☒ | 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 No.) | ||||||||||||||||
400 Atlantic Street | Stamford | Connecticut | 06901 | ||||||||||||||
(Address of Principal Executive Offices) | (Zip Code) |
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. | ||||||||||||||||||||
June 30, 2020 | December 31, 2019 | ||||||||||
(unaudited) | |||||||||||
ASSETS | |||||||||||
CURRENT ASSETS: | |||||||||||
Cash and cash equivalents | $ | 2,097 | $ | 3,483 | |||||||
Accounts receivable, less allowance for doubtful accounts of $218 and $151, respectively | 1,994 | 2,227 | |||||||||
Prepaid expenses and other current assets | 674 | 761 | |||||||||
Total current assets | 4,765 | 6,471 | |||||||||
RESTRICTED CASH | 5 | 66 | |||||||||
INVESTMENT IN CABLE PROPERTIES: | |||||||||||
Property, plant and equipment, net of accumulated depreciation of $29,138 and $27,656, respectively | 34,074 | 34,591 | |||||||||
Customer relationships, net | 6,486 | 7,453 | |||||||||
Franchises | 67,322 | 67,322 | |||||||||
Goodwill | 29,554 | 29,554 | |||||||||
Total investment in cable properties, net | 137,436 | 138,920 | |||||||||
OTHER NONCURRENT ASSETS | 2,930 | 2,731 | |||||||||
Total assets | $ | 145,136 | $ | 148,188 | |||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||
CURRENT LIABILITIES: | |||||||||||
Accounts payable and accrued liabilities | $ | 8,436 | $ | 8,885 | |||||||
Current portion of long-term debt | 706 | 3,500 | |||||||||
Total current liabilities | 9,142 | 12,385 | |||||||||
LONG-TERM DEBT | 77,663 | 75,578 | |||||||||
DEFERRED INCOME TAXES | 17,789 | 17,711 | |||||||||
OTHER LONG-TERM LIABILITIES | 4,141 | 3,703 | |||||||||
SHAREHOLDERS’ EQUITY: | |||||||||||
Class A common stock; $0.001 par value; 900 million shares authorized; | |||||||||||
212,393,939 and 209,975,963 shares issued, respectively | — | — | |||||||||
Class B common stock; $0.001 par value; 1,000 shares authorized; | |||||||||||
1 share issued and outstanding | — | — | |||||||||
Preferred stock; $0.001 par value; 250 million shares authorized; 0 shares issued and outstanding | — | — | |||||||||
Additional paid-in capital | 31,661 | 31,405 | |||||||||
Retained earnings | 1,202 | 40 | |||||||||
Treasury stock at cost; 7,494,763 and 0 shares, respectively | (3,507) | — | |||||||||
Accumulated other comprehensive loss | — | — | |||||||||
Total Charter shareholders’ equity | 29,356 | 31,445 | |||||||||
Noncontrolling interests | 7,045 | 7,366 | |||||||||
Total shareholders’ equity | 36,401 | 38,811 | |||||||||
Total liabilities and shareholders’ equity | $ | 145,136 | $ | 148,188 |
September 30, 2019 | December 31, 2018 | ||||||
(unaudited) | |||||||
ASSETS | |||||||
CURRENT ASSETS: | |||||||
Cash and cash equivalents | $ | 508 | $ | 551 | |||
Accounts receivable, less allowance for doubtful accounts of $170 and $129, respectively | 2,284 | 1,733 | |||||
Prepaid expenses and other current assets | 596 | 446 | |||||
Total current assets | 3,388 | 2,730 | |||||
RESTRICTED CASH | 89 | 214 | |||||
INVESTMENT IN CABLE PROPERTIES: | |||||||
Property, plant and equipment, net of accumulated depreciation of $26,365 and $23,075, respectively | 34,218 | 35,126 | |||||
Customer relationships, net | 7,956 | 9,565 | |||||
Franchises | 67,322 | 67,319 | |||||
Goodwill | 29,554 | 29,554 | |||||
Total investment in cable properties, net | 139,050 | 141,564 | |||||
OPERATING LEASE RIGHT-OF-USE ASSETS | 1,103 | — | |||||
OTHER NONCURRENT ASSETS | 1,637 | 1,622 | |||||
Total assets | $ | 145,267 | $ | 146,130 | |||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||
CURRENT LIABILITIES: | |||||||
Accounts payable and accrued liabilities | $ | 8,263 | $ | 8,805 | |||
Operating lease liabilities | 210 | — | |||||
Current portion of long-term debt | 3,509 | 3,290 | |||||
Total current liabilities | 11,982 | 12,095 | |||||
LONG-TERM DEBT | 71,390 | 69,537 | |||||
DEFERRED INCOME TAXES | 17,609 | 17,389 | |||||
LONG-TERM OPERATING LEASE LIABILITIES | 991 | — | |||||
OTHER LONG-TERM LIABILITIES | 2,773 | 2,837 | |||||
SHAREHOLDERS’ EQUITY: | |||||||
Class A common stock; $.001 par value; 900 million shares authorized; | |||||||
227,123,254 and 225,353,807 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 | 33,810 | 33,507 | |||||
Retained earnings | 3,734 | 2,780 | |||||
Treasury stock at cost; 12,343,135 and no shares, respectively | (4,568 | ) | — | ||||
Accumulated other comprehensive loss | (2 | ) | (2 | ) | |||
Total Charter shareholders’ equity | 32,974 | 36,285 | |||||
Noncontrolling interests | 7,548 | 7,987 | |||||
Total shareholders’ equity | 40,522 | 44,272 | |||||
Total liabilities and shareholders’ equity | $ | 145,267 | $ | 146,130 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||||||
REVENUES | $ | 11,696 | $ | 11,347 | $ | 23,434 | $ | 22,553 | |||||||||||||||||||||||||||
COSTS AND EXPENSES: | |||||||||||||||||||||||||||||||||||
Operating costs and expenses (exclusive of items shown separately below) | 7,297 | 7,244 | 14,729 | 14,480 | |||||||||||||||||||||||||||||||
Depreciation and amortization | 2,428 | 2,500 | 4,925 | 5,050 | |||||||||||||||||||||||||||||||
Other operating expenses, net | 2 | 62 | 9 | 57 | |||||||||||||||||||||||||||||||
9,727 | 9,806 | 19,663 | 19,587 | ||||||||||||||||||||||||||||||||
Income from operations | 1,969 | 1,541 | 3,771 | 2,966 | |||||||||||||||||||||||||||||||
OTHER INCOME (EXPENSES): | |||||||||||||||||||||||||||||||||||
Interest expense, net | (957) | (945) | (1,937) | (1,870) | |||||||||||||||||||||||||||||||
Loss on extinguishment of debt | (36) | — | (63) | — | |||||||||||||||||||||||||||||||
Gain (loss) on financial instruments, net | 64 | (119) | (254) | (82) | |||||||||||||||||||||||||||||||
Other pension benefits, net | 11 | 9 | 21 | 18 | |||||||||||||||||||||||||||||||
Other expense, net | (9) | (16) | — | (126) | |||||||||||||||||||||||||||||||
(927) | (1,071) | (2,233) | (2,060) | ||||||||||||||||||||||||||||||||
Income before income taxes | 1,042 | 470 | 1,538 | 906 | |||||||||||||||||||||||||||||||
Income tax expense | (166) | (84) | (195) | (203) | |||||||||||||||||||||||||||||||
Consolidated net income | 876 | 386 | 1,343 | 703 | |||||||||||||||||||||||||||||||
Less: Net income attributable to noncontrolling interests | (110) | (72) | (181) | (136) | |||||||||||||||||||||||||||||||
Net income attributable to Charter shareholders | $ | 766 | $ | 314 | $ | 1,162 | $ | 567 | |||||||||||||||||||||||||||
EARNINGS PER COMMON SHARE ATTRIBUTABLE TO CHARTER SHAREHOLDERS: | |||||||||||||||||||||||||||||||||||
Basic | $ | 3.72 | $ | 1.41 | $ | 5.62 | $ | 2.54 | |||||||||||||||||||||||||||
Diluted | $ | 3.63 | $ | 1.39 | $ | 5.48 | $ | 2.50 | |||||||||||||||||||||||||||
Weighted average common shares outstanding, basic | 205,777,438 | 222,392,274 | 206,804,371 | 223,505,016 | |||||||||||||||||||||||||||||||
Weighted average common shares outstanding, diluted | 210,906,946 | 225,942,172 | 212,158,218 | 226,889,745 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
REVENUES | $ | 11,450 | $ | 10,892 | $ | 34,003 | $ | 32,403 | |||||||
COSTS AND EXPENSES: | |||||||||||||||
Operating costs and expenses (exclusive of items shown separately below) | 7,435 | 7,012 | 21,915 | 20,721 | |||||||||||
Depreciation and amortization | 2,415 | 2,482 | 7,465 | 7,784 | |||||||||||
Other operating expenses, net | 14 | 18 | 71 | 116 | |||||||||||
9,864 | 9,512 | 29,451 | 28,621 | ||||||||||||
Income from operations | 1,586 | 1,380 | 4,552 | 3,782 | |||||||||||
OTHER INCOME (EXPENSES): | |||||||||||||||
Interest expense, net | (963 | ) | (901 | ) | (2,833 | ) | (2,630 | ) | |||||||
Gain (loss) on financial instruments, net | (34 | ) | 12 | (116 | ) | — | |||||||||
Other pension benefits, net | 9 | 207 | 27 | 247 | |||||||||||
Other expense, net | (5 | ) | (5 | ) | (131 | ) | (75 | ) | |||||||
(993 | ) | (687 | ) | (3,053 | ) | (2,458 | ) | ||||||||
Income before income taxes | 593 | 693 | 1,499 | 1,324 | |||||||||||
Income tax expense | (126 | ) | (109 | ) | (329 | ) | (178 | ) | |||||||
Consolidated net income | 467 | 584 | 1,170 | 1,146 | |||||||||||
Less: Net income attributable to noncontrolling interests | (80 | ) | (91 | ) | (216 | ) | (212 | ) | |||||||
Net income attributable to Charter shareholders | $ | 387 | $ | 493 | $ | 954 | $ | 934 | |||||||
EARNINGS PER COMMON SHARE ATTRIBUTABLE TO CHARTER SHAREHOLDERS: | |||||||||||||||
Basic | $ | 1.77 | $ | 2.14 | $ | 4.30 | $ | 3.99 | |||||||
Diluted | $ | 1.74 | $ | 2.11 | $ | 4.23 | $ | 3.93 | |||||||
Weighted average common shares outstanding, basic | 218,499,213 | 230,554,633 | 221,818,079 | 234,159,830 | |||||||||||
Weighted average common shares outstanding, diluted | 222,355,867 | 233,607,414 | 225,337,984 | 237,343,924 |
Class A Common Stock | Class B Common Stock | Additional Paid-in Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Loss | Total Charter Shareholders’ Equity | Non-controlling Interests | Total Shareholders’ Equity | |||||||||||||||||||||
BALANCE, December 31, 2019 | $ | — | $ | — | $ | 31,405 | $ | 40 | $ | — | $ | — | $ | 31,445 | $ | 7,366 | $ | 38,811 | |||||||||||
Consolidated net income | — | — | — | 396 | — | — | 396 | 71 | 467 | ||||||||||||||||||||
Stock compensation expense | — | — | 90 | — | — | — | 90 | — | 90 | ||||||||||||||||||||
Exercise of stock options | — | — | 93 | — | — | — | 93 | — | 93 | ||||||||||||||||||||
Issuance of equity | — | — | 23 | — | — | — | 23 | — | 23 | ||||||||||||||||||||
Purchases of treasury stock | — | — | — | — | (2,352) | — | (2,352) | — | (2,352) | ||||||||||||||||||||
Purchase of noncontrolling interest, net of tax | — | — | (149) | — | — | — | (149) | (195) | (344) | ||||||||||||||||||||
Change in noncontrolling interest ownership, net of tax | — | — | 82 | — | — | — | 82 | (109) | (27) | ||||||||||||||||||||
Distributions to noncontrolling interest | — | — | — | — | — | — | — | (39) | (39) | ||||||||||||||||||||
BALANCE, March 31, 2020 | — | — | 31,544 | 436 | (2,352) | — | 29,628 | 7,094 | 36,722 | ||||||||||||||||||||
Consolidated net income | — | — | — | 766 | — | — | 766 | 110 | 876 | ||||||||||||||||||||
Stock compensation expense | — | — | 90 | — | — | — | 90 | — | 90 | ||||||||||||||||||||
Exercise of stock options | — | — | 28 | — | — | — | 28 | — | 28 | ||||||||||||||||||||
Purchases of treasury stock | — | — | — | — | (1,155) | — | (1,155) | — | (1,155) | ||||||||||||||||||||
Purchase of noncontrolling interest, net of tax | — | — | (42) | — | — | — | (42) | (69) | (111) | ||||||||||||||||||||
Change in noncontrolling interest ownership, net of tax | — | — | 41 | — | — | — | 41 | (52) | (11) | ||||||||||||||||||||
Distributions to noncontrolling interest | — | — | — | — | — | — | — | (38) | (38) | ||||||||||||||||||||
BALANCE, June 30, 2020 | $ | — | $ | — | $ | 31,661 | $ | 1,202 | $ | (3,507) | $ | — | $ | 29,356 | $ | 7,045 | $ | 36,401 | |||||||||||
Class A Common Stock | Class B Common Stock | Additional Paid-in Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Loss | Total Charter Shareholders’ Equity | Non-controlling Interests | Total Shareholders’ Equity | |||||||||||||||||||||
BALANCE, December 31, 2018 | $ | — | $ | — | $ | 33,507 | $ | 2,780 | $ | — | $ | (2) | $ | 36,285 | $ | 7,987 | $ | 44,272 | |||||||||||
Consolidated net income | — | — | — | 253 | — | — | 253 | 64 | 317 | ||||||||||||||||||||
Stock compensation expense | — | — | 85 | — | — | — | 85 | — | 85 | ||||||||||||||||||||
Exercise of stock options | — | — | 44 | — | — | — | 44 | — | 44 | ||||||||||||||||||||
Purchases of treasury stock | — | — | — | — | (940) | — | (940) | — | (940) | ||||||||||||||||||||
Purchase of noncontrolling interest, net of tax | — | — | (15) | — | — | — | (15) | (74) | (89) | ||||||||||||||||||||
Change in noncontrolling interest ownership, net of tax | — | — | 22 | — | — | — | 22 | (29) | (7) | ||||||||||||||||||||
Distributions to noncontrolling interest | — | — | — | — | — | — | — | (39) | (39) | ||||||||||||||||||||
BALANCE, March 31, 2019 | — | — | 33,643 | 3,033 | (940) | (2) | 35,734 | 7,909 | 43,643 | ||||||||||||||||||||
Consolidated net income | — | — | — | 314 | — | — | 314 | 72 | 386 | ||||||||||||||||||||
Stock compensation expense | — | — | 82 | — | — | — | 82 | — | 82 | ||||||||||||||||||||
Exercise of stock options | — | — | 37 | — | — | — | 37 | — | 37 | ||||||||||||||||||||
Purchases of treasury stock | — | — | — | — | (861) | — | (861) | — | (861) | ||||||||||||||||||||
Purchase of noncontrolling interest, net of tax | — | — | (37) | — | — | — | (37) | (111) | (148) | ||||||||||||||||||||
Change in noncontrolling interest ownership, net of tax | — | — | 17 | — | — | — | 17 | (23) | (6) | ||||||||||||||||||||
Distributions to noncontrolling interest | — | — | — | — | — | — | — | (39) | (39) | ||||||||||||||||||||
BALANCE, June 30, 2019 | $ | — | $ | — | $ | 33,742 | $ | 3,347 | $ | (1,801) | $ | (2) | $ | 35,286 | $ | 7,808 | $ | 43,094 | |||||||||||
Class A Common Stock | Class B Common Stock | Additional Paid-in Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Loss | Total Charter Shareholders’ Equity | Non-controlling Interests | Total Shareholders’ Equity | |||||||||||||||||||
BALANCE, December 31, 2018 | $ | — | $ | — | $ | 33,507 | $ | 2,780 | $ | — | $ | (2 | ) | $ | 36,285 | $ | 7,987 | $ | 44,272 | ||||||||
Consolidated net income | — | — | — | 253 | — | — | 253 | 64 | 317 | ||||||||||||||||||
Stock compensation expense | — | — | 85 | — | — | — | 85 | — | 85 | ||||||||||||||||||
Exercise of stock options | — | — | 44 | — | — | — | 44 | — | 44 | ||||||||||||||||||
Purchases of treasury stock | — | — | — | — | (940 | ) | — | (940 | ) | — | (940 | ) | |||||||||||||||
Purchase of noncontrolling interest, net of tax | — | — | (15 | ) | — | — | — | (15 | ) | (74 | ) | (89 | ) | ||||||||||||||
Change in noncontrolling interest ownership, net of tax | — | — | 22 | — | — | — | 22 | (29 | ) | (7 | ) | ||||||||||||||||
Distributions to noncontrolling interest | — | — | — | — | — | — | — | (39 | ) | (39 | ) | ||||||||||||||||
BALANCE, March 31, 2019 | — | — | 33,643 | 3,033 | (940 | ) | (2 | ) | 35,734 | 7,909 | 43,643 | ||||||||||||||||
Consolidated net income | — | — | — | 314 | — | — | 314 | 72 | 386 | ||||||||||||||||||
Stock compensation expense | — | — | 82 | — | — | — | 82 | — | 82 | ||||||||||||||||||
Exercise of stock options | — | — | 37 | — | — | — | 37 | — | 37 | ||||||||||||||||||
Purchases of treasury stock | — | — | — | — | (861 | ) | — | (861 | ) | — | (861 | ) | |||||||||||||||
Purchase of noncontrolling interest, net of tax | — | — | (37 | ) | — | — | — | (37 | ) | (111 | ) | (148 | ) | ||||||||||||||
Change in noncontrolling interest ownership, net of tax | — | — | 17 | — | — | — | 17 | (23 | ) | (6 | ) | ||||||||||||||||
Distributions to noncontrolling interest | — | — | — | — | — | — | — | (39 | ) | (39 | ) | ||||||||||||||||
BALANCE, June 30, 2019 | — | — | 33,742 | 3,347 | (1,801 | ) | (2 | ) | 35,286 | 7,808 | 43,094 | ||||||||||||||||
Consolidated net income | — | — | — | 387 | — | — | 387 | 80 | 467 | ||||||||||||||||||
Stock compensation expense | — | — | 71 | — | — | — | 71 | — | 71 | ||||||||||||||||||
Exercise of stock options | — | — | 25 | — | — | — | 25 | — | 25 | ||||||||||||||||||
Purchases of treasury stock | — | — | — | — | (2,767 | ) | — | (2,767 | ) | — | (2,767 | ) | |||||||||||||||
Purchase of noncontrolling interest, net of tax | — | — | (93 | ) | — | — | — | (93 | ) | (215 | ) | (308 | ) | ||||||||||||||
Change in noncontrolling interest ownership, net of tax | — | — | 65 | — | — | — | 65 | (87 | ) | (22 | ) | ||||||||||||||||
Distributions to noncontrolling interest | — | — | — | — | — | — | — | (38 | ) | (38 | ) | ||||||||||||||||
BALANCE, September 30, 2019 | $ | — | $ | — | $ | 33,810 | $ | 3,734 | $ | (4,568 | ) | $ | (2 | ) | $ | 32,974 | $ | 7,548 | $ | 40,522 |
Six Months Ended June 30, | |||||||||||||||||
2020 | 2019 | ||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||||||||
Consolidated net income | $ | 1,343 | $ | 703 | |||||||||||||
Adjustments to reconcile consolidated net income to net cash flows from operating activities: | |||||||||||||||||
Depreciation and amortization | 4,925 | 5,050 | |||||||||||||||
Stock compensation expense | 180 | 167 | |||||||||||||||
Noncash interest income, net | (21) | (72) | |||||||||||||||
Other pension benefits, net | (21) | (18) | |||||||||||||||
Loss on extinguishment of debt | 63 | — | |||||||||||||||
Loss on financial instruments, net | 254 | 82 | |||||||||||||||
Deferred income taxes | 101 | 137 | |||||||||||||||
Other, net | (17) | 151 | |||||||||||||||
Changes in operating assets and liabilities, net of effects from acquisitions and dispositions: | |||||||||||||||||
Accounts receivable | 233 | (337) | |||||||||||||||
Prepaid expenses and other assets | (164) | (176) | |||||||||||||||
Accounts payable, accrued liabilities and other | (127) | (240) | |||||||||||||||
Net cash flows from operating activities | 6,749 | 5,447 | |||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||
Purchases of property, plant and equipment | (3,338) | (3,262) | |||||||||||||||
Change in accrued expenses related to capital expenditures | (174) | (428) | |||||||||||||||
Real estate investments through variable interest entities | (81) | (64) | |||||||||||||||
Other, net | (8) | 8 | |||||||||||||||
Net cash flows from investing activities | (3,601) | (3,746) | |||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||
Borrowings of long-term debt | 7,322 | 10,714 | |||||||||||||||
Repayments of long-term debt | (7,892) | (10,123) | |||||||||||||||
Payments for debt issuance costs | (62) | (32) | |||||||||||||||
Issuance of equity | 23 | — | |||||||||||||||
Purchase of treasury stock | (3,507) | (1,801) | |||||||||||||||
Proceeds from exercise of stock options | 121 | 81 | |||||||||||||||
Purchase of noncontrolling interest | (518) | (254) | |||||||||||||||
Distributions to noncontrolling interest | (77) | (78) | |||||||||||||||
Borrowings for real estate investments through variable interest entities | 24 | — | |||||||||||||||
Distributions to variable interest entities noncontrolling interest | (4) | — | |||||||||||||||
Other, net | (25) | (127) | |||||||||||||||
Net cash flows from financing activities | (4,595) | (1,620) | |||||||||||||||
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (1,447) | 81 | |||||||||||||||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period | 3,549 | 765 | |||||||||||||||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period | $ | 2,102 | $ | 846 | |||||||||||||
CASH PAID FOR INTEREST | $ | 1,985 | $ | 2,017 | |||||||||||||
CASH PAID FOR TAXES | $ | 50 | $ | 43 |
Class A Common Stock | Class B Common Stock | Additional Paid-in Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Loss | Total Charter Shareholders’ Equity | Non-controlling Interests | Total Shareholders’ Equity | |||||||||||||||||||
BALANCE, December 31, 2017 | $ | — | $ | — | $ | 35,253 | $ | 3,832 | $ | — | $ | (1 | ) | $ | 39,084 | $ | 8,447 | $ | 47,531 | ||||||||
Consolidated net income | — | — | — | 168 | — | — | 168 | 55 | 223 | ||||||||||||||||||
Stock compensation expense | — | — | 72 | — | — | — | 72 | — | 72 | ||||||||||||||||||
Accelerated vesting of equity awards | — | — | 5 | — | — | — | 5 | — | 5 | ||||||||||||||||||
Exercise of stock options | — | — | 36 | — | — | — | 36 | — | 36 | ||||||||||||||||||
Cumulative effect of accounting change | — | — | — | 34 | — | — | 34 | 4 | 38 | ||||||||||||||||||
Purchases of treasury stock | — | — | — | — | (617 | ) | — | (617 | ) | — | (617 | ) | |||||||||||||||
Purchase of noncontrolling interest, net of tax | — | — | (28 | ) | — | — | — | (28 | ) | (90 | ) | (118 | ) | ||||||||||||||
Change in noncontrolling interest ownership, net of tax | — | — | 14 | — | — | — | 14 | (20 | ) | (6 | ) | ||||||||||||||||
Distributions to noncontrolling interest | — | — | — | — | — | — | — | (39 | ) | (39 | ) | ||||||||||||||||
BALANCE, March 31, 2018 | — | — | 35,352 | 4,034 | (617 | ) | (1 | ) | 38,768 | 8,357 | 47,125 | ||||||||||||||||
Consolidated net income | — | — | — | 273 | — | — | 273 | 66 | 339 | ||||||||||||||||||
Stock compensation expense | — | — | 70 | — | — | — | 70 | — | 70 | ||||||||||||||||||
Exercise of stock options | — | — | 7 | — | — | — | 7 | — | 7 | ||||||||||||||||||
Changes in accumulated other comprehensive loss | — | — | — | — | — | (1 | ) | (1 | ) | — | (1 | ) | |||||||||||||||
Purchases of treasury stock | — | — | — | — | (1,664 | ) | — | (1,664 | ) | — | (1,664 | ) | |||||||||||||||
Purchase of noncontrolling interest, net of tax | — | — | (28 | ) | — | — | — | (28 | ) | (164 | ) | (192 | ) | ||||||||||||||
Change in noncontrolling interest ownership, net of tax | — | — | 18 | — | — | — | 18 | (23 | ) | (5 | ) | ||||||||||||||||
Distributions to noncontrolling interest | — | — | — | — | — | — | — | (37 | ) | (37 | ) | ||||||||||||||||
BALANCE, June 30, 2018 | — | — | 35,419 | 4,307 | (2,281 | ) | (2 | ) | 37,443 | 8,199 | 45,642 | ||||||||||||||||
Consolidated net income | — | — | — | 493 | — | — | 493 | 91 | 584 | ||||||||||||||||||
Stock compensation expense | — | — | 71 | — | — | — | 71 | — | 71 | ||||||||||||||||||
Exercise of stock options | — | — | 13 | — | — | — | 13 | — | 13 | ||||||||||||||||||
Cumulative effect of accounting change | — | — | — | 28 | — | — | 28 | 3 | 31 | ||||||||||||||||||
Purchases of treasury stock | — | — | — | — | (933 | ) | — | (933 | ) | — | (933 | ) | |||||||||||||||
Purchase of noncontrolling interest, net of tax | — | — | (17 | ) | — | — | — | (17 | ) | (122 | ) | (139 | ) | ||||||||||||||
Change in noncontrolling interest ownership, net of tax | — | — | 7 | — | — | — | 7 | (10 | ) | (3 | ) | ||||||||||||||||
Distributions to noncontrolling interest | — | — | — | — | — | — | — | (38 | ) | (38 | ) | ||||||||||||||||
BALANCE, September 30, 2018 | $ | — | $ | — | $ | 35,493 | $ | 4,828 | $ | (3,214 | ) | $ | (2 | ) | $ | 37,105 | $ | 8,123 | $ | 45,228 |
Nine Months Ended September 30, | |||||||
2019 | 2018 | ||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||
Consolidated net income | $ | 1,170 | $ | 1,146 | |||
Adjustments to reconcile consolidated net income to net cash flows from operating activities: | |||||||
Depreciation and amortization | 7,465 | 7,784 | |||||
Stock compensation expense | 238 | 213 | |||||
Accelerated vesting of equity awards | — | 5 | |||||
Noncash interest income, net | (89 | ) | (242 | ) | |||
Other pension benefits, net | (27 | ) | (247 | ) | |||
Loss on financial instruments, net | 116 | — | |||||
Deferred income taxes | 233 | 137 | |||||
Other, net | 148 | 81 | |||||
Changes in operating assets and liabilities, net of effects from acquisitions and dispositions: | |||||||
Accounts receivable | (564 | ) | (101 | ) | |||
Prepaid expenses and other assets | (225 | ) | (97 | ) | |||
Accounts payable, accrued liabilities and other | (75 | ) | (80 | ) | |||
Net cash flows from operating activities | 8,390 | 8,599 | |||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||
Purchases of property, plant and equipment | (4,913 | ) | (6,692 | ) | |||
Change in accrued expenses related to capital expenditures | (449 | ) | (620 | ) | |||
Real estate investments through variable interest entities | (125 | ) | (15 | ) | |||
Other, net | 10 | (103 | ) | ||||
Net cash flows from investing activities | (5,477 | ) | (7,430 | ) | |||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||
Borrowings of long-term debt | 13,157 | 11,552 | |||||
Repayments of long-term debt | (10,886 | ) | (8,964 | ) | |||
Payments for debt issuance costs | (48 | ) | (29 | ) | |||
Purchase of treasury stock | (4,568 | ) | (3,214 | ) | |||
Proceeds from exercise of stock options | 106 | 56 | |||||
Purchase of noncontrolling interest | (593 | ) | (473 | ) | |||
Distributions to noncontrolling interest | (116 | ) | (114 | ) | |||
Borrowings for real estate investments through variable interest entities | — | 170 | |||||
Distributions to variable interest entities noncontrolling interest | — | (107 | ) | ||||
Other, net | (133 | ) | (7 | ) | |||
Net cash flows from financing activities | (3,081 | ) | (1,130 | ) | |||
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (168 | ) | 39 | ||||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period | 765 | 621 | |||||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period | $ | 597 | $ | 660 | |||
CASH PAID FOR INTEREST | $ | 3,065 | $ | 2,920 | |||
CASH PAID FOR TAXES | $ | 55 | $ | 27 |
September 30, 2019 | December 31, 2018 | |||||||||||||||||||||||
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 | $ | 67,319 | $ | — | $ | 67,319 | ||||||||||||
Goodwill | 29,554 | — | 29,554 | 29,554 | — | 29,554 | ||||||||||||||||||
Trademarks | 159 | — | 159 | 159 | — | 159 | ||||||||||||||||||
$ | 97,035 | $ | — | $ | 97,035 | $ | 97,032 | $ | — | $ | 97,032 | |||||||||||||
Finite-lived intangible assets: | ||||||||||||||||||||||||
Customer relationships | $ | 18,230 | $ | (10,274 | ) | $ | 7,956 | $ | 18,229 | $ | (8,664 | ) | $ | 9,565 | ||||||||||
Other intangible assets | 405 | (111 | ) | 294 | 409 | (92 | ) | 317 | ||||||||||||||||
$ | 18,635 | $ | (10,385 | ) | $ | 8,250 | $ | 18,638 | $ | (8,756 | ) | $ | 9,882 |
June 30, 2020 | December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trademarks | 159 | — | 159 | 159 | — | 159 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 97,035 | $ | — | $ | 97,035 | $ | 97,035 | $ | — | $ | 97,035 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Finite-lived intangible assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Customer relationships | $ | 18,230 | $ | (11,744) | $ | 6,486 | $ | 18,230 | $ | (10,777) | $ | 7,453 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other intangible assets | 405 | (141) | 264 | 405 | (122) | 283 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 18,635 | $ | (11,885) | $ | 6,750 | $ | 18,635 | $ | (10,899) | $ | 7,736 |
Three months ended December 31, 2019 | $ | 514 | ||
2020 | 1,875 | |||
2021 | 1,599 | |||
2022 | 1,329 | |||
2023 | 1,072 | |||
Thereafter | 1,861 | |||
$ | 8,250 |
Six months ended December 31, 2020 | $ | 889 | ||||||
2021 | 1,599 | |||||||
2022 | 1,329 | |||||||
2023 | 1,072 | |||||||
2024 | 821 | |||||||
Thereafter | 1,040 | |||||||
$ | 6,750 |
September 30, 2019 | December 31, 2018 | ||||||
Assets | |||||||
Current assets | $ | 2 | $ | 2 | |||
Restricted cash | $ | 89 | $ | 214 | |||
Property, plant and equipment | $ | 266 | $ | 130 | |||
Liabilities | |||||||
Current liabilities | $ | 7 | $ | — | |||
Other long-term liabilities | $ | 350 | $ | 346 |
June 30, 2020 | December 31, 2019 | ||||||||||
Assets | |||||||||||
Restricted cash | $ | 5 | $ | 66 | |||||||
Property, plant and equipment | $ | 389 | $ | 295 | |||||||
Liabilities | |||||||||||
Current liabilities | $ | 24 | $ | 11 | |||||||
Other long-term liabilities | $ | 371 | $ | 350 |
September 30, 2019 | December 31, 2018 | ||||||
Accounts payable – trade | $ | 663 | $ | 758 | |||
Deferred revenue | 526 | 494 | |||||
Accrued liabilities: | |||||||
Programming costs | 2,064 | 2,044 | |||||
Labor | 1,005 | 1,052 | |||||
Capital expenditures | 973 | 1,472 | |||||
Interest | 943 | 1,045 | |||||
Taxes and regulatory fees | 575 | 526 | |||||
Property and casualty | 464 | 424 | |||||
Other | 1,050 | 990 | |||||
$ | 8,263 | $ | 8,805 |
June 30, 2020 | December 31, 2019 | ||||||||||
Accounts payable – trade | $ | 667 | $ | 786 | |||||||
Deferred revenue | 471 | 460 | |||||||||
Accrued liabilities: | |||||||||||
Programming costs | 2,033 | 2,042 | |||||||||
Labor | 919 | 1,028 | |||||||||
Capital expenditures | 1,211 | 1,441 | |||||||||
Interest | 1,040 | 1,052 | |||||||||
Taxes and regulatory fees | 582 | 537 | |||||||||
Property and casualty | 472 | 458 | |||||||||
Operating lease liabilities | 223 | 214 | |||||||||
Other | 818 | 867 | |||||||||
$ | 8,436 | $ | 8,885 |
Three Months Ended September 30, 2019 | Nine Months Ended September 30, 2019 | ||||||
Operating lease expense (a) | $ | 105 | $ | 321 | |||
Finance lease expense: | |||||||
Amortization of right-of-use assets | 3 | 10 | |||||
Interest on lease liabilities | 1 | 4 | |||||
Total finance lease expense | 4 | 14 | |||||
Sublease income | (6 | ) | (20 | ) | |||
Total lease related expenses, net | $ | 103 | $ | 315 |
Nine Months Ended September 30, 2019 | |||
Cash paid for amounts included in the measurement of lease liabilities: | |||
Operating cash flows from operating leases | $ | 219 | |
Operating cash flows from finance leases | $ | 4 | |
Financing cash flows from finance leases | $ | 5 | |
Right-of-use assets obtained in exchange for lease obligations: | |||
Operating leases | $ | 209 | |
Finance leases | $ | 27 |
June 30, 2020 | December 31, 2019 | ||||||||||
Operating lease right-of-use assets: | |||||||||||
Included within other noncurrent assets | $ | 1,132 | $ | 1,092 | |||||||
Operating lease liabilities: | |||||||||||
Current portion included within accounts payable and accrued liabilities | $ | 223 | $ | 214 | |||||||
Long-term portion included within other long-term liabilities | 1,022 | 979 | |||||||||
$ | 1,245 | $ | 1,193 | ||||||||
Weighted average remaining lease term for operating leases | 6.4 years | 6.6 years | |||||||||
Weighted average discount rate for operating leases | 4.2 | % | 4.4 | % |
Operating leases | |||||||||||
Six months ended December 31, 2020 | $ | 149 | |||||||||
2021 | 282 | ||||||||||
2022 | 245 | ||||||||||
2023 | 216 | ||||||||||
2024 | 178 | ||||||||||
Thereafter | 441 | ||||||||||
Undiscounted lease cash flow commitments | 1,511 | ||||||||||
Reconciling impact from discounting | (266) | ||||||||||
Lease liabilities on consolidated balance sheet as of June 30, 2020 | $ | 1,245 |
September 30, 2019 | |||
Operating leases: | |||
Operating lease right-of-use assets | $ | 1,103 | |
Current operating lease liabilities | $ | 210 | |
Long-term operating lease liabilities | 991 | ||
Total operating lease liabilities | $ | 1,201 | |
Finance leases: | |||
Finance lease right-of-use assets (included within property, plant and equipment, net) | $ | 165 | |
Current finance lease liabilities (included within accounts payable and accrued liabilities) | $ | 7 | |
Long-term finance lease liabilities (included within other long-term liabilities) | 51 | ||
Total finance lease liabilities | $ | 58 | |
Weighted average remaining lease term | |||
Operating leases | 6.8 years | ||
Finance leases | 16.3 years | ||
Weighted average discount rate | |||
Operating leases | 4.5 | % | |
Finance leases | 5.7 | % |
June 30, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||||||||
Principal Amount | Accreted Value | Principal Amount | Accreted Value | ||||||||||||||||||||||||||||||||
CCO Holdings, LLC: | |||||||||||||||||||||||||||||||||||
5.250% senior notes due September 30, 2022 | $ | — | $ | — | $ | 1,250 | $ | 1,241 | |||||||||||||||||||||||||||
5.125% senior notes due February 15, 2023 | — | — | 1,000 | 995 | |||||||||||||||||||||||||||||||
4.000% senior notes due March 1, 2023 | 500 | 498 | 500 | 497 | |||||||||||||||||||||||||||||||
5.125% senior notes due May 1, 2023 | — | — | 1,150 | 1,145 | |||||||||||||||||||||||||||||||
5.750% senior notes due September 1, 2023 | — | — | 500 | 497 | |||||||||||||||||||||||||||||||
5.750% senior notes due January 15, 2024 | — | — | 150 | 149 | |||||||||||||||||||||||||||||||
5.875% senior notes due April 1, 2024 | 1,700 | 1,691 | 1,700 | 1,690 | |||||||||||||||||||||||||||||||
5.375% senior notes due May 1, 2025 | 750 | 746 | 750 | 746 | |||||||||||||||||||||||||||||||
5.750% senior notes due February 15, 2026 | 2,500 | 2,473 | 2,500 | 2,471 | |||||||||||||||||||||||||||||||
5.500% senior notes due May 1, 2026 | 1,500 | 1,492 | 1,500 | 1,491 | |||||||||||||||||||||||||||||||
5.875% senior notes due May 1, 2027 | 800 | 796 | 800 | 796 | |||||||||||||||||||||||||||||||
5.125% senior notes due May 1, 2027 | 3,250 | 3,224 | 3,250 | 3,222 | |||||||||||||||||||||||||||||||
5.000% senior notes due February 1, 2028 | 2,500 | 2,470 | 2,500 | 2,469 | |||||||||||||||||||||||||||||||
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 | 3,041 | 3,050 | 3,041 | |||||||||||||||||||||||||||||||
4.500% senior notes due August 15, 2030 | 2,750 | 2,750 | — | — | |||||||||||||||||||||||||||||||
4.500% senior notes due May 1, 2032 | 1,400 | 1,387 | — | — | |||||||||||||||||||||||||||||||
Charter Communications Operating, LLC: | |||||||||||||||||||||||||||||||||||
3.579% senior notes due July 23, 2020 | — | — | 2,000 | 1,997 | |||||||||||||||||||||||||||||||
4.464% senior notes due July 23, 2022 | 3,000 | 2,989 | 3,000 | 2,987 | |||||||||||||||||||||||||||||||
Senior floating rate notes due February 1, 2024 | 900 | 902 | 900 | 902 | |||||||||||||||||||||||||||||||
4.500% senior notes due February 1, 2024 | 1,100 | 1,094 | 1,100 | 1,093 | |||||||||||||||||||||||||||||||
4.908% senior notes due July 23, 2025 | 4,500 | 4,473 | 4,500 | 4,471 | |||||||||||||||||||||||||||||||
3.750% senior notes due February 15, 2028 | 1,000 | 988 | 1,000 | 987 | |||||||||||||||||||||||||||||||
4.200% senior notes due March 15, 2028 | 1,250 | 1,241 | 1,250 | 1,240 | |||||||||||||||||||||||||||||||
5.050% senior notes due March 30, 2029 | 1,250 | 1,241 | 1,250 | 1,241 | |||||||||||||||||||||||||||||||
2.800% senior notes due April 1, 2031 | 1,600 | 1,582 | — | — | |||||||||||||||||||||||||||||||
6.384% senior notes due October 23, 2035 | 2,000 | 1,983 | 2,000 | 1,982 | |||||||||||||||||||||||||||||||
5.375% senior notes due April 1, 2038 | 800 | 786 | 800 | 786 | |||||||||||||||||||||||||||||||
6.484% senior notes due October 23, 2045 | 3,500 | 3,467 | 3,500 | 3,467 | |||||||||||||||||||||||||||||||
5.375% senior notes due May 1, 2047 | 2,500 | 2,506 | 2,500 | 2,506 | |||||||||||||||||||||||||||||||
5.750% senior notes due April 1, 2048 | 2,450 | 2,391 | 2,450 | 2,391 | |||||||||||||||||||||||||||||||
5.125% senior notes due July 1, 2049 | 1,250 | 1,240 | 1,250 | 1,240 | |||||||||||||||||||||||||||||||
4.800% senior notes due March 1, 2050 | 2,800 | 2,797 | 2,800 | 2,798 | |||||||||||||||||||||||||||||||
3.700% senior notes due April 1, 2051 | 1,400 | 1,379 | — | — | |||||||||||||||||||||||||||||||
6.834% senior notes due October 23, 2055 | 500 | 495 | 500 | 495 | |||||||||||||||||||||||||||||||
Credit facilities | 10,288 | 10,213 | 10,427 | 10,345 | |||||||||||||||||||||||||||||||
Time Warner Cable, LLC: | |||||||||||||||||||||||||||||||||||
5.000% senior notes due February 1, 2020 | — | — | 1,500 | 1,503 |
Operating leases | Finance leases | ||||||
Three months ended December 31, 2019 | $ | 71 | $ | 1 | |||
2020 | 280 | 6 | |||||
2021 | 247 | 6 | |||||
2022 | 210 | 6 | |||||
2023 | 182 | 5 | |||||
Thereafter | 526 | 59 | |||||
Undiscounted lease cash flow commitments | 1,516 | 83 | |||||
Reconciling impact from discounting | (315 | ) | (25 | ) | |||
Lease liabilities on consolidated balance sheet as of September 30, 2019 | $ | 1,201 | $ | 58 |
4.125% senior notes due February 15, 2021 | 700 | 706 | 700 | 711 | |||||||||||||||||||
4.000% senior notes due September 1, 2021 | 1,000 | 1,015 | 1,000 | 1,021 | |||||||||||||||||||
5.750% sterling senior notes due June 2, 2031 (a) | 775 | 827 | 828 | 886 | |||||||||||||||||||
6.550% senior debentures due May 1, 2037 | 1,500 | 1,672 | 1,500 | 1,675 | |||||||||||||||||||
7.300% senior debentures due July 1, 2038 | 1,500 | 1,768 | 1,500 | 1,772 | |||||||||||||||||||
6.750% senior debentures due June 15, 2039 | 1,500 | 1,709 | 1,500 | 1,713 | |||||||||||||||||||
5.875% senior debentures due November 15, 2040 | 1,200 | 1,254 | 1,200 | 1,255 | |||||||||||||||||||
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) | 805 | 778 | 861 | 831 | |||||||||||||||||||
4.500% senior debentures due September 15, 2042 | 1,250 | 1,143 | 1,250 | 1,142 | |||||||||||||||||||
Time Warner Cable Enterprises LLC: | |||||||||||||||||||||||
8.375% senior debentures due March 15, 2023 | 1,000 | 1,126 | 1,000 | 1,148 | |||||||||||||||||||
8.375% senior debentures due July 15, 2033 | 1,000 | 1,277 | 1,000 | 1,284 | |||||||||||||||||||
Total debt | 77,768 | 78,369 | 78,416 | 79,078 | |||||||||||||||||||
Less current portion: | |||||||||||||||||||||||
5.000% senior notes due February 1, 2020 | — | — | (1,500) | (1,503) | |||||||||||||||||||
3.579% senior notes due July 23, 2020 | — | — | (2,000) | (1,997) | |||||||||||||||||||
4.125% senior notes due February 15, 2021 | (700) | (706) | — | — | |||||||||||||||||||
Long-term debt | $ | 77,068 | $ | 77,663 | $ | 74,916 | $ | 75,578 |
Operating leases | Capital leases | ||||||
2019 | $ | 286 | $ | 10 | |||
2020 | 254 | 9 | |||||
2021 | 207 | 9 | |||||
2022 | 170 | 9 | |||||
2023 | 143 | 10 | |||||
Thereafter | 440 | 64 | |||||
$ | 1,500 | $ | 111 |
September 30, 2019 | December 31, 2018 | ||||||||||||||
Principal Amount | Accreted Value | Principal Amount | Accreted Value | ||||||||||||
CCO Holdings, LLC: | |||||||||||||||
5.250% senior notes due March 15, 2021 | $ | 500 | $ | 499 | $ | 500 | $ | 498 | |||||||
5.250% senior notes due September 30, 2022 | 1,250 | 1,240 | 1,250 | 1,238 | |||||||||||
5.125% senior notes due February 15, 2023 | 1,000 | 995 | 1,000 | 994 | |||||||||||
4.000% senior notes due March 1, 2023 | 500 | 497 | 500 | 496 | |||||||||||
5.125% senior notes due May 1, 2023 | 1,150 | 1,145 | 1,150 | 1,144 | |||||||||||
5.750% senior notes due September 1, 2023 | 500 | 497 | 500 | 497 | |||||||||||
5.750% senior notes due January 15, 2024 | 1,000 | 994 | 1,000 | 993 | |||||||||||
5.875% senior notes due April 1, 2024 | 1,700 | 1,690 | 1,700 | 1,688 | |||||||||||
5.375% senior notes due May 1, 2025 | 750 | 746 | 750 | 745 | |||||||||||
5.750% senior notes due February 15, 2026 | 2,500 | 2,470 | 2,500 | 2,467 | |||||||||||
5.500% senior notes due May 1, 2026 | 1,500 | 1,491 | 1,500 | 1,490 | |||||||||||
5.875% senior notes due May 1, 2027 | 800 | 795 | 800 | 795 | |||||||||||
5.125% senior notes due May 1, 2027 | 3,250 | 3,221 | 3,250 | 3,219 | |||||||||||
5.000% senior notes due February 1, 2028 | 2,500 | 2,468 | 2,500 | 2,466 | |||||||||||
5.375% senior notes due June 1, 2029 | 1,500 | 1,501 | — | — | |||||||||||
Charter Communications Operating, LLC: | |||||||||||||||
3.579% senior notes due July 23, 2020 | 2,000 | 1,996 | 2,000 | 1,992 | |||||||||||
4.464% senior notes due July 23, 2022 | 3,000 | 2,985 | 3,000 | 2,982 | |||||||||||
Senior floating rate notes due February 1, 2024 | 900 | 902 | 900 | 903 | |||||||||||
4.500% senior notes due February 1, 2024 | 1,100 | 1,092 | 1,100 | 1,091 | |||||||||||
4.908% senior notes due July 23, 2025 | 4,500 | 4,470 | 4,500 | 4,466 | |||||||||||
3.750% senior notes due February 15, 2028 | 1,000 | 987 | 1,000 | 986 | |||||||||||
4.200% senior notes due March 15, 2028 | 1,250 | 1,240 | 1,250 | 1,240 | |||||||||||
5.050% senior notes due March 30, 2029 | 1,250 | 1,241 | — | — | |||||||||||
6.384% senior notes due October 23, 2035 | 2,000 | 1,982 | 2,000 | 1,982 | |||||||||||
5.375% senior notes due April 1, 2038 | 800 | 786 | 800 | 785 | |||||||||||
6.484% senior notes due October 23, 2045 | 3,500 | 3,467 | 3,500 | 3,467 |
5.375% senior notes due May 1, 2047 | 2,500 | 2,506 | 2,500 | 2,506 | |||||||||||
5.750% senior notes due April 1, 2048 | 2,450 | 2,391 | 1,700 | 1,683 | |||||||||||
5.125% senior notes due July 1, 2049 | 1,250 | 1,240 | — | — | |||||||||||
6.834% senior notes due October 23, 2055 | 500 | 495 | 500 | 495 | |||||||||||
Credit facilities | 10,834 | 10,759 | 10,038 | 9,959 | |||||||||||
Time Warner Cable, LLC: | |||||||||||||||
8.750% senior notes due February 14, 2019 | — | — | 1,250 | 1,260 | |||||||||||
8.250% senior notes due April 1, 2019 | — | — | 2,000 | 2,030 | |||||||||||
5.000% senior notes due February 1, 2020 | 1,500 | 1,513 | 1,500 | 1,541 | |||||||||||
4.125% senior notes due February 15, 2021 | 700 | 714 | 700 | 721 | |||||||||||
4.000% senior notes due September 1, 2021 | 1,000 | 1,024 | 1,000 | 1,033 | |||||||||||
5.750% sterling senior notes due June 2, 2031 (a) | 769 | 823 | 796 | 855 | |||||||||||
6.550% senior debentures due May 1, 2037 | 1,500 | 1,676 | 1,500 | 1,680 | |||||||||||
7.300% senior debentures due July 1, 2038 | 1,500 | 1,774 | 1,500 | 1,780 | |||||||||||
6.750% senior debentures due June 15, 2039 | 1,500 | 1,714 | 1,500 | 1,719 | |||||||||||
5.875% senior debentures due November 15, 2040 | 1,200 | 1,255 | 1,200 | 1,256 | |||||||||||
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) | 799 | 771 | 827 | 798 | |||||||||||
4.500% senior debentures due September 15, 2042 | 1,250 | 1,142 | 1,250 | 1,140 | |||||||||||
Time Warner Cable Enterprises LLC: | |||||||||||||||
8.375% senior debentures due March 15, 2023 | 1,000 | 1,159 | 1,000 | 1,191 | |||||||||||
8.375% senior debentures due July 15, 2033 | 1,000 | 1,288 | 1,000 | 1,298 | |||||||||||
Total debt | 74,202 | 74,899 | 71,961 | 72,827 | |||||||||||
Less current portion: | |||||||||||||||
8.750% senior notes due February 14, 2019 | — | — | (1,250 | ) | (1,260 | ) | |||||||||
8.250% senior notes due April 1, 2019 | — | — | (2,000 | ) | (2,030 | ) | |||||||||
5.000% senior notes due February 1, 2020 | (1,500 | ) | (1,513 | ) | — | — | |||||||||
3.579% senior notes due July 23, 2020 | (2,000 | ) | (1,996 | ) | — | — | |||||||||
Long-term debt | $ | 70,702 | $ | 71,390 | $ | 68,711 | $ | 69,537 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||||||||||||
Shares | $ | Shares | $ | Shares | $ | Shares | $ | ||||||||||||||||||||
Share buybacks | 6,894,762 | $ | 2,748 | 3,046,346 | $ | 929 | 11,757,758 | $ | 4,455 | 10,349,639 | $ | 3,142 | |||||||||||||||
Income tax withholding | 46,691 | 19 | 12,703 | 4 | 324,731 | 113 | 209,394 | 72 | |||||||||||||||||||
Exercise cost | 75,476 | 8,785 | 260,646 | 15,200 | |||||||||||||||||||||||
7,016,929 | $ | 2,767 | 3,067,834 | $ | 933 | 12,343,135 | $ | 4,568 | 10,574,233 | $ | 3,214 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | $ | Shares | $ | Shares | $ | Shares | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share buybacks | 2,028,234 | $ | 1,026 | 2,247,279 | $ | 837 | 6,480,783 | $ | 3,202 | 4,862,996 | $ | 1,707 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income tax withholding | 247,651 | 129 | 63,425 | 24 | 583,305 | 305 | 278,040 | 94 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise cost | 188,923 | 90,951 | 430,675 | 185,170 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2,464,808 | $ | 1,155 | 2,401,655 | $ | 861 | 7,494,763 | $ | 3,507 | 5,326,206 | $ | 1,801 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Number of units purchased | 864,826 | 495,447 | 1,615,561 | 1,546,475 | |||||||||||
Average price per unit | $ | 391.62 | $ | 292.81 | $ | 366.76 | $ | 306.11 | |||||||
Amount of units purchased | $ | 339 | $ | 145 | $ | 593 | $ | 473 | |||||||
Decrease in noncontrolling interest based on carrying value | $ | (215 | ) | $ | (122 | ) | $ | (400 | ) | $ | (376 | ) | |||
Decrease in additional paid-in-capital, net of tax | $ | (93 | ) | $ | (17 | ) | $ | (145 | ) | $ | (73 | ) |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||||||
Number of units purchased | 280,069 | 447,793 | 1,075,676 | 750,735 | |||||||||||||||||||||||||||||||
Average price per unit | $ | 445.15 | $ | 358.21 | $ | 481.68 | $ | 338.12 | |||||||||||||||||||||||||||
Amount of units purchased | $ | 125 | $ | 161 | $ | 518 | $ | 254 | |||||||||||||||||||||||||||
Decrease in noncontrolling interest based on carrying value | $ | (69) | $ | (111) | $ | (264) | $ | (185) | |||||||||||||||||||||||||||
Decrease in additional paid-in-capital, net of tax | $ | (42) | $ | (37) | $ | (191) | $ | (52) |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Decrease in noncontrolling interest | $ | (87 | ) | $ | (10 | ) | $ | (139 | ) | $ | (53 | ) | |||
Increase in additional paid-in-capital, net of tax | $ | 65 | $ | 7 | $ | 104 | $ | 39 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||||||
Decrease in noncontrolling interest | $ | (52) | $ | (23) | $ | (161) | $ | (52) | |||||||||||||||||||||||||||
Increase in additional paid-in-capital, net of tax | $ | 41 | $ | 17 | $ | 123 | $ | 39 |
Three Months Ended September 30, | Nine Months Ended September 30, | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||||||||
Gain (Loss) on Financial Instruments, Net: | Gain (Loss) on Financial Instruments, Net: | |||||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of cross-currency derivative instruments | $ | (86 | ) | $ | (10 | ) | $ | (172 | ) | $ | (63 | ) | Change in fair value of cross-currency derivative instruments | $ | 61 | $ | (163) | $ | (365) | $ | (86) | |||||||||||||||||||||||||||||
Foreign currency remeasurement of Sterling Notes to U.S. dollars | 52 | 22 | 56 | 63 | Foreign currency remeasurement of Sterling Notes to U.S. dollars | 3 | 44 | 111 | 4 | |||||||||||||||||||||||||||||||||||||||||
$ | (34 | ) | $ | 12 | $ | (116 | ) | $ | — | $ | 64 | $ | (119) | $ | (254) | $ | (82) |
September 30, 2019 | December 31, 2018 | |||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | |||||||||||||
Senior notes and debentures | $ | 64,140 | $ | 69,315 | $ | 62,868 | $ | 61,087 | ||||||||
Credit facilities | $ | 10,759 | $ | 10,842 | $ | 9,959 | $ | 9,608 |
June 30, 2020 | December 31, 2019 | |||||||||||||||||||||||||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | |||||||||||||||||||||||||||||||||||
Senior notes and debentures | $ | 68,156 | $ | 74,279 | $ | 68,733 | $ | 74,938 | ||||||||||||||||||||||||||||||
Credit facilities | $ | 10,213 | $ | 9,926 | $ | 10,345 | $ | 10,448 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||||||
Internet | $ | 4,530 | $ | 4,103 | $ | 8,937 | $ | 8,127 | |||||||||||||||||||||||||||
Video | 4,371 | 4,391 | 8,793 | 8,775 | |||||||||||||||||||||||||||||||
Voice | 451 | 489 | 908 | 993 | |||||||||||||||||||||||||||||||
Residential revenue | 9,352 | 8,983 | 18,638 | 17,895 | |||||||||||||||||||||||||||||||
Small and medium business | 983 | 963 | 1,979 | 1,908 | |||||||||||||||||||||||||||||||
Enterprise | 606 | 652 | 1,228 | 1,295 | |||||||||||||||||||||||||||||||
Commercial revenue | 1,589 | 1,615 | 3,207 | 3,203 | |||||||||||||||||||||||||||||||
Advertising sales | 249 | 395 | 614 | 740 | |||||||||||||||||||||||||||||||
Mobile | 310 | 158 | 568 | 298 | |||||||||||||||||||||||||||||||
Other | 196 | 196 | 407 | 417 | |||||||||||||||||||||||||||||||
$ | 11,696 | $ | 11,347 | $ | 23,434 | $ | 22,553 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||||||
Programming | $ | 2,873 | $ | 2,827 | $ | 5,765 | $ | 5,692 | |||||||||||||||||||||||||||
Regulatory, connectivity and produced content | 488 | 597 | 1,039 | 1,158 | |||||||||||||||||||||||||||||||
Costs to service customers | 1,848 | 1,767 | 3,696 | 3,589 | |||||||||||||||||||||||||||||||
Marketing | 719 | 768 | 1,485 | 1,503 | |||||||||||||||||||||||||||||||
Mobile | 413 | 277 | 787 | 537 | |||||||||||||||||||||||||||||||
Other | 956 | 1,008 | 1,957 | 2,001 | |||||||||||||||||||||||||||||||
$ | 7,297 | $ | 7,244 | $ | 14,729 | $ | 14,480 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Video | $ | 4,359 | $ | 4,332 | $ | 13,134 | $ | 12,987 | |||||||
Internet | 4,195 | 3,809 | 12,322 | 11,286 | |||||||||||
Voice | 477 | 512 | 1,470 | 1,599 | |||||||||||
Residential revenue | 9,031 | 8,653 | 26,926 | 25,872 | |||||||||||
Small and medium business | 974 | 922 | 2,882 | 2,737 | |||||||||||
Enterprise | 644 | 632 | 1,939 | 1,881 | |||||||||||
Commercial revenue | 1,618 | 1,554 | 4,821 | 4,618 | |||||||||||
Advertising sales | 394 | 440 | 1,134 | 1,223 | |||||||||||
Mobile | 192 | 17 | 490 | 17 | |||||||||||
Other | 215 | 228 | 632 | 673 | |||||||||||
$ | 11,450 | $ | 10,892 | $ | 34,003 | $ | 32,403 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Programming | $ | 2,790 | $ | 2,778 | $ | 8,482 | $ | 8,333 | |||||||
Regulatory, connectivity and produced content | 612 | 546 | 1,770 | 1,639 | |||||||||||
Costs to service customers | 1,894 | 1,854 | 5,483 | 5,492 | |||||||||||
Marketing | 793 | 790 | 2,296 | 2,310 | |||||||||||
Mobile | 337 | 94 | 874 | 135 | |||||||||||
Other | 1,009 | 950 | 3,010 | 2,812 | |||||||||||
$ | 7,435 | $ | 7,012 | $ | 21,915 | $ | 20,721 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Special charges, net | $ | 19 | $ | 14 | $ | 38 | $ | 125 | |||||||
(Gain) loss on sale of assets, net | (5 | ) | 4 | 33 | (9 | ) | |||||||||
$ | 14 | $ | 18 | $ | 71 | $ | 116 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||||||
Special charges, net | $ | 6 | $ | 23 | $ | 22 | 19 | ||||||||||||||||||||||||||||
(Gain) loss on sale of assets, net | (4) | 39 | (13) | 38 | |||||||||||||||||||||||||||||||
$ | 2 | $ | 62 | $ | 9 | $ | 57 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||
Stock options | 39,400 | 24,200 | 1,821,800 | 1,490,700 | |||||||
Restricted stock | 200 | 500 | 8,300 | 10,200 | |||||||
Restricted stock units | 11,300 | 13,500 | 698,200 | 518,900 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||||||
Stock options | 11,600 | 31,500 | 1,265,300 | 1,782,400 | |||||||||||||||||||||||||||||||
Restricted stock | 6,000 | 8,100 | 6,000 | 8,100 | |||||||||||||||||||||||||||||||
Restricted stock units | 7,600 | 13,200 | 415,900 | 686,900 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Numerator: | |||||||||||||||
Net income attributable to Charter shareholders | $ | 387 | $ | 493 | $ | 954 | $ | 934 | |||||||
Denominator: | |||||||||||||||
Weighted average common shares outstanding, basic | 218,499,213 | 230,554,633 | 221,818,079 | 234,159,830 | |||||||||||
Effect of dilutive securities: | |||||||||||||||
Assumed exercise or issuance of shares relating to stock plans | 3,856,654 | 3,052,781 | 3,519,905 | 3,184,094 | |||||||||||
Weighted average common shares outstanding, diluted | 222,355,867 | 233,607,414 | 225,337,984 | 237,343,924 | |||||||||||
Basic earnings per common share attributable to Charter shareholders | $ | 1.77 | $ | 2.14 | $ | 4.30 | $ | 3.99 | |||||||
Diluted earnings per common share attributable to Charter shareholders | $ | 1.74 | $ | 2.11 | $ | 4.23 | $ | 3.93 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||||||
Numerator: | |||||||||||||||||||||||||||||||||||
Net income attributable to Charter shareholders | $ | 766 | $ | 314 | $ | 1,162 | $ | 567 | |||||||||||||||||||||||||||
Denominator: | |||||||||||||||||||||||||||||||||||
Weighted average common shares outstanding, basic | 205,777,438 | 222,392,274 | 206,804,371 | 223,505,016 | |||||||||||||||||||||||||||||||
Effect of dilutive securities: | |||||||||||||||||||||||||||||||||||
Assumed exercise or issuance of shares relating to stock plans | 5,129,508 | 3,549,898 | 5,353,847 | 3,384,729 | |||||||||||||||||||||||||||||||
Weighted average common shares outstanding, diluted | 210,906,946 | 225,942,172 | 212,158,218 | 226,889,745 | |||||||||||||||||||||||||||||||
Basic earnings per common share attributable to Charter shareholders | $ | 3.72 | $ | 1.41 | $ | 5.62 | $ | 2.54 | |||||||||||||||||||||||||||
Diluted earnings per common share attributable to Charter shareholders | $ | 3.63 | $ | 1.39 | $ | 5.48 | $ | 2.50 |
Nine Months Ended September 30, 2018 | |||
Consolidated net income | $ | 1,146 | |
Foreign currency translation adjustment | (1 | ) | |
Consolidated comprehensive income | 1,145 | ||
Less: Comprehensive income attributable to noncontrolling interest | (212 | ) | |
Comprehensive income attributable to Charter shareholders | $ | 933 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Interest cost | $ | (32 | ) | $ | (32 | ) | $ | (96 | ) | $ | (96 | ) | |||
Expected return on plan assets | 41 | 52 | 123 | 156 | |||||||||||
Remeasurement gain, net | — | 187 | — | 187 | |||||||||||
Net periodic pension benefits | $ | 9 | $ | 207 | $ | 27 | $ | 247 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||||||
Interest cost | $ | (28) | $ | (32) | $ | (56) | $ | (64) | |||||||||||||||||||||||||||
Expected return on plan assets | 39 | 41 | 77 | 82 | |||||||||||||||||||||||||||||||
Net periodic pension benefits | $ | 11 | $ | 9 | $ | 21 | $ | 18 |
Charter Communications, Inc. and Subsidiaries | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Balance Sheets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
As of June 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | $ | — | $ | 239 | $ | 200 | $ | 1,658 | $ | — | $ | 2,097 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts receivable, net | — | 33 | — | 1,961 | — | 1,994 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables from related party | 31 | 107 | 43 | — | (181) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prepaid expenses and other current assets | 4 | 45 | — | 625 | — | 674 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total current assets | 35 | 424 | 243 | 4,244 | (181) | 4,765 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
RESTRICTED CASH | — | 5 | — | — | — | 5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INVESTMENT IN CABLE PROPERTIES: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, plant and equipment, net | — | 770 | — | 33,304 | — | 34,074 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Customer relationships, net | — | — | — | 6,486 | — | 6,486 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Franchises | — | — | — | 67,322 | — | 67,322 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill | — | — | — | 29,554 | — | 29,554 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total investment in cable properties, net | — | 770 | — | 136,666 | — | 137,436 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INVESTMENT IN SUBSIDIARIES | 47,040 | 52,975 | 74,548 | — | (174,563) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LOANS RECEIVABLE – RELATED PARTY | 297 | 727 | 567 | — | (1,591) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
OTHER NONCURRENT ASSETS | 2 | 364 | — | 2,564 | — | 2,930 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 47,374 | $ | 55,265 | $ | 75,358 | $ | 143,474 | $ | (176,335) | $ | 145,136 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’/MEMBER’S EQUITY | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CURRENT LIABILITIES: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts payable and accrued liabilities | $ | 51 | $ | 628 | $ | 314 | $ | 7,443 | $ | — | $ | 8,436 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payables to related party | — | — | — | 181 | (181) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current portion of long-term debt | — | — | — | 706 | — | 706 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total current liabilities | 51 | 628 | 314 | 8,330 | (181) | 9,142 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LONG-TERM DEBT | — | — | 22,069 | 55,594 | — | 77,663 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LOANS PAYABLE – RELATED PARTY | — | — | — | 1,591 | (1,591) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DEFERRED INCOME TAXES | 17,717 | 17 | — | 55 | — | 17,789 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
OTHER LONG-TERM LIABILITIES | 250 | 558 | — | 3,333 | — | 4,141 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SHAREHOLDERS’/MEMBER’S EQUITY | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Controlling interest | 29,356 | 47,040 | 52,975 | 74,548 | (174,563) | 29,356 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests | — | 7,022 | — | 23 | — | 7,045 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total shareholders’/member’s equity | 29,356 | 54,062 | 52,975 | 74,571 | (174,563) | 36,401 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’/member’s equity | $ | 47,374 | $ | 55,265 | $ | 75,358 | $ | 143,474 | $ | (176,335) | $ | 145,136 |
Charter Communications, Inc. and Subsidiaries | |||||||||||||||||||||||
Condensed Consolidating Balance Sheets | |||||||||||||||||||||||
As of September 30, 2019 | |||||||||||||||||||||||
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 | $ | — | $ | 218 | $ | — | $ | 290 | $ | — | $ | 508 | |||||||||||
Accounts receivable, net | 1 | 31 | — | 2,252 | — | 2,284 | |||||||||||||||||
Receivables from related party | 26 | 463 | 55 | — | (544 | ) | — | ||||||||||||||||
Prepaid expenses and other current assets | 7 | 41 | — | 548 | — | 596 | |||||||||||||||||
Total current assets | 34 | 753 | 55 | 3,090 | (544 | ) | 3,388 | ||||||||||||||||
RESTRICTED CASH | — | 89 | — | — | — | 89 | |||||||||||||||||
INVESTMENT IN CABLE PROPERTIES: | |||||||||||||||||||||||
Property, plant and equipment, net | — | 658 | — | 33,560 | — | 34,218 | |||||||||||||||||
Customer relationships, net | — | — | — | 7,956 | — | 7,956 | |||||||||||||||||
Franchises | — | — | — | 67,322 | — | 67,322 | |||||||||||||||||
Goodwill | — | — | — | 29,554 | — | 29,554 | |||||||||||||||||
Total investment in cable properties, net | — | 658 | — | 138,392 | — | 139,050 | |||||||||||||||||
INVESTMENT IN SUBSIDIARIES | 50,471 | 56,947 | 76,898 | — | (184,316 | ) | — | ||||||||||||||||
OPERATING LEASE RIGHT-OF-USE ASSETS | — | 173 | — | 930 | — | 1,103 | |||||||||||||||||
LOANS RECEIVABLE – RELATED PARTY | 260 | 699 | 545 | — | (1,504 | ) | — | ||||||||||||||||
OTHER NONCURRENT ASSETS | 2 | 237 | — | 1,398 | — | 1,637 | |||||||||||||||||
Total assets | $ | 50,767 | $ | 59,556 | $ | 77,498 | $ | 143,810 | $ | (186,364 | ) | $ | 145,267 | ||||||||||
LIABILITIES AND SHAREHOLDERS’/MEMBER’S EQUITY | |||||||||||||||||||||||
CURRENT LIABILITIES: | |||||||||||||||||||||||
Accounts payable and accrued liabilities | $ | 26 | $ | 916 | $ | 302 | $ | 7,019 | $ | — | $ | 8,263 | |||||||||||
Operating lease liabilities | — | 30 | — | 180 | — | 210 | |||||||||||||||||
Payables to related party | — | — | — | 544 | (544 | ) | — | ||||||||||||||||
Current portion of long-term debt | — | — | — | 3,509 | — | 3,509 | |||||||||||||||||
Total current liabilities | 26 | 946 | 302 | 11,252 | (544 | ) | 11,982 | ||||||||||||||||
LONG-TERM DEBT | — | — | 20,249 | 51,141 | — | 71,390 | |||||||||||||||||
LOANS PAYABLE – RELATED PARTY | — | — | — | 1,504 | (1,504 | ) | — | ||||||||||||||||
DEFERRED INCOME TAXES | 17,542 | 15 | — | 52 | — | 17,609 | |||||||||||||||||
LONG-TERM OPERATING LEASE LIABILITIES | — | 197 | — | 794 | — | 991 | |||||||||||||||||
OTHER LONG-TERM LIABILITIES | 225 | 402 | — | 2,146 | — | 2,773 | |||||||||||||||||
SHAREHOLDERS’/MEMBER’S EQUITY | |||||||||||||||||||||||
Controlling interest | 32,974 | 50,471 | 56,947 | 76,898 | (184,316 | ) | 32,974 | ||||||||||||||||
Noncontrolling interests | — | 7,525 | — | 23 | — | 7,548 | |||||||||||||||||
Total shareholders’/member’s equity | 32,974 | 57,996 | 56,947 | 76,921 | (184,316 | ) | 40,522 | ||||||||||||||||
Total liabilities and shareholders’/member’s equity | $ | 50,767 | $ | 59,556 | $ | 77,498 | $ | 143,810 | $ | (186,364 | ) | $ | 145,267 |
Charter Communications, Inc. and Subsidiaries | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Balance Sheets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
As of December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | $ | — | $ | 234 | $ | 500 | $ | 2,749 | $ | — | $ | 3,483 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts receivable, net | 1 | 31 | — | 2,195 | — | 2,227 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables from related party | 34 | 264 | 59 | — | (357) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prepaid expenses and other current assets | 10 | 40 | — | 711 | — | 761 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total current assets | 45 | 569 | 559 | 5,655 | (357) | 6,471 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
RESTRICTED CASH | — | 66 | — | — | — | 66 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INVESTMENT IN CABLE PROPERTIES: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, plant and equipment, net | — | 683 | — | 33,908 | — | 34,591 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Customer relationships, net | — | — | — | 7,453 | — | 7,453 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Franchises | — | — | — | 67,322 | — | 67,322 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill | — | — | — | 29,554 | — | 29,554 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total investment in cable properties, net | — | 683 | — | 138,237 | — | 138,920 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INVESTMENT IN SUBSIDIARIES | 49,024 | 55,266 | 76,409 | — | (180,699) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LOANS RECEIVABLE – RELATED PARTY | 260 | 699 | 545 | — | (1,504) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
OTHER NONCURRENT ASSETS | 2 | 378 | — | 2,351 | — | 2,731 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 49,331 | $ | 57,661 | $ | 77,513 | $ | 146,243 | $ | (182,560) | $ | 148,188 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’/MEMBER’S EQUITY | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CURRENT LIABILITIES: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts payable and accrued liabilities | $ | 18 | $ | 725 | $ | 296 | $ | 7,846 | $ | — | $ | 8,885 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payables to related party | — | — | — | 357 | (357) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current portion of long-term debt | — | — | — | 3,500 | — | 3,500 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total current liabilities | 18 | 725 | 296 | 11,703 | (357) | 12,385 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LONG-TERM DEBT | — | — | 21,951 | 53,627 | — | 75,578 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LOANS PAYABLE – RELATED PARTY | — | — | — | 1,504 | (1,504) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DEFERRED INCOME TAXES | 17,641 | 15 | — | 55 | — | 17,711 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
OTHER LONG-TERM LIABILITIES | 227 | 554 | — | 2,922 | — | 3,703 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SHAREHOLDERS’/MEMBER’S EQUITY | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Controlling interest | 31,445 | 49,024 | 55,266 | 76,409 | (180,699) | 31,445 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests | — | 7,343 | — | 23 | — | 7,366 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total shareholders’/member’s equity | 31,445 | 56,367 | 55,266 | 76,432 | (180,699) | 38,811 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’/member’s equity | $ | 49,331 | $ | 57,661 | $ | 77,513 | $ | 146,243 | $ | (182,560) | $ | 148,188 |
Charter Communications, Inc. and Subsidiaries | |||||||||||||||||||||||
Condensed Consolidating Balance Sheets | |||||||||||||||||||||||
As of December 31, 2018 | |||||||||||||||||||||||
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 | $ | — | $ | 251 | $ | — | $ | 300 | $ | — | $ | 551 | |||||||||||
Accounts receivable, net | 1 | 33 | — | 1,699 | — | 1,733 | |||||||||||||||||
Receivables from related party | 27 | 518 | 57 | — | (602 | ) | — | ||||||||||||||||
Prepaid expenses and other current assets | 14 | 32 | — | 400 | — | 446 | |||||||||||||||||
Total current assets | 42 | 834 | 57 | 2,399 | (602 | ) | 2,730 | ||||||||||||||||
RESTRICTED CASH | — | 214 | — | — | — | 214 | |||||||||||||||||
INVESTMENT IN CABLE PROPERTIES: | |||||||||||||||||||||||
Property, plant and equipment, net | — | 468 | — | 34,658 | — | 35,126 | |||||||||||||||||
Customer relationships, net | — | — | — | 9,565 | — | 9,565 | |||||||||||||||||
Franchises | — | — | — | 67,319 | — | 67,319 | |||||||||||||||||
Goodwill | — | — | — | 29,554 | — | 29,554 | |||||||||||||||||
Total investment in cable properties, net | — | 468 | — | 141,096 | — | 141,564 | |||||||||||||||||
INVESTMENT IN SUBSIDIARIES | 53,592 | 60,530 | 78,960 | — | (193,082 | ) | — | ||||||||||||||||
LOANS RECEIVABLE – RELATED PARTY | 251 | 674 | 526 | — | (1,451 | ) | — | ||||||||||||||||
OTHER NONCURRENT ASSETS | — | 222 | — | 1,403 | (3 | ) | 1,622 | ||||||||||||||||
Total assets | $ | 53,885 | $ | 62,942 | $ | 79,543 | $ | 144,898 | $ | (195,138 | ) | $ | 146,130 | ||||||||||
LIABILITIES AND SHAREHOLDERS’/MEMBER’S EQUITY | |||||||||||||||||||||||
CURRENT LIABILITIES: | |||||||||||||||||||||||
Accounts payable and accrued liabilities | $ | 9 | $ | 893 | $ | 283 | $ | 7,620 | $ | — | $ | 8,805 | |||||||||||
Payables to related party | — | — | — | 602 | (602 | ) | — | ||||||||||||||||
Current portion of long-term debt | — | — | — | 3,290 | — | 3,290 | |||||||||||||||||
Total current liabilities | 9 | 893 | 283 | 11,512 | (602 | ) | 12,095 | ||||||||||||||||
LONG-TERM DEBT | — | — | 18,730 | 50,807 | — | 69,537 | |||||||||||||||||
LOANS PAYABLE – RELATED PARTY | — | — | — | 1,451 | (1,451 | ) | — | ||||||||||||||||
DEFERRED INCOME TAXES | 17,376 | 16 | — | — | (3 | ) | 17,389 | ||||||||||||||||
OTHER LONG-TERM LIABILITIES | 215 | 478 | — | 2,144 | — | 2,837 | |||||||||||||||||
SHAREHOLDERS’/MEMBER’S EQUITY | |||||||||||||||||||||||
Controlling interest | 36,285 | 53,592 | 60,530 | 78,960 | (193,082 | ) | 36,285 | ||||||||||||||||
Noncontrolling interests | — | 7,963 | — | 24 | — | 7,987 | |||||||||||||||||
Total shareholders’/member’s equity | 36,285 | 61,555 | 60,530 | 78,984 | (193,082 | ) | 44,272 | ||||||||||||||||
Total liabilities and shareholders’/member’s equity | $ | 53,885 | $ | 62,942 | $ | 79,543 | $ | 144,898 | $ | (195,138 | ) | $ | 146,130 |
Charter Communications, Inc. and Subsidiaries | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statements of Operations | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the six months June 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-Guarantor Subsidiaries | Guarantor Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Charter | Intermediate Holding Companies | CCO Holdings | Charter Operating and Restricted Subsidiaries | Eliminations | Charter Consolidated | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
REVENUES | $ | 29 | $ | 597 | $ | — | $ | 23,430 | $ | (622) | $ | 23,434 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
COSTS AND EXPENSES: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating costs and expenses (exclusive of items shown separately below) | 29 | 545 | — | 14,774 | (619) | 14,729 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | — | 8 | — | 4,917 | — | 4,925 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other operating expense, net | — | — | — | 12 | (3) | 9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
29 | 553 | — | 19,703 | (622) | 19,663 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income from operations | — | 44 | — | 3,727 | — | 3,771 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
OTHER INCOME (EXPENSES): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest income (expense), net | 8 | 12 | (587) | (1,370) | — | (1,937) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loss on extinguishment of debt | — | — | (63) | — | — | (63) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loss on financial instruments, net | — | — | — | (254) | — | (254) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other pension benefits, net | — | — | — | 21 | — | 21 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other income (expense), net | — | (5) | — | 5 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity in income of subsidiaries | 1,313 | 1,465 | 2,115 | — | (4,893) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1,321 | 1,472 | 1,465 | (1,598) | (4,893) | (2,233) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income before income taxes | 1,321 | 1,516 | 1,465 | 2,129 | (4,893) | 1,538 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income tax expense | (159) | (23) | — | (13) | — | (195) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated net income | 1,162 | 1,493 | 1,465 | 2,116 | (4,893) | 1,343 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less: Net income attributable to noncontrolling interests | — | (180) | — | (1) | — | (181) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | $ | 1,162 | $ | 1,313 | $ | 1,465 | $ | 2,115 | $ | (4,893) | $ | 1,162 |
Charter Communications, Inc. and Subsidiaries | |||||||||||||||||||||||
Condensed Consolidating Statements of Operations | |||||||||||||||||||||||
For the nine months ended September 30, 2019 | |||||||||||||||||||||||
Non-Guarantor Subsidiaries | Guarantor Subsidiaries | ||||||||||||||||||||||
Charter | Intermediate Holding Companies | CCO Holdings | Charter Operating and Restricted Subsidiaries | Eliminations | Charter Consolidated | ||||||||||||||||||
REVENUES | $ | 39 | $ | 880 | $ | — | $ | 33,997 | $ | (913 | ) | $ | 34,003 | ||||||||||
COSTS AND EXPENSES: | |||||||||||||||||||||||
Operating costs and expenses (exclusive of items shown separately below) | 39 | 843 | — | 21,950 | (917 | ) | 21,915 | ||||||||||||||||
Depreciation and amortization | — | 12 | — | 7,453 | — | 7,465 | |||||||||||||||||
Other operating (income) expense, net | — | (10 | ) | — | 77 | 4 | 71 | ||||||||||||||||
39 | 845 | — | 29,480 | (913 | ) | 29,451 | |||||||||||||||||
Income from operations | — | 35 | — | 4,517 | — | 4,552 | |||||||||||||||||
OTHER INCOME (EXPENSES): | |||||||||||||||||||||||
Interest income (expense), net | 7 | 25 | (785 | ) | (2,080 | ) | — | (2,833 | ) | ||||||||||||||
Loss on financial instruments, net | — | — | — | (116 | ) | — | (116 | ) | |||||||||||||||
Other pension benefits, net | — | — | — | 27 | — | 27 | |||||||||||||||||
Other expense, net | — | (2 | ) | — | (129 | ) | — | (131 | ) | ||||||||||||||
Equity in income of subsidiaries | 1,180 | 1,347 | 2,132 | — | (4,659 | ) | — | ||||||||||||||||
1,187 | 1,370 | 1,347 | (2,298 | ) | (4,659 | ) | (3,053 | ) | |||||||||||||||
Income before income taxes | 1,187 | 1,405 | 1,347 | 2,219 | (4,659 | ) | 1,499 | ||||||||||||||||
Income tax expense | (233 | ) | (10 | ) | — | (86 | ) | — | (329 | ) | |||||||||||||
Consolidated net income | 954 | 1,395 | 1,347 | 2,133 | (4,659 | ) | 1,170 | ||||||||||||||||
Less: Net income attributable to noncontrolling interests | — | (215 | ) | — | (1 | ) | — | (216 | ) | ||||||||||||||
Net income | $ | 954 | $ | 1,180 | $ | 1,347 | $ | 2,132 | $ | (4,659 | ) | $ | 954 |
Charter Communications, Inc. and Subsidiaries | |||||||||||||||||||||||
Condensed Consolidating Statements of Operations | |||||||||||||||||||||||
For the nine months ended September 30, 2018 | |||||||||||||||||||||||
Non-Guarantor Subsidiaries | Guarantor Subsidiaries | ||||||||||||||||||||||
Charter | Intermediate Holding Companies | CCO Holdings | Charter Operating and Restricted Subsidiaries | Eliminations | Charter Consolidated | ||||||||||||||||||
REVENUES | $ | 37 | $ | 844 | $ | — | $ | 32,390 | $ | (868 | ) | $ | 32,403 | ||||||||||
COSTS AND EXPENSES: | |||||||||||||||||||||||
Operating costs and expenses (exclusive of items shown separately below) | 37 | 810 | — | 20,742 | (868 | ) | 20,721 | ||||||||||||||||
Depreciation and amortization | — | 8 | — | 7,776 | — | 7,784 | |||||||||||||||||
Other operating expenses, net | — | 4 | — | 112 | — | 116 | |||||||||||||||||
37 | 822 | — | 28,630 | (868 | ) | 28,621 | |||||||||||||||||
Income from operations | — | 22 | — | 3,760 | — | 3,782 | |||||||||||||||||
OTHER INCOME (EXPENSES): | |||||||||||||||||||||||
Interest income (expense), net | 7 | 21 | (762 | ) | (1,896 | ) | — | (2,630 | ) | ||||||||||||||
Other pension benefits, net | — | — | — | 247 | — | 247 | |||||||||||||||||
Other expense, net | — | (26 | ) | — | (49 | ) | — | (75 | ) | ||||||||||||||
Equity in income of subsidiaries | 1,085 | 1,286 | 2,048 | — | (4,419 | ) | — | ||||||||||||||||
1,092 | 1,281 | 1,286 | (1,698 | ) | (4,419 | ) | (2,458 | ) | |||||||||||||||
Income before income taxes | 1,092 | 1,303 | 1,286 | 2,062 | (4,419 | ) | 1,324 | ||||||||||||||||
Income tax expense | (158 | ) | (7 | ) | — | (13 | ) | — | (178 | ) | |||||||||||||
Consolidated net income | 934 | 1,296 | 1,286 | 2,049 | (4,419 | ) | 1,146 | ||||||||||||||||
Less: Net income attributable to noncontrolling interests | — | (211 | ) | — | (1 | ) | — | (212 | ) | ||||||||||||||
Net income | $ | 934 | $ | 1,085 | $ | 1,286 | $ | 2,048 | $ | (4,419 | ) | $ | 934 |
Charter Communications, Inc. and Subsidiaries | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statements of Operations | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the six months ended June 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-Guarantor Subsidiaries | Guarantor Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Charter | Intermediate Holding Companies | CCO Holdings | Charter Operating and Restricted Subsidiaries | Eliminations | Charter Consolidated | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
REVENUES | $ | 23 | $ | 575 | $ | — | $ | 22,548 | $ | (593) | $ | 22,553 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
COSTS AND EXPENSES: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating costs and expenses (exclusive of items shown separately below) | 23 | 556 | — | 14,500 | (599) | 14,480 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | — | 8 | — | 5,042 | — | 5,050 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other operating expense (income), net | — | (8) | — | 59 | 6 | 57 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
23 | 556 | — | 19,601 | (593) | 19,587 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income from operations | — | 19 | — | 2,947 | — | 2,966 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
OTHER INCOME (EXPENSES): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest income (expense), net | 5 | 17 | (511) | (1,381) | — | (1,870) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loss on financial instruments, net | — | — | — | (82) | — | (82) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other pension benefits, net | — | — | — | 18 | — | 18 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other expense, net | — | — | — | (126) | — | (126) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity in income of subsidiaries | 685 | 788 | 1,299 | — | (2,772) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
690 | 805 | 788 | (1,571) | (2,772) | (2,060) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income before income taxes | 690 | 824 | 788 | 1,376 | (2,772) | 906 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income tax expense | (123) | (4) | — | (76) | — | (203) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated net income | 567 | 820 | 788 | 1,300 | (2,772) | 703 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less: Net income attributable to noncontrolling interests | — | (135) | — | (1) | — | (136) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | $ | 567 | $ | 685 | $ | 788 | $ | 1,299 | $ | (2,772) | $ | 567 |
Charter Communications, Inc. and Subsidiaries | |||||||||||||||||||||||
Condensed Consolidating Statements of Comprehensive Income | |||||||||||||||||||||||
For the nine months ended September 30, 2018 | |||||||||||||||||||||||
Non-Guarantor Subsidiaries | Guarantor Subsidiaries | ||||||||||||||||||||||
Charter | Intermediate Holding Companies | CCO Holdings | Charter Operating and Restricted Subsidiaries | Eliminations | Charter Consolidated | ||||||||||||||||||
Consolidated net income | $ | 934 | $ | 1,296 | $ | 1,286 | $ | 2,049 | $ | (4,419 | ) | $ | 1,146 | ||||||||||
Foreign currency translation adjustment | (1 | ) | (1 | ) | (1 | ) | (1 | ) | 3 | (1 | ) | ||||||||||||
Consolidated comprehensive income | $ | 933 | $ | 1,295 | $ | 1,285 | $ | 2,048 | $ | (4,416 | ) | $ | 1,145 | ||||||||||
Less: Comprehensive income attributable to noncontrolling interests | — | (211 | ) | — | (1 | ) | — | (212 | ) | ||||||||||||||
Comprehensive income | $ | 933 | $ | 1,084 | $ | 1,285 | $ | 2,047 | $ | (4,416 | ) | $ | 933 |
Charter Communications, Inc. and Subsidiaries | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statements of Cash Flows | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the six months ended June 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | $ | 3 | $ | 51 | $ | (565) | $ | 7,260 | $ | — | $ | 6,749 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchases of property, plant and equipment | — | — | — | (3,338) | — | (3,338) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in accrued expenses related to capital expenditures | — | — | — | (174) | — | (174) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate investments through variable interest entities | — | (81) | — | — | — | (81) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contributions to subsidiaries | (145) | (39) | (4,385) | — | 4,569 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions from subsidiaries | 3,530 | 3,975 | 8,541 | — | (16,046) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other, net | — | (3) | — | (5) | — | (8) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net cash flows from investing activities | 3,385 | 3,852 | 4,156 | (3,517) | (11,477) | (3,601) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings of long-term debt | — | — | 4,178 | 3,144 | — | 7,322 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repayments of long-term debt | — | — | (4,092) | (3,800) | — | (7,892) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings (repayments) of loans payable - related parties | (25) | — | — | 25 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payments for debt issuance costs | — | — | (41) | (21) | — | (62) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of equity | 23 | — | — | — | — | 23 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchase of treasury stock | (3,507) | — | — | — | — | (3,507) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from exercise of stock options | 121 | — | — | — | — | 121 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchase of noncontrolling interest | — | (518) | — | — | — | (518) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interest | — | (76) | — | (1) | — | (77) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contributions from parent | — | 145 | 39 | 4,385 | (4,569) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to parent | — | (3,530) | (3,975) | (8,541) | 16,046 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings for real estate investments through variable interest entities | — | 24 | — | — | — | 24 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to variable interest entities noncontrolling interest | — | (4) | — | — | — | (4) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other, net | — | — | — | (25) | — | (25) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net cash flows from financing activities | (3,388) | (3,959) | (3,891) | (4,834) | 11,477 | (4,595) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NET DECREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | — | (56) | (300) | (1,091) | — | (1,447) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period | — | 300 | 500 | 2,749 | — | 3,549 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period | $ | — | $ | 244 | $ | 200 | $ | 1,658 | $ | — | $ | 2,102 |
Charter Communications, Inc. and Subsidiaries | |||||||||||||||||||||||
Condensed Consolidating Statements of Cash Flows | |||||||||||||||||||||||
For the nine months ended September 30, 2019 | |||||||||||||||||||||||
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 | $ | (22 | ) | $ | 65 | $ | (762 | ) | $ | 9,109 | $ | — | $ | 8,390 | |||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||||||
Purchases of property, plant and equipment | — | (67 | ) | — | (4,913 | ) | 67 | (4,913 | ) | ||||||||||||||
Change in accrued expenses related to capital expenditures | — | — | — | (449 | ) | — | (449 | ) | |||||||||||||||
Real estate investments through variable interest entities | — | (125 | ) | — | — | — | (125 | ) | |||||||||||||||
Contributions to subsidiaries | (117 | ) | (54 | ) | (1,559 | ) | — | 1,730 | — | ||||||||||||||
Distributions from subsidiaries | 4,601 | 5,222 | 5,988 | — | (15,811 | ) | — | ||||||||||||||||
Other, net | — | (8 | ) | — | 85 | (67 | ) | 10 | |||||||||||||||
Net cash flows from investing activities | 4,484 | 4,968 | 4,429 | (5,277 | ) | (14,081 | ) | (5,477 | ) | ||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||||||
Borrowings of long-term debt | — | — | 1,515 | 11,642 | — | 13,157 | |||||||||||||||||
Repayments of long-term debt | — | — | — | (10,886 | ) | — | (10,886 | ) | |||||||||||||||
Payments for debt issuance costs | — | — | (14 | ) | (34 | ) | — | (48 | ) | ||||||||||||||
Purchase of treasury stock | (4,568 | ) | — | — | — | — | (4,568 | ) | |||||||||||||||
Proceeds from exercise of stock options | 106 | — | — | — | — | 106 | |||||||||||||||||
Purchase of noncontrolling interest | — | (593 | ) | — | — | — | (593 | ) | |||||||||||||||
Distributions to noncontrolling interest | — | (114 | ) | — | (2 | ) | — | (116 | ) | ||||||||||||||
Contributions from parent | — | 117 | 54 | 1,559 | (1,730 | ) | — | ||||||||||||||||
Distributions to parent | — | (4,601 | ) | (5,222 | ) | (5,988 | ) | 15,811 | — | ||||||||||||||
Other, net | — | — | — | (133 | ) | — | (133 | ) | |||||||||||||||
Net cash flows from financing activities | (4,462 | ) | (5,191 | ) | (3,667 | ) | (3,842 | ) | 14,081 | (3,081 | ) | ||||||||||||
NET DECREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | — | (158 | ) | — | (10 | ) | — | (168 | ) | ||||||||||||||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period | — | 465 | — | 300 | — | 765 | |||||||||||||||||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period | $ | — | $ | 307 | $ | — | $ | 290 | $ | — | $ | 597 |
Charter Communications, Inc. and Subsidiaries | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statements of Cash Flows | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the six months ended June 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | $ | (18) | $ | 55 | $ | (509) | $ | 5,919 | $ | — | $ | 5,447 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchases of property, plant and equipment | — | (67) | — | (3,262) | 67 | (3,262) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in accrued expenses related to capital expenditures | — | — | — | (428) | — | (428) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate investments through variable interest entities | — | (64) | — | — | — | (64) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contribution to subsidiaries | (91) | (51) | (792) | — | 934 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions from subsidiaries | 1,829 | 2,084 | 2,591 | — | (6,504) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other, net | — | (5) | — | 80 | (67) | 8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net cash flows from investing activities | 1,738 | 1,897 | 1,799 | (3,610) | (5,570) | (3,746) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings of long-term debt | — | — | 750 | 9,964 | — | 10,714 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repayments of long-term debt | — | — | — | (10,123) | — | (10,123) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payments for debt issuance costs | — | — | (7) | (25) | — | (32) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchase of treasury stock | (1,801) | — | — | — | — | (1,801) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from exercise of stock options | 81 | — | — | — | — | 81 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchase of noncontrolling interest | — | (254) | — | — | — | (254) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interest | — | (77) | — | (1) | — | (78) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contributions from parent | — | 91 | 51 | 792 | (934) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to parent | — | (1,829) | (2,084) | (2,591) | 6,504 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other, net | — | — | — | (127) | — | (127) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net cash flows from financing activities | (1,720) | (2,069) | (1,290) | (2,111) | 5,570 | (1,620) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | — | (117) | — | 198 | — | 81 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period | — | 465 | — | 300 | — | 765 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period | $ | — | $ | 348 | $ | — | $ | 498 | $ | — | $ | 846 |
Charter Communications, Inc. and Subsidiaries | |||||||||||||||||||||||
Condensed Consolidating Statements of Cash Flows | |||||||||||||||||||||||
For the nine months ended September 30, 2018 | |||||||||||||||||||||||
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 | $ | 4 | $ | 91 | $ | (728 | ) | $ | 9,232 | $ | — | $ | 8,599 | ||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||||||
Purchases of property, plant and equipment | — | — | — | (6,692 | ) | — | (6,692 | ) | |||||||||||||||
Change in accrued expenses related to capital expenditures | — | — | — | (620 | ) | — | (620 | ) | |||||||||||||||
Real estate investments through variable interest entities | — | (15 | ) | — | — | — | (15 | ) | |||||||||||||||
Contribution to subsidiaries | (56 | ) | (127 | ) | (127 | ) | — | 310 | — | ||||||||||||||
Distributions from subsidiaries | 3,217 | 3,763 | 4,491 | — | (11,471 | ) | — | ||||||||||||||||
Other, net | — | (10 | ) | — | (93 | ) | — | (103 | ) | ||||||||||||||
Net cash flows from investing activities | 3,161 | 3,611 | 4,364 | (7,405 | ) | (11,161 | ) | (7,430 | ) | ||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||||||
Borrowings of long-term debt | — | — | — | 11,552 | — | 11,552 | |||||||||||||||||
Repayments of long-term debt | — | — | — | (8,964 | ) | — | (8,964 | ) | |||||||||||||||
Borrowings (repayments) loans payable - related parties | (7 | ) | — | — | 7 | — | — | ||||||||||||||||
Payments for debt issuance costs | — | — | — | (29 | ) | — | (29 | ) | |||||||||||||||
Purchase of treasury stock | (3,214 | ) | — | — | — | — | (3,214 | ) | |||||||||||||||
Proceeds from exercise of stock options | 56 | — | — | — | — | 56 | |||||||||||||||||
Purchase of noncontrolling interest | — | (473 | ) | — | — | — | (473 | ) | |||||||||||||||
Distributions to noncontrolling interest | — | (113 | ) | — | (1 | ) | — | (114 | ) | ||||||||||||||
Contributions from parent | — | 56 | 127 | 127 | (310 | ) | — | ||||||||||||||||
Distributions to parent | — | (3,217 | ) | (3,763 | ) | (4,491 | ) | 11,471 | — | ||||||||||||||
Borrowings for real estate investments through variable interest entities | — | 170 | — | — | — | 170 | |||||||||||||||||
Distributions to variable interest entities noncontrolling interest | — | (107 | ) | — | — | — | (107 | ) | |||||||||||||||
Other, net | — | — | — | (7 | ) | — | (7 | ) | |||||||||||||||
Net cash flows from financing activities | (3,165 | ) | (3,684 | ) | (3,636 | ) | (1,806 | ) | 11,161 | (1,130 | ) | ||||||||||||
NET INCRASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | — | 18 | — | 21 | — | 39 | |||||||||||||||||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period | — | 291 | — | 330 | — | 621 | |||||||||||||||||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period | $ | — | $ | 309 | $ | — | $ | 351 | $ | — | $ | 660 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | % Change | 2020 | 2019 | % Change | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues | $ | 11,696 | $ | 11,347 | 3.1 | % | $ | 23,434 | $ | 22,553 | 3.9 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA | $ | 4,489 | $ | 4,185 | 7.3 | % | $ | 8,885 | $ | 8,240 | 7.8 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Income from operations | $ | 1,969 | $ | 1,541 | 27.8 | % | $ | 3,771 | $ | 2,966 | 27.1 | % |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||
2019 | 2018 | % Change | 2019 | 2018 | % Change | ||||||||||||||||
Revenues | $ | 11,450 | $ | 10,892 | 5.1 | % | $ | 34,003 | $ | 32,403 | 4.9 | % | |||||||||
Adjusted EBITDA | $ | 4,086 | $ | 3,951 | 3.4 | % | $ | 12,326 | $ | 11,895 | 3.6 | % | |||||||||
Income from operations | $ | 1,586 | $ | 1,380 | 15.0 | % | $ | 4,552 | $ | 3,782 | 20.4 | % |
Approximate as of | |||||||||||||||||
June 30, | |||||||||||||||||
2020 (a) | 2019 (a) | ||||||||||||||||
Customer Relationships (b) | |||||||||||||||||
Residential | 28,496 | 26,755 | |||||||||||||||
Small and Medium Business | 1,980 | 1,902 | |||||||||||||||
Total Customer Relationships | 30,476 | 28,657 | |||||||||||||||
Residential Primary Service Units (“PSU”) | |||||||||||||||||
Internet | 26,313 | 24,244 | |||||||||||||||
Video | 15,652 | 15,802 | |||||||||||||||
Voice | 9,398 | 9,808 | |||||||||||||||
Monthly Residential Revenue per Residential Customer (c) | $ | 110.82 | $ | 112.20 | |||||||||||||
Small and Medium Business PSUs | |||||||||||||||||
Internet | 1,783 | 1,701 | |||||||||||||||
Video | 516 | 518 | |||||||||||||||
Voice | 1,169 | 1,097 | |||||||||||||||
Monthly Small and Medium Business Revenue per Customer (d) | $ | 166.06 | $ | 170.42 | |||||||||||||
Mobile Lines | 1,697 | 518 | |||||||||||||||
Enterprise PSUs (e) | 270 | 258 |
Approximate as of | |||||||
September 30, | |||||||
2019 (a) | 2018 (a) | ||||||
Customer Relationships (b) | |||||||
Residential | 27,037 | 26,063 | |||||
Small and Medium Business | 1,930 | 1,792 | |||||
Total Customer Relationships | 28,967 | 27,855 | |||||
Residential Primary Service Units (“PSU”) | |||||||
Video | 15,725 | 16,140 | |||||
Internet | 24,595 | 23,336 | |||||
Voice | 9,595 | 10,218 | |||||
Monthly Residential Revenue per Residential Customer (c) | $ | 112.00 | $ | 111.13 | |||
Small and Medium Business PSUs | |||||||
Video | 520 | 488 | |||||
Internet | 1,730 | 1,594 | |||||
Voice | 1,120 | 1,024 | |||||
Monthly Small and Medium Business Revenue per Customer (d) | $ | 169.44 | $ | 173.52 | |||
Enterprise PSUs (e) | 264 | 243 |
(b)Customer relationships include the number of customers that receive one or more levels of service, encompassing Internet, video and voice services, without regard to which service(s) such customers receive. Customers who reside in residential multiple dwelling units (“MDUs”) and that are billed under bulk contracts are counted based on the number of billed units within each bulk MDU. Total customer relationships exclude enterprise and mobile-only customer relationships. (c)Monthly residential revenue per residential customer is calculated as total residential Internet, video and voice quarterly revenue divided by three divided by average residential customer relationships during the respective quarter. Monthly residential revenue per residential customers excludes mobile revenue and customers. (d)Monthly small and medium business revenue per customer is calculated as total small and medium business quarterly revenue divided by three divided by average small and medium business customer relationships during the respective quarter. Monthly small and medium business revenue per small and medium customer excludes mobile revenue and customers. (e)Enterprise PSUs represent the aggregate number of fiber service offerings counting each separate service offering at each customer location as an individual PSU. 30 The table above includes the impact on customers of COVID-19 related offers and programs launched by us in the first quarter of 2020 as follows (in thousands except footnotes).
(a)The REO represents residential customers receiving free Internet service by participating in Charter's free 60-day Internet offer available to households with K-12 and/or college students or educators who were not Spectrum Internet customers. This offer for new customers ended on June 30, 2020. These residential customers are generally eligible to purchase additional products and services (i.e. video, voice and mobile) at current promotional rates. Of the 448,000 Internet customers who were added as part of the REO through June 30, 2020 (of which 119,000 were added in March), 160,000 remained within their 60-day free period with 288,000 having rolled off the promotional period as of June 30, 2020. Nearly 90% of cumulative connects on the REO remained Internet customers as of July 27, 2020. (b)As part of our March 2020 pledge to the FCC which we extended through June 30, KAC represents customers who requested to not be disconnected from service due to COVID-19 related payment challenges and would have been disconnected under our normal collection policies during the pledge period. Approximately 600,000 residential customers and 100,000 SMB customers had requested protection from disconnection, of which at the peak of the program, 208,000 and 14,000, respectively, would have been disconnected under our normal collection policies. Approximately 30% of the KAC customer bills were current, and over 60% were making partial or full payments. In an effort to assist these COVID-19 impacted customers with overdue balances, we waived $76 of million residential, $6 million of SMB and $3 million of mobile receivables, each of which were recorded as a reduction to revenue in the second quarter. These customers no longer have an overdue balance and will be subject to Charter's standard collection practices going forward. (c)Represents small and medium businesses and Enterprise hospitality customers who have requested a reduced level of service and now pay a reduced price for their service due to temporary business closure or because these customers have reduced their service offering to their own customers. (d)Customers who are receiving free Internet Service as part of the REO who have subscribed to products in addition to Spectrum Internet (i.e., video, voice, mobile) during the 60-day Free Internet Offer. Billings are not deferred for these additional services. |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||||||
Revenues | $ | 11,696 | $ | 11,347 | $ | 23,434 | $ | 22,553 | |||||||||||||||||||||||||||
Costs and Expenses: | |||||||||||||||||||||||||||||||||||
Operating costs and expenses (exclusive of items shown separately below) | 7,297 | 7,244 | 14,729 | 14,480 | |||||||||||||||||||||||||||||||
Depreciation and amortization | 2,428 | 2,500 | 4,925 | 5,050 | |||||||||||||||||||||||||||||||
Other operating expenses, net | 2 | 62 | 9 | 57 | |||||||||||||||||||||||||||||||
9,727 | 9,806 | 19,663 | 19,587 | ||||||||||||||||||||||||||||||||
Income from operations | 1,969 | 1,541 | 3,771 | 2,966 | |||||||||||||||||||||||||||||||
Other Income (Expenses): | |||||||||||||||||||||||||||||||||||
Interest expense, net | (957) | (945) | (1,937) | (1,870) | |||||||||||||||||||||||||||||||
Loss on extinguishment of debt | (36) | — | (63) | — | |||||||||||||||||||||||||||||||
Gain (loss) on financial instruments, net | 64 | (119) | (254) | (82) | |||||||||||||||||||||||||||||||
Other pension benefits, net | 11 | 9 | 21 | 18 | |||||||||||||||||||||||||||||||
Other expense, net | (9) | (16) | — | (126) | |||||||||||||||||||||||||||||||
(927) | (1,071) | (2,233) | (2,060) | ||||||||||||||||||||||||||||||||
Income before income taxes | 1,042 | 470 | 1,538 | 906 | |||||||||||||||||||||||||||||||
Income tax expense | (166) | (84) | (195) | (203) | |||||||||||||||||||||||||||||||
Consolidated net income | 876 | 386 | 1,343 | 703 | |||||||||||||||||||||||||||||||
Less: Net income attributable to noncontrolling interests | (110) | (72) | (181) | (136) | |||||||||||||||||||||||||||||||
Net income attributable to Charter shareholders | $ | 766 | $ | 314 | $ | 1,162 | $ | 567 | |||||||||||||||||||||||||||
EARNINGS PER COMMON SHARE ATTRIBUTABLE TO CHARTER SHAREHOLDERS: | |||||||||||||||||||||||||||||||||||
Basic | $ | 3.72 | $ | 1.41 | $ | 5.62 | $ | 2.54 | |||||||||||||||||||||||||||
Diluted | $ | 3.63 | $ | 1.39 | $ | 5.48 | $ | 2.50 | |||||||||||||||||||||||||||
Weighted average common shares outstanding, basic | 205,777,438 | 222,392,274 | 206,804,371 | 223,505,016 | |||||||||||||||||||||||||||||||
Weighted average common shares outstanding, diluted | 210,906,946 | 225,942,172 | 212,158,218 | 226,889,745 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Revenues | $ | 11,450 | $ | 10,892 | $ | 34,003 | $ | 32,403 | |||||||
Costs and Expenses: | |||||||||||||||
Operating costs and expenses (exclusive of items shown separately below) | 7,435 | 7,012 | 21,915 | 20,721 | |||||||||||
Depreciation and amortization | 2,415 | 2,482 | 7,465 | 7,784 | |||||||||||
Other operating expenses, net | 14 | 18 | 71 | 116 | |||||||||||
9,864 | 9,512 | 29,451 | 28,621 | ||||||||||||
Income from operations | 1,586 | 1,380 | 4,552 | 3,782 | |||||||||||
Other Income (Expenses): | |||||||||||||||
Interest expense, net | (963 | ) | (901 | ) | (2,833 | ) | (2,630 | ) | |||||||
Gain (loss) on financial instruments, net | (34 | ) | 12 | (116 | ) | — | |||||||||
Other pension benefits, net | 9 | 207 | 27 | 247 | |||||||||||
Other expense, net | (5 | ) | (5 | ) | (131 | ) | (75 | ) | |||||||
(993 | ) | (687 | ) | (3,053 | ) | (2,458 | ) | ||||||||
Income before income taxes | 593 | 693 | 1,499 | 1,324 | |||||||||||
Income tax expense | (126 | ) | (109 | ) | (329 | ) | (178 | ) | |||||||
Consolidated net income | 467 | 584 | 1,170 | 1,146 | |||||||||||
Less: Net income attributable to noncontrolling interests | (80 | ) | (91 | ) | (216 | ) | (212 | ) | |||||||
Net income attributable to Charter shareholders | $ | 387 | $ | 493 | $ | 954 | $ | 934 | |||||||
EARNINGS PER COMMON SHARE ATTRIBUTABLE TO CHARTER SHAREHOLDERS: | |||||||||||||||
Basic | $ | 1.77 | $ | 2.14 | $ | 4.30 | $ | 3.99 | |||||||
Diluted | $ | 1.74 | $ | 2.11 | $ | 4.23 | $ | 3.93 | |||||||
Weighted average common shares outstanding, basic | 218,499,213 | 230,554,633 | 221,818,079 | 234,159,830 | |||||||||||
Weighted average common shares outstanding, diluted | 222,355,867 | 233,607,414 | 225,337,984 | 237,343,924 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | % Change | 2020 | 2019 | % Change | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Internet | $ | 4,530 | $ | 4,103 | 10.4 | % | $ | 8,937 | $ | 8,127 | 10.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Video | 4,371 | 4,391 | (0.4) | % | 8,793 | 8,775 | 0.2 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Voice | 451 | 489 | (7.7) | % | 908 | 993 | (8.6) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Residential revenue | 9,352 | 8,983 | 4.1 | % | 18,638 | 17,895 | 4.2 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Small and medium business | 983 | 963 | 2.0 | % | 1,979 | 1,908 | 3.7 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Enterprise | 606 | 652 | (7.1) | % | 1,228 | 1,295 | (5.2) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial revenue | 1,589 | 1,615 | (1.7) | % | 3,207 | 3,203 | 0.1 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Advertising sales | 249 | 395 | (37.0) | % | 614 | 740 | (17.1) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Mobile | 310 | 158 | 96.1 | % | 568 | 298 | 90.9 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Other | 196 | 196 | — | % | 407 | 417 | (2.3) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 11,696 | $ | 11,347 | 3.1 | % | $ | 23,434 | $ | 22,553 | 3.9 | % |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||
2019 | 2018 | % Change | 2019 | 2018 | % Change | ||||||||||||||||
Video | $ | 4,359 | $ | 4,332 | 0.6 | % | $ | 13,134 | $ | 12,987 | 1.1 | % | |||||||||
Internet | 4,195 | 3,809 | 10.1 | % | 12,322 | 11,286 | 9.2 | % | |||||||||||||
Voice | 477 | 512 | (6.8 | )% | 1,470 | 1,599 | (8.0 | )% | |||||||||||||
Residential revenue | 9,031 | 8,653 | 4.4 | % | 26,926 | 25,872 | 4.1 | % | |||||||||||||
Small and medium business | 974 | 922 | 5.7 | % | 2,882 | 2,737 | 5.3 | % | |||||||||||||
Enterprise | 644 | 632 | 1.8 | % | 1,939 | 1,881 | 3.0 | % | |||||||||||||
Commercial revenue | 1,618 | 1,554 | 4.1 | % | 4,821 | 4,618 | 4.4 | % | |||||||||||||
Advertising sales | 394 | 440 | (10.6 | )% | 1,134 | 1,223 | (7.3 | )% | |||||||||||||
Mobile | 192 | 17 | NM | 490 | 17 | NM | |||||||||||||||
Other | 215 | 228 | (5.6 | )% | 632 | 673 | (6.0 | )% | |||||||||||||
$ | 11,450 | $ | 10,892 | 5.1 | % | $ | 34,003 | $ | 32,403 | 4.9 | % |
Three months ended June 30, 2020 compared to three months ended June 30, 2019 Increase / (Decrease) | Six months ended June 30, 2020 compared to six months ended June 30, 2019 Increase / (Decrease) | ||||||||||
Increase in average residential Internet customers | $ | 299 | $ | 529 | |||||||
Increase related to rate, product mix and allocation changes | 128 | 281 | |||||||||
$ | 427 | $ | 810 |
Three months ended June 30, 2020 compared to three months ended June 30, 2019 Increase / (Decrease) | Six months ended June 30, 2020 compared to six months ended June 30, 2019 Increase / (Decrease) | ||||||||||
Increase related to rate, product mix and allocation changes | $ | 53 | $ | 228 | |||||||
Decrease in average residential video customers | (79) | (202) | |||||||||
Increase (decrease) in video on demand and pay-per-view | 6 | (8) | |||||||||
$ | (20) | $ | 18 |
Three months ended September 30, 2019 compared to three months ended September 30, 2018 Increase / (Decrease) | Nine months ended September 30, 2019 compared to nine months ended September 30, 2018 Increase / (Decrease) | ||||||
Increase related to rate changes | $ | 167 | $ | 497 | |||
Decrease in average residential video customers | (110 | ) | (291 | ) | |||
Decrease in video on demand and pay-per-view | (30 | ) | (59 | ) | |||
$ | 27 | $ | 147 |
Three months ended September 30, 2019 compared to three months ended September 30, 2018 Increase / (Decrease) | Nine months ended September 30, 2019 compared to nine months ended September 30, 2018 Increase / (Decrease) | ||||||
Increase in average residential Internet customers | $ | 199 | $ | 577 | |||
Increase related to rate changes | 187 | 459 | |||||
$ | 386 | $ | 1,036 |
Three months ended June 30, 2020 compared to three months ended June 30, 2019 Increase / (Decrease) | Six months ended June 30, 2020 compared to six months ended June 30, 2019 Increase / (Decrease) | ||||||||||
Decrease in average residential voice customers | $ | (27) | $ | (61) | |||||||
Decrease related to rate, product mix and allocation changes | (11) | (24) | |||||||||
$ | (38) | $ | (85) |
Three months ended September 30, 2019 compared to three months ended September 30, 2018 Increase / (Decrease) | Nine months ended September 30, 2019 compared to nine months ended September 30, 2018 Increase / (Decrease) | ||||||
Decrease in average residential voice customers | $ | (29 | ) | $ | (68 | ) | |
Decrease related to rate changes | (6 | ) | (61 | ) | |||
$ | (35 | ) | $ | (129 | ) |
Three months ended June 30, 2020 compared to three months ended June 30, 2019 Increase / (Decrease) | Six months ended June 30, 2020 compared to six months ended June 30, 2019 Increase / (Decrease) | ||||||||||
Increase in small and medium business customers | $ | 44 | $ | 106 | |||||||
Decrease related to rate and product mix changes | (24) | (35) | |||||||||
$ | 20 | $ | 71 |
Three months ended September 30, 2019 compared to three months ended September 30, 2018 Increase / (Decrease) | Nine months ended September 30, 2019 compared to nine months ended September 30, 2018 Increase / (Decrease) | ||||||
Increase in small and medium business customers | $ | 76 | $ | 251 | |||
Decrease related to rate changes | (24 | ) | (106 | ) | |||
$ | 52 | $ | 145 |
Three months ended June 30, 2020 compared to three months ended June 30, 2019 Increase / (Decrease) | Six months ended June 30, 2020 compared to six months ended June 30, 2019 Increase / (Decrease) | ||||||||||
Programming | $ | 46 | $ | 73 | |||||||
Regulatory, connectivity and produced content | (109) | (119) | |||||||||
Costs to service customers | 81 | 107 | |||||||||
Marketing | (49) | (18) | |||||||||
Mobile | 136 | 250 | |||||||||
Other | (52) | (44) | |||||||||
$ | 53 | $ | 249 |
Three months ended September 30, 2019 compared to three months ended September 30, 2018 Increase / (Decrease) | Nine months ended September 30, 2019 compared to nine months ended September 30, 2018 Increase / (Decrease) | ||||||
Programming | $ | 12 | $ | 149 | |||
Regulatory, connectivity and produced content | 66 | 131 | |||||
Costs to service customers | 40 | (9 | ) | ||||
Marketing | 3 | (14 | ) | ||||
Mobile | 243 | 739 | |||||
Other | 59 | 198 | |||||
$ | 423 | $ | 1,194 |
Three months ended June 30, 2020 compared to three months ended June 30, 2019 Increase / (Decrease) | Six months ended June 30, 2020 compared to six months ended June 30, 2019 Increase / (Decrease) | ||||||||||
Corporate costs | $ | 17 | $ | 31 | |||||||
Stock compensation expense | 8 | 13 | |||||||||
Advertising sales expense | (45) | (34) | |||||||||
Enterprise | (26) | (49) | |||||||||
Other | (6) | (5) | |||||||||
$ | (52) | $ | (44) |
Three months ended September 30, 2019 compared to three months ended September 30, 2018 Increase / (Decrease) | Nine months ended September 30, 2019 compared to nine months ended September 30, 2018 Increase / (Decrease) | ||||||
Corporate costs | $ | 33 | $ | 69 | |||
Property tax and insurance | 9 | 49 | |||||
Stock compensation expense | — | 25 | |||||
Enterprise | — | 14 | |||||
Advertising sales expense | 2 | 7 | |||||
Other | 15 | 34 | |||||
$ | 59 | $ | 198 |
Three months ended June 30, 2020 compared to three months ended June 30, 2019 Increase / (Decrease) | Six months ended June 30, 2020 compared to six months ended June 30, 2019 Increase / (Decrease) | ||||||||||
Special charges, net | $ | (17) | $ | 3 | |||||||
(Gain) loss on sale of assets, net | (43) | (51) | |||||||||
$ | (60) | $ | (48) |
Three months ended September 30, 2019 compared to three months ended September 30, 2018 Increase / (Decrease) | Nine months ended September 30, 2019 compared to nine months ended September 30, 2018 Increase / (Decrease) | ||||||
Special charges, net | $ | 5 | $ | (87 | ) | ||
(Gain) loss on sale of assets, net | (9 | ) | 42 | ||||
$ | (4 | ) | $ | (45 | ) |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||||||
Net income attributable to Charter shareholders | $ | 766 | $ | 314 | $ | 1,162 | $ | 567 | |||||||||||||||||||||||||||
Plus: Net income attributable to noncontrolling interest | 110 | 72 | 181 | 136 | |||||||||||||||||||||||||||||||
Interest expense, net | 957 | 945 | 1,937 | 1,870 | |||||||||||||||||||||||||||||||
Income tax expense | 166 | 84 | 195 | 203 | |||||||||||||||||||||||||||||||
Depreciation and amortization | 2,428 | 2,500 | 4,925 | 5,050 | |||||||||||||||||||||||||||||||
Stock compensation expense | 90 | 82 | 180 | 167 | |||||||||||||||||||||||||||||||
Loss on extinguishment of debt | 36 | — | 63 | — | |||||||||||||||||||||||||||||||
(Gain) loss on financial instruments, net | (64) | 119 | 254 | 82 | |||||||||||||||||||||||||||||||
Other pension benefits, net | (11) | (9) | (21) | (18) | |||||||||||||||||||||||||||||||
Other, net | 11 | 78 | 9 | 183 | |||||||||||||||||||||||||||||||
Adjusted EBITDA | $ | 4,489 | $ | 4,185 | $ | 8,885 | $ | 8,240 | |||||||||||||||||||||||||||
Net cash flows from operating activities | $ | 3,529 | $ | 2,761 | $ | 6,749 | $ | 5,447 | |||||||||||||||||||||||||||
Less: Purchases of property, plant and equipment | (1,877) | (1,597) | (3,338) | (3,262) | |||||||||||||||||||||||||||||||
Change in accrued expenses related to capital expenditures | 214 | (52) | (174) | (428) | |||||||||||||||||||||||||||||||
Free cash flow | $ | 1,866 | $ | 1,112 | $ | 3,237 | $ | 1,757 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Net income attributable to Charter shareholders | $ | 387 | $ | 493 | $ | 954 | $ | 934 | |||||||
Plus: Net income attributable to noncontrolling interest | 80 | 91 | 216 | 212 | |||||||||||
Interest expense, net | 963 | 901 | 2,833 | 2,630 | |||||||||||
Income tax expense | 126 | 109 | 329 | 178 | |||||||||||
Depreciation and amortization | 2,415 | 2,482 | 7,465 | 7,784 | |||||||||||
Stock compensation expense | 71 | 71 | 238 | 213 | |||||||||||
(Gain) loss on financial instruments, net | 34 | (12 | ) | 116 | — | ||||||||||
Other pension benefits, net | (9 | ) | (207 | ) | (27 | ) | (247 | ) | |||||||
Other, net | 19 | 23 | 202 | 191 | |||||||||||
Adjusted EBITDA | $ | 4,086 | $ | 3,951 | $ | 12,326 | $ | 11,895 | |||||||
Net cash flows from operating activities | $ | 2,943 | $ | 2,804 | $ | 8,390 | $ | 8,599 | |||||||
Less: Purchases of property, plant and equipment | (1,651 | ) | (2,118 | ) | (4,913 | ) | (6,692 | ) | |||||||
Change in accrued expenses related to capital expenditures | (21 | ) | (154 | ) | (449 | ) | (620 | ) | |||||||
Free cash flow | $ | 1,271 | $ | 532 | $ | 3,028 | $ | 1,287 |
Three months ended June 30, 2020 compared to three months ended June 30, 2019 Increase / (Decrease) | Six months ended June 30, 2020 compared to six months ended June 30, 2019 Increase / (Decrease) | ||||||||||
Changes in working capital, excluding change in accrued interest | $ | 590 | $ | 902 | |||||||
Increase in Adjusted EBITDA | 304 | 645 | |||||||||
Decrease in cash paid for interest, net | 114 | 28 | |||||||||
Increase in capital expenditures | (280) | (76) | |||||||||
Other, net | 26 | (19) | |||||||||
$ | 754 | $ | 1,480 |
Three months ended September 30, 2019 compared to three months ended September 30, 2018 Increase / (Decrease) | Nine months ended September 30, 2019 compared to nine months ended September 30, 2018 Increase / (Decrease) | ||||||
Decrease in capital expenditures | $ | 467 | $ | 1,779 | |||
Increase in Adjusted EBITDA | 135 | 431 | |||||
Changes in working capital, excluding change in accrued interest | 162 | (378 | ) | ||||
Increase in cash paid for interest, net | (12 | ) | (126 | ) | |||
Other, net | (13 | ) | 35 | ||||
$ | 739 | $ | 1,741 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||||||
Customer premise equipment (a) | $ | 518 | $ | 492 | $ | 981 | $ | 1,057 | |||||||||||||||||||||||||||
Scalable infrastructure (b) | 385 | 223 | 555 | 520 | |||||||||||||||||||||||||||||||
Line extensions (c) | 422 | 363 | 765 | 684 | |||||||||||||||||||||||||||||||
Upgrade/rebuild (d) | 155 | 155 | 284 | 286 | |||||||||||||||||||||||||||||||
Support capital (e) | 397 | 364 | 753 | 715 | |||||||||||||||||||||||||||||||
Total capital expenditures | $ | 1,877 | $ | 1,597 | $ | 3,338 | $ | 3,262 | |||||||||||||||||||||||||||
Capital expenditures included in total related to: | |||||||||||||||||||||||||||||||||||
Mobile | $ | 125 | $ | 93 | $ | 212 | $ | 181 | |||||||||||||||||||||||||||
Commercial services | $ | 323 | $ | 324 | $ | 584 | $ | 629 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Customer premise equipment (a) | $ | 470 | $ | 675 | $ | 1,527 | $ | 2,437 | |||||||
Scalable infrastructure (b) | 320 | 505 | 840 | 1,578 | |||||||||||
Line extensions (c) | 370 | 348 | 1,054 | 992 | |||||||||||
Upgrade/rebuild (d) | 165 | 190 | 451 | 522 | |||||||||||
Support capital (e) | 326 | 400 | 1,041 | 1,163 | |||||||||||
Total capital expenditures | $ | 1,651 | $ | 2,118 | $ | 4,913 | $ | 6,692 | |||||||
Capital expenditures included in total related to: | |||||||||||||||
Mobile | $ | 100 | $ | 66 | $ | 281 | $ | 136 | |||||||
Commercial services | $ | 327 | $ | 342 | $ | 956 | $ | 934 | |||||||
All-digital transition | $ | — | $ | 42 | $ | — | $ | 316 |
2019 | 2020 | 2021 | 2022 | 2023 | Thereafter | Total | Fair Value | ||||||||||||||||||||||||
Debt: | |||||||||||||||||||||||||||||||
Fixed-Rate | $ | — | $ | 3,500 | $ | 2,200 | $ | 4,250 | $ | 4,150 | $ | 48,368 | $ | 62,468 | $ | 68,395 | |||||||||||||||
Average Interest Rate | — | % | 4.19 | % | 4.32 | % | 4.70 | % | 5.85 | % | 5.61 | % | 5.44 | % | |||||||||||||||||
Variable Rate | $ | 71 | $ | 286 | $ | 286 | $ | 286 | $ | 584 | $ | 10,221 | $ | 11,734 | $ | 11,762 | |||||||||||||||
Average Interest Rate | 3.49 | % | 3.01 | % | 2.79 | % | 2.79 | % | 2.78 | % | 3.20 | % | 3.11 | % |
2020 | 2021 | 2022 | 2023 | 2024 | Thereafter | Total | Fair Value | ||||||||||||||||||||||||||||||||||||||||
Debt: | |||||||||||||||||||||||||||||||||||||||||||||||
Fixed-Rate | $ | — | $ | 1,700 | $ | 3,000 | $ | 1,500 | $ | 2,800 | $ | 57,580 | $ | 66,580 | $ | 73,353 | |||||||||||||||||||||||||||||||
Average Interest Rate | — | % | 4.05 | % | 4.46 | % | 6.92 | % | 5.33 | % | 5.33 | % | 5.30 | % | |||||||||||||||||||||||||||||||||
Variable Rate | $ | 138 | $ | 277 | $ | 277 | $ | 436 | $ | 1,165 | $ | 8,895 | $ | 11,188 | $ | 10,852 | |||||||||||||||||||||||||||||||
Average Interest Rate | 1.53 | % | 1.50 | % | 1.52 | % | 1.65 | % | 1.98 | % | 2.27 | % | 2.17 | % |
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) | ||||||||||
April 1 - 30, 2020 | 557,005 | $443.45 | 538,957 | $2 | ||||||||||
May 1 - 31, 2020 | 604,565 | $512.05 | 232,251 | $1,248 | ||||||||||
June 1 - 30, 2020 | 1,303,238 | $534.27 | 1,257,026 | $837 |
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, 2019 | 633,701 | $401.83 | 583,021 | $2,565 |
August 1 - 31, 2019 | 4,335,395 | $388.63 | 4,295,096 | $2,316 |
September 1 - 30, 2019 | 2,047,833 | $418.61 | 2,016,645 | $1,377 |
CHARTER COMMUNICATIONS, INC., | |||||||||||||||||
Registrant | |||||||||||||||||
By: | |||||||||||||||||
/s/ Kevin D. Howard | |||||||||||||||||
Kevin D. Howard | |||||||||||||||||
Date: | Executive Vice President, Chief Accounting Officer and Controller |
Exhibit | Description | |||||||
10.1 | ||||||||
31.1 | ||||||||
31.2 | ||||||||
32.1 | ||||||||
32.2 | ||||||||
101 | The following financial information from Charter Communications, Inc.’s Quarterly Report on Form 10-Q for the three and | |||||||
104 | Cover Page, formatted in iXBRL and contained in Exhibit 101. |