Document and Entity Information
Document and Entity Information Statement - shares | 9 Months Ended | |
Sep. 30, 2019 | Oct. 30, 2019 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | NII HOLDINGS INC | |
Central Index Key | 0001037016 | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting status | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 102,835,848 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2019 | |
Entity Shell Company | false |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Current assets | ||
Cash and cash equivalents | $ 29,331 | $ 93,881 |
Cash in escrow | 103,435 | 106,089 |
Prepaid expenses and other | 3,258 | 1,435 |
Assets held for sale | 281,950 | 321,160 |
Total current assets | 417,974 | 522,565 |
Other assets | 2,136 | 1,244 |
Assets held for sale | 833,199 | 536,021 |
Total assets | 1,253,309 | 1,059,830 |
Current liabilities | ||
Accounts payable, accrued expenses and other | 21,083 | 12,772 |
Liabilities held for sale | 348,878 | 346,715 |
Total current liabilities | 369,961 | 359,487 |
Long-term debt | 77,301 | 72,264 |
Other long-term liabilities | 400 | 33,977 |
Liabilities held for sale | 1,032,801 | 775,671 |
Total liabilities | 1,480,463 | 1,241,399 |
Commitments and contingencies (Note 1) | ||
Stockholders’ deficit | ||
Undesignated preferred stock, par value $0.001, 10,000 shares authorized, no shares issued or outstanding | 0 | 0 |
Common stock, par value $0.001, 140,000 shares authorized, 102,836 shares issued and outstanding — 2019, 101,323 shares issued and outstanding — 2018 | 103 | 101 |
Paid-in capital | 2,129,087 | 2,143,240 |
Accumulated deficit | (2,287,782) | (2,236,883) |
Accumulated other comprehensive income (loss) | 4,955 | (8,435) |
Total NII Holdings stockholders’ deficit | (153,637) | (101,977) |
Noncontrolling interest | (73,517) | (79,592) |
Total deficit | (227,154) | (181,569) |
Total liabilities and stockholders’ deficit | $ 1,253,309 | $ 1,059,830 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful Accounts | $ 22,105 | $ 42,011 |
Undesignated preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Undesignated preferred stock, shares authorized (shares) | 10,000,000 | 10,000,000 |
Undesignated preferred stock, shares issued (shares) | 0 | 0 |
Undesignated preferred stock, shares outstanding (shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (shares) | 140,000,000 | 140,000,000 |
Common stock, shares issued (shares) | 102,836,000 | 101,323,000 |
Common stock, shares outstanding (shares) | 102,836,000 | 101,323,000 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Operating expenses | ||||
Selling, general and administrative | $ 3,834 | $ 4,080 | $ 12,785 | $ 12,230 |
Impairment and restructuring charges | 139 | 0 | 139 | 352 |
Operating expenses | 3,973 | 4,080 | 12,924 | 12,582 |
Operating loss | (3,973) | (4,080) | (12,924) | (12,582) |
Other (expense) income | ||||
Interest expense, net | (3,018) | (1,341) | (8,744) | (1,341) |
Other income (expense), net | 199 | (13,217) | 34,630 | (13,041) |
Other (expense) income | (2,819) | (14,558) | 25,886 | (14,382) |
Loss from continuing operations before reorganization items and income tax provision | (6,792) | (18,638) | 12,962 | (26,964) |
Income taxes | 0 | 0 | 0 | 0 |
Net (loss) income from continuing operations | (6,792) | (18,638) | 12,962 | (26,964) |
Loss from discontinued operations, net of income taxes | (27,693) | (31,246) | (65,423) | (164,360) |
Net loss | (34,485) | (49,884) | (52,461) | (191,324) |
Net loss attributable to noncontrolling interest | (4,581) | (8,866) | (13,952) | (47,965) |
Net loss attributable to NII Holdings | $ (29,904) | $ (41,018) | $ (38,509) | $ (143,359) |
Net (loss) income from continuing operations per common share, basic (in dollars per share) | $ (0.07) | $ (0.19) | $ 0.12 | $ (0.28) |
Net loss from discontinued operations per common share, basic (in dollars per share) | (0.27) | (0.31) | (0.64) | (1.63) |
Net loss per common share, basic (in dollars per share) | (0.34) | (0.50) | (0.52) | (1.91) |
Net (loss) income from continuing operations per common share, diluted (in dollars per share) | (0.07) | (0.19) | 0.12 | (0.28) |
Net loss from discontinued operations per common share, diluted (in dollars per share) | (0.27) | (0.31) | (0.64) | (1.63) |
Net loss per common share, diluted (in dollars per share) | $ (0.34) | $ (0.50) | $ (0.52) | $ (1.91) |
Weighted average number of common shares outstanding, basic and diluted (shares) | 102,043 | 100,592 | 101,689 | 100,458 |
Weighted average number of common shares outstanding, diluted (shares) | 102,043 | 100,592 | 102,712 | 100,458 |
Comprehensive loss, net of income taxes | ||||
Foreign currency translation adjustment | $ 15,939 | $ 7,386 | $ 13,340 | $ 45,453 |
Other comprehensive income | 15,939 | 7,386 | 13,340 | 45,453 |
Net loss attributable to NII Holdings | (29,904) | (41,018) | (38,509) | (143,359) |
Total comprehensive loss | $ (13,965) | $ (33,632) | $ (25,169) | $ (97,906) |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' DEFICIT - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive (Loss) Income | Total NII Holdings Stockholders’ Deficit | Noncontrolling Interest |
Beginning balance (shares) at Dec. 31, 2017 | 100,384 | ||||||
Beginning balance at Dec. 31, 2017 | $ (111,188) | $ 100 | $ 2,139,299 | $ (2,127,903) | $ (47,239) | $ (35,743) | $ (75,445) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income (loss) | (42,152) | (30,896) | (30,896) | (11,256) | |||
Other comprehensive income | 2,225 | 1,549 | 1,549 | 676 | |||
Share-based compensation activity (shares) | 1 | ||||||
Share-based compensation activity | 695 | 586 | 586 | 109 | |||
Ending balance (shares) at Mar. 31, 2018 | 100,385 | ||||||
Ending balance at Mar. 31, 2018 | (101,717) | $ 100 | 2,139,885 | (2,124,699) | (45,690) | (30,404) | (71,313) |
Beginning balance (shares) at Dec. 31, 2017 | 100,384 | ||||||
Beginning balance at Dec. 31, 2017 | (111,188) | $ 100 | 2,139,299 | (2,127,903) | (47,239) | (35,743) | (75,445) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income (loss) | (191,324) | ||||||
Ending balance (shares) at Sep. 30, 2018 | 100,744 | ||||||
Ending balance at Sep. 30, 2018 | (187,011) | $ 101 | 2,141,079 | (2,237,162) | (1,786) | (97,768) | (89,243) |
Beginning balance (shares) at Mar. 31, 2018 | 100,385 | ||||||
Beginning balance at Mar. 31, 2018 | (101,717) | $ 100 | 2,139,885 | (2,124,699) | (45,690) | (30,404) | (71,313) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income (loss) | (99,288) | (71,445) | (71,445) | (27,843) | |||
Other comprehensive income | 49,383 | 34,569 | 34,569 | 14,814 | |||
Share-based compensation activity (shares) | 71 | ||||||
Share-based compensation activity | 957 | $ 0 | 856 | 856 | 101 | ||
Ending balance (shares) at Jun. 30, 2018 | 100,456 | ||||||
Ending balance at Jun. 30, 2018 | (150,665) | $ 100 | 2,140,741 | (2,196,144) | (11,121) | (66,424) | (84,241) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income (loss) | (49,884) | (41,018) | (41,018) | (8,866) | |||
Other comprehensive income | 13,123 | 9,335 | 9,335 | 3,788 | |||
Share-based compensation activity (shares) | 288 | ||||||
Share-based compensation activity | 415 | $ 1 | 338 | 339 | 76 | ||
Ending balance (shares) at Sep. 30, 2018 | 100,744 | ||||||
Ending balance at Sep. 30, 2018 | (187,011) | $ 101 | 2,141,079 | (2,237,162) | (1,786) | (97,768) | (89,243) |
Beginning balance (shares) at Dec. 31, 2018 | 101,323 | ||||||
Beginning balance at Dec. 31, 2018 | (181,569) | $ 101 | 2,143,240 | (2,236,883) | (8,435) | (101,977) | (79,592) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income (loss) | (858) | 4,905 | 4,905 | (5,763) | |||
Other comprehensive income | 1,263 | 820 | 820 | 443 | |||
Share-based compensation activity (shares) | 258 | ||||||
Share-based compensation activity | 329 | $ 1 | 239 | 240 | 89 | ||
Ending balance (shares) at Mar. 31, 2019 | 101,581 | ||||||
Ending balance at Mar. 31, 2019 | (198,498) | $ 102 | 2,143,479 | (2,244,368) | (7,615) | (108,402) | (90,096) |
Beginning balance (shares) at Dec. 31, 2018 | 101,323 | ||||||
Beginning balance at Dec. 31, 2018 | (181,569) | $ 101 | 2,143,240 | (2,236,883) | (8,435) | (101,977) | (79,592) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income (loss) | (52,461) | ||||||
Ending balance (shares) at Sep. 30, 2019 | 102,836 | ||||||
Ending balance at Sep. 30, 2019 | (227,154) | $ 103 | 2,129,087 | (2,287,782) | 4,955 | (153,637) | (73,517) |
Beginning balance (shares) at Mar. 31, 2019 | 101,581 | ||||||
Beginning balance at Mar. 31, 2019 | (198,498) | $ 102 | 2,143,479 | (2,244,368) | (7,615) | (108,402) | (90,096) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income (loss) | (17,118) | (13,510) | (13,510) | (3,608) | |||
Other comprehensive income | (4,738) | (3,419) | (3,419) | (1,319) | |||
Share-based compensation activity (shares) | 94 | ||||||
Share-based compensation activity | 461 | 474 | 474 | (13) | |||
Noncontrolling interest investment | 2,700 | 2,700 | |||||
Loss on dilution of noncontrolling interest | (5,096) | 381 | (4,715) | 4,715 | |||
Ending balance (shares) at Jun. 30, 2019 | 101,675 | ||||||
Ending balance at Jun. 30, 2019 | (217,193) | $ 102 | 2,138,857 | (2,257,878) | (10,653) | (129,572) | (87,621) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income (loss) | (34,485) | (29,904) | (29,904) | (4,581) | |||
Other comprehensive income | 22,558 | 15,939 | 15,939 | 6,619 | |||
Share-based compensation activity (shares) | 1,161 | ||||||
Share-based compensation activity | 1,966 | $ 1 | 1,811 | 1,812 | 154 | ||
Loss on dilution of noncontrolling interest | (11,581) | (331) | (11,912) | 11,912 | |||
Ending balance (shares) at Sep. 30, 2019 | 102,836 | ||||||
Ending balance at Sep. 30, 2019 | $ (227,154) | $ 103 | $ 2,129,087 | $ (2,287,782) | $ 4,955 | $ (153,637) | $ (73,517) |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Cash flows from operating activities: | ||
Net income (loss) | $ (52,461) | $ (191,324) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Loss from discontinued operations | 65,423 | 164,360 |
Amortization of debt discounts and financing costs | 5,037 | 758 |
Share-based payment expense | 1,373 | 1,826 |
(Gain) loss on derivatives | (33,577) | 11,739 |
Change in assets and liabilities: | ||
Prepaid expenses and other long-term assets | (1,237) | (160) |
Accounts payable, accrued expenses and other | (539) | 901 |
Total operating cash used in continuing operations | (15,981) | (11,900) |
Total operating cash used in discontinued operations | (32,480) | (84,985) |
Net cash used in operating activities | (48,461) | (96,885) |
Cash flows from investing activities: | ||
Purchase of foreign currency call option | (1,885) | 0 |
Total investing cash used in continuing operations | (1,885) | 0 |
Total investing cash used in discontinued operations | (50,033) | (46,420) |
Net cash used in investing activities | (51,918) | (46,420) |
Cash flows from financing activities: | ||
Gross proceeds from issuance of convertible notes | 0 | 115,000 |
Payments of debt financing costs | 0 | (5,170) |
Other | (244) | 361 |
Total financing cash (used in) provided by continuing operations | (244) | 110,191 |
Total financing cash used in discontinued operations | (12,203) | (10,324) |
Net cash (used in) provided by financing activities | (12,447) | 99,867 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (286) | (1,536) |
Net decrease in cash, cash equivalents and restricted cash | (113,112) | (44,974) |
Cash, cash equivalents and restricted cash, beginning of period | 250,739 | 305,778 |
Cash, cash equivalents and restricted cash, end of period | $ 137,627 | $ 260,804 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation Overview. Unless the context requires otherwise, "NII Holdings, Inc.," "NII Holdings," "NII," "we," "our," "us" and "the Company" refer to the combined businesses of NII Holdings, Inc. and its consolidated subsidiaries. Our unaudited condensed consolidated financial statements have been prepared under the rules and regulations of the Securities and Exchange Commission, or the SEC. While these financial statements do not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements, they reflect all adjustments that, in the opinion of management, are necessary for a fair presentation of the results for interim periods. In addition, the year-end condensed consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States. We conduct substantially all of our business through our majority-owned Brazilian operating company, Nextel Telecomunicações Ltda., which we refer to as Nextel Brazil. You should read these condensed consolidated financial statements in conjunction with the consolidated financial statements and notes contained in our annual report on Form 10-K for the year ended December 31, 2018 and the condensed consolidated financial statements and notes contained in our quarterly reports on Form 10-Q for the periods ended March 31, 2019 and June 30, 2019. You should not expect results of operations for interim periods to be an indication of the results for a full year. On June 27, 2019, NII Holdings' stockholders approved the sale of Nextel Brazil. See discussion below for more information regarding this pending sale. As a result of this stockholder approval, we have reported Nextel Brazil as a discontinued operation in this quarterly report on Form 10-Q. Accordingly, we have reclassified Nextel Brazil's results of operations for all periods presented to reflect Nextel Brazil as a discontinued operation. Unless otherwise noted, amounts included in this quarterly report on Form 10-Q exclude amounts attributable to the discontinued operations of Nextel Brazil. Our consolidated results from continuing operations in this quarterly report on Form 10-Q solely include the results of operations of our corporate headquarters. Pending Sale of Nextel Brazil. On March 18, 2019, NII Holdings and NII International Holdings S.à r.l., or NIIH, a wholly-owned subsidiary of NII Holdings, entered into a purchase agreement with América Móvil, S.A.B. de C.V., or AMX, and AI Brazil Holdings B.V., or AI Brazil Holdings, pursuant to which NII Holdings and AI Brazil Holdings will sell their jointly-owned wireless operations in Brazil. Specifically, NIIH will sell all of the issued and outstanding shares of NII Brazil Holdings S.à r.l., or NIIBH, to AMX. We refer to this transaction as the Nextel Brazil transaction. Also pursuant to the purchase agreement, concurrent to, and as a condition of, the consummation of the Nextel Brazil transaction, AI Brazil Holdings will sell all of its interests in Nextel Holdings S.à r.l., or Nextel Holdings, to NIIBH. We refer to this transaction as the AI Brazil Holdings transaction. At the closing of the Nextel Brazil transaction and the AI Brazil Holdings transaction, AMX will indirectly own all of the issued and outstanding shares of Nextel Brazil. Under the terms of the purchase agreement, AMX will acquire all of the issued and outstanding shares of NIIBH for an aggregate purchase price of $905.0 million , less net debt and subject to certain adjustments at closing, including reimbursement for capital expenditures up to a budgeted amount from March 1, 2019 to closing, a working capital adjustment (subject, in the case of an increase in net working capital, to a cap based on budgeted changes in working capital through the earlier of closing or December 31, 2019), and a deduction for the amount, if any, by which certain budgeted selling and marketing costs exceed actual spending on such costs from March 1, 2019 to closing. NII Holdings will receive its pro rata share of the net purchase price after deducting a preferred return due to AI Brazil Holdings and deducting certain transaction expenses and increases in accrued tax contingencies, if any. AMX will place $30.0 million of NII Holdings' portion of the net proceeds into an 18 -month escrow account to secure NII Holdings’ indemnification obligations under the purchase agreement. In addition, in connection with the Nextel Brazil transaction, NII Holdings and AI Brazil Holdings have entered into an agreement relating to the Nextel Brazil transaction that includes the resolution of a dispute regarding the investment of funds into Nextel Holdings from an escrow related to NII Holdings' sale of its operations in Mexico, or the Mexico escrow. Under this agreement, the parties have agreed that AI Brazil Holdings will receive, after the closing of the Nextel Brazil transaction, the first $10.0 million recovered from the Mexico escrow followed by 6% of the value of additional funds recovered from the Mexico escrow, in both cases, if and when funds are released. NII Holdings has also agreed to indemnify AI Brazil Holdings for damages that may arise from certain tax contingencies, transaction expenses, transaction-related litigation and other matters in connection with its participation in the Nextel Brazil transaction. The closing of the transactions contemplated by the purchase agreement are subject to the satisfaction of customary conditions, including approval by NII Holdings' stockholders, the receipt of required regulatory and antitrust approvals without the imposition of a burdensome condition (as defined in the purchase agreement) and either an amendment eliminating certain successor obligations contemplated under, or an escrow agreement providing for a deposit in accordance with, NII Holdings’ indenture with respect to our 4.25% convertible senior notes due 2023. The purchase agreement includes certain termination rights for each party and provides that, in specified circumstances, NII Holdings is required to pay a termination fee of $25.0 million . The purchase agreement contains customary representations, warranties and covenants made by NII Holdings, NIIH, AMX and AI Brazil Holdings. Among other things, NIIH has agreed to conduct NIIBH’s and each of its subsidiaries’ business in the ordinary course, use reasonable best efforts to operate its business in accordance with its budget for the year 2019 and the year 2020, if applicable, and use commercially reasonable efforts to maintain and preserve its business organization and preserve certain business relations. In connection with the pending sale of Nextel Brazil, NII Holdings' Board of Directors approved a plan to dissolve and wind up its operations following the completion of this transaction. On June 27, 2019, NII Holdings' stockholders approved the sale of Nextel Brazil and the plan of dissolution. On September 30, 2019, we also received the required approval of the sale from the National Telecommunications Agency, or ANATEL, which is Brazil's telecommunications regulatory agency. On September 9, 2019, we received the required clearance of the sale from the General Superintendent of the Administrative Council for Economic Defense, or CADE, which is Brazil's national competition regulator, subject to a 15-day appeal period that started on October 8, 2019. On October 22, 2019, TIM, S.A., or TIM, a wireless telecommunications provider in Brazil, filed an appeal with CADE challenging the General Superintendent's clearance decision on the sale. On October 31, 2019, CADE agreed to hear TIM's appeal. CADE is required to rule on the merits of TIM's appeal by January 26, 2020, which in limited circumstances could be extended one time for up to 90 days. The parties to the purchase agreement believe that TIM's appeal is without merit and are working to contest TIM's appeal and receive a final approval from CADE as quickly as possible. To the extent that CADE imposes conditions on the transaction in resolving the appeal, it could have the effect of delaying or preventing completion of the transaction. If the sale transaction has not closed by December 31, 2019, AMX, AI Brazil Holdings and NII Holdings must agree on a 2020 operating budget for Nextel Brazil to extend the purchase agreement to March 31, 2020. Minority Investment. On June 5, 2017, NII Holdings and AINMT Holdings AB, or ice group, an international telecommunications company operating primarily in Norway under the "ice.net" brand, along with certain affiliates of the Company and ice group, entered into an investment agreement and a shareholders agreement to partner in the ownership of Nextel Brazil. On July 20, 2017, ice group completed its initial investment of $50.0 million in Nextel Holdings, a subsidiary of NII Holdings that indirectly owns Nextel Brazil, in exchange for 30% ownership in Nextel Holdings. In connection with the initial investment, ice group received 50.0 million shares of cumulative preferred voting stock in Nextel Holdings, and we received 116.6 million shares of common stock in this entity. The investment agreement also provided ice group with an option, exercisable on or before November 15, 2017, to invest an additional $150.0 million in Nextel Holdings for an additional 30% ownership. ice group did not exercise its option, and on February 27, 2018, we terminated the investment agreement. In September 2018, ice group completed a sale of its 30% ownership interest in Nextel Holdings by selling the shares of its intermediary holding company, AI Brazil Holdings, to AI Media Holdings (NMT) LLC ( 90% ) and Bridford Music B.V. ( 10% ). During 2018, AI Brazil Holdings made an additional $15.9 million investment in Nextel Holdings to maintain its 30% ownership level. During the second quarter of 2019, NII Holdings contributed $15.3 million to Nextel Holdings, and AI Brazil Holdings contributed $2.7 million to Nextel Holdings, which increased NII Holdings' ownership to 70.70% and reduced AI Brazil Holdings' ownership from 30% to 29.30% . As a result of this change in ownership, we reclassified $4.7 million of losses from noncontrolling interest to total NII Holdings' stockholders' deficit in the second quarter of 2019. In addition, during the third quarter of 2019, NII Holdings contributed $24.3 million to Nextel Holdings, which increased NII Holdings' ownership to 72.43% and further reduced AI Brazil Holdings' ownership to 27.57% . As a result of this further change in ownership, we reclassified $11.9 million of losses from noncontrolling interest to total NII Holdings' stockholders' deficit in the third quarter of 2019. The investment agreement provided for, after ice group’s initial investment, the Company's contribution of proceeds arising from the release of funds deposited in escrow in connection with the sale of our Mexican operations through a 115 account, which is a contribution without the issuance of additional equity. See Note 3 for more information regarding escrowed funds. We do not believe that this requirement survives the termination of the investment agreement and intend for all future contributions by NII Holdings to Nextel Holdings to be made through capital contributions with additional equity being issued to us. ice group and AI Brazil Holdings notified the Company that they believe future escrow proceeds received by NII Holdings from the escrow account must be contributed to Nextel Holdings through the 115 account without the issuance of equity, which would result in a portion of the disputed escrow being subject to AI Brazil Holdings' non-controlling interest. Although our aforementioned agreement with AI Brazil Holdings resolves this dispute, to the extent the Nextel Brazil transaction is not completed and the related settlement between us and AI Brazil Holdings is not consummated, AI Brazil Holdings’ non-controlling interest in future escrow proceeds received by NII Holdings would remain in dispute. Going Concern. As of September 30, 2019, our consolidated sources of funding included $29.3 million in cash and cash equivalents, $103.4 million in cash held in escrow to secure our indemnification obligations in connection with the sale of Nextel Mexico and $51.5 million in cash and short-term investments held for sale. As long as the closing of the sale of Nextel Brazil occurs by the end of the first quarter of 2020, we believe we have sufficient sources of liquidity to fund our business. However, if the pending sale of Nextel Brazil is ultimately not completed or if the closing of the sale is delayed beyond the end of the first quarter of 2020, we would need to alter our business plan to significantly reduce spending or obtain additional funding. To the extent the sale of Nextel Brazil does not close or if we do not recover sufficient cash from escrow prior to the end of the first quarter of 2020, substantial doubt exists about our ability to continue as a going concern. Diluted Net (Loss) Income from Continuing Operations Per Common Share. As presented for the three and nine months ended September 30, 2019 and 2018, our calculation of diluted net (loss) income from continuing operations per common share is based on the weighted average number of common shares outstanding during those periods and includes other potential common shares, including common shares resulting from the potential conversion of our convertible senior notes, common shares issuable upon the potential exercise of stock options under our stock-based employee compensation plans or restricted common shares issued under those plans when those shares are dilutive. For the nine months ended September 30, 2019, we did not include 18.5 million common shares related to the potential conversion of our convertible senior notes, 1.7 million stock options and 1.9 million restricted common shares in our calculation of diluted net income from continuing operations per common share because their effect would have been antidilutive. For the three months ended September 30, 2019, we did not include 18.5 million common shares related to the potential conversion of our convertible senior notes, 2.6 million stock options and 1.6 million restricted common shares in our calculation of diluted net loss from continuing operations per common share because their effect would have been antidilutive. In addition, for the three and nine months ended September 30, 2018, we did not include 18.5 million common shares related to the potential conversion of our convertible senior notes because their effect would have been antidilutive. For the same periods, we did not include 3.5 million and 3.4 million stock options, respectively, as well as 1.4 million and 0.7 million restricted common shares, respectively, in our calculation of diluted net loss from continuing operations per common share because their effect would have been antidilutive. Cash, Cash Equivalents and Restricted Cash. Our restricted cash represents cash held in escrow in connection with the sale of Nextel Mexico. Cash held by discontinued operations relates to cash held by Nextel Brazil and certain judicial deposits of cash in Brazil related to litigation involving tax and other matters. A reconciliation from cash and cash equivalents as presented in our condensed consolidated balance sheets to cash, cash equivalents and restricted cash as reported in our condensed consolidated statements of cash flows is as follows: September 30, December 31, 2019 2018 2018 2017 (in thousands) Cash and cash equivalents $ 29,331 $ 131,479 $ 93,881 $ 34,553 Cash in escrow 103,435 106,071 106,089 110,024 Cash and cash equivalents included in current assets held for sale 2,684 21,233 48,605 159,335 Restricted cash included in non-current assets held for sale 2,177 2,021 2,164 1,866 Cash, cash equivalents and restricted cash $ 137,627 $ 260,804 $ 250,739 $ 305,778 Recently Adopted Accounting Standards. In February 2016, the Financial Accounting Standards Board, or the FASB, issued Accounting Standards Update, or ASU, No. 2016-02, "Leases," which we refer to as ASC 842. ASC 842 replaced existing leasing rules with a comprehensive lease measurement and recognition standard and expanded disclosure requirements. We implemented ASC 842 on January 1, 2019 using the modified retrospective method. We did not retroactively adjust prior periods. In utilizing the modified retrospective method, we recognized the cumulative effect of applying the standard at the date of initial application. See Note 2 for more information regarding the adoption of ASC 842. Recently Issued Accounting Pronouncements. In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” In November 2018, the FASB issued ASU 2018-19, “Codification Improvements to Topic 326, Financial Instruments - Credit Losses,” which amends the scope and transition requirements of ASU 2016-13. The standard requires a financial asset (or a group of financial assets) measured at amortized cost to be presented at the net amount expected to be collected. The measurement of expected credit losses is based on relevant information about past events, including historical experience, current conditions and reasonable and supportable forecasts that affect the collectibility of the reported amount. This standard will become effective beginning January 1, 2020 and will require a modified retrospective approach, which will result in a cumulative effect adjustment to accumulated deficit as of the beginning of the first reporting period in which the guidance is effective. We are currently evaluating the impact this guidance will have on our condensed consolidated financial statements. Securities Litigation. On July 8, 2019, a purported stockholder class action was filed against the Company and the Company's directors in the Court of Chancery of the State of Delaware by Matis Nayman. The lawsuit is captioned Matis Nayman v. Kevin L. Beebe, James V. Continenza, Howard S. Hoffmann, Ricardo Knoepfelmacher, Christopher T. Rogers, Robert A. Schriesheim, Steven M. Shindler, and NII Holdings, Inc. , C.A. No. 2019-0525-JTL. The complaint alleges, among other things, that the Company and its directors breached their fiduciary duties by failing to take steps to maximize the Company's value to its public stockholders and failing to disclose certain information in the proxy statement issued in connection with the Company's purchase agreement with AMX and AI Brazil Holdings and the Company's planned liquidation and dissolution. The relief the plaintiff seeks includes enjoining the sale of Nextel Brazil and the dissolution of NII Holdings, and the recovery of unspecified damages. On September 16, 2019, the defendants filed a motion to dismiss, and on October 16, 2019, the plaintiff filed an amended complaint. The Company and the named individuals intend to vigorously defend themselves in this matter. In addition, we are subject to other claims and legal actions that may arise in the ordinary course of business. We do not believe that any of these pending claims or legal actions will have a material effect on our business, financial condition, results of operations or cash flows. Reclassifications. We have reclassified some prior period amounts in our condensed consolidated financial statements to conform to our current presentation. |
Leases (Notes)
Leases (Notes) | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Leases | Leases On January 1, 2019, we implemented ASC 842 using the modified retrospective method. We selected this adoption date as our date of initial application. As a result, we have not updated financial information related to, nor have we provided the disclosures required under ASC 842 for, periods prior to January 1, 2019. As of January 1, 2019, the cumulative impact of the implementation of ASC 842 included the recognition of lease liabilities and corresponding ROU assets for operating leases, as well as the derecognition of certain accrued liabilities related to lease exit costs and the remeasurement of finance leases due to the application of the hindsight practical expedient. These effects resulted in the following adoption impacts (in thousands): December 31, 2018 Impact of ASC 842 Adoption January 1, 2019 Current assets held for sale $ 321,160 $ — $ 321,160 Other current assets 201,405 — 201,405 Non-current assets held for sale 536,021 375,917 911,938 Other non-current assets 1,244 — 1,244 Total assets $ 1,059,830 $ 375,917 $ 1,435,747 Current liabilities held for sale $ 346,715 $ 44,784 $ 391,499 Other current liabilities 12,772 — 12,772 Long-term liabilities held for sale 775,671 348,796 1,124,467 Other long-term liabilities 106,241 — 106,241 Total liabilities 1,241,399 393,580 1,634,979 Total stockholders' deficit (181,569 ) (17,663 ) (199,232 ) Total liabilities and stockholders' deficit $ 1,059,830 $ 375,917 $ 1,435,747 |
Leases | Leases On January 1, 2019, we implemented ASC 842 using the modified retrospective method. We selected this adoption date as our date of initial application. As a result, we have not updated financial information related to, nor have we provided the disclosures required under ASC 842 for, periods prior to January 1, 2019. As of January 1, 2019, the cumulative impact of the implementation of ASC 842 included the recognition of lease liabilities and corresponding ROU assets for operating leases, as well as the derecognition of certain accrued liabilities related to lease exit costs and the remeasurement of finance leases due to the application of the hindsight practical expedient. These effects resulted in the following adoption impacts (in thousands): December 31, 2018 Impact of ASC 842 Adoption January 1, 2019 Current assets held for sale $ 321,160 $ — $ 321,160 Other current assets 201,405 — 201,405 Non-current assets held for sale 536,021 375,917 911,938 Other non-current assets 1,244 — 1,244 Total assets $ 1,059,830 $ 375,917 $ 1,435,747 Current liabilities held for sale $ 346,715 $ 44,784 $ 391,499 Other current liabilities 12,772 — 12,772 Long-term liabilities held for sale 775,671 348,796 1,124,467 Other long-term liabilities 106,241 — 106,241 Total liabilities 1,241,399 393,580 1,634,979 Total stockholders' deficit (181,569 ) (17,663 ) (199,232 ) Total liabilities and stockholders' deficit $ 1,059,830 $ 375,917 $ 1,435,747 |
Discontinued Operations
Discontinued Operations | 9 Months Ended |
Sep. 30, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | Discontinued Operations Pending Sale of Nextel Brazil. On March 18, 2019, NII Holdings and NIIH, a wholly-owned subsidiary of NII Holdings, entered into a purchase agreement with AMX and AI Brazil Holdings, pursuant to which NII Holdings and AI Brazil Holdings will sell their jointly-owned wireless operations in Brazil. Specifically, NIIH will sell all of the issued and outstanding shares of NIIBH to AMX. Also pursuant to the purchase agreement, concurrent to, and as a condition of, the consummation of the Nextel Brazil transaction, AI Brazil Holdings will sell all of its interests in Nextel Holdings to NIIBH. At the closing of the Nextel Brazil transaction and the AI Brazil Holdings transaction, AMX will indirectly own all of the issued and outstanding shares of Nextel Brazil. On June 27, 2019, NII Holdings' stockholders approved both the sale of Nextel Brazil and the plan to dissolve and wind up NII Holdings' operations following the completion of the Nextel Brazil transaction. As a result of this stockholder approval, we have reported Nextel Brazil as a discontinued operation in this quarterly report on Form 10-Q. Accordingly, we have reclassified Nextel Brazil's results of operations for all periods presented to reflect Nextel Brazil as discontinued operations. Unless otherwise noted, amounts included in this quarterly report on Form 10-Q exclude amounts attributable to the discontinued operations of Nextel Brazil. Historically, Nextel Brazil was our only reportable operating segment. We evaluated performance and provided resources to Nextel Brazil based on operating income before depreciation, amortization and impairment, restructuring and other charges, net, which we refer to as segment earnings. The major components of loss from discontinued operations, net of income taxes were as follows (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Operating revenues $ 145,884 $ 141,736 $ 437,531 $ 478,963 Cost of revenues and selling, general and administrative (105,758 ) (129,509 ) (366,374 ) (463,049 ) Segment earnings 40,126 12,227 71,157 15,914 Impairment, restructuring and other charges, net (7,613 ) 3 (16,432 ) (13,717 ) Depreciation and amortization 722 (6,805 ) (14,827 ) (21,855 ) Operating income (loss) 33,235 5,425 39,898 (19,658 ) Interest expense and other, net (48,957 ) (36,508 ) (91,311 ) (141,756 ) Loss before income taxes (15,722 ) (31,083 ) (51,413 ) (161,414 ) Income taxes — — — — Loss from Nextel Brazil discontinued operations, net of income taxes (15,722 ) (31,083 ) (51,413 ) (161,414 ) Loss on disposal of Nextel Mexico (11,971 ) (163 ) (14,010 ) (2,946 ) Loss from discontinued operations, net of income taxes $ (27,693 ) $ (31,246 ) $ (65,423 ) $ (164,360 ) Loss from discontinued operations attributable to noncontrolling interest $ (4,581 ) $ (8,866 ) $ (13,952 ) $ (47,965 ) Loss from discontinued operations attributable to NII Holdings (23,112 ) (22,380 ) (51,471 ) (116,395 ) Loss from discontinued operations, net of income taxes $ (27,693 ) $ (31,246 ) $ (65,423 ) $ (164,360 ) The components of assets and liabilities held for sale as of September 30, 2019 and December 31, 2018, all of which are related to Nextel Brazil, are as follows (in thousands): September 30, 2019 December 31, 2018 ASSETS Current assets Cash and cash equivalents $ 2,684 $ 48,605 Short-term investments 48,780 32,329 Accounts receivable, net of allowance for doubtful accounts of $27,116 and $19,637 98,138 99,867 Prepaid expenses and other 132,348 140,359 Total current assets 281,950 321,160 Property, plant and equipment, net 154,535 143,930 Intangible assets, net 146,286 162,156 Operating lease right-of-use assets 329,117 — Other assets 203,261 229,935 Total assets $ 1,115,149 $ 857,181 LIABILITIES Current liabilities Accounts payable, accrued expenses, operating lease liabilities and other $ 322,058 $ 325,365 Current portion of long-term debt 26,820 21,350 Total current liabilities 348,878 346,715 Long-term debt 512,934 560,593 Long-term operating lease liabilities 325,485 — Other long-term liabilities 194,382 215,078 Total liabilities $ 1,381,679 $ 1,122,386 Sale of Nextel Mexico. On April 30, 2015, NII Holdings, together with our wholly-owned subsidiary NIU Holdings LLC, completed the sale of our Mexican operations to New Cingular Wireless, an indirect subsidiary of AT&T. The transaction was structured as a sale of all of the outstanding stock of the parent company of Comunicaciones Nextel de Mexico, S.A. de C.V., or Nextel Mexico, for a purchase price of $1.875 billion , including $187.5 million deposited in escrow to satisfy potential indemnification claims. In 2016, we paid $4.0 million , plus interest, out of escrow to settle an indemnification claim, and in July 2018, we utilized $4.0 million of cash held in escrow to settle tax audits for the years 2010 and 2011 discussed below. Additionally, in June 2019, we utilized $2.7 million of cash held in escrow to settle a tax audit for the year 2012 discussed below. As of September 30, 2019, $73.5 million of the cash held in escrow has been released to us and $103.4 million , which includes interest, remains deposited in escrow related to certain potential tax indemnity claims made by New Cingular Wireless. While we are required to continue to indemnify New Cingular Wireless for any valid claims that arise in the future, New Cingular Wireless is not permitted to make any additional claims against the escrow account. The potential tax indemnity claims submitted by New Cingular Wireless against the escrow account purport to relate to various ongoing tax audits by the Mexican tax authorities for Nextel Mexico and several of its subsidiaries for the years 2010 through 2014. Of the total potential tax claims asserted against the escrow account, $12.2 million relates to actual tax assessments that Nextel Mexico has received. Although we appealed these tax assessments, in April 2019, our appeals were denied. We initiated a judicial process to protect our interests against these tax assessments. The remaining amounts relate to unassessed matters. New Cingular Wireless' claims include $35.5 million related to the tax audit of Nextel Mexico’s income tax return for 2010 and $36.9 million related to the tax audit of Nextel Mexico's income tax return for 2011. The remaining $37.6 million of potential tax claims asserted against the escrow account, including the $12.2 million in tax assessments, relates primarily to non-income tax-based audits for the years 2011 through 2014. In July 2018, the tax audits related to Nextel Mexico's main operating company's income tax returns for the years 2010 and 2011 were finalized, and we filed amended tax returns. We settled the tax liabilities associated with these tax audits utilizing existing tax credits, with the exception of $4.0 million that we paid utilizing cash held in escrow. In March 2019, the tax audit related to Nextel Mexico's main operating company's income tax return for the year 2013 was finalized, and we filed an amended tax return. There was no cash outlay related to the finalization of the tax audit for the year 2013. The tax audit for the year 2013 represented $1.1 million of the total claims outstanding. In June 2019, the tax audit related to Nextel Mexico's main operating company's income tax return for the year 2012 was finalized, and we filed an amended tax return. We settled the tax liabilities associated with this tax audit utilizing $2.7 million of cash held in escrow. As a result, of the $72.4 million in combined claims relating to the tax audits of the years 2010, 2011 and 2012 for Nextel Mexico's main operating company, we have requested that New Cingular Wireless agree to the release of $65.8 million from escrow, and we expect to request the release of $1.1 million in the near future. New Cingular Wireless has disagreed with our interpretation of the escrow and purchase agreements related to the timing of release requirements for escrowed funds. On February 11, 2019, our subsidiary NIU Holdings initiated review of this matter by the United States Bankruptcy Court for the Southern District of New York, which we refer to as the Bankruptcy Court, that approved the transaction with New Cingular Wireless in connection with our emergence from Chapter 11 bankruptcy, and on March 25, 2019, we filed a claim against New Cingular Wireless to recoup the $68.3 million (now revised to $65.8 million ) from escrow in a lawsuit captioned NIU Holdings LLC v. AT&T Mobility Holdings, B.V.; New Cingular Wireless Services, Inc.; Nextel International (Uruguay) LLC; and Comunicaciones Nextel de Mexico S.A. de C.V. , Case No. 15-10155, Adv. Pro. No. 19-01099 (SCC). On July 22, 2019, we filed a motion supporting our request for summary judgment, and on the same day, New Cingular Wireless filed a motion supporting its request for a judgment on the pleadings. A hearing on these matters was held on September 5, 2019, and we are awaiting the Bankruptcy Court's decision. This difference of interpretation of the relevant agreements has delayed and will continue to delay the release of the remaining amount of cash in escrow. In October 2019, we agreed to settlement terms with the Mexican tax authorities related to five additional tax audits for certain of Nextel Mexico's subsidiaries. New Cingular Wireless' claims against the escrow account include $24.4 million related to these tax audits. Based on the terms to which we agreed with the tax authorities, we expect to pay $15.1 million to close these tax audits and have therefore accrued this amount as of September 30, 2019 as a probable loss. The finalization of these tax audits requires that we file amended tax returns, which we expect to complete during the fourth quarter of 2019 for four of the tax audits and in the first quarter of 2020 for the fifth tax audit. Once these amended tax returns are accepted by the Mexican tax authorities, we expect to request New Cingular Wireless to release an additional $9.3 million from escrow. While we do not expect changes to the settlement terms for these tax audits, the settlement is not legally binding until the amended tax returns have been filed and accepted. In addition, on May 7, 2019, we received a letter from New Cingular Wireless formally notifying us of pending tax audits for pre-closing periods that were not included in the tax indemnity claims notices previously submitted by New Cingular Wireless against the Mexico escrow account. We were already aware of the tax audits referenced in the letter and had assumed their defense. The majority of the matters included in this letter are expected to be resolved when the amended returns related to the five tax audits mentioned above are accepted, and we will continue to work with the Mexican tax authorities to resolve any remaining matters as expeditiously as possible. While we are required to indemnify New Cingular Wireless for any actual cash payments made to resolve any tax claims that may be asserted by the Mexican tax authorities from these audits, our position remains that New Cingular Wireless may not make a claim against the Mexico escrow account for any tax claims that may arise from these audits. In addition, New Cingular Wireless has indicated that it may continue to make additional claims for indemnification related to open audits in the future. After the finalization of the five tax audits mentioned above, we will have three open tax audits remaining to resolve, including two tax audits that are currently in Mexican tax court related to the $12.2 million of tax assessments mentioned above, for which we have not accrued any liabilities as the chance of loss is not probable. The third tax audit is related to Nextel Mexico's main operating company's tax return for the year 2014, for which we are not currently aware of any losses that are reasonably possible of occurring. There can be no assurance as to the outcome of the foregoing tax audits or indemnity claims or as to the ultimate timing of the release of the remaining escrow. |
Debt, Derivatives and Fair Valu
Debt, Derivatives and Fair Value Measurements | 9 Months Ended |
Sep. 30, 2019 | |
Debt [Abstract] | |
Debt, Derivatives and Fair Value Measurements | Debt, Derivatives and Fair Value Measurements Convertible Senior Notes. In August 2018, we privately placed $100.0 million aggregate principal amount of 4.25% convertible senior notes due 2023, which we refer to as the convertible senior notes. We also granted the initial purchaser an option to purchase up to an additional $15.0 million principal amount of convertible senior notes, which was exercised in full. As a result, we issued a total of $115.0 million principal amount of convertible senior notes at par for total gross proceeds of $115.0 million . The convertible senior notes bear interest at a rate of 4.25% per year on the principal amount of the notes, payable semi-annually in arrears on February 15 and August 15 of each year, beginning on February 15, 2019. The convertible senior notes mature on August 15, 2023, unless earlier converted or repurchased, when the entire principal balance of $115.0 million will be due. In addition, and subject to specified exceptions, upon the occurrence of a fundamental change, the noteholders have the right to require us to repurchase the notes for cash at a repurchase price equal to 100% of the principal amount of the notes to be repurchased, plus accrued and unpaid interest to, but excluding, the repurchase date. The convertible senior notes are convertible into shares of our common stock at an initial conversion rate of 160.9658 shares per $1,000 principal amount of notes, or 18,511,067 aggregate common shares, representing an initial conversion price of $6.21 per share, subject to adjustment in certain situations. The convertible senior notes are convertible, subject to adjustment, prior to the close of business on the business day immediately preceding February 15, 2023 only under certain circumstances. On or after February 15, 2023 until the close of business on the second scheduled trading day immediately preceding the maturity date, noteholders may convert their notes at any time, regardless of the aforementioned circumstances. For the fiscal quarter ended September 30, 2019, the closing sale price of our common stock did not exceed 130% of the conversion price of $6.21 per share for at least 20 trading days in the 30 consecutive trading days ending on September 30, 2019. As a result, the conversion contingency was not met as of September 30, 2019. We have the option to satisfy the conversion of the convertible senior notes in shares of our common stock, in cash or a combination of both. As of September 30, 2019 and December 31, 2018, we had $77.3 million and $72.3 million in long-term debt related to our convertible senior notes. The conversion feature embedded in the convertible senior notes meets the criteria of an embedded derivative in accordance with the FASB's authoritative guidance for derivatives. As a result, we separated the value of the conversion feature from the notes and recorded the derivative liability at its fair value on our condensed consolidated balance sheet. As of September 30, 2019, the fair value of the derivative liability was zero. As of December 31, 2018, we recorded the $33.6 million fair value of the derivative liability as a component of other long-term liabilities in our condensed consolidated balance sheet. Absent an amendment to the indenture to the convertible senior notes, at the closing of the sale of Nextel Brazil, AMX will place a portion of the net proceeds payable to us in an escrow account in an amount equal to the outstanding principal and unpaid interest due through maturity. Fair Value of Convertible Senior Notes. As of September 30, 2019 and December 31, 2018, the fair value of our convertible senior notes was $119.6 million and $80.7 million , respectively. We estimated the fair value of our convertible senior notes utilizing inputs such as U.S. Treasury security yield curves, prices of comparable bonds, U.S. Treasury bond rates and credit spreads on comparable publicly traded bonds. We consider this fair value measurement to be Level 3 in the fair value hierarchy. Fair Value of Conversion Option. We estimate the fair value of the conversion option embedded in the convertible senior notes using a binomial lattice model with daily nodes from the valuation date to the maturity date of the convertible senior notes. This model considers stock price, risk-free rates, credit spreads, dividend yields and expected volatility. We record gains or losses related to changes in the fair value of the conversion option derivative liability during the period. During the nine months ended September 30, 2019, we recorded a $33.6 million gain as a component of other income (expense), net in our condensed consolidated statement of comprehensive loss related to the change in the fair value of the conversion option. We consider this fair value measurement to be Level 3 in the fair value hierarchy. Foreign Currency Call Option. In the third quarter of 2019, we purchased a foreign currency call option that expires on December 20, 2019 to protect against the appreciation of the Brazilian real compared to the U.S. dollar, which would reduce net proceeds from the pending sale of Nextel Brazil. We paid a premium of $1.9 million for this foreign currency call option. As of September 30, 2019, the fair value of this call option was $1.5 million . We consider this fair value measurement to be Level 3 in the fair value hierarchy. We recorded the $0.4 million loss on the fair value of the foreign currency call option as a component of loss from discontinued operations, net of income taxes in our condensed consolidated statement of comprehensive loss during the three months ended September 30, 2019. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The realization of deferred tax assets is dependent on the generation of future taxable income sufficient to realize our tax loss carryforwards and other tax deductions. Valuation allowances are required to be recognized on deferred tax assets unless it is determined that it is “more-likely-than-not” that the asset will be realized. W e maintain full valuation allowances on the deferred tax assets of our U.S. parent company and subsidiaries and our foreign holding companies due to substantial negative evidence such as the recent history of cumulative losses and the projected losses for the remainder of 2019 and subsequent years. |
Basis of Presentation Basis of
Basis of Presentation Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
New and Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Standards. In February 2016, the Financial Accounting Standards Board, or the FASB, issued Accounting Standards Update, or ASU, No. 2016-02, "Leases," which we refer to as ASC 842. ASC 842 replaced existing leasing rules with a comprehensive lease measurement and recognition standard and expanded disclosure requirements. We implemented ASC 842 on January 1, 2019 using the modified retrospective method. We did not retroactively adjust prior periods. In utilizing the modified retrospective method, we recognized the cumulative effect of applying the standard at the date of initial application. See Note 2 for more information regarding the adoption of ASC 842. Recently Issued Accounting Pronouncements. In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” In November 2018, the FASB issued ASU 2018-19, “Codification Improvements to Topic 326, Financial Instruments - Credit Losses,” which amends the scope and transition requirements of ASU 2016-13. The standard requires a financial asset (or a group of financial assets) measured at amortized cost to be presented at the net amount expected to be collected. The measurement of expected credit losses is based on relevant information about past events, including historical experience, current conditions and reasonable and supportable forecasts that affect the collectibility of the reported amount. This standard will become effective beginning January 1, 2020 and will require a modified retrospective approach, which will result in a cumulative effect adjustment to accumulated deficit as of the beginning of the first reporting period in which the guidance is effective. We are currently evaluating the impact this guidance will have on our condensed consolidated financial statements. |
Reclassifications | Reclassifications. We have reclassified some prior period amounts in our condensed consolidated financial statements to conform to our current presentation. |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Adoption Impact | These effects resulted in the following adoption impacts (in thousands): December 31, 2018 Impact of ASC 842 Adoption January 1, 2019 Current assets held for sale $ 321,160 $ — $ 321,160 Other current assets 201,405 — 201,405 Non-current assets held for sale 536,021 375,917 911,938 Other non-current assets 1,244 — 1,244 Total assets $ 1,059,830 $ 375,917 $ 1,435,747 Current liabilities held for sale $ 346,715 $ 44,784 $ 391,499 Other current liabilities 12,772 — 12,772 Long-term liabilities held for sale 775,671 348,796 1,124,467 Other long-term liabilities 106,241 — 106,241 Total liabilities 1,241,399 393,580 1,634,979 Total stockholders' deficit (181,569 ) (17,663 ) (199,232 ) Total liabilities and stockholders' deficit $ 1,059,830 $ 375,917 $ 1,435,747 |
Basis of Presentation (Tables)
Basis of Presentation (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Cash, Cash Equivalents and Investments | A reconciliation from cash and cash equivalents as presented in our condensed consolidated balance sheets to cash, cash equivalents and restricted cash as reported in our condensed consolidated statements of cash flows is as follows: September 30, December 31, 2019 2018 2018 2017 (in thousands) Cash and cash equivalents $ 29,331 $ 131,479 $ 93,881 $ 34,553 Cash in escrow 103,435 106,071 106,089 110,024 Cash and cash equivalents included in current assets held for sale 2,684 21,233 48,605 159,335 Restricted cash included in non-current assets held for sale 2,177 2,021 2,164 1,866 Cash, cash equivalents and restricted cash $ 137,627 $ 260,804 $ 250,739 $ 305,778 |
Restrictions on Cash and Cash Equivalents | A reconciliation from cash and cash equivalents as presented in our condensed consolidated balance sheets to cash, cash equivalents and restricted cash as reported in our condensed consolidated statements of cash flows is as follows: September 30, December 31, 2019 2018 2018 2017 (in thousands) Cash and cash equivalents $ 29,331 $ 131,479 $ 93,881 $ 34,553 Cash in escrow 103,435 106,071 106,089 110,024 Cash and cash equivalents included in current assets held for sale 2,684 21,233 48,605 159,335 Restricted cash included in non-current assets held for sale 2,177 2,021 2,164 1,866 Cash, cash equivalents and restricted cash $ 137,627 $ 260,804 $ 250,739 $ 305,778 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations | The major components of loss from discontinued operations, net of income taxes were as follows (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Operating revenues $ 145,884 $ 141,736 $ 437,531 $ 478,963 Cost of revenues and selling, general and administrative (105,758 ) (129,509 ) (366,374 ) (463,049 ) Segment earnings 40,126 12,227 71,157 15,914 Impairment, restructuring and other charges, net (7,613 ) 3 (16,432 ) (13,717 ) Depreciation and amortization 722 (6,805 ) (14,827 ) (21,855 ) Operating income (loss) 33,235 5,425 39,898 (19,658 ) Interest expense and other, net (48,957 ) (36,508 ) (91,311 ) (141,756 ) Loss before income taxes (15,722 ) (31,083 ) (51,413 ) (161,414 ) Income taxes — — — — Loss from Nextel Brazil discontinued operations, net of income taxes (15,722 ) (31,083 ) (51,413 ) (161,414 ) Loss on disposal of Nextel Mexico (11,971 ) (163 ) (14,010 ) (2,946 ) Loss from discontinued operations, net of income taxes $ (27,693 ) $ (31,246 ) $ (65,423 ) $ (164,360 ) Loss from discontinued operations attributable to noncontrolling interest $ (4,581 ) $ (8,866 ) $ (13,952 ) $ (47,965 ) Loss from discontinued operations attributable to NII Holdings (23,112 ) (22,380 ) (51,471 ) (116,395 ) Loss from discontinued operations, net of income taxes $ (27,693 ) $ (31,246 ) $ (65,423 ) $ (164,360 ) The components of assets and liabilities held for sale as of September 30, 2019 and December 31, 2018, all of which are related to Nextel Brazil, are as follows (in thousands): September 30, 2019 December 31, 2018 ASSETS Current assets Cash and cash equivalents $ 2,684 $ 48,605 Short-term investments 48,780 32,329 Accounts receivable, net of allowance for doubtful accounts of $27,116 and $19,637 98,138 99,867 Prepaid expenses and other 132,348 140,359 Total current assets 281,950 321,160 Property, plant and equipment, net 154,535 143,930 Intangible assets, net 146,286 162,156 Operating lease right-of-use assets 329,117 — Other assets 203,261 229,935 Total assets $ 1,115,149 $ 857,181 LIABILITIES Current liabilities Accounts payable, accrued expenses, operating lease liabilities and other $ 322,058 $ 325,365 Current portion of long-term debt 26,820 21,350 Total current liabilities 348,878 346,715 Long-term debt 512,934 560,593 Long-term operating lease liabilities 325,485 — Other long-term liabilities 194,382 215,078 Total liabilities $ 1,381,679 $ 1,122,386 |
Leases - Adoption Impact (Detai
Leases - Adoption Impact (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Lessee, Lease | |||||||||
Current assets held for sale | $ 281,950 | $ 321,160 | |||||||
Non-current assets held for sale | 833,199 | 536,021 | |||||||
Other non-current assets | 2,136 | 1,244 | |||||||
Total assets | 1,253,309 | 1,059,830 | |||||||
Current liabilities held for sale | 348,878 | 346,715 | |||||||
Long-term liabilities held for sale | 1,032,801 | 775,671 | |||||||
Other long-term liabilities | 400 | 33,977 | |||||||
Total liabilities | 1,480,463 | 1,241,399 | |||||||
Total stockholders' deficit | (227,154) | $ (217,193) | $ (198,498) | (181,569) | $ (187,011) | $ (150,665) | $ (101,717) | $ (111,188) | |
Total liabilities and stockholders' deficit | 1,253,309 | 1,059,830 | |||||||
Adjustment to accumulated deficit | (2,287,782) | (2,236,883) | |||||||
Discontinued Operations, Held-for-sale | Nextel Brazil | |||||||||
Lessee, Lease | |||||||||
Current assets held for sale | 281,950 | $ 321,160 | 321,160 | ||||||
Other current assets | 201,405 | 201,405 | |||||||
Non-current assets held for sale | 911,938 | 536,021 | |||||||
Other non-current assets | 1,244 | 1,244 | |||||||
Total assets | 1,435,747 | 1,059,830 | |||||||
Current liabilities held for sale | $ 348,878 | 391,499 | 346,715 | ||||||
Other current liabilities | 12,772 | 12,772 | |||||||
Long-term liabilities held for sale | 1,124,467 | 775,671 | |||||||
Other long-term liabilities | 106,241 | 106,241 | |||||||
Total liabilities | 1,634,979 | 1,241,399 | |||||||
Total stockholders' deficit | (199,232) | (181,569) | |||||||
Total liabilities and stockholders' deficit | 1,435,747 | $ 1,059,830 | |||||||
Discontinued Operations, Held-for-sale | Nextel Brazil | ASU 2016-02 | |||||||||
Lessee, Lease | |||||||||
Non-current assets held for sale | 375,917 | ||||||||
Total assets | 375,917 | ||||||||
Current liabilities held for sale | 44,784 | ||||||||
Long-term liabilities held for sale | 348,796 | ||||||||
Total liabilities | 393,580 | ||||||||
Total stockholders' deficit | (17,663) | ||||||||
Total liabilities and stockholders' deficit | $ 375,917 |
Basis of Presentation (Details)
Basis of Presentation (Details) - USD ($) shares in Millions | Mar. 18, 2019 | Jul. 20, 2017 | Jun. 05, 2017 | Sep. 30, 2018 | Sep. 30, 2019 | Jun. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | Aug. 31, 2018 | Dec. 31, 2017 |
Net loss attributable to noncontrolling interest | $ 4,581,000 | $ 8,866,000 | $ 13,952,000 | $ 47,965,000 | ||||||||
Cash and cash equivalents | $ 131,479,000 | 29,331,000 | 131,479,000 | 29,331,000 | 131,479,000 | $ 93,881,000 | $ 34,553,000 | |||||
Short term investments | 1,500,000 | 1,500,000 | ||||||||||
Cash in escrow | $ 106,071,000 | 103,435,000 | 106,071,000 | 103,435,000 | 106,071,000 | 106,089,000 | $ 110,024,000 | |||||
Net loss attributable to NII Holdings | (29,904,000) | $ (41,018,000) | $ (38,509,000) | $ (143,359,000) | ||||||||
Adjustment | ||||||||||||
Net loss attributable to noncontrolling interest | (11,900,000) | |||||||||||
AINMT | Plan | ||||||||||||
Additional interests (as percent) | 30.00% | |||||||||||
AINMT | Nextel Holdings | ||||||||||||
Ownership percentage (as percent) | 30.00% | |||||||||||
Ownership sold (as percent) | 30.00% | |||||||||||
Nextel Holdings | ||||||||||||
Consideration received for investment | $ 50,000,000 | |||||||||||
Number of shares issued (in shares) | 116.6 | |||||||||||
Additional consideration received on investment | $ 24,300,000 | $ 15,300,000 | $ 15,900,000 | |||||||||
Ownership by parent (as percent) | 72.43% | 70.70% | 72.43% | |||||||||
Nextel Holdings | Plan | ||||||||||||
Additional consideration received on investment | $ 150,000,000 | |||||||||||
Nextel Holdings | AINMT | ||||||||||||
Number of shares issued (in shares) | 50 | |||||||||||
AI Media Holdings (NMT) LLC | AI Brazil Holdings B.V. | ||||||||||||
Ownership by parent (as percent) | 90.00% | 90.00% | 90.00% | |||||||||
Bridford Music Holdings B.V. | AI Brazil Holdings B.V. | ||||||||||||
Ownership by noncontrolling interest (as percent) | 10.00% | 10.00% | 10.00% | |||||||||
Restatement Adjustment | ||||||||||||
Net loss attributable to noncontrolling interest | $ (4,700,000) | |||||||||||
Net loss attributable to NII Holdings | $ (11,600,000) | |||||||||||
Convertible senior notes | ||||||||||||
Interest rate (as percent) | 4.25% | 4.25% | 4.25% | |||||||||
AI Brazil Holdings B.V. | Nextel Holdings | ||||||||||||
Additional consideration received on investment | $ 2,700,000 | |||||||||||
Ownership by parent (as percent) | 27.57% | 29.30% | 27.57% | 30.00% | ||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Nextel Mexico | Plan | ||||||||||||
Release of escrow | $ 10,000,000 | |||||||||||
Percent of Additional Funds Released from Escrow | 6.00% | |||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Nextel Brazil | ||||||||||||
Aggregate purchase price | $ 905,000,000 | |||||||||||
Amount remaining in escrow | $ 30,000,000 | |||||||||||
Escrow Period | 18 months | |||||||||||
Discontinued Operations, Held-for-sale | ||||||||||||
Cash and short-term Investments | $ 51,500,000 | $ 51,500,000 | ||||||||||
Minimum | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Nextel Brazil | ||||||||||||
Contract termination fee | $ 25,000,000 | |||||||||||
Convertible Debt Securities [Member] | ||||||||||||
Antidilutive securities (shares) | 18.5 | 18.5 | 18.5 | |||||||||
Employee Stock Option | ||||||||||||
Antidilutive securities (shares) | 2.6 | 3.5 | 1.7 | 3.4 | ||||||||
Restricted Stock | ||||||||||||
Antidilutive securities (shares) | 1.6 | 1.4 | 1.9 | 0.7 |
Basis of Presentation - Cash, C
Basis of Presentation - Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2017 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Cash and cash equivalents | $ 29,331 | $ 93,881 | $ 131,479 | $ 34,553 |
Cash in escrow | 103,435 | 106,089 | 106,071 | 110,024 |
Cash and cash equivalents included in current assets held for sale | 2,684 | 48,605 | 21,233 | 159,335 |
Restricted cash included in non-current assets held for sale | 2,177 | 2,164 | 2,021 | 1,866 |
Cash, cash equivalents and restricted cash | $ 137,627 | $ 250,739 | $ 260,804 | $ 305,778 |
Discontinued Operations - Incom
Discontinued Operations - Income Statement (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Loss from discontinued operations attributable to NII Holdings | $ (27,693,000) | $ (31,246,000) | $ (65,423,000) | $ (164,360,000) |
Discontinued Operations, Held-for-sale | Nextel Brazil | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Operating revenues | 145,884,000 | 141,736,000 | 437,531,000 | 478,963,000 |
Cost of revenues and selling, general and administrative | (105,758,000) | (129,509,000) | (366,374,000) | (463,049,000) |
Segment earnings | 40,126,000 | 12,227,000 | 71,157,000 | 15,914,000 |
Impairment, restructuring and other charges, net | (7,613,000) | 3,000 | (16,432,000) | (13,717,000) |
Depreciation and amortization | 722,000 | (6,805,000) | (14,827,000) | (21,855,000) |
Operating income (loss) | 33,235,000 | 5,425,000 | 39,898,000 | (19,658,000) |
Interest expense and other, net | (48,957,000) | (36,508,000) | (91,311,000) | (141,756,000) |
Loss before income taxes | (15,722,000) | (31,083,000) | (51,413,000) | (161,414,000) |
Income taxes | 0 | 0 | 0 | 0 |
Loss from Nextel Brazil discontinued operations, net of income taxes | (15,722,000) | (31,083,000) | (51,413,000) | (161,414,000) |
Loss on disposal of Nextel Mexico | (11,971,000) | (163,000) | (14,010,000) | (2,946,000) |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | (27,693,000) | (31,246,000) | (65,423,000) | (164,360,000) |
Loss from discontinued operations attributable to noncontrolling interest | (4,581,000) | (8,866,000) | (13,952,000) | (47,965,000) |
Loss from discontinued operations attributable to NII Holdings | $ (23,112,000) | $ (22,380,000) | $ (51,471,000) | $ (116,395,000) |
Discontinued Operations - Balan
Discontinued Operations - Balance Sheet (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Current assets | |||
Total current assets | $ 281,950 | $ 321,160 | |
Current liabilities | |||
Total current liabilities | 348,878 | 346,715 | |
Allowance for receivables | 27,116 | 19,637 | |
Discontinued Operations, Held-for-sale | Nextel Brazil | |||
Current assets | |||
Short-term investments | 2,684 | 48,605 | |
Short-term investments | 48,780 | 32,329 | |
Accounts receivable, net of allowance for doubtful accounts of $27,116 and $19,637 | 98,138 | 99,867 | |
Prepaid expenses and other | 132,348 | 140,359 | |
Total current assets | 281,950 | $ 321,160 | 321,160 |
Property, plant and equipment, net | 154,535 | 143,930 | |
Intangible assets, net | 146,286 | 162,156 | |
Operating lease right-of-use assets | 329,117 | ||
Other assets | 203,261 | 229,935 | |
Total assets | 1,115,149 | 857,181 | |
Current liabilities | |||
Accounts payable, accrued expenses, operating lease liabilities and other | 322,058 | 325,365 | |
Current portion of long-term debt | 26,820 | 21,350 | |
Total current liabilities | 348,878 | $ 391,499 | 346,715 |
Long-term debt | 512,934 | 560,593 | |
Long-term operating lease liabilities | 325,485 | ||
Other long-term liabilities | 194,382 | 215,078 | |
Total liabilities | $ 1,381,679 | $ 1,122,386 |
Discontinued Operations (Detail
Discontinued Operations (Details) - USD ($) $ in Millions | Mar. 25, 2019 | Apr. 30, 2015 | Oct. 31, 2019 | Jun. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2010 | Sep. 30, 2019 | Dec. 31, 2013 | Jul. 31, 2018 | Dec. 31, 2016 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Claim amount | $ 68.3 | $ 65.8 | ||||||||
Litigation reserve | 15.1 | |||||||||
Two Tax Audits | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Claim amount | 12.2 | |||||||||
Nextel Mexico | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Purchase price | $ 1,875 | |||||||||
Deposited in escrow | $ 187.5 | |||||||||
Payment for settlement of an indemnification claim | $ 4 | $ 4 | ||||||||
Release of escrow | 73.5 | 1.1 | ||||||||
Amount remaining in escrow | 103.4 | |||||||||
Income tax settlement | $ 2.7 | $ 12.2 | ||||||||
Claim amount | $ 1.1 | |||||||||
Nextel Mexico | Tax Year 2010 | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Potential claims against escrow | 35.5 | |||||||||
Nextel Mexico | Tax Year 2011 | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Potential claims against escrow | 36.9 | |||||||||
Nextel Mexico | Tax Years 2011 through 2014 | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Potential claims against escrow | 37.6 | |||||||||
Accrual for taxes payable | $ 12.2 | |||||||||
Nextel Mexico | Tax Years 2010 and 2011 | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Release of escrow | 65.8 | |||||||||
Potential claims against escrow | $ 72.4 | |||||||||
Subsequent Events | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Claim amount | $ 24.4 | |||||||||
Anticipated decrease in escrow | $ 9.3 |
Debt, Derivatives and Fair Va_2
Debt, Derivatives and Fair Value Measurements - Narrative (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Aug. 31, 2018USD ($)shares$ / shares | Sep. 30, 2019USD ($)$ / shares | Sep. 30, 2019USD ($)d$ / shares | Sep. 30, 2018USD ($) | Dec. 31, 2018USD ($) | |
Gross proceeds from issuance of convertible notes | $ 0 | $ 115,000 | |||
Long-term debt | $ 77,301 | 77,301 | $ 72,264 | ||
Derivative liability | 33,600 | ||||
Gain related conversion option embedded in convertible senior note | $ 33,600 | ||||
Convertible senior notes | |||||
Debt issued | $ 115,000 | ||||
Interest rate (as percent) | 4.25% | 4.25% | 4.25% | ||
Gross proceeds from issuance of convertible notes | $ 115,000 | ||||
Repurchase price,as percent of notes to be repurchased (as percent) | 100.00% | ||||
Estimated Fair Value | $ 119,600 | $ 119,600 | 80,700 | ||
Convertible senior notes | Debt Conversion One | |||||
Conversion ratio | 0.1609658 | ||||
Aggregate common shares (in shares) | shares | 18,511,067 | ||||
Conversion price (in dollars per share) | $ / shares | $ 6.21 | $ 6.21 | $ 6.21 | ||
Threshold percentage of stock price trigger (as percent) | 130.00% | ||||
Trading days | d | 20 | ||||
Consecutive trading days | d | 30 | ||||
Convertible senior notes | Convertible Senior Notes Due, Initially Placement | |||||
Debt issued | $ 100,000 | ||||
Long-term debt | $ 77,300 | $ 77,300 | $ 72,300 | ||
Convertible senior notes | Convertible Senior Notes Due, Additional Option Exercised | |||||
Debt issued | $ 15,000 | ||||
Foreign Exchange Option | |||||
Premiums Paid On Call Options | 1,900 | ||||
Loss on derivative instrument | 400 | ||||
Level 3 | Foreign Exchange Option | |||||
Derivative, Fair Value, Net | $ 1,500 | $ 1,500 |
Uncategorized Items - nihd-2019
Label | Element | Value |
Accounting Standards Update 2016-02 [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ (17,663,000) |
Accounting Standards Update 2016-02 [Member] | Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | (12,390,000) |
Accounting Standards Update 2016-02 [Member] | Parent [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | (12,390,000) |
Accounting Standards Update 2016-02 [Member] | Noncontrolling Interest [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | (5,273,000) |
Accounting Standards Update 2014-09 [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 48,703,000 |
Accounting Standards Update 2014-09 [Member] | Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 34,100,000 |
Accounting Standards Update 2014-09 [Member] | Parent [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 34,100,000 |
Accounting Standards Update 2014-09 [Member] | Noncontrolling Interest [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 14,603,000 |