1,747,245 1,750,000 1,746,996 June 16, 2020 December 1, 2030 4.125 % 1,100,000 1,095,283 — — August 17, 2020 February 15, 2031 3.375 % 1,000,000 996,692 — — 7,658,806 7,626,309 7,654,631 7,602,456 CSC Holdings Restricted Group Credit Facility: Revolving Credit Facility (c) 2.479% (b) 625,000 616,027 — — Term Loan B July 17, 2025 2.409% 2,895,000 2,884,065 2,925,000 2,911,729 Incremental Term Loan B-3 January 15, 2026 2.409% 1,252,688 1,248,293 1,265,438 1,260,200 Incremental Term Loan B-5 April 15, 2027 2.659% 2,977,500 2,956,807 3,000,000 2,976,358 7,750,188 7,705,192 7,190,438 7,148,287 Lightpath Senior Notes: September 29, 2020 September 15, 2028 5.625 % 415,000 406,176 — — Lightpath Senior Secured Notes: September 29, 2020 September 15, 2027 3.875 % 450,000 440,487 — — Lightpath Term Loan November 30, 2027 3.750 % 600,000 582,808 — — Lightpath Revolving Credit Facility (g) — — — — 1,465,000 1,429,471 — — Collateralized indebtedness (see Note 12) 1,699,566 1,617,506 1,699,566 1,585,088 Finance lease obligations (see Note 9) 159,637 159,637 69,420 69,420 Notes payable and supply chain financing (d) 183,690 174,801 156,519 140,994 26,940,911 26,722,342 24,773,440 24,420,285 Less: current portion of credit facility debt (78,750) (78,750) (65,250) (65,250) Less: current portion of senior notes (1,000,000) (989,917) — — Less: current portion of finance lease obligations (63,454) (63,454) (22,017) (22,017) Less: current portion of notes payable and supply chain financing (113,592) (113,592) (83,415) (83,415) (1,255,796) (1,245,713) (170,682) (170,682) Long-term debt $ 25,685,115 $ 25,476,629 $ 24,602,758 $ 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 December 31, 2020, $137,920 of the revolving credit facility was restricted for certain letters of credit issued on behalf of the Company and $1,712,080 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 is priced at LIBOR plus 3.25%. (d) Includes $99,941 related to supply chain financing agreements that is required to be repaid within one year from the date of the respective agreement. The principal amounts include $59,451 of notes payable that will be reclassified to collateralized indebtedness upon the maturity, in January 2021, of a monetization contract related to the synthetic monetization closeout transaction in November 2019. See Note 12. (e) These notes were repaid in July 2020 with proceeds from the issuance of new notes in June 2020. See discussion below. (f) These notes were repaid in August 2020 with proceeds from the issuance of new notes. See discussion below. (g) There were no borrowings outstanding under the Lightpath Revolving Credit Facility which provides for commitments in an aggregate principal amount of $100,000. See discussion below. In October 2018, the Company combined its Suddenlink and Optimum businesses under a single credit silo (the "Combination"). The integration of the Suddenlink and Optimum businesses was aimed at aligning Altice USA’s debt capital structure and to simplify Altice USA’s financing strategy and financial reporting requirements. The Combination was effected mainly by the following transactions: • In October 2018, Altice US Finance, Cequel Capital Corporation and Cequel Communications Holdings I, LLC ("CCHI") commenced an offer to exchange (the "Exchange Offer") any and all outstanding senior notes and senior secured notes issued by them (the "Original Cequel Notes") for up to $5,520,000 aggregate principal amount of new notes (the "New Cequel Notes") and, in the case of the 5.375% senior secured notes due 2023 and 5.500% senior secured notes due 2026, and cash of $6,500. Approximately $5,500,050 of the outstanding notes subject to the Exchange Offer were exchanged into corresponding series of New Cequel Notes. • In October 2018, CSC Holdings entered into a Sixth Amendment to the CSC Credit Facilities Agreement (the "Combination Incremental Term Loan Agreement"). The Combination Incremental Term Loan Agreement provided for, among other things, new incremental term loan commitments in an aggregate principal amount of $1,275,000. On or following the Combination Date the following transactions were completed: • The Company redeemed $5,206 principal amount of the Original Cequel Notes that were outstanding after the consummation of the Exchange Offer. • New Cequel Notes with an aggregate principal balance of $5,500,050 were converted into $5,499,156 principal amount of CSC Holdings senior note (see detail below). • Pursuant to the Combination Incremental Term Loan Agreement, on the Combination Date, CSC Holdings entered into a $1,275,000 ($1,252,688 outstanding at December 31, 2020) incremental term loan facility (the "Incremental Term Loan B-3") under its existing credit facilities agreement. The proceeds from the Incremental Term Loan B-3 were used to repay the entire principal amount of loans under Cequel’s then existing term loan facility and other transaction costs related to the Combination. The Incremental Term Loan B-3 is comprised of eurodollar borrowings or alternative base rate borrowings, and bear interest at a rate per annum equal to the Adjusted LIBOR or the alternate base rate, as applicable, plus the applicable margin, where the applicable margin is (i) with respect to any alternate base rate loan, 1.25% per annum and (ii) with respect to any eurodollar loan, 2.25% per annum. The Company is required to make scheduled quarterly payments equal to 0.25% (or $3,188) of the principal amount of the Incremental Term Loan B-3, beginning with the fiscal quarter ended June 30, 2019, with the remaining balance scheduled to be paid on January 15, 2026. • The Combination was implemented by a series of corporate transactions, including: (i) CCHI merging into Cablevision, with Cablevision as the surviving entity (the "Holdco Merger"), and (ii) Cequel Communications Holdings II, LLC (the direct parent of Cequel) merging into CSC Holdings, with CSC Holdings as the surviving entity. In connection with the Holdco Merger, Cablevision assumed all of the obligations of CCHI that remained outstanding after giving effect to the Exchange Offer under the indentures governing the outstanding Original Cequel Notes. In July 2019, the Company redeemed in full the aggregate principal amount of the outstanding 5.125% senior notes due 2021 that were not exchanged in connection with the Exchange Offer. Pursuant to the Assumption of Cablevision Senior Notes in November 2019, as described below, the remaining original Cequel Notes that were assumed by Cablevision under the Combination became obligations of CSC Holdings. The following is a summary of the results of the Exchange Offer: Original Cequel Notes Remaining Original Cequel Notes Notes Redeemed in Cash Principal of New CSC Holdings Notes 5.375% Senior Secured Notes due 2023 $ 1,100,000 $ — $ 4,157 $ 1,095,825 5.5% Senior Secured Notes due 2026 1,500,000 — 1,049 1,498,806 5.125% Senior Notes due 2021 1,250,000 8,886 — 1,240,762 7.75% Senior Notes due 2025 620,000 1,740 — 617,881 7.5% Senior Notes due 2028 1,050,000 4,118 — 1,045,882 $ 5,520,000 $ 14,744 $ 5,206 $ 5,499,156 CSC Holdings Credit Facilities 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. Cablevision Lightpath LLC became an unrestricted subsidiary prior to the issuance of its senior notes and senior secured notes in September 2020. See discussion below regarding the Lightpath debt financing. In October 2015, a wholly-owned subsidiary of Altice USA, which merged with and into CSC Holdings on June 21, 2016, entered into a senior secured credit facility, which currently provides U.S. dollar term loans currently in an aggregate principal amount of $3,000,000 ( $2,895,000 outstanding at December 31, 2020) (the "CSC Term Loan Facility", and the term loans extended under the CSC Term Loan Facility, the "CSC Term Loans") and U.S. dollar revolving loan commitments in an aggregate principal amount of $2,475,000 ($625,000 outstanding at December 31, 2020) (the "CSC Revolving Credit Facility" and, together with the CSC Term Loan Facility, the "CSC Credit Facilities"), which are governed by a credit facilities agreement entered into by, inter alios, CSC Holdings certain lenders party thereto and JPMorgan Chase Bank, N.A. as administrative agent and security agent (as amended, restated, supplemented or otherwise modified on June 20, 2016, June 21, 2016, July 21, 2016, September 9, 2016, December 9, 2016, March 15, 2017, January 12, 2018, October 15, 2018, January 24, 2019, February 7, 2019, May 14, 2019 and October 3, 2019, respectively, and as further amended, restated, supplemented or otherwise modified from time to time, the "CSC Credit Facilities Agreement"). The Term Loan B is comprised of eurodollar borrowings or alternate base rate borrowings, and bears interest at a rate per annum equal to the adjusted LIBOR or the alternate base rate, as applicable, plus the applicable margin, where the applicable margin is (i) with respect to any alternate base rate loan, 1.25% per annum and (ii) with respect to any eurodollar loan, 2.25% per annum. The Company is required to make scheduled quarterly payments equal to 0.25% (or $7,500) of the principal amount of the Term Loan B, beginning with the fiscal quarter ended September 30, 2017, with the remaining balance scheduled to be paid on July 17, 2025. In January 2018, CSC Holdings entered into a $1,500,000 incremental term loan facility (the "Incremental Term Loan B-2") under its existing credit facilities agreement. The Incremental Term Loan B-2 was priced at 99.5% and was due to mature on January 25, 2026. The Incremental Term Loan B-2 was comprised of eurodollar borrowings or alternate base rate borrowings, and bore interest at a rate per annum equal to the adjusted LIBOR or the alternate base rate, as applicable, plus the applicable margin, where the applicable margin was (i) with respect to any alternate base rate loan, 1.50% per annum and (ii) with respect to any eurodollar loan, 2.50% per annum. The Company was required to make scheduled quarterly payments equal to 0.25% (or $3,750) of the principal amount of the Incremental Term Loan B-2, beginning with the fiscal quarter ended September 30, 2018, with the remaining balance scheduled to be paid on January 25, 2026. The Incremental Term Loan B-2 was repaid in full in October 2019 with proceeds from the Incremental Term Loan B-5 discussed below. In February 2019, CSC Holdings entered into a $1,000,000 incremental term loan facility ("Incremental Term Loan B-4") under its existing credit facilities agreement. The proceeds from the Incremental Term Loan B-4 were used to redeem $894,700 in aggregate principal amount of CSC Holdings’ 10.125% senior notes due 2023, representing the entire aggregate principal amount outstanding, and paying related fees, costs and expenses. The Incremental Term Loan B-4 was due to mature on April 15, 2027 and was issued with an original issue discount of 1.0%. The Incremental Term Loan B-4 was comprised of eurodollar borrowings or alternative base rate borrowings and bore interest at a rate per annum equal to the adjusted LIBOR or the alternate base rate, as applicable, plus the applicable margin, where the applicable margin was (i) with respect to any alternate base rate loan, 2.00% per annum and (ii) with respect to any eurodollar loan, 3.0%. The Incrementa l Term Loan B-4 was repaid in full in October 2019 with proceeds from the Incremental Term Loan B-5 discussed below. In October 2019, CSC Holdings entered into a $3,000,000 ($2,977,500 outstanding at December 31, 2020), incremental term loan facility ("Incremental Term Loan B-5") under its existing credit facilities agreement, out of which $500,000 was available on a delayed draw basis. The Incremental Term Loan B-5 matures on April 15, 2027 and was issued at par. The Incremental Term Loan B-5 may be comprised of eurodollar borrowings or alternative base rate borrowings, and will bear interest at a rate per annum equal to the Adjusted LIBOR or the alternate base rate, as applicable, plus the applicable margin, where the applicable margin is (i) with respect to any alternate base rate loan, 1.50% per annum and (ii) with respect to any eurodollar loan, 2.50% per annum. The Company is required to make scheduled quarterly payments equal to 0.25% (or $7,500) of the principal amount of the Incremental Term Loan B-5, beginning with the fiscal quarter ended June 30, 2020. The initial proceeds of the Incremental Term Loan B-5 were used to repay approximately $2,500,000 of the outstanding term loans (Incremental Term Loan B-2 and Incremental Term Loan B-4) under the credit agreement, and the proceeds of the delayed draw tranche of the Incremental Term Loan B-5 were used to distribute $500,000 in cash to Cablevision, the proceeds of which were used to redeem Cablevision’s 8.00% senior notes due 2020, representing the entire aggregate principal amount outstanding, and in each case, paying related fees, costs and expenses in connection with such transactions, with the remainder being used to fund cash on the balance sheet. In connection with the repayment of approximately $2,500,000 of the outstanding term loans, a portion of the unamortized discount and unamortized deferred financing costs was written-off and recorded as a loss on extinguishment of debt in the fourth quarter of 2019 (see table below). During the year ended December 31, 2020, CSC Holdings borrowed $2,075,000 under its revolving credit facility and repaid $1,450,000 of amounts outstanding under the revolving credit facility. The CSC Credit Facilities Agreement requires the prepayment of outstanding CSC Term Loans, subject to certain exceptions and deductions, with (i) 100% of the net cash proceeds of certain asset sales, subject to reinvestment rights and certain other exceptions; and (ii) on a pari ratable share (based on the outstanding principal amount of the Term Loans divided by the sum of the outstanding principal amount of all pari passu indebtedness and the Term Loans) of 50% of annual excess cash flow, which will be reduced to 0% if the consolidated net senior secured leverage ratio of CSC Holdings is less than or equal to 4.5 to 1. The obligations under the CSC Credit Facilities are guaranteed by each restricted subsidiary of CSC Holdings (other than CSC TKR, LLC and its subsidiaries and certain excluded subsidiaries) (the "Initial Guarantors") and, subject to certain limitations, will be guaranteed by each future material wholly-owned restricted subsidiary of CSC Holdings. The obligations under the CSC Credit Facilities (including any guarantees thereof) are secured on a first priority basis, subject to any liens permitted by the Credit Facilities, by capital stock held by CSC Holdings or any guarantor in certain subsidiaries of CSC Holdings, subject to certain exclusions and limitations. The CSC Credit Facilities Agreement includes certain negative covenants which, among other things and subject to certain significant exceptions and qualifications, limit CSC Holdings' ability and the ability of its restricted subsidiaries to: (i) incur or guarantee additional indebtedness, (ii) make investments, (iii) create liens, (iv) sell assets and subsidiary stock, (v) pay dividends or make other distributions or repurchase or redeem our capital stock or subordinated debt, (vi) engage in certain transactions with affiliates, (vii) enter into agreements that restrict the payment of dividends by subsidiaries or the repayment of intercompany loans and advances; and (viii) engage in mergers or consolidations. In addition, the CSC Revolving Credit Facility includes a financial maintenance covenant solely for the benefit of the lenders under the CSC Revolving Credit Facility consisting of a maximum consolidated net senior secured leverage ratio of CSC Holdings and its restricted subsidiaries of 5.0 to 1.0. The financial covenant will be tested on the last day of any fiscal quarter, but only if on such day there are outstanding borrowings under the CSC Revolving Credit Facility (including swingline loans but excluding any cash collateralized letters of credit and undrawn letters of credit not to exceed the letter of credit sublimit). The CSC Credit Facilities Agreement also 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 CSC Credit Facilities will be entitled to take various actions, including the acceleration of amounts due under the CSC Credit Facilities and all actions permitted to be taken by a secured creditor. CSC Holdings was in compliance with all of its financial covenants under the CSC Credit Facilities as of December 31, 2020. Cequel Credit Facilities In October 2018, in connection with the Combination described above, amounts outstanding pursuant to Cequel's term loan facility aggregating $1,249,188 were repaid from the proceeds of the Incremental Term Loan B-3 described above and all commitments pursuant to the Cequel credit facilities were cancelled. Term loans comprising each eurodollar borrowing or alternate base rate borrowing, as applicable, bore interest at a rate per annum equal to the adjusted LIBOR or the alternate base rate, as applicable, plus the applicable margin, where the applicable margin was 1.25% per annum with respect to any alternate base rate loans and 2.25% per annum with respect to any eurodollar loan. Senior Guaranteed Notes, Senior Secured Notes, and Senior Notes In January 2018, CSC Holdings issued $1,000,000 aggregate principal amount of 5.375% senior guaranteed notes due February 1, 2028 (the "2028 Guaranteed Notes"). The 2028 Guaranteed Notes are senior unsecured obligations and rank pari passu in right of payment with all of the existing and future senior indebtedness, including the existing senior notes and the CSC Credit Facilities and rank senior in right of payment to all of existing and future subordinated indebtedness. The proceeds from the 2028 Guaranteed Notes, together with proceeds from the Incremental Term Loan B-2 (discussed above), borrowings under the CSC revolving credit facility and cash on hand, were used in February 2018 to repay $300,000 principal amount of CSC Holdings' senior notes due in February 2018 and $750,000 principal amount of Cablevision senior notes due in April 2018 and a portion was used to fund the dividend of $1,499,935 to the Company's stockholders immediately prior to and in connection with the Distribution discussed in Note 1. In connection with the redemption of Cablevision senior notes, the Company paid a call premium of approximately $7,019, which was recorded as a loss on extinguishment of debt and also recorded a write-off of the unamortized premium of $2,314. In April 2018, CCHI and Cequel Capital Corporation each an indirect, wholly owned subsidiary of the Company, issued $1,050,000 aggregate principal amount of 7.50% senior notes due April 1, 2028 (the "2028 Senior Notes"). The proceeds of these notes were used in April 2018 to redeem the $1,050,000 aggregate principal amount 6.375% senior notes due September 15, 2020. In connection with the redemption of these notes, the Company paid a call premium of approximately $16,737, which was recorded as a loss on extinguishment of debt and also recorded a write-off of deferred financing costs aggregating $20,173. See discussion above regarding the exchange of these notes as a result of the Combination. In January 2019, CSC Holdings issued $1,500,000 in aggregate principal amount of senior guaranteed notes due 2029 ("CSC Holdings 2029 Guaranteed Notes"). The notes bear interest at a rate of 6.50% and will mature on February 1, 2029. The net proceeds from the sale of the notes were used to repay certain indebtedness, including to repay at maturity $526,000 aggregate principal amount of CSC Holdings' 8.625% senior notes due February 2019 plus accrued interest, redeem approximately $905,300 of the aggregate outstanding amount of CSC Holdings' 10.125% senior notes due 2023 at a redemption price of 107.594% plus accrued interest, and paid fees and expenses associated with the transactions. In February 2019, CSC Holdings issued an additional $250,000 CSC Holdings 2029 Guaranteed Notes at a price of 101.75% of the principal amount, plus accrued interest from January 31, 2019. The proceeds of these notes were used to repay the outstanding balance under the CSC Revolving Credit Facility. In July 2019, CSC Holdings issued $1,000,000 in aggregate principal amount of senior notes which bear interest at a rate of 5.75% and will mature on January 15, 2030 ("2030 Senior Notes"). The net proceeds from the sale of the notes were used to repay outstanding borrowings under the CSC Revolving Credit Facility of approximately $622,857, along with accrued interest and pay fees associated with the transactions. The remaining proceeds were used for general corporate purposes. In October 2019, CSC Holdings issued an additional $1,250,000 aggregate principal amount of its 2030 Senior Notes at a price of 104.00% of the principal amount plus accrued interest from July 10, 2019 until October 7, 2019. The proceeds of these notes were used to redeem $1,240,762 aggregate outstanding principal amount of CSC Holdings 5.125% senior notes due 2021 in full and to pay accrued interest, fees, costs and expenses associated with these transactions. In connection with the redemption, the Company recorded a loss on extinguishment of debt of $65,151, representing the unamortized discount and deferred financing costs as of the redemption date. In June 2020, CSC Holdings issued $1,100,000 in aggregate principal amount of senior guaranteed notes that bear interest at a rate of 4.125% and mature on December 1, 2030 and $625,000 in aggregate principal amount of senior notes that bear interest at a rate of 4.625% and mature on December 1, 2030. The net proceeds from the sale of the these notes was used in July 2020 to early redeem the $1,095,825 aggregate principal amount of CSC Holdings' 5.375% senior secured notes due July 15, 2023, the $617,881 and the $1,740 aggregate principal amount of CSC Holdings' 7.750% senior notes due July 15, 2025, plus pay accrued interest and the associated premiums related to the early redemption of these notes. In connection with the early redemptions, the Company recognized a loss on the extinguishment of debt aggregating $62,096, reflecting the early redemption premiums and the write-off of outstanding deferred financing costs on these notes. In August 2020, CSC Holdings issued $1,000,000 in aggregate principal amount of new senior guaranteed notes that bear interest at a rate of 3.375% and mature on February 15, 2031 and an additional $1,700,000 in aggregate principal amount of its 4.625% senior notes that mature on December 1, 2030 at a price of 103.25% of the aggregate principal amount. The net proceeds from the sale of the notes was used to early redeem the $1,684,221 aggregate principal amount of CSC Holdings' 10.875% senior notes due October 15, 2025, the $1,000,000 aggregate principal amount of CSC Holdings' 6.625% senior guaranteed notes due October 15, 2025, plus pay accrued interest and the associated premiums related to the early redemption of these notes. In connection with the early redemptions, the Company recognized a loss on the extinguishment of debt aggregating $188,393, reflecting the early redemption premiums and the write-off of outstanding deferred financing costs on these notes. The indentures under which the Senior Guaranteed Notes and Senior Notes were issued contain certain customary covenants and agreements, including limitations on the ability of CSC Holdings and its restricted subsidiaries to (i) incur or guarantee additional indebtedness, (ii) make investments or other restricted payments, (iii) create liens, (iv) sell assets and subsidiary stock, (v) pay dividends or make other distributions or repurchase or redeem our capital stock or subordinated debt, (vi) engage in certain transactions with affiliates, (vii) enter into agreements that restrict the payment of dividends by subsidiaries or the repayment of intercompany loans and advances, and (viii) engage in mergers or consolidations, in each case subject to certain exceptions. The indentures also contain certain customary events of default. If an event of default occurs, the obligations under the notes may be accelerated. Subject to customary conditions, the Company may redeem some or all of the notes at the redemption price set forth in the relevant indenture, plus accrued and unpaid interest, plus a specified "make-whole" premium (in the event the notes are redeemed prior to a certain specified time set forth in the indentures). The Company was in compliance with all of its financial covenants under these indentures as of December 31, 2020. Lightpath Debt Financing On September 29, 2020, in connection with the Lightpath Transaction, Cablevision Lightpath LLC ("Lightpath") issued $450,000 in aggregate principal amount of senior secured notes that bear interest at a rate of 3.875% and mature on September 15, 2027 and $415,000 in aggregate principal amount of senior notes that bear interest at a rate of 5.625% and mature on September 15, 2028. Prior to the issuance of these notes, Lightpath became an unrestricted subsidiary under the terms of CSC Holdings' debt. In addition, on September 29, 2020, Lightpath entered into a credit agreement between, inter alios, certain lenders party thereto and Goldman Sachs Bank USA, as administrative agent, and Deutsche Bank Trust Company Americas, as collateral agent, (the "Lightpath Credit Agreement") which provides for, among other things, (i) a term loan in an aggregate principal amount of $600,000 (the “Lightpath Term Loan Facility”) at a price of 99.5% of the aggregate principal amount, which was drawn on November 30, 2020, and (ii) revolving loan commitments in an aggregate principal amount of $100,000 (the “Lightpath Revolving Credit Facility"). As of December 31, 2020, there were no borrowings outstanding under the Lightpath Revolving Credit Facility. The Company is required to make scheduled quarterly payments equal to 0.25% (or $1,500) of the principal amount of the Lightpath Term Loan Facility, beginning with the fiscal quarter ended March 31, 2021. The loans made pursuant to the Lightpath Credit Agreement are comprised of eurodollar borrowings or alternative base rate borrowings, and bear interest at a rate per annum equal to the adjusted LIBOR rate or the alternate base rate, as applicable, plus the applicable margin, where the applicable margin is (i) with respect to any alternate base rate loan, 2.25% per annum and (ii) with respect to any eurodollar loan, 3.25% per annum. The maturity date of the (i) Lightpath Term Loan Facility is November 30, 2027 and (ii) Lightpath Revolving Credit Facility is November 30, 2025. Lightpath was in compliance with all of its financial covenants under the Lightpath Credit Facility and notes indentures as of December 31, 2020. Assumption of Cablevision Senior Notes In November 2019, pursuant to an asset contribution agreement (the "Asset Contribution"), Cablevision contributed to CSC Holdings substantially all of its assets and CSC Holdings assumed all of Cablevision’s liabilities, including Cablevision’s 5.875% senior notes due September 2022 with an aggregate outstanding principal amount of $649,024, Cablevision’s 7.750% senior notes due July 2025 with an aggregate outstanding principal amount of $1,740, and Cablevision's 7.500% senior notes due April 2028 with an aggregate outstanding principal amount of $4,118 (the "Assumption of Cablevision Senior Notes"). Loss on Extinguishment of Debt and the Write-off of Deferred Financing Costs 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 Year Ended December 31, 2020: CSC Holdings 5.375% Senior Guaranteed Notes due 2023 $ 26,721 CSC Holdings 7.75% Senior Notes due 2025 35,375 CSC Holdings 10.875% Senior Notes due 2025 136,249 CSC Holdings 6.625% Senior Guaranteed Notes due 2025 52,144 $ 250,489 For the Year Ended December 31, 2019: CSC Holdings 5.125% Senior Notes due 2021 $ 65,151 CSC Holdings 10.125% Senior Notes due 2023 154,666 Refinancing and subsequent amendment to CSC Holdings credit facility 8,313 Subtotal - CSC Holdings 228,130 Cablevision 5.125% Senior Notes due 2021 500 Cablevision 8.000% Senior Notes due 2020 15,176 $ 243,806 For the Year Ended December 31, 2018: Cequel Credit Facility $ 7,733 Cequel senior and senior secured notes pursuant to the Exchange Offer discussed above 150 Subtotal - CSC Holdings 7,883 Cequel 6.375% Senior Notes due 2020 36,910 Cequel senior and senior secured notes pursuant to the Exchange Offer discussed above (695) Cablevision 7.75% Senior Notes due 2018 4,706 $ 48,804 Summary of Debt Maturities The future maturities of debt payable by the Company under its various debt obligations outstanding as of December 31, 2020, including notes payable and collateralized indebtedness (see Note 12), but excluding finance lease obligations (see Note 9), are as follows: Years Ending December 31, 2021 $ 1,192,342 2022 734,667 2023 1,841,383 2024 1,453,889 2025 2,823,750 Thereafter 18,735,243 |
DERIVATIVE CONTRACTS AND COLLAT
DERIVATIVE CONTRACTS AND COLLATERALIZED INDEBTEDNESS | 12 Months Ended |
Dec. 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 December 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 December 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 sheets, with changes in fair value reflected in the consolidated statements of operations. As of December 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 December 31, 2020 2019 Asset Derivatives: Interest rate swap contracts Derivative contracts, short-term $ 5,132 $ — Prepaid forward contracts Derivative contracts, short-term 45,653 — Interest rate swap contracts Derivative contracts, long-term 4,774 — Prepaid forward contracts Derivative contracts, long-term — 25,207 55,559 25,207 Liability Derivatives: Interest rate swap contracts Other current liabilities — (469) Prepaid forward contracts Other current liabilities (45,653) — Prepaid forward contracts Liabilities under derivative contracts, long-term (247,853) (94,795) Interest rate swap contracts Liabilities under derivative contracts, long-term (275,297) (160,871) $ (568,803) $ (256,135) The following table presents certain consolidated statement of operations data related to our derivative contracts and the underlying common stock: Years Ended December 31, 2020 2019 2018 Gain (loss) on derivative contracts related to change in the value of equity derivative contracts related to Comcast common stock $ (178,264) $ (282,713) $ 218,848 Change in fair value of Comcast common stock included in gain (loss) on investments 319,157 469,071 (261,993) Loss on interest rate swap contracts, net of a gain of $74,835 recorded in 2020 in connection with the early termination of the swap agreements discussed below (78,606) (53,902) (61,697) 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 gain (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. During the year ended December 31, 2020, the Company entered into new interest rate swap contracts on an aggregate notional value of $3,850,000. See table below. The following is a summary of interest rate swap contracts outstanding at December 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 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% April 2020 April 2021 2,850,000 Six-month LIBOR minus 0.5185% One-month LIBOR In November 2019, the Company entered into a new monetization contract related to 5,337,750 shares of Comcast common stock held by us, which synthetically reversed the existing contract related to these shares. In addition, the Company entered into amendments to monetization contracts related to 37,617,486 shares of Comcast common stock held by us. The new and amended monetization contracts extended the maturity date to April 28, 2023 and provide the Company with downside protection below the hedge price of $40.95 per share and upside benefit of stock price appreciation up to $49.55 per share. In connection with the execution of these contracts, the Company received cash of $93,000 and recorded (i) an increase in the fair value of the equity derivative contracts of $103,781, ii) an increase in notes payable, net of discount, of $36,587, and (iii) an increase in collateralized debt, net of discount of $160,194. |
FAIR VALUE MEASUREMENT
FAIR VALUE MEASUREMENT | 12 Months Ended |
Dec. 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 the Company's financial assets and financial liabilities that are measured at fair value on a recurring basis and their classification under the fair value hierarchy: Fair Value December 31, 2020 December 31, 2019 Assets: Money market funds Level I $ 50,236 $ 563,704 Investment securities pledged as collateral Level I 2,250,854 1,931,697 Prepaid forward contracts Level II 45,653 25,207 Interest rate swap contracts Level II 9,906 — Liabilities: Prepaid forward contracts Level II 293,506 94,795 Interest rate swap contracts Level II 275,297 161,340 Contingent consideration related to 2017 and 2018 acquisitions Level III — 7,250 The Company's money market funds which are classified as cash equivalents 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, Senior Secured 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 their short-term 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 below: December 31, 2020 December 31, 2019 Fair Value Carrying Estimated Carrying Estimated Credit facility debt Level II $ 8,288,000 $ 8,350,188 $ 7,148,287 $ 7,190,438 Collateralized indebtedness Level II 1,617,506 1,692,724 1,585,088 1,611,095 Senior guaranteed and senior secured notes Level II 8,066,796 8,567,858 7,602,456 8,220,518 Senior notes Level II 8,415,602 9,024,990 7,874,040 8,728,870 Notes payable and supply chain financing Level II 174,801 175,251 140,994 141,713 $ 26,562,705 $ 27,811,011 $ 24,350,865 $ 25,892,634 (a) Amounts are net of unamortized deferred financing costs and discounts/premiums. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES Altice USA files a federal consolidated and certain state combined income tax returns with its 80% or more owned subsidiaries. CSC Holdings and its subsidiaries are included in the consolidated federal income tax returns of Altice USA. The income tax provision for CSC Holdings is determined on a stand-alone basis for all periods presented as if CSC Holdings filed separate consolidated income tax returns. In accordance with a tax sharing agreement between CSC Holdings and Altice USA, CSC Holdings has an obligation to Altice USA for its stand-alone current tax liability as if it filed separate income tax returns. Income tax expense (benefit) for the years ended December 31, 2020, 2019 and 2018 consist of the following components: Altice USA CSC Holdings Years Ended December 31, Years Ended December 31, 2020 2019 2018 2020 2019 2018 Current expense (benefit): Federal $ — $ — $ (1,865) $ (55,044) $ 240,229 $ 186,035 State 65,804 33,103 32,347 82,238 70,567 124,106 65,804 33,103 30,482 27,194 310,796 310,141 Deferred expense (benefit): Federal 113,871 43,105 26,141 156,338 (176,591) (102,872) State (38,359) (28,174) (93,744) (55,121) (62,118) (148,721) 75,512 14,931 (67,603) 101,217 (238,709) (251,593) 141,316 48,034 (37,121) 128,411 72,087 58,548 Tax benefit relating to uncertain tax positions (1,568) (844) (1,534) (1,568) (844) (985) Income tax expense (benefit) $ 139,748 $ 47,190 $ (38,655) $ 126,843 $ 71,243 $ 57,563 The income tax expense (benefit) attributable to Altice USA's operations differs from the amount derived by applying the statutory federal rate to pretax loss principally due to the effect of the following items: Altice USA CSC Holdings Years Ended December 31, Years Ended December 31, 2020 2019 2018 2020 2019 2018 Federal tax expense (benefit) at statutory rate $ 122,478 $ 39,297 $ (3,793) $ 122,363 $ 59,653 $ 66,757 State income taxes, net of federal impact 59,383 (6,256) (8,103) 58,802 (9,060) 33,249 Changes in the valuation allowance 10,333 4,079 15,987 10,598 4,307 — Changes in the state rates used to measure deferred taxes, net of federal impact (46,768) (1,046) (52,915) (46,768) 6,532 (53,493) Tax benefit relating to uncertain tax positions (1,568) (847) (514) (1,568) (847) (514) Tax credits (17,205) — — (17,205) — — Non-deductible share-based compensation related to the carried unit plan 2,108 15,642 8,677 2,108 15,642 8,677 Non-deductible officers compensation 6,715 — — 6,715 — — Other non-deductible expenses (883) 1,334 2,200 (886) 1,334 2,011 Other, net 5,155 (5,013) (194) (7,316) (6,318) 876 Income tax expense (benefit) $ 139,748 $ 47,190 $ (38,655) $ 126,843 $ 71,243 $ 57,563 In March, 2020, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was signed into law. Included in the CARES Act, was a revision to IRC Sec 163(j) increasing the ATI (adjusted taxable income) limit of deductible interest from 30% to 50% for tax years 2019 and 2020. The additional deductible interest on the 2019 federal return was $176,539, tax-effected; as a result, the previously reported federal net operating loss carryforwards (“NOLs”) were increased by $176,539, resulting in a net zero tax impact for CSC Holdings and Altice USA. In 2020, Altice USA and CSC Holdings recorded a net deferred tax benefit of $46,768 based on a remeasurement of the net deferred tax liability for the year ended December 31, 2020 as a result of a decrease in the blended state tax rate utilized to tax-effect the gross temporary differences. In addition, the Company recorded a $17,205 benefit resulting from research and development tax credits for the years 2016-2019 that will be fully utilized in 2020 after the full utilization of the federal NOLs. During 2018, the Company determined that it met the definition of a Qualified Technology Company for New York State tax purposes and thereby was eligible for a reduced tax rate. Additionally, during 2018, the state of New Jersey enacted significant tax law changes imposing a 2.5% surtax for tax years beginning January 1, 2018 and mandating combined return filing requirements for unitary corporations for tax years beginning January 1, 2019. Accordingly, Altice USA and CSC Holdings recorded a net deferred tax benefit of $52,915 and $53,493, respectively, based on a remeasurement of the net deferred tax liability for the year ended December 31, 2018. The tax effects of temporary differences which give rise to significant portions of deferred tax assets or liabilities and the corresponding valuation allowance are as follows: Altice USA CSC Holdings December 31, December 31, 2020 2019 2020 2019 Noncurrent NOLs and tax credit carry forwards $ 75,912 $ 309,924 $ 30,745 $ 74,300 Compensation and benefit plans 29,159 25,227 29,159 25,227 Partnership investments (118,150) 49,956 (118,150) 49,956 Restructuring liability 7,169 11,280 7,169 11,280 Other liabilities 49,363 42,339 49,363 42,339 Liabilities under derivative contracts 510,519 432,415 510,519 432,415 Interest deferred for tax purposes — 333,856 — 333,856 Operating lease liability 70,648 82,393 70,648 82,393 Other 28,238 12,428 28,237 12,428 Deferred tax assets 652,858 1,299,818 607,690 1,064,194 Less: Valuation allowance (39,812) (29,479) (22,457) (11,859) Net deferred tax assets, noncurrent 613,046 1,270,339 585,233 1,052,335 Deferred tax liabilities: Fixed assets and intangibles (4,941,232) (5,384,320) (4,941,232) (5,384,320) Operating lease asset (56,363) (75,019) (56,363) (75,019) Investments (587,184) (505,942) (587,184) (505,942) Prepaid expenses (12,755) (10,978) (12,755) (10,978) Fair value adjustments related to debt and deferred financing costs (21,679) (56,675) (21,679) (56,675) Deferred tax liability, noncurrent (5,619,213) (6,032,934) (5,619,213) (6,032,934) Total net deferred tax liabilities $ (5,006,167) $ (4,762,595) $ (5,033,980) $ (4,980,599) The tax impact on the Lightpath Transaction discussed in Note 1 of $228,489 is reflected in stockholders' equity (deficiency) of Altice USA. Due to the taxable gain resulting from the Lightpath Transaction, the Company will utilize its federal NOLs, capital loss carryover, research and development tax credits, and general business credits in 2020. In addition, as of December 31, 2020, the Company has a receivable of $48,645 relating to a refund request for prior year AMT credits, including $12,161 claimed in 2020 due to the CARES Act acceleration of credits, which is expected to be collected in 2021. Deferred tax assets have resulted primarily from the Company's future deductible temporary differences and NOLs. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax asset will not be realized. In evaluating the need for a valuation allowance, management takes into account various factors, including the expected level of future taxable income, available tax planning strategies and reversals of existing taxable temporary differences. If such estimates and related assumptions change in the future, the Company may be required to record additional valuation allowances against its deferred tax assets, resulting in additional income tax expense in the Company's consolidated statements of operations. Management evaluates the realizability of the deferred tax assets and the need for additional valuation allowances quarterly. Pursuant to the Cablevision Acquisition and Cequel Acquisition, deferred tax liabilities resulting from the book fair value adjustment increased significantly and future taxable income that will result from the reversal of existing taxable temporary differences for which deferred tax liabilities are recognized is sufficient to conclude it is more likely than not that the Company will realize all of its gross deferred tax assets, except those deferred tax assets against which a valuation allowance has been recorded which relate to certain state NOLs and the foreign NOLs in i24NEWS. In the normal course of business, the Company engages in transactions in which the income tax consequences may be uncertain. The Company's income tax returns are filed based on interpretation of tax laws and regulations. Such income tax returns are subject to examination by taxing authorities. For financial statement purposes, the Company only recognizes tax positions that it believes are more likely than not of being sustained. There is considerable judgment involved in determining whether positions taken or expected to be taken on the tax return are more likely than not of being sustained. Changes in the liabilities for uncertain tax positions are recognized in the interim period in which the positions are effectively settled or there is a change in factual circumstances. As of December 31, 2020, if all uncertain tax positions were sustained at the amounts reported or expected to be reported in the Company's tax returns, the elimination of the Company's unrecognized tax benefits, net of the deferred tax impact, would decrease income tax expense by $1,784. |
SHARE-BASED COMPENSATION
SHARE-BASED COMPENSATION | 12 Months Ended |
Dec. 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 LP. The awards generally vested as follows: 50% on the second anniversary of June 21, 2016 or December 21, 2015 ("Base Date"), 25% on the third anniversary of the Base Date, and 25% on the fourth anniversary of the Base Date. Neptune Holding US GP LLC, the general partner of Neptune Management LP, has the right to repurchase (or to assign to an affiliate, including the Company, the right to repurchase) vested awards held by employees for sixty days following their termination. For performance-based awards under the plan, vesting occurs upon achievement or satisfaction of a specified performance condition. The Company considered the probability of achieving the established performance targets in determining the share-based compensation with respect to these awards at the end of each reporting period. Beginning on the fourth anniversary of the Base Date, the holders of carry units have an annual opportunity (a sixty days period determined by the administrator of the plan) to sell their units back to Neptune Holding US GP LLC (or affiliate, including the Company, designated by Neptune Holding US GP LLC). Accordingly, the carry units are presented as temporary equity on the consolidated balance sheets at fair value. Adjustments to fair value at each reporting period are recorded in stockholders' equity (deficiency). The right of Neptune Holding US GP LLC to assign to an affiliate, including the Company, the right to repurchase an employee’s vested units during the sixty-day period following termination, or to satisfy its obligation to repurchase an employee’s vested units during annual 60 day periods following the fourth anniversary of the Base Date, may be exercised by Neptune Holding US GP LLC in its discretion at the time a repurchase right or obligation arises. The carry unit plan requires the purchase price payable to the employee or former employee, as the case may be, to be paid in cash, a promissory note (with a term of not more than 3 years and bearing interest at the long-term applicable federal rate under Section 1274(d) of the Internal Revenue Code) or combination thereof, in each case as determined by Neptune Holding US GP LLC in its discretion at the time of the repurchase. Neptune Holding US GP LLC expects that vested units will be redeemed for shares of the Altice USA Class A common stock upon vesting. The Company measures the cost of employee services received in exchange for carry units based on the fair value of the award at grant date. In addition, these units are presented as temporary equity in our consolidated balance sheet at fair value. For carry unit awards granted in 2016, an option pricing model was used which requires subjective assumptions for which changes in these assumptions could materially affect the fair value of the carry units outstanding. The time to liquidity event assumption was based on management’s judgment. The equity volatility assumption was estimated using the historical weekly volatility of publicly traded comparable companies. The risk-free rate assumed was based on the U.S. Constant Maturity Treasury Rates for a period matching the expected time to liquidity event. The discount for lack of marketability was based on Finnerty's (2012) average-strike put option model. For carry unit awards granted in the first and second quarter of 2017, the Company estimated the grant date fair value based on the value established in Altice USA's IPO. The following table summarizes activity relating to these carry units: Number of Time Number of Performance Weighted Average Grant Date Fair Value Balance, December 31, 2017 168,550,001 10,000,000 $0.71 Vested (68,037,500) — 0.37 Forfeited (16,937,501) — 0.62 Balance, December 31, 2018 83,575,000 10,000,000 1.14 Vested (42,618,750) — 0.83 Converted to restricted shares — (10,000,000) 0.37 Forfeited (3,437,500) — 0.84 Balance, December 31, 2019 37,518,750 — 2.35 Vested (30,431,250) — 2.20 Forfeited (212,500) — 0.56 Balance, December 31, 2020 6,875,000 — 3.41 The weighted average fair value per unit was $3.89, $3.25, and $1.95 as of December 31, 2020, 2019 and 2018, respectively. For the years ended December 31, 2020, 2019 and 2018 the Company recognized share-based compensation expense of $10,036, $54,614 and $41,321, respectively, related to the carry unit plan. As of December 31, 2020, there was $804 of total unrecognized compensation cost related to the carry unit plan which is expected to be recognized by April 2021. Long Term Incentive Plan In connection with Altice USA's IPO, the Company adopted the Altice USA 2017 Long Term Incentive Plan (the "2017 LTIP"). Under the 2017 LTIP, the Company may grant awards of options, restricted shares, restricted share units, stock appreciation rights, performance stock, performance stock units and other awards. Under the 2017 LTIP, awards may be granted to officers, employees and consultants of the Company or any of its affiliates. The 2017 LTIP is administered by Altice USA's Board of Directors (the "Board"), subject to the provision of the stockholders' agreement. The Board has delegated its authority to the Company's Compensation Committee. The Compensation Committee has the full power and authority to, among other things, select eligible participants, to grant awards in accordance with the 2017 LTIP, to determine the number of shares subject to each award or the cash amount payable in connection with an award and determine the terms and conditions of each award. In November 2018, the Board and the Company's stockholders holding a majority of the voting power of its capital stock approved an amendment to the 2017 LTIP, which increased the maximum aggregate number of shares that may be issued for all purposes under the Plan to 19,879,291. In June 2020, stockholders of the Company approved an increase to the number of shares authorized for issuance under the LTIP by 35,000,000 shares to 54,879,291 and approved the extension of the term to June 10, 2030. The Board has the authority to amend, suspend, or terminate the 2017 LTIP. No amendment, suspension or termination will be effective without the approval of the Company's stockholders if such approval is required under applicable laws, rules and regulations. Stock Option Awards Options outstanding under the 2017 LTIP Plan either cliff vest on the third anniversary of the date of grant or vest over 4 years, where 50% vest on the second anniversary, 25% on the third anniversary and 25% on the fourth anniversary of the date of grant. The option awards generally are subject to continued employment with the Company, and expire 10 years from the date of grant. Performance based option awards vest upon achievement of performance criteria. The following table summarizes activity related to stock options granted to Company employees: Shares Under Option Weighted Average Weighted Average Remaining Time Performance Aggregate Intrinsic Balance at December 31, 2017 5,110,747 — $ 17.45 9.97 $ 8,331 Granted 6,753,659 95,953 17.58 Forfeited (634,238) (22,314) 17.92 Balance at December 31, 2018 11,230,168 73,639 17.50 9.47 — Granted 3,677,076 — 23.88 Exercised (184,147) — 17.43 Forfeited (639,356) (73,639) 18.42 Balance at December 31, 2019 14,083,741 — 19.12 8.74 112,915 Granted 26,569,892 — 28.41 Exercised (824,227) — 17.46 Forfeited (2,767,260) — 23.05 Balance at December 31, 2020 37,062,146 — 25.52 8.69 457,608 Options exercisable at December 31, 2020 3,206,272 — 17.54 7.06 65,197 (a) The aggregate intrinsic value is calculated as the difference between the exercise price and the closing price of Altice USA's Class A common stock at the respective date. The Company recognized share-based compensation expense related to employee stock options for the years ended December 31, 2020, 2019 and 2018 of $98,380, $44,464 and $18,491. As of December 31, 2020, there was $146,231 of total unrecognized compensation cost related to stock options which is expected to be recognized over a weighted-average period of approximately 2.75 years. The Company calculated the fair value of each option award on the date of grant using the Black-Scholes valuation model. The Company's computation of expected life was determined based on the simplified method (the average of the vesting period and option term) due to the Company's lack of recent historical data for similar awards. The interest rate for periods within the contractual life of the stock option was based on interest yields for U.S. Treasury instruments in effect at the time of grant. The Company's computation of expected volatility was based on historical volatility of its common stock and the expected volatility of comparable publicly-traded companies who granted options that had similar expected lives. The following weighted-average assumptions were used to calculate the fair values of stock option awards granted during the years ended December 31, 2020, 2019 and 2018: Year Ended December 31, 2020 2019 2018 Risk-free interest rate 1.43% 2.05% 2.74% Expected life (in years) 6.38 6.47 6.49 Dividend yield —% —% —% Volatility 28.53% 28.22% 35.72% Grant date fair value $7.82 $7.93 $6.91 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, 2026 or if the employee does not continue to provide services to the Company through the achievement date of the applicable performance measure. As of December 31, 2020, the Company had 7,315,360 PSUs outstanding. The PSUs have a weighted average grant date fair value of $10.65 per unit. For the year ended December 31, 2020, the Company recognized share based compensation expense of $14,395 related to these PSUs. As of December 31, 2020 there was $63,499 of total unrecognized compensation cost related to outstanding PSUs which is expected to be recognized over a weighted-average period of approximately 5.1 years. The following assumptions were used to calculate the fair values of the PSUs granted during the year ended December 31, 2020: Risk-free interest rate 1.46% Expected life (in years) 4 and 6 Dividend yield —% Volatility 34.22% Restricted Awards |
AFFILIATE AND RELATED PARTY TRA
AFFILIATE AND RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 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 expenses related to services provided to or received from affiliates and related parties: Years Ended December 31, 2020 2019 2018 Revenue $ 14,729 $ 3,974 $ 2,575 Operating expenses: Programming and other direct costs $ (13,346) $ (11,580) $ (7,261) Other operating expenses, net (11,869) (8,355) (16,307) Operating expenses, net (25,215) (19,935) (23,568) Interest expense — — (600) Interest income — — 2,429 Net charges - CSC Holdings (10,486) (15,961) (19,164) Interest expense — — (2,429) Other income, net — — 149 Net charges - Altice USA $ (10,486) $ (15,961) $ (21,444) Capital Expenditures $ 17,216 $ 12,167 $ 14,951 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 certain subsidiaries of Altice Europe and other related parties. The expense in 2018 includes $13,250 related to certain executive services, as well as consulting, advisory and other services provided by Altice Europe pursuant to an agreement that was terminated upon the completion of the Distribution discussed in Note 1. Capital Expenditures Capital expenditures primarily include costs 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: December 31, 2020 2019 Due from: Altice Europe $ — $ 4,076 Other affiliates and related parties 4,262 2,698 $ 4,262 $ 6,774 Due to: Altice Europe $ 7,938 $ 7,456 Other affiliates and related parties 600 — $ 8,538 $ 7,456 Amounts due from affiliates 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. In June 2020, pursuant to the Company's share repurchase program, the Company purchased 3,582,525 Altice USA Class A common stock held by Altice Europe for a total consideration of $84,906. See further information regarding the Company's share repurchase program in Note 1. Pursuant to our share repurchase program, Altice USA purchased 14,948,869 Altice USA Class A shares for total consideration of approximately $350,000 during the year ended December 31, 2019 from Suddenvision S.A.R.L., an entity controlled by BC Partners LLP. In addition, see Note 1 for a discussion of the acquisition of Neptune LP, the acquisition of Altice Technical Services US Corp, and the acquisition of i24NEWS. Cequel Communications Holdings II, LLC Merger into CSC Holdings In November 2018, in connection with the credit silo combination described in Note 11, Cequel Communications Holdings II, LLC ("CCHII") merged into CSC Holdings, with CSC Holdings as the surviving entity (the "CCHII Merger"). As these entities were under common control, the balance sheet and operating results of CCHII have been combined with the balance sheet and operating results of CSC Holdings for all periods presented. Equity Method Investments The Company's equity in the net loss of i24NEWS prior to April 1, 2018 of $1,130 was recorded using the equity method and reflected in other expense, net in the Company's consolidated statements of operations. As discussed in Note 1, the Company combined the results of operations and related assets and liabilities of i24NEWS as of April 1, 2018. In April 2018, the Company redeemed a 24% interest in Newsday LLC ("Newsday") and recognized a gain of $13,298, reflected in gain (loss) on investments and sale of affiliate interests, net in the Company's consolidated statement of operations. For the year ended December 31, 2018, the Company recorded equity in the net loss of Newsday of $9,719, reflected in other expense, net in the Company's consolidated statement of operations. From July 7, 2016 through April 2018, the Company held a 25% ownership interest in Newsday and prior to July 7, 2016, Newsday was a wholly-owned subsidiary of Cablevision. CSC Holdings CSC Holdings made cash equity distribution payments to its parent aggregating $4,794,408, $2,279,472, and $3,058,747 during the years ended December 31, 2020, 2019, and 2018, respectively. CSC Holdings recorded net non-cash equity contributions of $178,720 and $151,455 during the years ended December 31, 2020 and 2019, respectively, which represent the non-cash settlement of intercompany balances with Altice USA and recorded $50,000 of cash contributions for the year ended December 31, 2018. These balances primarily include amounts due to/due from Altice USA pursuant to a tax sharing agreement between the entities. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Commitments Future cash payments and commitments required under arrangements pursuant to contracts entered into by the Company in the normal course of business as of December 31, 2020 are as follows: Payments Due by Period Total Year 1 Years 2-3 Years 4-5 More than Off balance sheet arrangements: Purchase obligations (a) $ 6,583,268 $ 3,357,292 $ 2,421,140 $ 752,193 $ 52,643 Guarantees (b) 59,252 59,192 60 — — Letters of credit (c) 137,920 7,460 1,990 128,470 — Total $ 6,780,440 $ 3,423,944 $ 2,423,190 $ 880,663 $ 52,643 (a) Purchase obligations primarily include contractual commitments with various programming vendors to provide video services to customers and minimum purchase obligations to purchase goods or services, including contracts to acquire handsets and other equipment. Future fees payable under contracts with programming vendors are based on numerous factors, including the number of customers receiving the programming. Amounts reflected above related to programming agreements are based on the number of customers receiving the programming as of December 31, 2020 multiplied by the per customer rates or the stated annual fee, as applicable, contained in the executed agreements in effect as of December 31, 2020. (b) Includes franchise and performance surety bonds primarily for the Company's cable television systems. (c) Represent letters of credit guaranteeing performance to municipalities and public utilities and payment of insurance premiums. Payments due by period for these arrangements represent the year in which the commitment expires although payments under these arrangements are required only in the event of nonperformance. The table above does not include obligations for payments required to be made under multi-year franchise agreements based on a percentage of revenues generated from video service per year. Many of the Company's franchise agreements and utility pole leases require the Company to remove its cable wires and other equipment upon termination of the respective agreements. The Company has concluded that the fair value of these asset retirement obligations cannot be reasonably estimated since the range of potential settlement dates is not determinable. The table above does not include obligations for rent related to utility poles used in our operations. The Company's pole rental agreements are for varying terms, and management anticipates renewals as they expire. Rent expense incurred for pole rental attachments for the years ended December 31, 2020, 2019 and 2018 was $36,364, $31,903, and $33,082, respectively. 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. On June 26, 2020, the state Court granted the Company’s motion to dismiss. Plaintiffs in the New York State action filed a notice of appeal on July 21, 2020 and moved for leave to file an amended complaint on September 4, 2020. On September 23, 2020, the federal district court granted the Company’s motion to dismiss with leave for plaintiff to refile. On October 7, 2020, plaintiffs filed a second amended complaint in the Eastern District of New York. On June 23, 2020, a purported stockholder of the Company filed a complaint in the Court of Chancery of the State of Delaware, derivatively on behalf of the Company, against Patrick Drahi, Next Alt S.A.R.L., and those directors of the Company who are members of the Compensation Committee (collectively, the “Director Defendants”). The Company is also named as a nominal defendant in the complaint. The complaint alleges that the Director Defendants breached their fiduciary duties to the Company’s stockholders, and wasted corporate assets, by approving certain equity grants for Patrick Drahi. The complaint seeks rescission of the equity awards, monetary damages, and costs and disbursements for the plaintiff. On October 15, 2020, the Director Defendants answered the complaint and the Company filed a general denial of liability. The Company intends to vigorously defend these lawsuits. Although the outcome of the matter cannot be predicted and the impact of the final resolution of these matters 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 these matters 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 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, 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. |
BENEFIT PLANS
BENEFIT PLANS | 12 Months Ended |
Dec. 31, 2020 | |
Retirement Benefits [Abstract] | |
Benefit Plans | BENEFIT PLANS Qualified and Non-qualified Defined Benefit Plans Retirement Plans (collectively, the "Defined Benefit Plans") The Company sponsors a non-contributory qualified defined benefit cash balance retirement plan (the "Pension Plan") for the benefit of certain non-union employees, as well as certain employees covered by a collective bargaining agreement in Brooklyn. The Company maintains an unfunded non-contributory non-qualified defined benefit excess cash balance plan ("Excess Cash Balance Plan") covering certain current and former employees who participate in the Pension Plan. Cablevision's Pension Plan and the Excess Cash Balance Plan are frozen and no employee who was not already a participant could participate in the plans and no further annual pay credits (a certain percentage of employees' eligible pay) are made. Existing account balances under the plans continue to be credited with monthly interest in accordance with the terms of the plans. Plan Results for Defined Benefit Plans Summarized below is the funded status and the amounts recorded on the Company's consolidated balance sheets for all of the Company's Defined Benefit Plans at December 31, 2020 and 2019: December 31, 2020 2019 Change in projected benefit obligation: Projected benefit obligation at beginning of year $ 247,762 $ 264,515 Interest cost 6,214 9,227 Actuarial loss (gain) (a) 2,654 (743) Settlements/curtailments 2,341 1,875 Benefits paid (25,970) (27,112) Projected benefit obligation at end of year 233,001 247,762 Change in plan assets: Fair value of plan assets at beginning of year 190,397 167,510 Actual gain (loss) on plan assets, net 22,529 15,892 Employer contributions 15,266 34,107 Benefits paid (25,970) (27,112) Fair value of plan assets at end of year 202,222 190,397 Unfunded status at end of year $ (30,779) $ (57,365) (a) The actuarial loss for the year ended December 31, 2020 was primarily due to a decline in the discount rate, partially offset by a decline in the interest crediting rate and favorable demographic experience. The actuarial gain for the year ended December 31, 2019 was primarily due to favorable demographic experience and a decline in the interest crediting rate, partially offset by a decline in the discount rate. The accumulated benefit obligation for the Company’s Defined Benefit Plans with accumulated benefit obligations in excess of plan assets were $233,001 and $247,762 as of December 31, 2020 and 2019, respectively. The Company's net funded status relating to its Defined Benefit Plans at December 31, 2020 and 2019, is as follows: December 31, 2020 2019 Defined Benefit Plans $ (30,779) $ (57,365) Less: Current portion related to nonqualified plans 79 175 Long-term defined benefit plan obligations $ (30,700) $ (57,190) Components of the benefit costs, recorded in other income (expense), net, for the Defined Benefit Plans for the years ended December 31, 2020, 2019 and 2018, are as follows: Years Ended December 31, 2020 2019 2018 Interest cost $ 6,214 $ 9,227 $ 9,248 Expected return on plan assets, net (5,957) (2,685) (987) Curtailment loss 132 — — Amortization of actuarial loss (reclassified from accumulated other comprehensive loss) — 89 — Settlement loss (reclassified from accumulated other comprehensive loss) (a) 623 1,643 1,268 Non-operating pension costs $ 1,012 $ 8,274 $ 9,529 (a) As a result of benefit payments to terminated or retired individuals exceeding the service and interest costs for the Pension Plan and the Excess Cash Balance Pension Plan during the years ended December 31, 2020, December 31, 2019 and 2018, the Company recognized non-cash settlement losses that represent the acceleration of the recognition of a portion of the previously unrecognized actuarial losses recorded in accumulated other comprehensive loss on the Company’s consolidated balance sheets relating to these plans. Plan Assumptions for Defined Benefit Plans Weighted-average assumptions used to determine pension costs (made at the beginning of the year) and benefit obligations (made at the end of the year) for the Defined Benefit Plans are as follows: Benefit Costs Benefit Obligations at December 31, For the Year Ended December 31, 2020 For the Year Ended December 31, 2019 For the Year Ended December 31, 2018 2020 2019 Discount rate (a) 2.76 % 3.70 % 3.87 % 2.40 % 3.10 % Weighted-average interest crediting rate (b) 2.21 % 3.28 % 2.82 % N/A N/A Rate of increase in future compensation levels — % — % — % — % — % Expected rate of return on plan assets (Pension Plan only) 4.91 % 3.97 % 3.67 % N/A N/A (a) The discount rates of 2.76%, 3.70% and 3.87% for the years ended December 31, 2020, 2019 and 2018, represent the average of the quarterly discount rates used to remeasure the Company's projected benefit obligation and benefit costs in connection with the recognition of settlement losses discussed above. (b) This weighted-average interest crediting rate is the average of the daily yields on 30-year Treasury Securities as determined and published by the Internal Revenue Service for the months of September, October, and November. The discount rate used by the Company in calculating the benefit costs for the Cash Balance Plan and the Excess Cash Balance Plan was determined based on the expected future benefit payments for the plans and from the Willis Towers Watson U.S. Rate Link: 40-90 Discount Rate Model. The model was developed by examining the yields on selected highly rated corporate bonds. The Company's expected long-term return on Pension Plan assets is based on a periodic review and modeling of the plan's asset allocation structure over a long-term horizon. Expectations of returns and risk for each asset class are the most important of the assumptions used in the review and modeling and are based on comprehensive reviews of historical data, forward looking economic outlook, and economic/financial market theory. The expected long-term rate of return was chosen as a best estimate and was determined by (a) historical real returns, net of inflation, for the asset classes covered by the investment policy, and (b) projections of inflation over the long-term period during which benefits are payable to plan participants. Pension Plan Assets and Investment Policy The weighted average asset allocations of the Pension Plan at December 31, 2020 and 2019 were as follows: Plan Assets at December 31, 2020 2019 Asset Class: Mutual funds- fixed income — % 28 % Common collective trust- fixed income 57 — Common collective trust- equities 41 27 Fixed income securities — 44 Cash equivalents and other 2 1 100 % 100 % The Pension Plan's investment objectives include an allocation to stocks and bonds. This allocation allows for the Pension Plan to invest in asset classes that are expected to provide a rate of return throughout economic cycles, commensurate with the investment risk and cash flow needs of the Pension Plan. The investments held in the Pension Plan are readily marketable and can be sold to fund benefit payment obligations of the plan as they become payable. Investment allocation decisions are formally made by the Company's Benefit Committee, which takes into account investment advice provided by its external investment consultant. The investment consultant takes into account expected long-term risk, return, correlation, and other prudent investment assumptions when recommending asset classes and investment managers to the Company's Benefit Committee. The major categories of the Pension Plan assets are bonds and equity funds which are marked-to-market on a daily basis. Due to the Pension Plan's holdings in intermediate term government and non-government fixed income securities, the Pension Plan's assets are subjected to interest rate risk; specifically, during a rising interest rate environment the prices of bond holdings will decline. An increase in interest rates may cause a decrease to the overall liability of the Pension Plan thus creating a partial hedge against rising interest rates. In addition, a portion of the Pension Plan's equity and bond portfolio are invested in foreign equity and debt securities in developed and emerging markets where there could be foreign currency risks associated with them; non-government debt securities may be subject to credit risk of the bond issuer defaulting on interest and/or principal payments as well. Investments at Estimated Fair Value The fair values of the assets of the Pension Plan at December 31, 2020 by asset class are as follows: Asset Class Level I Level II Level III Total Common collective trust- fixed income $ — $ 114,824 $ — $ 114,824 Common collective trust- equities — 83,564 — 83,564 Cash equivalents (a) 3,834 — — 3,834 Total $ 3,834 $ 198,388 $ — $ 202,222 (a) Represents an investment in a short-term investment fund that invests primarily in securities of high quality and low risk. The fair values of the assets of the Pension Plan at December 31, 2019 by asset class are as follows: Asset Class Level I Level II Level III Total Mutual funds- fixed income $ 52,976 $ — $ — $ 52,976 Common collective trust- equities — 52,214 — 52,214 Fixed income securities held in a portfolio: Foreign issued corporate debt — 7,472 — 7,472 U.S. corporate debt — 30,267 — 30,267 Government debt — 2,836 — 2,836 U.S. Treasury securities — 32,902 — 32,902 Asset-backed securities — 9,375 — 9,375 Other — 840 — 840 Cash equivalents (a) 2,188 3,278 — 5,466 Total (b) $ 55,164 $ 139,184 $ — $ 194,348 (a) A significant portion represents an investment in a short-term investment fund that invests primarily in securities of high quality and low risk. (b) Excludes cash and net payables relating to the purchase of securities that were not settled as of December 31, 2019. The fair values of mutual funds and cash equivalents were derived from quoted market prices that the Pension Plan administrator has the ability to access. The fair values of corporate and government debt, treasury securities and asset-back securities were derived from bids received from a vendor or broker not available in an active market that the Pension Plan administrator has the ability to access. Benefit Payments and Contributions for Defined Benefit Plans The following benefit payments are expected to be paid during the periods indicated: 2021 $ 16,196 2022 14,789 2023 16,350 2024 15,140 2025 16,730 2026-2030 75,489 The Company currently expects to contribute approximately $8,800 to the Pension Plan in 2021. Defined Contribution Plans The Company maintains the Altice USA 401(k) Savings Plan, a contributory qualified defined contribution plan for the benefit of certain non-union employees. Participants can contribute a percentage of eligible annual compensation and the Company will make a matching cash contribution or discretionary contribution, as defined in the plan. In addition, the Company maintains an unfunded non-qualified Excess Savings Plan which was frozen on January 1, 2017 for which the Company provided a matching contribution similar to the Altice USA 401(k) Savings Plan. Certain employees of the Company are also eligible for an enhanced employer matching contribution to the Cablevision 401(k) Savings Plan. The cost associated with these plans, was $25,276, $28,540 and $28,232 for the years ended December 31, 2020, 2019 and 2018, respectively. |
INTERIM FINANCIAL INFORMATION
INTERIM FINANCIAL INFORMATION | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
INTERIM FINANCIAL INFORMATION | INTERIM FINANCIAL INFORMATION (Unaudited) The following tables present Altice USA's selected quarterly financial data: Three Months Ended March 31, June 30, September 30, December 31, Total Residential: Broadband $ 885,529 $ 920,363 $ 941,237 $ 942,030 $ 3,689,159 Video 947,061 952,526 867,021 904,251 3,670,859 Telephony 125,030 117,322 115,995 110,430 468,777 Business services and wholesale 364,530 365,564 362,215 362,223 1,454,532 News and advertising 105,540 96,631 124,177 192,857 519,205 Mobile 18,356 19,866 19,722 20,183 78,127 Other 4,210 2,707 3,619 3,447 13,983 Revenue 2,450,256 2,474,979 2,433,986 2,535,421 9,894,642 Operating expenses (2,001,686) (1,966,272) (1,884,693) (1,926,702) (7,779,353) Operating income $ 448,570 $ 508,707 $ 549,293 $ 608,719 $ 2,115,289 Net income (loss) $ (1,538) $ 111,477 $ (2,729) $ 336,269 $ 443,479 Net loss (income) attributable to noncontrolling interests 680 (213) (1,966) (5,797) (7,296) Net income (loss) attributable to Altice USA Inc.'s stockholders $ (858) $ 111,264 $ (4,695) $ 330,472 $ 436,183 Basic net income (loss) per share attributable to Altice USA Inc.'s stockholders $ — $ 0.19 $ (0.01) $ 0.61 $ 0.75 Diluted net income (loss) per share attributable to Altice USA Inc.'s stockholders $ — $ 0.19 $ (0.01) $ 0.60 $ 0.75 Three Months Ended March 31, June 30, September 30, December 31, Total Residential: Broadband $ 775,573 $ 806,250 $ 814,328 $ 826,454 $ 3,222,605 Video 1,017,330 1,018,426 993,158 968,959 3,997,873 Telephony 154,464 150,232 148,231 145,767 598,694 Business services and wholesale 350,689 357,806 357,628 362,409 1,428,532 News and advertising 94,738 114,450 118,067 148,649 475,904 Mobile — — 3,174 18,090 21,264 Other 3,773 3,917 4,076 4,221 15,987 Revenue 2,396,567 2,451,081 2,438,662 2,474,549 9,760,859 Operating expenses (1,954,089) (1,968,538) (1,967,147) (2,047,274) (7,937,048) Operating income $ 442,478 $ 482,543 $ 471,515 $ 427,275 $ 1,823,811 Net income (loss) $ (25,198) $ 86,410 $ 77,396 $ 1,331 $ 139,939 Net loss (income) attributable to noncontrolling interests 199 (43) (157) (1,002) (1,003) Net income (loss) attributable to Altice USA, Inc. stockholders $ (24,999) $ 86,367 $ 77,239 $ 329 $ 138,936 Basic and diluted net income (loss) per share attributable to Altice USA Inc.'s stockholders $ (0.04) $ 0.13 $ 0.12 $ — $ 0.21 |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Entity Information [Line Items] | |
Revenue Recognition | Revenue Recognition Residential Services The Company derives revenue through monthly charges to residential customers of its broadband, video, and telephony services, including installation services. In addition, the Company derives revenue from digital video recorder ("DVR"), video-on-demand ("VOD"), pay-per-view, and home shopping commissions which are reflected in "Residential video" revenues. The Company recognizes broadband, video, and telephony revenues as the services are provided to a customer on a monthly basis. Revenue from the sale of bundled services at a discounted rate is allocated to each product based on the standalone selling price of each performance obligation within the bundled offer. The standalone selling price requires judgment and is typically determined based on the current prices at which the separate services are sold by the Company. Installation revenue for the Company's residential services is deferred and recognized over the benefit period, which is estimated to be less than one year. The estimated benefit period takes into account both quantitative and qualitative factors including the significance of average installation fees to total recurring revenue per customer. 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 years ended December 31, 2020, 2019 and 2018, the amount of franchise fees and certain other taxes and fees included as a component of revenue aggregated $257,405, $254,227 and $257,467, respectively. Business and Wholesale Revenue The Company derives revenue from the sale of products and services to both large enterprise and small and medium-sized business ("SMB") customers, including broadband, telephony, networking, and video services reflected in "Business services and wholesale" revenues. The Company's business services also include Ethernet, data transport, and IP-based virtual private networks. The Company also provides managed services to businesses, including hosted telephony services (cloud based SIP-based private branch exchange), managed WiFi, managed desktop and server backup and managed collaboration services including audio and web conferencing. The Company also offers fiber-to-the-tower services to wireless carriers for cell tower backhaul, which enables wireline communications service providers to connect to customers that their own networks do not reach. The Company recognizes revenues for these services as the services are provided to a customer on a monthly basis. Substantially all of our SMB customers are billed monthly and large enterprise customers are billed in accordance with the terms of their contracts which is typically also on a monthly basis. Contracts with large enterprise customers typically range from three years to five years. Installation revenue related to our large enterprise customers is deferred and recognized over the average contract term. Installation revenue related to SMB customers is deferred and recognized over the benefit period, which is less than one year. The estimated benefit period for SMB customers takes into account both quantitative and qualitative factors including the significance of average installation fees to total recurring revenue per customer. News and Advertising Revenue As part of the agreements under which the Company acquires video programming, the Company typically receives an allocation of scheduled advertising time during such programming into which the Company's cable systems can insert commercials. In several of the markets in which the Company operates, it has entered into agreements commonly referred to as interconnects with other cable operators to jointly sell local advertising. In some of these markets, the Company represents the advertising sales efforts of other cable operators; in other markets, other cable operators represent the Company. The Company also offers customers the opportunity to advertise on digital platforms. Advertising revenues are recognized when the advertising is distributed. For arrangements in which the Company controls the sale of advertising and acts as the principal to the transaction, the Company recognizes revenue earned from the advertising customer on a gross basis and the amount remitted to the distributor as an operating expense. For arrangements in which the Company does not control the sale of advertising and acts as an agent to the transaction, the Company recognizes revenue net of any fee remitted to the distributor. The Company's advanced advertising businesses provide data-driven, audience-based advertising solutions using advanced analytics tools that provide granular measurement of consumer groups, accurate hyper-local ratings and other insights into target audience behavior not available through traditional sample-based measurement services. Revenue earned from the Company's advanced advertising businesses is recognized when services are provided. Affiliation fee revenue derived by our news business is recognized as the programming services are provided. Mobile Revenue In September 2019, the Company commercially launched Altice Mobile, a mobile service providing data, talk and text to consumers in or near our service areas. Customers can purchase or finance a variety of mobile devices. Revenue is recognized from the sale of equipment upon delivery and acceptance by the customer. Customers are billed monthly, in advance, for access to and usage of our mobile services. The Company recognizes mobile service revenue as the services are provided to the customers. Other Revenue Revenues derived from other sources are recognized when services are provided or events occur. Customer Contract Costs Incremental costs incurred in obtaining a contract with a customer are deferred and recorded as a contract asset if the period of benefit is expected to be greater than one year. Sales commissions for enterprise customers are deferred and amortized over the average contract term. For sales commission expenses related to residential and SMB customers with a term of one year or less, the Company is utilizing the practical expedient and is recognizing the costs when incurred. The costs of fulfilling a contract with a customer are deferred and recorded as a contract asset if they generate or enhance resources of the Company that will be used in satisfying future performance obligations and are expected to be recovered. Installation costs related to residential and SMB customers that are not capitalized as part of the initial deployment of new customer premise equipment are expensed as incurred pursuant to industry-specific guidance. Deferred enterprise commission costs are included in other noncurrent assets in the consolidated balance sheet and totaled $19,959 and $30,758 as of December 31, 2020 and 2019, respectively. 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. Multiple-Element Transactions In the normal course of business, the Company may enter into multiple-element transactions where it is simultaneously both a customer and a vendor with the same counterparty or in which it purchases multiple products and/or services, or settles outstanding items contemporaneously with the purchase of a product or service, from a single counterparty. The Company's policy for accounting for each transaction negotiated contemporaneously is to record each deliverable of the transaction based on its best estimate of selling price in a manner consistent with that used to determine the price to sell each deliverable on a standalone basis. In determining the fair value of the respective deliverable, the Company utilizes historical transactions, quoted market prices (as available), or comparable transactions. |
Technical and Operating Expenses and Programming Costs | Technical and Operating Expenses Costs of revenue related to sales of services and goods are classified as "programming and other direct costs" in the accompanying consolidated statements of operations. Programming Costs Programming expenses related to the Company's video service represent fees paid to programming distributors to license the programming distributed to customers. This programming is acquired generally under multi-year distribution agreements, with rates usually based on the number of customers that receive the programming. If there are periods when an existing distribution agreement has expired and the parties have not finalized negotiations of either a renewal of that agreement or a new agreement for certain periods of time, the Company continues to carry and pay for these services until execution of definitive replacement agreements or renewals. The amount of programming expense recorded during the interim period is based on the Company's estimates of the ultimate contractual agreement expected to be reached, which is based on several factors, including previous contractual rates, customary rate increases and the current status of negotiations. Such estimates are adjusted as negotiations progress until new programming terms are finalized. In addition, the Company has received, or may receive, incentives from programming distributors for carriage of the distributors' programming. The Company generally recognizes these incentives as a reduction of programming costs in "programming and other direct costs", generally over the term of the distribution agreement. |
Advertising Expenses | Advertising Expenses Advertising costs are charged to expense when incurred and are reflected in "other operating expenses" in the accompanying consolidated statements of operations. Advertising costs amounted to $213,474, $233,326 and $240,273 for the years ended December 31, 2020, 2019 and 2018, respectively. |
Share-based Compensation | Share-Based Compensation Share-based compensation expense which primarily relates to awards of units in a carried unit plan, stock options, and performance stock units is based on the fair value of share-based payment awards at the date of grant. The Company recognizes share-based compensation expense over the requisite service period or when it is probable any related performance condition will be met. For awards with graded vesting, compensation cost is recognized on an accelerated method under the graded vesting method over the requisite service period. Share-based compensation expense related to awards that vest entirely at the end of the vesting period are expensed on a straight-line basis. |
Income Taxes | Income TaxesThe Company's provision for income taxes is based on current period income, changes in deferred tax assets and liabilities and changes in estimates with regard to uncertain tax positions. Deferred tax assets are subject to an ongoing assessment of realizability. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company's cash investments are placed with money market funds and financial institutions that are investment grade as rated by S&P Global Ratings and Moody's Investors Service. The Company selects money market funds that predominantly invest in marketable, direct obligations issued or guaranteed by the United States government or its agencies, commercial paper, fully collateralized repurchase agreements, certificates of deposit, and time deposits. The Company considers the balance of its investment in funds that substantially hold securities that mature within three months or less from the date the fund purchases these securities to be cash equivalents. The carrying amount of cash and cash equivalents either approximates fair value due to the short-term maturity of these instruments or are at fair value. |
Accounts Receivable | Accounts ReceivableAccounts receivable are recorded at net realizable value. 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. |
Investments | Investment SecuritiesInvestment securities and investment securities pledged as collateral are carried at fair value with realized and unrealized holding gains and losses included in the consolidated statements of operations. |
Long-Lived Assets and Amortizable Intangible Assets | Long-Lived Assets and Amortizable Intangible AssetsProperty, plant and equipment, including construction materials, are carried at cost, and include all direct costs and certain indirect costs associated with the construction of cable systems, and the costs of new equipment installations. Equipment under finance leases is recorded at the present value of the total minimum lease payments. Depreciation on equipment is calculated on the straight-line basis over the estimated useful lives of the assets or, with respect to equipment under finance lease obligations and leasehold improvements, amortized over the lease term or the assets' useful lives and reported in depreciation and amortization (including impairments) in the consolidated statements of operations. |
Internal Use Software | The Company capitalizes certain internal and external costs incurred to acquire or develop internal-use software. Capitalized software costs are amortized over the estimated useful life of the software and reported in depreciation and amortization. |
Amortizable Intangible Assets | Customer relationships, trade names and other intangibles established in connection with acquisitions that are finite-lived are amortized in a manner that reflects the pattern in which the projected net cash inflows to the Company are expected to occur, such as the sum of the years' digits method, or when such pattern does not exist, using the straight-line basis over their respective estimated useful lives. |
Asset Impairment | The Company reviews its long-lived assets (property, plant and equipment, and intangible assets subject to amortization that arose from acquisitions) for impairment whenever events or circumstances indicate that the carrying amount of an asset may not be recoverable. If the sum of the expected cash flows, undiscounted and without interest, is less than the carrying amount of the asset, an impairment loss is recognized as the amount by which the carrying amount of the asset exceeds its fair value. |
Goodwill and Indefinite-Lived Intangible Assets | Goodwill and Indefinite-Lived Intangible Assets Goodwill and the value of franchises acquired in purchase business combinations which have indefinite useful lives are not amortized. Rather, such assets are tested for impairment annually or upon the occurrence of a triggering event. The Company assesses the recoverability of its goodwill annually, or more frequently whenever events or substantive changes in circumstances indicate that the carrying amount of its reporting units may exceed their fair value. The Company firsts considers qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more-likely- than-not that the fair value of a reporting unit is less than its carrying amount. If, after this qualitative assessment, the Company determines that it is not more-likely-than-not that the fair value of a reporting unit is less than its carrying amount then no further testing is performed. A quantitative assessment is performed if the qualitative assessment results in a more-likely-than-not determination or if a qualitative assessment is not performed. The quantitative assessment considers whether the carrying amount of a reporting unit exceeds its fair value, in which case an impairment charge is recorded to the extent the reporting unit’s carrying value exceeds its fair value. The Company assesses qualitative factors to determine whether it is necessary to perform the one-step quantitative identifiable indefinite-lived intangible assets impairment test. This quantitative test is required only if the Company concludes that it is more likely than not that a unit of accounting’s fair value is less than its carrying amount. When the qualitative assessment is not used, or if the qualitative assessment is not conclusive, the impairment test for other intangible assets not subject to amortization requires a comparison of the fair value of the intangible asset with its carrying value. If the carrying value of the indefinite-lived intangible asset exceeds its fair value, an impairment loss is recognized in an amount equal to that excess. |
Deferred Financing Costs | Deferred Financing Costs Deferred financing costs, which are presented as a reduction of debt, are amortized to interest expense using the effective interest method over the terms of the related debt. |
Derivative Financial Instruments | Derivative Financial InstrumentsThe Company accounts for derivative financial instruments as either assets or liabilities measured at fair value. The Company uses derivative instruments to manage its exposure to market risks from changes in certain equity prices and interest rates and does not hold or issue derivative instruments for speculative or trading purposes. These derivative instruments are not designated as hedges, and changes in the fair values of these derivatives are recognized in the consolidated statements of operations as gain (loss) on derivative contracts or gain (loss) on interest rate swap contracts. |
Commitments and Contingencies | Commitments and Contingencies Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties and other sources are recorded when the Company believes it is probable that a liability has been incurred and the amount of the contingency can be reasonably estimated. |
Foreign Currency | Foreign CurrencyCertain of the Company's i24NEWS subsidiaries are located outside the United States. The functional currency for these subsidiaries is determined based on the primary economic environment in which the subsidiary operates. Revenues and expenses for these subsidiaries are translated into U.S. dollars using rates that approximate those in effect during the period while the assets and liabilities are translated into U.S. dollars using exchange rates in effect at the end of each period. The resulting gains and losses from these translations are recognized in cumulative translation adjustment included in accumulated other comprehensive income (loss) in stockholders’/member's equity (deficiency) on the consolidated balance sheets. |
Concentrations of Credit Risk | Concentrations of Credit Risk Financial instruments that may potentially subject the Company to a concentration of credit risk consist primarily of cash and cash equivalents and trade account receivables. The Company monitors the financial institutions and money market funds where it invests its cash and cash equivalents with diversification among counterparties to mitigate exposure to any single financial institution. The Company's emphasis is primarily on safety of principal and liquidity and secondarily on maximizing the yield on its investments. Management believes that no significant concentration of credit risk exists with respect to its cash and cash equivalents because of its assessment of the creditworthiness and financial viability of the respective financial institutions. The Company did not have a single customer that represented 10% or more of its consolidated revenues for the years ended December 31, 2020, 2019 and 2018 or 10% or more of its consolidated net trade receivables at December 31, 2020, and 2019, respectively. |
Use of Estimates in Preparation of Financial Statements | Use of Estimates in Preparation of Financial Statements The preparation of financial statements in conformity with U.S. generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. See Note 13 for a discussion of fair value estimates. |
Reclassifications | Reclassifications Certain reclassifications have been made to the 2019 and 2018 financial statements to conform to the 2020 presentation. |
Recently Adopted Accounting Pronouncements and Recently Issued But Not Yet Adopted 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, the 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 a significant impact on the Company's consolidated financial statements. ASU No. 2018-14, Changes to the Disclosure Requirements for Defined Benefit Plans ("ASU 2018-14") In August 2018, the FASB issued ASU 2018-14 which amends ASC 715 to clarify certain disclosure requirements related to defined benefit pension and other postretirement plans. See Note 18 for additional disclosures provided in connection with the adoption of the standard. 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. The Company will continue to actively monitor the impact of the recent coronavirus (COVID-19) pandemic on expected credit losses. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Disaggregation of Revenue | The following table presents the composition of revenue: Years Ended December 31, 2020 2019 2018 Residential: Broadband $ 3,689,159 $ 3,222,605 $ 2,887,455 Video 3,670,859 3,997,873 4,156,428 Telephony 468,777 598,694 652,895 Business services and wholesale 1,454,532 1,428,532 1,362,758 News and advertising 519,205 475,904 487,264 Mobile 78,127 21,264 — Other 13,983 15,987 19,808 Total revenue $ 9,894,642 $ 9,760,859 $ 9,566,608 |
Schedule of Stock by Class | 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, 2017 246,982,292 490,086,674 Altice Europe Distribution on June 8, 2018 (see Note 1) 242,402,231 (242,402,231) Conversion of Class B common stock to Class A common stock 34,708,184 (34,708,184) Retirement of Class A common shares in connection with the Company's stock repurchase plan (see Note 1) (28,028,680) — Balance at December 31, 2018 496,064,027 212,976,259 Conversion of Class B common stock to Class A common stock 26,730,427 (26,730,427) Issuance of common shares 6,897,190 — Option exercises 184,147 — Repurchase and retirement of Class A common shares in connection with the Company's stock repurchase plan (see Note 1) (72,668,712) — Treasury shares acquired (a) (10,457,772) — Balance at December 31, 2019 446,749,307 186,245,832 Conversion of Class B common stock to Class A common stock 349,929 (349,929) Issuance of common shares 40,000 — Option exercises 822,732 — Repurchase and retirement of Class A common shares in connection with the Company's stock repurchase plan (see Note 1) (161,216,653) — Treasury shares reissued 3,828,357 — Balance at December 31, 2020 290,573,672 185,895,903 (a) Primarily represent Altice USA shares held by Neptune LP which are presented as treasury stock in the consolidated balance sheets of Altice USA as of December 31, 2019. |
CHANGE IN ACCOUNTING POLICIES (
CHANGE IN ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Changes and Error Corrections [Abstract] | |
Schedule of Weighted Average Number of Shares [Table Text Block] | The following table presents a reconciliation of weighted average shares used in the calculations of the basic and diluted net income per share attributable to Altice USA stockholders: Years Ended December 31, 2020 2019 2018 (in thousands) Basic weighted average shares outstanding 581,057 660,384 730,088 Effect of dilution: Stock options 2,617 1,348 — Restricted stock 15 809 — Diluted weighted average shares outstanding 583,689 662,541 730,088 Weighted average shares excluded from diluted weighted average shares outstanding: Anti-dilutive shares 25,768 4,245 6,292 Performance stock units and restricted stock whose performance metrics have not been achieved. 8,308 — 74 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Schedule of Weighted Average Number of Shares [Table Text Block] | The following table presents a reconciliation of weighted average shares used in the calculations of the basic and diluted net income per share attributable to Altice USA stockholders: Years Ended December 31, 2020 2019 2018 (in thousands) Basic weighted average shares outstanding 581,057 660,384 730,088 Effect of dilution: Stock options 2,617 1,348 — Restricted stock 15 809 — Diluted weighted average shares outstanding 583,689 662,541 730,088 Weighted average shares excluded from diluted weighted average shares outstanding: Anti-dilutive shares 25,768 4,245 6,292 Performance stock units and restricted stock whose performance metrics have not been achieved. 8,308 — 74 |
ALLOWANCE FOR DOUBTFUL ACCOUN_2
ALLOWANCE FOR DOUBTFUL ACCOUNTS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Receivables [Abstract] | |
Allowance for Credit Losses on Financing Receivables | Activity related to the Company's allowance for doubtful accounts is presented below: Balance at Beginning of Period Provision for Bad Debt Deductions/ Write-Offs and Other Charges Balance at End of Period Year Ended December 31, 2020 Allowance for doubtful accounts $ 14,683 $ 65,965 $ (55,450) $ 25,198 Year Ended December 31, 2019 Allowance for doubtful accounts $ 13,520 $ 91,520 $ (90,357) $ 14,683 Year Ended December 31, 2018 Allowance for doubtful accounts $ 13,420 $ 71,426 $ (71,326) $ 13,520 |
SUPPLEMENTAL CASH FLOW INFORM_2
SUPPLEMENTAL CASH FLOW INFORMATION (Tables) | 12 Months Ended |
Dec. 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: Years Ended December 31, 2020 2019 2018 Non-Cash Investing and Financing Activities: Altice USA and CSC Holdings: Property and equipment accrued but unpaid $ 206,680 $ 188,067 $ 213,936 Notes payable issued to vendor for the purchase of equipment and other assets 106,925 35,124 95,394 Right-of-use assets acquired in exchange for finance lease obligations 133,300 54,532 13,548 Other non-cash investing and financing transactions 3,973 1,563 7,550 Altice USA: Receivable related to the sale of an investment — — 4,015 CSC Holdings: Assumption of Cablevision debt, net of the acquisition of Cablevision assets — 169,334 — Contributions from parent 178,720 151,455 — Supplemental Data: Altice USA: Cash interest paid 1,406,825 1,436,332 1,481,468 Income taxes paid, net 80,415 10,263 13,667 CSC Holdings: Cash interest paid 1,406,825 1,350,756 1,163,942 Income taxes paid, net 80,415 10,263 13,667 |
RESTRUCTURING AND OTHER EXPEN_2
RESTRUCTURING AND OTHER EXPENSE (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2017 $ 113,474 $ 9,626 $ 123,100 Restructuring charges 15,580 15,447 31,027 Payments and other (107,600) (11,458) (119,058) Accrual balance at December 31, 2018 21,454 13,615 35,069 Restructuring charges 6,606 6,317 12,923 Payments and other (26,384) (3,751) (30,135) Impact of the adoption of ASC 842 (a) — (13,849) (13,849) Accrual balance at December 31, 2019 1,676 2,332 4,008 Restructuring charges — 3,399 3,399 Payments and other (1,676) (3,366) (5,042) Accrual balance at December 31, 2020 $ — $ 2,365 $ 2,365 (a) Certain accrued restructuring liabilities were netted against right-of-use operating assets on the Company's consolidated balance sheet as of January 1, 2019 in connection with the Company's adoption of ASC 842 (see Note 9). The following table summarizes the activity for the 2019 Restructuring Plan: Severance and Other Employee Related Costs Restructuring charges $ 42,715 Payments and other (4,769) Accrual balance at December 31, 2019 37,946 Restructuring charges 3,221 Payments and other (34,459) Accrual balance at December 31, 2020 $ 6,708 |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, plant and equipment (including equipment under finance leases) consist of the following assets, which are depreciated or amortized on a straight-line basis over the estimated useful lives shown below: December 31, 2020 December 31, 2019 Estimated Customer premise equipment $ 1,845,830 $ 1,563,729 3 to 5 years Headends and related equipment 2,158,704 2,023,684 5 to 25 years Infrastructure 5,964,419 5,314,322 5 to 25 years Equipment and software 1,237,057 1,111,577 3 to 10 years Construction in progress (including materials and supplies) 174,610 192,571 Furniture and fixtures 65,724 63,478 5 to 8 years Transportation equipment 150,974 151,627 5 to 10 years Buildings and building improvements 481,693 457,174 10 to 40 years Leasehold improvements 110,037 103,734 Term of lease Land 48,791 48,426 12,237,839 11,030,322 Less accumulated depreciation and amortization (6,431,843) (5,276,921) $ 5,805,996 $ 5,753,401 |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Lessee, Topic 842, Other Lease Information | Other information related to leases is presented below: As of December 31, 2020 2019 Right-of-use assets acquired in exchange for operating lease obligations $ 35,383 $ 61,244 Cash Paid For Amounts Included In Measurement of Liabilities: Operating cash flows from finance leases 6,324 2,106 Operating cash flows from operating leases 64,391 65,352 Weighted Average Remaining Lease Term: Operating leases 9.0 years 9.4 years Finance leases 2.5 years 3.4 years Weighted Average Discount Rate: Operating leases 5.66 % 5.96 % Finance leases 5.38 % 5.49 % |
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 2021 $ 70,074 $ 42,832 2022 65,828 52,508 2023 30,701 44,814 2024 3,456 40,986 2025 319 32,986 Thereafter — 171,238 Total future minimum lease payments, undiscounted 170,378 385,364 Less: Imputed interest (10,741) (89,644) Present value of future minimum lease payments $ 159,637 $ 295,720 |
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 2021 $ 70,074 $ 42,832 2022 65,828 52,508 2023 30,701 44,814 2024 3,456 40,986 2025 319 32,986 Thereafter — 171,238 Total future minimum lease payments, undiscounted 170,378 385,364 Less: Imputed interest (10,741) (89,644) Present value of future minimum lease payments $ 159,637 $ 295,720 |
Lease, Cost | The following provides details of the Company's lease expense: Years Ended December 31, 2020 2019 Operating lease expense, net $ 58,923 $ 60,364 Finance lease expense: Amortization of assets 30,123 9,347 Interest on lease liabilities 6,324 2,106 Total finance lease expense 36,447 11,453 $ 95,370 $ 71,817 Other information related to leases is presented below: As of December 31, 2020 2019 Right-of-use assets acquired in exchange for operating lease obligations $ 35,383 $ 61,244 Cash Paid For Amounts Included In Measurement of Liabilities: Operating cash flows from finance leases 6,324 2,106 Operating cash flows from operating leases 64,391 65,352 Weighted Average Remaining Lease Term: Operating leases 9.0 years 9.4 years Finance leases 2.5 years 3.4 years Weighted Average Discount Rate: Operating leases 5.66 % 5.96 % Finance leases 5.38 % 5.49 % |
Lesee, Operating Lease And Finance Lease, Liability | Balance sheet information related to our leases is presented below: Balance Sheet location December 31, 2020 December 31, 2019 Operating leases: Right-of-use lease assets Right-of-use operating lease assets $ 241,342 $ 280,340 Right-of-use lease liability, current Other current liabilities 38,296 38,836 Right-of-use lease liability, long-term Right-of-use operating lease liability 257,424 269,062 Finance leases: Right-of-use lease assets Property, plant and equipment 170,155 70,339 Right-of-use lease liability, current Current portion of long-term debt 63,454 22,017 Right-of-use lease liability, long-term Long-term debt 96,183 47,403 |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Dec. 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 December 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 $ 6,052,598 $ (3,478,742) $ 2,573,856 $ 6,017,524 $ (2,843,561) $ 3,173,963 3 to 18 years Trade names 1,081,083 (894,189) 186,894 1,081,083 (798,484) 282,599 2 to 5 years Other amortizable intangibles 56,747 (36,381) 20,366 53,181 (28,634) 24,547 1 to 15 years $ 7,190,428 $ (4,409,312) $ 2,781,116 $ 7,151,788 $ (3,670,679) $ 3,481,109 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | The following table sets forth the estimated amortization expense on intangible assets for the periods presented: Estimated amortization expense Year Ending December 31, 2021 $ 629,513 Year Ending December 31, 2022 545,826 Year Ending December 31, 2023 380,300 Year Ending December 31, 2024 301,035 Year Ending December 31, 2025 255,439 |
Schedule of Goodwill | The carrying amount of indefinite-lived cable television franchises and goodwill is presented below: Indefinite-lived Cable Television Franchises Goodwill Balance as of December 31, 2018 $ 13,020,081 $ 8,012,416 Goodwill recorded in connection with an acquisition of Cheddar Inc. ("Cheddar") — 130,039 Adjustments to purchase accounting relating to business acquired — (146) Balance as of December 31, 2019 13,020,081 $ 8,142,309 Indefinite-lived cable television franchises and goodwill recorded in connection with an acquisition (see discussion below) 47,936 18,257 Balance as of December 31, 2020 $ 13,068,017 $ 8,160,566 |
DEBT (Tables)
DEBT (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Line of Credit Facilities | The following table provides details of the Company's outstanding debt: Interest Rate December 31, 2020 December 31, 2019 Date Issued Maturity Date Principal Amount Carrying Amount (a) Principal Amount Carrying Amount (a) CSC Holdings Senior Notes: November 15, 2011 November 15, 2021 6.750 % $ 1,000,000 $ 989,917 $ 1,000,000 $ 979,178 September 27, 2012 September 15, 2022 5.875 % 649,024 617,333 649,024 600,849 May 23, 2014 June 1, 2024 5.250 % 750,000 697,041 750,000 683,940 October 18, 2018 July 15, 2025 7.750 % (e) — — 1,740 1,695 October 9, 2015 October 15, 2025 10.875 % (f) — — 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 % (e) — — 617,881 605,583 November 27, 2018 April 1, 2028 7.500 % 1,045,882 1,044,424 1,045,882 1,044,278 July 10 and October 7, 2019 January 15, 2030 5.750 % 2,250,000 2,286,097 2,250,000 2,289,168 June 16, 2020 December 1, 2030 4.625 % 2,325,000 2,370,502 — — 8,024,024 8,009,426 8,002,866 7,874,040 CSC Holdings Senior Guaranteed Notes: October 9, 2015 October 15, 2025 6.625 % (f) — — 1,000,000 989,483 September 23, 2016 April 15, 2027 5.500 % 1,310,000 1,305,955 1,310,000 1,305,430 January 29, 2018 February 1, 2028 5.375 % 1,000,000 993,490 1,000,000 992,757 November 27, 2018 July 15, 2023 5.375 % (e) — — 1,095,825 1,081,879 November 27, 2018 May 15, 2026 5.500 % 1,498,806 1,487,644 1,498,806 1,485,911 January 24, 2019 February 1, 2029 6.500 % 1,750,000 1,747,245 1,750,000 1,746,996 June 16, 2020 December 1, 2030 4.125 % 1,100,000 1,095,283 — — August 17, 2020 February 15, 2031 3.375 % 1,000,000 996,692 — — 7,658,806 7,626,309 7,654,631 7,602,456 CSC Holdings Restricted Group Credit Facility: Revolving Credit Facility (c) 2.479% (b) 625,000 616,027 — — Term Loan B July 17, 2025 2.409% 2,895,000 2,884,065 2,925,000 2,911,729 Incremental Term Loan B-3 January 15, 2026 2.409% 1,252,688 1,248,293 1,265,438 1,260,200 Incremental Term Loan B-5 April 15, 2027 2.659% 2,977,500 2,956,807 3,000,000 2,976,358 7,750,188 7,705,192 7,190,438 7,148,287 Lightpath Senior Notes: September 29, 2020 September 15, 2028 5.625 % 415,000 406,176 — — Lightpath Senior Secured Notes: September 29, 2020 September 15, 2027 3.875 % 450,000 440,487 — — Lightpath Term Loan November 30, 2027 3.750 % 600,000 582,808 — — Lightpath Revolving Credit Facility (g) — — — — 1,465,000 1,429,471 — — Collateralized indebtedness (see Note 12) 1,699,566 1,617,506 1,699,566 1,585,088 Finance lease obligations (see Note 9) 159,637 159,637 69,420 69,420 Notes payable and supply chain financing (d) 183,690 174,801 156,519 140,994 26,940,911 26,722,342 24,773,440 24,420,285 Less: current portion of credit facility debt (78,750) (78,750) (65,250) (65,250) Less: current portion of senior notes (1,000,000) (989,917) — — Less: current portion of finance lease obligations (63,454) (63,454) (22,017) (22,017) Less: current portion of notes payable and supply chain financing (113,592) (113,592) (83,415) (83,415) (1,255,796) (1,245,713) (170,682) (170,682) Long-term debt $ 25,685,115 $ 25,476,629 $ 24,602,758 $ 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 December 31, 2020, $137,920 of the revolving credit facility was restricted for certain letters of credit issued on behalf of the Company and $1,712,080 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 is priced at LIBOR plus 3.25%. (d) Includes $99,941 related to supply chain financing agreements that is required to be repaid within one year from the date of the respective agreement. The principal amounts include $59,451 of notes payable that will be reclassified to collateralized indebtedness upon the maturity, in January 2021, of a monetization contract related to the synthetic monetization closeout transaction in November 2019. See Note 12. (e) These notes were repaid in July 2020 with proceeds from the issuance of new notes in June 2020. See discussion below. (f) These notes were repaid in August 2020 with proceeds from the issuance of new notes. See discussion below. (g) There were no borrowings outstanding under the Lightpath Revolving Credit Facility which provides for commitments in an aggregate principal amount of $100,000. See discussion below. |
Schedule of Extinguishment of Debt | The following is a summary of the results of the Exchange Offer: Original Cequel Notes Remaining Original Cequel Notes Notes Redeemed in Cash Principal of New CSC Holdings Notes 5.375% Senior Secured Notes due 2023 $ 1,100,000 $ — $ 4,157 $ 1,095,825 5.5% Senior Secured Notes due 2026 1,500,000 — 1,049 1,498,806 5.125% Senior Notes due 2021 1,250,000 8,886 — 1,240,762 7.75% Senior Notes due 2025 620,000 1,740 — 617,881 7.5% Senior Notes due 2028 1,050,000 4,118 — 1,045,882 $ 5,520,000 $ 14,744 $ 5,206 $ 5,499,156 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 Year Ended December 31, 2020: CSC Holdings 5.375% Senior Guaranteed Notes due 2023 $ 26,721 CSC Holdings 7.75% Senior Notes due 2025 35,375 CSC Holdings 10.875% Senior Notes due 2025 136,249 CSC Holdings 6.625% Senior Guaranteed Notes due 2025 52,144 $ 250,489 For the Year Ended December 31, 2019: CSC Holdings 5.125% Senior Notes due 2021 $ 65,151 CSC Holdings 10.125% Senior Notes due 2023 154,666 Refinancing and subsequent amendment to CSC Holdings credit facility 8,313 Subtotal - CSC Holdings 228,130 Cablevision 5.125% Senior Notes due 2021 500 Cablevision 8.000% Senior Notes due 2020 15,176 $ 243,806 For the Year Ended December 31, 2018: Cequel Credit Facility $ 7,733 Cequel senior and senior secured notes pursuant to the Exchange Offer discussed above 150 Subtotal - CSC Holdings 7,883 Cequel 6.375% Senior Notes due 2020 36,910 Cequel senior and senior secured notes pursuant to the Exchange Offer discussed above (695) Cablevision 7.75% Senior Notes due 2018 4,706 $ 48,804 |
Schedule of Maturities of Long-term Debt | The future maturities of debt payable by the Company under its various debt obligations outstanding as of December 31, 2020, including notes payable and collateralized indebtedness (see Note 12), but excluding finance lease obligations (see Note 9), are as follows: Years Ending December 31, 2021 $ 1,192,342 2022 734,667 2023 1,841,383 2024 1,453,889 2025 2,823,750 Thereafter 18,735,243 |
DERIVATIVE CONTRACTS AND COLL_2
DERIVATIVE CONTRACTS AND COLLATERALIZED INDEBTEDNESS (Tables) | 12 Months Ended |
Dec. 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 December 31, 2020 2019 Asset Derivatives: Interest rate swap contracts Derivative contracts, short-term $ 5,132 $ — Prepaid forward contracts Derivative contracts, short-term 45,653 — Interest rate swap contracts Derivative contracts, long-term 4,774 — Prepaid forward contracts Derivative contracts, long-term — 25,207 55,559 25,207 Liability Derivatives: Interest rate swap contracts Other current liabilities — (469) Prepaid forward contracts Other current liabilities (45,653) — Prepaid forward contracts Liabilities under derivative contracts, long-term (247,853) (94,795) Interest rate swap contracts Liabilities under derivative contracts, long-term (275,297) (160,871) $ (568,803) $ (256,135) The following is a summary of interest rate swap contracts outstanding at December 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 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% April 2020 April 2021 2,850,000 Six-month LIBOR minus 0.5185% One-month LIBOR |
Location of Assets and Liabilities Associated With Derivative Instruments Within the Condensed Consolidated Balance Sheets | The following table presents certain consolidated statement of operations data related to our derivative contracts and the underlying common stock: Years Ended December 31, 2020 2019 2018 Gain (loss) on derivative contracts related to change in the value of equity derivative contracts related to Comcast common stock $ (178,264) $ (282,713) $ 218,848 Change in fair value of Comcast common stock included in gain (loss) on investments 319,157 469,071 (261,993) Loss on interest rate swap contracts, net of a gain of $74,835 recorded in 2020 in connection with the early termination of the swap agreements discussed below (78,606) (53,902) (61,697) |
FAIR VALUE MEASUREMENT (Tables)
FAIR VALUE MEASUREMENT (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measured at Fair Value on a Recurring Basis | The following table presents the Company's financial assets and financial liabilities that are measured at fair value on a recurring basis and their classification under the fair value hierarchy: Fair Value December 31, 2020 December 31, 2019 Assets: Money market funds Level I $ 50,236 $ 563,704 Investment securities pledged as collateral Level I 2,250,854 1,931,697 Prepaid forward contracts Level II 45,653 25,207 Interest rate swap contracts Level II 9,906 — Liabilities: Prepaid forward contracts Level II 293,506 94,795 Interest rate swap contracts Level II 275,297 161,340 Contingent consideration related to 2017 and 2018 acquisitions Level III — 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 below: December 31, 2020 December 31, 2019 Fair Value Carrying Estimated Carrying Estimated Credit facility debt Level II $ 8,288,000 $ 8,350,188 $ 7,148,287 $ 7,190,438 Collateralized indebtedness Level II 1,617,506 1,692,724 1,585,088 1,611,095 Senior guaranteed and senior secured notes Level II 8,066,796 8,567,858 7,602,456 8,220,518 Senior notes Level II 8,415,602 9,024,990 7,874,040 8,728,870 Notes payable and supply chain financing Level II 174,801 175,251 140,994 141,713 $ 26,562,705 $ 27,811,011 $ 24,350,865 $ 25,892,634 (a) Amounts are net of unamortized deferred financing costs and discounts/premiums. |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | Income tax expense (benefit) for the years ended December 31, 2020, 2019 and 2018 consist of the following components: Altice USA CSC Holdings Years Ended December 31, Years Ended December 31, 2020 2019 2018 2020 2019 2018 Current expense (benefit): Federal $ — $ — $ (1,865) $ (55,044) $ 240,229 $ 186,035 State 65,804 33,103 32,347 82,238 70,567 124,106 65,804 33,103 30,482 27,194 310,796 310,141 Deferred expense (benefit): Federal 113,871 43,105 26,141 156,338 (176,591) (102,872) State (38,359) (28,174) (93,744) (55,121) (62,118) (148,721) 75,512 14,931 (67,603) 101,217 (238,709) (251,593) 141,316 48,034 (37,121) 128,411 72,087 58,548 Tax benefit relating to uncertain tax positions (1,568) (844) (1,534) (1,568) (844) (985) Income tax expense (benefit) $ 139,748 $ 47,190 $ (38,655) $ 126,843 $ 71,243 $ 57,563 |
Schedule of Effective Income Tax Rate Reconciliation | The income tax expense (benefit) attributable to Altice USA's operations differs from the amount derived by applying the statutory federal rate to pretax loss principally due to the effect of the following items: Altice USA CSC Holdings Years Ended December 31, Years Ended December 31, 2020 2019 2018 2020 2019 2018 Federal tax expense (benefit) at statutory rate $ 122,478 $ 39,297 $ (3,793) $ 122,363 $ 59,653 $ 66,757 State income taxes, net of federal impact 59,383 (6,256) (8,103) 58,802 (9,060) 33,249 Changes in the valuation allowance 10,333 4,079 15,987 10,598 4,307 — Changes in the state rates used to measure deferred taxes, net of federal impact (46,768) (1,046) (52,915) (46,768) 6,532 (53,493) Tax benefit relating to uncertain tax positions (1,568) (847) (514) (1,568) (847) (514) Tax credits (17,205) — — (17,205) — — Non-deductible share-based compensation related to the carried unit plan 2,108 15,642 8,677 2,108 15,642 8,677 Non-deductible officers compensation 6,715 — — 6,715 — — Other non-deductible expenses (883) 1,334 2,200 (886) 1,334 2,011 Other, net 5,155 (5,013) (194) (7,316) (6,318) 876 Income tax expense (benefit) $ 139,748 $ 47,190 $ (38,655) $ 126,843 $ 71,243 $ 57,563 |
Schedule of Deferred Tax Assets and Liabilities | The tax effects of temporary differences which give rise to significant portions of deferred tax assets or liabilities and the corresponding valuation allowance are as follows: Altice USA CSC Holdings December 31, December 31, 2020 2019 2020 2019 Noncurrent NOLs and tax credit carry forwards $ 75,912 $ 309,924 $ 30,745 $ 74,300 Compensation and benefit plans 29,159 25,227 29,159 25,227 Partnership investments (118,150) 49,956 (118,150) 49,956 Restructuring liability 7,169 11,280 7,169 11,280 Other liabilities 49,363 42,339 49,363 42,339 Liabilities under derivative contracts 510,519 432,415 510,519 432,415 Interest deferred for tax purposes — 333,856 — 333,856 Operating lease liability 70,648 82,393 70,648 82,393 Other 28,238 12,428 28,237 12,428 Deferred tax assets 652,858 1,299,818 607,690 1,064,194 Less: Valuation allowance (39,812) (29,479) (22,457) (11,859) Net deferred tax assets, noncurrent 613,046 1,270,339 585,233 1,052,335 Deferred tax liabilities: Fixed assets and intangibles (4,941,232) (5,384,320) (4,941,232) (5,384,320) Operating lease asset (56,363) (75,019) (56,363) (75,019) Investments (587,184) (505,942) (587,184) (505,942) Prepaid expenses (12,755) (10,978) (12,755) (10,978) Fair value adjustments related to debt and deferred financing costs (21,679) (56,675) (21,679) (56,675) Deferred tax liability, noncurrent (5,619,213) (6,032,934) (5,619,213) (6,032,934) Total net deferred tax liabilities $ (5,006,167) $ (4,762,595) $ (5,033,980) $ (4,980,599) |
SHARE-BASED COMPENSATION (Table
SHARE-BASED COMPENSATION (Tables) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | ||
Activity for Shares | The following table summarizes activity relating to these carry units: Number of Time Number of Performance Weighted Average Grant Date Fair Value Balance, December 31, 2017 168,550,001 10,000,000 $0.71 Vested (68,037,500) — 0.37 Forfeited (16,937,501) — 0.62 Balance, December 31, 2018 83,575,000 10,000,000 1.14 Vested (42,618,750) — 0.83 Converted to restricted shares — (10,000,000) 0.37 Forfeited (3,437,500) — 0.84 Balance, December 31, 2019 37,518,750 — 2.35 Vested (30,431,250) — 2.20 Forfeited (212,500) — 0.56 Balance, December 31, 2020 6,875,000 — 3.41 | |
Share-based Compensation, Stock Options, Activity | The following table summarizes activity related to stock options granted to Company employees: Shares Under Option Weighted Average Weighted Average Remaining Time Performance Aggregate Intrinsic Balance at December 31, 2017 5,110,747 — $ 17.45 9.97 $ 8,331 Granted 6,753,659 95,953 17.58 Forfeited (634,238) (22,314) 17.92 Balance at December 31, 2018 11,230,168 73,639 17.50 9.47 — Granted 3,677,076 — 23.88 Exercised (184,147) — 17.43 Forfeited (639,356) (73,639) 18.42 Balance at December 31, 2019 14,083,741 — 19.12 8.74 112,915 Granted 26,569,892 — 28.41 Exercised (824,227) — 17.46 Forfeited (2,767,260) — 23.05 Balance at December 31, 2020 37,062,146 — 25.52 8.69 457,608 Options exercisable at December 31, 2020 3,206,272 — 17.54 7.06 65,197 (a) The aggregate intrinsic value is calculated as the difference between the exercise price and the closing price of Altice USA's Class A common stock at the respective date. | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The following weighted-average assumptions were used to calculate the fair values of stock option awards granted during the years ended December 31, 2020, 2019 and 2018: Year Ended December 31, 2020 2019 2018 Risk-free interest rate 1.43% 2.05% 2.74% Expected life (in years) 6.38 6.47 6.49 Dividend yield —% —% —% Volatility 28.53% 28.22% 35.72% Grant date fair value $7.82 $7.93 $6.91 |
AFFILIATE AND RELATED PARTY T_2
AFFILIATE AND RELATED PARTY TRANSACTIONS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
Summary of related party transactions | The following table summarizes the revenue and expenses related to services provided to or received from affiliates and related parties: Years Ended December 31, 2020 2019 2018 Revenue $ 14,729 $ 3,974 $ 2,575 Operating expenses: Programming and other direct costs $ (13,346) $ (11,580) $ (7,261) Other operating expenses, net (11,869) (8,355) (16,307) Operating expenses, net (25,215) (19,935) (23,568) Interest expense — — (600) Interest income — — 2,429 Net charges - CSC Holdings (10,486) (15,961) (19,164) Interest expense — — (2,429) Other income, net — — 149 Net charges - Altice USA $ (10,486) $ (15,961) $ (21,444) Capital Expenditures $ 17,216 $ 12,167 $ 14,951 Aggregate amounts that were due from and due to affiliates and related parties are summarized below: December 31, 2020 2019 Due from: Altice Europe $ — $ 4,076 Other affiliates and related parties 4,262 2,698 $ 4,262 $ 6,774 Due to: Altice Europe $ 7,938 $ 7,456 Other affiliates and related parties 600 — $ 8,538 $ 7,456 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contractual Obligation, Fiscal Year Maturity Schedule | Future cash payments and commitments required under arrangements pursuant to contracts entered into by the Company in the normal course of business as of December 31, 2020 are as follows: Payments Due by Period Total Year 1 Years 2-3 Years 4-5 More than Off balance sheet arrangements: Purchase obligations (a) $ 6,583,268 $ 3,357,292 $ 2,421,140 $ 752,193 $ 52,643 Guarantees (b) 59,252 59,192 60 — — Letters of credit (c) 137,920 7,460 1,990 128,470 — Total $ 6,780,440 $ 3,423,944 $ 2,423,190 $ 880,663 $ 52,643 (a) Purchase obligations primarily include contractual commitments with various programming vendors to provide video services to customers and minimum purchase obligations to purchase goods or services, including contracts to acquire handsets and other equipment. Future fees payable under contracts with programming vendors are based on numerous factors, including the number of customers receiving the programming. Amounts reflected above related to programming agreements are based on the number of customers receiving the programming as of December 31, 2020 multiplied by the per customer rates or the stated annual fee, as applicable, contained in the executed agreements in effect as of December 31, 2020. (b) Includes franchise and performance surety bonds primarily for the Company's cable television systems. (c) Represent letters of credit guaranteeing performance to municipalities and public utilities and payment of insurance premiums. Payments due by period for these arrangements represent the year in which the commitment expires although payments under these arrangements are required only in the event of nonperformance. |
BENEFIT PLANS (Tables)
BENEFIT PLANS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Retirement Benefits [Abstract] | |
Schedule of Net Funded Status | Summarized below is the funded status and the amounts recorded on the Company's consolidated balance sheets for all of the Company's Defined Benefit Plans at December 31, 2020 and 2019: December 31, 2020 2019 Change in projected benefit obligation: Projected benefit obligation at beginning of year $ 247,762 $ 264,515 Interest cost 6,214 9,227 Actuarial loss (gain) (a) 2,654 (743) Settlements/curtailments 2,341 1,875 Benefits paid (25,970) (27,112) Projected benefit obligation at end of year 233,001 247,762 Change in plan assets: Fair value of plan assets at beginning of year 190,397 167,510 Actual gain (loss) on plan assets, net 22,529 15,892 Employer contributions 15,266 34,107 Benefits paid (25,970) (27,112) Fair value of plan assets at end of year 202,222 190,397 Unfunded status at end of year $ (30,779) $ (57,365) (a) The actuarial loss for the year ended December 31, 2020 was primarily due to a decline in the discount rate, partially offset by a decline in the interest crediting rate and favorable demographic experience. The actuarial gain for the year ended December 31, 2019 was primarily due to favorable demographic experience and a decline in the interest crediting rate, partially offset by a decline in the discount rate. |
Schedule of Amounts Recognized in Balance Sheet | The Company's net funded status relating to its Defined Benefit Plans at December 31, 2020 and 2019, is as follows: December 31, 2020 2019 Defined Benefit Plans $ (30,779) $ (57,365) Less: Current portion related to nonqualified plans 79 175 Long-term defined benefit plan obligations $ (30,700) $ (57,190) |
Schedule of Net Benefit Costs | Components of the benefit costs, recorded in other income (expense), net, for the Defined Benefit Plans for the years ended December 31, 2020, 2019 and 2018, are as follows: Years Ended December 31, 2020 2019 2018 Interest cost $ 6,214 $ 9,227 $ 9,248 Expected return on plan assets, net (5,957) (2,685) (987) Curtailment loss 132 — — Amortization of actuarial loss (reclassified from accumulated other comprehensive loss) — 89 — Settlement loss (reclassified from accumulated other comprehensive loss) (a) 623 1,643 1,268 Non-operating pension costs $ 1,012 $ 8,274 $ 9,529 |
Schedule of Assumptions Used | Weighted-average assumptions used to determine pension costs (made at the beginning of the year) and benefit obligations (made at the end of the year) for the Defined Benefit Plans are as follows: Benefit Costs Benefit Obligations at December 31, For the Year Ended December 31, 2020 For the Year Ended December 31, 2019 For the Year Ended December 31, 2018 2020 2019 Discount rate (a) 2.76 % 3.70 % 3.87 % 2.40 % 3.10 % Weighted-average interest crediting rate (b) 2.21 % 3.28 % 2.82 % N/A N/A Rate of increase in future compensation levels — % — % — % — % — % Expected rate of return on plan assets (Pension Plan only) 4.91 % 3.97 % 3.67 % N/A N/A (a) The discount rates of 2.76%, 3.70% and 3.87% for the years ended December 31, 2020, 2019 and 2018, represent the average of the quarterly discount rates used to remeasure the Company's projected benefit obligation and benefit costs in connection with the recognition of settlement losses discussed above. (b) This weighted-average interest crediting rate is the average of the daily yields on 30-year Treasury Securities as determined and published by the Internal Revenue Service for the months of September, October, and November. |
Schedule of Allocation of Plan Assets | The weighted average asset allocations of the Pension Plan at December 31, 2020 and 2019 were as follows: Plan Assets at December 31, 2020 2019 Asset Class: Mutual funds- fixed income — % 28 % Common collective trust- fixed income 57 — Common collective trust- equities 41 27 Fixed income securities — 44 Cash equivalents and other 2 1 100 % 100 % |
Schedule of Expected Benefit Payments | The following benefit payments are expected to be paid during the periods indicated: 2021 $ 16,196 2022 14,789 2023 16,350 2024 15,140 2025 16,730 2026-2030 75,489 |
Schedule of Changes in Fair Value of Plan Assets | The fair values of the assets of the Pension Plan at December 31, 2020 by asset class are as follows: Asset Class Level I Level II Level III Total Common collective trust- fixed income $ — $ 114,824 $ — $ 114,824 Common collective trust- equities — 83,564 — 83,564 Cash equivalents (a) 3,834 — — 3,834 Total $ 3,834 $ 198,388 $ — $ 202,222 (a) Represents an investment in a short-term investment fund that invests primarily in securities of high quality and low risk. The fair values of the assets of the Pension Plan at December 31, 2019 by asset class are as follows: Asset Class Level I Level II Level III Total Mutual funds- fixed income $ 52,976 $ — $ — $ 52,976 Common collective trust- equities — 52,214 — 52,214 Fixed income securities held in a portfolio: Foreign issued corporate debt — 7,472 — 7,472 U.S. corporate debt — 30,267 — 30,267 Government debt — 2,836 — 2,836 U.S. Treasury securities — 32,902 — 32,902 Asset-backed securities — 9,375 — 9,375 Other — 840 — 840 Cash equivalents (a) 2,188 3,278 — 5,466 Total (b) $ 55,164 $ 139,184 $ — $ 194,348 (a) A significant portion represents an investment in a short-term investment fund that invests primarily in securities of high quality and low risk. (b) Excludes cash and net payables relating to the purchase of securities that were not settled as of December 31, 2019. |
INTERIM FINANCIAL INFORMATION (
INTERIM FINANCIAL INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information | The following tables present Altice USA's selected quarterly financial data: Three Months Ended March 31, June 30, September 30, December 31, Total Residential: Broadband $ 885,529 $ 920,363 $ 941,237 $ 942,030 $ 3,689,159 Video 947,061 952,526 867,021 904,251 3,670,859 Telephony 125,030 117,322 115,995 110,430 468,777 Business services and wholesale 364,530 365,564 362,215 362,223 1,454,532 News and advertising 105,540 96,631 124,177 192,857 519,205 Mobile 18,356 19,866 19,722 20,183 78,127 Other 4,210 2,707 3,619 3,447 13,983 Revenue 2,450,256 2,474,979 2,433,986 2,535,421 9,894,642 Operating expenses (2,001,686) (1,966,272) (1,884,693) (1,926,702) (7,779,353) Operating income $ 448,570 $ 508,707 $ 549,293 $ 608,719 $ 2,115,289 Net income (loss) $ (1,538) $ 111,477 $ (2,729) $ 336,269 $ 443,479 Net loss (income) attributable to noncontrolling interests 680 (213) (1,966) (5,797) (7,296) Net income (loss) attributable to Altice USA Inc.'s stockholders $ (858) $ 111,264 $ (4,695) $ 330,472 $ 436,183 Basic net income (loss) per share attributable to Altice USA Inc.'s stockholders $ — $ 0.19 $ (0.01) $ 0.61 $ 0.75 Diluted net income (loss) per share attributable to Altice USA Inc.'s stockholders $ — $ 0.19 $ (0.01) $ 0.60 $ 0.75 Three Months Ended March 31, June 30, September 30, December 31, Total Residential: Broadband $ 775,573 $ 806,250 $ 814,328 $ 826,454 $ 3,222,605 Video 1,017,330 1,018,426 993,158 968,959 3,997,873 Telephony 154,464 150,232 148,231 145,767 598,694 Business services and wholesale 350,689 357,806 357,628 362,409 1,428,532 News and advertising 94,738 114,450 118,067 148,649 475,904 Mobile — — 3,174 18,090 21,264 Other 3,773 3,917 4,076 4,221 15,987 Revenue 2,396,567 2,451,081 2,438,662 2,474,549 9,760,859 Operating expenses (1,954,089) (1,968,538) (1,967,147) (2,047,274) (7,937,048) Operating income $ 442,478 $ 482,543 $ 471,515 $ 427,275 $ 1,823,811 Net income (loss) $ (25,198) $ 86,410 $ 77,396 $ 1,331 $ 139,939 Net loss (income) attributable to noncontrolling interests 199 (43) (157) (1,002) (1,003) Net income (loss) attributable to Altice USA, Inc. stockholders $ (24,999) $ 86,367 $ 77,239 $ 329 $ 138,936 Basic and diluted net income (loss) per share attributable to Altice USA Inc.'s stockholders $ (0.04) $ 0.13 $ 0.12 $ — $ 0.21 |
DESCRIPTION OF BUSINESS AND R_2
DESCRIPTION OF BUSINESS AND RELATED MATTERS (Details) - USD ($) | Jun. 06, 2018 | May 22, 2018 | Dec. 31, 2019 | Jan. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 21, 2020 | Nov. 23, 2020 | Nov. 20, 2020 | Jul. 31, 2019 | Jun. 08, 2018 | Dec. 31, 2017 |
Business Acquisition [Line Items] | |||||||||||||
Implied enterprise value of subsidiary | $ 3,200,000,000 | ||||||||||||
Proceeds from Sale of Interest in Partnership Unit | 2,355,000,000 | ||||||||||||
Gross Cash Proceeds from Sale of Interest in Partnership Unit | 890,000,000 | ||||||||||||
Cash from debt incurred in connection with the Sale of Interest in Partnership Unit | 1,465,000,000 | ||||||||||||
Gain on sale of minority interest in subsidiary | 650,270,000 | ||||||||||||
Tax effect on net proceeds received over the book value of the interest sold in Partnership Unit | 228,489,000 | ||||||||||||
Goodwill | $ 8,142,309,000 | $ 8,160,566,000 | $ 8,142,309,000 | $ 8,012,416,000 | |||||||||
Cash dividends declared per common share | $ 2.035 | $ 0 | $ 0 | $ 2.035 | |||||||||
Dividend paid | $ 1,499,935,000 | ||||||||||||
Common stock, shares outstanding (in shares) | 476,469,575 | ||||||||||||
Share repurchase authorized | $ 2,000,000,000 | $ 2,000,000,000 | |||||||||||
Value of shares repurchased | $ 4,816,895,000 | $ 1,686,873,000 | $ 500,000,000 | ||||||||||
Shares repurchased (in shares) | 161,216,653 | 72,668,712 | 28,028,680 | ||||||||||
Availability remaining under its stock repurchase program | $ 1,996,230,000 | ||||||||||||
Principal Amount | $ 24,773,440,000 | $ 26,940,911,000 | $ 24,773,440,000 | ||||||||||
Maximum Amount Offered on Commencement of Tender Offer | $ 2,500,000,000 | ||||||||||||
Maximum price for Tender Offer | 36 | ||||||||||||
Minimum price for Tender Offer | $ 32.25 | ||||||||||||
Shares purchased in connection with Tender Offer | 64,613,479 | ||||||||||||
Accepted price paid for tendered shares | $ 36 | ||||||||||||
Cost of shares paid in connection with Tender Offer | $ 2,326,949,000 | ||||||||||||
Cablevision Lightpath LLC [Member] | Cablevision Lightpath LLC [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 49.99% | ||||||||||||
Ownership percentage of noncontrolling interest | 50.01% | ||||||||||||
Altice Technical Services | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Percentage of shares acquired | 70.00% | ||||||||||||
Consideration transfered | $ 1 | ||||||||||||
Consolidation, Wholly Owned Subsidiary, Parent Ownership Interest, Percent | 100.00% | ||||||||||||
Goodwill | $ (23,101,000) | ||||||||||||
Common Class A | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Common stock, shares outstanding (in shares) | 446,749,307 | 290,573,672 | 446,749,307 | 496,064,027 | 246,982,292 | ||||||||
Common Class B | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Common stock conversion ratio | 1 | ||||||||||||
Common stock, shares outstanding (in shares) | 186,245,832 | 185,895,903 | 186,245,832 | 212,976,259 | 490,086,674 | ||||||||
Shares repurchased (in shares) | 0 | 0 | 0 | ||||||||||
Neptune Holdings LP Acquisition [Member] | Common Class A | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Number of shares issued (in shares) | 6,290,292 | ||||||||||||
2019 Share Repurchase Authorization [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Share repurchase authorized | $ 5,000,000,000 | ||||||||||||
10.875% Notes due October 15, 2025 | Senior Notes | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Outstanding debt | $ 1,665,237,000 | $ 0 | $ 1,665,237,000 | ||||||||||
Stated interest rate | 10.875% | ||||||||||||
Principal Amount | 1,684,221,000 | $ 0 | 1,684,221,000 | ||||||||||
10.125% Notes due January 15, 2023 | Senior Notes | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Stated interest rate | 10.125% | ||||||||||||
6.625% Notes due October 15, 2025 | Secured Debt [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Outstanding debt | 989,483,000 | $ 0 | 989,483,000 | ||||||||||
Stated interest rate | 6.625% | ||||||||||||
Principal Amount | 1,000,000,000 | $ 0 | 1,000,000,000 | ||||||||||
Altice N.V. Distribution | Altice N.V. | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Controlling interest percent | 67.20% | ||||||||||||
Common stock conversion ratio | 0.4163 | ||||||||||||
Altice N.V. Distribution | Altice N.V. | Common Class A | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Common stock, shares outstanding (in shares) | 489,384,523 | ||||||||||||
Altice N.V. Distribution | Altice N.V. | Common Class B | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Common stock, shares outstanding (in shares) | 247,684,443 | ||||||||||||
CSC Holdings | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Gain on sale of minority interest in subsidiary | 650,444,000 | ||||||||||||
Goodwill | $ 8,142,309,000 | 8,160,566,000 | 8,142,309,000 | ||||||||||
Distribution Made to Limited Liability Company (LLC) Member, Non-cash Distributions Paid | 4,794,408,000 | 2,279,472,000 | $ (3,058,747,000) | ||||||||||
Retained Earnings (Accumulated Deficit) | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Decrease in connection with dividends paid | 536,224,000 | ||||||||||||
Value of shares repurchased | (1,812,590,000) | $ 499,720,000 | |||||||||||
Additional Paid-in Capital [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Gain on sale of minority interest in subsidiary | 741,471,000 | ||||||||||||
Stock Issued During Period Relating to Acquisition | 163,862,000 | ||||||||||||
Decrease in connection with dividends paid | $ 963,711,000 | ||||||||||||
Value of shares repurchased | 3,002,693,000 | 1,686,146,000 | |||||||||||
Additional Paid-in Capital [Member] | CSC Holdings | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Gain on sale of minority interest in subsidiary | 741,645,000 | ||||||||||||
Distribution Made to Limited Liability Company (LLC) Member, Non-cash Distributions Paid | $ 4,794,408,000 | 2,279,472,000 | |||||||||||
Treasury Stock [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Stock Issued During Period Relating to Acquisition | $ 163,862,000 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($)voteshares | Dec. 31, 2019USD ($)shares | Dec. 31, 2018USD ($)shares | |
Class of Stock [Line Items] | |||
Advertising costs | $ 213,474 | $ 233,326 | $ 240,273 |
Cash distributions to shareholders | 1,499,935 | ||
Payments of dividends | $ 0 | $ 0 | $ 1,499,935 |
Antidilutive securities | shares | 25,768,000 | 4,245,000 | 6,292,000 |
Concentration Risk, Customer | 10 | ||
Document Period End Date | Dec. 31, 2020 | ||
concentration of customer to trade receivables | 10.00% | ||
CSC Holdings | |||
Class of Stock [Line Items] | |||
Membership units outstanding | shares | 100 | ||
Cash distributions to shareholders | $ 3,058,747 | ||
Payments of dividends | $ 4,794,408 | $ 2,279,472 | 3,058,750 |
Distribution Made to Limited Liability Company (LLC) Member, Non-cash Distributions Paid | $ 4,794,408 | 2,279,472 | (3,058,747) |
Common Class A | |||
Class of Stock [Line Items] | |||
Common stock number of votes per share | vote | 1 | ||
Common Class B | |||
Class of Stock [Line Items] | |||
Common stock number of votes per share | vote | 25 | ||
Common stock conversion ratio | 1 | ||
Minimum | Customer Contracts | |||
Class of Stock [Line Items] | |||
Finite-lived intangible asset, useful life | 3 years | ||
Maximum | Customer Contracts | |||
Class of Stock [Line Items] | |||
Finite-lived intangible asset, useful life | 5 years | ||
Franchise | |||
Class of Stock [Line Items] | |||
Franchise fees and other taxes and fees | $ 257,405 | $ 254,227 | $ 257,467 |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Contract Asset and Liability (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Accounting Policies [Abstract] | ||
Contract assets | $ 19,959 | $ 30,758 |
SUMMARY OF SIGNIFICANT ACCOUN_6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue (including revenue from affiliates of $14,729, $3,974 and $2,575 respectively) (See Note 16) | $ 2,535,421 | $ 2,433,986 | $ 2,474,979 | $ 2,450,256 | $ 2,474,549 | $ 2,438,662 | $ 2,451,081 | $ 2,396,567 | $ 9,894,642 | $ 9,760,859 | $ 9,566,608 |
Pay TV [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue (including revenue from affiliates of $14,729, $3,974 and $2,575 respectively) (See Note 16) | 867,021 | 952,526 | 947,061 | 968,959 | 993,158 | 1,018,426 | 1,017,330 | 3,670,859 | 3,997,873 | 4,156,428 | |
Broadband [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue (including revenue from affiliates of $14,729, $3,974 and $2,575 respectively) (See Note 16) | 941,237 | 920,363 | 885,529 | 826,454 | 814,328 | 806,250 | 775,573 | 3,689,159 | 3,222,605 | 2,887,455 | |
Telephony [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue (including revenue from affiliates of $14,729, $3,974 and $2,575 respectively) (See Note 16) | 115,995 | 117,322 | 125,030 | 145,767 | 148,231 | 150,232 | 154,464 | 468,777 | 598,694 | 652,895 | |
Business Services and Wholesale [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue (including revenue from affiliates of $14,729, $3,974 and $2,575 respectively) (See Note 16) | 362,215 | 365,564 | 364,530 | 362,409 | 357,628 | 357,806 | 350,689 | 1,454,532 | 1,428,532 | 1,362,758 | |
Advertising and News [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue (including revenue from affiliates of $14,729, $3,974 and $2,575 respectively) (See Note 16) | 124,177 | 96,631 | 105,540 | $ 148,649 | 118,067 | 114,450 | 94,738 | 519,205 | 475,904 | 487,264 | |
Mobile [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue (including revenue from affiliates of $14,729, $3,974 and $2,575 respectively) (See Note 16) | $ 19,722 | $ 19,866 | $ 18,356 | $ 3,174 | $ 0 | $ 0 | 78,127 | 21,264 | 0 | ||
Other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue (including revenue from affiliates of $14,729, $3,974 and $2,575 respectively) (See Note 16) | $ 13,983 | $ 15,987 | $ 19,808 |
SUMMARY OF SIGNIFICANT ACCOUN_7
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Stock by Class (Details) - shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Common Stock Outstanding Roll Forward [Roll Forward] | |||
Retirement of Class A common shares in connection with the Company's stock repurchase plan (in shares) | (161,216,653) | (72,668,712) | (28,028,680) |
Stock Issued During Period, Shares, Treasury Stock Reissued | 3,828,357 | ||
Treasury Stock, Shares, Acquired | 6,629,415 | 10,457,772 | |
Ending balance common stock, shares outstanding (in shares) | 476,469,575 | ||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 2,617,000 | 1,348,000 | 0 |
Common Class A | |||
Common Stock Outstanding Roll Forward [Roll Forward] | |||
Beginning balance common stock, shares outstanding (in shares) | 446,749,307 | 496,064,027 | 246,982,292 |
Altice Europe Distribution on June 8, 2018 (in shares) | 242,402,231 | ||
Conversion of Class B common stock to Class A common stock (in shares) | 349,929 | 26,730,427 | 34,708,184 |
Stock Issued During Period, Shares, New Issues | 40,000 | 6,897,190 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 822,732 | 184,147 | |
Ending balance common stock, shares outstanding (in shares) | 290,573,672 | 446,749,307 | 496,064,027 |
Common stock, shares issued (in shares) | 297,203,087 | 457,207,079 | |
Common Class B | |||
Common Stock Outstanding Roll Forward [Roll Forward] | |||
Beginning balance common stock, shares outstanding (in shares) | 186,245,832 | 212,976,259 | 490,086,674 |
Altice Europe Distribution on June 8, 2018 (in shares) | (242,402,231) | ||
Conversion of Class B common stock to Class A common stock (in shares) | (349,929) | (26,730,427) | (34,708,184) |
Retirement of Class A common shares in connection with the Company's stock repurchase plan (in shares) | 0 | 0 | 0 |
Stock Issued During Period, Shares, New Issues | 0 | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 0 | 0 | |
Treasury Stock, Shares, Acquired | 0 | 0 | |
Ending balance common stock, shares outstanding (in shares) | 185,895,903 | 186,245,832 | 212,976,259 |
Common stock, shares issued (in shares) | 490,086,674 | 490,086,674 |
CHANGE IN ACCOUNTING POLICIES -
CHANGE IN ACCOUNTING POLICIES - Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Cash and cash equivalents | $ 278,422 | $ 701,898 | ||
Property, Plant and Equipment, Net | 5,805,996 | 5,753,401 | ||
Goodwill | 8,160,566 | 8,142,309 | $ 8,012,416 | |
Assets | 33,376,660 | 34,108,122 | ||
Liabilities, Current | 3,098,103 | 1,978,479 | ||
Deferred Income Tax Liabilities, Net | 5,006,167 | 4,762,595 | ||
Liabilities | 34,554,036 | 31,720,309 | ||
Redeemable equity | 25,763 | 108,551 | ||
Paid-in capital | 0 | 2,039,918 | ||
Retained earnings (accumulated deficit) | (985,641) | 390,766 | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (1,203,139) | 2,279,262 | $ 3,680,236 | $ 5,504,753 |
Liabilities and Equity | $ 33,376,660 | $ 34,108,122 |
CHANGE IN ACCOUNTING POLICIES_2
CHANGE IN ACCOUNTING POLICIES - Income Statement (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||
Revenue (including revenue from affiliates of $14,729, $3,974 and $2,575 respectively) (See Note 16) | $ 2,535,421 | $ 2,433,986 | $ 2,474,979 | $ 2,450,256 | $ 2,474,549 | $ 2,438,662 | $ 2,451,081 | $ 2,396,567 | $ 9,894,642 | $ 9,760,859 | $ 9,566,608 |
Programming and other direct costs (including charges from affiliates of $13,346, $11,580 and $7,261 respectively) (See Note 16) | 3,340,442 | 3,300,528 | 3,173,076 | ||||||||
Other operating expenses (including charges from affiliates of $11,869, $8,355 and $16,307 respectively) (See Note 16) | 2,264,473 | 2,300,398 | 2,290,266 | ||||||||
Restructuring and other expense | 91,073 | 72,978 | 38,548 | ||||||||
Depreciation and amortization (including impairments) | 2,083,365 | 2,263,144 | 2,382,339 | ||||||||
Operating income | 608,719 | 549,293 | 508,707 | 448,570 | 427,275 | 471,515 | 482,543 | 442,478 | 2,115,289 | 1,823,811 | 1,682,379 |
Total other income (expense) | (1,532,062) | (1,636,682) | (1,700,440) | ||||||||
Income (loss) before income taxes | 583,227 | 187,129 | (18,061) | ||||||||
Income tax benefit (expense) | (139,748) | (47,190) | 38,655 | ||||||||
Net income | 336,269 | (2,729) | 111,477 | (1,538) | 1,331 | 77,396 | 86,410 | (25,198) | 443,479 | 139,939 | 20,594 |
CSC Holdings | |||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||
Revenue (including revenue from affiliates of $14,729, $3,974 and $2,575 respectively) (See Note 16) | 9,894,642 | 9,760,859 | 9,566,608 | ||||||||
Programming and other direct costs (including charges from affiliates of $13,346, $11,580 and $7,261 respectively) (See Note 16) | 3,340,442 | 3,300,528 | 3,173,076 | ||||||||
Other operating expenses (including charges from affiliates of $11,869, $8,355 and $16,307 respectively) (See Note 16) | 2,264,473 | 2,300,398 | 2,290,266 | ||||||||
Restructuring and other expense | 91,073 | 72,978 | 38,548 | ||||||||
Depreciation and amortization (including impairments) | 2,083,365 | 2,263,144 | 2,382,339 | ||||||||
Operating income | 2,115,289 | 1,823,811 | 1,682,379 | ||||||||
Total other income (expense) | (1,532,608) | (1,539,751) | (1,364,490) | ||||||||
Income (loss) before income taxes | 582,681 | 284,060 | 317,889 | ||||||||
Income tax benefit (expense) | (126,843) | (71,243) | (57,563) | ||||||||
Net income | 455,838 | 212,817 | 260,326 | ||||||||
Pay TV [Member] | |||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||
Revenue (including revenue from affiliates of $14,729, $3,974 and $2,575 respectively) (See Note 16) | 867,021 | 952,526 | 947,061 | 968,959 | 993,158 | 1,018,426 | 1,017,330 | 3,670,859 | 3,997,873 | 4,156,428 | |
Pay TV [Member] | CSC Holdings | |||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||
Revenue (including revenue from affiliates of $14,729, $3,974 and $2,575 respectively) (See Note 16) | 904,251 | ||||||||||
Broadband [Member] | |||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||
Revenue (including revenue from affiliates of $14,729, $3,974 and $2,575 respectively) (See Note 16) | 941,237 | 920,363 | 885,529 | 826,454 | 814,328 | 806,250 | 775,573 | 3,689,159 | 3,222,605 | 2,887,455 | |
Broadband [Member] | CSC Holdings | |||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||
Revenue (including revenue from affiliates of $14,729, $3,974 and $2,575 respectively) (See Note 16) | 942,030 | ||||||||||
Telephony [Member] | |||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||
Revenue (including revenue from affiliates of $14,729, $3,974 and $2,575 respectively) (See Note 16) | 115,995 | 117,322 | 125,030 | 145,767 | 148,231 | 150,232 | 154,464 | 468,777 | 598,694 | 652,895 | |
Telephony [Member] | CSC Holdings | |||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||
Revenue (including revenue from affiliates of $14,729, $3,974 and $2,575 respectively) (See Note 16) | 110,430 | ||||||||||
Business Services and Wholesale [Member] | |||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||
Revenue (including revenue from affiliates of $14,729, $3,974 and $2,575 respectively) (See Note 16) | 362,215 | 365,564 | 364,530 | 362,409 | 357,628 | 357,806 | 350,689 | 1,454,532 | 1,428,532 | 1,362,758 | |
Business Services and Wholesale [Member] | CSC Holdings | |||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||
Revenue (including revenue from affiliates of $14,729, $3,974 and $2,575 respectively) (See Note 16) | 362,223 | ||||||||||
Other Products and Services [Member] | |||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||
Revenue (including revenue from affiliates of $14,729, $3,974 and $2,575 respectively) (See Note 16) | 3,619 | 2,707 | 4,210 | 4,221 | 4,076 | 3,917 | 3,773 | 13,983 | 15,987 | ||
Other Products and Services [Member] | CSC Holdings | |||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||
Revenue (including revenue from affiliates of $14,729, $3,974 and $2,575 respectively) (See Note 16) | 3,447 | ||||||||||
Advertising and News [Member] | |||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||
Revenue (including revenue from affiliates of $14,729, $3,974 and $2,575 respectively) (See Note 16) | $ 124,177 | $ 96,631 | $ 105,540 | $ 148,649 | $ 118,067 | $ 114,450 | $ 94,738 | $ 519,205 | $ 475,904 | $ 487,264 | |
Advertising and News [Member] | CSC Holdings | |||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||
Revenue (including revenue from affiliates of $14,729, $3,974 and $2,575 respectively) (See Note 16) | $ 192,857 |
CHANGE IN ACCOUNTING POLICIES A
CHANGE IN ACCOUNTING POLICIES AND ATS ACQUISITION - Narrative (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 31, 2018 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Contract assets | $ 19,959 | $ 30,758 | ||
Goodwill | 8,160,566 | 8,142,309 | $ 8,012,416 | |
Altice Technical Services | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Goodwill | $ (23,101) | |||
CSC Holdings | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Goodwill | $ 8,160,566 | $ 8,142,309 |
Earnings Per Share (Details)
Earnings Per Share (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |||
Basic weighted average common shares (in thousands) | 581,057 | 660,384 | 730,088 |
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 2,617 | 1,348 | 0 |
Antidilutive securities | 25,768 | 4,245 | 6,292 |
Performance stock units and restricted stock whose performance metrics have not been met and are not included in diluted weighted average shares outstanding | 8,308 | 0 | 74 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 2,617 | 1,348 | 0 |
Restricted Stock Award [Member] | |||
Earnings Per Share [Abstract] | |||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 15 | 809 | 0 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 15 | 809 | 0 |
ALLOWANCE FOR DOUBTFUL ACCOUN_3
ALLOWANCE FOR DOUBTFUL ACCOUNTS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance at Beginning of Period | $ 14,683 | $ 13,520 | $ 13,420 |
Provision for doubtful accounts | 65,965 | 91,520 | 71,426 |
Deductions/ Write-Offs and Other Charges | (55,450) | (90,357) | (71,326) |
Balance at End of Period | $ 25,198 | $ 14,683 | $ 13,520 |
SUPPLEMENTAL CASH FLOW INFORM_3
SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Non-Cash Investing and Financing Activities: | |||
Property and equipment accrued but unpaid | $ 206,680 | $ 188,067 | $ 213,936 |
Notes payable issued to vendor for the purchase of equipment and other assets | 106,925 | 35,124 | 95,394 |
Right-of-use assets acquired in exchange for finance lease obligations | 133,300 | 54,532 | 13,548 |
Other non-cash investing and financing transactions | 3,973 | 1,563 | 7,550 |
Receivable related to the sale of an investment | 0 | 0 | 4,015 |
Assumption of Cablevision debt, net of the acquisition of Cablevision assets | 0 | 169,334 | 0 |
Contributions from parent | 151,455 | 0 | |
Supplemental Data: | |||
Cash interest paid | 1,406,825 | 1,436,332 | 1,481,468 |
Income taxes paid, net | 80,415 | 10,263 | 13,667 |
CSC Holdings | |||
Non-Cash Investing and Financing Activities: | |||
Contributions from parent | 178,720 | 151,455 | |
Supplemental Data: | |||
Cash interest paid | 1,406,825 | 1,350,756 | 1,163,942 |
Income taxes paid, net | 80,415 | 10,263 | $ 13,667 |
CSC Holdings | Additional Paid-in Capital [Member] | |||
Non-Cash Investing and Financing Activities: | |||
Contributions from parent | $ 178,720 | $ 151,455 |
RESTRUCTURING AND OTHER EXPEN_3
RESTRUCTURING AND OTHER EXPENSE (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2020 | |
Restructuring Reserve [Roll Forward] | ||||
Accrual, beginning balance | $ 4,008 | $ 35,069 | $ 123,100 | |
Restructuring Charges | 3,399 | 12,923 | 31,027 | |
Payments for Restructuring | (5,042) | (30,135) | (119,058) | |
Restructuring Reserve, Accrual Adjustment | (13,849) | |||
Accrual, ending balance | 2,365 | 4,008 | 35,069 | |
Cumulative restructuring costs | $ 436,008 | |||
Payments for Restructuring | 5,042 | 30,135 | 119,058 | |
Restructuring Reserve | 2,365 | 4,008 | 35,069 | 2,365 |
Restructuring expense relating to right of use operating leases | 30,429 | 12,160 | ||
Transaction costs | 2,325 | 5,180 | 7,521 | |
2019 Restructuring | ||||
Restructuring Reserve [Roll Forward] | ||||
Cumulative restructuring costs | 45,936 | |||
Employee Severance [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Accrual, beginning balance | 1,676 | 21,454 | 113,474 | |
Restructuring Charges | 0 | 6,606 | 15,580 | |
Payments for Restructuring | (1,676) | (26,384) | (107,600) | |
Restructuring Reserve, Accrual Adjustment | 0 | |||
Accrual, ending balance | 0 | 1,676 | 21,454 | |
Payments for Restructuring | 1,676 | 26,384 | 107,600 | |
Restructuring Reserve | 0 | 1,676 | 21,454 | 0 |
Employee Severance [Member] | 2019 Restructuring | ||||
Restructuring Reserve [Roll Forward] | ||||
Accrual, beginning balance | 37,946 | |||
Restructuring Charges | 3,221 | 42,715 | ||
Payments for Restructuring | (34,459) | (4,769) | ||
Accrual, ending balance | 6,708 | 37,946 | ||
Payments for Restructuring | 34,459 | 4,769 | ||
Restructuring Reserve | 6,708 | 37,946 | 6,708 | |
Employee Severance [Member] | 2020 Employee Contractual Payments [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Charges | 47,631 | |||
Accrual, ending balance | 14,366 | |||
Restructuring Reserve | 14,366 | 14,366 | ||
Facility Realignment and Other Costs [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Accrual, beginning balance | 2,332 | 13,615 | 9,626 | |
Restructuring Charges | 3,399 | 6,317 | 15,447 | |
Payments for Restructuring | (3,366) | (3,751) | (11,458) | |
Restructuring Reserve, Accrual Adjustment | (13,849) | |||
Accrual, ending balance | 2,365 | 2,332 | 13,615 | |
Payments for Restructuring | 3,366 | 3,751 | 11,458 | |
Restructuring Reserve | 2,365 | $ 2,332 | $ 13,615 | 2,365 |
Facility Realignment and Other Costs [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Charges | 4,068 | |||
Accrual, ending balance | 3,689 | |||
Restructuring Reserve | $ 3,689 | $ 3,689 |
PROPERTY, PLANT AND EQUIPMENT -
PROPERTY, PLANT AND EQUIPMENT - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation | $ 1,344,732 | $ 1,475,251 | $ 1,508,125 |
Plant | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life | 10 years | ||
Plant | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life | 25 years | ||
Headends and related equipment | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life | 5 years | 5 years | |
Headends and related equipment | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life | 25 years | 25 years | |
Customer premise equipment | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life | 3 years | ||
Customer premise equipment | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life | 5 years | ||
Acquisition and development of internal use software | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment capitalized | $ 134,857 | $ 132,966 | $ 134,265 |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT - Summary (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 12,237,839 | $ 11,030,322 |
Less accumulated depreciation and amortization | (6,431,843) | (5,276,921) |
Property, plant and equipment, net | 5,805,996 | 5,753,401 |
Customer premise equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 1,845,830 | $ 1,563,729 |
Customer premise equipment | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 3 years | |
Customer premise equipment | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 5 years | |
Headends and related equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 2,158,704 | $ 2,023,684 |
Headends and related equipment | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 5 years | 5 years |
Headends and related equipment | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 25 years | 25 years |
Infrastructure | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 5,964,419 | $ 5,314,322 |
Infrastructure | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 5 years | |
Infrastructure | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 25 years | |
Equipment and software | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 1,237,057 | $ 1,111,577 |
Equipment and software | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 3 years | |
Equipment and software | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 10 years | |
Construction in progress (including materials and supplies) | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 174,610 | $ 192,571 |
Furniture and fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 65,724 | $ 63,478 |
Furniture and fixtures | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 5 years | |
Furniture and fixtures | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 8 years | |
Transportation equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 150,974 | $ 151,627 |
Transportation equipment | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 5 years | |
Transportation equipment | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 10 years | |
Buildings and building improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 481,693 | $ 457,174 |
Buildings and building improvements | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 10 years | |
Buildings and building improvements | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 40 years | |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 110,037 | $ 103,734 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 48,791 | $ 48,426 |
LEASES - Narrative (Details)
LEASES - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 | |
Operating Lease, Liability | $ 295,720 | ||
Right-of-use operating lease assets | 241,342 | $ 280,340 | |
Operating Lease, Liability, Current | 38,296 | 38,836 | |
Operating Lease, Liability, Noncurrent | 257,424 | 269,062 | |
Finance Lease, Right-of-Use Asset | 170,155 | 70,339 | |
Finance Lease, Liability, Current | 63,454 | 22,017 | |
Finance Lease, Liability, Noncurrent | 96,183 | 47,403 | |
Operating Lease Expense, Net | 58,923 | 60,364 | |
Finance Lease, Right-of-Use Asset, Amortization | 30,123 | 9,347 | |
Finance Lease, Interest Expense | 6,324 | 2,106 | |
Finance Lease, Cost | 36,447 | 11,453 | |
Finance And Operating Lease, Lessee Expense | 95,370 | 71,817 | |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | 35,383 | 61,244 | |
Finance Lease, Interest Payment on Liability | 6,324 | 2,106 | |
Operating Lease, Payments | $ 64,391 | $ 65,352 | |
Operating Lease, Weighted Average Remaining Lease Term | 9 years | 9 years 4 months 24 days | |
Finance Lease, Weighted Average Remaining Lease Term | 2 years 6 months | 3 years 4 months 24 days | |
Operating Lease, Weighted Average Discount Rate, Percent | 5.66% | 5.96% | |
Finance Lease, Weighted Average Discount Rate, Percent | 5.38% | 5.49% | |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | us-gaap:AccountsPayableAndAccruedLiabilitiesCurrent | us-gaap:AccountsPayableAndAccruedLiabilitiesCurrent | |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | us-gaap:OtherAssets | ||
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List] | us-gaap:DebtCurrent | ||
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | us-gaap:LongTermDebtNoncurrent | ||
Accounting Standards Update 2016-02 | |||
Operating Lease, Liability | $ 299,900 | ||
Right-of-use operating lease assets | $ 274,292 |
LEASES - Future Minimum Lease P
LEASES - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Finance Lease, Liability, Payments, Due Next Twelve Months | $ 70,074 | |
Finance Lease, Liability, Payments, Due Year Two | 65,828 | |
Finance Lease, Liability, Payments, Due Year Three | 30,701 | |
Finance Lease, Liability, Payments, Due Year Four | 3,456 | |
Finance Lease, Liability, Payments, Due Year Five | 319 | |
Finance Lease, Liability, Payments, Due after Year Five | 0 | |
Finance Lease, Liability, Payment, Due, Total | 170,378 | |
Finance Lease, Liability, Undiscounted Excess Amount | (10,741) | |
Finance Lease, Liability | 159,637 | $ 69,420 |
Lessee, Operating Lease, Liability, Payments, Due Next Twelve Months | 42,832 | |
Lessee, Operating Lease, Liability, Payments, Due Year Two | 52,508 | |
Lessee, Operating Lease, Liability, Payments, Due Year Three | 44,814 | |
Lessee, Operating Lease, Liability, Payments, Due Year Four | 40,986 | |
Lessee, Operating Lease, Liability, Payments, Due Year Five | 32,986 | |
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 171,238 | |
Lessee, Operating Lease, Liability, Payments, Due, Total | 385,364 | |
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | (89,644) | |
Operating Lease, Liability | $ 295,720 |
INTANGIBLE ASSETS - Summary of
INTANGIBLE ASSETS - Summary of Acquired Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 7,190,428 | $ 7,151,788 |
Accumulated Amortization | (4,409,312) | (3,670,679) |
Net Carrying Amount | 2,781,116 | 3,481,109 |
Customer Relationships [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 6,052,598 | 6,017,524 |
Accumulated Amortization | (3,478,742) | (2,843,561) |
Net Carrying Amount | 2,573,856 | 3,173,963 |
Trade names | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 1,081,083 | 1,081,083 |
Accumulated Amortization | (894,189) | (798,484) |
Net Carrying Amount | 186,894 | 282,599 |
Other amortizable intangibles | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 56,747 | 53,181 |
Accumulated Amortization | (36,381) | (28,634) |
Net Carrying Amount | $ 20,366 | $ 24,547 |
Minimum | Customer Relationships [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible asset, useful life | 3 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 | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization of intangible assets | $ 738,633 | $ 787,893 | $ 874,214 |
INTANGIBLE ASSETS - Schedule of
INTANGIBLE ASSETS - Schedule of Finite-Lived Intangible Assets, Future Amortization Expense (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2020 | $ 629,513 |
2021 | 545,826 |
2022 | 380,300 |
2023 | 301,035 |
2024 | $ 255,439 |
INTANGIBLE ASSETS - Goodwill (D
INTANGIBLE ASSETS - Goodwill (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||
Jun. 30, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Goodwill [Roll Forward] | ||||||
Goodwill, beginning balance | $ 8,142,309 | $ 8,012,416 | ||||
Goodwill acquired | 130,039 | |||||
Adjustments to purchase accounting relating to acquisitions | 18,257 | (146) | ||||
Goodwill, ending balance | 8,160,566 | 8,142,309 | ||||
Cable television franchises | $ 13,068,017 | $ 13,020,081 | $ 13,020,081 | |||
Indefinite-lived Intangible Assets Acquired | 47,936 | |||||
Goodwill | 8,142,309 | 8,012,416 | 8,160,566 | $ 8,142,309 | $ 8,012,416 | |
Indefinite-lived Intangible Assets Acquired | 47,936 | |||||
Adjustments to purchase accounting relating to acquisitions | 18,257 | $ (146) | ||||
Cheddar [Member] | ||||||
Goodwill [Roll Forward] | ||||||
Goodwill, ending balance | 130,039 | |||||
Consideration transfered | $ 198,754 | |||||
Goodwill | $ 130,039 | 130,039 | ||||
Cheddar [Member] | Customer Relationships [Member] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Excluding Receivables | 46,640 | |||||
Cheddar [Member] | Trade names | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Excluding Receivables | 14,000 | |||||
Cheddar [Member] | Other Intangible Assets [Member] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Excluding Receivables | 11,780 | |||||
Service Electric of New Jersey [Member] | Customer Relationships [Member] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Excluding Receivables | 35,074 | |||||
Service Electric of New Jersey [Member] | Property, Plant and Equipment | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Excluding Receivables | $ 52,362 |
DEBT - Credit Silo Combination
DEBT - Credit Silo Combination (Details) - USD ($) | Mar. 15, 2017 | Sep. 30, 2020 | Oct. 31, 2019 | Apr. 30, 2018 | Jan. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Nov. 30, 2018 | Nov. 27, 2018 | Jun. 21, 2016 |
Debt Instrument [Line Items] | ||||||||||
Principal amount | $ 26,940,911,000 | $ 24,773,440,000 | ||||||||
Redeemed debt | 8,886,000 | |||||||||
Long-term debt | 26,722,342,000 | 24,420,285,000 | ||||||||
Face Amount of Senior Notes and Senior Guaranteed Notes | 7,658,806,000 | 7,654,631,000 | ||||||||
Carrying amount of Senior Notes and Senior Guaranteed Notes | 7,626,309,000 | 7,602,456,000 | ||||||||
Face amount of Credit Facility Debt | 7,750,188,000 | 7,190,438,000 | ||||||||
Carrying value of Credit Facility Debt | 7,705,192,000 | 7,148,287,000 | ||||||||
Finance Lease, Liability | 159,637,000 | 69,420,000 | ||||||||
Debt | 1,245,713,000 | 170,682,000 | ||||||||
Finance Lease, Liability, Current | 63,454,000 | 22,017,000 | ||||||||
Long-term Debt, Excluding Current Maturities | 25,476,629,000 | 24,249,603,000 | ||||||||
Principal Amount | 26,940,911,000 | 24,773,440,000 | ||||||||
Less: current portion of senior notes | (989,917,000) | |||||||||
Carrying amount of Senior Notes | 8,009,426,000 | 7,874,040,000 | ||||||||
Face Amount of Senior Notes | 8,024,024,000 | 8,002,866,000 | ||||||||
Original Value of Senior Note | 5,520,000,000 | |||||||||
Debt Instrument, Premium Paid In Connection With Early Tender Of Notes | $ 6,500,000 | $ 6,500,000 | ||||||||
Debt Instrument, Remaining Debt Post Exchange | $ 5,500,050,000 | |||||||||
Notes Payable that will be reclassed to collateralized debt upon maturity | 59,451,000 | |||||||||
Cablevision Lightpath | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Face Amount of Senior Notes and Senior Guaranteed Notes | 1,465,000,000 | 0 | ||||||||
Carrying amount of Senior Notes and Senior Guaranteed Notes | 1,429,471,000 | 0 | ||||||||
Loans Payable | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal amount | 113,592,000 | 83,415,000 | ||||||||
Long-term debt | 113,592,000 | 83,415,000 | ||||||||
Principal Amount | 113,592,000 | 83,415,000 | ||||||||
Credit Facility [Domain] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal amount | 78,750,000 | 65,250,000 | ||||||||
Debt | 78,750,000 | 65,250,000 | ||||||||
Principal Amount | 78,750,000 | 65,250,000 | ||||||||
Short-term Debt | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal amount | 1,255,796,000 | 170,682,000 | ||||||||
Debt | 1,245,713,000 | 170,682,000 | ||||||||
Principal Amount | 1,255,796,000 | 170,682,000 | ||||||||
Cequel and Cequel Capital 5.5% Senior Notes due May 15, 2026 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stated interest rate | 5.50% | |||||||||
Original Cequel Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Remaining Debt Post Exchange | $ 5,206,000 | |||||||||
Incremental Term Loan B-3 | Secured Debt [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal amount | $ 1,252,688,000 | 1,265,438,000 | ||||||||
Stated interest rate | 2.409% | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 1,275,000,000 | |||||||||
Credit facility | $ 1,248,293,000 | 1,260,200,000 | ||||||||
Principal Amount | 1,252,688,000 | 1,265,438,000 | ||||||||
Line of credit facility periodic payment, percentage of principal | 0.25% | |||||||||
Line of credit facility, periodic payment amount | $ 3,188,000 | |||||||||
New CSC Holdings Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal amount | 5,520,000,000 | 5,520,000,000 | ||||||||
Principal Amount | 5,520,000,000 | $ 5,520,000,000 | ||||||||
Debt Instrument, Remaining Debt Post Exchange | $ 5,499,156,000 | |||||||||
CSC Holdings Revolving Credit Facility | Revolving Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal amount | $ 625,000,000 | 0 | ||||||||
Stated interest rate | 2.479% | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 2,275,000,000 | $ 2,475,000,000 | ||||||||
Credit facility | 616,027,000 | 0 | ||||||||
Principal Amount | $ 625,000,000 | 0 | ||||||||
CSC Holdings Revolving Credit Facility | Secured Debt [Member] | LIBOR | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Basis spread on variable rate | 2.25% | 3.25% | ||||||||
CSC Holdings Term Loan B | Secured Debt [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal amount | $ 2,895,000,000 | 2,925,000,000 | ||||||||
Stated interest rate | 2.409% | |||||||||
Credit facility | $ 2,884,065,000 | 2,911,729,000 | ||||||||
Principal Amount | 2,895,000,000 | 2,925,000,000 | ||||||||
Incremental Term Loan B-2 | Secured Debt [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,500,000,000 | |||||||||
Line of credit facility, periodic payment amount | $ 3,750,000 | |||||||||
Incremental Term Loan B-2 | Secured Debt [Member] | Eurodollar | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Basis spread on variable rate | 2.50% | |||||||||
Incremental Term Loan B-5 | Secured Debt [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal amount | $ 2,977,500,000 | 3,000,000,000 | ||||||||
Stated interest rate | 2.659% | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 3,000,000,000 | |||||||||
Credit facility | 2,956,807,000 | 2,976,358,000 | ||||||||
Principal Amount | 2,977,500,000 | 3,000,000,000 | ||||||||
Line of credit facility, periodic payment amount | $ 7,500 | |||||||||
Incremental Term Loan B-5 | Secured Debt [Member] | Eurodollar | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Basis spread on variable rate | 2.50% | |||||||||
Secured Debt [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal amount | 1,699,566,000 | 1,699,566,000 | ||||||||
Long-term debt | 1,617,506,000 | 1,585,088,000 | ||||||||
Principal Amount | 1,699,566,000 | 1,699,566,000 | ||||||||
Loans Payable | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal amount | 183,690,000 | 156,519,000 | ||||||||
Long-term debt | 174,801,000 | 140,994,000 | ||||||||
Principal Amount | 183,690,000 | 156,519,000 | ||||||||
Senior Secured Notes due 2023, 5.375% [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stated interest rate | 5.375% | |||||||||
CSC Holdings Term Loan Facility | Secured Debt [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal amount | 2,895,000,000 | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 3,000,000,000 | |||||||||
Principal Amount | 2,895,000,000 | |||||||||
Line of credit facility periodic payment, percentage of principal | 0.25% | |||||||||
Line of credit facility, periodic payment amount | $ 7,500,000 | |||||||||
CSC Holdings Term Loan Facility | Secured Debt [Member] | Eurodollar | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Basis spread on variable rate | 2.25% | |||||||||
Cablevision Lightpath Revolving Credit Facility | Revolving Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal amount | 0 | 0 | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 100,000,000 | |||||||||
Credit facility | 0 | 0 | ||||||||
Principal Amount | 0 | 0 | ||||||||
Cablevision Lightpath Term B Loan | Secured Debt [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal amount | $ 600,000,000 | 0 | ||||||||
Stated interest rate | 3.75% | |||||||||
Credit facility | $ 582,808,000 | 0 | ||||||||
Principal Amount | $ 600,000,000 | 0 | ||||||||
Line of credit facility periodic payment, percentage of principal | 0.25% | |||||||||
Cablevision Lightpath Term B Loan | Secured Debt [Member] | Eurodollar | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Basis spread on variable rate | 3.25% | |||||||||
Senior Notes | Original Cequel Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal amount | 14,744,000 | |||||||||
Principal Amount | 14,744,000 | |||||||||
Senior Notes | 8.625% Notes due February 15, 2019 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal amount | 526,000,000 | |||||||||
Stated interest rate | 8.625% | |||||||||
Principal Amount | 526,000,000 | |||||||||
Senior Notes | 8.0% Notes due April 15, 2020 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stated interest rate | 8.00% | |||||||||
Senior Notes | 6.75% Notes due November 15, 2021 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal amount | $ 1,000,000,000 | 1,000,000,000 | ||||||||
Stated interest rate | 6.75% | |||||||||
Outstanding debt | $ 989,917,000 | 979,178,000 | ||||||||
Principal Amount | 1,000,000,000 | 1,000,000,000 | ||||||||
Senior Notes | 5.875% Notes due September 15, 2022 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal amount | $ 649,024,000 | 649,024,000 | ||||||||
Stated interest rate | 5.875% | |||||||||
Outstanding debt | $ 617,333,000 | 600,849,000 | ||||||||
Principal Amount | 649,024,000 | 649,024,000 | ||||||||
Senior Notes | 5.25% Notes due June 1, 2024 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal amount | $ 750,000,000 | 750,000,000 | ||||||||
Stated interest rate | 5.25% | |||||||||
Outstanding debt | $ 697,041,000 | 683,940,000 | ||||||||
Principal Amount | 750,000,000 | 750,000,000 | ||||||||
Senior Notes | Cablevision 7.750% Notes due July 15, 2025 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal amount | $ 0 | 1,740,000 | ||||||||
Stated interest rate | 7.75% | |||||||||
Outstanding debt | $ 0 | 1,695,000 | ||||||||
Principal Amount | $ 0 | 1,740,000 | ||||||||
Senior Notes | 10.125% Notes due January 15, 2023 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stated interest rate | 10.125% | |||||||||
Senior Notes | 10.875% Notes due October 15, 2025 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal amount | $ 0 | 1,684,221,000 | ||||||||
Stated interest rate | 10.875% | |||||||||
Outstanding debt | $ 0 | 1,665,237,000 | ||||||||
Principal Amount | 0 | 1,684,221,000 | ||||||||
Senior Notes | Cablevision 7.500% Notes due April 1, 2028 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal amount | $ 4,118,000 | 4,118,000 | ||||||||
Stated interest rate | 7.50% | |||||||||
Outstanding debt | $ 4,112,000 | 4,112,000 | ||||||||
Principal Amount | $ 4,118,000 | 4,118,000 | ||||||||
Senior Notes | CSC Holdings 5.125% Notes due December 15, 2021 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal amount | 1,240,762,000 | |||||||||
Stated interest rate | 5.125% | |||||||||
Principal Amount | 1,240,762,000 | |||||||||
Senior Notes | CSC Holdings 7.750% Notes due July 15, 2025 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal amount | $ 0 | 617,881,000 | ||||||||
Stated interest rate | 7.75% | |||||||||
Outstanding debt | $ 0 | 605,583,000 | ||||||||
Principal Amount | $ 0 | 617,881,000 | ||||||||
Original Value of Senior Note | 620,000,000 | |||||||||
Senior Notes | CSC Holdings 5.375% Senior Guaranteed Notes due July 15, 2023 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stated interest rate | 5.375% | |||||||||
Senior Notes | CSC Holdings 7.500% Notes due April 1, 2028 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal amount | $ 1,045,882,000 | 1,045,882,000 | ||||||||
Stated interest rate | 7.50% | |||||||||
Outstanding debt | $ 1,044,424,000 | 1,044,278,000 | ||||||||
Principal Amount | 1,045,882,000 | 1,045,882,000 | ||||||||
Original Value of Senior Note | 1,050,000,000 | |||||||||
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% | |||||||||
Outstanding debt | $ 2,286,097,000 | 2,289,168,000 | ||||||||
Principal Amount | 2,250,000,000 | 2,250,000,000 | ||||||||
Senior Notes | Remaining Cequel Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal amount | 5,499,156,000 | |||||||||
Principal Amount | 5,499,156,000 | |||||||||
Senior Notes | 6.375% Senior Notes due September 15, 2020 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Redeemed debt | $ 1,050,000,000 | |||||||||
Write-off of deferred financings costs | $ 20,173,000 | |||||||||
Senior Notes | CSC Holdings 4.625% Notes due December 1, 2030 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal amount | $ 2,325,000,000 | 0 | ||||||||
Stated interest rate | 4.625% | |||||||||
Outstanding debt | $ 2,370,502,000 | 0 | ||||||||
Principal Amount | 2,325,000,000 | 0 | ||||||||
Senior Notes | Cablevision Lightpath LLC 5.625% Notes due September 15, 2028 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal amount | $ 415,000,000 | 0 | ||||||||
Stated interest rate | 5.625% | |||||||||
Outstanding debt | $ 406,176,000 | 0 | ||||||||
Principal Amount | 415,000,000 | 0 | ||||||||
Secured Debt [Member] | 5.125% Senior Notes due December 15, 2021 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal amount | $ 1,240,762,000 | |||||||||
Stated interest rate | 5.125% | |||||||||
Principal Amount | $ 1,240,762,000 | |||||||||
Original Value of Senior Note | 1,250,000,000 | |||||||||
Secured Debt [Member] | CSC Holdings 5.375% Senior Guaranteed Notes due July 15, 2023 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal amount | $ 0 | 1,095,825,000 | ||||||||
Stated interest rate | 5.375% | |||||||||
Outstanding debt | $ 0 | 1,081,879,000 | ||||||||
Principal Amount | 0 | 1,095,825,000 | ||||||||
Redemption Premium | 4,157,000 | |||||||||
Original Value of Senior Note | 1,100,000,000 | |||||||||
Secured Debt [Member] | CSC Holdings 5.500% Notes due May 15, 2026 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal amount | $ 1,498,806,000 | 1,498,806,000 | ||||||||
Stated interest rate | 5.50% | |||||||||
Outstanding debt | $ 1,487,644,000 | 1,485,911,000 | ||||||||
Principal Amount | 1,498,806,000 | 1,498,806,000 | ||||||||
Redemption Premium | 1,049,000 | |||||||||
Original Value of Senior Note | 1,500,000,000 | |||||||||
Secured Debt [Member] | 6.625% Notes due October 15, 2025 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal amount | $ 0 | 1,000,000,000 | ||||||||
Stated interest rate | 6.625% | |||||||||
Outstanding debt | $ 0 | 989,483,000 | ||||||||
Principal Amount | 0 | 1,000,000,000 | ||||||||
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% | |||||||||
Outstanding debt | $ 1,305,955,000 | 1,305,430,000 | ||||||||
Principal Amount | 1,310,000,000 | 1,310,000,000 | ||||||||
Secured Debt [Member] | 5.375% Senior Guaranteed Notes Due February 1, 2028 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal amount | $ 1,000,000,000 | 1,000,000,000 | ||||||||
Stated interest rate | 5.375% | |||||||||
Outstanding debt | $ 993,490,000 | 992,757,000 | ||||||||
Principal Amount | 1,000,000,000 | 1,000,000,000 | ||||||||
Secured Debt [Member] | CSC Holdings 6.500% Notes due February 1, 2029 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal amount | $ 1,750,000,000 | 1,750,000,000 | ||||||||
Stated interest rate | 6.50% | |||||||||
Outstanding debt | $ 1,747,245,000 | 1,746,996,000 | ||||||||
Principal Amount | 1,750,000,000 | 1,750,000,000 | ||||||||
Secured Debt [Member] | Remaining Cequel Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Redemption Premium | 5,206,000 | |||||||||
Secured Debt [Member] | CSC Holdings 4.625% Notes due December 1, 2030 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal amount | $ 625,000,000 | |||||||||
Stated interest rate | 4.625% | |||||||||
Principal Amount | $ 625,000,000 | |||||||||
Secured Debt [Member] | CSC Holdings 4.125% Notes due December 1, 2030 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal amount | $ 1,100,000,000 | 0 | ||||||||
Stated interest rate | 4.125% | |||||||||
Outstanding debt | $ 1,095,283,000 | 0 | ||||||||
Principal Amount | 1,100,000,000 | 0 | ||||||||
Secured Debt [Member] | CSC Holdings 3.375% Notes due February 15, 2031 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal amount | $ 1,000,000,000 | 0 | ||||||||
Stated interest rate | 3.375% | |||||||||
Outstanding debt | $ 996,692,000 | 0 | ||||||||
Principal Amount | 1,000,000,000 | 0 | ||||||||
Secured Debt [Member] | Cablevision Lightpath LLC 3.875% Notes due September 15, 2027 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal amount | $ 450,000,000 | 0 | ||||||||
Stated interest rate | 3.875% | |||||||||
Outstanding debt | $ 440,487,000 | 0 | ||||||||
Principal Amount | 450,000,000 | 0 | ||||||||
Long-term Debt | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal amount | 25,685,115,000 | 24,602,758,000 | ||||||||
Long-term Debt, Excluding Current Maturities | 25,476,629,000 | 24,249,603,000 | ||||||||
Principal Amount | $ 25,685,115,000 | $ 24,602,758,000 |
DEBT - Schedule of Exchange Agr
DEBT - Schedule of Exchange Agreement (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 | Nov. 30, 2018 | Nov. 27, 2018 |
Debt Instrument [Line Items] | ||||
Principal amount | $ 26,940,911,000 | $ 24,773,440,000 | ||
Debt Instrument, Remaining Debt Post Exchange | $ 5,500,050,000 | |||
Debt Instrument, Premium Paid In Connection With Early Tender Of Notes | 6,500,000 | $ 6,500,000 | ||
Original Cequel Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Remaining Debt Post Exchange | $ 5,206,000 |
DEBT - CSC Holdings Credit Faci
DEBT - CSC Holdings Credit Facilities (Details) - USD ($) | Mar. 15, 2017 | Jul. 30, 2020 | Oct. 31, 2019 | Jul. 31, 2019 | Feb. 28, 2019 | Jan. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jun. 21, 2016 |
Debt Instrument [Line Items] | ||||||||||
Principal amount | $ 26,940,911,000 | $ 24,773,440,000 | ||||||||
Redeemed debt | 8,886,000 | |||||||||
Loss on extinguishment of debt and write-off of deferred financing costs | $ (62,096,000) | 250,489,000 | 243,806,000 | $ 48,804,000 | ||||||
Cash distributions to shareholders | 1,499,935,000 | |||||||||
Loss on extinguishment of debt and write-off of deferred financing costs | $ 62,096,000 | (250,489,000) | (243,806,000) | (48,804,000) | ||||||
CSC Holdings | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Loss on extinguishment of debt and write-off of deferred financing costs | 250,489,000 | 228,130,000 | 7,883,000 | |||||||
Cash distributions to shareholders | 3,058,747,000 | |||||||||
Loss on extinguishment of debt and write-off of deferred financing costs | (250,489,000) | (228,130,000) | $ (7,883,000) | |||||||
CSC Holdings Term Loan Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Loss on extinguishment of debt and write-off of deferred financing costs | 8,313,000 | |||||||||
Loss on extinguishment of debt and write-off of deferred financing costs | (8,313,000) | |||||||||
5.5% Notes due April 15, 2027 | Secured Debt [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal amount | $ 1,310,000,000 | $ 1,310,000,000 | ||||||||
Stated interest rate | 5.50% | |||||||||
CSC Credit Facilities | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Percentage of proceeds from asset sales required to pay down term loans | 100.00% | |||||||||
Percentage of excess cash flow required when minimum leverage ratio is not met | 50.00% | |||||||||
Percentage of excess cash flow required to pay down term loans when minimum leverage ratio is fulfilled | 0.00% | |||||||||
Minimum debt leverage ratio required for zero percent of excess cash flow obligation to prepay debt | 4.5 | |||||||||
Line of credit facility, covenant, leverage ratio | 5 | |||||||||
Cablevision 5.125% Notes due December 15, 2021 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Loss on extinguishment of debt and write-off of deferred financing costs | $ 500,000 | |||||||||
Loss on extinguishment of debt and write-off of deferred financing costs | (500,000) | |||||||||
Term Loan B-2 and Term Loan B-4 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Redeemed debt | $ 2,500,000 | |||||||||
Cash distributions to shareholders | $ 500,000,000 | |||||||||
8.0% Notes due April 15, 2020 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Loss on extinguishment of debt and write-off of deferred financing costs | 15,176,000 | |||||||||
Loss on extinguishment of debt and write-off of deferred financing costs | (15,176,000) | |||||||||
8.0% Notes due April 15, 2020 | Senior Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stated interest rate | 8.00% | |||||||||
Secured Debt [Member] | CSC Holdings Term Loan Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 3,000,000,000 | |||||||||
Principal amount | 2,895,000,000 | |||||||||
Line of credit facility periodic payment, percentage of principal | 0.25% | |||||||||
Line of credit facility, periodic payment amount | $ 7,500,000 | |||||||||
Secured Debt [Member] | CSC Holdings Term Loan Facility | Alternate Base Rate | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Basis spread on variable rate | 1.25% | |||||||||
Secured Debt [Member] | CSC Holdings Term Loan Facility | Eurodollar | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Basis spread on variable rate | 2.25% | |||||||||
Secured Debt [Member] | CSC Holdings Revolving Credit Facility | LIBOR | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Basis spread on variable rate | 2.25% | 3.25% | ||||||||
Secured Debt [Member] | Incremental Term Loan B-2 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,500,000,000 | |||||||||
Price percent | 99.50% | |||||||||
Line of credit facility, periodic payment amount | $ 3,750,000 | |||||||||
Secured Debt [Member] | Incremental Term Loan B-2 | Alternate Base Rate | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Basis spread on variable rate | 1.50% | |||||||||
Secured Debt [Member] | Incremental Term Loan B-2 | Eurodollar | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Basis spread on variable rate | 2.50% | |||||||||
Secured Debt [Member] | Incremental Term Loan B-3 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 1,275,000,000 | |||||||||
Principal amount | $ 1,252,688,000 | 1,265,438,000 | ||||||||
Line of credit facility periodic payment, percentage of principal | 0.25% | |||||||||
Line of credit facility, periodic payment amount | $ 3,188,000 | |||||||||
Secured Debt [Member] | Incremental Term Loan B-4 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal amount | 1,000,000,000 | |||||||||
Debt discount rate | 1.00% | |||||||||
Secured Debt [Member] | Incremental Term Loan B-4 | Alternate Base Rate | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Basis spread on variable rate | 3.00% | |||||||||
Secured Debt [Member] | Incremental Term Loan B-5 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 3,000,000,000 | |||||||||
Principal amount | 2,977,500,000 | 3,000,000,000 | ||||||||
Line of credit facility, periodic payment amount | $ 7,500 | |||||||||
Secured Debt [Member] | Incremental Term Loan B-5 | Alternate Base Rate | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Basis spread on variable rate | 1.50% | |||||||||
Secured Debt [Member] | Incremental Term Loan B-5 | Eurodollar | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Basis spread on variable rate | 2.50% | |||||||||
Revolving Credit Facility | CSC Holdings Revolving Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 2,275,000,000 | $ 2,475,000,000 | ||||||||
Principal amount | 625,000,000 | $ 0 | ||||||||
Proceeds from long-term debt | 2,075,000,000 | |||||||||
Repayments of line of credit | $ 622,857,000 | $ 1,450,000,000 |
DEBT - Cequel Credit Facilities
DEBT - Cequel Credit Facilities (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||
Jul. 30, 2020 | Oct. 31, 2018 | Apr. 30, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Line of Credit Facility [Line Items] | ||||||
Redeemed debt | $ 8,886 | |||||
Loss on extinguishment of debt and write-off of deferred financing costs | $ (62,096) | $ 250,489 | 243,806 | $ 48,804 | ||
Principal amount | $ 26,940,911 | $ 24,773,440 | ||||
Cequel Credit Facilities | ||||||
Line of Credit Facility [Line Items] | ||||||
Loss on extinguishment of debt and write-off of deferred financing costs | $ 7,733 | |||||
Cequel Credit Facilities | Line of Credit | ||||||
Line of Credit Facility [Line Items] | ||||||
Extinguishment of debt | $ 1,249,188 | |||||
Cequel Term Loan Facility | Secured Debt [Member] | Alternate Base Rate | ||||||
Line of Credit Facility [Line Items] | ||||||
Basis spread on variable rate | 1.25% | |||||
Cequel Term Loan Facility | Secured Debt [Member] | Eurodollar | ||||||
Line of Credit Facility [Line Items] | ||||||
Basis spread on variable rate | 2.25% | |||||
6.375% Senior Notes due September 15, 2020 | Senior Notes | ||||||
Line of Credit Facility [Line Items] | ||||||
Redeemed debt | $ 1,050,000 | |||||
Loss on extinguishment of debt and write-off of deferred financing costs | $ 16,737 |
DEBT - Credit Facilities Outsta
DEBT - Credit Facilities Outstanding (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 31, 2018 | Jun. 21, 2016 |
Debt Instrument [Line Items] | ||||
Long-term debt | $ 26,722,342,000 | $ 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] | ||||
Stated interest rate | 2.479% | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 2,275,000,000 | $ 2,475,000,000 | ||
Credit facility, Carrying Value | 616,027,000 | 0 | ||
Letters of credit outstanding | 137,920,000 | |||
Line of credit facility, remaining borrowing capacity | $ 1,712,080,000 | |||
CSC Holdings Term Loan B | Secured Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 2.409% | |||
Credit facility, Carrying Value | $ 2,884,065,000 | 2,911,729,000 | ||
Incremental Term Loan B-2 | Secured Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,500,000,000 | |||
Incremental Term Loan B-3 | Secured Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 2.409% | |||
Line of Credit Facility, Maximum Borrowing Capacity | 1,275,000,000 | |||
Credit facility, Carrying Value | $ 1,248,293,000 | 1,260,200,000 | ||
Secured Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | $ 1,617,506,000 | $ 1,585,088,000 |
DEBT - Senior Guaranteed Notes
DEBT - Senior Guaranteed Notes and Senior Notes and Debentures (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||||
Jul. 30, 2020 | Jul. 31, 2019 | Apr. 30, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jun. 21, 2016 | |
Debt Instrument [Line Items] | |||||||
Principal amount | $ 26,940,911,000 | $ 24,773,440,000 | |||||
Less: Current portion | 989,917,000 | ||||||
Face Amount of Senior Notes and Senior Guaranteed Notes | 7,658,806,000 | 7,654,631,000 | |||||
Carrying amount of Senior Notes and Senior Guaranteed Notes | 7,626,309,000 | 7,602,456,000 | |||||
Face amount of Credit Facility Debt | 7,750,188,000 | 7,190,438,000 | |||||
Carrying value of Credit Facility Debt | 7,705,192,000 | 7,148,287,000 | |||||
Finance Lease, Liability | 159,637,000 | 69,420,000 | |||||
Long-term debt | 26,722,342,000 | 24,420,285,000 | |||||
Debt | 1,245,713,000 | 170,682,000 | |||||
Finance Lease, Liability, Current | 63,454,000 | 22,017,000 | |||||
Long-term Debt, Excluding Current Maturities | 25,476,629,000 | 24,249,603,000 | |||||
Redeemed debt | 8,886,000 | ||||||
Loss on extinguishment of debt and write-off of deferred financing costs | $ 62,096,000 | (250,489,000) | (243,806,000) | $ (48,804,000) | |||
Loans Payable | |||||||
Debt Instrument [Line Items] | |||||||
Principal amount | 113,592,000 | 83,415,000 | |||||
Long-term debt | 113,592,000 | 83,415,000 | |||||
Short-term Debt | |||||||
Debt Instrument [Line Items] | |||||||
Principal amount | 1,255,796,000 | 170,682,000 | |||||
Debt | 1,245,713,000 | 170,682,000 | |||||
Credit Facility [Domain] | |||||||
Debt Instrument [Line Items] | |||||||
Principal amount | 78,750,000 | 65,250,000 | |||||
Debt | 78,750,000 | 65,250,000 | |||||
10.875% Notes due October 15, 2025 | |||||||
Debt Instrument [Line Items] | |||||||
Loss on extinguishment of debt and write-off of deferred financing costs | (136,249,000) | ||||||
CSC Holdings 5.125% Notes due December 15, 2021 | |||||||
Debt Instrument [Line Items] | |||||||
Loss on extinguishment of debt and write-off of deferred financing costs | (65,151,000) | ||||||
CSC Holdings 7.750% Notes due July 15, 2025 | |||||||
Debt Instrument [Line Items] | |||||||
Loss on extinguishment of debt and write-off of deferred financing costs | (35,375,000) | ||||||
6.625% Notes due October 15, 2025 | |||||||
Debt Instrument [Line Items] | |||||||
Loss on extinguishment of debt and write-off of deferred financing costs | (52,144,000) | ||||||
7.75% Notes due April 15, 2018 | |||||||
Debt Instrument [Line Items] | |||||||
Loss on extinguishment of debt and write-off of deferred financing costs | $ (4,706,000) | ||||||
8.0% Notes due April 15, 2020 | |||||||
Debt Instrument [Line Items] | |||||||
Loss on extinguishment of debt and write-off of deferred financing costs | (15,176,000) | ||||||
Cablevision 5.125% Notes due December 15, 2021 | |||||||
Debt Instrument [Line Items] | |||||||
Loss on extinguishment of debt and write-off of deferred financing costs | (500,000) | ||||||
Incremental Term Loan B-3 | Secured Debt [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Principal amount | $ 1,252,688,000 | 1,265,438,000 | |||||
Stated interest rate | 2.409% | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | 1,275,000,000 | ||||||
Credit facility | $ 1,248,293,000 | 1,260,200,000 | |||||
Incremental Term Loan B-5 | Secured Debt [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Principal amount | $ 2,977,500,000 | 3,000,000,000 | |||||
Stated interest rate | 2.659% | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 3,000,000,000 | ||||||
Credit facility | 2,956,807,000 | 2,976,358,000 | |||||
Loans Payable | |||||||
Debt Instrument [Line Items] | |||||||
Principal amount | 183,690,000 | 156,519,000 | |||||
Long-term debt | 174,801,000 | 140,994,000 | |||||
Secured Debt [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Principal amount | 1,699,566,000 | 1,699,566,000 | |||||
Long-term debt | 1,617,506,000 | 1,585,088,000 | |||||
CSC Holdings Revolving Credit Facility | Revolving Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Principal amount | $ 625,000,000 | 0 | |||||
Stated interest rate | 2.479% | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 2,275,000,000 | $ 2,475,000,000 | |||||
Credit facility | 616,027,000 | 0 | |||||
Repayments of line of credit | $ 622,857,000 | $ 1,450,000,000 | |||||
Secured Debt [Member] | 6.625% Notes due October 15, 2025 | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.625% | ||||||
Principal amount | $ 0 | 1,000,000,000 | |||||
Carrying Amount | 0 | 989,483,000 | |||||
Loss on extinguishment of debt and write-off of deferred financing costs | $ 188,393,000 | ||||||
Secured Debt [Member] | 5.5% Notes due April 15, 2027 | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.50% | ||||||
Principal amount | $ 1,310,000,000 | 1,310,000,000 | |||||
Carrying Amount | $ 1,305,955,000 | 1,305,430,000 | |||||
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 | $ 1,000,000,000 | 1,000,000,000 | |||||
Carrying Amount | $ 993,490,000 | 992,757,000 | |||||
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 | $ 0 | 1,095,825,000 | |||||
Carrying Amount | $ 0 | 1,081,879,000 | |||||
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 | $ 1,498,806,000 | 1,498,806,000 | |||||
Carrying Amount | $ 1,487,644,000 | $ 1,485,911,000 | |||||
Secured Debt [Member] | 5.125% Senior Notes due December 15, 2021 | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.125% | ||||||
Principal amount | $ 1,240,762,000 | ||||||
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 | $ 1,750,000,000 | 1,750,000,000 | |||||
Carrying Amount | 1,747,245,000 | 1,746,996,000 | |||||
Secured Debt [Member] | CSC Holdings 6.500% Notes due February 1, 2029 Tranche 1 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Principal amount | 1,500,000,000 | ||||||
Secured Debt [Member] | CSC Holdings 6.500% Notes due February 1, 2029 Tranche 2 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Principal amount | 250,000,000 | ||||||
Redeemed debt | 905,300,000 | ||||||
Long-term Debt | |||||||
Debt Instrument [Line Items] | |||||||
Principal amount | 25,685,115,000 | 24,602,758,000 | |||||
Long-term Debt, Excluding Current Maturities | $ 25,476,629,000 | 24,249,603,000 | |||||
Senior Notes | 8.625% Notes due February 15, 2019 | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.625% | ||||||
Principal amount | 526,000,000 | ||||||
Senior Notes | 6.75% Notes due November 15, 2021 | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.75% | ||||||
Principal amount | $ 1,000,000,000 | 1,000,000,000 | |||||
Carrying Amount | $ 989,917,000 | 979,178,000 | |||||
Senior Notes | 5.25% Notes due June 1, 2024 | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.25% | ||||||
Principal amount | $ 750,000,000 | 750,000,000 | |||||
Carrying Amount | $ 697,041,000 | 683,940,000 | |||||
Senior Notes | 10.125% Notes due January 15, 2023 | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 10.125% | ||||||
Debt Instrument, Redemption Price, Percentage | 107.594% | ||||||
Senior Notes | 10.875% Notes due October 15, 2025 | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 10.875% | ||||||
Principal amount | $ 0 | 1,684,221,000 | |||||
Carrying Amount | $ 0 | 1,665,237,000 | |||||
Senior Notes | CSC Holdings 5.125% Notes due December 15, 2021 | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.125% | ||||||
Principal amount | 1,240,762,000 | ||||||
Loss on extinguishment of debt and write-off of deferred financing costs | 65,151,000 | ||||||
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 | $ 0 | 617,881,000 | |||||
Carrying Amount | $ 0 | 605,583,000 | |||||
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 | $ 1,045,882,000 | 1,045,882,000 | |||||
Carrying Amount | $ 1,044,424,000 | 1,044,278,000 | |||||
Senior Notes | CSC Holdings 5.375% Senior Guaranteed Notes due July 15, 2023 | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.375% | ||||||
Senior Notes | 8.0% Notes due April 15, 2020 | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | ||||||
Senior Notes | 5.875% Notes due September 15, 2022 | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.875% | ||||||
Principal amount | $ 649,024,000 | 649,024,000 | |||||
Carrying Amount | $ 617,333,000 | 600,849,000 | |||||
Senior Notes | Cablevision 7.750% Notes due July 15, 2025 | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.75% | ||||||
Principal amount | $ 0 | 1,740,000 | |||||
Carrying Amount | $ 0 | 1,695,000 | |||||
Senior Notes | Cablevision 7.500% Notes due April 1, 2028 | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.50% | ||||||
Principal amount | $ 4,118,000 | 4,118,000 | |||||
Carrying Amount | $ 4,112,000 | 4,112,000 | |||||
Senior Notes | 6.375% Senior Notes due September 15, 2020 | |||||||
Debt Instrument [Line Items] | |||||||
Redeemed debt | $ 1,050,000,000 | ||||||
Loss on extinguishment of debt and write-off of deferred financing costs | $ (16,737,000) | ||||||
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 | $ 2,250,000,000 | 2,250,000,000 | |||||
Carrying Amount | $ 2,286,097,000 | $ 2,289,168,000 | |||||
Debt Instrument, Redemption Price, Percentage | 104.00% | ||||||
Senior Notes | CSC Holdings 5.750% Notes due January 15, 2030 Tranche 1 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Principal amount | $ 1,000,000,000 | ||||||
Senior Notes | CSC Holdings 5.750% Notes due January 15, 2030 Tranche 2 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Principal amount | $ 1,250,000,000 |
DEBT - Senior Guaranteed Notes,
DEBT - Senior Guaranteed Notes, Senior Secured Notes, and Senior Notes and Debentures (Details) - USD ($) | Jun. 06, 2018 | Mar. 15, 2017 | Sep. 30, 2020 | Jul. 30, 2020 | Oct. 31, 2019 | Apr. 30, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Feb. 28, 2018 | Jan. 01, 2018 | Jun. 21, 2016 |
Debt Instrument [Line Items] | ||||||||||||
Principal amount | $ 26,940,911,000 | $ 24,773,440,000 | ||||||||||
Long-term debt | 26,722,342,000 | 24,420,285,000 | ||||||||||
Dividends | $ 1,499,935,000 | |||||||||||
Loss on extinguishment of debt and write-off of deferred financing costs | $ (62,096,000) | 250,489,000 | 243,806,000 | $ 48,804,000 | ||||||||
Redemption of debt amount | 8,886,000 | |||||||||||
Issuance of common shares pursuant to employee long term incentive plan | 15,752,000 | (7,122,000) | ||||||||||
Collateralized Agreements | 99,941,000 | |||||||||||
Cablevision 5.125% Notes due December 15, 2021 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Loss on extinguishment of debt and write-off of deferred financing costs | 500,000 | |||||||||||
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 5.125% Notes due December 15, 2021 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Loss on extinguishment of debt and write-off of deferred financing costs | 65,151,000 | |||||||||||
CSC Holdings Revolving Credit Facility | Revolving Credit Facility | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Principal amount | 625,000,000 | 0 | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 2,275,000,000 | $ 2,475,000,000 | ||||||||||
Cablevision Lightpath Revolving Credit Facility | Revolving Credit Facility | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Principal amount | 0 | 0 | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 100,000,000 | |||||||||||
Incremental Term Loan B-3 | Secured Debt [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Principal amount | 1,252,688,000 | 1,265,438,000 | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 1,275,000,000 | |||||||||||
Line of credit facility periodic payment, percentage of principal | 0.25% | |||||||||||
10.875% Notes due October 15, 2025 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Loss on extinguishment of debt and write-off of deferred financing costs | 136,249,000 | |||||||||||
6.625% Notes due October 15, 2025 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Loss on extinguishment of debt and write-off of deferred financing costs | 52,144,000 | |||||||||||
Cablevision Lightpath Term B Loan | Secured Debt [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Principal amount | 600,000,000 | 0 | ||||||||||
Line of credit facility periodic payment, percentage of principal | 0.25% | |||||||||||
Line of Credit Facility, Periodic Payment | $ 1,500,000 | |||||||||||
Cablevision Lightpath Term B Loan | Secured Debt [Member] | Alternate Base Rate | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Basis spread on variable rate | 2.25% | |||||||||||
Cablevision Lightpath Term B Loan | Secured Debt [Member] | Eurodollar | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Basis spread on variable rate | 3.25% | |||||||||||
Incremental Term Loan B-5 | Secured Debt [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Principal amount | 2,977,500,000 | 3,000,000,000 | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 3,000,000,000 | |||||||||||
Incremental Term Loan B-5 | Secured Debt [Member] | Alternate Base Rate | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Basis spread on variable rate | 1.50% | |||||||||||
Incremental Term Loan B-5 | Secured Debt [Member] | Eurodollar | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Basis spread on variable rate | 2.50% | |||||||||||
CSC Holdings 7.750% Notes due July 15, 2025 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Loss on extinguishment of debt and write-off of deferred financing costs | 35,375,000 | |||||||||||
Senior Notes | 2028 Guaranteed Notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Principal amount | $ 1,050,000,000 | |||||||||||
Stated interest rate | 7.50% | |||||||||||
Senior Notes | CSC Holdings' Senior Notes Due February 2018 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Long-term debt | $ 300,000,000 | |||||||||||
Senior Notes | Cablevision Senior Notes Due April 2018 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Long-term debt | $ 750,000,000 | |||||||||||
Loss on extinguishment of debt and write-off of deferred financing costs | 7,019,000 | |||||||||||
Debt premium | 2,314,000 | |||||||||||
Senior Notes | 6.375% Senior Notes due September 15, 2020 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Loss on extinguishment of debt and write-off of deferred financing costs | 16,737,000 | |||||||||||
Redemption of debt amount | $ 1,050,000,000 | |||||||||||
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% | |||||||||||
Debt Instrument, Redemption Price, Percentage | 104.00% | |||||||||||
Senior Notes | 10.125% Notes due January 15, 2023 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stated interest rate | 10.125% | |||||||||||
Debt Instrument, Redemption Price, Percentage | 107.594% | |||||||||||
Senior Notes | CSC Holdings 5.750% Notes due January 15, 2030 Tranche 1 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Principal amount | $ 1,000,000,000 | |||||||||||
Senior Notes | CSC Holdings 5.750% Notes due January 15, 2030 Tranche 2 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Principal amount | $ 1,250,000,000 | |||||||||||
Senior Notes | CSC Holdings 5.125% Notes due December 15, 2021 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Principal amount | 1,240,762,000 | |||||||||||
Stated interest rate | 5.125% | |||||||||||
Loss on extinguishment of debt and write-off of deferred financing costs | (65,151,000) | |||||||||||
Senior Notes | CSC Holdings 4.625% Notes due December 1, 2030 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Principal amount | $ 2,325,000,000 | 0 | ||||||||||
Stated interest rate | 4.625% | |||||||||||
Debt instrument, percent of premium issued | 103.25% | |||||||||||
Senior Notes | CSC Holdings 5.375% Senior Guaranteed Notes due July 15, 2023 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stated interest rate | 5.375% | |||||||||||
Senior Notes | Cablevision 7.750% Notes due July 15, 2025 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Principal amount | $ 0 | 1,740,000 | ||||||||||
Stated interest rate | 7.75% | |||||||||||
Senior Notes | CSC Holdings 4.625% Notes due December 1, 2030 - August 2020 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Principal amount | $ 1,700,000,000 | |||||||||||
Stated interest rate | 4.625% | |||||||||||
Senior Notes | 10.875% Notes due October 15, 2025 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Principal amount | $ 0 | 1,684,221,000 | ||||||||||
Stated interest rate | 10.875% | |||||||||||
Senior Notes | Cablevision Lightpath LLC 5.625% Notes due September 15, 2028 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Principal amount | $ 415,000,000 | 0 | ||||||||||
Stated interest rate | 5.625% | |||||||||||
Senior Notes | 5.875% Notes due September 15, 2022 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Principal amount | $ 649,024,000 | 649,024,000 | ||||||||||
Stated interest rate | 5.875% | |||||||||||
Senior Notes | CSC Holdings 7.750% Notes due July 15, 2025 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Principal amount | $ 0 | 617,881,000 | ||||||||||
Stated interest rate | 7.75% | |||||||||||
Senior Notes | Cablevision 7.500% Notes due April 1, 2028 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Principal amount | $ 4,118,000 | 4,118,000 | ||||||||||
Stated interest rate | 7.50% | |||||||||||
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% | |||||||||||
Secured Debt [Member] | 2028 Guaranteed Notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Principal amount | $ 1,000,000,000 | |||||||||||
Stated interest rate | 5.375% | |||||||||||
Secured Debt [Member] | CSC Holdings 6.500% Notes due February 1, 2029 Tranche 2 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Principal amount | $ 250,000,000 | |||||||||||
Redemption of debt amount | $ 905,300,000 | |||||||||||
Premium on notes | 101.75% | |||||||||||
Secured Debt [Member] | CSC Holdings 6.500% Notes due February 1, 2029 Tranche 1 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Principal amount | $ 1,500,000,000 | |||||||||||
Secured Debt [Member] | 5.125% Senior Notes due December 15, 2021 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Principal amount | $ 1,240,762,000 | |||||||||||
Stated interest rate | 5.125% | |||||||||||
Secured Debt [Member] | CSC Holdings 4.125% Notes due December 1, 2030 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Principal amount | $ 1,100,000,000 | $ 0 | ||||||||||
Stated interest rate | 4.125% | |||||||||||
Secured Debt [Member] | CSC Holdings 4.625% Notes due December 1, 2030 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Principal amount | $ 625,000,000 | |||||||||||
Stated interest rate | 4.625% | |||||||||||
Secured Debt [Member] | CSC Holdings 5.375% Senior Guaranteed Notes due July 15, 2023 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Principal amount | $ 0 | 1,095,825,000 | ||||||||||
Stated interest rate | 5.375% | |||||||||||
Secured Debt [Member] | CSC Holdings 3.375% Notes due February 15, 2031 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Principal amount | $ 1,000,000,000 | 0 | ||||||||||
Stated interest rate | 3.375% | |||||||||||
Secured Debt [Member] | 6.625% Notes due October 15, 2025 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Principal amount | $ 0 | 1,000,000,000 | ||||||||||
Stated interest rate | 6.625% | |||||||||||
Loss on extinguishment of debt and write-off of deferred financing costs | $ (188,393,000) | |||||||||||
Secured Debt [Member] | Cablevision Lightpath LLC 3.875% Notes due September 15, 2027 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Principal amount | $ 450,000,000 | 0 | ||||||||||
Stated interest rate | 3.875% | |||||||||||
Long-term Debt | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Principal amount | $ 25,685,115,000 | $ 24,602,758,000 | ||||||||||
Affiliates | Notes payable and supply chain financing | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Principal amount | $ 1,750,000 |
DEBT - Schedule of Gain (Loss)
DEBT - Schedule of Gain (Loss) on Debt Extinguishment (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Jul. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | ||||
Loss on extinguishment of debt and write-off of deferred financing costs | $ (62,096) | $ 250,489 | $ 243,806 | $ 48,804 |
Loss on extinguishment of debt and write-off of deferred financing costs | $ 62,096 | (250,489) | (243,806) | (48,804) |
CSC Holdings | ||||
Debt Instrument [Line Items] | ||||
Loss on extinguishment of debt and write-off of deferred financing costs | 250,489 | 228,130 | 7,883 | |
Loss on extinguishment of debt and write-off of deferred financing costs | (250,489) | (228,130) | (7,883) | |
7.75% Notes due April 15, 2018 | ||||
Debt Instrument [Line Items] | ||||
Loss on extinguishment of debt and write-off of deferred financing costs | 4,706 | |||
Loss on extinguishment of debt and write-off of deferred financing costs | (4,706) | |||
Cequel Credit Facilities | ||||
Debt Instrument [Line Items] | ||||
Loss on extinguishment of debt and write-off of deferred financing costs | 7,733 | |||
Loss on extinguishment of debt and write-off of deferred financing costs | (7,733) | |||
10.875% Notes due October 15, 2025 | ||||
Debt Instrument [Line Items] | ||||
Loss on extinguishment of debt and write-off of deferred financing costs | 136,249 | |||
Loss on extinguishment of debt and write-off of deferred financing costs | (136,249) | |||
Cequel 6.375% Senior Notes due 2020 | ||||
Debt Instrument [Line Items] | ||||
Loss on extinguishment of debt and write-off of deferred financing costs | 36,910 | |||
Loss on extinguishment of debt and write-off of deferred financing costs | (36,910) | |||
8.0% Notes due April 15, 2020 | ||||
Debt Instrument [Line Items] | ||||
Loss on extinguishment of debt and write-off of deferred financing costs | 15,176 | |||
Loss on extinguishment of debt and write-off of deferred financing costs | (15,176) | |||
Cablevision 5.125% Notes due December 15, 2021 | ||||
Debt Instrument [Line Items] | ||||
Loss on extinguishment of debt and write-off of deferred financing costs | 500 | |||
Loss on extinguishment of debt and write-off of deferred financing costs | (500) | |||
CSC Holdings 5.125% Notes due December 15, 2021 | ||||
Debt Instrument [Line Items] | ||||
Loss on extinguishment of debt and write-off of deferred financing costs | 65,151 | |||
Loss on extinguishment of debt and write-off of deferred financing costs | (65,151) | |||
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 | 8,313 | |||
Loss on extinguishment of debt and write-off of deferred financing costs | $ (8,313) | |||
Cequel Notes relating to Debt Exchange | ||||
Debt Instrument [Line Items] | ||||
Loss on extinguishment of debt and write-off of deferred financing costs | (695) | |||
Loss on extinguishment of debt and write-off of deferred financing costs | 695 | |||
Cequel Notes relating to Debt Exchange | CSC Holdings | ||||
Debt Instrument [Line Items] | ||||
Loss on extinguishment of debt and write-off of deferred financing costs | 150 | |||
Loss on extinguishment of debt and write-off of deferred financing costs | $ (150) | |||
CSC Holdings 5.375% Senior Guaranteed Notes Due 2023 | ||||
Debt Instrument [Line Items] | ||||
Loss on extinguishment of debt and write-off of deferred financing costs | 26,721 | |||
Loss on extinguishment of debt and write-off of deferred financing costs | (26,721) | |||
CSC Holdings 7.750% Notes due July 15, 2025 | ||||
Debt Instrument [Line Items] | ||||
Loss on extinguishment of debt and write-off of deferred financing costs | 35,375 | |||
Loss on extinguishment of debt and write-off of deferred financing costs | (35,375) | |||
6.625% Notes due October 15, 2025 | ||||
Debt Instrument [Line Items] | ||||
Loss on extinguishment of debt and write-off of deferred financing costs | 52,144 | |||
Loss on extinguishment of debt and write-off of deferred financing costs | $ (52,144) |
DEBT - Summary of Debt Maturiti
DEBT - Summary of Debt Maturities (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Debt Disclosure [Abstract] | |
2019 | $ 1,192,342 |
2020 | 734,667 |
2021 | 1,841,383 |
2022 | 1,453,889 |
2023 | 2,823,750 |
Thereafter | $ 18,735,243 |
DERIVATIVE CONTRACTS AND COLL_3
DERIVATIVE CONTRACTS AND COLLATERALIZED INDEBTEDNESS - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Nov. 30, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Derivative [Line Items] | ||||
Gain (loss) on derivative contracts, net | $ (178,264) | $ (282,713) | $ 218,848 | |
Gain (loss) on investments and sale of affiliate interests, net | 319,157 | 469,071 | (261,993) | |
Loss on interest rate swap contracts | (78,606) | (53,902) | (61,697) | |
Long-term debt | 26,722,342 | 24,420,285 | ||
Proceeds from Issuance of Secured Debt | 0 | 93,000 | 516,513 | |
Notes related to derivative contracts | ||||
Derivative [Line Items] | ||||
Gain (loss) on derivative contracts, net | $ (178,264) | $ (282,713) | $ 218,848 | |
Forward Contracts, November 2019 Monetization Contract [Member] | ||||
Derivative [Line Items] | ||||
Shares related to monetization contracts (in shares) | 5,337,750 | |||
Maximum hedge price at which downside protection is provided (in dollars per share) | $ 40.95 | |||
Maximum hedge price at which upside benefit is provided (in dollars per share) | $ 49.55 | |||
Forward Contracts, November 2019 Monetization Amendment Contract [Member] | ||||
Derivative [Line Items] | ||||
Shares related to monetization contracts (in shares) | 37,617,486 |
DERIVATIVE CONTRACTS AND COLL_4
DERIVATIVE CONTRACTS AND COLLATERALIZED INDEBTEDNESS - Schedule of Interest Rate Derivatives (Details) - Interest Rate Swap $ in Thousands | Dec. 31, 2020USD ($) |
Derivative Instrument Maturity Date 2022, Fixed 2.733% | |
Derivative [Line Items] | |
Notional Amount | $ 500,000 |
Fixed interest rate | 2.733% |
Derivative Instrument Maturity Date 2026, Fixed 2.9155% | |
Derivative [Line Items] | |
Notional Amount | $ 750,000 |
Fixed interest rate | 2.9155% |
Derivative Instrument Maturity Date 2026, Fixed 2.9025% | |
Derivative [Line Items] | |
Notional Amount | $ 750,000 |
Fixed interest rate | 2.9025% |
Derivative Instrument Notional Amount 500,000 1.458% Fixed Rate | |
Derivative [Line Items] | |
Notional Amount | $ 500,000 |
Basis spread | 1.458% |
Derivative Instrument Notional Amount 2,850,000, 0.5185% Basis Spread | LIBOR | |
Derivative [Line Items] | |
Notional Amount | $ 2,850,000 |
Basis spread | 0.5185% |
Derivative Instrument Maturity Date 2025, Fixed 1.53% | |
Derivative [Line Items] | |
Notional Amount | $ 500,000 |
Fixed interest rate | 1.53% |
Derivative Instrument Maturity Date 2025, Fixed 1.625% | |
Derivative [Line Items] | |
Notional Amount | $ 500,000 |
Fixed interest rate | 1.625% |
DERIVATIVE CONTRACTS AND COLL_5
DERIVATIVE CONTRACTS AND COLLATERALIZED INDEBTEDNESS - Location of Assets and Liabilities Within the Consolidated Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | $ 55,559 | $ 25,207 |
Liability Derivatives | 568,803 | 256,135 |
Interest Rate Swap | Not Designated as Hedging Instruments | Current derivative contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 5,132 | 0 |
Interest Rate Swap | Not Designated as Hedging Instruments | Long-term derivative contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 4,774 | |
Interest Rate Swap | Not Designated as Hedging Instruments | Short-term liabilities under derivative contracts | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 0 | 469 |
Interest Rate Swap | Not Designated as Hedging Instruments | Long-term liabilities under derivative contracts | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | (275,297) | (160,871) |
Prepaid forward contracts | Not Designated as Hedging Instruments | Current derivative contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 45,653 | |
Prepaid forward contracts | Not Designated as Hedging Instruments | Long-term derivative contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 25,207 | |
Prepaid forward contracts | Not Designated as Hedging Instruments | Short-term liabilities under derivative contracts | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | (45,653) | |
Prepaid forward contracts | Not Designated as Hedging Instruments | Long-term liabilities under derivative contracts | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | $ (247,853) | $ (94,795) |
DERIVATIVE CONTRACTS AND COLL_6
DERIVATIVE CONTRACTS AND COLLATERALIZED INDEBTEDNESS - Settlements of Collateralized Indebtedness (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Nov. 30, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Derivative [Line Items] | ||||
Repayment of collateralized indebtedness and related derivative contracts | $ 0 | $ 0 | $ (516,513) | |
Proceeds from Issuance of Secured Debt | 0 | 93,000 | 516,513 | |
Long-term debt | 26,722,342 | 24,420,285 | ||
Gain (loss) on derivative contracts, net | (178,264) | (282,713) | 218,848 | |
Gain on investments, net | 319,157 | 469,071 | (261,993) | |
Loss on interest rate swap contracts | (78,606) | (53,902) | (61,697) | |
Notes related to derivative contracts | ||||
Derivative [Line Items] | ||||
Gain (loss) on derivative contracts, net | (178,264) | $ (282,713) | $ 218,848 | |
Forward Contracts, November 2019 Monetization Contract [Member] | ||||
Derivative [Line Items] | ||||
Long-term debt | $ 103,781 | |||
Forward Contracts, November 2019 Monetization Contract [Member] | Notes payable and supply chain financing | ||||
Derivative [Line Items] | ||||
Long-term debt | 36,587 | |||
Forward Contracts, November 2019 Monetization Contract [Member] | Collateralized Debt Obligations [Member] | ||||
Derivative [Line Items] | ||||
Long-term debt | $ 160,194 | |||
Forward Contracts, November 2019 Monetization Contract [Member] | ||||
Derivative [Line Items] | ||||
Number of shares (in shares) | 5,337,750 | |||
Maximum hedge price at which downside protection is provided (in dollars per share) | $ 40.95 | |||
Maximum hedge price at which upside benefit is provided (in dollars per share) | $ 49.55 | |||
Forward Contracts, November 2019 Monetization Amendment Contract [Member] | ||||
Derivative [Line Items] | ||||
Number of shares (in shares) | 37,617,486 | |||
Interest Rate Swap | Derivative Instrument Maturity Date 2025, Fixed 1.458% and Maturity Date 2022 Counterswap 2.733% [Member] | ||||
Derivative [Line Items] | ||||
Notional Amount | 3,850,000 | |||
Interest Rate Swap | Derivative Instruments Maturing Date 2025, Fixed 1.665% and 1.68% [Member] | ||||
Derivative [Line Items] | ||||
Cash received from interest rate swap unwind | 74,835 | |||
Notional Amount | 1,500,000 | |||
Interest Rate Swap | Derivative Instruments Maturing Date 2025, Fixed 1.53% and 1.625% [Member] | ||||
Derivative [Line Items] | ||||
Notional Amount | $ 1,000,000 |
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 | Dec. 31, 2020 | Dec. 31, 2019 |
Level I | ||
Assets: | ||
Investment securities | $ 2,250,854 | $ 1,931,697 |
Level III | ||
Liabilities: | ||
Contingent consideration related to 2017 and 2018 acquisitions | 0 | 7,250 |
Prepaid forward contracts | Level II | ||
Assets: | ||
Derivative asset | 45,653 | 25,207 |
Liabilities: | ||
Derivative liability | 293,506 | 94,795 |
Interest rate swap contracts | Level II | ||
Assets: | ||
Derivative asset | 9,906 | 0 |
Liabilities: | ||
Derivative liability | 275,297 | 161,340 |
Money market funds | Level I | ||
Assets: | ||
Money market funds | $ 50,236 | $ 563,704 |
FAIR VALUE MEASUREMENT - Fair V
FAIR VALUE MEASUREMENT - Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt, fair value | $ 26,562,705 | $ 24,350,865 |
Estimated Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt, fair value | 27,811,011 | 25,892,634 |
CSC Holdings | Credit facility debt | Carrying Amount | Level II | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt, fair value | 8,288,000 | 7,148,287 |
CSC Holdings | Credit facility debt | Estimated Fair Value | Level II | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt, fair value | 8,350,188 | 7,190,438 |
CSC Holdings | Collateralized indebtedness | Carrying Amount | Level II | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt, fair value | 1,617,506 | 1,585,088 |
CSC Holdings | Collateralized indebtedness | Estimated Fair Value | Level II | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt, fair value | 1,692,724 | 1,611,095 |
CSC Holdings | Senior guaranteed and senior secured notes | Carrying Amount | Level II | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt, fair value | 8,066,796 | 7,602,456 |
CSC Holdings | Senior guaranteed and senior secured notes | Estimated Fair Value | Level II | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt, fair value | 8,567,858 | 8,220,518 |
CSC Holdings | Senior notes | Carrying Amount | Level II | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt, fair value | 8,415,602 | 7,874,040 |
CSC Holdings | Senior notes | Estimated Fair Value | Level II | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt, fair value | 9,024,990 | 8,728,870 |
CSC Holdings | Notes payable and supply chain financing | Carrying Amount | Level II | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt, fair value | 174,801 | 140,994 |
CSC Holdings | Notes payable and supply chain financing | Estimated Fair Value | Level II | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt, fair value | $ 175,251 | $ 141,713 |
INCOME TAXES - Income Tax Expen
INCOME TAXES - Income Tax Expense (Benefit) Continuing Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Deferred expense (benefit): | |||
Federal | $ 113,871 | $ 43,105 | $ 26,141 |
State | (38,359) | (28,174) | (93,744) |
Total deferred benefit | 75,512 | 14,931 | (67,603) |
Income tax expense (benefit) before tax benefit relating to uncertain tax positions | 141,316 | 48,034 | (37,121) |
Tax benefit relating to uncertain tax positions | (1,568) | (844) | (1,534) |
Income Tax Expense (Benefit) | 139,748 | 47,190 | (38,655) |
Current expense (benefit): | |||
Federal | 0 | 0 | (1,865) |
State | 65,804 | 33,103 | 32,347 |
Total current expense (benefit) | 65,804 | 33,103 | 30,482 |
CSC Holdings | |||
Deferred expense (benefit): | |||
Federal | 156,338 | (176,591) | (102,872) |
State | (55,121) | (62,118) | (148,721) |
Total deferred benefit | 101,217 | (238,709) | (251,593) |
Income tax expense (benefit) before tax benefit relating to uncertain tax positions | 128,411 | 72,087 | 58,548 |
Tax benefit relating to uncertain tax positions | (1,568) | (844) | (985) |
Income Tax Expense (Benefit) | 126,843 | 71,243 | 57,563 |
Current expense (benefit): | |||
Federal | (55,044) | 240,229 | 186,035 |
State | 82,238 | 70,567 | 124,106 |
Total current expense (benefit) | $ 27,194 | $ 310,796 | $ 310,141 |
INCOME TAXES - Effective Tax Ra
INCOME TAXES - Effective Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Federal tax expense (benefit) at statutory rate | $ 122,478 | $ 39,297 | $ (3,793) |
State income taxes, net of federal impact | 59,383 | (6,256) | (8,103) |
Changes in the valuation allowance | 10,333 | 4,079 | 15,987 |
Changes in the state rates used to measure deferred taxes, net of federal impact | (46,768) | (1,046) | 52,915 |
Tax benefit relating to uncertain tax positions | (1,568) | (847) | (514) |
Non-deductible share-based compensation related to the carried unit plan | 2,108 | 15,642 | 8,677 |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Acquisition Transaction Costs, Amount | 6,715 | ||
Other non-deductible expenses | (883) | 1,334 | 2,200 |
Other, net | 5,155 | (5,013) | (194) |
Income tax expense (benefit) | 139,748 | 47,190 | (38,655) |
Research credits | (17,205) | ||
CSC Holdings | |||
Federal tax expense (benefit) at statutory rate | 122,363 | 59,653 | 66,757 |
State income taxes, net of federal impact | 58,802 | (9,060) | 33,249 |
Changes in the valuation allowance | 10,598 | 4,307 | 0 |
Changes in the state rates used to measure deferred taxes, net of federal impact | (46,768) | 6,532 | 53,493 |
Tax benefit relating to uncertain tax positions | (1,568) | (847) | (514) |
Non-deductible share-based compensation related to the carried unit plan | 2,108 | 15,642 | 8,677 |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Acquisition Transaction Costs, Amount | 6,715 | ||
Other non-deductible expenses | (886) | 1,334 | 2,011 |
Other, net | (7,316) | (6,318) | 876 |
Income tax expense (benefit) | 126,843 | $ 71,243 | $ 57,563 |
Research credits | $ (17,205) |
INCOME TAXES - Narrative (Detai
INCOME TAXES - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Business Acquisition [Line Items] | |||
Impact from changes in tax rates, benefit | $ 46,768 | $ 1,046 | $ (52,915) |
Deferred income taxes | 75,512 | 14,931 | (67,603) |
Research credits | $ 17,205 | ||
Unrecognized tax benefits that would impact effective tax rate | $ 1,784 | ||
Percentage of subsidiaries that file tax return | 80.00% | ||
Tax effect on net proceeds received over the book value of the interest sold in Partnership Unit | $ 228,489 | ||
Increase (Decrease) in Income Taxes Receivable | 12,161 | ||
Alternative Minimum Tax Credit receivable | 48,645 | ||
New Jersey | |||
Business Acquisition [Line Items] | |||
Surtax | 2.50% | ||
CSC Holdings | |||
Business Acquisition [Line Items] | |||
Impact from changes in tax rates, benefit | 46,768 | $ (6,532) | (53,493) |
Deferred income taxes | 101,217 | $ (238,709) | $ (251,593) |
Research credits | $ 17,205 |
INCOME TAXES - Deferred Tax Ass
INCOME TAXES - Deferred Tax Assets (Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
NOLs and tax credit carry forwards | $ 75,912 | $ 309,924 |
Compensation and benefit plans | 29,159 | 25,227 |
Partnership investments | (118,150) | 49,956 |
Restructuring liability | 7,169 | 11,280 |
Other liabilities | 49,363 | 42,339 |
Liabilities under derivative contracts | 510,519 | 432,415 |
Interest deferred for tax purposes | 0 | 333,856 |
Operating lease liability | 70,648 | 82,393 |
Other | 28,238 | 12,428 |
Deferred tax assets | 652,858 | 1,299,818 |
Less: Valuation allowance | (39,812) | (29,479) |
Net deferred tax assets, noncurrent | 613,046 | 1,270,339 |
Fixed assets and intangibles | (4,941,232) | (5,384,320) |
Operating lease asset | (56,363) | (75,019) |
Investments | (587,184) | (505,942) |
Prepaid expenses | (12,755) | (10,978) |
Fair value adjustments related to debt and deferred financing costs | (21,679) | (56,675) |
Deferred tax liability, noncurrent | (5,619,213) | (6,032,934) |
Total net deferred tax liabilities | (5,006,167) | (4,762,595) |
CSC Holdings | ||
NOLs and tax credit carry forwards | 30,745 | 74,300 |
Compensation and benefit plans | 29,159 | 25,227 |
Partnership investments | (118,150) | 49,956 |
Restructuring liability | 7,169 | 11,280 |
Other liabilities | 49,363 | 42,339 |
Liabilities under derivative contracts | 510,519 | 432,415 |
Interest deferred for tax purposes | 0 | 333,856 |
Operating lease liability | 70,648 | 82,393 |
Other | 28,237 | 12,428 |
Deferred tax assets | 607,690 | 1,064,194 |
Less: Valuation allowance | (22,457) | (11,859) |
Net deferred tax assets, noncurrent | 585,233 | 1,052,335 |
Fixed assets and intangibles | (4,941,232) | (5,384,320) |
Operating lease asset | (56,363) | (75,019) |
Investments | (587,184) | (505,942) |
Prepaid expenses | (12,755) | (10,978) |
Fair value adjustments related to debt and deferred financing costs | (21,679) | (56,675) |
Deferred tax liability, noncurrent | (5,619,213) | (6,032,934) |
Total net deferred tax liabilities | $ (5,033,980) | $ (4,980,599) |
SHARE-BASED COMPENSATION - Narr
SHARE-BASED COMPENSATION - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Nov. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Document Period End Date | Dec. 31, 2020 | |||
Carry Unit Plan | Restricted Stock Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expiration period | 60 days | |||
Repurchase period following fourth anniversary | 60 days | |||
Carry unit plan, written promissory note period | 3 years | |||
Weighted average fair value (in dollars per unit) | $ 3.89 | $ 3.25 | $ 1.95 | |
Share based compensation expense | $ 10,036 | $ 54,614 | $ 41,321 | |
Share based compensation - Unrecognized deferred compensation cost | $ 804 | |||
Carry Unit Plan | Restricted Stock Units | Tranche One | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting percentage | 50.00% | |||
Carry Unit Plan | Restricted Stock Units | Tranche Two | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting percentage | 25.00% | |||
Carry Unit Plan | Restricted Stock Units | Tranche Three | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting percentage | 25.00% | |||
2017 LTIP | Stock options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expiration period | 10 years | |||
Share based compensation expense | $ 98,380 | $ 44,464 | $ 18,491 | |
Awards authorized (in shares) | 19,879,291 | |||
Vesting period | 4 years | |||
Share based compensation - Unrecognized deferred compensation cost | $ 146,231 | |||
2017 LTIP | Stock options | Tranche One | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting percentage | 50.00% | |||
2017 LTIP | Stock options | Tranche Two | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting percentage | 25.00% | |||
2017 LTIP | Stock options | Tranche Three | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting percentage | 25.00% | |||
2019 LTIP [Member] | Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share based compensation expense | $ 2,277 | |||
Vesting period | 4 years | |||
Deferred Compensation Arrangement with Individual, Fair Value of Shares Issued | $ 27,013 | |||
Share based compensation - Unrecognized deferred compensation cost | $ 855 | |||
2019 LTIP [Member] | Restricted Stock | Tranche One | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting percentage | 50.00% | |||
2019 LTIP [Member] | Restricted Stock | Tranche Two | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting percentage | 25.00% | |||
2019 LTIP [Member] | Restricted Stock | Tranche Three | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting percentage | 25.00% |
SHARE-BASED COMPENSATION - Carr
SHARE-BASED COMPENSATION - Carrying Unit Award Activity (Details) - Carry Unit Plan - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Weighted Average Grant Date Fair Value | |||
Balance at beginning of period, weighted average grant date fair value (in dollars per share) | $ 2.35 | $ 1.14 | $ 0.71 |
Vested weighted average grant date fair value (in dollars per share) | 2.20 | 0.83 | 0.37 |
Forfeited weighted average grant date fair value (in dollars per share) | 0.56 | 0.84 | 0.62 |
Balance at end of period, weighted average grant date fair value (in dollars per share) | $ 3.41 | 2.35 | $ 1.14 |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Converted to Restricted Shares Weighted Average Fair Value | $ 0.37 | ||
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) | 37,518,750 | 83,575,000 | 168,550,001 |
Vested (in shares) | (30,431,250) | (42,618,750) | (68,037,500) |
Forfeited (in shares) | (212,500) | (3,437,500) | (16,937,501) |
Ending balance (in shares) | 6,875,000 | 37,518,750 | 83,575,000 |
Performance Shares | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Beginning balance (in shares) | 0 | 10,000,000 | 10,000,000 |
Converted to restricted shares | 10,000,000 | ||
Ending balance (in shares) | 0 | 0 | 10,000,000 |
SHARE-BASED COMPENSATION - Stoc
SHARE-BASED COMPENSATION - Stock Option Activity (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||
Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Weighted Average Exercise Price Per Share | |||||
Exercised, weighted average exercise price per share (in dollars per share) | $ 17.46 | $ 17.43 | |||
2017 LTIP | |||||
Weighted Average Exercise Price Per Share | |||||
Beginning balance (in dollars per share) | 19.12 | 17.50 | $ 17.45 | ||
Granted (in dollars per share) | 28.41 | 23.88 | 17.58 | ||
Forfeited (in dollars per share) | 23.05 | 18.42 | 17.92 | ||
Ending balance (in dollars per share) | 25.52 | $ 19.12 | $ 17.50 | $ 17.45 | |
Options exercisable (in dollars per share) | $ 17.54 | ||||
Options outstanding, Weighted Average Remaining Contractual Term (in years) | 8 years 8 months 8 days | 8 years 8 months 26 days | 9 years 5 months 19 days | 9 years 11 months 19 days | |
Options exercisable, Weighted Average Remaining Contractual Term (in years) | 7 years 21 days | 0 years | |||
Options outstanding, Aggregate Intrinsic Value | $ 457,608,000 | $ 112,915,000 | $ 8,331,000 | ||
Options exercisable, Aggregate Intrinsic Value | $ 65,197,000 | ||||
2017 LTIP | Time Vesting | |||||
Shares Under Option | |||||
Beginning balance (in shares) | 14,083,741 | 11,230,168 | 5,110,747 | ||
Granted (in shares) | 26,569,892 | 3,677,076 | 6,753,659 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 824,227 | 184,147 | |||
Forfeited (in shares) | (2,767,260) | (639,356) | (634,238) | ||
Ending balance (in shares) | 37,062,146 | 14,083,741 | 11,230,168 | 5,110,747 | |
Options exercisable (in shares) | 3,206,272 | ||||
Weighted Average Exercise Price Per Share | |||||
Share based compensation expense | $ 98,380,000 | $ 44,464,000 | $ 18,491,000 | ||
Increase in shares authorized under LTIP Plan | 35,000,000 | ||||
Expected time (in years) unrecognized compensation costs relating to share based awards will be recognized | 2 years 9 months | ||||
Share based compensation - Unrecognized deferred compensation cost | $ 146,231,000 | ||||
2017 LTIP | Performance Based Vesting | |||||
Shares Under Option | |||||
Beginning balance (in shares) | 0 | 73,639 | 0 | ||
Granted (in shares) | 0 | 0 | 95,953 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 0 | 0 | |||
Forfeited (in shares) | 0 | (73,639) | (22,314) | ||
Ending balance (in shares) | 0 | 0 | 73,639 | 0 | |
Options exercisable (in shares) | 0 | ||||
2017 LTIP | Performance Units [Member] | |||||
Shares Under Option | |||||
Granted (in shares) | 7,315,360 | ||||
Weighted Average Exercise Price Per Share | |||||
Share based compensation expense | $ 14,395,000 | ||||
Expected time (in years) unrecognized compensation costs relating to share based awards will be recognized | 5 years 1 month 6 days | ||||
Share based compensation - Unrecognized deferred compensation cost | $ 63,499,000 | ||||
2019 LTIP [Member] | Restricted Stock | |||||
Weighted Average Exercise Price Per Share | |||||
Share based compensation expense | 2,277,000 | ||||
Share based compensation - Unrecognized deferred compensation cost | $ 855,000 |
SHARE-BASED COMPENSATION - Fair
SHARE-BASED COMPENSATION - Fair Value Assumptions For Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate | 1.43% | 2.05% | 2.74% |
Expected life (in years) | 6 years 4 months 17 days | 6 years 5 months 19 days | 6 years 5 months 26 days |
Dividend yield | 0.00% | 0.00% | 0.00% |
Volatility | 28.53% | 28.22% | 35.72% |
Grant date fair value | $ 7.82 | $ 7.93 | $ 6.91 |
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, Options, Grants in Period, Gross | 0 | 0 | 95,953 |
Performance Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate | 1.46% | ||
Dividend yield | 0.00% | ||
Volatility | 34.22% | ||
Performance Units [Member] | 2017 LTIP | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share based compensation - Unrecognized deferred compensation cost | $ 63,499 | ||
Grant date fair value | $ 10.65 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 7,315,360 | ||
Share based compensation expense | $ 14,395 | ||
Expected time (in years) unrecognized compensation costs relating to share based awards will be recognized | 5 years 1 month 6 days | ||
Performance Units [Member] | Term Two [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected life (in years) | 6 years | ||
Performance Units [Member] | Term One [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected life (in years) | 4 years |
AFFILIATE AND RELATED PARTY T_3
AFFILIATE AND RELATED PARTY TRANSACTIONS - Narrative (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Apr. 30, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jul. 06, 2016 | |
Related Party Transaction [Line Items] | |||||
Related party expense | $ 10,486 | $ 15,961 | $ 21,444 | ||
Cash distributions to shareholders | 1,499,935 | ||||
Cash distributions | $ 0 | 0 | $ 1,499,935 | ||
I24News | |||||
Related Party Transaction [Line Items] | |||||
Equity in net income (loss) from investment in related party | $ 13,298 | (1,130) | |||
Ownership percentage | 24.00% | ||||
Newsday | |||||
Related Party Transaction [Line Items] | |||||
Equity in net income (loss) from investment in related party | $ 9,719 | ||||
Ownership percentage | 25.00% |
AFFILIATE AND RELATED PARTY T_4
AFFILIATE AND RELATED PARTY TRANSACTIONS - Revenue and Related Charges (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Related Party Transaction [Line Items] | |||
Revenue | $ 14,729 | $ 3,974 | $ 2,575 |
Operating expenses: | |||
Programming and other direct costs | (13,346) | (11,580) | (7,261) |
Other operating expenses, net | (11,869) | (8,355) | (16,307) |
Operating expenses, net | (25,215) | (19,935) | (23,568) |
Interest expense | 0 | 0 | (600) |
Loss on extinguishment of debt and write-off of deferred financing costs | 0 | 0 | |
Net charges | (10,486) | (15,961) | (21,444) |
Capital Expenditures | $ 17,216 | $ 12,167 | $ 14,951 |
Shares repurchased (in shares) | 161,216,653 | 72,668,712 | 28,028,680 |
Value of shares repurchased | $ 4,816,895 | $ 1,686,873 | $ 500,000 |
Altice Management Americas | Affiliates | |||
Operating expenses: | |||
Shares repurchased (in shares) | 3,582,525 | ||
Value of shares repurchased | $ 84,906 | ||
CSC Holdings | |||
Operating expenses: | |||
Net charges | (10,486) | (15,961) | (19,164) |
Altice USA | |||
Operating expenses: | |||
Interest expense | 0 | 0 | (2,429) |
Other income. net | 0 | 149 | |
New CSC Holdings Notes | |||
Operating expenses: | |||
Interest expense | 0 | 0 | (600) |
Interest Income, Related Party | $ 0 | $ 0 | $ 2,429 |
AFFILIATE AND RELATED PARTY T_5
AFFILIATE AND RELATED PARTY TRANSACTIONS - Amounts Due From and Due to Related Parties (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Related Party Transaction [Line Items] | |||
Treasury Stock, Shares, Acquired | 6,629,415 | 10,457,772 | |
Payments for Repurchase of Common Stock | $ 4,816,379 | $ 1,686,873 | $ 500,000 |
Related party expense | 10,486 | 15,961 | 21,444 |
Cash distributions to shareholders | 1,499,935 | ||
Cash distributions | $ 0 | $ 0 | $ 1,499,935 |
Stock options | 2017 LTIP | |||
Related Party Transaction [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 26,569,892 | 3,677,076 | 6,753,659 |
Vesting period | 4 years | ||
Share based compensation expense | $ 98,380 | $ 44,464 | $ 18,491 |
Stock options | 2017 LTIP | Tranche One | |||
Related Party Transaction [Line Items] | |||
Award vesting percentage | 50.00% | ||
Stock options | 2017 LTIP | Tranche Two | |||
Related Party Transaction [Line Items] | |||
Award vesting percentage | 25.00% | ||
Stock options | 2017 LTIP | Tranche Three | |||
Related Party Transaction [Line Items] | |||
Award vesting percentage | 25.00% | ||
Restricted Stock | 2019 LTIP [Member] | |||
Related Party Transaction [Line Items] | |||
Vesting period | 4 years | ||
Deferred Compensation Arrangement with Individual, Fair Value of Shares Issued | $ 27,013 | ||
Share based compensation expense | $ 2,277 | ||
Restricted Stock | 2019 LTIP [Member] | Tranche One | |||
Related Party Transaction [Line Items] | |||
Award vesting percentage | 50.00% | ||
Restricted Stock | 2019 LTIP [Member] | Tranche Two | |||
Related Party Transaction [Line Items] | |||
Award vesting percentage | 25.00% | ||
Restricted Stock | 2019 LTIP [Member] | Tranche Three | |||
Related Party Transaction [Line Items] | |||
Award vesting percentage | 25.00% | ||
CSC Holdings | |||
Related Party Transaction [Line Items] | |||
Related party expense | $ 10,486 | 15,961 | 19,164 |
Cash distributions to shareholders | 3,058,747 | ||
Cash distributions | 4,794,408 | 2,279,472 | $ 3,058,750 |
Affiliates | |||
Related Party Transaction [Line Items] | |||
Due from related parties and affiliates | 4,262 | 6,774 | |
Due to related parties and affiliates | 8,538 | 7,456 | |
Affiliates | Altice Management Americas | |||
Related Party Transaction [Line Items] | |||
Due from related parties and affiliates | 0 | 4,076 | |
Affiliates | Other Related Party | |||
Related Party Transaction [Line Items] | |||
Due from related parties and affiliates | 4,262 | 2,698 | |
Affiliates | Other Related Party | CSC Holdings | |||
Related Party Transaction [Line Items] | |||
Due to related parties and affiliates | 600 | 0 | |
Affiliates | Altice Management International | |||
Related Party Transaction [Line Items] | |||
Due to related parties and affiliates | $ 7,938 | 7,456 | |
Suddenvision S.A.R.L. [Member] | |||
Related Party Transaction [Line Items] | |||
Treasury Stock, Shares, Acquired | 14,948,869 | ||
Payments for Repurchase of Common Stock | $ 350,000 | ||
Fees for Executive Services | |||
Related Party Transaction [Line Items] | |||
Related party expense | $ 13,250 |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - Future Cash Payments and Commitments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Purchase obligation | $ 6,583,268 | ||
Purchase obligation, due in year 1 | 3,357,292 | ||
Purchase obligation, due in years 2 and 3 | 2,421,140 | ||
Purchase obligation, due in years 4 and 5 | 752,193 | ||
Purchase obligation, due after year 5 | 52,643 | ||
Guarantees | 59,252 | ||
Guarantees, due in year 1 | 59,192 | ||
Guarantees, due in years 2 and 3 | 60 | ||
Guarantees, due in years 4 and 5 | 0 | ||
Guarantees, due after year 5 | 0 | ||
Letters of credit | 137,920 | ||
Letters of credit, due in year 1 | 7,460 | ||
Letters of credit, due in years 2 and 3 | 1,990 | ||
Letters of credit, due in years 4 and 5 | 128,470 | ||
Letters of credit, due after year 5 | 0 | ||
Total contractual obligation | 6,780,440 | ||
Total contractual obligation, due in year 1 | 3,423,944 | ||
Total contractual obligation, due in years 2 and 3 | 2,423,190 | ||
Total contractual obligation, due in years 4 and 5 | 880,663 | ||
Total contractual obligation, due after year 5 | 52,643 | ||
Loss Contingencies [Line Items] | |||
Operating Leases, Pole Rent | $ 36,364 | $ 31,903 | $ 33,082 |
BENEFIT PLANS - Funded Status (
BENEFIT PLANS - Funded Status (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Change in projected benefit obligation: | |||
Benefit obligation, beginning of year | $ 247,762 | $ 264,515 | |
Interest cost | 6,214 | 9,227 | $ 9,248 |
Actuarial loss (gain) (a) | 2,654 | (743) | |
Settlements/curtailments | 2,341 | 1,875 | |
Benefits paid | (25,970) | (27,112) | |
Benefit obligation, end of year | 233,001 | 247,762 | 264,515 |
Change in plan assets: | |||
Fair value of plan assets, beginning of year | 190,397 | 167,510 | |
Actual gain (loss) on plan assets, net | 22,529 | 15,892 | |
Employer contributions | 15,266 | 34,107 | |
Benefits paid | (25,970) | (27,112) | |
Fair value of plan assets, end of year | 202,222 | 190,397 | $ 167,510 |
Unfunded status at end of year | $ (30,779) | $ (57,365) |
BENEFIT PLANS - Narrative (Deta
BENEFIT PLANS - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Retirement Benefits [Abstract] | |||
Accumulated benefit obligation | $ 233,001 | $ 247,762 | |
Expected future employer contributions, next fiscal year | 8,800 | ||
Defined contribution plan cost | $ 25,276 | $ 28,540 | $ 28,232 |
BENEFIT PLANS - Net Funded Stat
BENEFIT PLANS - Net Funded Status (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Retirement Benefits [Abstract] | ||
Defined Benefit Plans | $ (30,779) | $ (57,365) |
Less: Current portion related to nonqualified plans | 79 | 175 |
Long-term defined benefit plan obligations | $ (30,700) | $ (57,190) |
BENEFIT PLANS - Components of N
BENEFIT PLANS - Components of Net Periodic Benefit Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Retirement Benefits [Abstract] | |||
Interest cost | $ 6,214 | $ 9,227 | $ 9,248 |
Expected return on plan assets, net | (5,957) | (2,685) | (987) |
Curtailment loss | 132 | 0 | 0 |
Settlement loss (income) (reclassified from accumulated other comprehensive loss) | 623 | 1,643 | 1,268 |
Non-operating pension costs | 1,012 | $ 8,274 | $ 9,529 |
Amortization of Actuarial Gains (Losses) and Settlement Gains (Losses) | $ 0 |
BENEFIT PLANS - Weighted Averag
BENEFIT PLANS - Weighted Average Assumptions Used to Determine Benefit Obligation and Cost (Details) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Benefit Costs | |||
Discount rate | 2.76% | 3.70% | 3.87% |
Interest crediting rate | 2.21% | 3.28% | 2.82% |
Rate of increase in future compensation levels | 0.00% | 0.00% | 0.00% |
Expected rate of return on plan assets (Pension Plan only) | 4.91% | 3.97% | 3.67% |
Benefit Obligations | |||
Discount rate | 2.40% | 3.10% | |
Rate of increase in future compensation levels | 0.00% | 0.00% |
BENEFIT PLANS - Weighted Aver_2
BENEFIT PLANS - Weighted Average Asset Allocations (Details) | Dec. 31, 2020 | Dec. 31, 2019 |
Defined Benefit Plan Disclosure [Line Items] | ||
Asset allocation | 100.00% | 100.00% |
Fixed income securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Asset allocation | 0.00% | 44.00% |
Cash equivalents and other | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Asset allocation | 2.00% | 1.00% |
Mutual Fund - Fixed Income | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Asset allocation | 0.00% | 28.00% |
Common collective trust- equities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Asset allocation | 41.00% | 27.00% |
Common collective Trust - Fixed Income | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Asset allocation | 57.00% | 0.00% |
BENEFIT PLANS - Fair Value of P
BENEFIT PLANS - Fair Value of Plan Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 202,222 | $ 190,397 | $ 167,510 |
Plan Assets, Excluding Cash And Net Payables | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 202,222 | 194,348 | |
Plan Assets, Excluding Cash And Net Payables | Level I | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 3,834 | 55,164 | |
Plan Assets, Excluding Cash And Net Payables | Level II | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 198,388 | 139,184 | |
Plan Assets, Excluding Cash And Net Payables | Level III | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Common collective trust- fixed income | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 114,824 | 52,976 | |
Common collective trust- fixed income | Level I | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 52,976 | |
Common collective trust- fixed income | Level II | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 114,824 | 0 | |
Common collective trust- fixed income | Level III | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Common collective trust- equities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 83,564 | 52,214 | |
Common collective trust- equities | Level I | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Common collective trust- equities | Level II | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 83,564 | 52,214 | |
Common collective trust- equities | Level III | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Foreign issued corporate debt | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 7,472 | ||
Foreign issued corporate debt | Level I | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Foreign issued corporate debt | Level II | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 7,472 | ||
Foreign issued corporate debt | Level III | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
U.S. corporate debt | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 30,267 | ||
U.S. corporate debt | Level I | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
U.S. corporate debt | Level II | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 30,267 | ||
U.S. corporate debt | Level III | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Government debt | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 2,836 | ||
Government debt | Level I | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Government debt | Level II | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 2,836 | ||
Government debt | Level III | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
U.S. Treasury securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 32,902 | ||
U.S. Treasury securities | Level I | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
U.S. Treasury securities | Level II | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 32,902 | ||
U.S. Treasury securities | Level III | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Asset-backed securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 9,375 | ||
Asset-backed securities | Level I | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Asset-backed securities | Level II | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 9,375 | ||
Asset-backed securities | Level III | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 840 | ||
Other | Level I | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Other | Level II | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 840 | ||
Other | Level III | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Cash equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 3,834 | 5,466 | |
Cash equivalents | Level I | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 3,834 | 2,188 | |
Cash equivalents | Level II | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 3,278 | |
Cash equivalents | Level III | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 0 | $ 0 |
BENEFIT PLANS - Expected Benefi
BENEFIT PLANS - Expected Benefit Payments (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Retirement Benefits [Abstract] | |
2019 | $ 16,196 |
2020 | 14,789 |
2021 | 16,350 |
2022 | 15,140 |
2023 | 16,730 |
2024-2028 | $ 75,489 |
INTERIM FINANCIAL INFORMATION_2
INTERIM FINANCIAL INFORMATION (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Quarterly Financial Information [Line Items] | |||||||||||
Revenue (including revenue from affiliates of $14,729, $3,974 and $2,575 respectively) (See Note 16) | $ 2,535,421 | $ 2,433,986 | $ 2,474,979 | $ 2,450,256 | $ 2,474,549 | $ 2,438,662 | $ 2,451,081 | $ 2,396,567 | $ 9,894,642 | $ 9,760,859 | $ 9,566,608 |
Operating expenses | (1,884,693) | (1,966,272) | (2,001,686) | (2,047,274) | (1,967,147) | (1,968,538) | (1,954,089) | (7,779,353) | (7,937,048) | (7,884,229) | |
Operating income | 608,719 | 549,293 | 508,707 | 448,570 | 427,275 | 471,515 | 482,543 | 442,478 | 2,115,289 | 1,823,811 | 1,682,379 |
Net income | 336,269 | (2,729) | 111,477 | (1,538) | 1,331 | 77,396 | 86,410 | (25,198) | 443,479 | 139,939 | 20,594 |
Net loss (income) attributable to noncontrolling interests | (5,797) | (1,966) | (213) | 680 | (1,002) | (157) | (43) | 199 | (7,296) | (1,003) | (1,761) |
Net income attributable to Altice USA, Inc. stockholders | 330,472 | (4,695) | 111,264 | (858) | 329 | 77,239 | 86,367 | (24,999) | 436,183 | 138,936 | 18,833 |
Impact from changes in tax rates | (46,768) | (1,046) | 52,915 | ||||||||
Payments of dividends | 0 | 0 | 1,499,935 | ||||||||
Operating Income (Loss) | 608,719 | 549,293 | 508,707 | 448,570 | 427,275 | 471,515 | 482,543 | 442,478 | 2,115,289 | 1,823,811 | 1,682,379 |
Net Income (Loss) Attributable to Noncontrolling Interest | 5,797 | 1,966 | 213 | (680) | 1,002 | 157 | 43 | (199) | 7,296 | 1,003 | 1,761 |
Net income (loss) attributable to members | $ 330,472 | $ (4,695) | $ 111,264 | $ (858) | $ 329 | $ 77,239 | $ 86,367 | $ (24,999) | 436,183 | 138,936 | 18,833 |
Changes in the state rates used to measure deferred taxes, net of federal impact | $ (46,768) | $ (1,046) | $ 52,915 | ||||||||
Basic income per share | $ 0.61 | $ (0.01) | $ 0.19 | $ 0 | $ 0.75 | $ 0.21 | $ 0.03 | ||||
Diluted income per share | $ 0.60 | $ (0.01) | $ 0.19 | $ 0 | $ 0.75 | 0.21 | $ 0.03 | ||||
Basic and diluted income (loss) per share (in dollars per share) | $ 0 | $ 0.12 | $ 0.13 | $ (0.04) | $ 0.21 | ||||||
CSC Holdings | |||||||||||
Quarterly Financial Information [Line Items] | |||||||||||
Revenue (including revenue from affiliates of $14,729, $3,974 and $2,575 respectively) (See Note 16) | $ 9,894,642 | $ 9,760,859 | $ 9,566,608 | ||||||||
Operating expenses | $ (1,926,702) | (7,779,353) | (7,937,048) | (7,884,229) | |||||||
Operating income | 2,115,289 | 1,823,811 | 1,682,379 | ||||||||
Net income | 455,838 | 212,817 | 260,326 | ||||||||
Net loss (income) attributable to noncontrolling interests | (7,296) | (1,003) | (1,761) | ||||||||
Net income attributable to Altice USA, Inc. stockholders | (448,542) | 211,814 | 258,565 | ||||||||
Impact from changes in tax rates | (46,768) | 6,532 | 53,493 | ||||||||
Payments of dividends | 4,794,408 | 2,279,472 | 3,058,750 | ||||||||
Operating Income (Loss) | 2,115,289 | 1,823,811 | 1,682,379 | ||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | 7,296 | 1,003 | 1,761 | ||||||||
Net income (loss) attributable to members | (448,542) | 211,814 | 258,565 | ||||||||
Changes in the state rates used to measure deferred taxes, net of federal impact | (46,768) | 6,532 | 53,493 | ||||||||
Pay TV [Member] | |||||||||||
Quarterly Financial Information [Line Items] | |||||||||||
Revenue (including revenue from affiliates of $14,729, $3,974 and $2,575 respectively) (See Note 16) | $ 867,021 | $ 952,526 | $ 947,061 | $ 968,959 | $ 993,158 | $ 1,018,426 | $ 1,017,330 | 3,670,859 | 3,997,873 | 4,156,428 | |
Pay TV [Member] | CSC Holdings | |||||||||||
Quarterly Financial Information [Line Items] | |||||||||||
Revenue (including revenue from affiliates of $14,729, $3,974 and $2,575 respectively) (See Note 16) | 904,251 | ||||||||||
Broadband [Member] | |||||||||||
Quarterly Financial Information [Line Items] | |||||||||||
Revenue (including revenue from affiliates of $14,729, $3,974 and $2,575 respectively) (See Note 16) | 941,237 | 920,363 | 885,529 | 826,454 | 814,328 | 806,250 | 775,573 | 3,689,159 | 3,222,605 | 2,887,455 | |
Broadband [Member] | CSC Holdings | |||||||||||
Quarterly Financial Information [Line Items] | |||||||||||
Revenue (including revenue from affiliates of $14,729, $3,974 and $2,575 respectively) (See Note 16) | 942,030 | ||||||||||
Telephony [Member] | |||||||||||
Quarterly Financial Information [Line Items] | |||||||||||
Revenue (including revenue from affiliates of $14,729, $3,974 and $2,575 respectively) (See Note 16) | 115,995 | 117,322 | 125,030 | 145,767 | 148,231 | 150,232 | 154,464 | 468,777 | 598,694 | 652,895 | |
Telephony [Member] | CSC Holdings | |||||||||||
Quarterly Financial Information [Line Items] | |||||||||||
Revenue (including revenue from affiliates of $14,729, $3,974 and $2,575 respectively) (See Note 16) | 110,430 | ||||||||||
Business Services and Wholesale [Member] | |||||||||||
Quarterly Financial Information [Line Items] | |||||||||||
Revenue (including revenue from affiliates of $14,729, $3,974 and $2,575 respectively) (See Note 16) | 362,215 | 365,564 | 364,530 | 362,409 | 357,628 | 357,806 | 350,689 | 1,454,532 | 1,428,532 | 1,362,758 | |
Business Services and Wholesale [Member] | CSC Holdings | |||||||||||
Quarterly Financial Information [Line Items] | |||||||||||
Revenue (including revenue from affiliates of $14,729, $3,974 and $2,575 respectively) (See Note 16) | 362,223 | ||||||||||
Other Products and Services [Member] | |||||||||||
Quarterly Financial Information [Line Items] | |||||||||||
Revenue (including revenue from affiliates of $14,729, $3,974 and $2,575 respectively) (See Note 16) | 3,619 | 2,707 | 4,210 | 4,221 | 4,076 | 3,917 | 3,773 | 13,983 | 15,987 | ||
Other Products and Services [Member] | CSC Holdings | |||||||||||
Quarterly Financial Information [Line Items] | |||||||||||
Revenue (including revenue from affiliates of $14,729, $3,974 and $2,575 respectively) (See Note 16) | 3,447 | ||||||||||
Mobile [Member] | |||||||||||
Quarterly Financial Information [Line Items] | |||||||||||
Revenue (including revenue from affiliates of $14,729, $3,974 and $2,575 respectively) (See Note 16) | 19,722 | 19,866 | 18,356 | 3,174 | 0 | 0 | 78,127 | 21,264 | 0 | ||
Mobile [Member] | CSC Holdings | |||||||||||
Quarterly Financial Information [Line Items] | |||||||||||
Revenue (including revenue from affiliates of $14,729, $3,974 and $2,575 respectively) (See Note 16) | 20,183 | 18,090 | |||||||||
Advertising and News [Member] | |||||||||||
Quarterly Financial Information [Line Items] | |||||||||||
Revenue (including revenue from affiliates of $14,729, $3,974 and $2,575 respectively) (See Note 16) | $ 124,177 | $ 96,631 | $ 105,540 | $ 148,649 | $ 118,067 | $ 114,450 | $ 94,738 | $ 519,205 | $ 475,904 | $ 487,264 | |
Advertising and News [Member] | CSC Holdings | |||||||||||
Quarterly Financial Information [Line Items] | |||||||||||
Revenue (including revenue from affiliates of $14,729, $3,974 and $2,575 respectively) (See Note 16) | $ 192,857 |
Uncategorized Items - atus-2020
Label | Element | Value |
Carry Unit Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue | $ 54,879,291 |