Document and Entity Information
Document and Entity Information | 6 Months Ended |
Jun. 30, 2017shares | |
Document And Entity Information [Abstract] | |
Document Type | 10-Q |
Amendment Flag | false |
Document Period End Date | Jun. 30, 2017 |
Document Fiscal Year Focus | 2,017 |
Document Fiscal Period Focus | Q2 |
Trading Symbol | MCCCB |
Entity Registrant Name | MEDIACOM BROADBAND LLC |
Entity Central Index Key | 1,161,364 |
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, 2017 | Dec. 31, 2016 |
CURRENT ASSETS | ||
Cash | $ 10,079 | $ 14,208 |
Accounts receivable, net of allowance for doubtful accounts of $3,677 and $3,857 | 66,961 | 67,724 |
Prepaid expenses and other current assets | 18,065 | 14,562 |
Total current assets | 95,105 | 96,494 |
Property, plant and equipment, net of accumulated depreciation of $1,666,973 and $1,619,301 | 836,533 | 816,389 |
Franchise rights | 1,176,908 | 1,176,908 |
Goodwill | 195,945 | 195,945 |
Other assets, net of accumulated amortization of $4,435 and $4,101 | 6,630 | 6,418 |
Total assets | 2,311,121 | 2,292,154 |
CURRENT LIABILITIES | ||
Accounts payable, accrued expenses and other current liabilities | 144,324 | 154,818 |
Accounts payable - affiliates | 18,681 | 14,852 |
Deferred revenue | 41,415 | 39,856 |
Current portion of long-term debt | 13,575 | 16,575 |
Total current liabilities | 217,995 | 226,101 |
Long-term debt, net (less current portion) | 1,489,773 | 1,597,075 |
Other non-current liabilities | 1,443 | 1,486 |
Total liabilities | 1,709,211 | 1,824,662 |
Commitments and contingencies (Note 10) | ||
PREFERRED MEMBERS' INTEREST (Note 7) | 150,000 | 150,000 |
MEMBER'S EQUITY | ||
Capital contributions (distributions) | 17,618 | (37,348) |
Retained earnings | 434,292 | 354,840 |
Total member's equity | 451,910 | 317,492 |
Total liabilities, preferred members' interest and member's equity | $ 2,311,121 | $ 2,292,154 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 3,677 | $ 3,857 |
Accumulated depreciation on property, plant and equipment | 1,666,973 | 1,619,301 |
Accumulated amortization on other assets | $ 4,435 | $ 4,101 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Income Statement [Abstract] | ||||
Revenues | $ 265,905 | $ 256,368 | $ 527,413 | $ 511,586 |
Costs and expenses: | ||||
Service costs (exclusive of depreciation and amortization) | 110,930 | 105,413 | 219,992 | 209,888 |
Selling, general and administrative expenses | 48,621 | 48,133 | 96,138 | 95,101 |
Management fee expense | 5,015 | 4,750 | 10,665 | 10,100 |
Depreciation and amortization | 38,018 | 35,575 | 74,597 | 70,903 |
Operating income | 63,321 | 62,497 | 126,021 | 125,594 |
Interest expense, net | (18,005) | (19,874) | (35,798) | (40,541) |
(Loss) gain on derivatives, net | (356) | (1,418) | 909 | (8,678) |
Loss on early extinguishment of debt (Note 6) | (1,966) | (1,156) | (1,966) | (1,156) |
Other expense, net | (396) | (445) | (714) | (914) |
Net income | 42,598 | 39,604 | 88,452 | 74,305 |
Dividend to preferred members (Note 7) | (4,500) | (4,500) | (9,000) | (9,000) |
Net income applicable to member | $ 38,098 | $ 35,104 | $ 79,452 | $ 65,305 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 88,452 | $ 74,305 |
Adjustments to reconcile net income to net cash flows provided by operating activities: | ||
Depreciation and amortization | 74,597 | 70,903 |
(Gain) loss on derivatives, net | (909) | 8,678 |
Loss on early extinguishment of debt | 1,966 | 1,156 |
Amortization of deferred financing costs | 1,987 | 3,001 |
Changes in assets and liabilities: | ||
Accounts receivable, net | 763 | 3,373 |
Prepaid expenses and other assets | (4,817) | (4,025) |
Accounts payable, accrued expenses and other current liabilities | (11,035) | 4,008 |
Accounts payable - affiliates | 3,829 | 6,882 |
Deferred revenue | 1,559 | 1,256 |
Other non-current liabilities | (43) | (46) |
Net cash flows provided by operating activities | 156,349 | 169,491 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Capital expenditures | (94,763) | (87,358) |
Change in accrued property, plant and equipment | 3,593 | (1,665) |
Proceeds from sale of assets | 166 | 124 |
Net cash flows used in investing activities | (91,004) | (88,899) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
New borrowings of bank debt | 377,144 | 282,288 |
Repayment of bank debt | (491,144) | (424,038) |
Dividend payments on preferred members' interest (Note 7) | (9,000) | (9,000) |
Capital contributions from parent (Note 8) | 60,000 | 75,000 |
Capital distributions to parent (Note 8) | (5,100) | (5,400) |
Other financing activities | (1,374) | 427 |
Net cash flows used in financing activities | (69,474) | (80,723) |
Net change in cash | (4,129) | (131) |
CASH, beginning of period | 14,208 | 10,442 |
CASH, end of period | 10,079 | 10,311 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||
Cash paid during the period for interest, net of amounts capitalized | $ 36,928 | $ 38,082 |
Organization
Organization | 6 Months Ended |
Jun. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | 1. ORGANIZATION Basis of Preparation of Unaudited Consolidated Financial Statements Mediacom Broadband LLC (“Mediacom Broadband,” and collectively with its subsidiaries, “we,” “our” or “us”) is a Delaware 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 LLC, a New York limited liability company wholly-owned by MCC. As limited liability companies, we and Mediacom 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 rely on our parent, MCC, for various services such as corporate and administrative support. Our financial position, results of operations and cash flows could differ from those that would have resulted had we operated autonomously or as an entity independent of MCC. See Notes 8 and 9. 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 statement of our consolidated results of operations, financial position, and cash flows 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, 2016. 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, 2017. Mediacom Broadband Corporation (“Broadband Corporation”), a Delaware corporation wholly-owned by us, co-issued, jointly and severally with us, public debt securities. Broadband Corporation 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 within revenues with a corresponding operating expense. Franchise fees reported on a gross basis amounted to $5.6 million and $5.8 million for the three months ended June 30, 2017 and 2016, respectively, and $11.1 million and $11.8 million for the six months ended June 30, 2017 and 2016, respectively. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2017 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | 2. RECENT ACCOUNTING PRONOUNCEMENTS In May 2014, the FASB issued ASU No. 2014-09 (“ASU 2014-09”) – Revenue from Contracts with Customers Financial Reporting by Cable Television Companies Revenue from Contracts with Customers In February 2016, the FASB issued ASU 2016-02— Leases In August 2016, the FASB issued ASU 2016-15 – Statement of Cash Flows – Clarification of Certain Cash Receipts and Cash Payments |
Fair Value
Fair Value | 6 Months Ended |
Jun. 30, 2017 | |
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, 2017 Level 1 Level 2 Level 3 Total Assets Interest rate exchange agreements $ — $ 408 $ — $ 408 Liabilities Interest rate exchange agreements $ — $ 173 $ — $ 173 Fair Value as of December 31, 2016 Level 1 Level 2 Level 3 Total Assets Interest rate exchange agreements $ — $ 1,089 $ — $ 1,089 Liabilities Interest rate exchange agreements $ — $ 1,763 $ — $ 1,763 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, 2017, we recorded a long-term asset of $0.4 million, a current liability in accounts payable, accrued expenses and other current liabilities of $0.2 million, and recorded no current assets or long-term liabilities. As of December 31, 2016, we recorded a long-term asset of $1.1 million, a current liability in accounts payable, accrued expenses and other current liabilities of $1.8 million, and recorded no current assets or long-term liabilities. As a result of the changes in the mark-to-market valuations on our interest rate swaps, we recorded a net loss on derivatives of $0.4 million and $1.4 million for the three months ended June 30, 2017 and 2016, respectively, and a net gain on derivatives of $0.9 million and a net loss on derivatives of $8.7 million for the six months ended June 30, 2017 and 2016, respectively. |
Property, Plant and Equipment
Property, Plant and Equipment | 6 Months Ended |
Jun. 30, 2017 | |
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, 2017 December 31, Cable systems, equipment and customer devices $ 2,381,342 $ 2,314,715 Vehicles 43,077 42,334 Buildings and leasehold improvements 37,096 36,708 Furniture, fixtures and office equipment 34,150 34,092 Land and land improvements 7,841 7,841 Property, plant and equipment, gross $ 2,503,506 $ 2,435,690 Accumulated depreciation (1,666,973 ) (1,619,301 ) Property, plant and equipment, net $ 836,533 $ 816,389 |
Accounts Payable, Accrued Expen
Accounts Payable, Accrued Expenses and Other Current Liabilities | 6 Months Ended |
Jun. 30, 2017 | |
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, Accrued programming costs $ 29,794 $ 25,856 Accounts payable - trade 28,370 42,094 Accrued taxes and fees 20,207 17,212 Advance customer payments 14,646 13,902 Accrued payroll and benefits 12,312 13,795 Accrued property, plant and equipment 8,543 4,950 Accrued interest 7,074 10,080 Accrued service costs 6,748 6,810 Bank overdrafts (1) 5,925 7,387 Accrued administrative costs 4,425 5,381 Accrued marketing costs 3,658 3,193 Accrued telecommunications costs 824 878 Liabilities under interest rate exchange agreements 173 1,763 Other accrued expenses 1,625 1,517 Accounts payable, accrued expenses and other current liabilities $ 144,324 $ 154,818 (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, 2017 | |
Debt Disclosure [Abstract] | |
Debt | 6. DEBT Outstanding debt consisted of the following (dollars in thousands): June 30, December 31, Bank credit facility $ 1,014,000 $ 1,128,000 5 1 2 200,000 200,000 6 3 8 300,000 300,000 Total debt $ 1,514,000 $ 1,628,000 Less: current portion 13,575 16,575 Total long-term debt, gross (less current portion) $ 1,500,425 $ 1,611,425 Less: deferred financing costs, net 10,652 14,350 Total long-term debt, net (less current portion) $ 1,489,773 $ 1,597,075 2017 Financing Activity On June 30, 2017, we repaid the entire $291.8 million balance of Term Loan J under our bank credit facility (the “credit facility”). This repayment was funded by $231.8 million of borrowings under our revolving credit commitments and $60.0 million of capital contributions by our parent, MCC, which, in turn, received such contributions from Mediacom LLC on the same date. We recorded a loss on early extinguishment of debt of $2.0 million for each of the three and six months ended June 30, 2017, which represented the write-off of unamortized financing costs as a result of the repayment of Term Loan J. Bank Credit Facility As of June 30, 2017, we maintained a $1.085 billion credit facility, comprising: • $368.5 million of revolving credit commitments, which expire on October 10, 2019; • $140.1 million of outstanding borrowings under Term Loan A, which mature on January 15, 2021; • $576.0 million of outstanding borrowings under Term Loan H, which mature on January 29, 2021; As of June 30, 2017, we had $60.9 million of unused revolving credit commitments, all of which were available to be borrowed and used for general corporate purposes, after giving effect to approximately $297.9 million of outstanding loans and $9.7 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, 2017, 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, 2017, our operating subsidiaries were in compliance with all covenants under the credit agreement. As of the same date, the credit agreement allowed for the full or partial repayment of any outstanding debt under the credit facility at par value at any time prior to maturity. Interest Rate Swaps We have entered into several interest rate exchange agreements (which we refer to as “interest rate swaps”) with various banks 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, 2017 and 2016. As of June 30, 2017, we had interest rate swaps that fixed the variable portion of $600 million of borrowings at a rate of 1.5%, all of which are scheduled to expire during December 2018. As of June 30, 2017, the weighted average interest rate on outstanding borrowings under the credit facility, including the effect of our interest rate swaps, was 3.6%. Senior Notes As of June 30, 2017, we had $500 million of outstanding senior notes, comprising $200 million of 5 1 2 3 8 Debt Ratings MCC’s corporate credit ratings are currently Ba3 by Moody’s, with a positive outlook, and BB by Standard and Poor’s (“S&P”), with a stable outlook, and our senior unsecured ratings are currently B2 by Moody’s, with a positive outlook, and B+ by S&P, with a stable outlook. There are no covenants, events of default, borrowing conditions or other terms in the credit agreement or indentures 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 unobservable inputs that are corroborated by market data that we determine to be Level 2), were as follows (dollars in thousands): June 30, December 31, 5 1 2 $ 205,500 $ 205,500 6 3 8 314,967 316,500 Total senior notes $ 520,467 $ 522,000 Bank credit facility $ 1,016,880 $ 1,135,633 |
Preferred Members' Interest
Preferred Members' Interest | 6 Months Ended |
Jun. 30, 2017 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Preferred Members' Interest | 7. PREFERRED MEMBERS’ INTEREST In July 2001, we received a $150.0 million preferred membership investment (“PMI”) from the operating subsidiaries of Mediacom LLC, which has a 12% annual dividend, payable quarterly in cash. We may voluntarily repay the PMI any time at par, and the operating subsidiaries of Mediacom LLC have the option to call for the redemption of the PMI upon the repayment of all of our outstanding senior notes. We paid $4.5 million in cash dividends on the PMI during each of the three months ended June 30, 2017 and 2016, and $9.0 million in cash dividends on the PMI during each of the six months ended June 30, 2017 and 2016. |
Member's Equity
Member's Equity | 6 Months Ended |
Jun. 30, 2017 | |
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 distributions to parent and capital contributions from parent are reported on a gross basis in the Consolidated Statements of Cash Flows. We made capital distributions to parent in cash of $5.1 million and $5.4 million during the six months ended June 30, 2017 and 2016, respectively. We received $60.0 million and $75.0 in capital contributions from parent during the six months ended June 30, 2017 and 2016, respectively. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2017 | |
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 under each management agreement to receive management fees in an amount not to exceed 4.0% of the annual gross operating revenues of our operating subsidiaries. MCC is also entitled to the reimbursement of all expenses necessarily incurred in its capacity as manager. MCC charged us management fees of $5.0 million and $4.8 million for the three months ended June 30, 2017 and 2016, respectively, and $10.7 million and $10.1 million for the six months ended June 30, 2017 and 2016, respectively. Mediacom LLC is a preferred equity investor in us. See Note 7. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2017 | |
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, 2017 | |
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 Broadband reporting unit as of October 1, 2016 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. We last evaluated our other intangible assets as of October 1, 2016 and did not believe that it was “more likely than not” that an impairment existed at that time. Because we believe there has not been a meaningful change in the long-term fundamentals of our business during the first six months of 2017, we determined that there has been no triggering event under ASC 350 and, as such, no interim impairment test was required for our goodwill and other intangible assets as of June 30, 2017. |
Organization (Policies)
Organization (Policies) | 6 Months Ended |
Jun. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Preparation of Unaudited Consolidated Financial Statements | Basis of Preparation of Unaudited Consolidated Financial Statements Mediacom Broadband LLC (“Mediacom Broadband,” and collectively with its subsidiaries, “we,” “our” or “us”) is a Delaware 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 LLC, a New York limited liability company wholly-owned by MCC. As limited liability companies, we and Mediacom 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 rely on our parent, MCC, for various services such as corporate and administrative support. Our financial position, results of operations and cash flows could differ from those that would have resulted had we operated autonomously or as an entity independent of MCC. See Notes 8 and 9. 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 statement of our consolidated results of operations, financial position, and cash flows 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, 2016. 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, 2017. Mediacom Broadband Corporation (“Broadband Corporation”), a Delaware corporation wholly-owned by us, co-issued, jointly and severally with us, public debt securities. Broadband Corporation 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 within revenues with a corresponding operating expense. Franchise fees reported on a gross basis amounted to $5.6 million and $5.8 million for the three months ended June 30, 2017 and 2016, respectively, and $11.1 million and $11.8 million for the six months ended June 30, 2017 and 2016, respectively. |
Fair Value (Tables)
Fair Value (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Interest Rate Swap Assets and Liabilities | Fair Value as of June 30, 2017 Level 1 Level 2 Level 3 Total Assets Interest rate exchange agreements $ — $ 408 $ — $ 408 Liabilities Interest rate exchange agreements $ — $ 173 $ — $ 173 Fair Value as of December 31, 2016 Level 1 Level 2 Level 3 Total Assets Interest rate exchange agreements $ — $ 1,089 $ — $ 1,089 Liabilities Interest rate exchange agreements $ — $ 1,763 $ — $ 1,763 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Property, Plant and Equipment [Abstract] | |
Components of Property, Plant and Equipment | Property, plant and equipment consisted of the following (dollars in thousands): June 30, 2017 December 31, Cable systems, equipment and customer devices $ 2,381,342 $ 2,314,715 Vehicles 43,077 42,334 Buildings and leasehold improvements 37,096 36,708 Furniture, fixtures and office equipment 34,150 34,092 Land and land improvements 7,841 7,841 Property, plant and equipment, gross $ 2,503,506 $ 2,435,690 Accumulated depreciation (1,666,973 ) (1,619,301 ) Property, plant and equipment, net $ 836,533 $ 816,389 |
Accounts Payable, Accrued Exp20
Accounts Payable, Accrued Expenses and Other Current Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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, Accrued programming costs $ 29,794 $ 25,856 Accounts payable - trade 28,370 42,094 Accrued taxes and fees 20,207 17,212 Advance customer payments 14,646 13,902 Accrued payroll and benefits 12,312 13,795 Accrued property, plant and equipment 8,543 4,950 Accrued interest 7,074 10,080 Accrued service costs 6,748 6,810 Bank overdrafts (1) 5,925 7,387 Accrued administrative costs 4,425 5,381 Accrued marketing costs 3,658 3,193 Accrued telecommunications costs 824 878 Liabilities under interest rate exchange agreements 173 1,763 Other accrued expenses 1,625 1,517 Accounts payable, accrued expenses and other current liabilities $ 144,324 $ 154,818 (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, 2017 | |
Debt Disclosure [Abstract] | |
Summary of Outstanding Debt | Outstanding debt consisted of the following (dollars in thousands): June 30, December 31, Bank credit facility $ 1,014,000 $ 1,128,000 5 1 2 200,000 200,000 6 3 8 300,000 300,000 Total debt $ 1,514,000 $ 1,628,000 Less: current portion 13,575 16,575 Total long-term debt, gross (less current portion) $ 1,500,425 $ 1,611,425 Less: deferred financing costs, net 10,652 14,350 Total long-term debt, net (less current portion) $ 1,489,773 $ 1,597,075 |
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 unobservable inputs that are corroborated by market data that we determine to be Level 2), were as follows (dollars in thousands): June 30, December 31, 5 1 2 $ 205,500 $ 205,500 6 3 8 314,967 316,500 Total senior notes $ 520,467 $ 522,000 Bank credit facility $ 1,016,880 $ 1,135,633 |
Organization - Additional Infor
Organization - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Amount due from affiliate by subsidiary | $ 100 | $ 100 | ||
Franchise fees imposed by local governmental authorities | $ 5,600,000 | $ 5,800,000 | $ 11,100,000 | $ 11,800,000 |
Recent Accounting Pronounceme23
Recent Accounting Pronouncements - Additional Information (Detail) - Maximum [Member] | 12 Months Ended |
Dec. 31, 2016 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |
Percentage of installation revenues to revenue | 2.00% |
Percentage of commission expenses to revenue | 2.00% |
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, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | $ 408 | $ 1,089 |
Liabilities | 173 | 1,763 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 408 | 1,089 |
Liabilities | $ 173 | $ 1,763 |
Fair Value - Additional Informa
Fair Value - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |||||
Long term assets | $ 400,000 | $ 400,000 | $ 1,100,000 | ||
Current liability in accounts payable, accrued expenses and other current liabilities | 173,000 | 173,000 | 1,763,000 | ||
Current assets | 0 | 0 | 0 | ||
Long-term liability | 0 | 0 | $ 0 | ||
Net gain (loss) on derivatives | $ (400,000) | $ (1,400,000) | $ 900,000 | $ (8,700,000) |
Property, Plant and Equipment -
Property, Plant and Equipment - Components of Property, Plant and Equipment (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 2,503,506 | $ 2,435,690 |
Accumulated depreciation | (1,666,973) | (1,619,301) |
Property, plant and equipment, net | 836,533 | 816,389 |
Cable Systems, Equipment and Customer Devices [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 2,381,342 | 2,314,715 |
Vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 43,077 | 42,334 |
Buildings and Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 37,096 | 36,708 |
Furniture, Fixtures and Office Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 34,150 | 34,092 |
Land and Land Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 7,841 | $ 7,841 |
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, 2017 | Dec. 31, 2016 |
Payables and Accruals [Abstract] | ||
Accrued programming costs | $ 29,794 | $ 25,856 |
Accounts payable - trade | 28,370 | 42,094 |
Accrued taxes and fees | 20,207 | 17,212 |
Advance customer payments | 14,646 | 13,902 |
Accrued payroll and benefits | 12,312 | 13,795 |
Accrued property, plant and equipment | 8,543 | 4,950 |
Accrued interest | 7,074 | 10,080 |
Accrued service costs | 6,748 | 6,810 |
Bank overdrafts | 5,925 | 7,387 |
Accrued administrative costs | 4,425 | 5,381 |
Accrued marketing costs | 3,658 | 3,193 |
Accrued telecommunications costs | 824 | 878 |
Liabilities under interest rate exchange agreements | 173 | 1,763 |
Other accrued expenses | 1,625 | 1,517 |
Accounts payable, accrued expenses and other current liabilities | $ 144,324 | $ 154,818 |
Debt - Summary of Outstanding D
Debt - Summary of Outstanding Debt (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
Total debt | $ 1,514,000 | $ 1,628,000 |
Total debt | 1,514,000 | 1,628,000 |
Less: current portion | 13,575 | 16,575 |
Total long-term debt, gross (less current portion) | 1,500,425 | 1,611,425 |
Less: deferred financing costs, net | 10,652 | 14,350 |
Total long-term debt, net (less current portion) | 1,489,773 | 1,597,075 |
Bank Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 1,014,000 | 1,128,000 |
Total debt | 1,014,000 | 1,128,000 |
5 1/2% Senior Notes Due 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 200,000 | 200,000 |
Total debt | 200,000 | 200,000 |
6 3/8% Senior Notes Due 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 300,000 | 300,000 |
Total debt | $ 300,000 | $ 300,000 |
Debt - Summary of Outstanding29
Debt - Summary of Outstanding Debt (Parenthetical) (Detail) | 6 Months Ended |
Jun. 30, 2017 | |
5 1/2% Senior Notes Due 2021 [Member] | |
Debt Instrument [Line Items] | |
Debt instrument, Interest rate | 5.50% |
Debt instrument, Maturity | 2,021 |
6 3/8% Senior Notes Due 2023 [Member] | |
Debt Instrument [Line Items] | |
Debt instrument, Interest rate | 6.375% |
Debt instrument, Maturity | 2,023 |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 |
Debt Instrument [Line Items] | |||||
Received capital contributions from parent | $ 60,000 | $ 75,000 | |||
Loss on early extinguishment of debt | $ (1,966) | $ (1,156) | (1,966) | $ (1,156) | |
Outstanding senior notes | $ 500,000 | 500,000 | 500,000 | ||
Mediacom LLC [Member] | |||||
Debt Instrument [Line Items] | |||||
Received capital contributions from parent | 60,000 | ||||
5 1/2% Senior Notes Due 2021 [Member] | |||||
Debt Instrument [Line Items] | |||||
Outstanding senior notes | 200,000 | 200,000 | $ 200,000 | ||
Senior notes expiration date | 2021-04 | ||||
6 3/8% Senior Notes Due 2023 [Member] | |||||
Debt Instrument [Line Items] | |||||
Outstanding senior notes | $ 300,000 | $ 300,000 | $ 300,000 | ||
Senior notes expiration date | 2023-04 | ||||
Interest Rate Swap [Member] | |||||
Debt Instrument [Line Items] | |||||
Expiration date of revolving credit commitments | Dec. 31, 2018 | ||||
Interest rate on borrowings | 1.50% | 1.50% | 1.50% | ||
Weighted average interest rate on outstanding borrowings | 3.60% | 3.60% | 3.60% | ||
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | |||||
Debt Instrument [Line Items] | |||||
Revolving credit commitment outstanding | $ 600,000 | $ 600,000 | $ 600,000 | ||
Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Required debt to operating cash flow | 8.50% | 8.50% | 8.50% | ||
Minimum [Member] | |||||
Debt Instrument [Line Items] | |||||
Required debt to operating cash flow | 1.00% | 1.00% | 1.00% | ||
Loans Payable [Member] | |||||
Debt Instrument [Line Items] | |||||
Revolving credit commitment outstanding | $ 297,900 | $ 297,900 | $ 297,900 | ||
Bank Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Unused revolving credit commitments | 60,900 | 60,900 | 60,900 | ||
Letter of Credit [Member] | |||||
Debt Instrument [Line Items] | |||||
Revolving credit commitment outstanding | 9,700 | 9,700 | 9,700 | ||
Bank Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Revolving credit commitment outstanding | $ 1,085,000 | $ 1,085,000 | $ 1,085,000 | ||
Bank Credit Facility [Member] | Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Leverage ratio | 500.00% | 500.00% | 500.00% | ||
Interest coverage ratio | 200.00% | 200.00% | 200.00% | ||
Bank Credit Facility [Member] | Minimum [Member] | |||||
Debt Instrument [Line Items] | |||||
Leverage ratio | 100.00% | 100.00% | 100.00% | ||
Interest coverage ratio | 100.00% | 100.00% | 100.00% | ||
Bank Credit Facility [Member] | Revolving Credit Commitments at Present [Member] | |||||
Debt Instrument [Line Items] | |||||
Revolving credit commitments | $ 368,500 | $ 368,500 | $ 368,500 | ||
Expiration date of revolving credit commitments | Oct. 10, 2019 | ||||
Bank Credit Facility [Member] | Term Loan J [Member] | |||||
Debt Instrument [Line Items] | |||||
Repayment of credit facility | 291,800 | ||||
Bank Credit Facility [Member] | Revolving Credit [Member] | |||||
Debt Instrument [Line Items] | |||||
Revolving credit commitments | 231,800 | 231,800 | $ 231,800 | ||
Bank Credit Facility [Member] | Term Loan A [Member] | |||||
Debt Instrument [Line Items] | |||||
Revolving credit commitment outstanding | 140,100 | 140,100 | $ 140,100 | ||
Expiration date of revolving credit commitments | Jan. 15, 2021 | ||||
Bank Credit Facility [Member] | Term Loan H [Member] | |||||
Debt Instrument [Line Items] | |||||
Revolving credit commitment outstanding | $ 576,000 | $ 576,000 | $ 576,000 | ||
Expiration date of revolving credit commitments | Jan. 29, 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, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
Total senior notes | $ 520,467 | $ 522,000 |
5 1/2% Senior Notes Due 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Total senior notes | 205,500 | 205,500 |
6 3/8% Senior Notes Due 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Total senior notes | 314,967 | 316,500 |
Bank Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Total senior notes | $ 1,016,880 | $ 1,135,633 |
Debt - Fair Values of Senior 32
Debt - Fair Values of Senior Notes and Outstanding Debt under Credit Facility (Parenthetical) (Detail) | 6 Months Ended |
Jun. 30, 2017 | |
5 1/2% Senior Notes Due 2021 [Member] | |
Debt Instrument [Line Items] | |
Debt instrument, Interest rate | 5.50% |
Debt instrument, Maturity | 2,021 |
6 3/8% Senior Notes Due 2023 [Member] | |
Debt Instrument [Line Items] | |
Debt instrument, Interest rate | 6.375% |
Debt instrument, Maturity | 2,023 |
Preferred Members' Interest - A
Preferred Members' Interest - Additional Information (Detail) - Mediacom LLC [Member] - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Jul. 31, 2001 | |
Class Of Stock [Line Items] | |||||
Preferred equity investment | $ 150 | ||||
Percentage of annual cash dividend on preferred equity investment | 12.00% | ||||
Cash dividends on PMI | $ 4.5 | $ 4.5 | $ 9 | $ 9 |
Member's Equity - Additional In
Member's Equity - Additional Information (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Equity [Abstract] | ||
Received capital contributions from parent | $ 60,000 | $ 75,000 |
Capital distributions to parent | $ 5,100 | $ 5,400 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Related Party Transaction [Line Items] | ||||
Management fees charged by MCC | $ 5,015 | $ 4,750 | $ 10,665 | $ 10,100 |
MCC [Member] | ||||
Related Party Transaction [Line Items] | ||||
Management fees charged by MCC | $ 5,000 | $ 4,800 | $ 10,700 | $ 10,100 |
Management Fees [Member] | MCC [Member] | Maximum [Member] | Operating Revenues [Member] | ||||
Related Party Transaction [Line Items] | ||||
Rate of annual gross operating revenues of our operating subsidiaries | 4.00% |