☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 84-1496755 | |||||||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification | |||||||||||
400 Atlantic Street | Stamford | 06901 | ||||||||||
(Address of | Principal Executive Offices) | ( |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Class A Common Stock $.001 Par Value | CHTR | NASDAQ Global Select Market |
Page No. | ||||||||||
March 31, 2021 | December 31, 2020 | ||||||||||
(unaudited) | |||||||||||
ASSETS | |||||||||||
CURRENT ASSETS: | |||||||||||
Cash and cash equivalents | $ | 772 | $ | 1,001 | |||||||
Accounts receivable, less allowance for doubtful accounts of $173 and $217, respectively | 2,395 | 2,539 | |||||||||
Prepaid expenses and other current assets | 496 | 369 | |||||||||
Total current assets | 3,663 | 3,909 | |||||||||
INVESTMENT IN CABLE PROPERTIES: | |||||||||||
Property, plant and equipment, net of accumulated depreciation of $32,587 and $31,639, respectively | 34,184 | 34,357 | |||||||||
Customer relationships, net | 5,185 | 5,615 | |||||||||
Franchises | 67,322 | 67,322 | |||||||||
Goodwill | 29,554 | 29,554 | |||||||||
Total investment in cable properties, net | 136,245 | 136,848 | |||||||||
OTHER NONCURRENT ASSETS | 3,531 | 3,449 | |||||||||
Total assets | $ | 143,439 | $ | 144,206 | |||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||
CURRENT LIABILITIES: | |||||||||||
Accounts payable and accrued liabilities | $ | 8,911 | $ | 8,867 | |||||||
Current portion of long-term debt | 1,005 | 1,008 | |||||||||
Total current liabilities | 9,916 | 9,875 | |||||||||
LONG-TERM DEBT | 83,882 | 81,744 | |||||||||
DEFERRED INCOME TAXES | 18,227 | 18,108 | |||||||||
OTHER LONG-TERM LIABILITIES | 4,233 | 4,198 | |||||||||
SHAREHOLDERS’ EQUITY: | |||||||||||
Class A common stock; $0.001 par value; 900 million shares authorized; | |||||||||||
194,816,856 and 193,730,992 shares issued, respectively | 0 | 0 | |||||||||
Class B common stock; $0.001 par value; 1,000 shares authorized; | |||||||||||
1 share issued and outstanding | 0 | 0 | |||||||||
Preferred stock; $0.001 par value; 250 million shares authorized; 0 shares issued and outstanding | 0 | 0 | |||||||||
Additional paid-in capital | 29,037 | 29,000 | |||||||||
Retained earnings | (4,388) | (5,195) | |||||||||
Treasury stock at cost; 6,150,696 and 0 shares, respectively | (3,652) | 0 | |||||||||
Total Charter shareholders’ equity | 20,997 | 23,805 | |||||||||
Noncontrolling interests | 6,184 | 6,476 | |||||||||
Total shareholders’ equity | 27,181 | 30,281 | |||||||||
Total liabilities and shareholders’ equity | $ | 143,439 | $ | 144,206 |
September 30, 2017 | December 31, 2016 | ||||||
(unaudited) | |||||||
ASSETS | |||||||
CURRENT ASSETS: | |||||||
Cash and cash equivalents | $ | 2,164 | $ | 1,535 | |||
Accounts receivable, less allowance for doubtful accounts of | |||||||
$103 and $124, respectively | 1,652 | 1,432 | |||||
Prepaid expenses and other current assets | 316 | 333 | |||||
Total current assets | 4,132 | 3,300 | |||||
INVESTMENT IN CABLE PROPERTIES: | |||||||
Property, plant and equipment, net of accumulated | |||||||
depreciation of $16,375 and $11,103, respectively | 33,300 | 32,963 | |||||
Customer relationships, net | 12,589 | 14,608 | |||||
Franchises | 67,316 | 67,316 | |||||
Goodwill | 29,554 | 29,509 | |||||
Total investment in cable properties, net | 142,759 | 144,396 | |||||
OTHER NONCURRENT ASSETS | 1,337 | 1,371 | |||||
Total assets | $ | 148,228 | $ | 149,067 | |||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||
CURRENT LIABILITIES: | |||||||
Accounts payable and accrued liabilities | $ | 8,351 | $ | 7,544 | |||
Current portion of long-term debt | 2,068 | 2,028 | |||||
Total current liabilities | 10,419 | 9,572 | |||||
LONG-TERM DEBT | 66,064 | 59,719 | |||||
DEFERRED INCOME TAXES | 26,576 | 26,665 | |||||
OTHER LONG-TERM LIABILITIES | 2,591 | 2,745 | |||||
SHAREHOLDERS’ EQUITY: | |||||||
Class A common stock; $.001 par value; 900 million shares authorized; | |||||||
271,017,357 and 268,897,792 shares issued, respectively | — | — | |||||
Class B common stock; $.001 par value; 1,000 shares authorized; | |||||||
1 share issued and outstanding | — | — | |||||
Preferred stock; $.001 par value; 250 million shares authorized; | |||||||
no shares issued and outstanding | — | — | |||||
Additional paid-in capital | 39,773 | 39,413 | |||||
Retained earnings | 1,206 | 733 | |||||
Treasury stock at cost; 22,406,923 and no shares, respectively | (7,748 | ) | — | ||||
Accumulated other comprehensive loss | (2 | ) | (7 | ) | |||
Total Charter shareholders’ equity | 33,229 | 40,139 | |||||
Noncontrolling interests | 9,349 | 10,227 | |||||
Total shareholders’ equity | 42,578 | 50,366 | |||||
Total liabilities and shareholders’ equity | $ | 148,228 | $ | 149,067 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
REVENUES | $ | 10,458 | $ | 10,037 | $ | 30,979 | $ | 18,728 | |||||||
COSTS AND EXPENSES: | |||||||||||||||
Operating costs and expenses (exclusive of items shown separately below) | 6,703 | 6,482 | 19,857 | 12,157 | |||||||||||
Depreciation and amortization | 2,701 | 2,437 | 7,846 | 4,412 | |||||||||||
Other operating expenses, net | 145 | 207 | 374 | 776 | |||||||||||
9,549 | 9,126 | 28,077 | 17,345 | ||||||||||||
Income from operations | 909 | 911 | 2,902 | 1,383 | |||||||||||
OTHER EXPENSES: | |||||||||||||||
Interest expense, net | (788 | ) | (724 | ) | (2,250 | ) | (1,771 | ) | |||||||
Loss on extinguishment of debt | — | — | (35 | ) | (110 | ) | |||||||||
Gain (loss) on financial instruments, net | 17 | 71 | (15 | ) | 16 | ||||||||||
Other pension benefits (costs) | (17 | ) | 13 | 9 | 533 | ||||||||||
Other expense, net | (3 | ) | (5 | ) | (14 | ) | (10 | ) | |||||||
(791 | ) | (645 | ) | (2,305 | ) | (1,342 | ) | ||||||||
Income before income taxes | 118 | 266 | 597 | 41 | |||||||||||
Income tax benefit (expense) | (26 | ) | (16 | ) | (99 | ) | 3,135 | ||||||||
Consolidated net income | 92 | 250 | 498 | 3,176 | |||||||||||
Less: Net income attributable to noncontrolling interests | (44 | ) | (61 | ) | (156 | ) | (108 | ) | |||||||
Net income attributable to Charter shareholders | $ | 48 | $ | 189 | $ | 342 | $ | 3,068 | |||||||
EARNINGS PER COMMON SHARE ATTRIBUTABLE TO CHARTER SHAREHOLDERS: | |||||||||||||||
Basic | $ | 0.19 | $ | 0.70 | $ | 1.31 | $ | 16.52 | |||||||
Diluted | $ | 0.19 | $ | 0.69 | $ | 1.29 | $ | 15.23 | |||||||
Weighted average common shares outstanding, basic | 253,923,805 | 271,263,259 | 262,074,603 | 185,706,106 | |||||||||||
Weighted average common shares outstanding, diluted | 258,341,851 | 275,373,202 | 266,363,602 | 208,460,148 |
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
REVENUES | $ | 12,522 | $ | 11,738 | |||||||||||||||||||
COSTS AND EXPENSES: | |||||||||||||||||||||||
Operating costs and expenses (exclusive of items shown separately below) | 7,711 | 7,432 | |||||||||||||||||||||
Depreciation and amortization | 2,441 | 2,497 | |||||||||||||||||||||
Other operating expenses, net | 302 | 7 | |||||||||||||||||||||
10,454 | 9,936 | ||||||||||||||||||||||
Income from operations | 2,068 | 1,802 | |||||||||||||||||||||
OTHER INCOME (EXPENSES): | |||||||||||||||||||||||
Interest expense, net | (983) | (980) | |||||||||||||||||||||
Other income (expenses), net | 52 | (326) | |||||||||||||||||||||
(931) | (1,306) | ||||||||||||||||||||||
Income before income taxes | 1,137 | 496 | |||||||||||||||||||||
Income tax expense | (216) | (29) | |||||||||||||||||||||
Consolidated net income | 921 | 467 | |||||||||||||||||||||
Less: Net income attributable to noncontrolling interests | (114) | (71) | |||||||||||||||||||||
Net income attributable to Charter shareholders | $ | 807 | $ | 396 | |||||||||||||||||||
EARNINGS PER COMMON SHARE ATTRIBUTABLE TO CHARTER SHAREHOLDERS: | |||||||||||||||||||||||
Basic | $ | 4.22 | $ | 1.91 | |||||||||||||||||||
Diluted | $ | 4.11 | $ | 1.86 | |||||||||||||||||||
Weighted average common shares outstanding, basic | 191,404,527 | 207,831,305 | |||||||||||||||||||||
Weighted average common shares outstanding, diluted | 205,872,536 | 212,810,613 |
Class A Common Stock | Class B Common Stock | Additional Paid-in Capital | Retained Earnings | Treasury Stock | Total Charter Shareholders’ Equity | Non-controlling Interests | Total Shareholders’ Equity | |||||||||||||||||||
BALANCE, December 31, 2020 | $ | 0 | $ | 0 | $ | 29,000 | $ | (5,195) | $ | 0 | $ | 23,805 | $ | 6,476 | $ | 30,281 | ||||||||||
Consolidated net income | 0 | 0 | 0 | 807 | 0 | 807 | 114 | 921 | ||||||||||||||||||
Stock compensation expense | 0 | 0 | 134 | 0 | 0 | 134 | 0 | 134 | ||||||||||||||||||
Exercise of stock options | 0 | 0 | 9 | 0 | 0 | 9 | 0 | 9 | ||||||||||||||||||
Purchases of treasury stock | 0 | 0 | 0 | 0 | (3,652) | (3,652) | 0 | (3,652) | ||||||||||||||||||
Purchase of noncontrolling interest, net of tax | 0 | 0 | (237) | 0 | 0 | (237) | (192) | (429) | ||||||||||||||||||
Change in noncontrolling interest ownership, net of tax | 0 | 0 | 131 | 0 | 0 | 131 | (175) | (44) | ||||||||||||||||||
Distributions to noncontrolling interest | 0 | 0 | 0 | 0 | 0 | 0 | (39) | (39) | ||||||||||||||||||
BALANCE, March 31, 2021 | $ | 0 | $ | 0 | $ | 29,037 | $ | (4,388) | $ | (3,652) | $ | 20,997 | $ | 6,184 | $ | 27,181 | ||||||||||
Class A Common Stock | Class B Common Stock | Additional Paid-in Capital | Retained Earnings | Treasury Stock | Total Charter Shareholders’ Equity | Non-controlling Interests | Total Shareholders’ Equity | |||||||||||||||||||
BALANCE, December 31, 2019 | $ | 0 | $ | 0 | $ | 31,405 | $ | 40 | $ | 0 | $ | 31,445 | $ | 7,366 | $ | 38,811 | ||||||||||
Consolidated net income | 0 | 0 | 0 | 396 | 0 | 396 | 71 | 467 | ||||||||||||||||||
Stock compensation expense | 0 | 0 | 90 | 0 | 0 | 90 | 0 | 90 | ||||||||||||||||||
Exercise of stock options | 0 | 0 | 93 | 0 | 0 | 93 | 0 | 93 | ||||||||||||||||||
Issuance of equity | 0 | 0 | 23 | 0 | 0 | 23 | 0 | 23 | ||||||||||||||||||
Purchases of treasury stock | 0 | 0 | 0 | 0 | (2,352) | (2,352) | 0 | (2,352) | ||||||||||||||||||
Purchase of noncontrolling interest, net of tax | 0 | 0 | (149) | 0 | 0 | (149) | (195) | (344) | ||||||||||||||||||
Change in noncontrolling interest ownership, net of tax | 0 | 0 | 82 | 0 | 0 | 82 | (109) | (27) | ||||||||||||||||||
Distributions to noncontrolling interest | 0 | 0 | 0 | 0 | 0 | 0 | (39) | (39) | ||||||||||||||||||
BALANCE, March 31, 2020 | $ | 0 | $ | 0 | $ | 31,544 | $ | 436 | $ | (2,352) | $ | 29,628 | $ | 7,094 | $ | 36,722 | ||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Consolidated net income | $ | 92 | $ | 250 | $ | 498 | $ | 3,176 | |||||||
Net impact of interest rate derivative instruments | 1 | 2 | 4 | 6 | |||||||||||
Foreign currency translation adjustment | 1 | (1 | ) | 1 | (1 | ) | |||||||||
Consolidated comprehensive income | 94 | 251 | 503 | 3,181 | |||||||||||
Less: Comprehensive income attributable to noncontrolling interests | (44 | ) | (61 | ) | (156 | ) | (108 | ) | |||||||
Comprehensive income attributable to Charter shareholders | $ | 50 | $ | 190 | $ | 347 | $ | 3,073 |
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
Consolidated net income | $ | 921 | $ | 467 | |||||||
Adjustments to reconcile consolidated net income to net cash flows from operating activities: | |||||||||||
Depreciation and amortization | 2,441 | 2,497 | |||||||||
Stock compensation expense | 134 | 90 | |||||||||
Noncash interest income, net | (7) | (12) | |||||||||
Deferred income taxes | 156 | (14) | |||||||||
Other, net | (5) | 315 | |||||||||
Changes in operating assets and liabilities, net of effects from acquisitions and dispositions: | |||||||||||
Accounts receivable | 144 | 99 | |||||||||
Prepaid expenses and other assets | (182) | (67) | |||||||||
Accounts payable, accrued liabilities and other | 149 | (155) | |||||||||
Net cash flows from operating activities | 3,751 | 3,220 | |||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||
Purchases of property, plant and equipment | (1,821) | (1,461) | |||||||||
Change in accrued expenses related to capital expenditures | (75) | (388) | |||||||||
Real estate investments through variable interest entities | (50) | (38) | |||||||||
Other, net | (10) | 37 | |||||||||
Net cash flows from investing activities | (1,956) | (1,850) | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
Borrowings of long-term debt | 5,289 | 4,339 | |||||||||
Repayments of long-term debt | (3,164) | (3,589) | |||||||||
Payments for debt issuance costs | (22) | (41) | |||||||||
Issuance of equity | 0 | 23 | |||||||||
Purchase of treasury stock | (3,652) | (2,352) | |||||||||
Proceeds from exercise of stock options | 9 | 93 | |||||||||
Purchase of noncontrolling interest | (507) | (393) | |||||||||
Distributions to noncontrolling interest | (39) | (39) | |||||||||
Borrowings for real estate investments through variable interest entities | 50 | 0 | |||||||||
Other, net | 12 | (24) | |||||||||
Net cash flows from financing activities | (2,024) | (1,983) | |||||||||
NET DECREASE IN CASH AND CASH EQUIVALENTS | (229) | (613) | |||||||||
CASH AND CASH EQUIVALENTS, beginning of period | 1,001 | 3,549 | |||||||||
CASH AND CASH EQUIVALENTS, end of period | $ | 772 | $ | 2,936 | |||||||
CASH PAID FOR INTEREST | $ | 1,017 | $ | 1,050 | |||||||
CASH PAID FOR TAXES | $ | 20 | $ | 19 |
Nine Months Ended September 30, | ||||||||
2017 | 2016 | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||
Consolidated net income | $ | 498 | $ | 3,176 | ||||
Adjustments to reconcile consolidated net income to net cash flows from operating activities: | ||||||||
Depreciation and amortization | 7,846 | 4,412 | ||||||
Stock compensation expense | 198 | 168 | ||||||
Accelerated vesting of equity awards | 43 | 202 | ||||||
Noncash interest income, net | (283 | ) | (148 | ) | ||||
Other pension benefits | (9 | ) | (533 | ) | ||||
Loss on extinguishment of debt | 35 | 110 | ||||||
(Gain) loss on financial instruments, net | 15 | (16 | ) | |||||
Deferred income taxes | 53 | (3,170 | ) | |||||
Other, net | 93 | — | ||||||
Changes in operating assets and liabilities, net of effects from acquisitions: | ||||||||
Accounts receivable | (101 | ) | (2 | ) | ||||
Prepaid expenses and other assets | 37 | 85 | ||||||
Accounts payable, accrued liabilities and other | 271 | 531 | ||||||
Net cash flows from operating activities | 8,696 | 4,815 | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||
Purchases of property, plant and equipment | (6,096 | ) | (3,437 | ) | ||||
Change in accrued expenses related to capital expenditures | 276 | 86 | ||||||
Purchases of cable systems, net of cash acquired | — | (28,810 | ) | |||||
Change in restricted cash and cash equivalents | — | 22,264 | ||||||
Other, net | (63 | ) | (8 | ) | ||||
Net cash flows from investing activities | (5,883 | ) | (9,905 | ) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||
Borrowings of long-term debt | 12,115 | 5,997 | ||||||
Repayments of long-term debt | (5,534 | ) | (4,120 | ) | ||||
Payments for debt issuance costs | (83 | ) | (283 | ) | ||||
Issuance of equity | — | 5,000 | ||||||
Purchase of treasury stock | (7,748 | ) | (448 | ) | ||||
Proceeds from exercise of stock options | 111 | 71 | ||||||
Purchase of noncontrolling interest | (922 | ) | — | |||||
Distributions to noncontrolling interest | (115 | ) | (55 | ) | ||||
Proceeds from termination of interest rate derivatives | — | 88 | ||||||
Other, net | (8 | ) | — | |||||
Net cash flows from financing activities | (2,184 | ) | 6,250 | |||||
NET INCREASE IN CASH AND CASH EQUIVALENTS | 629 | 1,160 | ||||||
CASH AND CASH EQUIVALENTS, beginning of period | 1,535 | 5 | ||||||
CASH AND CASH EQUIVALENTS, end of period | $ | 2,164 | $ | 1,165 | ||||
CASH PAID FOR INTEREST | $ | 2,544 | $ | 1,964 | ||||
CASH PAID FOR TAXES | $ | 38 | $ | 48 |
Cash and cash equivalents | $ | 1,058 | |
Current assets | 1,417 | ||
Property, plant and equipment | 21,413 | ||
Customer relationships | 13,460 | ||
Franchises | 54,085 | ||
Goodwill | 28,337 | ||
Other noncurrent assets | 1,040 | ||
Accounts payable and accrued liabilities | (4,107 | ) | |
Debt | (24,900 | ) | |
Deferred income taxes | (28,120 | ) | |
Other long-term liabilities | (3,162 | ) | |
Noncontrolling interests | (4 | ) | |
$ | 60,517 |
Current assets | $ | 131 | |
Property, plant and equipment | 2,884 | ||
Customer relationships | 2,150 | ||
Franchises | 7,225 | ||
Goodwill | 44 | ||
Other noncurrent assets | 86 | ||
Accounts payable and accrued liabilities | (330 | ) | |
Other long-term liabilities | (12 | ) | |
Noncontrolling interests | (22 | ) | |
$ | 12,156 |
Nine Months Ended September 30, 2016 | |||
Revenues | $ | 29,748 | |
Net income attributable to Charter shareholders | $ | 616 | |
Earnings per common share attributable to Charter shareholders: | |||
Basic | $ | 2.28 | |
Diluted | $ | 2.25 |
March 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | |||||||||||||||||||||||||||||||||
Indefinite-lived intangible assets: | ||||||||||||||||||||||||||||||||||||||
Franchises | $ | 67,322 | $ | — | $ | 67,322 | $ | 67,322 | $ | — | $ | 67,322 | ||||||||||||||||||||||||||
Goodwill | 29,554 | — | 29,554 | 29,554 | — | 29,554 | ||||||||||||||||||||||||||||||||
Wireless spectrum licenses | 464 | — | 464 | 464 | — | 464 | ||||||||||||||||||||||||||||||||
Trademarks | 159 | — | 159 | 159 | — | 159 | ||||||||||||||||||||||||||||||||
$ | 97,499 | $ | — | $ | 97,499 | $ | 97,499 | $ | — | $ | 97,499 | |||||||||||||||||||||||||||
Finite-lived intangible assets: | ||||||||||||||||||||||||||||||||||||||
Customer relationships | $ | 18,230 | $ | (13,045) | $ | 5,185 | $ | 18,230 | $ | (12,615) | $ | 5,615 | ||||||||||||||||||||||||||
Other intangible assets | 420 | (169) | 251 | 420 | (159) | 261 | ||||||||||||||||||||||||||||||||
$ | 18,650 | $ | (13,214) | $ | 5,436 | $ | 18,650 | $ | (12,774) | $ | 5,876 |
September 30, 2017 | December 31, 2016 | |||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | |||||||||||||||||||
Indefinite-lived intangible assets: | ||||||||||||||||||||||||
Franchises | $ | 67,316 | $ | — | $ | 67,316 | $ | 67,316 | $ | — | $ | 67,316 | ||||||||||||
Goodwill | 29,554 | — | 29,554 | 29,509 | — | 29,509 | ||||||||||||||||||
Trademarks | 159 | — | 159 | 159 | — | 159 | ||||||||||||||||||
Other intangible assets | — | — | — | 4 | — | 4 | ||||||||||||||||||
$ | 97,029 | $ | — | $ | 97,029 | $ | 96,988 | $ | — | $ | 96,988 | |||||||||||||
Finite-lived intangible assets: | ||||||||||||||||||||||||
Customer relationships | $ | 18,227 | $ | (5,638 | ) | $ | 12,589 | $ | 18,226 | $ | (3,618 | ) | $ | 14,608 | ||||||||||
Other intangible assets | 673 | (181 | ) | 492 | 615 | (128 | ) | 487 | ||||||||||||||||
$ | 18,900 | $ | (5,819 | ) | $ | 13,081 | $ | 18,841 | $ | (3,746 | ) | $ | 15,095 |
Nine months ended December 31, 2021 | $ | 1,162 | ||||||
2022 | 1,332 | |||||||
2023 | 1,075 | |||||||
2024 | 824 | |||||||
2025 | 575 | |||||||
Thereafter | 468 | |||||||
$ | 5,436 |
Three months ended December 31, 2017 | $ | 662 | ||
2018 | 2,470 | |||
2019 | 2,187 | |||
2020 | 1,895 | |||
2021 | 1,611 | |||
Thereafter | 4,256 | |||
$ | 13,081 |
March 31, 2021 | December 31, 2020 | ||||||||||
Assets | |||||||||||
Current assets | $ | 7 | $ | 3 | |||||||
Property, plant and equipment | $ | 547 | $ | 490 | |||||||
Liabilities | |||||||||||
Current liabilities | $ | 41 | $ | 28 | |||||||
Other long-term liabilities | $ | 522 | $ | 470 |
March 31, 2021 | December 31, 2020 | ||||||||||
Accounts payable – trade | $ | 724 | $ | 763 | |||||||
Deferred revenue | 493 | 436 | |||||||||
Accrued liabilities: | |||||||||||
Programming costs | 2,074 | 1,940 | |||||||||
Labor | 1,070 | 1,374 | |||||||||
Capital expenditures | 1,121 | 1,227 | |||||||||
Interest | 1,057 | 1,083 | |||||||||
Taxes and regulatory fees | 553 | 555 | |||||||||
Property and casualty | 470 | 462 | |||||||||
Operating lease liabilities | 245 | 235 | |||||||||
Other | 1,104 | 792 | |||||||||
$ | 8,911 | $ | 8,867 |
September 30, 2017 | December 31, 2016 | ||||||
Accounts payable – trade | $ | 572 | $ | 454 | |||
Deferred revenue | 405 | 352 | |||||
Accrued liabilities: | |||||||
Programming costs | 1,947 | 1,783 | |||||
Labor | 1,053 | 1,111 | |||||
Capital expenditures | 1,389 | 1,107 | |||||
Interest | 994 | 958 | |||||
Taxes and regulatory fees | 592 | 538 | |||||
Property and casualty | 399 | 394 | |||||
Other | 1,000 | 847 | |||||
$ | 8,351 | $ | 7,544 |
September 30, 2017 | December 31, 2016 | ||||||||||||||
Principal Amount | Accreted Value | Principal Amount | Accreted Value | ||||||||||||
CCO Holdings, LLC: | |||||||||||||||
5.250% senior notes due March 15, 2021 | $ | 500 | $ | 497 | $ | 500 | $ | 496 | |||||||
6.625% senior notes due January 31, 2022 | — | — | 750 | 741 | |||||||||||
5.250% senior notes due September 30, 2022 | 1,250 | 1,234 | 1,250 | 1,232 | |||||||||||
5.125% senior notes due February 15, 2023 | 1,000 | 992 | 1,000 | 992 | |||||||||||
5.125% senior notes due May 1, 2023 | 1,150 | 1,142 | 1,150 | 1,141 | |||||||||||
5.750% senior notes due September 1, 2023 | 500 | 496 | 500 | 496 | |||||||||||
5.750% senior notes due January 15, 2024 | 1,000 | 992 | 1,000 | 991 | |||||||||||
5.875% senior notes due April 1, 2024 | 1,700 | 1,686 | 1,700 | 1,685 | |||||||||||
5.375% senior notes due May 1, 2025 | 750 | 745 | 750 | 744 | |||||||||||
5.750% senior notes due February 15, 2026 | 2,500 | 2,463 | 2,500 | 2,460 | |||||||||||
5.500% senior notes due May 1, 2026 | 1,500 | 1,489 | 1,500 | 1,487 | |||||||||||
5.875% senior notes due May 1, 2027 | 800 | 794 | 800 | 794 | |||||||||||
5.125% senior notes due May 1, 2027 | 3,250 | 3,215 | — | — | |||||||||||
5.000% senior notes due February 1, 2028 | 1,500 | 1,486 | — | — | |||||||||||
Charter Communications Operating, LLC: | |||||||||||||||
3.579% senior notes due July 23, 2020 | 2,000 | 1,987 | 2,000 | 1,983 | |||||||||||
4.464% senior notes due July 23, 2022 | 3,000 | 2,976 | 3,000 | 2,973 | |||||||||||
4.908% senior notes due July 23, 2025 | 4,500 | 4,461 | 4,500 | 4,458 | |||||||||||
3.750% senior notes due February 15, 2028 | 1,000 | 985 | — | — | |||||||||||
4.200% senior notes due March 15, 2028 | 1,250 | 1,237 | — | — | |||||||||||
6.384% senior notes due October 23, 2035 | 2,000 | 1,981 | 2,000 | 1,980 | |||||||||||
6.484% senior notes due October 23, 2045 | 3,500 | 3,466 | 3,500 | 3,466 | |||||||||||
5.375% senior notes due May 1, 2047 | 2,500 | 2,506 | — | — |
March 31, 2021 | December 31, 2020 | ||||||||||
Operating lease right-of-use assets: | |||||||||||
Included within other noncurrent assets | $ | 1,242 | $ | 1,214 | |||||||
Operating lease liabilities: | |||||||||||
Current portion included within accounts payable and accrued liabilities | $ | 245 | $ | 235 | |||||||
Long-term portion included within other long-term liabilities | 1,128 | 1,110 | |||||||||
$ | 1,373 | $ | 1,345 | ||||||||
Weighted average remaining lease term for operating leases | 6.2 years | 6.4 years | |||||||||
Weighted average discount rate for operating leases | 3.7 | % | 3.9 | % |
Operating leases | |||||
Nine months ended December 31, 2021 | $ | 237 | |||
2022 | 297 | ||||
2023 | 273 | ||||
2024 | 230 | ||||
2025 | 182 | ||||
Thereafter | 386 | ||||
Undiscounted lease cash flow commitments | 1,605 | ||||
Reconciling impact from discounting | (232) | ||||
Lease liabilities on consolidated balance sheet as of March 31, 2021 | $ | 1,373 |
March 31, 2021 | December 31, 2020 | ||||||||||||||||||||||
Principal Amount | Accreted Value | Principal Amount | Accreted Value | ||||||||||||||||||||
CCO Holdings, LLC: | |||||||||||||||||||||||
4.000% senior notes due March 1, 2023 | $ | 500 | $ | 498 | $ | 500 | $ | 498 | |||||||||||||||
5.750% senior notes due February 15, 2026 | 1,750 | 1,733 | 2,500 | 2,475 | |||||||||||||||||||
5.500% senior notes due May 1, 2026 | 1,500 | 1,493 | 1,500 | 1,492 | |||||||||||||||||||
5.875% senior notes due May 1, 2027 | 800 | 796 | 800 | 796 | |||||||||||||||||||
5.125% senior notes due May 1, 2027 | 3,250 | 3,226 | 3,250 | 3,225 | |||||||||||||||||||
5.000% senior notes due February 1, 2028 | 2,500 | 2,473 | 2,500 | 2,472 | |||||||||||||||||||
5.375% senior notes due June 1, 2029 | 1,500 | 1,501 | 1,500 | 1,501 | |||||||||||||||||||
4.750% senior notes due March 1, 2030 | 3,050 | 3,042 | 3,050 | 3,042 |
4.500% senior notes due August 15, 2030 | 4.500% senior notes due August 15, 2030 | 2,750 | 2,750 | 2,750 | 2,750 | |||||||||||||||||||||||||||||||||
4.250% senior notes due February 1, 2031 | 4.250% senior notes due February 1, 2031 | 3,000 | 3,001 | 3,000 | 3,001 | |||||||||||||||||||||||||||||||||
4.500% senior notes due May 1, 2032 | 4.500% senior notes due May 1, 2032 | 2,900 | 2,928 | 2,900 | 2,928 | |||||||||||||||||||||||||||||||||
Charter Communications Operating, LLC: | Charter Communications Operating, LLC: | |||||||||||||||||||||||||||||||||||||
4.464% senior notes due July 23, 2022 | 4.464% senior notes due July 23, 2022 | 3,000 | 2,993 | 3,000 | 2,992 | |||||||||||||||||||||||||||||||||
Senior floating rate notes due February 1, 2024 | Senior floating rate notes due February 1, 2024 | 900 | 902 | 900 | 902 | |||||||||||||||||||||||||||||||||
4.500% senior notes due February 1, 2024 | 4.500% senior notes due February 1, 2024 | 1,100 | 1,095 | 1,100 | 1,094 | |||||||||||||||||||||||||||||||||
4.908% senior notes due July 23, 2025 | 4.908% senior notes due July 23, 2025 | 4,500 | 4,477 | 4,500 | 4,475 | |||||||||||||||||||||||||||||||||
3.750% senior notes due February 15, 2028 | 3.750% senior notes due February 15, 2028 | 1,000 | 989 | 1,000 | 989 | |||||||||||||||||||||||||||||||||
4.200% senior notes due March 15, 2028 | 4.200% senior notes due March 15, 2028 | 1,250 | 1,242 | 1,250 | 1,241 | |||||||||||||||||||||||||||||||||
5.050% senior notes due March 30, 2029 | 5.050% senior notes due March 30, 2029 | 1,250 | 1,242 | 1,250 | 1,242 | |||||||||||||||||||||||||||||||||
2.800% senior notes due April 1, 2031 | 2.800% senior notes due April 1, 2031 | 1,600 | 1,583 | 1,600 | 1,583 | |||||||||||||||||||||||||||||||||
2.300% senior notes due February 1, 2032 | 2.300% senior notes due February 1, 2032 | 1,000 | 991 | 1,000 | 991 | |||||||||||||||||||||||||||||||||
6.384% senior notes due October 23, 2035 | 6.384% senior notes due October 23, 2035 | 2,000 | 1,983 | 2,000 | 1,983 | |||||||||||||||||||||||||||||||||
5.375% senior notes due April 1, 2038 | 5.375% senior notes due April 1, 2038 | 800 | 786 | 800 | 786 | |||||||||||||||||||||||||||||||||
3.500% senior notes due June 1, 2041 | 3.500% senior notes due June 1, 2041 | 1,500 | 1,482 | 0 | 0 | |||||||||||||||||||||||||||||||||
6.484% senior notes due October 23, 2045 | 6.484% senior notes due October 23, 2045 | 3,500 | 3,468 | 3,500 | 3,468 | |||||||||||||||||||||||||||||||||
5.375% senior notes due May 1, 2047 | 5.375% senior notes due May 1, 2047 | 2,500 | 2,506 | 2,500 | 2,506 | |||||||||||||||||||||||||||||||||
5.750% senior notes due April 1, 2048 | 5.750% senior notes due April 1, 2048 | 2,450 | 2,392 | 2,450 | 2,392 | |||||||||||||||||||||||||||||||||
5.125% senior notes due July 1, 2049 | 5.125% senior notes due July 1, 2049 | 1,250 | 1,240 | 1,250 | 1,240 | |||||||||||||||||||||||||||||||||
4.800% senior notes due March 1, 2050 | 4.800% senior notes due March 1, 2050 | 2,800 | 2,797 | 2,800 | 2,797 | |||||||||||||||||||||||||||||||||
3.700% senior notes due April 1, 2051 | 3.700% senior notes due April 1, 2051 | 2,050 | 2,031 | 2,050 | 2,030 | |||||||||||||||||||||||||||||||||
3.900% senior notes due June 1, 2052 | 3.900% senior notes due June 1, 2052 | 1,000 | 992 | 0 | 0 | |||||||||||||||||||||||||||||||||
6.834% senior notes due October 23, 2055 | 500 | 495 | 500 | 495 | 6.834% senior notes due October 23, 2055 | 500 | 495 | 500 | 495 | |||||||||||||||||||||||||||||
3.850% senior notes due April 1, 2061 | 3.850% senior notes due April 1, 2061 | 1,850 | 1,809 | 1,350 | 1,339 | |||||||||||||||||||||||||||||||||
Credit facilities | 8,768 | 8,681 | 8,916 | 8,814 | Credit facilities | 10,081 | 10,015 | 10,150 | 10,081 | |||||||||||||||||||||||||||||
Time Warner Cable, LLC: | Time Warner Cable, LLC: | |||||||||||||||||||||||||||||||||||||
5.850% senior notes due May 1, 2017 | — | — | 2,000 | 2,028 | ||||||||||||||||||||||||||||||||||
6.750% senior notes due July 1, 2018 | 2,000 | 2,068 | 2,000 | 2,135 | ||||||||||||||||||||||||||||||||||
8.750% senior notes due February 14, 2019 | 1,250 | 1,356 | 1,250 | 1,412 | ||||||||||||||||||||||||||||||||||
8.250% senior notes due April 1, 2019 | 2,000 | 2,177 | 2,000 | 2,264 | ||||||||||||||||||||||||||||||||||
5.000% senior notes due February 1, 2020 | 1,500 | 1,588 | 1,500 | 1,615 | ||||||||||||||||||||||||||||||||||
4.125% senior notes due February 15, 2021 | 700 | 732 | 700 | 739 | ||||||||||||||||||||||||||||||||||
4.000% senior notes due September 1, 2021 | 1,000 | 1,048 | 1,000 | 1,056 | 4.000% senior notes due September 1, 2021 | 1,000 | 1,005 | 1,000 | 1,008 | |||||||||||||||||||||||||||||
5.750% sterling senior notes due June 2, 2031 (a) | 838 | 905 | 770 | 834 | 5.750% sterling senior notes due June 2, 2031 (a) | 862 | 917 | 854 | 911 | |||||||||||||||||||||||||||||
6.550% senior debentures due May 1, 2037 | 1,500 | 1,687 | 1,500 | 1,691 | 6.550% senior debentures due May 1, 2037 | 1,500 | 1,667 | 1,500 | 1,668 | |||||||||||||||||||||||||||||
7.300% senior debentures due July 1, 2038 | 1,500 | 1,790 | 1,500 | 1,795 | 7.300% senior debentures due July 1, 2038 | 1,500 | 1,761 | 1,500 | 1,763 | |||||||||||||||||||||||||||||
6.750% senior debentures due June 15, 2039 | 1,500 | 1,725 | 1,500 | 1,730 | 6.750% senior debentures due June 15, 2039 | 1,500 | 1,705 | 1,500 | 1,706 | |||||||||||||||||||||||||||||
5.875% senior debentures due November 15, 2040 | 1,200 | 1,258 | 1,200 | 1,259 | 5.875% senior debentures due November 15, 2040 | 1,200 | 1,253 | 1,200 | 1,254 | |||||||||||||||||||||||||||||
5.500% senior debentures due September 1, 2041 | 1,250 | 1,258 | 1,250 | 1,258 | 5.500% senior debentures due September 1, 2041 | 1,250 | 1,258 | 1,250 | 1,258 | |||||||||||||||||||||||||||||
5.250% sterling senior notes due July 15, 2042 (b) | 871 | 839 | 800 | 771 | 5.250% sterling senior notes due July 15, 2042 (b) | 896 | 866 | 889 | 859 | |||||||||||||||||||||||||||||
4.500% senior debentures due September 15, 2042 | 1,250 | 1,137 | 1,250 | 1,135 | 4.500% senior debentures due September 15, 2042 | 1,250 | 1,146 | 1,250 | 1,145 | |||||||||||||||||||||||||||||
Time Warner Cable Enterprises LLC: | Time Warner Cable Enterprises LLC: | |||||||||||||||||||||||||||||||||||||
8.375% senior debentures due March 15, 2023 | 1,000 | 1,243 | 1,000 | 1,273 | 8.375% senior debentures due March 15, 2023 | 1,000 | 1,092 | 1,000 | 1,104 | |||||||||||||||||||||||||||||
8.375% senior debentures due July 15, 2033 | 1,000 | 1,315 | 1,000 | 1,324 | 8.375% senior debentures due July 15, 2033 | 1,000 | 1,266 | 1,000 | 1,270 | |||||||||||||||||||||||||||||
Total debt | 66,777 | 68,132 | 60,036 | 61,747 | Total debt | 84,339 | 84,887 | 82,143 | 82,752 | |||||||||||||||||||||||||||||
Less current portion: | Less current portion: | |||||||||||||||||||||||||||||||||||||
5.850% senior notes due May 1, 2017 | — | — | (2,000 | ) | (2,028 | ) | ||||||||||||||||||||||||||||||||
6.750% senior notes due July 1, 2018 | (2,000 | ) | (2,068 | ) | — | — | ||||||||||||||||||||||||||||||||
4.000% senior notes due September 1, 2021 | 4.000% senior notes due September 1, 2021 | (1,000) | (1,005) | (1,000) | (1,008) | |||||||||||||||||||||||||||||||||
Long-term debt | $ | 64,777 | $ | 66,064 | $ | 58,036 | $ | 59,719 | Long-term debt | $ | 83,339 | $ | 83,882 | $ | 81,143 | $ | 81,744 |
Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
Shares | $ | Shares | $ | ||||||||||||||||||||||||||||||||||||||||||||
Share buybacks | 5,556,318 | $ | 3,474 | 4,452,549 | $ | 2,176 | |||||||||||||||||||||||||||||||||||||||||
Income tax withholding | 284,563 | 178 | 335,654 | 176 | |||||||||||||||||||||||||||||||||||||||||||
Exercise cost | 309,815 | 241,752 | |||||||||||||||||||||||||||||||||||||||||||||
6,150,696 | $ | 3,652 | 5,029,955 | $ | 2,352 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||||||||||||||
Shares | $ | Shares | $ | Shares | $ | Shares | $ | ||||||||||||||||||||
Share buybacks | 9,521,958 | $ | 3,513 | 1,050,033 | $ | 281 | 21,940,797 | $ | 7,611 | 1,050,033 | $ | 281 | |||||||||||||||
Income tax withholding | 32,283 | 12 | 274,545 | 68 | 424,148 | 137 | 727,616 | 167 | |||||||||||||||||||
Exercise cost | 1,433 | 28,397 | 41,978 | 47,190 | |||||||||||||||||||||||
9,555,674 | $ | 3,525 | 1,352,975 | $ | 349 | 22,406,923 | $ | 7,748 | 1,824,839 | $ | 448 |
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Number of units purchased | 792,654 | 795,607 | |||||||||||||||||||||
Average price per unit | $ | 639.27 | $ | 494.54 | |||||||||||||||||||
Amount of units purchased | $ | 507 | $ | 393 | |||||||||||||||||||
Decrease in noncontrolling interest based on carrying value | $ | (192) | $ | (195) | |||||||||||||||||||
Decrease in additional paid-in-capital, net of tax | $ | (237) | $ | (149) |
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Decrease in noncontrolling interest | $ | (175) | $ | (109) | |||||||||||||||||||
Increase in additional paid-in-capital, net of tax | $ | 131 | $ | 82 |
September 30, 2017 | December 31, 2016 | ||||||
Interest Rate Derivatives | |||||||
Accrued interest | $ | 1 | $ | 5 | |||
Accumulated other comprehensive loss | $ | (1 | ) | $ | (5 | ) | |
Cross-Currency Derivatives | |||||||
Other long-term liabilities | $ | 125 | $ | 251 |
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Change in fair value of cross-currency derivative instruments | $ | 63 | $ | (426) | |||||||||||||||||||
Foreign currency remeasurement of Sterling Notes to U.S. dollars | (15) | 108 | |||||||||||||||||||||
Gain (loss) on financial instruments, net | $ | 48 | $ | (318) |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Gain (loss) on Financial Instruments, Net: | |||||||||||||||
Change in fair value of interest rate derivative instruments | $ | — | $ | 7 | $ | 4 | $ | 5 | |||||||
Change in fair value of cross-currency derivative instruments | 68 | 17 | 126 | (168 | ) | ||||||||||
Foreign currency remeasurement of Sterling Notes to U.S. dollars | (50 | ) | 49 | (141 | ) | 196 | |||||||||
Loss on termination of interest rate derivative instruments | — | — | — | (11 | ) | ||||||||||
Loss reclassified from accumulated other comprehensive loss due to discontinuance of hedge accounting | (1 | ) | (2 | ) | (4 | ) | (6 | ) | |||||||
$ | 17 | $ | 71 | $ | (15 | ) | $ | 16 |
September 30, 2017 | December 31, 2016 | ||||||||||||||
Level 1 | Level 2 | Level 1 | Level 2 | ||||||||||||
Assets | |||||||||||||||
Money market funds | $ | 1,502 | $ | — | $ | 1,205 | $ | — | |||||||
Liabilities | |||||||||||||||
Interest rate derivative instruments | $ | — | $ | 1 | $ | — | $ | 5 | |||||||
Cross-currency derivative instruments | $ | — | $ | 125 | $ | — | $ | 251 |
September 30, 2017 | December 31, 2016 | |||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | |||||||||||||
Senior notes and debentures | $ | 59,451 | $ | 62,657 | $ | 52,933 | $ | 55,203 | ||||||||
Credit facilities | $ | 8,681 | $ | 8,788 | $ | 8,814 | $ | 8,943 |
March 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | |||||||||||||||||||||||
Senior notes and debentures | $ | 74,872 | $ | 82,191 | $ | 72,671 | $ | 84,163 | ||||||||||||||||||
Credit facilities | $ | 10,015 | $ | 10,032 | $ | 10,081 | $ | 10,063 |
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Internet | $ | 5,086 | $ | 4,407 | |||||||||||||||||||
Video | 4,344 | 4,422 | |||||||||||||||||||||
Voice | 399 | 457 | |||||||||||||||||||||
Residential revenue | 9,829 | 9,286 | |||||||||||||||||||||
Small and medium business | 1,012 | 996 | |||||||||||||||||||||
Enterprise | 638 | 622 | |||||||||||||||||||||
Commercial revenue | 1,650 | 1,618 | |||||||||||||||||||||
Advertising sales | 344 | 365 | |||||||||||||||||||||
Mobile | 492 | 258 | |||||||||||||||||||||
Other | 207 | 211 | |||||||||||||||||||||
$ | 12,522 | $ | 11,738 |
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Programming | $ | 2,988 | $ | 2,892 | |||||||||||||||||||
Regulatory, connectivity and produced content | 600 | 551 | |||||||||||||||||||||
Costs to service customers | 1,804 | 1,848 | |||||||||||||||||||||
Marketing | 751 | 766 | |||||||||||||||||||||
Mobile | 572 | 374 | |||||||||||||||||||||
Other | 996 | 1,001 | |||||||||||||||||||||
$ | 7,711 | $ | 7,432 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Programming | $ | 2,699 | $ | 2,404 | $ | 7,952 | $ | 4,648 | |||||||
Regulatory, connectivity and produced content | 523 | 515 | 1,553 | 944 | |||||||||||
Costs to service customers | 1,943 | 2,016 | 5,798 | 3,663 | |||||||||||
Marketing | 629 | 596 | 1,812 | 1,143 | |||||||||||
Transition costs | 23 | 32 | 104 | 78 | |||||||||||
Other | 886 | 919 | 2,638 | 1,681 | |||||||||||
$ | 6,703 | $ | 6,482 | $ | 19,857 | $ | 12,157 |
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Special charges, net | $ | 255 | $ | 16 | |||||||||||||||||||
(Gain) loss on disposal of assets, net | 47 | (9) | |||||||||||||||||||||
$ | 302 | $ | 7 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Merger and restructuring costs | $ | 67 | $ | 205 | $ | 293 | $ | 775 | |||||||
Special charges, net | 80 | 4 | 86 | 10 | |||||||||||
Gain on sale of assets, net | (2 | ) | (2 | ) | (5 | ) | (9 | ) | |||||||
$ | 145 | $ | 207 | $ | 374 | $ | 776 |
Employee Retention Costs | Employee Termination Costs | Transaction and Advisory Costs | Other Costs | Total | |||||||||||||||
Liability, December 31, 2015 | $ | — | $ | — | $ | 33 | $ | — | $ | 33 | |||||||||
Liability assumed in the Transactions | 80 | 9 | 3 | — | 92 | ||||||||||||||
Costs incurred | 26 | 337 | 318 | 41 | 722 | ||||||||||||||
Cash paid | (99 | ) | (102 | ) | (329 | ) | (41 | ) | (571 | ) | |||||||||
Remaining liability, December 31, 2016 | 7 | 244 | 25 | — | 276 | ||||||||||||||
Costs incurred | 4 | 186 | 3 | 57 | 250 | ||||||||||||||
Cash paid | (9 | ) | (253 | ) | (4 | ) | (45 | ) | (311 | ) | |||||||||
Remaining liability, September 30, 2017 | $ | 2 | $ | 177 | $ | 24 | $ | 12 | $ | 215 |
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Loss on extinguishment of debt (see Note 6) | $ | (29) | $ | (27) | |||||||||||||||||||
Gain (loss) on financial instruments, net (see Note 9) | 48 | (318) | |||||||||||||||||||||
Other pension benefits, net (see Note 21) | 18 | 10 | |||||||||||||||||||||
Gain on equity investments, net | 15 | 9 | |||||||||||||||||||||
$ | 52 | $ | (326) |
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Stock options | 1,225,000 | 1,253,700 | |||||||||||||||||||||
Restricted stock units | 345,100 | 408,300 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Numerator: | |||||||||||||||
Net income attributable to Charter shareholders | $ | 48 | $ | 189 | $ | 342 | $ | 3,068 | |||||||
Effect of dilutive securities: | |||||||||||||||
Charter Holdings common units | — | — | — | 53 | |||||||||||
Charter Holdings convertible preferred units | — | — | — | 55 | |||||||||||
Net income attributable to Charter shareholders after assumed conversions | $ | 48 | $ | 189 | $ | 342 | $ | 3,176 | |||||||
Denominator: | |||||||||||||||
Weighted average common shares outstanding, basic | 253,923,805 | 271,263,259 | 262,074,603 | 185,706,106 | |||||||||||
Effect of dilutive securities: | |||||||||||||||
Assumed exercise or issuance of shares relating to stock plans | 4,418,046 | 4,109,943 | 4,288,999 | 2,736,562 | |||||||||||
Weighted average Charter Holdings common units | — | — | — | 15,384,794 | |||||||||||
Weighted average Charter Holdings convertible preferred units | — | — | — | 4,632,686 | |||||||||||
Weighted average common shares outstanding, diluted | 258,341,851 | 275,373,202 | 266,363,602 | 208,460,148 | |||||||||||
Basic earnings per common share attributable to Charter shareholders | $ | 0.19 | $ | 0.70 | $ | 1.31 | $ | 16.52 | |||||||
Diluted earnings per common share attributable to Charter shareholders | $ | 0.19 | $ | 0.69 | $ | 1.29 | $ | 15.23 |
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Numerator: | |||||||||||||||||||||||
Net income attributable to Charter shareholders | $ | 807 | $ | 396 | |||||||||||||||||||
Effect of dilutive securities: | |||||||||||||||||||||||
Charter Holdings convertible preferred units | 38 | 0 | |||||||||||||||||||||
Net income attributable to Charter shareholders after assumed conversions | $ | 845 | $ | 396 | |||||||||||||||||||
Denominator: | |||||||||||||||||||||||
Weighted average common shares outstanding, basic | 191,404,527 | 207,831,305 | |||||||||||||||||||||
Effect of dilutive securities: | |||||||||||||||||||||||
Assumed exercise or issuance of shares relating to stock plans | 5,134,509 | 4,979,308 | |||||||||||||||||||||
Weighted average Charter Holdings convertible preferred units | 9,333,500 | 0 | |||||||||||||||||||||
Weighted average common shares outstanding, diluted | 205,872,536 | 212,810,613 | |||||||||||||||||||||
Basic earnings per common share attributable to Charter shareholders | $ | 4.22 | $ | 1.91 | |||||||||||||||||||
Diluted earnings per common share attributable to Charter shareholders | $ | 4.11 | $ | 1.86 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||
Stock options | 20,900 | 275,400 | 1,167,100 | 5,980,800 | |||||||
Restricted stock | — | 400 | 9,500 | 10,400 | |||||||
Restricted stock units | 5,100 | 39,300 | 283,000 | 890,700 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Service cost | $ | — | $ | 51 | $ | — | $ | 86 | |||||||
Interest cost | 33 | 34 | 101 | 55 | |||||||||||
Expected return on plan assets | (46 | ) | (47 | ) | (140 | ) | (70 | ) | |||||||
Pension curtailment gain | — | — | — | (675 | ) | ||||||||||
Remeasurement loss, net | 30 | — | 30 | 157 | |||||||||||
Net periodic pension cost (benefit) | $ | 17 | $ | 38 | $ | (9 | ) | $ | (447 | ) |
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Interest cost | $ | (24) | $ | (28) | |||||||||||||||||||
Expected return on plan assets | 42 | 38 | |||||||||||||||||||||
Net periodic pension benefits | $ | 18 | $ | 10 |
Charter Communications, Inc. and Subsidiaries | |||||||||||||||||||||||
Condensed Consolidating Balance Sheets | |||||||||||||||||||||||
As of September 30, 2017 | |||||||||||||||||||||||
Non-Guarantor Subsidiaries | Guarantor Subsidiaries | ||||||||||||||||||||||
Charter | Intermediate Holding Companies | CCO Holdings | Charter Operating and Restricted Subsidiaries | Eliminations | Charter Consolidated | ||||||||||||||||||
ASSETS | |||||||||||||||||||||||
CURRENT ASSETS: | |||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 190 | $ | — | $ | 1,974 | $ | — | $ | 2,164 | |||||||||||
Accounts receivable, net | 46 | 33 | — | 1,573 | — | 1,652 | |||||||||||||||||
Receivables from related party | 20 | 616 | 51 | — | (687 | ) | — | ||||||||||||||||
Prepaid expenses and other current assets | — | 41 | — | 275 | — | 316 | |||||||||||||||||
Total current assets | 66 | 880 | 51 | 3,822 | (687 | ) | 4,132 | ||||||||||||||||
INVESTMENT IN CABLE PROPERTIES: | |||||||||||||||||||||||
Property, plant and equipment, net | — | 234 | — | 33,066 | — | 33,300 | |||||||||||||||||
Customer relationships, net | — | — | — | 12,589 | — | 12,589 | |||||||||||||||||
Franchises | — | — | — | 67,316 | — | 67,316 | |||||||||||||||||
Goodwill | — | — | — | 29,554 | — | 29,554 | |||||||||||||||||
Total investment in cable properties, net | — | 234 | — | 142,525 | — | 142,759 | |||||||||||||||||
INVESTMENT IN SUBSIDIARIES | 59,684 | 68,003 | 85,011 | — | (212,698 | ) | — | ||||||||||||||||
LOANS RECEIVABLE – RELATED PARTY | 163 | 655 | 511 | — | (1,329 | ) | — | ||||||||||||||||
OTHER NONCURRENT ASSETS | — | 222 | — | 1,115 | — | 1,337 | |||||||||||||||||
Total assets | $ | 59,913 | $ | 69,994 | $ | 85,573 | $ | 147,462 | $ | (214,714 | ) | $ | 148,228 | ||||||||||
LIABILITIES AND SHAREHOLDERS’/MEMBER’S EQUITY | |||||||||||||||||||||||
CURRENT LIABILITIES: | |||||||||||||||||||||||
Accounts payable and accrued liabilities | $ | 13 | $ | 835 | $ | 339 | $ | 7,164 | $ | — | $ | 8,351 | |||||||||||
Payables to related party | — | — | — | 687 | (687 | ) | — | ||||||||||||||||
Current portion of long-term debt | — | — | — | 2,068 | — | 2,068 | |||||||||||||||||
Total current liabilities | 13 | 835 | 339 | 9,919 | (687 | ) | 10,419 | ||||||||||||||||
LONG-TERM DEBT | — | — | 17,231 | 48,833 | — | 66,064 | |||||||||||||||||
LOANS PAYABLE – RELATED PARTY | — | — | — | 1,329 | (1,329 | ) | — | ||||||||||||||||
DEFERRED INCOME TAXES | 26,514 | 23 | — | 39 | — | 26,576 | |||||||||||||||||
OTHER LONG-TERM LIABILITIES | 157 | 127 | — | 2,307 | — | 2,591 | |||||||||||||||||
SHAREHOLDERS’/MEMBER’S EQUITY | |||||||||||||||||||||||
Controlling interest | 33,229 | 59,684 | 68,003 | 85,011 | (212,698 | ) | 33,229 | ||||||||||||||||
Noncontrolling interests | — | 9,325 | — | 24 | — | 9,349 | |||||||||||||||||
Total shareholders’/member’s equity | 33,229 | 69,009 | 68,003 | 85,035 | (212,698 | ) | 42,578 | ||||||||||||||||
Total liabilities and shareholders’/member’s equity | $ | 59,913 | $ | 69,994 | $ | 85,573 | $ | 147,462 | $ | (214,714 | ) | $ | 148,228 |
Charter Communications, Inc. and Subsidiaries | |||||||||||||||||||||||
Condensed Consolidating Balance Sheets | |||||||||||||||||||||||
As of December 31, 2016 | |||||||||||||||||||||||
Non-Guarantor Subsidiaries | Guarantor Subsidiaries | ||||||||||||||||||||||
Charter | Intermediate Holding Companies | CCO Holdings | Charter Operating and Restricted Subsidiaries | Eliminations | Charter Consolidated | ||||||||||||||||||
ASSETS | |||||||||||||||||||||||
CURRENT ASSETS: | |||||||||||||||||||||||
Cash and cash equivalents | $ | 57 | $ | 154 | $ | — | $ | 1,324 | $ | — | $ | 1,535 | |||||||||||
Accounts receivable, net | 34 | 11 | — | 1,387 | — | 1,432 | |||||||||||||||||
Receivables from related party | 170 | 451 | 62 | — | (683 | ) | — | ||||||||||||||||
Prepaid expenses and other current assets | — | 33 | — | 300 | — | 333 | |||||||||||||||||
Total current assets | 261 | 649 | 62 | 3,011 | (683 | ) | 3,300 | ||||||||||||||||
INVESTMENT IN CABLE PROPERTIES: | |||||||||||||||||||||||
Property, plant and equipment, net | — | 245 | — | 32,718 | — | 32,963 | |||||||||||||||||
Customer relationships, net | — | — | — | 14,608 | — | 14,608 | |||||||||||||||||
Franchises | — | — | — | 67,316 | — | 67,316 | |||||||||||||||||
Goodwill | — | — | — | 29,509 | — | 29,509 | |||||||||||||||||
Total investment in cable properties, net | — | 245 | — | 144,151 | — | 144,396 | |||||||||||||||||
INVESTMENT IN SUBSIDIARIES | 66,692 | 75,838 | 88,760 | — | (231,290 | ) | — | ||||||||||||||||
LOANS RECEIVABLE – RELATED PARTY | — | 640 | 494 | — | (1,134 | ) | — | ||||||||||||||||
OTHER NONCURRENT ASSETS | — | 214 | — | 1,157 | — | 1,371 | |||||||||||||||||
Total assets | $ | 66,953 | $ | 77,586 | $ | 89,316 | $ | 148,319 | $ | (233,107 | ) | $ | 149,067 | ||||||||||
LIABILITIES AND SHAREHOLDERS’/MEMBER’S EQUITY | |||||||||||||||||||||||
CURRENT LIABILITIES: | |||||||||||||||||||||||
Accounts payable and accrued liabilities | $ | 22 | $ | 625 | $ | 219 | $ | 6,678 | $ | — | $ | 7,544 | |||||||||||
Payables to related party | — | — | — | 683 | (683 | ) | — | ||||||||||||||||
Current portion of long-term debt | — | — | — | 2,028 | — | 2,028 | |||||||||||||||||
Total current liabilities | 22 | 625 | 219 | 9,389 | (683 | ) | 9,572 | ||||||||||||||||
LONG-TERM DEBT | — | — | 13,259 | 46,460 | — | 59,719 | |||||||||||||||||
LOANS PAYABLE – RELATED PARTY | — | — | — | 1,134 | (1,134 | ) | — | ||||||||||||||||
DEFERRED INCOME TAXES | 26,637 | 3 | — | 25 | — | 26,665 | |||||||||||||||||
OTHER LONG-TERM LIABILITIES | 155 | 64 | — | 2,526 | — | 2,745 | |||||||||||||||||
SHAREHOLDERS’/MEMBER’S EQUITY | |||||||||||||||||||||||
Controlling interest | 40,139 | 66,692 | 75,838 | 88,760 | (231,290 | ) | 40,139 | ||||||||||||||||
Noncontrolling interests | — | 10,202 | — | 25 | — | 10,227 | |||||||||||||||||
Total shareholders’/member’s equity | 40,139 | 76,894 | 75,838 | 88,785 | (231,290 | ) | 50,366 | ||||||||||||||||
Total liabilities and shareholders’/member’s equity | $ | 66,953 | $ | 77,586 | $ | 89,316 | $ | 148,319 | $ | (233,107 | ) | $ | 149,067 |
Charter Communications, Inc. and Subsidiaries | |||||||||||||||||||||||
Condensed Consolidating Statements of Operations | |||||||||||||||||||||||
For the nine months ended September 30, 2017 | |||||||||||||||||||||||
Non-Guarantor Subsidiaries | Guarantor Subsidiaries | ||||||||||||||||||||||
Charter | Intermediate Holding Companies | CCO Holdings | Charter Operating and Restricted Subsidiaries | Eliminations | Charter Consolidated | ||||||||||||||||||
REVENUES | $ | 79 | $ | 897 | $ | — | $ | 30,979 | $ | (976 | ) | $ | 30,979 | ||||||||||
COSTS AND EXPENSES: | |||||||||||||||||||||||
Operating costs and expenses (exclusive of items shown separately below) | 79 | 883 | — | 19,871 | (976 | ) | 19,857 | ||||||||||||||||
Depreciation and amortization | — | 7 | — | 7,839 | — | 7,846 | |||||||||||||||||
Other operating expenses, net | — | — | — | 374 | — | 374 | |||||||||||||||||
79 | 890 | — | 28,084 | (976 | ) | 28,077 | |||||||||||||||||
Income from operations | — | 7 | — | 2,895 | — | 2,902 | |||||||||||||||||
OTHER INCOME (EXPENSES): | |||||||||||||||||||||||
Interest income (expense), net | 4 | 14 | (631 | ) | (1,637 | ) | — | (2,250 | ) | ||||||||||||||
Loss on extinguishment of debt | — | — | (33 | ) | (2 | ) | — | (35 | ) | ||||||||||||||
Loss on financial instruments, net | — | — | — | (15 | ) | — | (15 | ) | |||||||||||||||
Other pension benefits | — | — | — | 9 | — | 9 | |||||||||||||||||
Other expense, net | — | (12 | ) | — | (2 | ) | — | (14 | ) | ||||||||||||||
Equity in income of subsidiaries | 390 | 548 | 1,212 | — | (2,150 | ) | — | ||||||||||||||||
394 | 550 | 548 | (1,647 | ) | (2,150 | ) | (2,305 | ) | |||||||||||||||
Income before income taxes | 394 | 557 | 548 | 1,248 | (2,150 | ) | 597 | ||||||||||||||||
INCOME TAX EXPENSE | (52 | ) | (12 | ) | — | (35 | ) | — | (99 | ) | |||||||||||||
Consolidated net income | 342 | 545 | 548 | 1,213 | (2,150 | ) | 498 | ||||||||||||||||
Less: Net income attributable to noncontrolling interests | — | (155 | ) | — | (1 | ) | — | (156 | ) | ||||||||||||||
Net income | $ | 342 | $ | 390 | $ | 548 | $ | 1,212 | $ | (2,150 | ) | $ | 342 |
Charter Communications, Inc. and Subsidiaries | |||||||||||||||||||||||||||
Condensed Consolidating Statements of Operations | |||||||||||||||||||||||||||
For the nine months ended September 30, 2016 | |||||||||||||||||||||||||||
Non-Guarantor Subsidiaries | Guarantor Subsidiaries | ||||||||||||||||||||||||||
Charter | Intermediate Holding Companies | Safari Escrow Entities | CCO Holdings | Charter Operating and Restricted Subsidiaries | Eliminations | Charter Consolidated | |||||||||||||||||||||
REVENUES | $ | 231 | $ | 797 | $ | — | $ | — | $ | 18,728 | $ | (1,028 | ) | $ | 18,728 | ||||||||||||
COSTS AND EXPENSES: | |||||||||||||||||||||||||||
Operating costs and expenses (exclusive of items shown separately below) | 231 | 781 | — | — | 12,173 | (1,028 | ) | 12,157 | |||||||||||||||||||
Depreciation and amortization | — | 3 | — | — | 4,409 | — | 4,412 | ||||||||||||||||||||
Other operating expenses, net | 262 | 1 | — | — | 513 | — | 776 | ||||||||||||||||||||
493 | 785 | — | — | 17,095 | (1,028 | ) | 17,345 | ||||||||||||||||||||
Income (loss) from operations | (262 | ) | 12 | — | — | 1,633 | — | 1,383 | |||||||||||||||||||
OTHER INCOME (EXPENSES): | |||||||||||||||||||||||||||
Interest income (expense), net | — | 10 | (390 | ) | (539 | ) | (852 | ) | — | (1,771 | ) | ||||||||||||||||
Loss on extinguishment of debt | — | — | — | (110 | ) | — | — | (110 | ) | ||||||||||||||||||
Gain on financial instruments, net | — | — | — | — | 16 | — | 16 | ||||||||||||||||||||
Other pension benefits | — | — | — | — | 533 | — | 533 | ||||||||||||||||||||
Other expense, net | — | (8 | ) | — | — | (2 | ) | — | (10 | ) | |||||||||||||||||
Equity in income (loss) of subsidiaries | 188 | 288 | — | 1,327 | — | (1,803 | ) | — | |||||||||||||||||||
188 | 290 | (390 | ) | 678 | (305 | ) | (1,803 | ) | (1,342 | ) | |||||||||||||||||
Income (loss) before income taxes | (74 | ) | 302 | (390 | ) | 678 | 1,328 | (1,803 | ) | 41 | |||||||||||||||||
INCOME TAX BENEFIT (EXPENSE) | 3,142 | (7 | ) | — | — | — | — | 3,135 | |||||||||||||||||||
Consolidated net income (loss) | 3,068 | 295 | (390 | ) | 678 | 1,328 | (1,803 | ) | 3,176 | ||||||||||||||||||
Less: Net income attributable to noncontrolling interests | — | (107 | ) | — | — | (1 | ) | — | (108 | ) | |||||||||||||||||
Net income (loss) | $ | 3,068 | $ | 188 | $ | (390 | ) | $ | 678 | $ | 1,327 | $ | (1,803 | ) | $ | 3,068 |
Charter Communications, Inc. and Subsidiaries | |||||||||||||||||||||||
Condensed Consolidating Statements of Comprehensive Income (Loss) | |||||||||||||||||||||||
For the nine months ended September 30, 2017 | |||||||||||||||||||||||
Non-Guarantor Subsidiaries | Guarantor Subsidiaries | ||||||||||||||||||||||
Charter | Intermediate Holding Companies | CCO Holdings | Charter Operating and Restricted Subsidiaries | Eliminations | Charter Consolidated | ||||||||||||||||||
Consolidated net income | $ | 342 | $ | 545 | $ | 548 | $ | 1,213 | $ | (2,150 | ) | $ | 498 | ||||||||||
Net impact of interest rate derivative instruments | 4 | 4 | 4 | 4 | (12 | ) | 4 | ||||||||||||||||
Foreign currency translation adjustment | 1 | 1 | 1 | 1 | (3 | ) | 1 | ||||||||||||||||
Consolidated comprehensive income | 347 | 550 | 553 | 1,218 | (2,165 | ) | 503 | ||||||||||||||||
Less: Comprehensive income attributable to noncontrolling interests | — | (155 | ) | — | (1 | ) | — | (156 | ) | ||||||||||||||
Comprehensive income | $ | 347 | $ | 395 | $ | 553 | $ | 1,217 | $ | (2,165 | ) | $ | 347 |
Charter Communications, Inc. and Subsidiaries | |||||||||||||||||||||||||||
Condensed Consolidating Statements of Comprehensive Income (Loss) | |||||||||||||||||||||||||||
For the nine months ended September 30, 2016 | |||||||||||||||||||||||||||
Non-Guarantor Subsidiaries | Guarantor Subsidiaries | ||||||||||||||||||||||||||
Charter | Intermediate Holding Companies | Safari Escrow Entities | CCO Holdings | Charter Operating and Restricted Subsidiaries | Eliminations | Charter Consolidated | |||||||||||||||||||||
Consolidated net income (loss) | $ | 3,068 | $ | 295 | $ | (390 | ) | $ | 678 | $ | 1,328 | $ | (1,803 | ) | $ | 3,176 | |||||||||||
Net impact of interest rate derivative instruments | 6 | 6 | — | 6 | 6 | (18 | ) | 6 | |||||||||||||||||||
Foreign currency translation adjustment | (1 | ) | (1 | ) | — | (1 | ) | (1 | ) | 3 | (1 | ) | |||||||||||||||
Consolidated comprehensive income (loss) | $ | 3,073 | $ | 300 | $ | (390 | ) | $ | 683 | $ | 1,333 | $ | (1,818 | ) | $ | 3,181 | |||||||||||
Less: Comprehensive income attributable to noncontrolling interests | — | (107 | ) | — | — | (1 | ) | — | (108 | ) | |||||||||||||||||
Comprehensive income (loss) | $ | 3,073 | $ | 193 | $ | (390 | ) | $ | 683 | $ | 1,332 | $ | (1,818 | ) | $ | 3,073 |
Charter Communications, Inc. and Subsidiaries | |||||||||||||||||||||||
Condensed Consolidating Statements of Cash Flows | |||||||||||||||||||||||
For the nine months ended September 30, 2017 | |||||||||||||||||||||||
Non-Guarantor Subsidiaries | Guarantor Subsidiaries | ||||||||||||||||||||||
Charter | Intermediate Holding Companies | CCO Holdings | Charter Operating and Restricted Subsidiaries | Eliminations | Charter Consolidated | ||||||||||||||||||
NET CASH FLOWS FROM OPERATING ACTIVITIES | $ | 95 | $ | 80 | $ | (504 | ) | $ | 9,025 | $ | — | $ | 8,696 | ||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||||||
Purchases of property, plant and equipment | — | — | — | (6,096 | ) | — | (6,096 | ) | |||||||||||||||
Change in accrued expenses related to capital expenditures | — | — | — | 276 | — | 276 | |||||||||||||||||
Contributions to subsidiaries | (111 | ) | — | (693 | ) | — | 804 | — | |||||||||||||||
Distributions from subsidiaries | 7,759 | 8,641 | 5,912 | — | (22,312 | ) | — | ||||||||||||||||
Other, net | — | — | — | (63 | ) | — | (63 | ) | |||||||||||||||
Net cash flows from investing activities | 7,648 | 8,641 | 5,219 | (5,883 | ) | (21,508 | ) | (5,883 | ) | ||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||||||
Borrowings of long-term debt | — | — | 4,747 | 7,368 | — | 12,115 | |||||||||||||||||
Repayments of long-term debt | — | — | (775 | ) | (4,759 | ) | — | (5,534 | ) | ||||||||||||||
Borrowings (repayments) loans payable - related parties | (163 | ) | — | — | 163 | — | — | ||||||||||||||||
Payments for debt issuance costs | — | — | (46 | ) | (37 | ) | — | (83 | ) | ||||||||||||||
Purchase of treasury stock | (7,748 | ) | — | — | — | — | (7,748 | ) | |||||||||||||||
Proceeds from exercise of stock options | 111 | — | — | — | — | 111 | |||||||||||||||||
Purchase of noncontrolling interest | — | (922 | ) | — | — | — | (922 | ) | |||||||||||||||
Distributions to noncontrolling interest | — | (115 | ) | — | — | — | (115 | ) | |||||||||||||||
Contributions from parent | — | 111 | — | 693 | (804 | ) | — | ||||||||||||||||
Distributions to parent | — | (7,759 | ) | (8,641 | ) | (5,912 | ) | 22,312 | — | ||||||||||||||
Other, net | — | — | — | (8 | ) | — | (8 | ) | |||||||||||||||
Net cash flows from financing activities | (7,800 | ) | (8,685 | ) | (4,715 | ) | (2,492 | ) | 21,508 | (2,184 | ) | ||||||||||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (57 | ) | 36 | — | 650 | — | 629 | ||||||||||||||||
CASH AND CASH EQUIVALENTS, beginning of period | 57 | 154 | — | 1,324 | — | 1,535 | |||||||||||||||||
CASH AND CASH EQUIVALENTS, end of period | $ | — | $ | 190 | $ | — | $ | 1,974 | $ | — | $ | 2,164 |
Charter Communications, Inc. and Subsidiaries | |||||||||||||||||||||||||||
Condensed Consolidating Statements of Cash Flows | |||||||||||||||||||||||||||
For the nine months ended September 30, 2016 | |||||||||||||||||||||||||||
Non-Guarantor Subsidiaries | Guarantor Subsidiaries | ||||||||||||||||||||||||||
Charter | Intermediate Holding Companies | Safari Escrow Entities | CCO Holdings | Charter Operating and Restricted Subsidiaries | Eliminations | Charter Consolidated | |||||||||||||||||||||
NET CASH FLOWS FROM OPERATING ACTIVITIES | $ | (233 | ) | $ | (27 | ) | $ | (463 | ) | $ | (533 | ) | $ | 6,071 | $ | — | $ | 4,815 | |||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||||||||||
Purchases of property, plant and equipment | — | — | — | — | (3,437 | ) | — | (3,437 | ) | ||||||||||||||||||
Change in accrued expenses related to capital expenditures | — | — | — | — | 86 | — | 86 | ||||||||||||||||||||
Purchases of cable systems, net of cash acquired | (26,781 | ) | (2,022 | ) | — | — | (7 | ) | — | (28,810 | ) | ||||||||||||||||
Contribution to subsidiary | (996 | ) | (478 | ) | — | (437 | ) | — | 1,911 | — | |||||||||||||||||
Distributions from subsidiaries | 23,417 | 25,437 | — | 3,455 | — | (52,309 | ) | — | |||||||||||||||||||
Change in restricted cash and cash equivalents | — | — | 22,264 | — | — | — | 22,264 | ||||||||||||||||||||
Other, net | — | — | — | — | (8 | ) | — | (8 | ) | ||||||||||||||||||
Net cash flows from investing activities | (4,360 | ) | 22,937 | 22,264 | 3,018 | (3,366 | ) | (50,398 | ) | (9,905 | ) | ||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||||||||||
Borrowings of long-term debt | — | — | — | 3,201 | 2,796 | — | 5,997 | ||||||||||||||||||||
Repayments of long-term debt | — | — | — | (2,937 | ) | (1,183 | ) | — | (4,120 | ) | |||||||||||||||||
Borrowings (payments) loans payable - related parties | — | (300 | ) | 553 | (71 | ) | (182 | ) | — | — | |||||||||||||||||
Payments for debt issuance costs | — | — | — | (73 | ) | (210 | ) | — | (283 | ) | |||||||||||||||||
Issuance of equity | 5,000 | — | — | — | — | — | 5,000 | ||||||||||||||||||||
Purchase of treasury stock | (448 | ) | — | — | — | — | — | (448 | ) | ||||||||||||||||||
Proceeds from exercise of stock options | 71 | — | — | — | — | — | 71 | ||||||||||||||||||||
Distributions to noncontrolling interest | — | (55 | ) | — | — | — | — | (55 | ) | ||||||||||||||||||
Proceeds from termination of interest rate derivatives | — | — | — | — | 88 | — | 88 | ||||||||||||||||||||
Contributions from parent | — | 996 | — | 478 | 437 | (1,911 | ) | — | |||||||||||||||||||
Distributions to parent | — | (23,417 | ) | (22,353 | ) | (3,084 | ) | (3,455 | ) | 52,309 | — | ||||||||||||||||
Other, net | — | 5 | (1 | ) | 1 | (5 | ) | — | — | ||||||||||||||||||
Net cash flows from financing activities | 4,623 | (22,771 | ) | (21,801 | ) | (2,485 | ) | (1,714 | ) | 50,398 | 6,250 | ||||||||||||||||
NET INCREASE IN CASH AND CASH EQUIVALENTS | 30 | 139 | — | — | 991 | — | 1,160 | ||||||||||||||||||||
CASH AND CASH EQUIVALENTS, beginning of period | — | — | — | — | 5 | — | 5 | ||||||||||||||||||||
CASH AND CASH EQUIVALENTS, end of period | $ | 30 | $ | 139 | $ | — | $ | — | $ | 996 | $ | — | $ | 1,165 |
Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||
2021 | 2020 | % Change | |||||||||||||||||||||||||||||||||
Revenues | $ | 12,522 | $ | 11,738 | 6.7 | % | |||||||||||||||||||||||||||||
Adjusted EBITDA | $ | 4,945 | $ | 4,396 | 12.5 | % | |||||||||||||||||||||||||||||
Income from operations | $ | 2,068 | $ | 1,802 | 14.8 | % |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||
2017 | 2016 | % Change | 2017 | 2016 | % Change | ||||||||||||||||
Actual | |||||||||||||||||||||
Revenues | $ | 10,458 | $ | 10,037 | 4.2 | % | $ | 30,979 | $ | 18,728 | 65.4 | % | |||||||||
Adjusted EBITDA | $ | 3,819 | $ | 3,636 | 5.0 | % | $ | 11,320 | $ | 6,739 | 68.0 | % | |||||||||
Income from operations | $ | 909 | $ | 911 | (0.2 | )% | $ | 2,902 | $ | 1,383 | 109.8 | % |
Nine Months Ended September 30, | ||||||||||
2017 | 2016 | |||||||||
Actual | Pro forma | % Change | ||||||||
Revenues | $ | 30,979 | $ | 29,748 | 4.1 | % | ||||
Adjusted EBITDA | $ | 11,320 | $ | 10,611 | 6.7 | % | ||||
Income from operations | $ | 2,902 | $ | 2,813 | 3.2 | % |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Operating expenses | $ | 23 | $ | 32 | $ | 104 | $ | 78 | |||||||
Other operating expenses | $ | 67 | $ | 205 | $ | 293 | $ | 775 | |||||||
Interest expense | $ | — | $ | — | $ | — | $ | 390 | |||||||
Capital expenditures | $ | 125 | $ | 109 | $ | 287 | $ | 273 |
Approximate as of | |||||||||||
March 31, | |||||||||||
2021 (a) | 2020 (a) | ||||||||||
Customer Relationships (b) | |||||||||||
Residential | 29,361 | 27,745 | |||||||||
Small and Medium Business ("SMB") | 2,071 | 1,976 | |||||||||
Total Customer Relationships | 31,432 | 29,721 | |||||||||
Monthly Residential Revenue per Residential Customer (c) | $ | 112.18 | $ | 112.73 | |||||||
Monthly SMB Revenue per SMB Customer (d) | $ | 163.79 | $ | 168.83 | |||||||
Internet | |||||||||||
Residential | 27,357 | 25,471 | |||||||||
SMB | 1,877 | 1,775 | |||||||||
Total Internet Customers | 29,234 | 27,246 | |||||||||
Video | |||||||||||
Residential | 15,483 | 15,550 | |||||||||
SMB | 579 | 524 | |||||||||
Total Video Customers | 16,062 | 16,074 | |||||||||
Voice | |||||||||||
Residential | 9,113 | 9,360 | |||||||||
SMB | 1,238 | 1,162 | |||||||||
Total Voice Customers | 10,351 | 10,522 | |||||||||
Mobile Lines | |||||||||||
Residential | 2,605 | 1,359 | |||||||||
SMB | 70 | 13 | |||||||||
Total Mobile Lines | 2,675 | 1,372 | |||||||||
Enterprise Primary Service Units ("PSUs") (e) | 276 | 269 |
Approximate as of | |||||||
September 30, | |||||||
2017 (a) | 2016 (a)(b) | ||||||
Customer Relationships (c) | |||||||
Residential | 25,470 | 24,551 | |||||
Small and Medium Business | 1,523 | 1,367 | |||||
Total Customer Relationships | 26,993 | 25,918 | |||||
Residential Primary Service Units (“PSU”) | |||||||
Video | 16,542 | 16,887 | |||||
Internet | 22,282 | 21,017 | |||||
Voice | 10,405 | 10,288 | |||||
49,229 | 48,192 | ||||||
Monthly Residential Revenue per Residential Customer (d) | $ | 110.12 | $ | 109.70 | |||
Small and Medium Business PSUs | |||||||
Video | 440 | 388 | |||||
Internet | 1,321 | 1,185 | |||||
Voice | 881 | 751 | |||||
2,642 | 2,324 | ||||||
Monthly Small and Medium Business Revenue per Customer (e) | $ | 206.64 | $ | 214.53 | |||
Enterprise PSUs (f) | 108 | 93 |
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Revenues | $ | 12,522 | $ | 11,738 | |||||||||||||||||||
Costs and Expenses: | |||||||||||||||||||||||
Operating costs and expenses (exclusive of items shown separately below) | 7,711 | 7,432 | |||||||||||||||||||||
Depreciation and amortization | 2,441 | 2,497 | |||||||||||||||||||||
Other operating expenses, net | 302 | 7 | |||||||||||||||||||||
10,454 | 9,936 | ||||||||||||||||||||||
Income from operations | 2,068 | 1,802 | |||||||||||||||||||||
Other Income (Expenses): | |||||||||||||||||||||||
Interest expense, net | (983) | (980) | |||||||||||||||||||||
Other income (expenses), net | 52 | (326) | |||||||||||||||||||||
(931) | (1,306) | ||||||||||||||||||||||
Income before income taxes | 1,137 | 496 | |||||||||||||||||||||
Income tax expense | (216) | (29) | |||||||||||||||||||||
Consolidated net income | 921 | 467 | |||||||||||||||||||||
Less: Net income attributable to noncontrolling interests | (114) | (71) | |||||||||||||||||||||
Net income attributable to Charter shareholders | $ | 807 | $ | 396 | |||||||||||||||||||
EARNINGS PER COMMON SHARE ATTRIBUTABLE TO CHARTER SHAREHOLDERS: | |||||||||||||||||||||||
Basic | $ | 4.22 | $ | 1.91 | |||||||||||||||||||
Diluted | $ | 4.11 | $ | 1.86 | |||||||||||||||||||
Weighted average common shares outstanding, basic | 191,404,527 | 207,831,305 | |||||||||||||||||||||
Weighted average common shares outstanding, diluted | 205,872,536 | 212,810,613 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Revenues | $ | 10,458 | $ | 10,037 | $ | 30,979 | $ | 18,728 | |||||||
Costs and Expenses: | |||||||||||||||
Operating costs and expenses (exclusive of items shown separately below) | 6,703 | 6,482 | 19,857 | 12,157 | |||||||||||
Depreciation and amortization | 2,701 | 2,437 | 7,846 | 4,412 | |||||||||||
Other operating expenses, net | 145 | 207 | 374 | 776 | |||||||||||
9,549 | 9,126 | 28,077 | 17,345 | ||||||||||||
Income from operations | 909 | 911 | 2,902 | 1,383 | |||||||||||
Other Expenses: | |||||||||||||||
Interest expense, net | (788 | ) | (724 | ) | (2,250 | ) | (1,771 | ) | |||||||
Loss on extinguishment of debt | — | — | (35 | ) | (110 | ) | |||||||||
Gain (loss) on financial instruments, net | 17 | 71 | (15 | ) | 16 | ||||||||||
Other pension benefits (costs) | (17 | ) | 13 | 9 | 533 | ||||||||||
Other expense, net | (3 | ) | (5 | ) | (14 | ) | (10 | ) | |||||||
(791 | ) | (645 | ) | (2,305 | ) | (1,342 | ) | ||||||||
Income before income taxes | 118 | 266 | 597 | 41 | |||||||||||
Income tax benefit (expense) | (26 | ) | (16 | ) | (99 | ) | 3,135 | ||||||||
Consolidated net income | 92 | 250 | 498 | 3,176 | |||||||||||
Less: Net income attributable to noncontrolling interests | (44 | ) | (61 | ) | (156 | ) | (108 | ) | |||||||
Net income attributable to Charter shareholders | $ | 48 | $ | 189 | $ | 342 | $ | 3,068 | |||||||
EARNINGS PER COMMON SHARE ATTRIBUTABLE TO CHARTER SHAREHOLDERS: | |||||||||||||||
Basic | $ | 0.19 | $ | 0.70 | $ | 1.31 | $ | 16.52 | |||||||
Diluted | $ | 0.19 | $ | 0.69 | $ | 1.29 | $ | 15.23 | |||||||
Weighted average common shares outstanding, basic | 253,923,805 | 271,263,259 | 262,074,603 | 185,706,106 | |||||||||||
Weighted average common shares outstanding, diluted | 258,341,851 | 275,373,202 | 266,363,602 | 208,460,148 |
Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||
2021 | 2020 | % Change | |||||||||||||||||||||||||||||||||
Internet | $ | 5,086 | $ | 4,407 | 15.4 | % | |||||||||||||||||||||||||||||
Video | 4,344 | 4,422 | (1.8) | % | |||||||||||||||||||||||||||||||
Voice | 399 | 457 | (12.6) | % | |||||||||||||||||||||||||||||||
Residential revenue | 9,829 | 9,286 | 5.8 | % | |||||||||||||||||||||||||||||||
Small and medium business | 1,012 | 996 | 1.6 | % | |||||||||||||||||||||||||||||||
Enterprise | 638 | 622 | 2.5 | % | |||||||||||||||||||||||||||||||
Commercial revenue | 1,650 | 1,618 | 2.0 | % | |||||||||||||||||||||||||||||||
Advertising sales | 344 | 365 | (5.8) | % | |||||||||||||||||||||||||||||||
Mobile | 492 | 258 | 90.7 | % | |||||||||||||||||||||||||||||||
Other | 207 | 211 | (2.0) | % | |||||||||||||||||||||||||||||||
$ | 12,522 | $ | 11,738 | 6.7 | % |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||
2017 | 2016 | % Change | 2017 | 2016 | % Change | ||||||||||||||||
Actual | |||||||||||||||||||||
Video | $ | 4,213 | $ | 4,094 | 2.9 | % | $ | 12,416 | $ | 7,869 | 57.8 | % | |||||||||
Internet | 3,556 | 3,206 | 10.9 | % | 10,467 | 5,960 | 75.6 | % | |||||||||||||
Voice | 611 | 728 | (16.1 | )% | 1,955 | 1,286 | 51.9 | % | |||||||||||||
Residential revenue | 8,380 | 8,028 | 4.4 | % | 24,838 | 15,115 | 64.3 | % | |||||||||||||
Small and medium business | 931 | 867 | 7.4 | % | 2,755 | 1,589 | 73.3 | % | |||||||||||||
Enterprise | 553 | 508 | 8.9 | % | 1,640 | 903 | 81.6 | % | |||||||||||||
Commercial revenue | 1,484 | 1,375 | 8.0 | % | 4,395 | 2,492 | 76.3 | % | |||||||||||||
Advertising sales | 373 | 420 | (11.1 | )% | 1,091 | 729 | 49.9 | % | |||||||||||||
Other | 221 | 214 | 3.0 | % | 655 | 392 | 66.9 | % | |||||||||||||
$ | 10,458 | $ | 10,037 | 4.2 | % | $ | 30,979 | $ | 18,728 | 65.4 | % |
Nine Months Ended September 30, | ||||||||||
2017 | 2016 | |||||||||
Actual | Pro forma | % Change | ||||||||
Video | $ | 12,416 | $ | 12,292 | 1.0 | % | ||||
Internet | 10,467 | 9,376 | 11.6 | % | ||||||
Voice | 1,955 | 2,186 | (10.6 | )% | ||||||
Residential revenue | 24,838 | 23,854 | 4.1 | % | ||||||
Small and medium business | 2,755 | 2,518 | 9.4 | % | ||||||
Enterprise | 1,640 | 1,499 | 9.4 | % | ||||||
Commercial revenue | 4,395 | 4,017 | 9.4 | % | ||||||
Advertising sales | 1,091 | 1,190 | (8.2 | )% | ||||||
Other | 655 | 687 | (4.8 | )% | ||||||
$ | 30,979 | $ | 29,748 | 4.1 | % |
Three months ended March 31, 2021 compared to three months ended March 31, 2020 Increase / (Decrease) | |||||||||||
Increase in average residential Internet customers | $ | 358 | |||||||||
Increase related to rate, product mix and bundle allocation changes | 321 | ||||||||||
$ | 679 |
Three months ended March 31, 2021 compared to three months ended March 31, 2020 Increase / (Decrease) | |||||||||||
Decrease related to rate, product mix and bundle allocation changes | $ | (47) | |||||||||
Decrease in video on demand and pay-per-view | (20) | ||||||||||
Decrease in installation | (10) | ||||||||||
Decrease in average residential video customers | (1) | ||||||||||
$ | (78) |
Three months ended September 30, 2017 compared to three months ended September 30, 2016 Increase / (Decrease) | Nine months ended September 30, 2017 compared to nine months ended September 30, 2016 Increase / (Decrease) | ||||||
Bundle revenue allocation and price adjustments | $ | 140 | $ | 169 | |||
Increase in video on demand and pay-per-view | 55 | 45 | |||||
Decrease in average basic video customers | (76 | ) | (102 | ) | |||
TWC Transaction | — | 3,806 | |||||
Bright House Transaction | — | 629 | |||||
$ | 119 | $ | 4,547 |
Nine months ended September 30, 2017 compared to nine months ended September 30, 2016 Increase / (Decrease) | |||
Bundle revenue allocation and price adjustments | $ | 299 | |
Increase in video on demand and pay-per-view | 46 | ||
Decrease in average basic video customers | (221 | ) | |
$ | 124 |
Three months ended September 30, 2017 compared to three months ended September 30, 2016 Increase / (Decrease) | Nine months ended September 30, 2017 compared to nine months ended September 30, 2016 Increase / (Decrease) | ||||||
Increase in average residential Internet customers | $ | 205 | $ | 410 | |||
Price adjustments, bundle revenue allocation and service level changes | 145 | 258 | |||||
TWC Transaction | — | 3,268 | |||||
Bright House Transaction | — | 571 | |||||
$ | 350 | $ | 4,507 |
Nine months ended September 30, 2017 compared to nine months ended September 30, 2016 Increase / (Decrease) | |||
Increase in average residential Internet customers | $ | 629 | |
Price adjustments, bundle revenue allocation and service level changes | 462 | ||
$ | 1,091 |
Three months ended March 31, 2021 compared to three months ended March 31, 2020 Increase / (Decrease) | |||||||||||
Decrease related to rate and bundle allocation changes | $ | (47) | |||||||||
Decrease in average residential voice customers | (11) | ||||||||||
$ | (58) |
Three months ended September 30, 2017 compared to three months ended September 30, 2016 Increase / (Decrease) | Nine months ended September 30, 2017 compared to nine months ended September 30, 2016 Increase / (Decrease) | ||||||
Bundle revenue allocation and price adjustments | $ | (126 | ) | $ | (180 | ) | |
Increase in average residential voice customers | 9 | 20 | |||||
TWC Transaction | — | 707 | |||||
Bright House Transaction | — | 122 | |||||
$ | (117 | ) | $ | 669 |
Nine months ended September 30, 2017 compared to nine months ended September 30, 2016 Increase / (Decrease) | |||
Bundle revenue allocation and price adjustments | $ | (271 | ) |
Increase in average residential voice customers | 40 | ||
$ | (231 | ) |
Three months ended March 31, 2021 compared to three months ended March 31, 2020 Increase / (Decrease) | |||||||||||
Increase in SMB customers | $ | 47 | |||||||||
Decrease related to rate and product mix changes | (31) | ||||||||||
$ | 16 |
Three months ended September 30, 2017 compared to three months ended September 30, 2016 Increase / (Decrease) | Nine months ended September 30, 2017 compared to nine months ended September 30, 2016 Increase / (Decrease) | ||||||
Increase in small and medium business customers | $ | 100 | $ | 195 | |||
Price adjustments | (36 | ) | (58 | ) | |||
TWC Transaction | — | 890 | |||||
Bright House Transaction | — | 139 | |||||
$ | 64 | $ | 1,166 |
Nine months ended September 30, 2017 compared to nine months ended September 30, 2016 Increase / (Decrease) | |||
Increase in small and medium business customers | $ | 299 | |
Price adjustments | (62 | ) | |
$ | 237 |
Three months ended March 31, 2021 compared to three months ended March 31, 2020 Increase / (Decrease) | |||||||||||
Programming | $ | 96 | |||||||||
Regulatory, connectivity and produced content | 49 | ||||||||||
Costs to service customers | (44) | ||||||||||
Marketing | (15) | ||||||||||
Mobile | 198 | ||||||||||
Other | (5) | ||||||||||
$ | 279 |
Three months ended September 30, 2017 compared to three months ended September 30, 2016 Increase / (Decrease) | Nine months ended September 30, 2017 compared to nine months ended September 30, 2016 Increase / (Decrease) | ||||||
Programming | $ | 295 | $ | 3,304 | |||
Regulatory, connectivity and produced content | 8 | 609 | |||||
Costs to service customers | (73 | ) | 2,135 | ||||
Marketing | 33 | 669 | |||||
Transition costs | (9 | ) | 26 | ||||
Other | (33 | ) | 957 | ||||
$ | 221 | $ | 7,700 |
Three months ended September 30, 2017 compared to three months ended September 30, 2016 Increase / (Decrease) | Nine months ended September 30, 2017 compared to nine months ended September 30, 2016 Increase / (Decrease) | ||||||
Corporate costs | $ | (35 | ) | $ | 225 | ||
Enterprise | 4 | 240 | |||||
Advertising sales expense | 12 | 245 | |||||
Property tax and insurance | 1 | 115 | |||||
Stock compensation expense | (17 | ) | 30 | ||||
Other | 2 | 102 | |||||
$ | (33 | ) | $ | 957 |
Nine months ended September 30, 2017 compared to nine months ended September 30, 2016 Increase / (Decrease) | |||
Programming | $ | 724 | |
Regulatory, connectivity and produced content | (17 | ) | |
Costs to service customers | (135 | ) | |
Marketing | 8 | ||
Transition costs | 26 | ||
Other | (105 | ) | |
$ | 501 |
Three months ended March 31, 2021 compared to three months ended March 31, 2020 Increase / (Decrease) | |||||||||||
Corporate costs | $ | (30) | |||||||||
Advertising sales expense | (17) | ||||||||||
Property tax and insurance | (6) | ||||||||||
Stock compensation expense | 44 | ||||||||||
Enterprise | 2 | ||||||||||
Other | 2 | ||||||||||
$ | (5) |
Nine months ended September 30, 2017 compared to nine months ended September 30, 2016 Increase / (Decrease) | |||
Corporate costs | $ | (139 | ) |
Enterprise | 21 | ||
Advertising sales expense | 38 | ||
Property tax and insurance | (15 | ) | |
Stock compensation expense | (21 | ) | |
Other | 11 | ||
$ | (105 | ) |
Three months ended March 31, 2021 compared to three months ended March 31, 2020 Increase / (Decrease) | |||||||||||
Special charges, net | $ | 239 | |||||||||
(Gain) loss on disposal of assets, net | 56 | ||||||||||
$ | 295 |
Three months ended September 30, 2017 compared to three months ended September 30, 2016 Increase / (Decrease) | Nine months ended September 30, 2017 compared to nine months ended September 30, 2016 Increase / (Decrease) | ||||||
Merger and restructuring costs | $ | (138 | ) | $ | (482 | ) | |
Special charges, net | 76 | 76 | |||||
(Gain) loss on sale of assets, net | — | 4 | |||||
$ | (62 | ) | $ | (402 | ) |
Three months ended March 31, 2021 compared to three months ended March 31, 2020 Increase / (Decrease) | |||||||||||
Loss on extinguishment of debt | $ | (2) | |||||||||
Gain (loss) on financial instruments, net | 366 | ||||||||||
Other pension benefits, net | 8 | ||||||||||
Gain on equity investments, net | 6 | ||||||||||
$ | 378 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Actual | |||||||||||||||
Consolidated net income | $ | 92 | $ | 250 | $ | 498 | $ | 3,176 | |||||||
Plus: Interest expense, net | 788 | 724 | 2,250 | 1,771 | |||||||||||
Income tax (benefit) expense | 26 | 16 | 99 | (3,135 | ) | ||||||||||
Depreciation and amortization | 2,701 | 2,437 | 7,846 | 4,412 | |||||||||||
Stock compensation expense | 64 | 81 | 198 | 168 | |||||||||||
Loss on extinguishment of debt | — | — | 35 | 110 | |||||||||||
(Gain) loss on financial instruments, net | (17 | ) | (71 | ) | 15 | (16 | ) | ||||||||
Other pension (benefits) costs | 17 | (13 | ) | (9 | ) | (533 | ) | ||||||||
Other, net | 148 | 212 | 388 | 786 | |||||||||||
Adjusted EBITDA | $ | 3,819 | $ | 3,636 | $ | 11,320 | $ | 6,739 | |||||||
Net cash flows from operating activities | $ | 2,908 | $ | 2,801 | $ | 8,696 | $ | 4,815 | |||||||
Less: Purchases of property, plant and equipment | (2,393 | ) | (1,748 | ) | (6,096 | ) | (3,437 | ) | |||||||
Change in accrued expenses related to capital expenditures | 79 | (52 | ) | 276 | 86 | ||||||||||
Free cash flow | $ | 594 | $ | 1,001 | $ | 2,876 | $ | 1,464 |
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Net income attributable to Charter shareholders | $ | 807 | $ | 396 | |||||||||||||||||||
Plus: Net income attributable to noncontrolling interest | 114 | 71 | |||||||||||||||||||||
Interest expense, net | 983 | 980 | |||||||||||||||||||||
Income tax expense | 216 | 29 | |||||||||||||||||||||
Depreciation and amortization | 2,441 | 2,497 | |||||||||||||||||||||
Stock compensation expense | 134 | 90 | |||||||||||||||||||||
Other expenses, net | 250 | 333 | |||||||||||||||||||||
Adjusted EBITDA | $ | 4,945 | $ | 4,396 | |||||||||||||||||||
Net cash flows from operating activities | $ | 3,751 | $ | 3,220 | |||||||||||||||||||
Less: Purchases of property, plant and equipment | (1,821) | (1,461) | |||||||||||||||||||||
Change in accrued expenses related to capital expenditures | (75) | (388) | |||||||||||||||||||||
Free cash flow | $ | 1,855 | $ | 1,371 |
Nine Months Ended | |||
September 30, 2016 | |||
Pro forma | |||
Consolidated net income | $ | 830 | |
Plus: Interest expense, net | 2,155 | ||
Income tax expense | 288 | ||
Depreciation and amortization | 7,060 | ||
Stock compensation expense | 219 | ||
Loss on extinguishment of debt | 110 | ||
Gain on financial instruments, net | (16 | ) | |
Other pension benefits | (549 | ) | |
Other, net | 514 | ||
Adjusted EBITDA | $ | 10,611 |
Three months ended March 31, 2021 compared to three months ended March 31, 2020 Increase / (Decrease) | |||||||||||
Increase in Adjusted EBITDA | $ | 549 | |||||||||
Changes in working capital, excluding change in accrued interest | 515 | ||||||||||
Decrease in cash paid for interest, net | 23 | ||||||||||
Increase in capital expenditures | (360) | ||||||||||
Other, net | (243) | ||||||||||
$ | 484 |
Three months ended September 30, 2017 compared to three months ended September 30, 2016 Increase / (Decrease) | Nine months ended September 30, 2017 compared to nine months ended September 30, 2016 Increase / (Decrease) | ||||||
Increase in Adjusted EBITDA | $ | 183 | $ | 4,581 | |||
Decrease in merger and restructuring costs | 87 | 323 | |||||
Increase in capital expenditures | (645 | ) | (2,659 | ) | |||
Decrease (increase) in cash paid for interest, net | 61 | (606 | ) | ||||
Changes in working capital, excluding change in accrued interest | (123 | ) | (237 | ) | |||
Other, net | 30 | 10 | |||||
$ | (407 | ) | $ | 1,412 |
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Customer premise equipment (a) | $ | 489 | $ | 463 | |||||||||||||||||||
Scalable infrastructure (b) | 411 | 170 | |||||||||||||||||||||
Line extensions (c) | 399 | 343 | |||||||||||||||||||||
Upgrade/rebuild (d) | 145 | 129 | |||||||||||||||||||||
Support capital (e) | 377 | 356 | |||||||||||||||||||||
Total capital expenditures | $ | 1,821 | $ | 1,461 | |||||||||||||||||||
Capital expenditures included in total related to: | |||||||||||||||||||||||
Commercial services | $ | 333 | $ | 261 | |||||||||||||||||||
Mobile | $ | 112 | $ | 87 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Actual | |||||||||||||||
Customer premise equipment (a) | $ | 855 | $ | 662 | $ | 2,579 | $ | 1,177 | |||||||
Scalable infrastructure (b) | 632 | 441 | 1,282 | 937 | |||||||||||
Line extensions (c) | 319 | 249 | 864 | 467 | |||||||||||
Upgrade/rebuild (d) | 163 | 156 | 415 | 307 | |||||||||||
Support capital (e) | 424 | 240 | 956 | 549 | |||||||||||
Total capital expenditures | $ | 2,393 | $ | 1,748 | $ | 6,096 | $ | 3,437 | |||||||
Capital expenditures included in total related to: | |||||||||||||||
Commercial services | $ | 339 | $ | 306 | $ | 941 | $ | 566 | |||||||
Transition (f) | $ | 125 | $ | 109 | $ | 287 | $ | 273 |
Nine Months Ended September 30, 2016 | |||
Pro Forma | |||
Customer premise equipment (a) | $ | 2,074 | |
Scalable infrastructure (b) | 1,556 | ||
Line extensions (c) | 751 | ||
Upgrade/rebuild (d) | 461 | ||
Support capital (e) | 815 | ||
Total capital expenditures | $ | 5,657 | |
Capital expenditures included in total related to: | |||
Commercial services | $ | 931 | |
Transition (f) | $ | 273 |
2021 | 2022 | 2023 | 2024 | 2025 | Thereafter | Total | Fair Value | ||||||||||||||||||||||||||||||||||||||||
Debt: | |||||||||||||||||||||||||||||||||||||||||||||||
Fixed-Rate | $ | 1,000 | $ | 3,000 | $ | 1,500 | $ | 1,100 | $ | 4,500 | $ | 62,258 | $ | 73,358 | $ | 81,267 | |||||||||||||||||||||||||||||||
Average Interest Rate | 4.00 | % | 4.46 | % | 6.92 | % | 4.50 | % | 4.91 | % | 5.11 | % | 5.08 | % | |||||||||||||||||||||||||||||||||
Variable Rate | $ | 208 | $ | 277 | $ | 436 | $ | 1,165 | $ | 5,320 | $ | 3,575 | $ | 10,981 | $ | 10,956 | |||||||||||||||||||||||||||||||
Average Interest Rate | 1.50 | % | 1.60 | % | 2.09 | % | 2.83 | % | 3.23 | % | 3.99 | % | 3.31 | % |
2017 | 2018 | 2019 | 2020 | 2021 | Thereafter | Total | Fair Value | ||||||||||||||||||||||||
Debt: | |||||||||||||||||||||||||||||||
Fixed-Rate | $ | — | $ | 2,000 | $ | 3,250 | $ | 3,500 | $ | 2,200 | $ | 47,059 | $ | 58,009 | $ | 62,657 | |||||||||||||||
Average Interest Rate | — | % | 6.75 | % | 8.44 | % | 4.19 | % | 4.32 | % | 5.64 | % | 5.70 | % | |||||||||||||||||
Variable Rate | $ | 49 | $ | 197 | $ | 296 | $ | 1,716 | $ | 2,928 | $ | 3,582 | $ | 8,768 | $ | 8,788 | |||||||||||||||
Average Interest Rate | 3.13 | % | 3.58 | % | 3.77 | % | 4.07 | % | 4.07 | % | 4.68 | % | 4.29 | % | |||||||||||||||||
Interest Rate Instruments: | |||||||||||||||||||||||||||||||
Variable to Fixed-Rate | $ | 850 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 850 | $ | 1 | |||||||||||||||
Average Pay Rate | 3.84 | % | — | % | — | % | — | % | — | % | — | % | 3.84 | % | |||||||||||||||||
Average Receive Rate | 3.68 | % | — | % | — | % | — | % | — | % | — | % | 3.68 | % |
Period | Total Number of Shares Purchased (1) | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (2) | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (2) | ||||||||||
January 1 - 31, 2021 | 1,907,537 | $635.23 | 1,718,845 | $1,133 | ||||||||||
February 1 - 28, 2021 | 1,514,273 | $613.72 | 1,191,522 | $287 | ||||||||||
March 1 - 31, 2021 | 2,728,886 | $624.33 | 2,645,951 | $1,231 |
Period | Total Number of Shares Purchased (1) | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (2) | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (2) |
July 1 - 31, 2017 | 2,821,905 | $340.25 | 2,809,011 | $2,897 |
August 1 - 31, 2017 | 2,452,094 | $391.57 | 2,441,604 | $6,951 |
September 1 - 30, 2017 | 4,281,675 | $374.82 | 4,271,343 | $5,189 |
CHARTER COMMUNICATIONS, INC., | ||||||||||||||
Registrant | ||||||||||||||
By: | /s/ Kevin D. Howard | ||||||||||
Kevin D. Howard | |||||||||||
Date: April 30, 2021 | Executive Vice President, Chief Accounting Officer and Controller |
Exhibit | Description | |||||||
10.1 | ||||||||
10.2 | ||||||||
10.7 | ||||||||
The following financial | ||||||||
104 | Cover Page, formatted in iXBRL and contained in Exhibit 101. |