Document and Entity Information
Document and Entity Information - Jun. 30, 2015 - shares | Total |
Document And Entity Information [Abstract] | |
Document Type | 10-Q |
Amendment Flag | false |
Document Period End Date | Jun. 30, 2015 |
Document Fiscal Year Focus | 2,015 |
Document Fiscal Period Focus | Q2 |
Trading Symbol | MCCCL |
Entity Registrant Name | MEDIACOM LLC |
Entity Central Index Key | 1,064,116 |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Non-accelerated Filer |
Entity Common Stock, Shares Outstanding | 0 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
CURRENT ASSETS | ||
Cash | $ 10,685 | $ 8,720 |
Accounts receivable, net of allowance for doubtful accounts of $2,584 and $2,135 | 40,508 | 45,712 |
Accounts receivable - affiliates | 2,669 | |
Prepaid expenses and other current assets | 11,227 | 8,142 |
Total current assets | 65,089 | 62,574 |
Preferred membership interest in affiliated company (Note 7) | 150,000 | 150,000 |
Property, plant and equipment, net of accumulated depreciation of $1,636,697 and $1,592,999 | 678,181 | 672,832 |
Franchise rights | 614,731 | 614,731 |
Goodwill | 23,911 | 23,911 |
Intangible assets, net of accumulated amortization | 18 | 22 |
Other assets, net of accumulated amortization of $10,353 and $8,343 | 17,352 | 15,288 |
Total assets | 1,549,282 | 1,539,358 |
CURRENT LIABILITIES | ||
Accounts payable, accrued expenses and other current liabilities | 127,015 | 130,706 |
Accounts payable - affiliates | 1,463 | |
Deferred revenue | 29,344 | 28,115 |
Current portion of long-term debt | 8,500 | 8,500 |
Total current liabilities | 164,859 | 168,784 |
Long-term debt, less current portion | 1,209,500 | 1,246,500 |
Other non-current liabilities | 1,859 | 1,859 |
Total liabilities | $ 1,376,218 | $ 1,417,143 |
Commitments and contingencies (Note 10) | ||
MEMBER'S EQUITY | ||
Capital contributions | $ 463,577 | $ 473,609 |
Accumulated deficit | (290,513) | (351,394) |
Total member's equity | 173,064 | 122,215 |
Total liabilities and member's equity | $ 1,549,282 | $ 1,539,358 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Statement Of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 2,584 | $ 2,135 |
Accumulated depreciation on property, plant and equipment | 1,636,697 | 1,592,999 |
Accumulated amortization on Intangible assets | 118,283 | 118,279 |
Accumulated amortization on other assets | $ 10,353 | $ 8,343 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Income Statement [Abstract] | ||||
Revenues | $ 185,619 | $ 178,843 | $ 365,663 | $ 354,582 |
Costs and expenses: | ||||
Service costs (exclusive of depreciation and amortization) | 81,376 | 77,391 | 162,020 | 154,039 |
Selling, general and administrative expenses | 30,139 | 30,918 | 58,983 | 60,939 |
Management fee expense | 3,250 | 3,200 | 6,500 | 6,400 |
Depreciation and amortization | 29,927 | 28,819 | 59,821 | 57,550 |
Operating income | 40,927 | 38,515 | 78,339 | 75,654 |
Interest expense, net | (15,903) | (23,614) | (31,881) | (47,516) |
Gain on derivatives, net | 3,343 | 4,304 | 5,921 | 8,620 |
Investment income from affiliate (Note 7) | 4,500 | 4,500 | 9,000 | 9,000 |
Other expense, net | (269) | (273) | (498) | (654) |
Net income | $ 32,598 | $ 23,432 | $ 60,881 | $ 45,104 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 60,881 | $ 45,104 |
Adjustments to reconcile net income to net cash flows provided by operating activities: | ||
Depreciation and amortization | 59,821 | 57,550 |
Gain on derivatives, net | (5,921) | (8,620) |
Amortization of deferred financing costs | 1,445 | 1,968 |
Changes in assets and liabilities: | ||
Accounts receivable, net | 5,204 | 4,975 |
Accounts receivable - affiliates | (2,669) | (4,632) |
Prepaid expenses and other assets | (4,273) | (1,975) |
Accounts payable, accrued expenses and other current liabilities | (2,029) | 1,179 |
Accounts payable - affiliates | (1,463) | (9,628) |
Deferred revenue | 1,229 | 680 |
Net cash flows provided by operating activities | 112,225 | 86,601 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Capital expenditures | (64,610) | (56,653) |
Change in accrued property, plant and equipment | 3,457 | 2,072 |
Proceeds from sale of assets | 77 | |
Acquisition of other intangible assets | (1,249) | |
Net cash flows used in investing activities | (62,325) | (54,581) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
New borrowings of bank debt | 87,125 | 514,739 |
Repayment of bank debt | (124,125) | (539,739) |
Capital distributions to parent (Note 8) | (10,100) | (3,500) |
Financing costs | (4,668) | |
Other financing activities | (835) | 1,328 |
Net cash flows used in financing activities | (47,935) | (31,840) |
Net increase in cash | 1,965 | 180 |
CASH, beginning of period | 8,720 | 9,744 |
CASH, end of period | 10,685 | 9,924 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||
Cash paid during the period for interest, net of amounts capitalized | $ 30,472 | $ 45,712 |
ORGANIZATION
ORGANIZATION | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
ORGANIZATION | 1. ORGANIZATION Basis of Preparation of Unaudited Consolidated Financial Statements Mediacom LLC (“Mediacom LLC” and collectively with its subsidiaries, “we,” “our” or “us”) is a New York limited liability company wholly-owned by Mediacom Communications Corporation (“MCC”). MCC is involved in the acquisition and operation of cable systems serving smaller cities and towns in the United States, and its cable systems are owned and operated through our operating subsidiaries and those of Mediacom Broadband LLC, a Delaware limited liability company wholly-owned by MCC. As limited liability companies, we and Mediacom Broadband LLC are not subject to income taxes and, as such, are included in the consolidated federal and state income tax returns of MCC, a C corporation. Our principal operating subsidiaries conduct all of our consolidated operations and own substantially all of our consolidated assets. Our operating subsidiaries are separate and distinct legal entities and have no obligation, contingent or otherwise, to make funds available to us. We have prepared these unaudited consolidated financial statements in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”). In the opinion of management, such statements include all adjustments, consisting of normal recurring accruals and adjustments, necessary for a fair presentation of our consolidated results of operations and financial position for the interim periods presented. The accounting policies followed during such interim periods reported are in conformity with generally accepted accounting principles in the United States of America and are consistent with those applied during annual periods. For a summary of our accounting policies and other information, refer to our Annual Report on Form 10-K for the year ended December 31, 2014. The results of operations for the interim periods are not necessarily indicative of the results that might be expected for future interim periods or for the full year ending December 31, 2015. Mediacom Capital Corporation (“Mediacom Capital”), a New York corporation wholly-owned by us, co-issued, jointly and severally with us, public debt securities. Mediacom Capital has no operations, revenues or cash flows and has no assets, liabilities or stockholders’ equity on its balance sheet, other than a one-hundred dollar receivable from an affiliate and the same dollar amount of common stock. Therefore, separate financial statements have not been presented for this entity. Franchise fees imposed by local governmental authorities are collected on a monthly basis from our customers and are periodically remitted to the local governmental authorities. Because franchise fees are our obligation, we present them on a gross basis with a corresponding operating expense. Franchise fees reported on a gross basis amounted to $3.1 million and $2.9 million for the three months ended June 30, 2015 and 2014, respectively, and $6.1 million and $5.8 million for the six months ended June 30, 2015 and 2014, respectively. |
RECENT ACCOUNTING PRONOUNCEMENT
RECENT ACCOUNTING PRONOUNCEMENTS | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Changes And Error Corrections [Abstract] | |
RECENT ACCOUNTING PRONOUNCEMENTS | 2. RECENT ACCOUNTING PRONOUNCEMENTS In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09 (“ASU 2014-09”) - Revenue from Contracts with Customers Financial Reporting by Cable Television Companies In April 2015, the FASB issued ASU No. 2015-03 - Interest—Imputation of Interest Simplifying the Presentation of Debt Issuance Costs In April 2015, the FASB issued ASU 2015-05 - Intangibles—Goodwill and Other—Internal-Use Software |
FAIR VALUE
FAIR VALUE | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE | 3. FAIR VALUE The tables below set forth our financial assets and liabilities measured at fair value on a recurring basis using a market-based approach. Our financial assets and liabilities, all of which represent interest rate exchange agreements (which we refer to as “interest rate swaps”) have been categorized according to the three-level fair value hierarchy established by Accounting Standards Codification (“ASC”) No. 820 – Fair Value Measurement · Level 1 — Quoted market prices in active markets for identical assets or liabilities. · Level 2 — Observable market based inputs or unobservable inputs that are corroborated by market data. · Level 3 — Unobservable inputs that are not corroborated by market data. Fair Value as of June 30, 2015 Level 1 Level 2 Level 3 Total Assets Interest rate exchange agreements $ — $ 1,637 $ — $ 1,637 Liabilities Interest rate exchange agreements $ — $ 7,477 $ — $ 7,477 Fair Value as of December 31, 2014 Level 1 Level 2 Level 3 Total Assets Interest rate exchange agreements $ — $ — $ — $ — Liabilities Interest rate exchange agreements $ — $ 11,761 $ — $ 11,761 The fair value of our interest rate swaps represents the estimated amount that we would receive or pay to terminate such agreements, taking into account projected interest rates, based on quoted London Interbank Offered Rate (“LIBOR”) futures and the remaining time to maturity. While our interest rate swaps are subject to contractual terms that provide for the net settlement of transactions with counterparties, we do not offset assets and liabilities under these agreements for financial statement presentation purposes, and assets and liabilities are reported on a gross basis. As of June 30, 2015, we recorded a long-term asset in other assets, net, of $1.6 million and a current liability in accounts payable, accrued expenses and other current liabilities of $7.5 million. As of December 31, 2014, we recorded a current liability in accounts payable, accrued expenses and other current liabilities of $11.8 million. As of both June 30, 2015 and December 31, 2014, there was no current asset or long-term liability. As a result of the changes in the mark-to-market valuations on our interest rate swaps, we recorded a net gain on derivatives of $3.3 million and $4.3 million for the three months ended June 30, 2015 and 2014, respectively, and a net gain on derivatives of $5.9 million and $8.6 million during the six months ended June 30, 2015 and 2014, respectively. |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 6 Months Ended |
Jun. 30, 2015 | |
Property Plant And Equipment [Abstract] | |
PROPERTY, PLANT AND EQUIPMENT | 4. PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment consisted of the following (dollars in thousands): June 30, December 31, 2015 2014 Cable systems, equipment and customer devices $ 2,210,803 $ 2,161,767 Furniture, fixtures and office equipment 47,520 47,524 Vehicles 37,824 37,831 Buildings and leasehold improvements 17,181 17,159 Land and land improvements 1,550 1,550 Property, plant and equipment, gross $ 2,314,878 $ 2,265,831 Accumulated depreciation (1,636,697 ) (1,592,999 ) Property, plant and equipment, net $ 678,181 $ 672,832 |
ACCOUNTS PAYABLE, ACCRUED EXPEN
ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES | 6 Months Ended |
Jun. 30, 2015 | |
Payables And Accruals [Abstract] | |
ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES | 5. ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES Accounts payable, accrued expenses and other current liabilities consisted of the following (dollars in thousands): June 30, December 31, 2015 2014 Accounts payable - trade $ 27,266 $ 28,238 Accrued programming costs 21,385 19,966 Accrued payroll and benefits 14,931 12,090 Accrued taxes and fees 12,820 15,767 Liabilities under interest rate exchange agreements 7,477 11,761 Advance customer payments 7,467 10,922 Accrued interest 7,212 7,247 Accrued property, plant and equipment 7,043 3,586 Accrued service costs 6,058 6,685 Bank overdrafts (1) 2,987 3,822 Accrued telecommunications costs 1,716 1,055 Other accrued expenses 10,653 9,567 Accounts payable, accrued expenses and other current liabilities $ 127,015 $ 130,706 (1) Bank overdrafts represent outstanding checks in excess of funds on deposit at our disbursement accounts. We transfer funds from our depository accounts to our disbursement accounts upon daily notification of checks presented for payment. Changes in bank overdrafts are reported in “other financing activities” in our Consolidated Statements of Cash Flows. |
DEBT
DEBT | 6 Months Ended |
Jun. 30, 2015 | |
Debt Disclosure [Abstract] | |
DEBT | 6. DEBT Outstanding debt consisted of the following (dollars in thousands): June 30, December 31, 2015 2014 Bank credit facility $ 968,000 $ 1,005,000 7 ¼ 250,000 250,000 Total debt $ 1,218,000 $ 1,255,000 Less: current portion 8,500 8,500 Total long-term debt, less current portion $ 1,209,500 $ 1,246,500 Bank Credit Facility As of June 30, 2015, we maintained a $1.057 billion bank credit facility (the “credit facility”), comprising: · $225.0 million of revolving credit commitments, which expire on February 5, 2019; · $237.5 million of outstanding borrowings under Term Loan E, which mature on October 23, 2017; · $246.9 million of outstanding borrowings under Term Loan F, which mature on March 31, 2018; and · $347.4 million of outstanding borrowings under Term Loan G, which mature on June 30, 2021. As of June 30, 2015, we had $79.5 million of unused revolving credit commitments, all of which were available to be borrowed and used for general corporate purposes, after giving effect to $136.3 million of outstanding loans and $9.2 million of letters of credit issued thereunder to various parties as collateral. The credit facility is collateralized by our ownership interests in our operating subsidiaries and is guaranteed by us on a limited recourse basis to the extent of such ownership interests. As of June 30, 2015, the credit agreement governing the credit facility (the “credit agreement”) required our operating subsidiaries to maintain a total leverage ratio (as defined in the credit agreement) of no more than 5.0 to 1.0 and an interest coverage ratio (as defined in the credit agreement) of no less than 2.0 to 1.0. For all periods through June 30, 2015, our operating subsidiaries were in compliance with all covenants under the credit agreement. Interest Rate Swaps We have entered into several interest rate swaps to fix the variable rate on a portion of our borrowings under the credit facility to reduce the potential volatility in our interest expense that may result from changes in market interest rates. Our interest rate swaps have not been designated as hedges for accounting purposes, and have been accounted for on a mark-to-market basis as of, and for the three and six months ended, June 30, 2015 and 2014. As of June 30, 2015, we had interest rate swaps that fixed the variable rate portion of $500 million of borrowings at 2.7%, all of which are scheduled to expire during December 2015. As of the same date, we also had forward starting interest rate swaps that will fix the variable rate portion of $300 million of borrowings at 1.5% for a three year period commencing December 2015. As of June 30, 2015, the weighted average interest rate on outstanding borrowings under the credit facility, including the effect of our interest rate swaps, was 4.3%. Senior Notes As of June 30, 2015, we had $250 million of outstanding senior notes, all of which comprised our 7 ¼ ¼ ¼ Other Assets As of June 30, 2015 and December 31, 2014, other assets, net, substantially comprised of financing costs and original issue discount (“OID”) incurred to raise debt, which are deferred and amortized through interest expense over the scheduled term of such debt issuances. OID, as recorded in other assets, net, was $2.3 million and $2.6 million as of June 30, 2015 and December 31, 2014, respectively. Debt Ratings MCC’s corporate credit ratings are Ba3 by Moody’s and BB- by Standard and Poor’s (“S&P”), and our senior unsecured ratings are B2 by Moody’s and B by S&P, all with stable outlooks. There are no covenants, events of default, borrowing conditions or other terms in the credit agreement or indenture that are based on changes in our credit rating assigned by any rating agency. Fair Value The fair values of our senior notes and outstanding debt under the credit facility (which were calculated based upon market prices of such issuances in an active market when available) were as follows (dollars in thousands): June 30, December 31, 2015 2014 7¼% senior notes due 2022 263,125 268,125 Total senior notes $ 263,125 $ 268,125 Bank credit facility $ 965,144 $ 985,752 |
PREFERRED MEMBERSHIP INTEREST I
PREFERRED MEMBERSHIP INTEREST IN AFFILIATED COMPANY | 6 Months Ended |
Jun. 30, 2015 | |
Equity Method Investments And Joint Ventures [Abstract] | |
PREFERRED MEMBERSHIP INTEREST IN AFFILIATED COMPANY | 7. PREFERRED MEMBERSHIP INTEREST IN AFFILIATED COMPANY In July 2001, we made a $150.0 million preferred membership investment in the operating subsidiaries of Mediacom Broadband LLC, which has a 12% annual dividend, payable quarterly in cash. We received $4.5 million in cash dividends on the preferred membership interest during each of the three months ended June 30, 2015 and 2014, and $9.0 million during each of the six months ended June 30, 2015 and 2014. |
MEMBER'S EQUITY
MEMBER'S EQUITY | 6 Months Ended |
Jun. 30, 2015 | |
Equity [Abstract] | |
MEMBER'S EQUITY | 8. MEMBER’S EQUITY As a wholly-owned subsidiary of MCC, our business affairs, including our financing decisions, are directed by MCC. See Note 9. Capital contributions from parent and capital distributions to parent are reported on a gross basis in the Consolidated Statements of Cash Flows. We made capital distributions to parent in cash of $10.1 million and no capital contributions from parent were made during the six months ended June 30, 2015. We made capital distributions to parent of $3.5 million and no capital contributions from parent during the six months ended June 30, 2014. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 6 Months Ended |
Jun. 30, 2015 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | 9. RELATED PARTY TRANSACTIONS MCC manages us pursuant to management agreements with our operating subsidiaries. Under such agreements, MCC has full and exclusive authority to manage our day to day operations and conduct our business. We remain responsible for all expenses and liabilities relating to the construction, development, operation, maintenance, repair and ownership of our systems. As compensation for the performance of its services, subject to certain restrictions, MCC is entitled to receive management fees in an amount not to exceed 4.5% of the annual gross operating revenues of our operating subsidiaries, and is also entitled to the reimbursement of all expenses necessarily incurred in its capacity as manager. MCC charged us management fees of $3.3 million and $3.2 million for the three months ended June 30, 2015 and 2014, respectively, and $6.5 million and $6.4 million for the six months ended June 30, 2015 and 2014, respectively. We are a preferred equity investor in Mediacom Broadband LLC. See Note 7. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Jun. 30, 2015 | |
Commitments And Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 10. COMMITMENTS AND CONTINGENCIES Legal Proceedings We are involved in various legal actions arising in the ordinary course of business. In the opinion of management, the ultimate disposition of these matters will not have a material adverse effect on our consolidated financial position, results of operations, cash flows or business. |
GOODWILL AND OTHER INTANGIBLE A
GOODWILL AND OTHER INTANGIBLE ASSETS | 6 Months Ended |
Jun. 30, 2015 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
GOODWILL AND OTHER INTANGIBLE ASSETS | 11. GOODWILL AND OTHER INTANGIBLE ASSETS In accordance with the FASB’s ASC No. 350 — Intangibles — Goodwill and Other We last evaluated the factors surrounding our Mediacom LLC reporting unit as of October 1, 2014 and did not believe that it was “more likely than not” that a goodwill impairment existed at that time. As such, we did not perform Step 2 of the goodwill impairment test. Because we believe there has not been a meaningful change in the long-term fundamentals of our business during the first six months of 2015, we determined that there has been no triggering event under ASC 350 and, as such, no interim impairment test was required as of June 30, 2015. During the six months ended June 30, 2015, we acquired various intellectual property rights for approximately $1.2 million, which are recorded in other assets, net. |
ORGANIZATION (Policies)
ORGANIZATION (Policies) | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Basis of Preparation of Unaudited Consolidated Financial Statements | Basis of Preparation of Unaudited Consolidated Financial Statements Mediacom LLC (“Mediacom LLC” and collectively with its subsidiaries, “we,” “our” or “us”) is a New York limited liability company wholly-owned by Mediacom Communications Corporation (“MCC”). MCC is involved in the acquisition and operation of cable systems serving smaller cities and towns in the United States, and its cable systems are owned and operated through our operating subsidiaries and those of Mediacom Broadband LLC, a Delaware limited liability company wholly-owned by MCC. As limited liability companies, we and Mediacom Broadband LLC are not subject to income taxes and, as such, are included in the consolidated federal and state income tax returns of MCC, a C corporation. Our principal operating subsidiaries conduct all of our consolidated operations and own substantially all of our consolidated assets. Our operating subsidiaries are separate and distinct legal entities and have no obligation, contingent or otherwise, to make funds available to us. We have prepared these unaudited consolidated financial statements in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”). In the opinion of management, such statements include all adjustments, consisting of normal recurring accruals and adjustments, necessary for a fair presentation of our consolidated results of operations and financial position for the interim periods presented. The accounting policies followed during such interim periods reported are in conformity with generally accepted accounting principles in the United States of America and are consistent with those applied during annual periods. For a summary of our accounting policies and other information, refer to our Annual Report on Form 10-K for the year ended December 31, 2014. The results of operations for the interim periods are not necessarily indicative of the results that might be expected for future interim periods or for the full year ending December 31, 2015. Mediacom Capital Corporation (“Mediacom Capital”), a New York corporation wholly-owned by us, co-issued, jointly and severally with us, public debt securities. Mediacom Capital has no operations, revenues or cash flows and has no assets, liabilities or stockholders’ equity on its balance sheet, other than a one-hundred dollar receivable from an affiliate and the same dollar amount of common stock. Therefore, separate financial statements have not been presented for this entity. Franchise fees imposed by local governmental authorities are collected on a monthly basis from our customers and are periodically remitted to the local governmental authorities. Because franchise fees are our obligation, we present them on a gross basis with a corresponding operating expense. Franchise fees reported on a gross basis amounted to $3.1 million and $2.9 million for the three months ended June 30, 2015 and 2014, respectively, and $6.1 million and $5.8 million for the six months ended June 30, 2015 and 2014, respectively. |
FAIR VALUE (Tables)
FAIR VALUE (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Interest Rate Swap Assets and Liabilities | Fair Value as of June 30, 2015 Level 1 Level 2 Level 3 Total Assets Interest rate exchange agreements $ — $ 1,637 $ — $ 1,637 Liabilities Interest rate exchange agreements $ — $ 7,477 $ — $ 7,477 Fair Value as of December 31, 2014 Level 1 Level 2 Level 3 Total Assets Interest rate exchange agreements $ — $ — $ — $ — Liabilities Interest rate exchange agreements $ — $ 11,761 $ — $ 11,761 |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Property Plant And Equipment [Abstract] | |
Components of Property, Plant and Equipment | Property, plant and equipment consisted of the following (dollars in thousands): June 30, December 31, 2015 2014 Cable systems, equipment and customer devices $ 2,210,803 $ 2,161,767 Furniture, fixtures and office equipment 47,520 47,524 Vehicles 37,824 37,831 Buildings and leasehold improvements 17,181 17,159 Land and land improvements 1,550 1,550 Property, plant and equipment, gross $ 2,314,878 $ 2,265,831 Accumulated depreciation (1,636,697 ) (1,592,999 ) Property, plant and equipment, net $ 678,181 $ 672,832 |
ACCOUNTS PAYABLE, ACCRUED EXP20
ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Payables And Accruals [Abstract] | |
Summary of Accounts Payable, Accrued Expenses and Other Current Liabilities | Accounts payable, accrued expenses and other current liabilities consisted of the following (dollars in thousands): June 30, December 31, 2015 2014 Accounts payable - trade $ 27,266 $ 28,238 Accrued programming costs 21,385 19,966 Accrued payroll and benefits 14,931 12,090 Accrued taxes and fees 12,820 15,767 Liabilities under interest rate exchange agreements 7,477 11,761 Advance customer payments 7,467 10,922 Accrued interest 7,212 7,247 Accrued property, plant and equipment 7,043 3,586 Accrued service costs 6,058 6,685 Bank overdrafts (1) 2,987 3,822 Accrued telecommunications costs 1,716 1,055 Other accrued expenses 10,653 9,567 Accounts payable, accrued expenses and other current liabilities $ 127,015 $ 130,706 (1) Bank overdrafts represent outstanding checks in excess of funds on deposit at our disbursement accounts. We transfer funds from our depository accounts to our disbursement accounts upon daily notification of checks presented for payment. Changes in bank overdrafts are reported in “other financing activities” in our Consolidated Statements of Cash Flows. |
DEBT (Tables)
DEBT (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Debt Disclosure [Abstract] | |
Summary of Outstanding Debt | Outstanding debt consisted of the following (dollars in thousands): June 30, December 31, 2015 2014 Bank credit facility $ 968,000 $ 1,005,000 7 ¼ 250,000 250,000 Total debt $ 1,218,000 $ 1,255,000 Less: current portion 8,500 8,500 Total long-term debt, less current portion $ 1,209,500 $ 1,246,500 |
Fair Values of Senior Notes and Outstanding Debt under Credit Facility | The fair values of our senior notes and outstanding debt under the credit facility (which were calculated based upon market prices of such issuances in an active market when available) were as follows (dollars in thousands): June 30, December 31, 2015 2014 7¼% senior notes due 2022 263,125 268,125 Total senior notes $ 263,125 $ 268,125 Bank credit facility $ 965,144 $ 985,752 |
Organization - Additional Infor
Organization - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ||||
Amount due from affiliate by subsidiary | $ 100 | $ 100 | ||
Franchise fees imposed by local governmental authorities | $ 3,100,000 | $ 2,900,000 | $ 6,100,000 | $ 5,800,000 |
Recent Accounting Pronounceme23
Recent Accounting Pronouncements - Additional Information (Detail) $ in Millions | 6 Months Ended |
Jun. 30, 2015USD ($) | |
Accounting Changes And Error Corrections [Abstract] | |
Expected reclassification from other assets to long term debt | $ 12.6 |
Fair Value - Fair Value of Inte
Fair Value - Fair Value of Interest Rate Swap Assets and Liabilities (Detail) - Interest Rate Swap [Member] - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | $ 1,637 | |
Liabilities | 7,477 | $ 11,761 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 1,637 | |
Liabilities | $ 7,477 | $ 11,761 |
Fair Value - Additional Informa
Fair Value - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Fair Value Disclosures [Abstract] | |||||
Current liability in accounts payable, accrued expenses and other current liabilities | $ 7,500,000 | $ 7,500,000 | $ 11,800,000 | ||
Long-term asset in other assets, net | 1,600,000 | 1,600,000 | |||
Accumulated long-term liability | 0 | 0 | 0 | ||
Current asset | 0 | 0 | $ 0 | ||
Net gains on derivatives | $ 3,300,000 | $ 4,300,000 | $ 5,900,000 | $ 8,600,000 |
Property, Plant and Equipment -
Property, Plant and Equipment - Components of Property, Plant and Equipment (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 2,314,878 | $ 2,265,831 |
Accumulated depreciation | (1,636,697) | (1,592,999) |
Property, plant and equipment, net | 678,181 | 672,832 |
Cable Systems, Equipment and Customer Devices [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 2,210,803 | 2,161,767 |
Furniture, Fixtures and Office Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 47,520 | 47,524 |
Vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 37,824 | 37,831 |
Buildings and Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 17,181 | 17,159 |
Land and Land Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 1,550 | $ 1,550 |
Accounts Payable, Accrued Exp27
Accounts Payable, Accrued Expenses and Other Current Liabilities - Summary of Accounts Payable, Accrued Expenses and Other Current Liabilities (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Payables And Accruals [Abstract] | ||
Accounts payable - trade | $ 27,266 | $ 28,238 |
Accrued programming costs | 21,385 | 19,966 |
Accrued payroll and benefits | 14,931 | 12,090 |
Accrued taxes and fees | 12,820 | 15,767 |
Liabilities under interest rate exchange agreements | 7,477 | 11,761 |
Advance customer payments | 7,467 | 10,922 |
Accrued interest | 7,212 | 7,247 |
Accrued property, plant and equipment | 7,043 | 3,586 |
Accrued service costs | 6,058 | 6,685 |
Bank overdrafts | 2,987 | 3,822 |
Accrued telecommunications costs | 1,716 | 1,055 |
Other accrued expenses | 10,653 | 9,567 |
Accounts payable, accrued expenses and other current liabilities | $ 127,015 | $ 130,706 |
Debt - Summary of Outstanding D
Debt - Summary of Outstanding Debt (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Total debt | $ 1,218,000 | $ 1,255,000 |
Less: current portion | 8,500 | 8,500 |
Total long-term debt, less current portion | 1,209,500 | 1,246,500 |
Bank Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 968,000 | 1,005,000 |
7 1/4% Senior Notes Due 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | $ 250,000 | $ 250,000 |
Debt - Summary of Outstanding29
Debt - Summary of Outstanding Debt (Parenthetical) (Detail) - Jun. 30, 2015 - 7 1/4% Senior Notes Due 2022 [Member] | Total |
Debt Instrument [Line Items] | |
Debt instrument, Interest rate | 7.25% |
Debt instrument, Maturity | 2,022 |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | ||
Original issue discount, as recorded in other assets, net | $ 2.3 | $ 2.6 |
7 1/4% Senior Notes Due 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Outstanding senior notes | $ 250 | |
Senior notes expiration date | February 2,022 | |
Debt instrument, Interest rate | 7.25% | |
Interest Rate Swap [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate on borrowings | 2.70% | |
Expiration period of revolving credit commitments | 2015-12 | |
Weighted average interest rate on outstanding borrowings | 4.30% | |
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | ||
Debt Instrument [Line Items] | ||
Revolving credit commitment outstanding | $ 500 | |
Forward Interest Rate Swaps [Member] | ||
Debt Instrument [Line Items] | ||
Revolving credit commitment outstanding | $ 300 | |
Interest rate on borrowings | 1.50% | |
Interest rate period | 3 years | |
Maximum [Member] | 7 1/4% Senior Notes Due 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Required debt to operating cash flow | 850.00% | |
Minimum [Member] | 7 1/4% Senior Notes Due 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Required debt to operating cash flow | 100.00% | |
Loans Payable [Member] | ||
Debt Instrument [Line Items] | ||
Revolving credit commitment outstanding | $ 136.3 | |
Letter of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Revolving credit commitment outstanding | 9.2 | |
Bank Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Revolving credit commitment outstanding | 1,057 | |
Unused revolving credit commitments | $ 79.5 | |
Bank Credit Facility [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Leverage ratio | 500.00% | |
Interest coverage ratio | 200.00% | |
Bank Credit Facility [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Leverage ratio | 100.00% | |
Interest coverage ratio | 100.00% | |
Bank Credit Facility [Member] | Revolving Credit Commitments at Present [Member] | ||
Debt Instrument [Line Items] | ||
Revolving credit commitments | $ 225 | |
Expiration date of revolving credit commitments | Feb. 5, 2019 | |
Bank Credit Facility [Member] | Term Loan E [Member] | ||
Debt Instrument [Line Items] | ||
Revolving credit commitment outstanding | $ 237.5 | |
Expiration date of revolving credit commitments | Oct. 23, 2017 | |
Bank Credit Facility [Member] | Term Loan F [Member] | ||
Debt Instrument [Line Items] | ||
Revolving credit commitment outstanding | $ 246.9 | |
Expiration date of revolving credit commitments | Mar. 31, 2018 | |
Bank Credit Facility [Member] | Term Loan G [Member] | ||
Debt Instrument [Line Items] | ||
Revolving credit commitment outstanding | $ 347.4 | |
Expiration date of revolving credit commitments | Jun. 30, 2021 |
Debt - Fair Values of Senior No
Debt - Fair Values of Senior Notes and Outstanding Debt under Credit Facility (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Total senior notes | $ 263,125 | $ 268,125 |
7 1/4% Senior Notes Due 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Total senior notes | 263,125 | 268,125 |
Bank Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Total senior notes | $ 965,144 | $ 985,752 |
Debt - Fair Values of Senior 32
Debt - Fair Values of Senior Notes and Outstanding Debt under Credit Facility (Parenthetical) (Detail) - Jun. 30, 2015 - 7 1/4% Senior Notes Due 2022 [Member] | Total |
Debt Instrument [Line Items] | |
Debt instrument, Interest rate | 7.25% |
Debt instrument, Maturity | 2,022 |
Preferred Membership Interest33
Preferred Membership Interest in Affiliated Company - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | Jul. 31, 2001 | |
Schedule of Equity Method Investments [Line Items] | ||||||
Preferred membership investment | $ 150,000 | $ 150,000 | $ 150,000 | |||
Cash dividends on preferred membership interest | 4,500 | $ 4,500 | $ 9,000 | $ 9,000 | ||
Mediacom Broadband LLC [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Preferred membership investment | $ 150,000 | |||||
Preferred annual cash dividend | 12.00% | |||||
Cash dividends on preferred membership interest | $ 4,500 | $ 4,500 | $ 9,000 | $ 9,000 |
Member's Equity - Additional In
Member's Equity - Additional Information (Detail) - USD ($) | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Equity [Abstract] | ||
Capital distributions to parent | $ 10,100,000 | $ 3,500,000 |
Capital contributions from parent | $ 0 | $ 0 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Related Party Transaction [Line Items] | ||||
Management fees charged by MCC | $ 3,250 | $ 3,200 | $ 6,500 | $ 6,400 |
MCC [Member] | Maximum [Member] | Operating Revenues [Member] | Management Fees [Member] | ||||
Related Party Transaction [Line Items] | ||||
Rate of annual gross operating revenues of our operating subsidiaries | 4.50% |
Goodwill and Other Intangible36
Goodwill and Other Intangible Assets - Additional Information (Detail) $ in Thousands | 6 Months Ended |
Jun. 30, 2015USD ($) | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Intellectual property rights acquired | $ 1,249 |