Cover
Cover | 12 Months Ended |
Dec. 31, 2021shares | |
Entity Information [Line Items] | |
Document Type | 10-K |
Document Annual Report | true |
Document Period End Date | Dec. 31, 2021 |
Document Transition Report | false |
Entity File Number | 001-37789 |
Entity Registrant Name | CCO Holdings, LLC |
Entity Central Index Key | 0001271833 |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2021 |
Document Fiscal Period Focus | FY |
Amendment Flag | false |
Entity Incorporation, State or Country Code | DE |
Entity Tax Identification Number | 86-1067239 |
Entity Address, Address Line One | 400 Washington Blvd. |
Entity Address, City or Town | Stamford |
Entity Address, State or Province | CT |
Entity Address, Postal Zip Code | 06902 |
City Area Code | 203 |
Local Phone Number | 905-7801 |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business | false |
Entity Emerging Growth Company | false |
ICFR Auditor Attestation Flag | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 1 |
CCO Holdings Capital Corp. | |
Entity Information [Line Items] | |
Document Type | 10-K |
Document Annual Report | true |
Document Period End Date | Dec. 31, 2021 |
Document Transition Report | false |
Entity File Number | 333-112593-01 |
Entity Registrant Name | CCO Holdings Capital Corp. |
Entity Central Index Key | 0001271834 |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2021 |
Document Fiscal Period Focus | FY |
Amendment Flag | false |
Entity Incorporation, State or Country Code | DE |
Entity Tax Identification Number | 20-0257904 |
Entity Address, Address Line One | 400 Washington Blvd. |
Entity Address, City or Town | Stamford |
Entity Address, State or Province | CT |
Entity Address, Postal Zip Code | 06902 |
City Area Code | 203 |
Local Phone Number | 905-7801 |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business | false |
Entity Emerging Growth Company | false |
ICFR Auditor Attestation Flag | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 1 |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2021 | |
Auditor [Line Items] | |
Auditor Name | KPMG LLP |
Auditor Location | St. Louis, MO |
Auditor Firm ID | 185 |
CCO Holdings Capital Corp. | |
Auditor [Line Items] | |
Auditor Name | KPMG LLP |
Auditor Location | St. Louis, MO |
Auditor Firm ID | 185 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 321 | $ 710 |
Accounts receivable, less allowance for doubtful accounts of $157 and $217, respectively | 2,539 | 2,503 |
Prepaid expenses and other current assets | 341 | 325 |
Total current assets | 3,201 | 3,538 |
INVESTMENT IN CABLE PROPERTIES: | ||
Property, plant and equipment, net of accumulated depreciation of $34,108 and $31,558, respectively | 33,327 | 33,490 |
Customer relationships, net | 4,060 | 5,615 |
Franchises | 67,346 | 67,322 |
Goodwill | 29,562 | 29,554 |
Total investment in cable properties, net | 134,295 | 135,981 |
OTHER NONCURRENT ASSETS | 3,215 | 3,102 |
Total assets | 140,711 | 142,621 |
CURRENT LIABILITIES: | ||
Accounts payable and accrued liabilities | 8,771 | 8,243 |
Payables to related party | 1 | 96 |
Current portion of long-term debt | 2,997 | 1,008 |
Total current liabilities | 11,769 | 9,347 |
LONG-TERM DEBT | 88,564 | 81,744 |
LOANS PAYABLE - RELATED PARTY | 1,027 | 1,001 |
DEFERRED INCOME TAXES | 57 | 53 |
OTHER LONG-TERM LIABILITIES | 3,067 | 3,268 |
MEMBER’S EQUITY: | ||
CCO Holdings member's equity | 36,203 | 47,185 |
Noncontrolling interests | 24 | 23 |
Total member’s equity | 36,227 | 47,208 |
Total liabilities and member’s equity | $ 140,711 | $ 142,621 |
CONSOLIDATED BALANCE SHEET (PAR
CONSOLIDATED BALANCE SHEET (PARENTHETICALS) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
CURRENT ASSETS: | ||
Accounts receivable, allowance for doubtful accounts | $ 157 | $ 217 |
INVESTMENT IN CABLE PROPERTIES: | ||
Property, plant and equipment, accumulated depreciation | $ 34,108 | $ 31,558 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement [Abstract] | |||
REVENUES | $ 51,674 | $ 48,088 | $ 45,756 |
COSTS AND EXPENSES: | |||
Operating costs and expenses (exclusive of items shown separately below) | 31,566 | 30,038 | 29,275 |
Depreciation and amortization | 9,321 | 9,685 | 9,911 |
Other operating expenses, net | 306 | 67 | 111 |
Total costs and expenses | 41,193 | 39,790 | 39,297 |
Income from operations | 10,481 | 8,298 | 6,459 |
OTHER INCOME (EXPENSES): | |||
Interest expense, net | (4,023) | (3,866) | (3,839) |
Other expenses, net | (104) | (237) | (279) |
Total other income (expenses), net | (4,127) | (4,103) | (4,118) |
Income before income taxes | 6,354 | 4,195 | 2,341 |
Income tax expense | (41) | (29) | (89) |
Consolidated net income | 6,313 | 4,166 | 2,252 |
Less: Net income attributable to noncontrolling interests | (2) | (1) | (1) |
Net income attributable to CCO Holdings | $ 6,311 | $ 4,165 | $ 2,251 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN MEMBER'S EQUITY - USD ($) $ in Millions | Total | Member's Equity | Accumulated Other Comprehensive Loss | Total CCO Holdings Member’s Equity | Noncontrolling Interests |
Balance at Dec. 31, 2018 | $ 60,554 | $ 60,532 | $ (2) | $ 60,530 | $ 24 |
Roll Forward of Consolidated Shareholders' Equity: | |||||
Consolidated net income | 2,252 | 2,251 | 0 | 2,251 | 1 |
Stock compensation expense | 315 | 315 | 0 | 315 | 0 |
Contributions from parent | 59 | 59 | 0 | 59 | 0 |
Distributions to parent | (7,891) | (7,891) | 0 | (7,891) | 0 |
Changes in accumulated other comprehensive loss, net | 2 | 0 | 2 | 2 | |
Distributions to noncontrolling interest | (2) | 0 | 0 | 0 | (2) |
Balance at Dec. 31, 2019 | 55,289 | 55,266 | 0 | 55,266 | 23 |
Roll Forward of Consolidated Shareholders' Equity: | |||||
Consolidated net income | 4,166 | 4,165 | 0 | 4,165 | 1 |
Stock compensation expense | 351 | 351 | 0 | 351 | 0 |
Contributions from parent | 51 | 51 | 0 | 51 | 0 |
Distributions to parent | (12,648) | (12,648) | 0 | (12,648) | 0 |
Distributions to noncontrolling interest | (1) | 0 | 0 | 0 | (1) |
Balance at Dec. 31, 2020 | 47,208 | 47,185 | 0 | 47,185 | 23 |
Roll Forward of Consolidated Shareholders' Equity: | |||||
Consolidated net income | 6,313 | 6,311 | 0 | 6,311 | 2 |
Stock compensation expense | 430 | 430 | 0 | 430 | 0 |
Contributions from parent | 2 | 2 | 0 | 2 | 0 |
Distributions to parent | (17,725) | (17,725) | 0 | (17,725) | 0 |
Distributions to noncontrolling interest | (1) | 0 | 0 | 0 | (1) |
Balance at Dec. 31, 2021 | $ 36,227 | $ 36,203 | $ 0 | $ 36,203 | $ 24 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Consolidated net income | $ 6,313 | $ 4,166 | $ 2,252 |
Adjustments to reconcile consolidated net income to net cash flows from operating activities: | |||
Depreciation and amortization | 9,321 | 9,685 | 9,911 |
Stock compensation expense | 430 | 351 | 315 |
Noncash interest income, net | (34) | (45) | (107) |
Deferred income taxes | 5 | (3) | 57 |
Other, net | 149 | 196 | 312 |
Changes in operating assets and liabilities, net of effects from acquisitions and dispositions: | |||
Accounts receivable | (31) | (63) | (709) |
Prepaid expenses and other assets | (163) | (37) | (173) |
Accounts payable, accrued liabilities and other | 246 | 333 | (133) |
Receivables from and payables to related party | (76) | (120) | (17) |
Net cash flows from operating activities | 16,160 | 14,463 | 11,708 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Purchases of property, plant and equipment | (7,608) | (7,415) | (7,195) |
Change in accrued expenses related to capital expenditures | 80 | (77) | 55 |
Purchases of wireless spectrum licenses | 0 | (464) | 0 |
Other, net | 13 | (4) | 54 |
Net cash flows from investing activities | (7,515) | (7,960) | (7,086) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Borrowings of long-term debt | 20,976 | 15,754 | 19,685 |
Repayments of long-term debt | (12,146) | (12,094) | (13,309) |
Borrowings of loans payable - related parties | 1 | 1 | 0 |
Payments for debt issuance costs | (102) | (125) | (103) |
Contributions from parent | 2 | 51 | 59 |
Distributions to parent | (17,725) | (12,648) | (7,891) |
Distributions to noncontrolling interest | (1) | (1) | (2) |
Other, net | (39) | 20 | (112) |
Net cash flows from financing activities | (9,034) | (9,042) | (1,673) |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (389) | (2,539) | 2,949 |
CASH AND CASH EQUIVALENTS, beginning of period | 710 | 3,249 | 300 |
CASH AND CASH EQUIVALENTS, end of period | 321 | 710 | 3,249 |
CASH PAID FOR INTEREST | 4,022 | 3,858 | 3,962 |
CASH PAID FOR TAXES | $ 34 | $ 36 | $ 29 |
Organization and Basis of Prese
Organization and Basis of Presentation (Notes) | 12 Months Ended |
Dec. 31, 2021 | |
Organization and Basis of Presentation [Abstract] | |
Organization and Basis of Presentation | Organization and Basis of Presentation Organization CCO Holdings, LLC (together with its subsidiaries, “CCO Holdings,” or the “Company”) is a leading broadband connectivity company and cable operator. Over an advanced high-capacity, two-way telecommunications network, the Company offers a full range of state-of-the-art residential and business services including Spectrum Internet, TV, Mobile and Voice. For small and medium-sized companies, Spectrum Business ® delivers the same suite of broadband products and services coupled with special features and applications to enhance productivity, while for larger businesses and government entities, Spectrum Enterprise provides highly customized, fiber-based solutions. Spectrum Reach ® delivers tailored advertising and production for the modern media landscape. The Company also distributes award-winning news coverage, sports and high-quality original programming to its customers through Spectrum Networks and Spectrum Originals. CCO Holdings is a holding company whose principal assets are the equity interests in its operating subsidiaries. CCO Holdings is a direct subsidiary of CCH I Holdings, LLC, which is an indirect subsidiary of Charter Communications, Inc. (“Charter”), Charter Communications Holdings, LLC (“Charter Holdings”) and Spectrum Management Holding Company, LLC (“Spectrum Management”). All of the outstanding capital stock of CCO Holdings Capital Corp. is owned by CCO Holdings. The consolidated financial statements include the accounts of CCO Holdings and all of its subsidiaries where the underlying operations reside. All significant intercompany accounts and transactions among consolidated entities have been eliminated. Charter, Charter Holdings and Spectrum Management have performed financing, cash management, treasury and other services for CCO Holdings on a centralized basis. Changes in member’s equity in the consolidated balance sheets related to these activities have been considered cash receipts (contributions) and payments (distributions) for purposes of the consolidated statements of cash flows and are reflected in financing activities. Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and the rules and regulations of the Securities and Exchange Commission (the “SEC”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Areas involving significant judgments and estimates include capitalization of labor and overhead costs, impairments of franchises and goodwill, pension benefits and income taxes. Actual results could differ from those estimates. Certain prior period amounts have been reclassified to conform with the 2021 presentation. |
Summary of Significant Accounti
Summary of Significant Accounting Policies (Notes) | 12 Months Ended |
Dec. 31, 2021 | |
Summary of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Consolidation The accompanying consolidated financial statements include the accounts of CCO Holdings and all entities in which CCO Holdings has a controlling interest. The noncontrolling interest on the Company’s balance sheet represents the third-party interest in CV of Viera, LLP, the Company's consolidated joint venture in a small cable system in Florida. All significant intercompany accounts and transactions among consolidated entities have been eliminated in consolidation Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. These investments are carried at cost, which approximates market value. Property, Plant and Equipment Additions to property, plant and equipment are recorded at cost, including all material, labor and certain indirect costs associated with the construction of cable transmission and distribution facilities. While the Company’s capitalization is based on specific activities, once capitalized, costs are tracked on a composite basis by fixed asset category at the cable system level and not on a specific asset basis. For assets that are sold or retired, the estimated historical cost and related accumulated depreciation is removed. Costs associated with the placement of the customer drop to the dwelling and the placement of outlets within a dwelling along with the costs associated with the deployment of new customer premise equipment necessary to provide video, Internet or voice services are capitalized. Costs capitalized include materials, direct labor and overhead costs. The Company capitalizes direct labor and overhead using standards developed from actual costs and applicable operational data. The Company calculates standards annually (or more frequently if circumstances dictate) for items such as the labor rates, overhead rates, and the actual amount of time required to perform a capitalizable activity. Overhead costs are associated with the activities of the Company’s personnel and consist of compensation and other indirect costs associated with support functions. Indirect costs primarily include employee benefits and payroll taxes, and vehicle and occupancy costs. The costs of disconnecting service and removing customer premise equipment from a dwelling and the costs to reconnect a customer drop or to redeploy previously installed customer premise equipment are charged to operating expense as incurred. Costs for repairs and maintenance are charged to operating expense as incurred, while plant and equipment replacement, including replacement of certain components, betterments, including replacement of cable drops and outlets, are capitalized. Depreciation is recorded using the straight-line composite method over management’s estimate of the useful lives of the related assets as follows: Cable distribution systems 6-22 years Customer premise equipment and installations 3-8 years Vehicles and equipment 6-21 years Buildings and improvements 8-40 years Furniture, fixtures and equipment 2-10 years Asset Retirement Obligations Certain of the Company’s franchise agreements and leases contain provisions requiring the Company to restore facilities or remove equipment in the event that the franchise or lease agreement is not renewed. The Company expects to continually renew its franchise agreements and therefore cannot reasonably estimate any liabilities associated with such agreements. A remote possibility exists that franchise agreements could be terminated unexpectedly, which could result in the Company incurring significant expense in complying with restoration or removal provisions. The Company does not have any significant liabilities related to asset retirements recorded in its consolidated financial statements. Valuation of Long-Lived Assets The Company evaluates the recoverability of long-lived assets (e.g., property, plant and equipment and finite-lived intangible assets) to be held and used when events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Such events or changes in circumstances could include such factors as impairment of the Company’s indefinite life assets, changes in technological advances, fluctuations in the fair value of such assets, adverse changes in relationships with local franchise authorities, adverse changes in market conditions or a deterioration of current or expected future operating results. If a review indicates that the carrying value of such asset is not recoverable from estimated undiscounted cash flows, the carrying value of such asset is reduced to its estimated fair value. While the Company believes that its estimates of future cash flows are reasonable, different assumptions regarding such cash flows could materially affect its evaluations of asset recoverability. No impairments of long-lived assets held for use were recorded in 2021, 2020 and 2019. For non-strategic long-lived assets held for sale, the Company recorded impairments of approximately $36 million and $42 million during the years ended December 31, 2021 and 2019, respectively, to other operating expenses, net (see Note 14). Leases The primary leased asset classes of the Company include real estate, dark fiber, colocation facilities and other equipment. The lease agreements include both lease and non-lease components, which the Company accounts for separately depending on the election made for each leased asset class. For real estate and dark fiber leased asset classes, the Company accounts for lease and non-lease components as a single lease component and includes all fixed payments in the measurement of lease liabilities and lease assets. For colocation facilities leased asset class, the Company accounts for lease and non-lease components separately including only the fixed lease payment component in the measurement of lease liabilities and lease assets. In addition to fixed lease payments, certain of the Company’s lease agreements include variable lease payments which are tied to an index or rate such as the change in the Consumer Price Index. These variable payments are not included in the measurement of the lease liabilities and lease assets. Lease assets and lease liabilities are initially recognized based on the present value of the future lease payments over the expected lease term. As for most leases the implicit rate is not readily determinable, the Company uses a discount rate in determining the present value of future payments based on the yield-to-maturity of the Company’s secured publicly traded United States dollars denominated debt instruments interpolating the duration of the debt to the term of the executed lease. The Company’s leases have base rent periods and some with optional renewal periods. Leases with base rent periods of less than 12 months are not recorded on the balance sheet. For purposes of measurement of lease liabilities, the expected lease terms may include renewal options when it is reasonably certain that the Company will exercise such options. Based on conditions of the Company's existing leases and its overall business strategies, the majority of the Company's renewal options are not reasonably certain in determining the expected lease term. The Company will periodically reassess expected lease terms (and purchase options, if applicable) based on significant triggering events or compelling economic reasons to exercise such options. The Company’s primary lease income represents sublease income on certain real estate leases. Sublease income is included in other revenue and presented gross from rent expense. For customer premise equipment ("CPE") where such CPE would qualify as a lease, the Company applies the practical expedient to combine the operating lease with the subscription service revenue as a single performance obligation in accordance with revenue recognition accounting guidance as the subscription service is the predominant component. Other Noncurrent Assets Other noncurrent assets primarily include investments, wireless spectrum licenses, customer contract costs and other intangible assets. The Company accounts for its investments in less than majority owned investees under either the equity method or as equity securities. The Company applies the equity method to investments when it has the ability to exercise significant influence over the operating and financial policies of the investee. The Company’s share of the investee’s earnings (losses) is included in other expense, net in the consolidated statements of operations. The Company monitors its investments for indicators that a decrease in investment value has occurred that is other than temporary. If it has been determined that an investment has sustained an other than temporary decline in value, the investment is written down to fair value with a charge to earnings. Investments acquired are measured at fair value utilizing the acquisition method of accounting. The difference between the fair value and the amount of underlying equity in net assets for most equity method investments is due to previously unrecognized intangible assets at the investee. These amounts are amortized as a component of equity earnings (losses), recorded within other expense, net over the estimated useful life of the asset. Wireless spectrum licenses have been determined to have an indefinite life and are tested annually for impairment. Customer contract costs are deferred in other noncurrent assets for upfront costs incurred to obtain a customer contract and upfront costs to fulfill a customer contract, as further discussed below under the Customer Contract Costs accounting policy. Revenue Recognition Nature of Services Residential Services Residential customers are offered Internet, video, and voice services primarily on a subscription basis. Residential customers may generally cancel their subscriptions at the end of their monthly service period without penalty. Each subscription service provided is accounted for as a distinct performance obligation and revenue is recognized ratably over the monthly service period as the subscription services are delivered. Each optional service purchased is generally accounted for as a distinct performance obligation when purchased and revenue is recognized when the service is provided. Residential Internet customers receive data download and upload services with speeds dependent on the selected tier of service. Customers are also offered a security suite, an in-home WiFi product, and an out-of-home WiFi service. Internet revenues consist primarily of data services, WiFi service fees and Internet installation fees. Residential video customers have the option to purchase additional tiers of services, as well as video-on-demand (“VOD”) programming and pay-per-view programming on a per-event basis. Video revenues consist primarily of revenues from the selected programming service tier, as well as VOD fees, pay-per-view fees, retransmission fees, regulatory fees, equipment service fees and video installation fees. Residential voice customers receive unlimited local and long distance calling to United States, Canada, Mexico, and Puerto Rico, voicemail, call waiting, caller ID, call forward and other features. Customers may also purchase international calling either by the minute, or through packages of minutes per month. Voice revenues consist primarily of voice services and regulatory fees. Small and Medium Business Small and medium business ("SMB") customers are offered Internet, video and voice services similar to those provided to residential customers. SMB customers may generally cancel their subscriptions at the end of their monthly service period without penalty. Each subscription service provided is accounted for as a distinct performance obligation and revenue is recognized ratably over the monthly service period as the subscription services are delivered. Enterprise Services to enterprise clients include more tailored communications products and managed service solutions to larger businesses, as well as high-capacity last-mile data connectivity services to mobile and wireline carriers on a wholesale basis. Services are primarily offered on a subscription basis with a contractually specified and non-cancelable service period. Each subscription service provided is accounted for as a distinct performance obligation and revenue is recognized ratably over the contract period as the subscription services are delivered. Enterprise subscription services are billed as monthly recurring charges to customers and related installation services, if applicable, are billed upon completion of the customer installation. Installation services are not accounted for as distinct performance obligations, but rather a component of the connectivity services, and therefore upfront installation fees are deferred and recognized as revenue over the related contract period. Advertising Services The Company offers local, regional and national businesses the opportunity to advertise in individual and multiple service areas on cable television networks and digital outlets. Placement of advertising is accounted for as a distinct performance obligation and revenue is recognized at the point in time when the advertising is distributed. In some service areas, the Company has formed advertising interconnects or entered into representation agreements with other video distributors, under which the Company sells advertising on behalf of those distributors. In other service areas, the Company has entered into representation agreements under which another operator in the area will sell advertising on the Company’s behalf. For representation arrangements in which the Company controls the sale of advertising and acts as the principal to the transaction, the Company recognizes revenue earned from the advertising customer on a gross basis and the amount remitted to the distributor as an operating expense. For other representation arrangements in which the Company does not control the sale of advertising and acts as an agent to the transaction, the Company recognizes revenue net of any fee remitted to the distributor. Mobile The Company also offers mobile service to residential and SMB customers. Mobile services are sold under unlimited data plans or by-the-gig data usage plans and revenue is recognized ratably over the monthly service period as the services are delivered. Customers can purchase mobile equipment, including devices and accessory products, and have the option to pay for devices under interest-free monthly installment plans. The Company does not impute interest on equipment installment plans sold through its direct channel as the inherent financing component is not considered significant based on the commercial objective of the plans, interest rates prevailing in the marketplace and credit risks of the Company's customers. The sale of equipment is a separate performance obligation. Revenue is recognized from the sale of equipment upon delivery and acceptance by the customer, as this is when control passes to the customer. The Company’s revenues by product line are as follows: Year Ended December 31, 2021 2020 2019 Internet $ 21,094 $ 18,521 $ 16,667 Video 17,630 17,432 17,607 Voice 1,598 1,806 1,920 Residential revenue 40,322 37,759 36,194 Small and medium business 4,170 3,964 3,868 Enterprise 2,573 2,468 2,556 Commercial revenue 6,743 6,432 6,424 Advertising sales 1,594 1,699 1,568 Mobile 2,178 1,364 726 Other 837 834 844 $ 51,674 $ 48,088 $ 45,756 Fees imposed on the Company by various governmental authorities are passed through on a monthly basis to the Company’s customers and are periodically remitted to authorities. Fees of $1.1 billion for each of the years ended December 31, 2021, 2020 and 2019 are reported in video, voice, mobile and commercial revenues, on a gross basis with a corresponding operating expense because the Company is acting as a principal. Certain taxes, such as sales taxes imposed on the Company’s customers, collected and remitted to state and local authorities, are recorded on a net basis because the Company is acting as an agent in such situations. A significant portion of our revenue is derived from customers who may generally cancel their monthly subscriptions at the end of their monthly service period without penalty. As such, the amount of revenue related to unsatisfied performance obligations is not necessarily indicative of the future revenue to be recognized from our existing customer base. Revenue from customers with a contractually specified term and non-cancelable service period will be recognized over the term of such contracts, which is generally two to seven years for our enterprise contracts with a weighted average term of approximately three years. Significant Judgments in Evaluating Revenue Recognition The Company often provides multiple services to a customer. Provision of customer premise equipment, installation services, and additional service tiers may have a significant level of integration and interdependency with the subscription Internet, video, voice, or connectivity services provided. Judgment is required to determine whether provision of customer premise equipment, installation services, and additional service tiers are considered distinct and accounted for separately, or not distinct and accounted for together with the subscription services. Allocation of the transaction price to the distinct performance obligations in bundled service subscriptions requires judgment. The transaction price for a bundle of services is frequently less than the sum of the standalone selling prices of each individual service. The Company allocates the bundle discount among the services to which the discount relates based on the relative standalone selling prices of those services. When available, directly observable standalone selling prices are used for the revenue allocation. When certain services are not sold standalone, judgment is applied to determine appropriate standalone selling price assumptions for a given class of customers receiving such service. The Company believes residential and SMB non-refundable upfront installation fees charged to customers, over a certain dollar threshold considered material to the customer, result in a material right to renew the contract as such fees are not required to be paid upon subsequent renewals. These residential and SMB upfront fees are deferred over the period the fee remains material to the customer, which the Company has estimated to be approximately six months. Estimation of the period the fee remains material to the customer requires consideration of both quantitative and qualitative factors including average installation fee, average revenue per customer, and customer behavior, among others. Deferred Revenue Contract Liabilities Timing of revenue recognition may differ from the timing of invoicing to customers. Residential, SMB, and enterprise customers are invoiced for subscription services in advance of the service period. Deferred revenue liabilities, or contract liabilities, are recorded when the Company collects payments in advance of performing the services. Deferred revenue liabilities, or contract liabilities, are also recorded when the Company invoices customers upfront for installation services that are recognized as revenue over time. Residential and SMB installation revenues are deferred over the period the fee remains material to the customer. Enterprise installation revenues are deferred using a portfolio approach over the average contract life of each enterprise service category. As of December 31, 2021 and 2020, current deferred revenue liabilities consisting of customer prepayments of $405 million and $363 million, respectively, and upfront installation fees of $56 million and $73 million, respectively, were included in accounts payable and accrued liabilities. As of December 31, 2021 and 2020, long-term deferred revenue liabilities consisting of enterprise upfront installation fees of $29 million and $35 million, respectively, were included in other long-term liabilities. Customer Contract Costs The Company recognizes an asset for incremental costs of obtaining a contract with a customer if the amortization period of those costs is expected to be longer than one year and the costs are expected to be recovered. Enterprise sales commission costs meet the requirements to be deferred and, as a result, are recognized using a portfolio approach over a weighted-average contract period. Deferred enterprise commission costs are included in other noncurrent assets in the consolidated balance sheet and totaled $142 million and $138 million as of December 31, 2021 and 2020, respectively. As the amortization period of residential and SMB commissions costs is less than one year, the Company applies the practical expedient that allows such costs to be expensed as incurred. The Company has determined that the amortization period associated with residential and SMB commission costs is less than one year based on qualitative and quantitative factors. The Company recognizes an asset for costs incurred to fulfill a contract when those costs are directly related to services provided under the contract, generate or enhance resources of the entity that will be used in performing service obligations under the contract, and are expected to be recovered. Right-of-entry costs represent upfront costs incurred related to agreements entered into with multiple dwelling units (“MDUs”) including landlords, real estate companies or owners to gain access to a building in order to market and service customers who reside in the building. Right-of-entry costs meet the requirements to be deferred and, as a result, are recognized over the term of the contracts. Deferred right-of-entry costs are included in other noncurrent assets in the consolidated balance sheet and totaled $354 million and $320 million as of December 31, 2021 and 2020, respectively. Amortization expense of $76 million, $71 million and $67 million was included in regulatory, connectivity and produced content within operating costs and expenses in the consolidated statements of operations for the years ended December 31, 2021, 2020 and 2019, respectively. Residential and SMB installation costs not capitalized into property, plant and equipment are expensed as incurred under cable industry-specific guidance. Programming Costs The Company has various contracts to obtain video programming from vendors whose compensation is typically based on a flat fee per customer. The cost of the right to exhibit network programming under such arrangements is recorded in operating expenses in the month the programming is available for exhibition. Programming costs are paid each month based on calculations performed by the Company and are subject to periodic audits performed by the programmers. Certain programming contracts contain cash and non-cash consideration from the programmers. If consideration received does not relate to a separate product or service, the Company recognizes the consideration on a straight-line basis over the life of the programming agreement as a reduction of programming expense. Programming costs included in the statements of operations were $11.8 billion, $11.4 billion and $11.3 billion for the years ended December 31, 2021, 2020 and 2019, respectively. Advertising Costs Advertising costs associated with marketing the Company’s products and services are generally expensed as costs are incurred. Multiple-Element Transactions In the normal course of business, the Company enters into multiple-element transactions where it is simultaneously both a customer and a vendor with the same counterparty or in which it purchases multiple products and/or services, or settles outstanding items contemporaneous with the purchase of a product or service from a single counterparty. Transactions, although negotiated contemporaneously, may be documented in one or more contracts. The Company’s policy for accounting for each transaction negotiated contemporaneously is to record each element of the transaction based on the respective estimated fair values of the products or services purchased and the products or services sold. In determining the fair value of the respective elements, the Company refers to quoted market prices (where available), historical transactions or comparable cash transactions. Cash consideration received from a vendor is recorded as a reduction in the price of the vendor’s product unless (i) the consideration is for the reimbursement of a specific, incremental, identifiable cost incurred, in which case the cash consideration received would be recorded as a reduction in such cost (e.g., marketing costs), or (ii) an identifiable benefit in exchange for the consideration is provided, in which case revenue would be recognized for this element. Stock-Based Compensation Restricted stock, restricted stock units and stock options are measured at the grant date fair value and amortized to stock compensation expense over the requisite service period. The fair value of stock options is estimated on the date of grant using the Black-Scholes option-pricing model. The grant date weighted average assumptions used during the years ended December 31, 2021, 2020 and 2019 were: risk-free interest rate of 0.7%, 1.4% and 2.5%, respectively; expected lives of 5.9 years, 5.5 years and 4.9 years, respectively; and expected volatility of 27% for each year. The Company’s volatility assumptions represent management’s best estimate and were based on a review of historical and implied volatility of Charter. Expected lives were estimated using historical exercise data. The valuations assume no dividends are paid. The Company has elected an accounting policy to assume zero forfeitures for stock awards grants and account for forfeitures when they occur. Defined Benefit Pension Plans The Company sponsors qualified and unqualified defined benefit pension plans that provide pension benefits to a majority of employees who were employed by Time Warner Cable Inc. ("TWC") before the merger with TWC. Pension benefits are based on formulas that reflect the employees’ years of service and compensation during their employment period. Actuarial gains or losses are changes in the amount of either the benefit obligation or the fair value of plan assets resulting from experience different from that assumed or from changes in assumptions. The Company has elected to follow a mark-to-market pension accounting policy for recording the actuarial gains or losses annually during the fourth quarter, or earlier if a remeasurement event occurs during an interim period. Income Taxes CCO Holdings is a single member limited liability company not subject to income tax. CCO Holdings holds all operations through indirect subsidiaries. The majority of these indirect subsidiaries are limited liability companies that are not subject to income tax. Charter has elected the accounting policy not to allocate income taxes to its subsidiaries that are not subject to income tax. Certain indirect subsidiaries that are required to file separate returns are subject to federal and state tax. CCO Holdings’ tax provision reflects the tax provision of the entities required to file separate returns. The Company recognizes deferred tax assets and liabilities for temporary differences between the financial reporting basis and the tax basis of these indirect subsidiaries' assets and liabilities and expected benefits of utilizing loss carryforwards. The impact on deferred taxes of changes in tax rates and tax law, if any, applied to the years during which temporary differences are expected to be settled, are reflected in the consolidated financial statements in the period of enactment. See Note 17. Segments |
Allowance for Doubtful Accounts
Allowance for Doubtful Accounts (Notes) | 12 Months Ended |
Dec. 31, 2021 | |
Allowance for Doubtful Accounts [Abstract] | |
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts Activity in the allowance for doubtful accounts is summarized as follows for the years presented: Year Ended December 31, 2021 2020 2019 Balance, beginning of period $ 217 $ 180 $ 129 Charged to expense 484 560 659 Uncollected balances written off, net of recoveries (544) (523) (608) Balance, end of period $ 157 $ 217 $ 180 |
Property, Plant and Equipment (
Property, Plant and Equipment (Notes) | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment consists of the following as of December 31, 2021 and 2020: December 31, 2021 2020 Cable distribution systems $ 35,907 $ 33,693 Customer premise equipment and installations 17,893 17,756 Vehicles and equipment 1,957 1,896 Buildings and improvements 4,663 4,484 Furniture, fixtures and equipment 7,015 7,219 67,435 65,048 Less: accumulated depreciation (34,108) (31,558) $ 33,327 $ 33,490 The Company periodically evaluates the estimated useful lives used to depreciate its assets and the estimated amount of assets that will be abandoned or have minimal use in the future. A significant change in assumptions about the extent or timing of future asset retirements, or in the Company’s use of new technology and upgrade programs, could materially affect future depreciation expense. |
Franchises, Goodwill and Other
Franchises, Goodwill and Other Intangible Assets (Notes) | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Franchises, Goodwill and Other Intangible Assets | Franchises, Goodwill and Other Intangible Assets Franchise rights represent the value attributed to agreements or authorizations with local and state authorities that allow access to homes in cable service areas. For valuation purposes, they are defined as the future economic benefits of the right to solicit and service potential customers (customer marketing rights), and the right to deploy and market new services to potential customers (service marketing rights). Management estimates the fair value of franchise rights at the date of acquisition and determines if the franchise has a finite life or an indefinite life. The Company has concluded that all of its franchises qualify for indefinite life treatment given that there are no legal, regulatory, contractual, competitive, economic or other factors which limit the period over which these rights will contribute to the Company's cash flows. The Company reassesses this determination periodically or whenever events or substantive changes in circumstances occur. All franchises are tested for impairment annually or more frequently as warranted by events or changes in circumstances. Franchise assets are aggregated into essentially inseparable units of accounting to conduct valuations. The units of accounting generally represent geographical clustering of the Company's cable systems into groups. The Company assesses qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that an indefinite lived intangible asset has been impaired. If, after this optional qualitative assessment, the Company determines that it is not more likely than not that an indefinite lived intangible asset has been impaired, then no further quantitative testing is necessary. In completing the qualitative impairment testing, the Company evaluates a multitude of factors that affect the fair value of our franchise assets. Examples of such factors include environmental and competitive changes within our operating footprint, actual and projected operating performance, the consistency of our operating margins, equity and debt market trends, including changes in our market capitalization, and changes in our regulatory and political landscape, among other factors. The Company performed a qualitative assessment in 2021. After consideration of the qualitative factors in 2021, the Company concluded that it is more likely than not that the fair value of the franchise assets in each unit of accounting exceeds the carrying value of such assets and therefore did not perform a quantitative analysis at the assessment date. Periodically, the Company may elect to perform a quantitative analysis for impairment testing. If the Company elects or is required to perform a quantitative analysis to test its franchise assets for impairment, the methodology described below is utilized. If a quantitative analysis is performed, the estimated fair value of franchises is determined utilizing an income approach model based on the present value of the estimated discrete future cash flows attributable to each of the intangible assets identified assuming a discount rate. The fair value of franchises is determined based on estimated discrete discounted future cash flows using assumptions consistent with internal forecasts. The franchise after-tax cash flow is calculated as the after-tax cash flow generated by the potential customers obtained. The sum of the present value of the franchises’ after-tax cash flow in years 1 through 10 and the continuing value of the after-tax cash flow beyond year 10 yields the fair value of the franchises. This approach makes use of unobservable factors such as projected revenues, expenses, capital expenditures, customer trends, and a discount rate applied to the estimated cash flows. The determination of the franchise discount rate is derived from the Company’s weighted average cost of capital, which uses a market participant’s cost of equity and after-tax cost of debt and reflects the risks inherent in the cash flows. The Company estimates discounted future cash flows using reasonable and appropriate assumptions including among others, penetration rates; revenue growth rates; operating margins; and capital expenditures. The assumptions are based on the Company’s and its peers’ historical operating performance adjusted for current and expected competitive and economic factors surrounding the cable industry. The estimates and assumptions made in the Company’s valuations are inherently subject to significant uncertainties, many of which are beyond its control, and there is no assurance that these results can be achieved. The primary assumptions for which there is a reasonable possibility of the occurrence of a variation that would significantly affect the measurement value include the assumptions regarding revenue growth, programming expense growth rates, the amount and timing of capital expenditures, actual customer trends and the discount rate utilized. The Company has determined that it has one reporting unit for purposes of the assessment of goodwill impairment. The fair value of the reporting unit is determined using both an income approach and market approach. The Company’s income approach model used for its reporting unit valuation is consistent with that used for its franchise valuation noted above except that cash flows from the entire business enterprise are used for the reporting unit valuation. The Company’s market approach model estimates the fair value of the reporting unit based on market prices in actual precedent transactions of similar businesses and market valuations of guideline public companies. Goodwill is tested for impairment as of November 30 of each year , or more frequently as warranted by events or changes in circumstances. Accounting guidance also permits an optional qualitative assessment for goodwill to determine whether it is more likely than not that the carrying value of a reporting unit exceeds its fair value. If, after this qualitative assessment, the Company determines that it is not more likely than not that the fair value of a reporting unit is less than its carrying amount then no further quantitative testing would be necessary. A quantitative assessment is performed if the qualitative assessment results in a more likely than not determination or if a qualitative assessment is not performed. The quantitative assessment considers whether the carrying amount of a reporting unit exceeds its fair value, in which case an impairment charge is recorded to the extent the reporting unit’s carrying value exceeds its fair value. As with the Company’s franchise impairment testing, in 2021 the Company elected to perform a qualitative goodwill impairment assessment, which incorporated consideration of the same qualitative factors relevant to the Company's franchise impairment testing. As a result of that assessment, the Company concluded that goodwill is not impaired. Customer relationships are recorded at fair value as of the date acquired less accumulated amortization. Customer relationships, for valuation purposes, represent the value of the business relationship with existing customers, and are calculated by projecting the discrete future after-tax cash flows from these customers, including the right to deploy and market additional services to these customers. The present value of these after-tax cash flows yields the fair value of the customer relationships. The use of different valuation assumptions or definitions of franchises or customer relationships, such as our inclusion of the value of selling additional services to our current customers within customer relationships versus franchises, could significantly impact our valuations and any resulting impairment. Customer relationships are amortized on an accelerated sum of years’ digits method over useful lives of 8-15 years based on the period over which current customers are expected to generate cash flows. The Company periodically evaluates the remaining useful lives of its customer relationships to determine whether events or circumstances warrant revision to the remaining periods of amortization. Customer relationships are evaluated for impairment upon the occurrence of events or changes in circumstances indicating that the carrying amount of an asset may not be recoverable. Customer relationships are deemed impaired when the carrying value exceeds the projected undiscounted future cash flows associated with the customer relationships. No impairment of customer relationships was recorded in the years ended December 31, 2021, 2020 or 2019. In 2020, the Company purchased approximately $464 million of Citizens Broadband Radio Service ("CBRS") priority access licenses from the Federal Communications Commission in its effort to support its mobile network. The wireless spectrum licenses are considered indefinite life intangible assets recorded in other noncurrent assets on the Company's consolidated balance sheets and payments (including deposits) are presented as an investing cash outflow on the Company’s statements of cash flows. The Company elected to perform a qualitative impairment assessment in 2021 and concluded that its CBRS priority access licenses are not impaired. As of December 31, 2021 and 2020, indefinite-lived and finite-lived intangible assets are presented in the following table: December 31, 2021 2020 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Indefinite-lived intangible assets: Franchises $ 67,346 $ — $ 67,346 $ 67,322 $ — $ 67,322 Goodwill 29,562 — 29,562 29,554 — 29,554 Wireless spectrum licenses 464 — 464 464 — 464 $ 97,372 $ — $ 97,372 $ 97,340 $ — $ 97,340 Finite-lived intangible assets: Customer relationships $ 18,240 $ (14,180) $ 4,060 $ 18,230 $ (12,615) $ 5,615 Other intangible assets 430 (196) 234 420 (159) 261 $ 18,670 $ (14,376) $ 4,294 $ 18,650 $ (12,774) $ 5,876 Amortization expense related to customer relationships and other intangible assets for the years ended December 31, 2021, 2020 and 2019 was $1.6 billion, $1.9 billion and $2.2 billion, respectively. The Company expects amortization expense on its finite-lived intangible assets will be as follows. 2022 $ 1,336 2023 1,079 2024 828 2025 579 2026 321 Thereafter 151 $ 4,294 |
Investments (Notes)
Investments (Notes) | 12 Months Ended |
Dec. 31, 2021 | |
Investments [Abstract] | |
Investments | Investments Investments consisted of the following as of December 31, 2021 and 2020: December 31, 2021 2020 Equity-method investments $ 95 $ 273 Other investments 13 13 Total investments $ 108 $ 286 The Company's investments include entities that develop applications to improve the security, control and privacy of connected devices in homes and businesses for broadband network operators; sell national advertisements on behalf of multi-video program distributors; and develop sports programming services. Investments are accounted for under the equity method of accounting or as equity securities, all of which are recorded in other noncurrent assets in the consolidated balance sheets as of December 31, 2021 and 2020. For the years ended December 31, 2021, 2020 and 2019, net losses from investments were $179 million, $13 million and $131 million, respectively, which were recorded in other expenses, net in the consolidated statements of operations. Net losses from investments for the years ended December 31, 2021 and 2019 included impairments on equity investments of approximately $165 million and $121 million, respectively. |
Accounts Payable and Accrued Li
Accounts Payable and Accrued Liabilities (Notes) | 12 Months Ended |
Dec. 31, 2021 | |
Accounts Payable and Accrued Liabilities [Abstract] | |
Accounts Payable and Accrued Liabilities | Accounts Payable and Accrued Liabilities Accounts payable and accrued liabilities consist of the following as of December 31, 2021 and 2020: December 31, 2021 2020 Accounts payable – trade $ 706 $ 737 Deferred revenue 458 436 Accrued liabilities: Programming costs 2,036 1,940 Labor 1,299 1,370 Capital expenditures 1,281 1,227 Interest 1,099 1,083 Taxes and regulatory fees 533 523 Operating lease liabilities 237 202 Other 1,122 725 $ 8,771 $ 8,243 |
Leases (Notes)
Leases (Notes) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Operating Leases | LeasesOperating lease expenses were $416 million, $389 million and $374 million for the years ended December 31, 2021, 2020 and 2019, respectively, inclusive of $132 million, $126 million and $120 million for the years ended December 31, 2021, 2020 and 2019, respectively, of both short-term lease costs and variable lease costs that were not included in the measurement of operating lease liabilities. Cash paid for amounts included in the measurement of operating lease liabilities, recorded as operating cash flows in the statements of cash flows, were $282 million and $255 million for the years ended December 31, 2021 and 2020, respectively. Operating lease right-of-use assets obtained in exchange for operating lease obligations were $323 million and $363 million for the years ended December 31, 2021 and 2020, respectively. Supplemental balance sheet information related to leases is as follows. December 31, 2021 2020 Operating lease right-of-use assets: Included within other noncurrent assets $ 1,143 $ 1,065 Operating lease liabilities: Current portion included within accounts payable and accrued liabilities $ 237 $ 202 Long-term portion included within other long-term liabilities 1,001 941 $ 1,238 $ 1,143 Weighted average remaining lease term for operating leases 5.9 years 6.4 years Weighted average discount rate for operating leases 3.4 % 3.9 % Maturities of operating lease liabilities as of December 31, 2021 are as follows. 2022 $ 293 2023 286 2024 238 2025 189 2026 127 Thereafter 284 Undiscounted lease cash flow commitments 1,417 Reconciling impact from discounting (179) Lease liabilities on consolidated balance sheet as of December 31, 2021 $ 1,238 The Company has $64 million and $63 million of finance lease liabilities recognized in the consolidated balance sheets as of December 31, 2021 and 2020, respectively, included within accounts payable and accrued liabilities and other long-term liabilities. The related finance lease right-of-use assets are recorded in property, plant and equipment, net. The Company’s finance leases were not considered material for further supplemental lease disclosures. |
Long-Term Debt (Notes)
Long-Term Debt (Notes) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt Long-term debt consists of the following as of December 31, 2021 and 2020: December 31, 2021 2020 Principal Amount Accreted Value Principal Amount Accreted Value CCO Holdings, LLC: 4.000% senior notes due March 1, 2023 $ 500 $ 499 $ 500 $ 498 5.750% senior notes due February 15, 2026 — — 2,500 2,475 5.500% senior notes due May 1, 2026 750 747 1,500 1,492 5.875% senior notes due May 1, 2027 — — 800 796 5.125% senior notes due May 1, 2027 3,250 3,228 3,250 3,225 5.000% senior notes due February 1, 2028 2,500 2,475 2,500 2,472 5.375% senior notes due June 1, 2029 1,500 1,500 1,500 1,501 4.750% senior notes due March 1, 2030 3,050 3,043 3,050 3,042 4.500% senior notes due August 15, 2030 2,750 2,750 2,750 2,750 4.250% senior notes due February 1, 2031 3,000 3,002 3,000 3,001 4.500% senior notes due May 1, 2032 2,900 2,927 2,900 2,928 4.500% senior notes due June 1, 2033 1,750 1,729 — — 4.250% senior notes due January 15, 2034 2,000 1,982 — — Charter Communications Operating, LLC: 4.464% senior notes due July 23, 2022 3,000 2,997 3,000 2,992 Senior floating rate notes due February 1, 2024 900 901 900 902 4.500% senior notes due February 1, 2024 1,100 1,096 1,100 1,094 4.908% senior notes due July 23, 2025 4,500 4,480 4,500 4,475 3.750% senior notes due February 15, 2028 1,000 990 1,000 989 4.200% senior notes due March 15, 2028 1,250 1,242 1,250 1,241 2.250% senior notes due January 15, 2029 1,250 1,240 — — 5.050% senior notes due March 30, 2029 1,250 1,242 1,250 1,242 2.800% senior notes due April 1, 2031 1,600 1,585 1,600 1,583 2.300% senior notes due February 1, 2032 1,000 992 1,000 991 6.384% senior notes due October 23, 2035 2,000 1,984 2,000 1,983 5.375% senior notes due April 1, 2038 800 787 800 786 3.500% senior notes due June 1, 2041 1,500 1,483 — — 3.500% senior notes due March 1, 2042 1,350 1,331 — — 6.484% senior notes due October 23, 2045 3,500 3,468 3,500 3,468 5.375% senior notes due May 1, 2047 2,500 2,506 2,500 2,506 5.750% senior notes due April 1, 2048 2,450 2,393 2,450 2,392 5.125% senior notes due July 1, 2049 1,250 1,240 1,250 1,240 4.800% senior notes due March 1, 2050 2,800 2,797 2,800 2,797 3.700% senior notes due April 1, 2051 2,050 2,031 2,050 2,030 3.900% senior notes due June 1, 2052 2,400 2,322 — — 6.834% senior notes due October 23, 2055 500 495 500 495 3.850% senior notes due April 1, 2061 1,850 1,809 1,350 1,339 4.400% senior notes due December 1, 2061 1,400 1,389 — — 3.950% senior notes due June 30, 2062 1,400 1,379 — — Credit facilities 10,723 10,668 10,150 10,081 Time Warner Cable, LLC: 4.000% senior notes due September 1, 2021 — — 1,000 1,008 5.750% sterling senior notes due June 2, 2031 (a) 846 897 854 911 6.550% senior debentures due May 1, 2037 1,500 1,662 1,500 1,668 7.300% senior debentures due July 1, 2038 1,500 1,754 1,500 1,763 6.750% senior debentures due June 15, 2039 1,500 1,700 1,500 1,706 5.875% senior debentures due November 15, 2040 1,200 1,252 1,200 1,254 5.500% senior debentures due September 1, 2041 1,250 1,257 1,250 1,258 5.250% sterling senior notes due July 15, 2042 (b) 879 850 889 859 4.500% senior debentures due September 15, 2042 1,250 1,148 1,250 1,145 Time Warner Cable Enterprises LLC: 8.375% senior debentures due March 15, 2023 1,000 1,058 1,000 1,104 8.375% senior debentures due July 15, 2033 1,000 1,254 1,000 1,270 Total debt 91,198 91,561 82,143 82,752 Less current portion: 4.000% senior notes due September 1, 2021 — — (1,000) (1,008) 4.464% senior notes due July 23, 2022 (3,000) (2,997) — — Long-term debt $ 88,198 $ 88,564 $ 81,143 $ 81,744 (a) Principal amount includes £625 million valued at $846 million and $854 million as of December 31, 2021 and 2020, respectively, using the exchange rate at that date. (b) Principal amount includes £650 million valued at $879 million and $889 million as of December 31, 2021 and 2020, respectively, using the exchange rate at that date. The accreted values presented in the table above represent the principal amount of the debt adjusted for original issue discount or premium at the time of sale, deferred financing costs, and, in regards to debt assumed in acquisitions, fair value premium adjustments as a result of applying acquisition accounting plus the accretion of those amounts to the balance sheet date. However, the amount that is currently payable if the debt becomes immediately due is equal to the principal amount of the debt. In regards to the fixed-rate British pound sterling denominated notes (the “Sterling Notes”), the principal amount of the debt and any premium or discount is remeasured into US dollars as of each balance sheet date. See Note 11. The Company has availability under the Charter Communications Operating, LLC (“Charter Operating”) credit facilities of approximately $3.9 billion as of December 31, 2021. In 2021, CCO Holdings and CCO Holdings Capital Corp. jointly issued $3.75 billion aggregate principal amount of senior unsecured notes at varying rates, prices and maturity dates, and Charter Operating and Charter Communications Operating Capital Corp. jointly issued $9.8 billion aggregate principal amount of senior secured notes at varying rates, prices and maturity dates. The net proceeds were used to pay related fees and expenses and for general corporate purposes, including distributions to the Company's parent companies to fund buybacks of Charter Class A common stock and Charter Holdings common units as well as repaying certain indebtedness. In January 2022, CCO Holdings and CCO Holdings Capital Corp. jointly issued $1.2 billion of 4.750% senior unsecured notes due February 2032 at par. The net proceeds were used for general corporate purposes, including distributions to the Company's parent companies to fund buybacks of Charter Class A common stock and Charter Holdings common units, to repay certain indebtedness and to pay related fees and expenses. During the years ended December 31, 2021, 2020 and 2019, the Company repurchased $5.1 billion, $10.7 billion and $1.35 billion, respectively, of various series of senior notes. Losses on extinguishment of debt are recorded in other expenses, net in the consolidated statements of operations and consisted of the following. Year Ended December 31, 2021 2020 2019 CCO Holdings notes redemption $ (146) $ (145) $ (22) Time Warner Cable, LLC notes redemption 2 2 — Charter Operating credit facility refinancing — — (3) Loss on extinguishment of debt $ (144) $ (143) $ (25) CCO Holdings Notes The CCO Holdings notes are senior debt obligations of CCO Holdings and CCO Holdings Capital Corp. and rank equally with all other current and future unsecured, unsubordinated obligations of CCO Holdings and CCO Holdings Capital Corp. They are structurally subordinated to all obligations of subsidiaries of CCO Holdings. CCO Holdings may redeem some or all of the CCO Holdings notes at any time at a premium. The optional redemption price declines to 100% of the respective series’ principal amount, plus accrued and unpaid interest, if any, on or after varying dates in 2022 through 2031. In addition, at any time prior to varying dates in 2022 through 2025, CCO Holdings may redeem up to 40% of the aggregate principal amount of certain notes at a premium plus accrued and unpaid interest to the redemption date, with the net cash proceeds of one or more equity offerings (as defined in the indenture); provided that certain conditions are met. In the event of specified change of control events, CCO Holdings must offer to purchase the outstanding CCO Holdings notes from the holders at a purchase price equal to 101% of the total principal amount of the notes, plus any accrued and unpaid interest. High-Yield Restrictive Covenants; Limitation on Indebtedness. The indentures governing the CCO Holdings notes contain certain covenants that restrict the ability of CCO Holdings, CCO Holdings Capital Corp. and all of their restricted subsidiaries to: • incur additional debt; • pay dividends on equity or repurchase equity; • make investments; • sell all or substantially all of their assets or merge with or into other companies; • sell assets; • in the case of restricted subsidiaries, create or permit to exist dividend or payment restrictions with respect to CCO Holdings, guarantee their parent companies debt, or issue specified equity interests; • engage in certain transactions with affiliates; and • grant liens. The above limitations in certain circumstances regarding incurrence of debt, payment of dividends and making investments contained in the indentures of CCO Holdings permit CCO Holdings and its restricted subsidiaries to perform the above, so long as, after giving pro forma effect to the above, the leverage ratio would be below a specified level for the issuer. The maximum total leverage ratio under the indentures is 6.0 to 1.0. The leverage ratio was 4.1 as of December 31, 2021. Charter Operating Notes The Charter Operating notes are guaranteed by CCO Holdings and substantially all of the subsidiaries of Charter Operating. In addition, the Charter Operating notes are secured by a perfected first priority security interest in substantially all of the assets of Charter Operating and substantially all of its subsidiaries to the extent such liens can be perfected under the Uniform Commercial Code by the filing of a financing statement and the liens rank equally with the liens on the collateral securing obligations under the Charter Operating credit facilities. Charter Operating may redeem some or all of the Charter Operating notes at any time at a premium. The Charter Operating notes are subject to the terms and conditions of the indenture governing the Charter Operating notes. The Charter Operating notes contain customary representations and warranties and affirmative covenants with limited negative covenants. The Charter Operating indenture also contains customary events of default. Charter Operating Credit Facilities The Charter Operating credit facilities have an outstanding principal amount of $10.7 billion at December 31, 2021 as follows: • term loan A-2 with a remaining principal amount of approximately $182 million, which is repayable in quarterly installments and aggregating $11 million in each loan year, with the remaining balance due at final maturity on March 31, 2023. Pricing on term loan A-2 is LIBOR plus 1.50%; • term loan A-4 with a remaining principal amount of approximately $3.6 billion, which is repayable in quarterly installments and aggregating $202 million in each loan year, with the remaining balance due at final maturity on February 1, 2025. Pricing on term loan A-4 is LIBOR plus 1.25%; • term loan B-1 with a remaining principal amount of approximately $2.4 billion, which is repayable in equal quarterly installments and aggregating $25 million in each loan year, with the remaining balance due at final maturity on April 30, 2025. Pricing on term loan B-1 is LIBOR plus 1.75%; • term loan B-2 with a remaining principal amount of approximately $3.7 billion, which is repayable in equal quarterly installments and aggregating $38 million in each loan year, with the remaining balance due at final maturity on February 1, 2027. Pricing on term loan B-2 is LIBOR plus 1.75%; and • a revolving loan with an outstanding balance of $850 million and allowing for borrowings of up to $4.75 billion, $249 million maturing on March 31, 2023 and $4.5 billion maturing on February 1, 2025. Pricing on the revolving loan is LIBOR plus 1.50% with a commitment fee of 0.30% on the portion maturing in 2023 and LIBOR plus 1.25% with a commitment fee of 0.20% on the portion maturing in 2025. As of December 31, 2021, $37 million of the revolving loan was utilized to collateralize a like principal amount of letters of credit out of $351 million of letters of credit issued on the Company’s behalf. Amounts outstanding under the Charter Operating credit facilities bear interest, at Charter Operating’s election, at a base rate or LIBOR (0.10% and 0.14% as of December 31, 2021 and 2020, respectively), as defined, plus an applicable margin. The Charter Operating credit facilities also allow us to enter into incremental term loans in the future, with amortization as set forth in the notices establishing such term loans. Although the Charter Operating credit facilities allow for the incurrence of a certain amount of incremental term loans subject to pro forma compliance with its financial maintenance covenants, no assurance can be given that the Company could obtain additional incremental term loans in the future if Charter Operating sought to do so or what amount of incremental term loans would be allowable at any given time under the terms of the Charter Operating credit facilities. The obligations of Charter Operating under the Charter Operating credit facilities are guaranteed by CCO Holdings and substantially all of the subsidiaries of Charter Operating. The obligations are also secured by (i) a lien on substantially all of the assets of Charter Operating and substantially all of its subsidiaries, to the extent such lien can be perfected under the Uniform Commercial Code by the filing of a financing statement, and (ii) a pledge of the equity interests directly or indirectly owned by Charter Operating in substantially all of its subsidiaries, as well as intercompany obligations owing to it and the guarantor subsidiaries by any of their affiliates. Restrictive Covenants The Charter Operating credit facilities contain representations and warranties, and affirmative and negative covenants customary for financings of this type. The financial covenants measure performance against standards set for leverage to be tested as of the end of each quarter. The Charter Operating credit facilities contain provisions requiring mandatory loan prepayments under specific circumstances, including in connection with certain sales of assets, so long as the proceeds have not been reinvested in the business. Additionally, the Charter Operating credit facilities provisions contain an allowance for restricted payments with certain limitations. The Charter Operating credit facilities permit Charter Operating and its subsidiaries to make distributions to pay interest on the currently outstanding subordinated and parent company indebtedness, provided that, among other things, no default has occurred and is continuing under the Charter Operating credit facilities. The Charter Operating credit facilities also contain customary events of default. Time Warner Cable, LLC Notes and Debentures The Time Warner Cable, LLC ("TWC, LLC") senior notes and debentures are guaranteed by CCO Holdings, Charter Operating and substantially all of the subsidiaries of Charter Operating (other than TWC, LLC) and rank equally with the liens on the collateral securing obligations under the Charter Operating notes and credit facilities. Interest on each series of TWC, LLC senior notes and debentures is payable semi-annually (with the exception of the Sterling Notes, which is payable annually) in arrears. The TWC, LLC indenture contains customary covenants relating to restrictions on the ability of TWC, LLC or any material subsidiary to create liens and on the ability of TWC, LLC and Time Warner Cable Enterprises LLC ("TWCE") to consolidate, merge or convey or transfer substantially all of their assets. The TWC, LLC indenture also contains customary events of default. The TWC, LLC senior notes and debentures may be redeemed in whole or in part at any time at TWC, LLC’s option at a redemption price equal to the greater of (i) all of the applicable principal amount being redeemed and (ii) the sum of the present values of the remaining scheduled payments on the applicable TWC, LLC senior notes and debentures discounted to the redemption date on a semi-annual basis (with the exception of the Sterling Notes, which are on an annual basis), at a comparable government bond rate plus a designated number of basis points as further described in the indenture and the applicable note or debenture, plus, in each case, accrued but unpaid interest to, but not including, the redemption date. The Company may offer to redeem all, but not less than all, of the Sterling Notes in the event of certain changes in the tax laws of the U.S. (or any taxing authority in the U.S.). This redemption would be at a redemption price equal to 100% of the principal amount, together with accrued and unpaid interest on the Sterling Notes to, but not including, the redemption date. TWCE Debentures The TWCE senior debentures are guaranteed by CCO Holdings, Charter Operating, and substantially all of the subsidiaries of Charter Operating (other than TWCE) and rank equally with the liens on the collateral securing obligations under the Charter Operating notes and credit facilities. Interest on each series of TWCE senior debentures is payable semi-annually in arrears. The TWCE senior debentures are not redeemable before maturity. The TWCE indenture contains customary covenants relating to restrictions on the ability of TWCE or any material subsidiary to create liens and on the ability of TWC, LLC and TWCE to consolidate, merge or convey or transfer substantially all of their assets. The TWCE indenture also contains customary events of default. Limitations on Distributions Distributions by the Company’s subsidiaries to a parent company for payment of principal on parent company notes are restricted under the CCO Holdings indentures and Charter Operating credit facilities discussed above, unless there is no default under the applicable indenture and credit facilities, and unless each applicable entity’s leverage ratio test is met at the time of such distribution. As of December 31, 2021, there was no default under any of these indentures or credit facilities and each applicable entity met its applicable leverage ratio tests based on December 31, 2021 financial results. There can be no assurance that they will satisfy these tests at the time of the contemplated distribution. Distributions by Charter Operating for payment of principal on parent company (CCO Holdings) notes are further restricted by the covenants in its credit facilities. However, without regard to leverage, during any calendar year or any portion thereof during which the borrower is a flow-through entity for tax purposes, and so long as no event of default exists, the borrower may make distributions to the equity interests of the borrower in an amount sufficient to make permitted tax payments. In addition to the limitation on distributions under the various indentures, distributions by the Company’s subsidiaries may be limited by applicable law, including the Delaware Limited Liability Company Act, under which the Company’s subsidiaries may make distributions if they have “surplus” as defined in the act. Liquidity and Future Principal and Interest Payments The Company continues to have significant amounts of debt, and its business requires significant cash to fund principal and interest payments on its debt, capital expenditures and ongoing operations. As set forth below, the Company has significant future principal and interest payments. The Company continues to monitor the capital markets, and it expects to undertake refinancing transactions and utilize free cash flow and cash on hand to further extend or reduce the maturities of its principal obligations. The timing and terms of any refinancing transactions will be subject to market conditions. Interest payments on variable debt are estimated using amounts outstanding at December 31, 2021 and the average implied forward LIBOR rates applicable for the quarter during the interest rate reset based on the yield curve in effect at December 31, 2021. Actual interest payments will differ based on actual LIBOR rates and actual amounts outstanding for applicable periods. Based upon outstanding indebtedness as of December 31, 2021, the amortization of term loans, and the maturity dates for all senior and subordinated notes, total future principal and interest payments on the total borrowings under all debt agreements are as follows. Principal Interest 2022 $ 3,277 $ 4,166 2023 1,936 4,066 2024 2,265 3,996 2025 10,670 3,802 2026 788 3,654 Thereafter 72,262 42,667 $ 91,198 $ 62,351 |
Loans Payable - Related Party (
Loans Payable - Related Party (Notes) | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
Loans Payable - Related Party | Loans Payable - Related PartyLoans payable - related party as of December 31, 2021 and 2020 consists of loans from Charter Communications Holding Company, LLC (“Charter Holdco”) to Charter Operating of $743 million and $727 million, respectively, and loans from Charter to Charter Operating of $284 million and $274 million, respectively. Interest accrued at LIBOR plus 1.25% on the loans payable from Charter Holdco and LIBOR plus 2.00% on the loans payable from Charter during the periods ending December 31, 2021 and 2020. |
Accounting for Derivative Instr
Accounting for Derivative Instruments and Hedging Activities (Notes) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting for Derivative Instruments and Hedging Activities [Abstract] | |
Accounting for Derivative Instruments and Hedging Activities | Accounting for Derivative Instruments and Hedging Activities The Company uses derivative instruments to manage foreign exchange risk on the Sterling Notes, and does not hold or issue derivative instruments for speculative trading purposes. Cross-currency derivative instruments are used to effectively convert £1.275 billion aggregate principal amount of fixed-rate British pound sterling denominated debt, including annual interest payments and the payment of principal at maturity, to fixed-rate U.S. dollar denominated debt. The cross-currency swaps have maturities of June 2031 and July 2042. The Company is required to post collateral on the cross-currency derivative instruments when the derivative contracts are in a liability position. In April 2019, the Company entered into a collateral holiday agreement for 60% of both the 2031 and 2042 cross-currency swaps, which eliminates the requirement to post collateral for three years, as well as a ten year collateral cap on the remaining 40% of the cross-currency swaps which limits the required collateral posting on that 40% of the cross-currency swaps to $150 million. In March 2021, the collateral holiday for 20% of the swaps was extended to November 2022 in consideration for the Company's agreement to post collateral over a threshold amount on that 20% portion of the swaps from March 2021 through October 2021. The fair value of the Company's cross-currency derivatives was $290 million and $184 million and is included in other long-term liabilities on its consolidated balance sheets as of December 31, 2021 and 2020, respectively. The Company’s derivative instruments are not designated as hedges and are marked to fair value each period, with the impact recorded as a gain or loss on financial instruments in the consolidated statements of operations in other expenses, net. While these derivative instruments are not designated as hedges for accounting purposes, management continues to believe such instruments are closely correlated with the respective debt, thus managing associated risk. The effect of financial instruments are recorded in other expenses, net in the consolidated statements of operations and consisted of the following. Year Ended December 31, 2021 2020 2019 Change in fair value of cross-currency derivative instruments $ (106) $ 40 $ 13 Foreign currency remeasurement of Sterling Notes to U.S. dollars 20 (55) (67) Loss on financial instruments, net $ (86) $ (15) $ (54) |
Fair Value Measurements (Notes)
Fair Value Measurements (Notes) | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | Fair Value Measurements Accounting guidance establishes a three-level hierarchy for disclosure of fair value measurements, based on the transparency of inputs to the valuation of an asset or liability as of the measurement date, as follows: • Level 1 – inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. • Level 2 – inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. • Level 3 – inputs to the valuation methodology are unobservable and significant to the fair value measurement. Financial Assets and Liabilities The Company has estimated the fair value of its financial instruments as of December 31, 2021 and 2020 using available market information or other appropriate valuation methodologies. Considerable judgment, however, is required in interpreting market data to develop the estimates of fair value. Accordingly, the estimates presented in the accompanying consolidated financial statements are not necessarily indicative of the amounts the Company would realize in a current market exchange. The carrying amounts of cash and cash equivalents, receivables, payables and other current assets and liabilities approximate fair value because of the short maturity of those instruments. As of December 31, 2021 and 2020, accounts receivable, net on the consolidated balance sheets includes approximately $391 million and $338 million of current equipment installment plan receivables, respectively, and other noncurrent assets includes approximately $189 million and $134 million of noncurrent equipment installment plan receivables, respectively. Financial instruments accounted for at fair value on a recurring basis and classified within Level 2 of the valuation hierarchy include the Company's cross-currency derivative instruments which are recorded in other-long term liabilities on the consolidated balance sheets and were valued at $290 million and $184 million as of December 31, 2021 and 2020, respectively. The estimated fair value of the Company’s senior notes and debentures as of December 31, 2021 and 2020 is based on quoted market prices in active markets and is classified within Level 1 of the valuation hierarchy, while the estimated fair value of the Company’s credit facilities is based on quoted market prices in inactive markets and is classified within Level 2. A summary of the carrying value and fair value of the Company’s debt at December 31, 2021 and 2020 is as follows: December 31, 2021 2020 Carrying Value Fair Value Carrying Value Fair Value Senior notes and debentures $ 80,893 $ 88,976 $ 72,671 $ 84,163 Credit facilities $ 10,668 $ 10,665 $ 10,081 $ 10,063 Non-financial Assets and Liabilities |
Operating Costs and Expenses (N
Operating Costs and Expenses (Notes) | 12 Months Ended |
Dec. 31, 2021 | |
Operating Costs and Expenses [Abstract] | |
Operating Costs and Expenses | Operating Costs and Expenses Operating costs and expenses, exclusive of items shown separately in the consolidated statements of operations, consist of the following for the periods presented: Year Ended December 31, 2021 2020 2019 Programming $ 11,844 $ 11,401 $ 11,290 Regulatory, connectivity and produced content 2,494 2,183 2,366 Costs to service customers 7,393 7,472 7,277 Marketing 3,071 3,031 3,044 Mobile 2,489 1,765 1,246 Other 4,275 4,186 4,052 $ 31,566 $ 30,038 $ 29,275 Programming costs consist primarily of costs paid to programmers for basic, premium, digital, video on demand and pay-per-view programming. Regulatory, connectivity and produced content costs represent payments to franchise and regulatory authorities, costs directly related to providing video, Internet and voice services as well as payments for sports, local and news content produced by the Company. Included in regulatory, connectivity and produced content costs is content acquisition costs for the Los Angeles Lakers’ basketball games and Los Angeles Dodgers’ baseball games, which are recorded as games are exhibited over the contract period. Costs to service customers include costs related to field operations, network operations and customer care for the Company’s residential and SMB customers, including internal and third-party labor for the non-capitalizable portion of installations, service and repairs, maintenance, bad debt expense, billing and collection, occupancy and vehicle costs. Marketing costs represent the costs of marketing to current and potential commercial and residential customers including labor costs. Mobile costs represent costs associated with the Company's mobile service such as device and service costs, marketing, sales and commissions, retail stores, personnel costs, taxes, among others. Other includes corporate overhead, advertising sales expenses, indirect costs associated with the Company’s enterprise business customers and regional sports and news networks, property tax and insurance expense and stock compensation expense, among others. |
Other Operating Expenses, Net (
Other Operating Expenses, Net (Notes) | 12 Months Ended |
Dec. 31, 2021 | |
Other Operating Expenses, Net [Abstract] | |
Other Operating Expenses, Net | Other Operating Expenses, Net Other operating expenses, net consist of the following for the years presented: Year Ended December 31, 2021 2020 2019 Special charges, net $ 261 $ 99 $ 69 (Gain) loss on sale of assets, net 45 (32) 42 $ 306 $ 67 $ 111 Special charges, net Special charges, net primarily includes net amounts of litigation settlements, including the $220 million tentative settlement with Sprint Communications Company L.P. ("Sprint") and T-Mobile USA, Inc. ("T-Mobile") for the year ended December 31, 2021 discussed in Note 20, and employee termination costs. (Gain) loss on sale of assets, net |
Other Expenses, Net (Notes)
Other Expenses, Net (Notes) | 12 Months Ended |
Dec. 31, 2021 | |
Other Income and Expenses [Abstract] | |
Other Expenses, Net | Other Expenses, Net Other expenses, net consist of the following for the periods presented: Year Ended December 31, 2021 2020 2019 Loss on extinguishment of debt (see Note 9) $ (144) $ (143) $ (25) Loss on financial instruments, net (see Note 11) (86) (15) (54) Other pension benefits (costs), net (see Note 21) 305 (66) (69) Loss on equity investments, net (see Note 6) (179) (13) (131) $ (104) $ (237) $ (279) |
Stock Compensation Plans (Notes
Stock Compensation Plans (Notes) | 12 Months Ended |
Dec. 31, 2021 | |
Stock Compensation Plans [Abstract] | |
Stock Compensation Plans | Stock Compensation Plans Charter’s stock incentive plan provides for grants of nonqualified stock options, incentive stock options, stock appreciation rights, dividend equivalent rights, performance units and performance shares, share awards, phantom stock, restricted stock units and restricted stock. Directors, officers and other employees of the Company and its subsidiaries, as well as others performing consulting services for the Company, are eligible for grants under the stock incentive plan. The stock incentive plan allows for the issuance of up to 16 million shares of Charter Class A common stock (or units convertible into Charter Class A common stock). Stock options and restricted stock units generally cliff vest three years from the date of grant. Stock options generally expire ten years from the grant date and restricted stock units have no voting rights. Restricted stock generally vests one year from the date of grant. As of December 31, 2021, total unrecognized compensation remaining to be recognized in future periods totaled $226 million for stock options, $1.0 million for restricted stock and $208 million for restricted stock units and the weighted average period over which they are expected to be recognized is 2 years for stock options, 4 months for restricted stock and 2 years for restricted stock units. The Company recorded $430 million, $351 million and $315 million of stock compensation expense for the years ended December 31, 2021, 2020 and 2019, respectively, which is included in operating costs and expenses. A summary of the activity for Charter’s stock options for the years ended December 31, 2021, 2020 and 2019, is as follows (shares in thousands, except per share data): Year Ended December 31, 2021 2020 2019 Shares Weighted Average Exercise Price Aggregate Intrinsic Value Shares Weighted Average Exercise Price Aggregate Intrinsic Value Shares Weighted Average Exercise Price Aggregate Intrinsic Value Outstanding, beginning of period 8,842 $ 312.95 10,549 $ 241.14 10,410 $ 225.53 Granted 1,295 $ 629.57 1,672 $ 536.27 1,847 $ 298.84 Exercised (1,568) $ 295.46 $ 606 (3,160) $ 191.43 $ 1,176 (1,271) $ 186.90 $ 247 Canceled (136) $ 476.90 (219) $ 312.94 (437) $ 270.94 Outstanding, end of period 8,433 $ 362.26 $ 2,447 8,842 $ 312.95 10,549 $ 241.14 Weighted average remaining contractual life 6 years 7 years 7 years Options exercisable, end of period 4,102 $ 237.45 $ 1,700 2,940 $ 220.78 3,119 $ 161.13 Options expected to vest, end of period 4,331 $ 480.47 $ 746 Weighted average fair value of options granted $ 171.21 $ 148.02 $ 84.39 A summary of the activity for Charter’s restricted stock for the years ended December 31, 2021, 2020 and 2019, is as follows (shares in thousands, except per share data): Year Ended December 31, 2021 2020 2019 Shares Weighted Average Grant Price Shares Weighted Average Grant Price Shares Weighted Average Grant Price Outstanding, beginning of period 6 $ 504.53 8 $ 359.33 10 $ 297.86 Granted 5 $ 654.33 6 $ 504.53 8 $ 359.33 Vested (6) $ 504.53 (8) $ 359.33 (10) $ 297.86 Canceled — $ — — $ — — $ — Outstanding, end of period 5 $ 654.33 6 $ 504.53 8 $ 359.33 A summary of the activity for Charter’s restricted stock units for the years ended December 31, 2021, 2020 and 2019, is as follows (shares in thousands, except per share data): Year Ended December 31, 2021 2020 2019 Shares Weighted Average Grant Price Shares Weighted Average Grant Price Shares Weighted Average Grant Price Outstanding, beginning of period 1,651 $ 337.82 2,059 $ 249.45 2,211 $ 219.61 Granted 367 $ 629.47 423 $ 509.64 704 $ 298.22 Vested (665) $ 269.88 (753) $ 194.40 (729) $ 206.88 Canceled (59) $ 467.26 (78) $ 317.45 (127) $ 250.85 Outstanding, end of period 1,294 $ 449.03 1,651 $ 337.82 2,059 $ 249.45 |
Income Taxes (Notes)
Income Taxes (Notes) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes CCO Holdings is a single member limited liability company not subject to income tax. CCO Holdings holds all operations through indirect subsidiaries. The majority of these indirect subsidiaries are limited liability companies that are not subject to income tax. Charter has elected the accounting policy not to allocate income taxes to its subsidiaries that are not subject to income tax. Certain indirect subsidiaries that are required to file separate returns are subject to federal and state tax. CCO Holdings’ tax provision reflects the tax provision of the entities required to file separate returns. Generally, the taxable income, gains, losses, deductions and credits of CCO Holdings are passed through to its indirect members, Charter and Advance/Newhouse Partnership (“A/N”). Charter is responsible for its share of taxable income or loss of CCO Holdings allocated to it in accordance with the Charter Holdings Limited Liability Company Agreement and partnership tax rules and regulations. Charter also records financial statement deferred tax assets and liabilities related to its investment, and its underlying net assets, in CCO Holdings. Income Tax Expense For the years ended December 31, 2021, 2020, and 2019, the Company recorded deferred income tax expense as shown below. The tax provision in future periods will vary based on current and future temporary differences, as well as future operating results. Year Ended December 31, 2021 2020 2019 Current expense: Federal income taxes $ (1) $ (2) $ (4) State income taxes (35) (30) (28) Current income tax expense (36) (32) (32) Deferred benefit (expense): State income taxes (5) 3 (57) Deferred income tax benefit (expense) (5) 3 (57) Income tax expense $ (41) $ (29) $ (89) The Company’s effective tax rate differs from that derived by applying the applicable federal income tax rate of 21% for the years ended December 31, 2021, 2020 and 2019 as follows: Year Ended December 31, 2021 2020 2019 Statutory federal income taxes $ (1,334) $ (881) $ (491) Statutory state income taxes, net (40) (27) (85) Income allocated to limited liability companies not subject to income taxes 1,333 879 487 Income tax expense $ (41) $ (29) $ (89) Deferred Tax Assets (Liabilities) The tax effects of these temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31, 2021 and 2020 are presented below. December 31, 2021 2020 Deferred tax assets: Accrued and other $ 7 $ 5 Total gross deferred tax assets 7 5 Deferred tax liabilities: Indefinite-lived intangibles (43) (39) Property, plant and equipment (19) (16) Other intangibles (2) (3) Deferred tax liabilities (64) (58) Net deferred tax liabilities $ (57) $ (53) Uncertain Tax Positions The net amount of the unrecognized tax benefits recorded as of December 31, 2021 that could impact the effective tax rate is $84 million. The Company has determined that it is reasonably possible that its existing reserve for uncertain tax positions as of December 31, 2021 could decrease by approximately $27 million during the year ended December 31, 2022 related to various ongoing audits, settlement discussions and expiration of statute of limitations with various state and local agencies; however, various events could cause the Company’s current expectations to change in the future. These uncertain tax positions, if ever recognized in the financial statements, would be recorded in the consolidated statements of operations as part of the income tax provision. A reconciliation of the beginning and ending amount of unrecognized tax benefits, exclusive of interest and penalties, included in other long-term liabilities on the accompanying consolidated balance sheets of the Company is as follows: BALANCE, December 31, 2019 $ 110 Reductions on settlements and expirations with taxing authorities (8) BALANCE, December 31, 2020 102 Reductions on settlements and expirations with taxing authorities (6) BALANCE, December 31, 2021 $ 96 The Company recognizes interest and penalties accrued on uncertain income tax positions as part of the income tax provision. Interest and penalties included in other long-term liabilities on the accompanying consolidated balance sheets of the Company were $60 million and $53 million as of December 31, 2021 and 2020, respectively. |
Comprehensive Income (Notes)
Comprehensive Income (Notes) | 12 Months Ended |
Dec. 31, 2021 | |
Statement of Other Comprehensive Income [Abstract] | |
Comprehensive Income | Comprehensive Income Comprehensive income equaled net income attributable to CCO Holdings member for the years ended December 31, 2021 and 2020. The following table sets forth the consolidated statements of comprehensive income for the year ended December 31, 2019. Year Ended December 31, 2019 Consolidated net income $ 2,252 Foreign currency translation adjustment 2 Consolidated comprehensive income 2,254 Less: Comprehensive income attributable to noncontrolling interests (1) Comprehensive income attributable to CCO Holdings member $ 2,253 |
Related Party Transactions (Not
Related Party Transactions (Notes) | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions The following sets forth certain transactions in which the Company and the directors, executive officers, and affiliates of the Company are involved or, in the case of the management arrangements, subsidiaries that are debt issuers that pay certain of their parent companies for services. Charter is a party to management arrangements with its subsidiary, Spectrum Management and certain of their subsidiaries. Under these agreements, Charter, Spectrum Management and Charter Communications Holding Company, LLC ("Charter Holdco") provide management services for the cable systems owned or operated by their subsidiaries. Costs associated with providing these services are charged directly to the Company’s operating subsidiaries. All other costs incurred on behalf of Charter’s operating subsidiaries are considered a part of the management fee. These costs are recorded as a component of operating costs and expenses, in the accompanying consolidated financial statements. The management fee charged to the Company’s operating subsidiaries approximated the expenses incurred by Spectrum Management, Charter Holdco and Charter on behalf of the Company’s operating subsidiaries in 2021, 2020 and 2019. Liberty Broadband and A/N Under the terms of the Amended and Restated Stockholders Agreement with Liberty Broadband, A/N and Charter, dated May 23, 2015 (the "Stockholders Agreement"), the number of Charter’s directors is fixed at 13, and includes its CEO. Two designees selected by A/N are members of the board of directors of Charter and three designees selected by Liberty Broadband Corporation (“Liberty Broadband”) are members of the board of directors of Charter. The remaining eight directors are not affiliated with either A/N or Liberty Broadband. Each of A/N and Liberty Broadband is entitled to nominate at least one director to each of the committees of Charter’s board of directors, subject to applicable stock exchange listing rules and certain specified voting or equity ownership thresholds for each of A/N and Liberty Broadband, and provided that the Nominating and Corporate Governance Committee and the Compensation and Benefit Committee each have at least a majority of directors independent from A/N, Liberty Broadband and Charter (referred to as the “unaffiliated directors”). Each of the Nominating and Corporate Governance Committee and the Compensation and Benefits Committee is currently comprised of three unaffiliated directors and one designee of each of A/N and Liberty Broadband. A/N and Liberty Broadband also have certain other committee designation and other governance rights. Mr. Thomas Rutledge, the Company’s CEO, is the chairman of the board of Charter. In December 2016, Charter and A/N entered into a letter agreement, as amended in December 2017 (the “A/N Letter Agreement”) that requires A/N to sell to Charter or to Charter Holdings, on a monthly basis, a number of shares of Charter Class A common stock or Charter Holdings common units that represents a pro rata participation by A/N and its affiliates in any repurchases of shares of Charter Class A common stock from persons other than A/N effected by Charter during the immediately preceding calendar month, at a purchase price equal to the average price paid by Charter for the shares repurchased from persons other than A/N during such immediately preceding calendar month. A/N and Charter both have the right to terminate or suspend the pro rata repurchase arrangement on a prospective basis. Pursuant to the TRA between Charter and A/N, Charter must pay to A/N 50% of the tax benefit when realized by Charter from the step-up in tax basis resulting from any future exchange or sale of the preferred and common units. In February 2021, Charter and Liberty Broadband entered into a letter agreement (the “LBB Letter Agreement”). The LBB Letter Agreement implements Liberty Broadband’s obligations under the Stockholders Agreement to participate in share repurchases by Charter. Under the LBB Letter Agreement, Liberty Broadband will sell to Charter, generally on a monthly basis, a number of shares of Charter Class A common stock representing an amount sufficient for Liberty Broadband’s ownership of Charter to be reduced such that it does not exceed the ownership cap then applicable to Liberty Broadband under the Stockholders Agreement at a purchase price per share equal to the volume weighted average price per share paid by Charter for shares repurchased during such immediately preceding calendar month other than (i) purchases from A/N, (ii) purchases in privately negotiated transactions or (iii) purchases for the withholding of shares of Charter Class A common stock pursuant to equity compensation programs of Charter. Gregory Maffei, a director of Charter and President and CEO and director and holder of 12.6% voting interest in Liberty Broadband, is Chairman of the board of directors of Qurate Retail, Inc. ("Qurate") and Dr. John Malone, a director emeritus of Charter and Chairman of the board of directors and holder of 45.8% of voting interest in Liberty Broadband, also serves on the Qurate board of directors. As reported in SEC filings of Qurate, Mr. Maffei and Dr. Malone, Mr. Maffei has ownership of an approximate 6.3% voting interest in Quarate and Dr. Malone has ownership of an approximate 41.2% voting interest in Qurate. Qurate wholly owns HSN, Inc. (“HSN”) and QVC, Inc. (“QVC”). The Company has programming relationships with HSN and QVC. For the years ended December 31, 2021, 2020 and 2019, the Company recorded revenue in aggregate of approximately $48 million, $50 million and $50 million, respectively, from HSN and QVC as part of channel carriage fees and revenue sharing arrangements for home shopping sales made to customers in the Company’s footprint. Dr. Malone and Mr. Steven Miron, a member of Charter’s board of directors, also serve on the board of directors of Discovery, Inc., (“Discovery”). As reported in Discovery's SEC filings, Dr. Malone owns less than 1.0% of the series A common stock, 95.0% of the series B common stock and 3.7% of the series C common stock of Discovery and has a 26.5% voting interest in Discovery for the election of directors. As reported in Discovery's SEC filings, Advance/Newhouse Programming Partnership (“A/N PP”), an affiliate of A/N and in which Mr. Miron is the CEO, owns 100% of the Series A-1 preferred stock of Discovery and 100% of the Series C-1 preferred stock of Discovery and has a 23.2% voting interest for matters other than the election of directors. A/N PP also has the right to appoint three directors out of a total of twelve directors to Discovery’s board. The Company purchases programming from Discovery. Based on publicly available information, the Company does not believe that Discovery would currently be considered a related party. The amount paid in the aggregate to Discovery represents less than 2% of total operating costs and expenses for the years ended December 31, 2021, 2020 and 2019. Equity Investments |
Commitments and Contingencies (
Commitments and Contingencies (Notes) | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Commitments The following table summarizes the Company’s and its parent companies' payment obligations as of December 31, 2021 for its contractual obligations. Total 2022 2023 2024 2025 2026 Thereafter Programming Minimum Commitments (a) $ 95 $ 78 $ 17 $ — $ — $ — $ — Other (b) 12,595 2,239 1,150 857 736 721 6,892 $ 12,690 $ 2,317 $ 1,167 $ 857 $ 736 $ 721 $ 6,892 (a) The Company pays programming fees under multi-year contracts, typically based on a flat fee per customer, which may be fixed for the term, or may in some cases escalate over the term. Programming costs included in the statements of operations were $11.8 billion, $11.4 billion and $11.3 billion for the years ended December 31, 2021, 2020 and 2019 respectively. Certain of the Company’s programming agreements are based on a flat fee per month or have guaranteed minimum payments. The table sets forth the aggregate guaranteed minimum commitments under the Company’s programming contracts. (b) “Other” represents other guaranteed minimum commitments, including rights negotiated directly with content owners for distribution on company-owned channels or networks, commitments related to our role as an advertising and distribution sales agent for third party-owned channels or networks, commitments to our customer premise equipment and device vendors and contractual obligations related to third-party network augmentation. The following items are not included in the contractual obligation table due to various factors discussed below. However, the Company incurs these costs as part of its operations: • The Company rents utility poles used in its operations. Generally, pole rentals are cancelable on short notice, but the Company anticipates that such rentals will recur. Rent expense incurred for pole rental attachments for the years ended December 31, 2021, 2020 and 2019 was $200 million, $192 million and $180 million, respectively. • The Company pays franchise fees under multi-year franchise agreements based on a percentage of revenues generated from video service per year. The Company also pays other franchise related costs, such as public education grants, under multi-year agreements. Franchise fees and other franchise-related costs included in the accompanying statement of operations were $733 million, $741 million and $750 million for the years ended December 31, 2021, 2020 and 2019 respectively. • The Company has $351 million in letters of credit, of which $37 million is secured under the Charter Operating credit facility, primarily to its various casualty carriers as collateral for reimbursement of workers' compensation, auto liability and general liability claims. • Minimum pension funding requirements have not been presented in the table above as such amounts have not been determined beyond 2021. The Company made no cash contributions to the qualified pension plans in 2021; however, the Company is permitted to make discretionary cash contributions to the qualified pension plans in 2022. For the nonqualified pension plan, the Company contributed $4 million during 2021 and will continue to make contributions in 2022 to the extent benefits are paid. • In December 2020, the Company won a bidding process for $1.2 billion in phase I of the Rural Digital Opportunity Fund (“RDOF”) auction to further extend its broadband services in states where it currently operate. The Company expects to fund its multi-billion dollar fiber-based build-out over a six to eight-year period. Legal Proceedings In August 2015, a purported stockholder of Charter, Matthew Sciabacucchi, filed a lawsuit in the Delaware Court of Chancery, on behalf of a putative class of Charter stockholders, challenging the transactions involving Charter, TWC, A/N, and Liberty Broadband announced by Charter on May 26, 2015. The lawsuit, which named as defendants Charter and its board of directors, alleged that the transactions resulted from breaches of fiduciary duty by Charter’s directors and that Liberty Broadband improperly benefited from the challenged transactions at the expense of other Charter stockholders. Charter denies any liability, believes that it has substantial defenses, and is vigorously defending this lawsuit. Although Charter is unable to predict the outcome of this lawsuit, it does not expect the outcome will have a material effect on its operations, financial condition or cash flows. The California Attorney General and the Alameda County, California District Attorney are investigating whether certain of Charter’s waste disposal policies, procedures and practices are in violation of the California Business and Professions Code and the California Health and Safety Code. That investigation was commenced in January 2014. A similar investigation involving TWC was initiated in February 2012. Charter is cooperating with these investigations. While the Company is unable to predict the outcome of these investigations, it does not expect that the outcome will have a material effect on its operations, financial condition, or cash flows. Sprint filed a patent suit against Charter and Bright House on December 2, 2017 in the United States District Court for the District of Delaware. This suit alleges infringement of 9 patents related to the Company's provision of Voice over Internet Protocol (“VoIP”) services. Sprint previously sued TWC with respect to eight of these patents and obtained a final judgment of $151 million inclusive of interest and costs, which the Company paid in November 2019. The Company has also brought a patent suit against Sprint (TC Tech, LLC v. Sprint) in the United States District Court for the District of Delaware implicating Sprint's LTE technology and a similar suit against T-Mobile in the United States District Court for the Western District of Texas. Sprint filed a subsequent patent suit against Charter on May 17, 2018 in the United States District Court for the Eastern District of Virginia. This suit alleges infringement of two patents related to the Company's video on demand services. The court transferred this case to the United States District Court for the District of Delaware on December 20, 2018 pursuant to an agreement between the parties. On February 18, 2020, Sprint filed a lawsuit against Charter, Bright House and TWC. Sprint alleges that Charter misappropriated trade secrets from Sprint years ago through employees hired by Bright House. Sprint asserts that the alleged trade secrets relate to the VoIP business of Charter, TWC and Bright House. The case is now pending in the United States District Court for the District of Kansas. Charter, T-Mobile and Sprint have tentatively reached a settlement of all of the foregoing suits that would result in a payment of $220 million by Charter to T-Mobile. The Company can give no assurance that this tentative settlement will be finalized. Pending finalization of the settlement and in the event the settlement is not finalized, the Company will vigorously defend these Sprint suits and prosecute the suits it has brought against T-Mobile and Sprint. While the Company is unable to predict the outcome of these lawsuits, it does not expect that the litigation will have a material effect on its operations, financial condition, or cash flows. In addition to the Sprint litigation described above, the Company and its parent companies are defendants or co-defendants in several additional lawsuits involving alleged infringement of various intellectual property relating to various aspects of their businesses. Other industry participants are also defendants in certain of these cases or related cases. In the event that a court ultimately determines that the Company infringes on any intellectual property, the Company may be subject to substantial damages and/or an injunction that could require the Company or its vendors to modify certain products and services the Company offers to its subscribers, as well as negotiate royalty or license agreements with respect to the intellectual property at issue. While the Company believes the lawsuits are without merit and intends to defend the actions vigorously, no assurance can be given that any adverse outcome would not be material to the Company’s consolidated financial condition, results of operations, or liquidity. The Company cannot predict the outcome of any such claims nor can it reasonably estimate a range of possible loss. The Company and its parent companies are party to other lawsuits, claims and regulatory inquiries that arise in the ordinary course of conducting their business. The ultimate outcome of these other legal matters pending against the Company cannot be predicted, and although such lawsuits and claims are not expected individually to have a material adverse effect on the Company’s consolidated financial condition, results of operations or liquidity, such lawsuits could have, in the aggregate, a material adverse effect on the Company’s consolidated financial condition, results of operations or liquidity. Whether or not the Company ultimately prevails in any particular lawsuit or claim, litigation can be time consuming and costly and injure the Company’s reputation. |
Employee Benefit Plans (Notes)
Employee Benefit Plans (Notes) | 12 Months Ended |
Dec. 31, 2021 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans Pension Plans The Company sponsors qualified and nonqualified defined benefit pension plans that provide pension benefits to a majority of employees who were employed by TWC before the merger with TWC. Changes in the projected benefit obligation, fair value of plan assets and funded status of the pension plans from January 1 through December 31 are presented below: 2021 2020 Projected benefit obligation at beginning of year $ 3,688 $ 3,361 Interest cost 97 110 Actuarial (gain) loss (183) 436 Settlement (173) (166) Benefits paid (55) (53) Projected benefit obligation at end of year (a) $ 3,374 $ 3,688 Accumulated benefit obligation at end of year (a) $ 3,374 $ 3,688 Fair value of plan assets at beginning of year $ 3,462 $ 3,198 Actual return on plan assets 219 480 Employer contributions 4 3 Settlement (173) (166) Benefits paid (55) (53) Fair value of plan assets at end of year (b) $ 3,457 $ 3,462 Funded status $ 83 $ (226) (a) As of December 31, 2021 and 2020, qualified pension plans represented $3.3 billion and $3.7 billion, respectively, of both the projected benefit obligation and accumulated benefit obligation, while the Company’s nonqualified pension plan represented $32 million and $36 million, respectively. (b) The fair value of plan assets consists entirely of the Company’s qualified pension plans. Pretax amounts recognized in the consolidated balance sheet as of December 31, 2021 and 2020 consisted of the following: December 31, 2021 2020 Noncurrent asset $ 114 $ 1 Current liability (4) (5) Long-term liability (27) (222) Net amounts recognized in consolidated balance sheet $ 83 $ (226) The components of net periodic benefit (cost) for the years ended December 31, 2021, 2020 and 2019 consisted of the following: Year Ended December 31, 2021 2020 2019 Interest cost $ (97) $ (110) $ (129) Expected return on plan assets 165 156 164 Remeasurement gain (loss) 237 (112) (104) Net periodic pension benefit (cost) $ 305 $ (66) $ (69) The remeasurement gains (losses) recorded during the years ended December 31, 2021, 2020 and 2019 were primarily driven by changes in the discount rate as well as gains or losses to record pension assets to fair value. The discount rates used to determine benefit obligations as of December 31, 2021 and 2020 were 3.01% and 2.70%, respectively. The Company utilized the Pri-2012/MP 2020 mortality table published by the Society of Actuaries to measure the benefit obligations as of December 31, 2021 and 2020. Weighted average assumptions used to determine net periodic benefit costs consisted of the following: Year ended December 31, 2021 2020 2019 Expected long-term rate of return on plan assets 5.00 % 5.00 % 5.75 % Discount rate 2.70 % 3.48 % 4.37 % In developing the expected long-term rate of return on plan assets, the Company considered the pension portfolio’s composition, past average rate of earnings and the Company’s future asset allocation targets. The weighted average expected long-term rate of return on plan assets and discount rate used to determine net periodic pension benefit (cost) for the year ended December 31, 2022 are expected to be 5.00% and 3.01%, respectively. The Company determined the discount rates used to determine benefit obligations and net periodic pension benefit (cost) based on the yield of a large population of high quality corporate bonds with cash flows sufficient in timing and amount to settle projected future defined benefit payments. Pension Plan Assets The assets of the qualified pension plans are held in a master trust in which the qualified pension plans are the only participating plans (the “Master Trust”). The investment policy for the qualified pension plans is to manage the assets of the Master Trust with the objective to provide for pension liabilities to be met, maintaining retirement income security for the participants of the plans and their beneficiaries. The investment portfolio is a mix of pooled funds invested in fixed income securities, equity securities and certain alternative investments with the objective of matching plan liability performance, diversifying risk and achieving a target investment return. Pension assets are managed in a balanced portfolio comprised of two major components: a return-seeking portion and a liability-matching portion. The Company uses an investment strategy designed to increase the fixed income allocation as the funded status of the qualified pension plans improves. As the qualified pension plans reach set funded status milestones, the assets will be rebalanced to shift more assets from equity to fixed income. Based on the progress with this strategy, the target investment allocation for pension fund assets is permitted to vary within specified ranges subject to Investment Committee approval for return-seeking securities and liability-matching securities. The target and actual investment allocation of the qualified pension plans by asset category consisted of the following: December 31, 2021 December 31, 2020 Target Allocation Actual Allocation Target Allocation Actual Allocation Return-seeking securities 60.0 % 57.3 % 60.0 % 57.1 % Liability-matching securities 40.0 % 42.6 % 40.0 % 42.8 % Other investments — % 0.1 % — % 0.1 % The following tables set forth the investment assets of the qualified pension plans by level within the fair value hierarchy as of December 31, 2021 and 2020: December 31, 2021 December 31, 2020 Fair Value Level 1 Level 2 Fair Value Level 1 Level 2 Cash $ 2 $ 2 $ — $ 4 $ 4 $ — Commingled bond funds (a) 1,398 — 1,398 1,449 — 1,449 Commingled equity funds (a) 1,160 — 1,160 1,255 — 1,255 Collective trust funds (b) 150 — 150 178 — 178 Total investment assets 2,710 $ 2 $ 2,708 2,886 $ 4 $ 2,882 Accrued investment income and other receivables 247 19 Accrued liabilities (46) — Investments measured at net asset value (c) 546 557 Fair value of plan assets $ 3,457 $ 3,462 (a) Commingled funds include bond funds with corporate and U.S. treasury debt securities and equity funds with global equity index, infrastructure and real estate securities that have a readily determinable fair value and are valued using the net assets provided by the administrator of the fund. The value of each fund is based on the fair value of underlying securities in the portfolio, which represents the amount that the fund might reasonably expect to receive for the securities upon a sale, less liabilities, and then divided by the number of units outstanding. Equity securities within the funds are valued using observable inputs on either a daily or weekly basis and the resulting per share value serves as a basis for current redemption value. Debt securities within the funds are valued based on observable prices from the new issue market, benchmark quotes, secondary trading and dealer quotes. (b) Collective trust funds consist of short-term investment strategies comprised of instruments issued or fully guaranteed by the U.S. government and/or its agencies and multi-strategy funds, which are valued using the net assets provided by the administrator of the fund. The value of each fund is based on the readily determinable fair value of the underlying assets owned by the fund, less liabilities, and then divided by the number of units outstanding. (c) As a practical expedient, certain investment classes which hold securities that are not readily available for redemption and are measured at fair value using the net asset value ("NAV") per share (or its equivalent) have not been classified in the fair value hierarchy. Investments Measured at Net Asset Value per Share Practical Expedient The following table summarizes the investment classes for which fair value is measured using the NAV per share (or its equivalent) practical expedient as of December 31, 2021 and 2020. These investment classes are not readily available for redemption. The NAV of each fund is based on the fair value of underlying assets in the portfolio. Certain investments report NAV per share on a month or quarter lag. There are no material unfunded commitments with respect to these investment classes. Fair Value December 31, Redemption Frequency (if currently eligible) Redemption Notice Period 2021 2020 Alternative funds (a) $ 328 $ 283 weekly, monthly, quarterly 1-180 days Fixed income funds (b) 95 148 daily, monthly 10-40 days Real estate funds (c) 123 126 quarterly 45-90 days Investments measured at NAV $ 546 $ 557 (a) The alternative fund investment class includes funds with various securities selected to provide complimentary sources of return with our equity and bond portfolios that better manage risk. The Company’s alternative fund investments include holdings such as public equities, exchange traded derivatives, and corporate bonds, among others. A portion of the alternative funds cannot be redeemed until the one year anniversary of the purchase date. (b) Fixed income funds invest in residential and commercial mortgages, as well as global sovereign securities. (c) Real estate funds are not publicly traded and invest primarily in unlisted direct core real estate, including super-regional malls, shopping centers, and commercial real estate (e.g. education, healthcare and storage). Pension Plan Contributions The Company made no cash contributions to the qualified pension plans during the years ended December 31, 2021, 2020 and 2019; however, the Company may make discretionary cash contributions to the qualified pension plans in the future. Such contributions will be dependent on a variety of factors, including current and expected interest rates, asset performance, the funded status of the qualified pension plans and management’s judgment. For the nonqualified unfunded pension plan, the Company will continue to make contributions during 2022 to the extent benefits are paid. Benefit payments for the pension plans are expected to be $227 million in 2022, $217 million in 2023, $206 million in 2024, $196 million in 2025, $188 million in 2026 and $843 million in 2027 to 2031. Multiemployer Plans The Company contributes to multiemployer plans under the terms of collective-bargaining agreements that cover its union-represented employees. Such multiemployer plans provide medical, pension and retirement savings benefits to active employees and retirees. The Company made contributions to multiemployer plans of $3 million, $7 million and $9 million for the years ended December 31, 2021, 2020 and 2019, respectively. As of December 31, 2021 and 2020, other long-term liabilities includes approximately $94 million and $98 million, respectively, related to the Company's withdrawal from a multiemployer pension plan. Defined Contribution Benefit Plans The Company’s employees may participate in the Charter Communications, Inc. 401(k) Savings Plan (the “401(k) Plan”). Employees that qualify for participation can contribute up to 50% of their salary, on a pre-tax basis, subject to a maximum contribution limit as determined by the IRS. The Company’s matching contribution is discretionary and is equal to 100% of the amount of the salary reduction the participant elects to defer (up to 6% of the participant’s eligible compensation), excluding any catch-up contributions and is paid by the Company on a per pay period basis. The Company made contributions to the 401(k) plan totaling $328 million, $331 million and $303 million for the years ended December 31, 2021, 2020 and 2019, respectively. For employees who are not eligible to participate in the Company’s long-term incentive plan and who are not covered by a collective bargaining agreement, the Company offers a contribution to the Retirement Accumulation Plan ("RAP"), equal to 3% of eligible pay. The Company made contributions to the RAP totaling $167 million, $162 million and $152 million for the years ended December 31, 2021, 2020 and 2019, respectively. |
Recently Issued Accounting Stan
Recently Issued Accounting Standards (Notes) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Recently Issued Accounting Standards | Recently Issued Accounting Standards ASU No. 2021-10, Disclosures by Business Entities about Government Assistance ("ASU 2021-10") In November 2021, the FASB issued ASU 2021-10, which requires business entities to disclose information about certain government assistance they receive. Such disclosure requirements include the nature of the transactions and the related accounting policy used, the line items on the balance sheet and income statement that are affected and the amounts applicable to each financial statement line item and significant terms and conditions of the transactions. ASU 2021-10 will be effective for annual periods beginning after December 15, 2021 (year ending December 31, 2022 for the Company). Early adoption is permitted. The Company is currently evaluating the impact the adoption of ASU 2021-10 will have on it's disclosures. |
Parent Company Only Financial S
Parent Company Only Financial Statements (Notes) | 12 Months Ended |
Dec. 31, 2021 | |
Parent Company Only Financial Statements [Abstract] | |
Parent Company Only Financial Statements | Parent Company Only Financial Statements As the result of limitations on, and prohibitions of, distributions, substantially all of the net assets of the consolidated subsidiaries are restricted from distribution to CCO Holdings, the parent company. The following condensed parent-only financial statements of CCO Holdings account for the investment in its subsidiaries under the equity method of accounting. The financial statements should be read in conjunction with the consolidated financial statements of the Company and notes thereto. CCO Holdings, LLC (Parent Company Only) Condensed Balance Sheets December 31, 2021 2020 ASSETS Cash and cash equivalents $ — $ 100 Receivables from related party 37 43 Investment in subsidiaries 59,776 71,002 Loans receivable - related party 579 567 Total assets $ 60,392 $ 71,712 LIABILITIES AND MEMBER'S EQUITY Current liabilities $ 307 $ 347 Other long-term liabilities 23,882 24,180 Member's equity 36,203 47,185 Total liabilities and member's equity $ 60,392 $ 71,712 CCO Holdings, LLC (Parent Company Only) Condensed Statements of Operations Year Ended December 31, 2021 2020 2019 Interest expense, net $ (1,166) $ (1,185) $ (1,067) Loss on extinguishment of debt (146) (145) (22) Equity in income of subsidiaries 7,623 5,495 3,340 Net income $ 6,311 $ 4,165 $ 2,251 CCO Holdings, LLC (Parent Company Only) Condensed Statements of Comprehensive Income Year Ended December 31, 2021 2020 2019 Net income $ 6,311 $ 4,165 $ 2,251 Foreign currency translation adjustment — — 2 Comprehensive income $ 6,311 $ 4,165 $ 2,253 CCO Holdings, LLC (Parent Company Only) Condensed Statements of Cash Flows Year Ended December 31, 2021 2020 2019 NET CASH FLOWS FROM OPERATING ACTIVITIES $ (1,200) $ (1,124) $ (1,051) CASH FLOWS FROM INVESTING ACTIVITIES: Contribution to subsidiaries (3,967) (9,383) (2,860) Distributions from subsidiaries 23,246 20,636 9,068 Net cash flows from investing activities 19,279 11,253 6,208 CASH FLOWS FROM FINANCING ACTIVITIES: Borrowings of long-term debt 3,744 8,764 4,584 Repayments of long-term debt (4,166) (6,612) (1,366) Payments for debt issuance costs (34) (84) (43) Contributions from parent 2 51 59 Distributions to parent (17,725) (12,648) (7,891) Net cash flows from financing activities (18,179) (10,529) (4,657) NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (100) (400) 500 CASH AND CASH EQUIVALENTS, beginning of period 100 500 — CASH AND CASH EQUIVALENTS, end of period $ — $ 100 $ 500 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Summary of Significant Accounting Policies [Abstract] | |
Consolidation Policy | Consolidation The accompanying consolidated financial statements include the accounts of CCO Holdings and all entities in which CCO Holdings has a controlling interest. The noncontrolling interest on the Company’s balance sheet represents the third-party interest in CV of Viera, LLP, the Company's consolidated joint venture in a small cable system in Florida. All significant intercompany accounts and transactions among consolidated entities have been eliminated in consolidation |
Cash and Cash Equivalents Policy | Cash and Cash Equivalents |
Property, Plant and Equipment Policy | Property, Plant and Equipment Additions to property, plant and equipment are recorded at cost, including all material, labor and certain indirect costs associated with the construction of cable transmission and distribution facilities. While the Company’s capitalization is based on specific activities, once capitalized, costs are tracked on a composite basis by fixed asset category at the cable system level and not on a specific asset basis. For assets that are sold or retired, the estimated historical cost and related accumulated depreciation is removed. Costs associated with the placement of the customer drop to the dwelling and the placement of outlets within a dwelling along with the costs associated with the deployment of new customer premise equipment necessary to provide video, Internet or voice services are capitalized. Costs capitalized include materials, direct labor and overhead costs. The Company capitalizes direct labor and overhead using standards developed from actual costs and applicable operational data. The Company calculates standards annually (or more frequently if circumstances dictate) for items such as the labor rates, overhead rates, and the actual amount of time required to perform a capitalizable activity. Overhead costs are associated with the activities of the Company’s personnel and consist of compensation and other indirect costs associated with support functions. Indirect costs primarily include employee benefits and payroll taxes, and vehicle and occupancy costs. The costs of disconnecting service and removing customer premise equipment from a dwelling and the costs to reconnect a customer drop or to redeploy previously installed customer premise equipment are charged to operating expense as incurred. Costs for repairs and maintenance are charged to operating expense as incurred, while plant and equipment replacement, including replacement of certain components, betterments, including replacement of cable drops and outlets, are capitalized. Depreciation is recorded using the straight-line composite method over management’s estimate of the useful lives of the related assets as follows: Cable distribution systems 6-22 years Customer premise equipment and installations 3-8 years Vehicles and equipment 6-21 years Buildings and improvements 8-40 years Furniture, fixtures and equipment 2-10 years |
Asset Retirement Obligations Policy | Asset Retirement Obligations Certain of the Company’s franchise agreements and leases contain provisions requiring the Company to restore facilities or remove equipment in the event that the franchise or lease agreement is not renewed. The Company expects to continually renew its franchise agreements and therefore cannot reasonably estimate any liabilities associated with such agreements. A remote possibility exists that franchise agreements could be terminated unexpectedly, which could result in the Company incurring significant expense in complying with restoration or removal provisions. The Company does not have any significant liabilities related to asset retirements recorded in its consolidated financial statements. |
Valuation of Long-Lived Assets Policy | Valuation of Long-Lived Assets The Company evaluates the recoverability of long-lived assets (e.g., property, plant and equipment and finite-lived intangible assets) to be held and used when events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Such events or changes in circumstances could include such factors as impairment of the Company’s indefinite life assets, changes in technological advances, fluctuations in the fair value of such assets, adverse changes in relationships with local franchise authorities, adverse changes in market conditions or a deterioration of current or expected future operating results. If a review indicates that the carrying value of such asset is not recoverable from estimated undiscounted cash flows, the carrying value of such asset is reduced to its estimated fair value. While the Company believes that its estimates of future cash flows are reasonable, different assumptions regarding such cash flows could materially affect its evaluations of asset recoverability. No impairments of long-lived assets held for use were recorded in 2021, 2020 and 2019. For non-strategic long-lived assets held for sale, the Company recorded impairments of approximately $36 million and $42 million during the years ended December 31, 2021 and 2019, respectively, to other operating expenses, net (see Note 14). |
Leases Policy | Leases The primary leased asset classes of the Company include real estate, dark fiber, colocation facilities and other equipment. The lease agreements include both lease and non-lease components, which the Company accounts for separately depending on the election made for each leased asset class. For real estate and dark fiber leased asset classes, the Company accounts for lease and non-lease components as a single lease component and includes all fixed payments in the measurement of lease liabilities and lease assets. For colocation facilities leased asset class, the Company accounts for lease and non-lease components separately including only the fixed lease payment component in the measurement of lease liabilities and lease assets. In addition to fixed lease payments, certain of the Company’s lease agreements include variable lease payments which are tied to an index or rate such as the change in the Consumer Price Index. These variable payments are not included in the measurement of the lease liabilities and lease assets. Lease assets and lease liabilities are initially recognized based on the present value of the future lease payments over the expected lease term. As for most leases the implicit rate is not readily determinable, the Company uses a discount rate in determining the present value of future payments based on the yield-to-maturity of the Company’s secured publicly traded United States dollars denominated debt instruments interpolating the duration of the debt to the term of the executed lease. The Company’s leases have base rent periods and some with optional renewal periods. Leases with base rent periods of less than 12 months are not recorded on the balance sheet. For purposes of measurement of lease liabilities, the expected lease terms may include renewal options when it is reasonably certain that the Company will exercise such options. Based on conditions of the Company's existing leases and its overall business strategies, the majority of the Company's renewal options are not reasonably certain in determining the expected lease term. The Company will periodically reassess expected lease terms (and purchase options, if applicable) based on significant triggering events or compelling economic reasons to exercise such options. The Company’s primary lease income represents sublease income on certain real estate leases. Sublease income is included in other revenue and presented gross from rent expense. For customer premise equipment ("CPE") where such CPE would qualify as a lease, the Company applies the practical expedient to combine the operating lease with the subscription service revenue as a single performance obligation in accordance with revenue recognition accounting guidance as the subscription service is the predominant component. |
Other Noncurrent Assets Policy | Other Noncurrent Assets Other noncurrent assets primarily include investments, wireless spectrum licenses, customer contract costs and other intangible assets. The Company accounts for its investments in less than majority owned investees under either the equity method or as equity securities. The Company applies the equity method to investments when it has the ability to exercise significant influence over the operating and financial policies of the investee. The Company’s share of the investee’s earnings (losses) is included in other expense, net in the consolidated statements of operations. The Company monitors its investments for indicators that a decrease in investment value has occurred that is other than temporary. If it has been determined that an investment has sustained an other than temporary decline in value, the investment is written down to fair value with a charge to earnings. Investments acquired are measured at fair value utilizing the acquisition method of accounting. The difference between the fair value and the amount of underlying equity in net assets for most equity method investments is due to previously unrecognized intangible assets at the investee. These amounts are amortized as a component of equity earnings (losses), recorded within other expense, net over the estimated useful life of the asset. Wireless spectrum licenses have been determined to have an indefinite life and are tested annually for impairment. Customer contract costs are deferred in other noncurrent assets for upfront costs incurred to obtain a customer contract and upfront costs to fulfill a customer contract, as further discussed below under the Customer Contract Costs |
Revenue Recognition Policy | Revenue Recognition Nature of Services Residential Services Residential customers are offered Internet, video, and voice services primarily on a subscription basis. Residential customers may generally cancel their subscriptions at the end of their monthly service period without penalty. Each subscription service provided is accounted for as a distinct performance obligation and revenue is recognized ratably over the monthly service period as the subscription services are delivered. Each optional service purchased is generally accounted for as a distinct performance obligation when purchased and revenue is recognized when the service is provided. Residential Internet customers receive data download and upload services with speeds dependent on the selected tier of service. Customers are also offered a security suite, an in-home WiFi product, and an out-of-home WiFi service. Internet revenues consist primarily of data services, WiFi service fees and Internet installation fees. Residential video customers have the option to purchase additional tiers of services, as well as video-on-demand (“VOD”) programming and pay-per-view programming on a per-event basis. Video revenues consist primarily of revenues from the selected programming service tier, as well as VOD fees, pay-per-view fees, retransmission fees, regulatory fees, equipment service fees and video installation fees. Residential voice customers receive unlimited local and long distance calling to United States, Canada, Mexico, and Puerto Rico, voicemail, call waiting, caller ID, call forward and other features. Customers may also purchase international calling either by the minute, or through packages of minutes per month. Voice revenues consist primarily of voice services and regulatory fees. Small and Medium Business Small and medium business ("SMB") customers are offered Internet, video and voice services similar to those provided to residential customers. SMB customers may generally cancel their subscriptions at the end of their monthly service period without penalty. Each subscription service provided is accounted for as a distinct performance obligation and revenue is recognized ratably over the monthly service period as the subscription services are delivered. Enterprise Services to enterprise clients include more tailored communications products and managed service solutions to larger businesses, as well as high-capacity last-mile data connectivity services to mobile and wireline carriers on a wholesale basis. Services are primarily offered on a subscription basis with a contractually specified and non-cancelable service period. Each subscription service provided is accounted for as a distinct performance obligation and revenue is recognized ratably over the contract period as the subscription services are delivered. Enterprise subscription services are billed as monthly recurring charges to customers and related installation services, if applicable, are billed upon completion of the customer installation. Installation services are not accounted for as distinct performance obligations, but rather a component of the connectivity services, and therefore upfront installation fees are deferred and recognized as revenue over the related contract period. Advertising Services The Company offers local, regional and national businesses the opportunity to advertise in individual and multiple service areas on cable television networks and digital outlets. Placement of advertising is accounted for as a distinct performance obligation and revenue is recognized at the point in time when the advertising is distributed. In some service areas, the Company has formed advertising interconnects or entered into representation agreements with other video distributors, under which the Company sells advertising on behalf of those distributors. In other service areas, the Company has entered into representation agreements under which another operator in the area will sell advertising on the Company’s behalf. For representation arrangements in which the Company controls the sale of advertising and acts as the principal to the transaction, the Company recognizes revenue earned from the advertising customer on a gross basis and the amount remitted to the distributor as an operating expense. For other representation arrangements in which the Company does not control the sale of advertising and acts as an agent to the transaction, the Company recognizes revenue net of any fee remitted to the distributor. Mobile The Company also offers mobile service to residential and SMB customers. Mobile services are sold under unlimited data plans or by-the-gig data usage plans and revenue is recognized ratably over the monthly service period as the services are delivered. Customers can purchase mobile equipment, including devices and accessory products, and have the option to pay for devices under interest-free monthly installment plans. The Company does not impute interest on equipment installment plans sold through its direct channel as the inherent financing component is not considered significant based on the commercial objective of the plans, interest rates prevailing in the marketplace and credit risks of the Company's customers. The sale of equipment is a separate performance obligation. Revenue is recognized from the sale of equipment upon delivery and acceptance by the customer, as this is when control passes to the customer. The Company’s revenues by product line are as follows: Year Ended December 31, 2021 2020 2019 Internet $ 21,094 $ 18,521 $ 16,667 Video 17,630 17,432 17,607 Voice 1,598 1,806 1,920 Residential revenue 40,322 37,759 36,194 Small and medium business 4,170 3,964 3,868 Enterprise 2,573 2,468 2,556 Commercial revenue 6,743 6,432 6,424 Advertising sales 1,594 1,699 1,568 Mobile 2,178 1,364 726 Other 837 834 844 $ 51,674 $ 48,088 $ 45,756 Fees imposed on the Company by various governmental authorities are passed through on a monthly basis to the Company’s customers and are periodically remitted to authorities. Fees of $1.1 billion for each of the years ended December 31, 2021, 2020 and 2019 are reported in video, voice, mobile and commercial revenues, on a gross basis with a corresponding operating expense because the Company is acting as a principal. Certain taxes, such as sales taxes imposed on the Company’s customers, collected and remitted to state and local authorities, are recorded on a net basis because the Company is acting as an agent in such situations. A significant portion of our revenue is derived from customers who may generally cancel their monthly subscriptions at the end of their monthly service period without penalty. As such, the amount of revenue related to unsatisfied performance obligations is not necessarily indicative of the future revenue to be recognized from our existing customer base. Revenue from customers with a contractually specified term and non-cancelable service period will be recognized over the term of such contracts, which is generally two to seven years for our enterprise contracts with a weighted average term of approximately three years. Significant Judgments in Evaluating Revenue Recognition The Company often provides multiple services to a customer. Provision of customer premise equipment, installation services, and additional service tiers may have a significant level of integration and interdependency with the subscription Internet, video, voice, or connectivity services provided. Judgment is required to determine whether provision of customer premise equipment, installation services, and additional service tiers are considered distinct and accounted for separately, or not distinct and accounted for together with the subscription services. Allocation of the transaction price to the distinct performance obligations in bundled service subscriptions requires judgment. The transaction price for a bundle of services is frequently less than the sum of the standalone selling prices of each individual service. The Company allocates the bundle discount among the services to which the discount relates based on the relative standalone selling prices of those services. When available, directly observable standalone selling prices are used for the revenue allocation. When certain services are not sold standalone, judgment is applied to determine appropriate standalone selling price assumptions for a given class of customers receiving such service. The Company believes residential and SMB non-refundable upfront installation fees charged to customers, over a certain dollar threshold considered material to the customer, result in a material right to renew the contract as such fees are not required to be paid upon subsequent renewals. These residential and SMB upfront fees are deferred over the period the fee remains material to the customer, which the Company has estimated to be approximately six months. Estimation of the period the fee remains material to the customer requires consideration of both quantitative and qualitative factors including average installation fee, average revenue per customer, and customer behavior, among others. |
Customer Contract Costs Policy | Customer Contract Costs The Company recognizes an asset for incremental costs of obtaining a contract with a customer if the amortization period of those costs is expected to be longer than one year and the costs are expected to be recovered. Enterprise sales commission costs meet the requirements to be deferred and, as a result, are recognized using a portfolio approach over a weighted-average contract period. Deferred enterprise commission costs are included in other noncurrent assets in the consolidated balance sheet and totaled $142 million and $138 million as of December 31, 2021 and 2020, respectively. As the amortization period of residential and SMB commissions costs is less than one year, the Company applies the practical expedient that allows such costs to be expensed as incurred. The Company has determined that the amortization period associated with residential and SMB commission costs is less than one year based on qualitative and quantitative factors. The Company recognizes an asset for costs incurred to fulfill a contract when those costs are directly related to services provided under the contract, generate or enhance resources of the entity that will be used in performing service obligations under the contract, and are expected to be recovered. Right-of-entry costs represent upfront costs incurred related to agreements entered into with multiple dwelling units (“MDUs”) including landlords, real estate companies or owners to gain access to a building in order to market and service customers who reside in the building. Right-of-entry costs meet the requirements to be deferred and, as a result, are recognized over the term of the contracts. Deferred right-of-entry costs are included in other noncurrent assets in the consolidated balance sheet and totaled $354 million and $320 million as of December 31, 2021 and 2020, respectively. Amortization expense of $76 million, $71 million and $67 million was included in regulatory, connectivity and produced content within operating costs and expenses in the consolidated statements of operations for the years ended December 31, 2021, 2020 and 2019, respectively. Residential and SMB installation costs not capitalized into property, plant and equipment are expensed as incurred under cable industry-specific guidance. |
Programming Costs Policy | Programming Costs |
Advertising Costs Policy | Advertising Costs |
Multiple-Element Transactions Policy | Multiple-Element Transactions In the normal course of business, the Company enters into multiple-element transactions where it is simultaneously both a customer and a vendor with the same counterparty or in which it purchases multiple products and/or services, or settles outstanding items contemporaneous with the purchase of a product or service from a single counterparty. Transactions, although negotiated contemporaneously, may be documented in one or more contracts. The Company’s policy for accounting for each transaction negotiated contemporaneously is to record each element of the transaction based on the respective estimated fair values of the products or services purchased and the products or services sold. In determining the fair value of the respective elements, the Company refers to quoted market prices (where available), historical transactions or comparable cash transactions. Cash consideration received from a vendor is recorded as a reduction in the price of the vendor’s product unless (i) the consideration is for the reimbursement of a specific, incremental, identifiable cost incurred, in which case the cash consideration received would be recorded as a reduction in such cost (e.g., marketing costs), or (ii) an identifiable benefit in exchange for the consideration is provided, in which case revenue would be recognized for this element. |
Stock-Based Compensation Policy | Stock-Based Compensation Restricted stock, restricted stock units and stock options are measured at the grant date fair value and amortized to stock compensation expense over the requisite service period. The fair value of stock options is estimated on the date of grant using the Black-Scholes option-pricing model. The grant date weighted average assumptions used during the years ended December 31, 2021, 2020 and 2019 were: risk-free interest rate of 0.7%, 1.4% and 2.5%, respectively; expected lives of 5.9 years, 5.5 years and 4.9 years, respectively; and expected volatility of 27% for each year. The Company’s volatility assumptions represent management’s best estimate and were based on a review of historical and implied volatility of Charter. Expected lives were estimated using historical exercise data. The valuations assume no dividends are paid. The Company has elected an accounting policy to assume zero forfeitures for stock awards grants and account for forfeitures when they occur. |
Defined Benefit Pension Plans Policy | Defined Benefit Pension Plans The Company sponsors qualified and unqualified defined benefit pension plans that provide pension benefits to a majority of employees who were employed by Time Warner Cable Inc. ("TWC") before the merger with TWC. Pension benefits are based on formulas that reflect the employees’ years of service and compensation during their employment period. Actuarial gains or losses are changes in the amount of either the benefit obligation or the fair value of plan assets resulting from experience different from that assumed or from changes in assumptions. The Company has elected to follow a mark-to-market pension accounting policy for recording the actuarial gains or losses annually during the fourth quarter, or earlier if a remeasurement event occurs during an interim period. |
Income Taxes Policy | Income Taxes |
Segments Policy | Segments |
Franchises, Goodwill and Othe_2
Franchises, Goodwill and Other Intangible Assets (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets Policy | Franchise rights represent the value attributed to agreements or authorizations with local and state authorities that allow access to homes in cable service areas. For valuation purposes, they are defined as the future economic benefits of the right to solicit and service potential customers (customer marketing rights), and the right to deploy and market new services to potential customers (service marketing rights). Management estimates the fair value of franchise rights at the date of acquisition and determines if the franchise has a finite life or an indefinite life. The Company has concluded that all of its franchises qualify for indefinite life treatment given that there are no legal, regulatory, contractual, competitive, economic or other factors which limit the period over which these rights will contribute to the Company's cash flows. The Company reassesses this determination periodically or whenever events or substantive changes in circumstances occur. All franchises are tested for impairment annually or more frequently as warranted by events or changes in circumstances. Franchise assets are aggregated into essentially inseparable units of accounting to conduct valuations. The units of accounting generally represent geographical clustering of the Company's cable systems into groups. The Company assesses qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that an indefinite lived intangible asset has been impaired. If, after this optional qualitative assessment, the Company determines that it is not more likely than not that an indefinite lived intangible asset has been impaired, then no further quantitative testing is necessary. In completing the qualitative impairment testing, the Company evaluates a multitude of factors that affect the fair value of our franchise assets. Examples of such factors include environmental and competitive changes within our operating footprint, actual and projected operating performance, the consistency of our operating margins, equity and debt market trends, including changes in our market capitalization, and changes in our regulatory and political landscape, among other factors. The Company performed a qualitative assessment in 2021. After consideration of the qualitative factors in 2021, the Company concluded that it is more likely than not that the fair value of the franchise assets in each unit of accounting exceeds the carrying value of such assets and therefore did not perform a quantitative analysis at the assessment date. Periodically, the Company may elect to perform a quantitative analysis for impairment testing. If the Company elects or is required to perform a quantitative analysis to test its franchise assets for impairment, the methodology described below is utilized. If a quantitative analysis is performed, the estimated fair value of franchises is determined utilizing an income approach model based on the present value of the estimated discrete future cash flows attributable to each of the intangible assets identified assuming a discount rate. The fair value of franchises is determined based on estimated discrete discounted future cash flows using assumptions consistent with internal forecasts. The franchise after-tax cash flow is calculated as the after-tax cash flow generated by the potential customers obtained. The sum of the present value of the franchises’ after-tax cash flow in years 1 through 10 and the continuing value of the after-tax cash flow beyond year 10 yields the fair value of the franchises. This approach makes use of unobservable factors such as projected revenues, expenses, capital expenditures, customer trends, and a discount rate applied to the estimated cash flows. The determination of the franchise discount rate is derived from the Company’s weighted average cost of capital, which uses a market participant’s cost of equity and after-tax cost of debt and reflects the risks inherent in the cash flows. The Company estimates discounted future cash flows using reasonable and appropriate assumptions including among others, penetration rates; revenue growth rates; operating margins; and capital expenditures. The assumptions are based on the Company’s and its peers’ historical operating performance adjusted for current and expected competitive and economic factors surrounding the cable industry. The estimates and assumptions made in the Company’s valuations are inherently subject to significant uncertainties, many of which are beyond its control, and there is no assurance that these results can be achieved. The primary assumptions for which there is a reasonable possibility of the occurrence of a variation that would significantly affect the measurement value include the assumptions regarding revenue growth, programming expense growth rates, the amount and timing of capital expenditures, actual customer trends and the discount rate utilized. The Company has determined that it has one reporting unit for purposes of the assessment of goodwill impairment. The fair value of the reporting unit is determined using both an income approach and market approach. The Company’s income approach model used for its reporting unit valuation is consistent with that used for its franchise valuation noted above except that cash flows from the entire business enterprise are used for the reporting unit valuation. The Company’s market approach model estimates the fair value of the reporting unit based on market prices in actual precedent transactions of similar businesses and market valuations of guideline public companies. Goodwill is tested for impairment as of November 30 of each year , or more frequently as warranted by events or changes in circumstances. Accounting guidance also permits an optional qualitative assessment for goodwill to determine whether it is more likely than not that the carrying value of a reporting unit exceeds its fair value. If, after this qualitative assessment, the Company determines that it is not more likely than not that the fair value of a reporting unit is less than its carrying amount then no further quantitative testing would be necessary. A quantitative assessment is performed if the qualitative assessment results in a more likely than not determination or if a qualitative assessment is not performed. The quantitative assessment considers whether the carrying amount of a reporting unit exceeds its fair value, in which case an impairment charge is recorded to the extent the reporting unit’s carrying value exceeds its fair value. As with the Company’s franchise impairment testing, in 2021 the Company elected to perform a qualitative goodwill impairment assessment, which incorporated consideration of the same qualitative factors relevant to the Company's franchise impairment testing. As a result of that assessment, the Company concluded that goodwill is not impaired. Customer relationships are recorded at fair value as of the date acquired less accumulated amortization. Customer relationships, for valuation purposes, represent the value of the business relationship with existing customers, and are calculated by projecting the discrete future after-tax cash flows from these customers, including the right to deploy and market additional services to these customers. The present value of these after-tax cash flows yields the fair value of the customer relationships. The use of different valuation assumptions or definitions of franchises or customer relationships, such as our inclusion of the value of selling additional services to our current customers within customer relationships versus franchises, could significantly impact our valuations and any resulting impairment. Customer relationships are amortized on an accelerated sum of years’ digits method over useful lives of 8-15 years based on the period over which current customers are expected to generate cash flows. |
Accounting for Derivative Ins_2
Accounting for Derivative Instruments and Hedging Activities (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting for Derivative Instruments and Hedging Activities [Abstract] | |
Derivative Instruments Policy | The Company uses derivative instruments to manage foreign exchange risk on the Sterling Notes, and does not hold or issue derivative instruments for speculative trading purposes. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Summary of Significant Accounting Policies [Abstract] | |
Schedule of Property, Plant and Equipment Useful Lives | Depreciation is recorded using the straight-line composite method over management’s estimate of the useful lives of the related assets as follows: Cable distribution systems 6-22 years Customer premise equipment and installations 3-8 years Vehicles and equipment 6-21 years Buildings and improvements 8-40 years Furniture, fixtures and equipment 2-10 years |
Schedule of Revenues by Product Line | The Company’s revenues by product line are as follows: Year Ended December 31, 2021 2020 2019 Internet $ 21,094 $ 18,521 $ 16,667 Video 17,630 17,432 17,607 Voice 1,598 1,806 1,920 Residential revenue 40,322 37,759 36,194 Small and medium business 4,170 3,964 3,868 Enterprise 2,573 2,468 2,556 Commercial revenue 6,743 6,432 6,424 Advertising sales 1,594 1,699 1,568 Mobile 2,178 1,364 726 Other 837 834 844 $ 51,674 $ 48,088 $ 45,756 |
Allowance for Doubtful Accoun_2
Allowance for Doubtful Accounts (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Allowance for Doubtful Accounts [Abstract] | |
Allowance for Doubtful Accounts | Activity in the allowance for doubtful accounts is summarized as follows for the years presented: Year Ended December 31, 2021 2020 2019 Balance, beginning of period $ 217 $ 180 $ 129 Charged to expense 484 560 659 Uncollected balances written off, net of recoveries (544) (523) (608) Balance, end of period $ 157 $ 217 $ 180 |
Property, Plant and Equipment_2
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | Property, plant and equipment consists of the following as of December 31, 2021 and 2020: December 31, 2021 2020 Cable distribution systems $ 35,907 $ 33,693 Customer premise equipment and installations 17,893 17,756 Vehicles and equipment 1,957 1,896 Buildings and improvements 4,663 4,484 Furniture, fixtures and equipment 7,015 7,219 67,435 65,048 Less: accumulated depreciation (34,108) (31,558) $ 33,327 $ 33,490 |
Franchises, Goodwill and Othe_3
Franchises, Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets | As of December 31, 2021 and 2020, indefinite-lived and finite-lived intangible assets are presented in the following table: December 31, 2021 2020 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Indefinite-lived intangible assets: Franchises $ 67,346 $ — $ 67,346 $ 67,322 $ — $ 67,322 Goodwill 29,562 — 29,562 29,554 — 29,554 Wireless spectrum licenses 464 — 464 464 — 464 $ 97,372 $ — $ 97,372 $ 97,340 $ — $ 97,340 Finite-lived intangible assets: Customer relationships $ 18,240 $ (14,180) $ 4,060 $ 18,230 $ (12,615) $ 5,615 Other intangible assets 430 (196) 234 420 (159) 261 $ 18,670 $ (14,376) $ 4,294 $ 18,650 $ (12,774) $ 5,876 |
Schedule of Expected Future Amortization Expense | The Company expects amortization expense on its finite-lived intangible assets will be as follows. 2022 $ 1,336 2023 1,079 2024 828 2025 579 2026 321 Thereafter 151 $ 4,294 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Investments [Abstract] | |
Schedule of investments | Investments consisted of the following as of December 31, 2021 and 2020: December 31, 2021 2020 Equity-method investments $ 95 $ 273 Other investments 13 13 Total investments $ 108 $ 286 |
Accounts Payable and Accrued _2
Accounts Payable and Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accounts Payable and Accrued Liabilities [Abstract] | |
Schedule of Accounts Payable and Accrued Liabilities | Accounts payable and accrued liabilities consist of the following as of December 31, 2021 and 2020: December 31, 2021 2020 Accounts payable – trade $ 706 $ 737 Deferred revenue 458 436 Accrued liabilities: Programming costs 2,036 1,940 Labor 1,299 1,370 Capital expenditures 1,281 1,227 Interest 1,099 1,083 Taxes and regulatory fees 533 523 Operating lease liabilities 237 202 Other 1,122 725 $ 8,771 $ 8,243 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Schedule of supplemental balance sheet information | Supplemental balance sheet information related to leases is as follows. December 31, 2021 2020 Operating lease right-of-use assets: Included within other noncurrent assets $ 1,143 $ 1,065 Operating lease liabilities: Current portion included within accounts payable and accrued liabilities $ 237 $ 202 Long-term portion included within other long-term liabilities 1,001 941 $ 1,238 $ 1,143 Weighted average remaining lease term for operating leases 5.9 years 6.4 years Weighted average discount rate for operating leases 3.4 % 3.9 % |
Schedule of future minimum lease payments for operating leases | Maturities of operating lease liabilities as of December 31, 2021 are as follows. 2022 $ 293 2023 286 2024 238 2025 189 2026 127 Thereafter 284 Undiscounted lease cash flow commitments 1,417 Reconciling impact from discounting (179) Lease liabilities on consolidated balance sheet as of December 31, 2021 $ 1,238 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt | Long-term debt consists of the following as of December 31, 2021 and 2020: December 31, 2021 2020 Principal Amount Accreted Value Principal Amount Accreted Value CCO Holdings, LLC: 4.000% senior notes due March 1, 2023 $ 500 $ 499 $ 500 $ 498 5.750% senior notes due February 15, 2026 — — 2,500 2,475 5.500% senior notes due May 1, 2026 750 747 1,500 1,492 5.875% senior notes due May 1, 2027 — — 800 796 5.125% senior notes due May 1, 2027 3,250 3,228 3,250 3,225 5.000% senior notes due February 1, 2028 2,500 2,475 2,500 2,472 5.375% senior notes due June 1, 2029 1,500 1,500 1,500 1,501 4.750% senior notes due March 1, 2030 3,050 3,043 3,050 3,042 4.500% senior notes due August 15, 2030 2,750 2,750 2,750 2,750 4.250% senior notes due February 1, 2031 3,000 3,002 3,000 3,001 4.500% senior notes due May 1, 2032 2,900 2,927 2,900 2,928 4.500% senior notes due June 1, 2033 1,750 1,729 — — 4.250% senior notes due January 15, 2034 2,000 1,982 — — Charter Communications Operating, LLC: 4.464% senior notes due July 23, 2022 3,000 2,997 3,000 2,992 Senior floating rate notes due February 1, 2024 900 901 900 902 4.500% senior notes due February 1, 2024 1,100 1,096 1,100 1,094 4.908% senior notes due July 23, 2025 4,500 4,480 4,500 4,475 3.750% senior notes due February 15, 2028 1,000 990 1,000 989 4.200% senior notes due March 15, 2028 1,250 1,242 1,250 1,241 2.250% senior notes due January 15, 2029 1,250 1,240 — — 5.050% senior notes due March 30, 2029 1,250 1,242 1,250 1,242 2.800% senior notes due April 1, 2031 1,600 1,585 1,600 1,583 2.300% senior notes due February 1, 2032 1,000 992 1,000 991 6.384% senior notes due October 23, 2035 2,000 1,984 2,000 1,983 5.375% senior notes due April 1, 2038 800 787 800 786 3.500% senior notes due June 1, 2041 1,500 1,483 — — 3.500% senior notes due March 1, 2042 1,350 1,331 — — 6.484% senior notes due October 23, 2045 3,500 3,468 3,500 3,468 5.375% senior notes due May 1, 2047 2,500 2,506 2,500 2,506 5.750% senior notes due April 1, 2048 2,450 2,393 2,450 2,392 5.125% senior notes due July 1, 2049 1,250 1,240 1,250 1,240 4.800% senior notes due March 1, 2050 2,800 2,797 2,800 2,797 3.700% senior notes due April 1, 2051 2,050 2,031 2,050 2,030 3.900% senior notes due June 1, 2052 2,400 2,322 — — 6.834% senior notes due October 23, 2055 500 495 500 495 3.850% senior notes due April 1, 2061 1,850 1,809 1,350 1,339 4.400% senior notes due December 1, 2061 1,400 1,389 — — 3.950% senior notes due June 30, 2062 1,400 1,379 — — Credit facilities 10,723 10,668 10,150 10,081 Time Warner Cable, LLC: 4.000% senior notes due September 1, 2021 — — 1,000 1,008 5.750% sterling senior notes due June 2, 2031 (a) 846 897 854 911 6.550% senior debentures due May 1, 2037 1,500 1,662 1,500 1,668 7.300% senior debentures due July 1, 2038 1,500 1,754 1,500 1,763 6.750% senior debentures due June 15, 2039 1,500 1,700 1,500 1,706 5.875% senior debentures due November 15, 2040 1,200 1,252 1,200 1,254 5.500% senior debentures due September 1, 2041 1,250 1,257 1,250 1,258 5.250% sterling senior notes due July 15, 2042 (b) 879 850 889 859 4.500% senior debentures due September 15, 2042 1,250 1,148 1,250 1,145 Time Warner Cable Enterprises LLC: 8.375% senior debentures due March 15, 2023 1,000 1,058 1,000 1,104 8.375% senior debentures due July 15, 2033 1,000 1,254 1,000 1,270 Total debt 91,198 91,561 82,143 82,752 Less current portion: 4.000% senior notes due September 1, 2021 — — (1,000) (1,008) 4.464% senior notes due July 23, 2022 (3,000) (2,997) — — Long-term debt $ 88,198 $ 88,564 $ 81,143 $ 81,744 (a) Principal amount includes £625 million valued at $846 million and $854 million as of December 31, 2021 and 2020, respectively, using the exchange rate at that date. (b) Principal amount includes £650 million valued at $879 million and $889 million as of December 31, 2021 and 2020, respectively, using the exchange rate at that date. |
Schedule of Extinguishment of Debt | Losses on extinguishment of debt are recorded in other expenses, net in the consolidated statements of operations and consisted of the following. Year Ended December 31, 2021 2020 2019 CCO Holdings notes redemption $ (146) $ (145) $ (22) Time Warner Cable, LLC notes redemption 2 2 — Charter Operating credit facility refinancing — — (3) Loss on extinguishment of debt $ (144) $ (143) $ (25) |
Schedule of Long-Term Debt Future Principal Payments | Based upon outstanding indebtedness as of December 31, 2021, the amortization of term loans, and the maturity dates for all senior and subordinated notes, total future principal and interest payments on the total borrowings under all debt agreements are as follows. Principal Interest 2022 $ 3,277 $ 4,166 2023 1,936 4,066 2024 2,265 3,996 2025 10,670 3,802 2026 788 3,654 Thereafter 72,262 42,667 $ 91,198 $ 62,351 |
Accounting for Derivative Ins_3
Accounting for Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting for Derivative Instruments and Hedging Activities [Abstract] | |
Schedule of Gain (Loss) on Financial Instruments, Net | The effect of financial instruments are recorded in other expenses, net in the consolidated statements of operations and consisted of the following. Year Ended December 31, 2021 2020 2019 Change in fair value of cross-currency derivative instruments $ (106) $ 40 $ 13 Foreign currency remeasurement of Sterling Notes to U.S. dollars 20 (55) (67) Loss on financial instruments, net $ (86) $ (15) $ (54) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Measurements [Abstract] | |
Summary of Carrying and Fair Value of Debt | A summary of the carrying value and fair value of the Company’s debt at December 31, 2021 and 2020 is as follows: December 31, 2021 2020 Carrying Value Fair Value Carrying Value Fair Value Senior notes and debentures $ 80,893 $ 88,976 $ 72,671 $ 84,163 Credit facilities $ 10,668 $ 10,665 $ 10,081 $ 10,063 |
Operating Costs and Expenses (T
Operating Costs and Expenses (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Operating Costs and Expenses [Abstract] | |
Schedule of Operating Costs and Expenses | Operating costs and expenses, exclusive of items shown separately in the consolidated statements of operations, consist of the following for the periods presented: Year Ended December 31, 2021 2020 2019 Programming $ 11,844 $ 11,401 $ 11,290 Regulatory, connectivity and produced content 2,494 2,183 2,366 Costs to service customers 7,393 7,472 7,277 Marketing 3,071 3,031 3,044 Mobile 2,489 1,765 1,246 Other 4,275 4,186 4,052 $ 31,566 $ 30,038 $ 29,275 |
Other Operating Expenses, Net_2
Other Operating Expenses, Net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Other Operating Expenses, Net [Abstract] | |
Schedule of Other Operating Expenses, Net | Other operating expenses, net consist of the following for the years presented: Year Ended December 31, 2021 2020 2019 Special charges, net $ 261 $ 99 $ 69 (Gain) loss on sale of assets, net 45 (32) 42 $ 306 $ 67 $ 111 |
Other Expenses, Net (Tables)
Other Expenses, Net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Other Income and Expenses [Abstract] | |
Other Expenses, Net | Other expenses, net consist of the following for the periods presented: Year Ended December 31, 2021 2020 2019 Loss on extinguishment of debt (see Note 9) $ (144) $ (143) $ (25) Loss on financial instruments, net (see Note 11) (86) (15) (54) Other pension benefits (costs), net (see Note 21) 305 (66) (69) Loss on equity investments, net (see Note 6) (179) (13) (131) $ (104) $ (237) $ (279) |
Stock Compensation Plans (Table
Stock Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Stock Compensation Plans [Abstract] | |
Schedule of Stock Option Activity | A summary of the activity for Charter’s stock options for the years ended December 31, 2021, 2020 and 2019, is as follows (shares in thousands, except per share data): Year Ended December 31, 2021 2020 2019 Shares Weighted Average Exercise Price Aggregate Intrinsic Value Shares Weighted Average Exercise Price Aggregate Intrinsic Value Shares Weighted Average Exercise Price Aggregate Intrinsic Value Outstanding, beginning of period 8,842 $ 312.95 10,549 $ 241.14 10,410 $ 225.53 Granted 1,295 $ 629.57 1,672 $ 536.27 1,847 $ 298.84 Exercised (1,568) $ 295.46 $ 606 (3,160) $ 191.43 $ 1,176 (1,271) $ 186.90 $ 247 Canceled (136) $ 476.90 (219) $ 312.94 (437) $ 270.94 Outstanding, end of period 8,433 $ 362.26 $ 2,447 8,842 $ 312.95 10,549 $ 241.14 Weighted average remaining contractual life 6 years 7 years 7 years Options exercisable, end of period 4,102 $ 237.45 $ 1,700 2,940 $ 220.78 3,119 $ 161.13 Options expected to vest, end of period 4,331 $ 480.47 $ 746 Weighted average fair value of options granted $ 171.21 $ 148.02 $ 84.39 |
Schedule of Restricted Stock Activity | A summary of the activity for Charter’s restricted stock for the years ended December 31, 2021, 2020 and 2019, is as follows (shares in thousands, except per share data): Year Ended December 31, 2021 2020 2019 Shares Weighted Average Grant Price Shares Weighted Average Grant Price Shares Weighted Average Grant Price Outstanding, beginning of period 6 $ 504.53 8 $ 359.33 10 $ 297.86 Granted 5 $ 654.33 6 $ 504.53 8 $ 359.33 Vested (6) $ 504.53 (8) $ 359.33 (10) $ 297.86 Canceled — $ — — $ — — $ — Outstanding, end of period 5 $ 654.33 6 $ 504.53 8 $ 359.33 |
Schedule of Restricted Stock Unit Activity | A summary of the activity for Charter’s restricted stock units for the years ended December 31, 2021, 2020 and 2019, is as follows (shares in thousands, except per share data): Year Ended December 31, 2021 2020 2019 Shares Weighted Average Grant Price Shares Weighted Average Grant Price Shares Weighted Average Grant Price Outstanding, beginning of period 1,651 $ 337.82 2,059 $ 249.45 2,211 $ 219.61 Granted 367 $ 629.47 423 $ 509.64 704 $ 298.22 Vested (665) $ 269.88 (753) $ 194.40 (729) $ 206.88 Canceled (59) $ 467.26 (78) $ 317.45 (127) $ 250.85 Outstanding, end of period 1,294 $ 449.03 1,651 $ 337.82 2,059 $ 249.45 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income Tax Benefit (Expense) | For the years ended December 31, 2021, 2020, and 2019, the Company recorded deferred income tax expense as shown below. The tax provision in future periods will vary based on current and future temporary differences, as well as future operating results. Year Ended December 31, 2021 2020 2019 Current expense: Federal income taxes $ (1) $ (2) $ (4) State income taxes (35) (30) (28) Current income tax expense (36) (32) (32) Deferred benefit (expense): State income taxes (5) 3 (57) Deferred income tax benefit (expense) (5) 3 (57) Income tax expense $ (41) $ (29) $ (89) |
Schedule of Effective Tax Rate Reconciliation | The Company’s effective tax rate differs from that derived by applying the applicable federal income tax rate of 21% for the years ended December 31, 2021, 2020 and 2019 as follows: Year Ended December 31, 2021 2020 2019 Statutory federal income taxes $ (1,334) $ (881) $ (491) Statutory state income taxes, net (40) (27) (85) Income allocated to limited liability companies not subject to income taxes 1,333 879 487 Income tax expense $ (41) $ (29) $ (89) |
Schedule of Deferred Tax Assets (Liabilities) | The tax effects of these temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31, 2021 and 2020 are presented below. December 31, 2021 2020 Deferred tax assets: Accrued and other $ 7 $ 5 Total gross deferred tax assets 7 5 Deferred tax liabilities: Indefinite-lived intangibles (43) (39) Property, plant and equipment (19) (16) Other intangibles (2) (3) Deferred tax liabilities (64) (58) Net deferred tax liabilities $ (57) $ (53) |
Roll Forward of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits, exclusive of interest and penalties, included in other long-term liabilities on the accompanying consolidated balance sheets of the Company is as follows: BALANCE, December 31, 2019 $ 110 Reductions on settlements and expirations with taxing authorities (8) BALANCE, December 31, 2020 102 Reductions on settlements and expirations with taxing authorities (6) BALANCE, December 31, 2021 $ 96 |
Comprehensive Income (Tables)
Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Statement of Other Comprehensive Income [Abstract] | |
Comprehensive Income | The following table sets forth the consolidated statements of comprehensive income for the year ended December 31, 2019. Year Ended December 31, 2019 Consolidated net income $ 2,252 Foreign currency translation adjustment 2 Consolidated comprehensive income 2,254 Less: Comprehensive income attributable to noncontrolling interests (1) Comprehensive income attributable to CCO Holdings member $ 2,253 |
Commitments and Contingencies_2
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Contractual Obligation Payments | The following table summarizes the Company’s and its parent companies' payment obligations as of December 31, 2021 for its contractual obligations. Total 2022 2023 2024 2025 2026 Thereafter Programming Minimum Commitments (a) $ 95 $ 78 $ 17 $ — $ — $ — $ — Other (b) 12,595 2,239 1,150 857 736 721 6,892 $ 12,690 $ 2,317 $ 1,167 $ 857 $ 736 $ 721 $ 6,892 (a) The Company pays programming fees under multi-year contracts, typically based on a flat fee per customer, which may be fixed for the term, or may in some cases escalate over the term. Programming costs included in the statements of operations were $11.8 billion, $11.4 billion and $11.3 billion for the years ended December 31, 2021, 2020 and 2019 respectively. Certain of the Company’s programming agreements are based on a flat fee per month or have guaranteed minimum payments. The table sets forth the aggregate guaranteed minimum commitments under the Company’s programming contracts. (b) “Other” represents other guaranteed minimum commitments, including rights negotiated directly with content owners for distribution on company-owned channels or networks, commitments related to our role as an advertising and distribution sales agent for third party-owned channels or networks, commitments to our customer premise equipment and device vendors and contractual obligations related to third-party network augmentation. |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | |
Schedule of Changes in Projected Benefit Obligations and Fair Value of Plan Assets | Changes in the projected benefit obligation, fair value of plan assets and funded status of the pension plans from January 1 through December 31 are presented below: 2021 2020 Projected benefit obligation at beginning of year $ 3,688 $ 3,361 Interest cost 97 110 Actuarial (gain) loss (183) 436 Settlement (173) (166) Benefits paid (55) (53) Projected benefit obligation at end of year (a) $ 3,374 $ 3,688 Accumulated benefit obligation at end of year (a) $ 3,374 $ 3,688 Fair value of plan assets at beginning of year $ 3,462 $ 3,198 Actual return on plan assets 219 480 Employer contributions 4 3 Settlement (173) (166) Benefits paid (55) (53) Fair value of plan assets at end of year (b) $ 3,457 $ 3,462 Funded status $ 83 $ (226) (a) As of December 31, 2021 and 2020, qualified pension plans represented $3.3 billion and $3.7 billion, respectively, of both the projected benefit obligation and accumulated benefit obligation, while the Company’s nonqualified pension plan represented $32 million and $36 million, respectively. (b) The fair value of plan assets consists entirely of the Company’s qualified pension plans. |
Schedule of Amounts Recognized in the Balance Sheet | Pretax amounts recognized in the consolidated balance sheet as of December 31, 2021 and 2020 consisted of the following: December 31, 2021 2020 Noncurrent asset $ 114 $ 1 Current liability (4) (5) Long-term liability (27) (222) Net amounts recognized in consolidated balance sheet $ 83 $ (226) |
Schedule of Net Benefit Costs | The components of net periodic benefit (cost) for the years ended December 31, 2021, 2020 and 2019 consisted of the following: Year Ended December 31, 2021 2020 2019 Interest cost $ (97) $ (110) $ (129) Expected return on plan assets 165 156 164 Remeasurement gain (loss) 237 (112) (104) Net periodic pension benefit (cost) $ 305 $ (66) $ (69) |
Schedule of Assumptions Used in the Calculation of Net Benefit Cost | Weighted average assumptions used to determine net periodic benefit costs consisted of the following: Year ended December 31, 2021 2020 2019 Expected long-term rate of return on plan assets 5.00 % 5.00 % 5.75 % Discount rate 2.70 % 3.48 % 4.37 % |
Schedule of Target and Actual Investment Allocation | The target and actual investment allocation of the qualified pension plans by asset category consisted of the following: December 31, 2021 December 31, 2020 Target Allocation Actual Allocation Target Allocation Actual Allocation Return-seeking securities 60.0 % 57.3 % 60.0 % 57.1 % Liability-matching securities 40.0 % 42.6 % 40.0 % 42.8 % Other investments — % 0.1 % — % 0.1 % |
Schedule of Investment Assets by Fair Value Heirarchy Level | The following tables set forth the investment assets of the qualified pension plans by level within the fair value hierarchy as of December 31, 2021 and 2020: December 31, 2021 December 31, 2020 Fair Value Level 1 Level 2 Fair Value Level 1 Level 2 Cash $ 2 $ 2 $ — $ 4 $ 4 $ — Commingled bond funds (a) 1,398 — 1,398 1,449 — 1,449 Commingled equity funds (a) 1,160 — 1,160 1,255 — 1,255 Collective trust funds (b) 150 — 150 178 — 178 Total investment assets 2,710 $ 2 $ 2,708 2,886 $ 4 $ 2,882 Accrued investment income and other receivables 247 19 Accrued liabilities (46) — Investments measured at net asset value (c) 546 557 Fair value of plan assets $ 3,457 $ 3,462 (a) Commingled funds include bond funds with corporate and U.S. treasury debt securities and equity funds with global equity index, infrastructure and real estate securities that have a readily determinable fair value and are valued using the net assets provided by the administrator of the fund. The value of each fund is based on the fair value of underlying securities in the portfolio, which represents the amount that the fund might reasonably expect to receive for the securities upon a sale, less liabilities, and then divided by the number of units outstanding. Equity securities within the funds are valued using observable inputs on either a daily or weekly basis and the resulting per share value serves as a basis for current redemption value. Debt securities within the funds are valued based on observable prices from the new issue market, benchmark quotes, secondary trading and dealer quotes. (b) Collective trust funds consist of short-term investment strategies comprised of instruments issued or fully guaranteed by the U.S. government and/or its agencies and multi-strategy funds, which are valued using the net assets provided by the administrator of the fund. The value of each fund is based on the readily determinable fair value of the underlying assets owned by the fund, less liabilities, and then divided by the number of units outstanding. |
Schedule of Investment Assets Measured Using NAV | The following table summarizes the investment classes for which fair value is measured using the NAV per share (or its equivalent) practical expedient as of December 31, 2021 and 2020. These investment classes are not readily available for redemption. The NAV of each fund is based on the fair value of underlying assets in the portfolio. Certain investments report NAV per share on a month or quarter lag. There are no material unfunded commitments with respect to these investment classes. Fair Value December 31, Redemption Frequency (if currently eligible) Redemption Notice Period 2021 2020 Alternative funds (a) $ 328 $ 283 weekly, monthly, quarterly 1-180 days Fixed income funds (b) 95 148 daily, monthly 10-40 days Real estate funds (c) 123 126 quarterly 45-90 days Investments measured at NAV $ 546 $ 557 (a) The alternative fund investment class includes funds with various securities selected to provide complimentary sources of return with our equity and bond portfolios that better manage risk. The Company’s alternative fund investments include holdings such as public equities, exchange traded derivatives, and corporate bonds, among others. A portion of the alternative funds cannot be redeemed until the one year anniversary of the purchase date. (b) Fixed income funds invest in residential and commercial mortgages, as well as global sovereign securities. (c) Real estate funds are not publicly traded and invest primarily in unlisted direct core real estate, including super-regional malls, shopping centers, and commercial real estate (e.g. education, healthcare and storage). |
Parent Company Only Financial_2
Parent Company Only Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Parent Company Only Financial Statements [Abstract] | |
Schedule of Condensed Financial Statements | CCO Holdings, LLC (Parent Company Only) Condensed Balance Sheets December 31, 2021 2020 ASSETS Cash and cash equivalents $ — $ 100 Receivables from related party 37 43 Investment in subsidiaries 59,776 71,002 Loans receivable - related party 579 567 Total assets $ 60,392 $ 71,712 LIABILITIES AND MEMBER'S EQUITY Current liabilities $ 307 $ 347 Other long-term liabilities 23,882 24,180 Member's equity 36,203 47,185 Total liabilities and member's equity $ 60,392 $ 71,712 CCO Holdings, LLC (Parent Company Only) Condensed Statements of Operations Year Ended December 31, 2021 2020 2019 Interest expense, net $ (1,166) $ (1,185) $ (1,067) Loss on extinguishment of debt (146) (145) (22) Equity in income of subsidiaries 7,623 5,495 3,340 Net income $ 6,311 $ 4,165 $ 2,251 CCO Holdings, LLC (Parent Company Only) Condensed Statements of Comprehensive Income Year Ended December 31, 2021 2020 2019 Net income $ 6,311 $ 4,165 $ 2,251 Foreign currency translation adjustment — — 2 Comprehensive income $ 6,311 $ 4,165 $ 2,253 CCO Holdings, LLC (Parent Company Only) Condensed Statements of Cash Flows Year Ended December 31, 2021 2020 2019 NET CASH FLOWS FROM OPERATING ACTIVITIES $ (1,200) $ (1,124) $ (1,051) CASH FLOWS FROM INVESTING ACTIVITIES: Contribution to subsidiaries (3,967) (9,383) (2,860) Distributions from subsidiaries 23,246 20,636 9,068 Net cash flows from investing activities 19,279 11,253 6,208 CASH FLOWS FROM FINANCING ACTIVITIES: Borrowings of long-term debt 3,744 8,764 4,584 Repayments of long-term debt (4,166) (6,612) (1,366) Payments for debt issuance costs (34) (84) (43) Contributions from parent 2 51 59 Distributions to parent (17,725) (12,648) (7,891) Net cash flows from financing activities (18,179) (10,529) (4,657) NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (100) (400) 500 CASH AND CASH EQUIVALENTS, beginning of period 100 500 — CASH AND CASH EQUIVALENTS, end of period $ — $ 100 $ 500 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue by Product Line | |||
Revenues | $ 51,674,000,000 | $ 48,088,000,000 | $ 45,756,000,000 |
Impairment of long-lived assets held-for-use | 0 | 0 | 0 |
Impairment of long-lived assets held for sale | 36,000,000 | 42,000,000 | |
Governmental imposed fees passed through to the customer | 1,100,000,000 | 1,100,000,000 | 1,100,000,000 |
Customer prepayments - account payable and accrued liabilities | 405,000,000 | 363,000,000 | |
Upfront installation fees - account payable and accrued liabilities | 56,000,000 | 73,000,000 | |
Long-term deferred revenue liabilities - other long-term liabilities | 29,000,000 | 35,000,000 | |
Deferred enterprise commission costs - noncurrent asset | 142,000,000 | 138,000,000 | |
Deferred upfront MDU fees - noncurrent asset | 354,000,000 | 320,000,000 | |
Amortization expense of deferred upfront MDU fees | 76,000,000 | 71,000,000 | 67,000,000 |
Programming costs | $ 11,844,000,000 | $ 11,401,000,000 | $ 11,290,000,000 |
Number of reportable segments | 1 | ||
Weighted average assumptions used to estimate the fair value of stock options at the date of grant: | |||
Risk-free interest rate (percentage) | 0.70% | 1.40% | 2.50% |
Expected volatility rate (percentage) | 27.00% | 27.00% | 27.00% |
Expected life (in years) | 5 years 10 months 24 days | 5 years 6 months | 4 years 10 months 24 days |
Minimum | Cable distribution systems | |||
Property, Plant and Equipment | |||
Property, plant and equipment, useful life (in years) | 6 years | ||
Minimum | Customer premise equipment and installations | |||
Property, Plant and Equipment | |||
Property, plant and equipment, useful life (in years) | 3 years | ||
Minimum | Vehicles and equipment | |||
Property, Plant and Equipment | |||
Property, plant and equipment, useful life (in years) | 6 years | ||
Minimum | Buildings and improvements | |||
Property, Plant and Equipment | |||
Property, plant and equipment, useful life (in years) | 8 years | ||
Minimum | Furniture, fixtures and equipment | |||
Property, Plant and Equipment | |||
Property, plant and equipment, useful life (in years) | 2 years | ||
Maximum | Cable distribution systems | |||
Property, Plant and Equipment | |||
Property, plant and equipment, useful life (in years) | 22 years | ||
Maximum | Customer premise equipment and installations | |||
Property, Plant and Equipment | |||
Property, plant and equipment, useful life (in years) | 8 years | ||
Maximum | Vehicles and equipment | |||
Property, Plant and Equipment | |||
Property, plant and equipment, useful life (in years) | 21 years | ||
Maximum | Buildings and improvements | |||
Property, Plant and Equipment | |||
Property, plant and equipment, useful life (in years) | 40 years | ||
Maximum | Furniture, fixtures and equipment | |||
Property, Plant and Equipment | |||
Property, plant and equipment, useful life (in years) | 10 years | ||
Internet | |||
Revenue by Product Line | |||
Revenues | $ 21,094,000,000 | $ 18,521,000,000 | $ 16,667,000,000 |
Video | |||
Revenue by Product Line | |||
Revenues | 17,630,000,000 | 17,432,000,000 | 17,607,000,000 |
Voice | |||
Revenue by Product Line | |||
Revenues | 1,598,000,000 | 1,806,000,000 | 1,920,000,000 |
Residential revenue | |||
Revenue by Product Line | |||
Revenues | 40,322,000,000 | 37,759,000,000 | 36,194,000,000 |
Small and medium business | |||
Revenue by Product Line | |||
Revenues | 4,170,000,000 | 3,964,000,000 | 3,868,000,000 |
Enterprise | |||
Revenue by Product Line | |||
Revenues | 2,573,000,000 | 2,468,000,000 | 2,556,000,000 |
Commercial revenue | |||
Revenue by Product Line | |||
Revenues | 6,743,000,000 | 6,432,000,000 | 6,424,000,000 |
Advertising sales | |||
Revenue by Product Line | |||
Revenues | 1,594,000,000 | 1,699,000,000 | 1,568,000,000 |
Mobile | |||
Revenue by Product Line | |||
Revenues | 2,178,000,000 | 1,364,000,000 | 726,000,000 |
Other | |||
Revenue by Product Line | |||
Revenues | $ 837,000,000 | $ 834,000,000 | $ 844,000,000 |
Allowance for Doubtful Accoun_3
Allowance for Doubtful Accounts (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Allowance for Doubtful Accounts [Roll Forward] | |||
Balance, beginning of period | $ 217 | $ 180 | $ 129 |
Charged to expense | 484 | 560 | 659 |
Uncollected balances written off, net of recoveries | (544) | (523) | (608) |
Balance, end of period | $ 157 | $ 217 | $ 180 |
Property, Plant and Equipment_3
Property, Plant and Equipment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Property, Plant and Equipment | |||
Property, plant and equipment, gross | $ 67,435 | $ 65,048 | |
Less: accumulated depreciation | (34,108) | (31,558) | |
Property, plant and equipment, net | 33,327 | 33,490 | |
Depreciation expense | 7,700 | 7,800 | $ 7,800 |
Cable distribution systems | |||
Property, Plant and Equipment | |||
Property, plant and equipment, gross | 35,907 | 33,693 | |
Customer premise equipment and installations | |||
Property, Plant and Equipment | |||
Property, plant and equipment, gross | 17,893 | 17,756 | |
Vehicles and equipment | |||
Property, Plant and Equipment | |||
Property, plant and equipment, gross | 1,957 | 1,896 | |
Buildings and improvements | |||
Property, Plant and Equipment | |||
Property, plant and equipment, gross | 4,663 | 4,484 | |
Furniture, fixtures and equipment | |||
Property, Plant and Equipment | |||
Property, plant and equipment, gross | $ 7,015 | $ 7,219 |
Franchises, Goodwill and Othe_4
Franchises, Goodwill and Other Intangible Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Indefinite-lived Intangible Assets: | |||
Goodwill | $ 29,562 | $ 29,554 | |
Indefinite-lived intangible assets and goodwill | 97,372 | 97,340 | |
Finite-Lived Intangible Assets: | |||
Gross Carrying Amount | 18,670 | 18,650 | |
Accumulated Amortization | (14,376) | (12,774) | |
Net Carrying Amount | 4,294 | 5,876 | |
Amortization expense | 1,600 | 1,900 | $ 2,200 |
2022 | 1,336 | ||
2023 | 1,079 | ||
2024 | 828 | ||
2025 | 579 | ||
2026 | 321 | ||
Thereafter | 151 | ||
Franchises | |||
Indefinite-lived Intangible Assets: | |||
Indefinite-lived intangible assets | 67,346 | 67,322 | |
Wireless spectrum licenses | |||
Indefinite-lived Intangible Assets: | |||
Indefinite-lived intangible assets | 464 | 464 | |
Indefinite-lived Intangible Assets Acquired | 464 | ||
Customer relationships | |||
Finite-Lived Intangible Assets: | |||
Gross Carrying Amount | 18,240 | 18,230 | |
Accumulated Amortization | (14,180) | (12,615) | |
Net Carrying Amount | $ 4,060 | 5,615 | |
Customer relationships | Minimum | |||
Finite-Lived Intangible Assets: | |||
Customer relationships, useful life | 8 years | ||
Customer relationships | Maximum | |||
Finite-Lived Intangible Assets: | |||
Customer relationships, useful life | 15 years | ||
Other intangible assets | |||
Finite-Lived Intangible Assets: | |||
Gross Carrying Amount | $ 430 | 420 | |
Accumulated Amortization | (196) | (159) | |
Net Carrying Amount | $ 234 | $ 261 |
Investments (Details)
Investments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Investments [Abstract] | |||
Equity-method investments | $ 95 | $ 273 | |
Other investments | 13 | 13 | |
Total investments | 108 | 286 | |
Net losses from equity-method investments | 179 | 13 | $ 131 |
Impairment on equity investments | 165 | $ 121 | |
Unamortized basis difference for equity-method investments acquired | $ 24 | $ 170 |
Accounts Payable and Accrued _3
Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Accounts Payable and Accrued Liabilities [Abstract] | ||
Accounts payable – trade | $ 706 | $ 737 |
Deferred revenue | 458 | 436 |
Accrued liabilities: | ||
Programming costs | 2,036 | 1,940 |
Labor | 1,299 | 1,370 |
Capital expenditures | 1,281 | 1,227 |
Interest | 1,099 | 1,083 |
Taxes and regulatory fees | 533 | 523 |
Operating lease liabilities | 237 | 202 |
Other | 1,122 | 725 |
Total | $ 8,771 | $ 8,243 |
Leases (Details)
Leases (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | |||
Operating Lease Expense | $ 416 | $ 389 | $ 374 |
short term leases and variable leases costs | 132 | 126 | $ 120 |
Operating Lease Payments | 282 | 255 | |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | 323 | 363 | |
Operating Lease, Right-of-Use Asset | $ 1,143 | $ 1,065 | |
Included within other noncurrent assets | OTHER NONCURRENT ASSETS | OTHER NONCURRENT ASSETS | |
Operating lease liabilities | $ 237 | $ 202 | |
Current portion included within accounts payable and accrued liabilities | Accounts Payable and Accrued Liabilities, Current | Accounts Payable and Accrued Liabilities, Current | |
Noncurrent portion of operating lease liability | $ 1,001 | $ 941 | |
Long-term portion included within other long-term liabilities | OTHER LONG-TERM LIABILITIES | OTHER LONG-TERM LIABILITIES | |
Operating Lease, Liability | $ 1,238 | $ 1,143 | |
Weighted average remaining operating lease term (in years) | 5 years 10 months 24 days | 6 years 4 months 24 days | |
Weighted average discount rate - operating leases (percentage) | 3.40% | 3.90% | |
Finance Lease Liabilities | $ 64 | $ 63 | |
Included in other long-term liabilities | OTHER LONG-TERM LIABILITIES | OTHER LONG-TERM LIABILITIES | |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | |||
2022 | $ 293 | ||
2023 | 286 | ||
2024 | 238 | ||
2025 | 189 | ||
2026 | 127 | ||
Thereafter | 284 | ||
Undiscounted lease cash flow commitments | 1,417 | ||
Reconciling impact from discounting | $ (179) |
Long-Term Debt (Details)
Long-Term Debt (Details) £ in Millions, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Jan. 01, 2022USD ($) | Dec. 31, 2021GBP (£) | |
Long-Term Debt: | |||||
Principal Amount | $ 91,198 | $ 82,143 | |||
Accreted value | 91,561 | 82,752 | |||
Accreted value, current portion | (2,997) | (1,008) | |||
Principal amount, noncurrent portion | 88,198 | 81,143 | |||
Accreted value, noncurrent portion | 88,564 | 81,744 | |||
Principal amount, repurchased | 10,700 | 1,350 | |||
Loss on extinguishment of debt | (144) | (143) | $ (25) | ||
Letters of credit outstanding secured under the Charter Operating credit facility | 37 | ||||
Letters of credit, amount | 351 | ||||
2022 | 3,277 | ||||
2023 | 1,936 | ||||
2024 | 2,265 | ||||
2025 | 10,670 | ||||
2026 | 788 | ||||
Thereafter | 72,262 | ||||
Interest payment obligation, year one | 4,166 | ||||
Interest payment obligation, year two | 4,066 | ||||
Interest payment obligation, year three | 3,996 | ||||
Interest payment obligation, year four | 3,802 | ||||
Interest payment obligation, year five | 3,654 | ||||
Interest payment obligation, thereafter | 42,667 | ||||
Total interest payment obligation | 62,351 | ||||
Credit facilities | |||||
Long-Term Debt: | |||||
Accreted value | 10,668 | 10,081 | |||
CCO Holdings | |||||
Long-Term Debt: | |||||
Principal Amount | 3,750 | ||||
Loss on extinguishment of debt | $ (146) | (145) | (22) | ||
Debt instrument redemption price (percentage) | 100.00% | ||||
Debt instrument, amount of principal that may be redeemed (percentage) | 40.00% | ||||
Debt instrument redemption price in the event of change of control events (percentage) | 101.00% | ||||
Leverage ratio | 4.1 | 4.1 | |||
CCO Holdings | Maximum | |||||
Long-Term Debt: | |||||
Leverage ratio | 6 | 6 | |||
CCO Holdings | Minimum | |||||
Long-Term Debt: | |||||
Leverage ratio | 1 | 1 | |||
CCO Holdings | 4.000% senior notes due March 1, 2023 | |||||
Long-Term Debt: | |||||
Principal Amount | $ 500 | 500 | |||
Accreted value | $ 499 | 498 | |||
Stated interest rate (percentage) | 4.00% | 4.00% | |||
CCO Holdings | 5.750% senior notes due February 15, 2026 | |||||
Long-Term Debt: | |||||
Principal Amount | $ 0 | 2,500 | |||
Accreted value | $ 0 | 2,475 | |||
Stated interest rate (percentage) | 5.75% | 5.75% | |||
CCO Holdings | 5.500% senior notes due May 1, 2026 | |||||
Long-Term Debt: | |||||
Principal Amount | $ 750 | 1,500 | |||
Accreted value | $ 747 | 1,492 | |||
Stated interest rate (percentage) | 5.50% | 5.50% | |||
CCO Holdings | 5.875% senior notes due May 1, 2027 | |||||
Long-Term Debt: | |||||
Principal Amount | $ 0 | 800 | |||
Accreted value | $ 0 | 796 | |||
Stated interest rate (percentage) | 5.875% | 5.875% | |||
CCO Holdings | 5.125% senior notes due May 1, 2027 | |||||
Long-Term Debt: | |||||
Principal Amount | $ 3,250 | 3,250 | |||
Accreted value | $ 3,228 | 3,225 | |||
Stated interest rate (percentage) | 5.125% | 5.125% | |||
CCO Holdings | 5.000% senior notes due February 1, 2028 | |||||
Long-Term Debt: | |||||
Principal Amount | $ 2,500 | 2,500 | |||
Accreted value | $ 2,475 | 2,472 | |||
Stated interest rate (percentage) | 5.00% | 5.00% | |||
CCO Holdings | 5.375% senior notes due June 1, 2029 | |||||
Long-Term Debt: | |||||
Principal Amount | $ 1,500 | 1,500 | |||
Accreted value | $ 1,500 | 1,501 | |||
Stated interest rate (percentage) | 5.375% | 5.375% | |||
CCO Holdings | 4.750% senior notes due March 1, 2030 | |||||
Long-Term Debt: | |||||
Principal Amount | $ 3,050 | 3,050 | |||
Accreted value | $ 3,043 | 3,042 | |||
Stated interest rate (percentage) | 4.75% | 4.75% | |||
CCO Holdings | 4.500% senior notes due August 15, 2030 | |||||
Long-Term Debt: | |||||
Principal Amount | $ 2,750 | 2,750 | |||
Accreted value | $ 2,750 | 2,750 | |||
Stated interest rate (percentage) | 4.50% | 4.50% | |||
CCO Holdings | 4.250% senior notes due February 1, 2031 | |||||
Long-Term Debt: | |||||
Principal Amount | $ 3,000 | 3,000 | |||
Accreted value | $ 3,002 | 3,001 | |||
Stated interest rate (percentage) | 4.25% | 4.25% | |||
CCO Holdings | 4.500% senior notes due May 1, 2032 | |||||
Long-Term Debt: | |||||
Principal Amount | $ 2,900 | 2,900 | |||
Accreted value | $ 2,927 | 2,928 | |||
Stated interest rate (percentage) | 4.50% | 4.50% | |||
CCO Holdings | 4.500% senior notes due June 1, 2033 | |||||
Long-Term Debt: | |||||
Principal Amount | $ 1,750 | 0 | |||
Accreted value | $ 1,729 | 0 | |||
Stated interest rate (percentage) | 4.50% | 4.50% | |||
CCO Holdings | 4.250% senior notes due January 15, 2034 | |||||
Long-Term Debt: | |||||
Principal Amount | $ 2,000 | 0 | |||
Accreted value | $ 1,982 | 0 | |||
Stated interest rate (percentage) | 4.25% | 4.25% | |||
CCO Holdings | 4.750% Senior Notes due February 1, 2032 | Subsequent Event | |||||
Long-Term Debt: | |||||
Principal Amount | $ 1,200 | ||||
Stated interest rate (percentage) | 4.75% | ||||
Charter Operating | |||||
Long-Term Debt: | |||||
Principal Amount | $ 9,800 | ||||
Loss on extinguishment of debt | 0 | 0 | (3) | ||
Charter Operating | 4.464% senior notes due July 23, 2022 | |||||
Long-Term Debt: | |||||
Principal Amount | 3,000 | 3,000 | |||
Accreted value | 2,997 | 2,992 | |||
Principal amount, current portion | (3,000) | 0 | |||
Accreted value, current portion | $ (2,997) | 0 | |||
Stated interest rate (percentage) | 4.464% | 4.464% | |||
Charter Operating | Senior floating rate notes due February 1, 2024 | |||||
Long-Term Debt: | |||||
Principal Amount | $ 900 | 900 | |||
Accreted value | 901 | 902 | |||
Charter Operating | 4.500% senior notes due February 1, 2024 | |||||
Long-Term Debt: | |||||
Principal Amount | 1,100 | 1,100 | |||
Accreted value | $ 1,096 | 1,094 | |||
Stated interest rate (percentage) | 4.50% | 4.50% | |||
Charter Operating | 4.908% senior notes due July 23, 2025 | |||||
Long-Term Debt: | |||||
Principal Amount | $ 4,500 | 4,500 | |||
Accreted value | $ 4,480 | 4,475 | |||
Stated interest rate (percentage) | 4.908% | 4.908% | |||
Charter Operating | 3.750% senior notes due February 15, 2028 | |||||
Long-Term Debt: | |||||
Principal Amount | $ 1,000 | 1,000 | |||
Accreted value | $ 990 | 989 | |||
Stated interest rate (percentage) | 3.75% | 3.75% | |||
Charter Operating | 4.200% senior notes due March 15, 2028 | |||||
Long-Term Debt: | |||||
Principal Amount | $ 1,250 | 1,250 | |||
Accreted value | $ 1,242 | 1,241 | |||
Stated interest rate (percentage) | 4.20% | 4.20% | |||
Charter Operating | 2.250% senior notes due January 15, 2029 | |||||
Long-Term Debt: | |||||
Principal Amount | $ 1,250 | 0 | |||
Accreted value | $ 1,240 | 0 | |||
Stated interest rate (percentage) | 2.25% | 2.25% | |||
Charter Operating | 5.050% senior notes due March 30, 2029 | |||||
Long-Term Debt: | |||||
Principal Amount | $ 1,250 | 1,250 | |||
Accreted value | $ 1,242 | 1,242 | |||
Stated interest rate (percentage) | 5.05% | 5.05% | |||
Charter Operating | 2.800% senior notes due April 1, 2031 | |||||
Long-Term Debt: | |||||
Principal Amount | $ 1,600 | 1,600 | |||
Accreted value | $ 1,585 | 1,583 | |||
Stated interest rate (percentage) | 2.80% | 2.80% | |||
Charter Operating | 2.300% senior notes due February 1, 2032 | |||||
Long-Term Debt: | |||||
Principal Amount | $ 1,000 | 1,000 | |||
Accreted value | $ 992 | 991 | |||
Stated interest rate (percentage) | 2.30% | 2.30% | |||
Charter Operating | 6.384% senior notes due October 23, 2035 | |||||
Long-Term Debt: | |||||
Principal Amount | $ 2,000 | 2,000 | |||
Accreted value | $ 1,984 | 1,983 | |||
Stated interest rate (percentage) | 6.384% | 6.384% | |||
Charter Operating | 5.375% senior notes due April 1, 2038 | |||||
Long-Term Debt: | |||||
Principal Amount | $ 800 | 800 | |||
Accreted value | $ 787 | 786 | |||
Stated interest rate (percentage) | 5.375% | 5.375% | |||
Charter Operating | 3.500% senior notes due June 1, 2041 | |||||
Long-Term Debt: | |||||
Principal Amount | $ 1,500 | 0 | |||
Accreted value | $ 1,483 | 0 | |||
Stated interest rate (percentage) | 3.50% | 3.50% | |||
Charter Operating | 3.500% senior notes due March 1, 2042 | |||||
Long-Term Debt: | |||||
Principal Amount | $ 1,350 | 0 | |||
Accreted value | $ 1,331 | 0 | |||
Stated interest rate (percentage) | 3.50% | 3.50% | |||
Charter Operating | 6.484% senior notes due October 23, 2045 | |||||
Long-Term Debt: | |||||
Principal Amount | $ 3,500 | 3,500 | |||
Accreted value | $ 3,468 | 3,468 | |||
Stated interest rate (percentage) | 6.484% | 6.484% | |||
Charter Operating | 5.375% senior notes due May 1, 2047 | |||||
Long-Term Debt: | |||||
Principal Amount | $ 2,500 | 2,500 | |||
Accreted value | $ 2,506 | 2,506 | |||
Stated interest rate (percentage) | 5.375% | 5.375% | |||
Charter Operating | 5.750% senior notes due April 1, 2048 | |||||
Long-Term Debt: | |||||
Principal Amount | $ 2,450 | 2,450 | |||
Accreted value | $ 2,393 | 2,392 | |||
Stated interest rate (percentage) | 5.75% | 5.75% | |||
Charter Operating | 5.125% senior notes due July 1, 2049 | |||||
Long-Term Debt: | |||||
Principal Amount | $ 1,250 | 1,250 | |||
Accreted value | $ 1,240 | 1,240 | |||
Stated interest rate (percentage) | 5.125% | 5.125% | |||
Charter Operating | 4.800% senior notes due March 1, 2050 | |||||
Long-Term Debt: | |||||
Principal Amount | $ 2,800 | 2,800 | |||
Accreted value | $ 2,797 | 2,797 | |||
Stated interest rate (percentage) | 4.80% | 4.80% | |||
Charter Operating | 3.700% senior notes due April 1, 2051 | |||||
Long-Term Debt: | |||||
Principal Amount | $ 2,050 | 2,050 | |||
Accreted value | $ 2,031 | 2,030 | |||
Stated interest rate (percentage) | 3.70% | 3.70% | |||
Charter Operating | 3.900% senior notes due June 1, 2052 | |||||
Long-Term Debt: | |||||
Principal Amount | $ 2,400 | 0 | |||
Accreted value | $ 2,322 | 0 | |||
Stated interest rate (percentage) | 3.90% | 3.90% | |||
Charter Operating | 6.834% senior notes due October 23, 2055 | |||||
Long-Term Debt: | |||||
Principal Amount | $ 500 | 500 | |||
Accreted value | $ 495 | 495 | |||
Stated interest rate (percentage) | 6.834% | 6.834% | |||
Charter Operating | 3.850% senior notes due April 1, 2061 | |||||
Long-Term Debt: | |||||
Principal Amount | $ 1,850 | 1,350 | |||
Accreted value | $ 1,809 | 1,339 | |||
Stated interest rate (percentage) | 3.85% | 3.85% | |||
Charter Operating | 4.400% senior notes due December 1, 2061 | |||||
Long-Term Debt: | |||||
Principal Amount | $ 1,400 | 0 | |||
Accreted value | $ 1,389 | 0 | |||
Stated interest rate (percentage) | 4.40% | 4.40% | |||
Charter Operating | 3.950% senior notes due June 30, 2062 | |||||
Long-Term Debt: | |||||
Principal Amount | $ 1,400 | 0 | |||
Accreted value | $ 1,379 | 0 | |||
Stated interest rate (percentage) | 3.95% | 3.95% | |||
Charter Operating | Credit facilities | |||||
Long-Term Debt: | |||||
Principal Amount | $ 10,723 | 10,150 | |||
Accreted value | $ 10,668 | $ 10,081 | |||
Variable interest rate at end of period (percentage) | 0.10% | 0.14% | 0.10% | ||
Charter Operating | 4.000% senior notes due September 1, 2021 | |||||
Long-Term Debt: | |||||
Accreted value, current portion | $ 0 | $ (1,008) | |||
Charter Operating | Revolving Credit Facility | |||||
Long-Term Debt: | |||||
Availability under credit facilities | 3,900 | ||||
Maximum borrowing capacity | 4,750 | ||||
Letters of credit outstanding secured under the Charter Operating credit facility | 37 | ||||
Charter Operating | Term Loan A-2 | |||||
Long-Term Debt: | |||||
Principal Amount | 182 | ||||
Debt instrument, required periodic principal payments | $ 11 | ||||
Basis spread on variable interest rate (percentage) | 1.50% | ||||
Charter Operating | Term Loan A-4 | |||||
Long-Term Debt: | |||||
Principal Amount | $ 3,600 | ||||
Debt instrument, required periodic principal payments | $ 202 | ||||
Basis spread on variable interest rate (percentage) | 1.25% | ||||
Charter Operating | Term Loan B-1 | |||||
Long-Term Debt: | |||||
Principal Amount | $ 2,400 | ||||
Debt instrument, required periodic principal payments | $ 25 | ||||
Basis spread on variable interest rate (percentage) | 1.75% | ||||
Charter Operating | Term Loan B-2 | |||||
Long-Term Debt: | |||||
Principal Amount | $ 3,700 | ||||
Debt instrument, required periodic principal payments | $ 38 | ||||
Basis spread on variable interest rate (percentage) | 1.75% | ||||
Charter Operating | Revolving credit facility maturing in 2023 | |||||
Long-Term Debt: | |||||
Basis spread on variable interest rate (percentage) | 1.50% | ||||
Maximum borrowing capacity | $ 249 | ||||
Commitment fee (percentage) | 0.30% | ||||
Charter Operating | Revolving credit facility maturing in 2025 | |||||
Long-Term Debt: | |||||
Basis spread on variable interest rate (percentage) | 1.25% | ||||
Maximum borrowing capacity | $ 4,500 | ||||
Commitment fee (percentage) | 0.20% | ||||
Time Warner Cable, LLC | |||||
Long-Term Debt: | |||||
Loss on extinguishment of debt | $ 2 | 2 | $ 0 | ||
Time Warner Cable, LLC | 4.000% senior notes due September 1, 2021 | |||||
Long-Term Debt: | |||||
Principal Amount | 0 | 1,000 | |||
Accreted value | 0 | 1,008 | |||
Principal amount, current portion | $ 0 | (1,000) | |||
Stated interest rate (percentage) | 4.00% | 4.00% | |||
Time Warner Cable, LLC | 5.750% sterling senior notes due June 2, 2031 (a) | |||||
Long-Term Debt: | |||||
Principal Amount | $ 846 | 854 | £ 625 | ||
Accreted value | $ 897 | 911 | |||
Stated interest rate (percentage) | 5.75% | 5.75% | |||
Time Warner Cable, LLC | 6.550% senior debentures due May 1, 2037 | |||||
Long-Term Debt: | |||||
Principal Amount | $ 1,500 | 1,500 | |||
Accreted value | $ 1,662 | 1,668 | |||
Stated interest rate (percentage) | 6.55% | 6.55% | |||
Time Warner Cable, LLC | 7.300% senior debentures due July 1, 2038 | |||||
Long-Term Debt: | |||||
Principal Amount | $ 1,500 | 1,500 | |||
Accreted value | $ 1,754 | 1,763 | |||
Stated interest rate (percentage) | 7.30% | 7.30% | |||
Time Warner Cable, LLC | 6.750% senior debentures due June 15, 2039 | |||||
Long-Term Debt: | |||||
Principal Amount | $ 1,500 | 1,500 | |||
Accreted value | $ 1,700 | 1,706 | |||
Stated interest rate (percentage) | 6.75% | 6.75% | |||
Time Warner Cable, LLC | 5.875% senior debentures due November 15, 2040 | |||||
Long-Term Debt: | |||||
Principal Amount | $ 1,200 | 1,200 | |||
Accreted value | $ 1,252 | 1,254 | |||
Stated interest rate (percentage) | 5.875% | 5.875% | |||
Time Warner Cable, LLC | 5.500% senior debentures due September 1, 2041 | |||||
Long-Term Debt: | |||||
Principal Amount | $ 1,250 | 1,250 | |||
Accreted value | $ 1,257 | 1,258 | |||
Stated interest rate (percentage) | 5.50% | 5.50% | |||
Time Warner Cable, LLC | 5.250% sterling senior notes due July 15, 2042 (b) | |||||
Long-Term Debt: | |||||
Principal Amount | $ 879 | 889 | £ 650 | ||
Accreted value | $ 850 | 859 | |||
Stated interest rate (percentage) | 5.25% | 5.25% | |||
Time Warner Cable, LLC | 4.500% senior debentures due September 15, 2042 | |||||
Long-Term Debt: | |||||
Principal Amount | $ 1,250 | 1,250 | |||
Accreted value | $ 1,148 | 1,145 | |||
Stated interest rate (percentage) | 4.50% | 4.50% | |||
Time Warner Cable, LLC | Sterling Senior Notes | |||||
Long-Term Debt: | |||||
Debt instrument redemption price (percentage) | 100.00% | ||||
Time Warner Cable Enterprises LLC | 8.375% senior debentures due March 15, 2023 | |||||
Long-Term Debt: | |||||
Principal Amount | $ 1,000 | 1,000 | |||
Accreted value | $ 1,058 | 1,104 | |||
Stated interest rate (percentage) | 8.375% | 8.375% | |||
Time Warner Cable Enterprises LLC | 8.375% senior debentures due July 15, 2033 | |||||
Long-Term Debt: | |||||
Principal Amount | $ 1,000 | 1,000 | |||
Accreted value | $ 1,254 | $ 1,270 | |||
Stated interest rate (percentage) | 8.375% | 8.375% |
Loans Payable - Related Party_2
Loans Payable - Related Party (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Related Party Transactions: | ||
LOANS PAYABLE - RELATED PARTY | $ 1,027 | $ 1,001 |
Charter Holdco | ||
Related Party Transactions: | ||
LOANS PAYABLE - RELATED PARTY | $ 743 | $ 727 |
Basis spread on variable interest rate (percentage) | 1.25% | 1.25% |
Charter Operating | ||
Related Party Transactions: | ||
LOANS PAYABLE - RELATED PARTY | $ 284 | $ 274 |
Basis spread on variable interest rate (percentage) | 2.00% | 2.00% |
Accounting for Derivative Ins_4
Accounting for Derivative Instruments and Hedging Activities (Details) £ in Millions, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2021GBP (£) | Dec. 31, 2021USD ($) | |
Gain (loss) on financial instruments, net: | |||||
Change in fair value of cross-currency derivative instruments | $ (106) | $ 40 | $ 13 | ||
Foreign currency remeasurement of Sterling Notes to U.S. dollars | 20 | (55) | (67) | ||
Loss on financial instruments, net | $ (86) | (15) | $ (54) | ||
Cross Currency Derivatives | |||||
Derivatives: | |||||
Notional amount | £ | £ 1,275 | ||||
Collateral holiday agreement, position covered (percentage) | 60.00% | 60.00% | |||
Collateral holiday agreement, term | 3 years | ||||
collateral cap term | 10 years | ||||
Collateral cap, percentage of liability covered | 40.00% | 40.00% | |||
Maximum amount of collateral required to be posted | $ 150 | ||||
Collateral Holiday Agreement Percentage Extended to November 2022 | 20.00% | 20.00% | |||
Level 2 | Cross Currency Derivatives | |||||
Derivatives: | |||||
Derivative Liability | $ 184 | $ 290 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value Measurements: | ||
Carrying Value | $ 91,561 | $ 82,752 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Cash and cash equivalents | 2,539 | 2,503 |
Other Assets, Noncurrent | 3,215 | 3,102 |
Senior notes and debentures | ||
Fair Value Measurements: | ||
Carrying Value | 80,893 | 72,671 |
Credit facilities | ||
Fair Value Measurements: | ||
Carrying Value | 10,668 | 10,081 |
Level 1 | Senior notes and debentures | ||
Fair Value Measurements: | ||
Fair Value | 88,976 | 84,163 |
Level 2 | Credit facilities | ||
Fair Value Measurements: | ||
Fair Value | 10,665 | 10,063 |
Equipment installment plan receivable | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Cash and cash equivalents | 391 | 338 |
Other Assets, Noncurrent | 189 | 134 |
Cross Currency Derivatives | Level 2 | ||
Fair Value Measurements: | ||
Derivative Liability | $ 290 | $ 184 |
Operating Costs and Expenses (D
Operating Costs and Expenses (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Operating Costs and Expenses [Abstract] | |||
Programming | $ 11,844 | $ 11,401 | $ 11,290 |
Regulatory, connectivity and produced content | 2,494 | 2,183 | 2,366 |
Costs to service customers | 7,393 | 7,472 | 7,277 |
Marketing | 3,071 | 3,031 | 3,044 |
Mobile | 2,489 | 1,765 | 1,246 |
Other | 4,275 | 4,186 | 4,052 |
Operating costs and expenses | $ 31,566 | $ 30,038 | $ 29,275 |
Other Operating Expenses, Net_3
Other Operating Expenses, Net (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Other Operating Expenses, Net [Abstract] | |||
Special charges, net | $ 261 | $ 99 | $ 69 |
(Gain) loss on sale of assets, net | 45 | (32) | 42 |
Other operating expenses, net | 306 | $ 67 | 111 |
Monetary damages sought by plaintiff | 220 | 151 | |
Impairment of long-lived assets held for sale | $ 36 | $ 42 |
Other Expenses, Net (Details)
Other Expenses, Net (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Other Income and Expenses [Abstract] | |||
Loss on extinguishment of debt (see Note 9) | $ (144) | $ (143) | $ (25) |
Loss on financial instruments, net (see Note 11) | (86) | (15) | (54) |
Other pension benefits (costs), net (see Note 21) | 305 | (66) | (69) |
Loss on equity investments, net (see Note 6) | (179) | (13) | (131) |
Other expenses, net | $ (104) | $ (237) | $ (279) |
Stock Compensation Plans (Detai
Stock Compensation Plans (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Stock Compensation Plans: | |||
Stock compensation expense | $ 430 | $ 351 | $ 315 |
Roll Forward of Stock Options Outstanding: | |||
Stock options outstanding, beginning of period (in shares) | 8,842 | 10,549 | 10,410 |
Stock options granted (in shares) | 1,295 | 1,672 | 1,847 |
Stock options exercised (in shares) | (1,568) | (3,160) | (1,271) |
Stock options canceled (in shares) | (136) | (219) | (437) |
Stock options outstanding, end of period (in shares) | 8,433 | 8,842 | 10,549 |
Stock options outstanding weighted average exercise price, beginning of period | $ 312.95 | $ 241.14 | $ 225.53 |
Stock options granted weighted average exercise price | 629.57 | 536.27 | 298.84 |
Stock options exercised weighted average exercise price | 295.46 | 191.43 | 186.90 |
Stock options canceled weighted average exercise price | 476.90 | 312.94 | 270.94 |
Stock options outstanding weighted average exercise price, end of period | $ 362.26 | $ 312.95 | $ 241.14 |
Stock options exercised aggregate intrinsic value | $ 606 | $ 1,176 | $ 247 |
Stock options outstanding aggregate intrinsic value | $ 2,447 | ||
Stock options outstanding weighted average remaining contractual life (in years) | 6 years | 7 years | 7 years |
Stock options exercisable, end of period (in shares) | 4,102 | 2,940 | 3,119 |
Stock options exercisable weighted average exercise price, end of period | $ 237.45 | $ 220.78 | $ 161.13 |
Stock options exercisable aggregate intrinsic value, end of period | $ 1,700 | ||
Stock options expected to vest, end of period (in shares) | 4,331 | ||
Stock options expected to vest weighted average exercise price, end of period | $ 480.47 | ||
Stock options expected to vest aggregate intrinsic value, end of period | $ 746 | ||
Stock options granted weighted average grant date fair value | $ 171.21 | $ 148.02 | $ 84.39 |
Stock Options | |||
Stock Compensation Plans: | |||
Award vesting period (in years) | 3 years | ||
Award expiration period (in years) | 10 years | ||
Unrecognized compensation expense | $ 226 | ||
Remaining period over which unrecognized compensation expense is expected to be recognized (in years) | 2 years | ||
Restricted Stock | |||
Stock Compensation Plans: | |||
Award vesting period (in years) | 1 year | ||
Unrecognized compensation expense | $ 1 | ||
Remaining period over which unrecognized compensation expense is expected to be recognized (in years) | 4 months | ||
Roll Forward of Restricted Stock and Restricted Stock Units Outstanding: | |||
Awards other than stock options outstanding, beginning of period (in shares) | 6 | 8 | 10 |
Awards other than stock options, granted (in shares) | 5 | 6 | 8 |
Awards other than stock options, vested (in shares) | (6) | (8) | (10) |
Awards other than stock options, canceled (in shares) | 0 | 0 | 0 |
Awards other than stock options outstanding, end of period (in shares) | 5 | 6 | 8 |
Awards other than stock options outstanding weighted average grant price, beginning of period | $ 504.53 | $ 359.33 | $ 297.86 |
Awards other than stock options granted weighted average grant price | 654.33 | 504.53 | 359.33 |
Awards other than stock options vested weighted average grant price | 504.53 | 359.33 | 297.86 |
Awards other than stock options canceled weighted average grant price | 0 | 0 | 0 |
Awards other than stock options outstanding weighted average grant price, end of period | $ 654.33 | $ 504.53 | $ 359.33 |
Restricted Stock Units (RSUs) | |||
Stock Compensation Plans: | |||
Award vesting period (in years) | 3 years | ||
Unrecognized compensation expense | $ 208 | ||
Remaining period over which unrecognized compensation expense is expected to be recognized (in years) | 2 years | ||
Roll Forward of Restricted Stock and Restricted Stock Units Outstanding: | |||
Awards other than stock options outstanding, beginning of period (in shares) | 1,651 | 2,059 | 2,211 |
Awards other than stock options, granted (in shares) | 367 | 423 | 704 |
Awards other than stock options, vested (in shares) | (665) | (753) | (729) |
Awards other than stock options, canceled (in shares) | (59) | (78) | (127) |
Awards other than stock options outstanding, end of period (in shares) | 1,294 | 1,651 | 2,059 |
Awards other than stock options outstanding weighted average grant price, beginning of period | $ 337.82 | $ 249.45 | $ 219.61 |
Awards other than stock options granted weighted average grant price | 629.47 | 509.64 | 298.22 |
Awards other than stock options vested weighted average grant price | 269.88 | 194.40 | 206.88 |
Awards other than stock options canceled weighted average grant price | 467.26 | 317.45 | 250.85 |
Awards other than stock options outstanding weighted average grant price, end of period | $ 449.03 | $ 337.82 | $ 249.45 |
Common Class A [Member] | |||
Stock Compensation Plans: | |||
Shares authorized under the the stock incentive plan (in shares) | 16,000 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Components of Income Tax Benefit (Expense) and Effective Tax Rate Reconciliation: | |||
Federal income taxes | $ (1) | $ (2) | $ (4) |
State income taxes | (35) | (30) | (28) |
Current income tax expense | (36) | (32) | (32) |
State income taxes | (5) | 3 | (57) |
Deferred income tax benefit (expense) | (5) | 3 | (57) |
Income tax expense | $ (41) | (29) | (89) |
Federal income tax rate (percentage) | 21.00% | ||
Statutory federal income taxes | $ (1,334) | (881) | (491) |
Statutory state income taxes, net | (40) | (27) | (85) |
Income allocated to limited liability companies not subject to income taxes | 1,333 | 879 | 487 |
Components of Deferred Tax Assets (Liabilities): | |||
Accrued and other | 7 | 5 | |
Total gross deferred tax assets | 7 | 5 | |
Indefinite-lived intangibles | (43) | (39) | |
Property, plant and equipment | (19) | (16) | |
Other intangibles | (2) | (3) | |
Deferred tax liabilities | (64) | (58) | |
Net deferred tax liabilities | (57) | (53) | |
Uncertain Tax Positions: | |||
Unrecognized tax benefits that would impact the effective tax rate | 84 | ||
Decrease in unrecognized tax benefits that is reasonably possible in 2022 | 27 | ||
Unrecognized tax benefits, beginning balance | 102 | 110 | |
Reductions on settlements and expirations with taxing authorities | (6) | (8) | |
Unrecognized tax benefits, ending balance | 96 | 102 | $ 110 |
Interest and penalties accrued on uncertain income tax positions | $ 60 | $ 53 |
Comprehensive Income (Details)
Comprehensive Income (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Other Comprehensive Income [Abstract] | |||
Consolidated net income | $ 6,313 | $ 4,166 | $ 2,252 |
Foreign currency translation adjustment | 2 | ||
Consolidated comprehensive income | 2,254 | ||
Less: Comprehensive income attributable to noncontrolling interests | (1) | ||
Comprehensive income attributable to CCO Holdings member | $ 2,253 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Related Party Transactions: | |||
A/N’s share of the tax benefit realized by Charter pursuant to the Tax Receivable Agreement (percentage) | 50.00% | ||
Gregory Maffei's voting interest in Liberty Broadband | 12.60% | ||
Dr. John Malone's voting interest in Liberty Broadband (percentage) | 45.80% | ||
Gregory Maffei's, a member of Charter's board of directors, voting interest in Qurate Retail, Inc. | 6.30% | ||
Dr. John Malone's voting interest in Qurate Retail, Inc. (percentage) | 41.20% | ||
Cash payments received from HSN, Inc. and QVC, Inc. | $ 48 | $ 50 | $ 50 |
Dr. John Malone's voting interest in Discovery Communications, Inc. for election of directors (percentage) | 26.50% | ||
Advance Newhouse Programming Partnership's ownership percentage in Series A preferred stock of Discovery Communications, Inc. (percentage) | 100.00% | ||
Advance Newhouse Programming Partnership's ownership percentage in Series C preferred stock of Discovery Communications, Inc. (percentage) | 100.00% | ||
Advance Newhouse Programming Partnership's voting interest in Discovery Communications, Inc. for election of directors | 23.20% | ||
Maximum | |||
Related Party Transactions: | |||
Percent of total operating costs and expenses paid to Discovery Communications, Inc. and Starz (percentage) | 2.00% | 2.00% | 2.00% |
Equity Method Investee [Member] | |||
Related Party Transactions: | |||
Payments to related parties | $ 229 | $ 225 | $ 314 |
Common Class A [Member] | |||
Related Party Transactions: | |||
Dr. John Malone's ownership percentage in Discovery Communications, Inc. (percentage) | 1.00% | ||
Common Class B [Member] | |||
Related Party Transactions: | |||
Dr. John Malone's ownership percentage in Discovery Communications, Inc. (percentage) | 95.00% | ||
Class C Common Stock | |||
Related Party Transactions: | |||
Dr. John Malone's ownership percentage in Discovery Communications, Inc. (percentage) | 3.70% |
Commitments and Contingencies_3
Commitments and Contingencies (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Contractual Obligations | |||
Total | $ 12,690 | ||
2022 | 2,317 | ||
2023 | 1,167 | ||
2024 | 857 | ||
2025 | 736 | ||
2026 | 721 | ||
Thereafter | 6,892 | ||
Programming costs | 11,844 | $ 11,401 | $ 11,290 |
Utility pole rental fees | 200 | 192 | 180 |
Franchise fees and other franchise-related costs | 733 | 741 | 750 |
Letters of credit outstanding | 351 | ||
Letters of credit outstanding secured under the Charter Operating credit facility | 37 | ||
Employer contributions | 4 | $ 3 | |
Monetary damages sought by plaintiff | 220 | $ 151 | |
Programming Minimum Commitments (a) | |||
Contractual Obligations | |||
Total | 95 | ||
2022 | 78 | ||
2023 | 17 | ||
2024 | 0 | ||
2025 | 0 | ||
2026 | 0 | ||
Thereafter | 0 | ||
Other (b) | |||
Contractual Obligations | |||
Total | 12,595 | ||
2022 | 2,239 | ||
2023 | 1,150 | ||
2024 | 857 | ||
2025 | 736 | ||
2026 | 721 | ||
Thereafter | 6,892 | ||
Rural Digital Opportunity Fund | |||
Contractual Obligations | |||
Total | $ 1,200 |
Employee Benefit Plans (Details
Employee Benefit Plans (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Change in Benefit Obligation [Roll Forward] | ||||
Projected benefit obligation at beginning of year | $ 3,374 | $ 3,688 | $ 3,361 | |
Interest cost | 97 | 110 | $ 129 | |
Actuarial (gain) loss | (183) | 436 | ||
Settlement | (173) | (166) | ||
Benefits paid | (55) | (53) | ||
Projected benefit obligation at end of year (a) | 3,374 | 3,688 | 3,361 | |
Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 3,457 | 3,462 | 3,198 | |
Actual return on plan assets | 219 | 480 | ||
Employer contributions | 4 | 3 | ||
Settlement | (173) | (166) | ||
Benefits paid | (55) | (53) | ||
Fair value of plan assets at end of year (b) | 3,457 | 3,462 | 3,198 | |
Accumulated benefit obligation at end of year (a) | 3,374 | 3,688 | ||
Funded status | 83 | (226) | ||
Noncurrent asset | 114 | 1 | ||
Current liability | (4) | (5) | ||
Long-term liability | (27) | (222) | ||
Net amounts recognized in consolidated balance sheet | 83 | (226) | ||
Expected return on plan assets | 165 | 156 | 164 | |
Remeasurement gain (loss) | 237 | (112) | (104) | |
Net periodic pension benefit (cost) | $ 305 | $ (66) | $ (69) | |
Discount rate assumption used to calculate benefit obligation (percentage) | 3.01% | 2.70% | ||
Expected long-term rate of return on plan assets | 5.00% | 5.00% | 5.75% | |
Discount rate | 2.70% | 3.48% | 4.37% | |
Total fair value of investment plan assets | $ 2,710 | $ 2,886 | ||
Accrued investment income and other receivables | 247 | 19 | ||
Fair value of plan assets | 3,457 | 3,462 | $ 3,198 | |
Pension plan expected future benefit payments, 2022 | 227 | |||
Pension plan expected future benefit payments, 2023 | 217 | |||
Pension plan expected future benefit payments, 2024 | 206 | |||
Pension plan expected future benefit payments, 2025 | 196 | |||
Pension plan expected future benefit payments, 2026 | 188 | |||
Pension plan expected future benefit payments, thereafter | 843 | |||
Multiemployer Plan, Employer Contribution, Cost | 3 | 7 | 9 | |
Withdrawal liability from multiemployer pension plan | 94 | 98 | ||
Level 1 | ||||
Change in Fair Value of Plan Assets [Roll Forward] | ||||
Total fair value of investment plan assets | 2 | 4 | ||
Level 2 | ||||
Change in Fair Value of Plan Assets [Roll Forward] | ||||
Total fair value of investment plan assets | 2,708 | 2,882 | ||
Fair Value Measured at Net Asset Value Per Share | ||||
Change in Fair Value of Plan Assets [Roll Forward] | ||||
Total fair value of investment plan assets | $ 546 | $ 557 | ||
Return-seeking securities | ||||
Change in Fair Value of Plan Assets [Roll Forward] | ||||
Target Allocation | 60.00% | 60.00% | ||
Actual Allocation | 57.30% | 57.10% | ||
Liability-matching securities | ||||
Change in Fair Value of Plan Assets [Roll Forward] | ||||
Target Allocation | 40.00% | 40.00% | ||
Actual Allocation | 42.60% | 42.80% | ||
Other investments | ||||
Change in Fair Value of Plan Assets [Roll Forward] | ||||
Target Allocation | 0.00% | 0.00% | ||
Actual Allocation | 0.10% | 0.10% | ||
Cash | ||||
Change in Fair Value of Plan Assets [Roll Forward] | ||||
Pension plan investment assets | $ 2 | $ 4 | ||
Cash | Level 1 | ||||
Change in Fair Value of Plan Assets [Roll Forward] | ||||
Pension plan investment assets | 2 | 4 | ||
Cash | Level 2 | ||||
Change in Fair Value of Plan Assets [Roll Forward] | ||||
Pension plan investment assets | 0 | 0 | ||
Commingled bond funds(a) | ||||
Change in Fair Value of Plan Assets [Roll Forward] | ||||
Pension plan investment assets | 1,398 | 1,449 | ||
Commingled bond funds(a) | Level 1 | ||||
Change in Fair Value of Plan Assets [Roll Forward] | ||||
Pension plan investment assets | 0 | 0 | ||
Commingled bond funds(a) | Level 2 | ||||
Change in Fair Value of Plan Assets [Roll Forward] | ||||
Pension plan investment assets | 1,398 | 1,449 | ||
Commingled equity funds(a) | ||||
Change in Fair Value of Plan Assets [Roll Forward] | ||||
Pension plan investment assets | 1,160 | 1,255 | ||
Commingled equity funds(a) | Level 1 | ||||
Change in Fair Value of Plan Assets [Roll Forward] | ||||
Pension plan investment assets | 0 | 0 | ||
Commingled equity funds(a) | Level 2 | ||||
Change in Fair Value of Plan Assets [Roll Forward] | ||||
Pension plan investment assets | 1,160 | 1,255 | ||
Collective trust funds(b) | ||||
Change in Fair Value of Plan Assets [Roll Forward] | ||||
Pension plan investment assets | 150 | 178 | ||
Collective trust funds(b) | Level 1 | ||||
Change in Fair Value of Plan Assets [Roll Forward] | ||||
Pension plan investment assets | 0 | 0 | ||
Collective trust funds(b) | Level 2 | ||||
Change in Fair Value of Plan Assets [Roll Forward] | ||||
Pension plan investment assets | 150 | 178 | ||
Alternative funds(a) | Fair Value Measured at Net Asset Value Per Share | ||||
Change in Fair Value of Plan Assets [Roll Forward] | ||||
Pension plan investment assets | 328 | 283 | ||
Fixed income funds(b) | Fair Value Measured at Net Asset Value Per Share | ||||
Change in Fair Value of Plan Assets [Roll Forward] | ||||
Pension plan investment assets | 95 | 148 | ||
Real estate funds(c) | Fair Value Measured at Net Asset Value Per Share | ||||
Change in Fair Value of Plan Assets [Roll Forward] | ||||
Pension plan investment assets | 123 | 126 | ||
Qualified Plan | ||||
Change in Benefit Obligation [Roll Forward] | ||||
Projected benefit obligation at beginning of year | 3,300 | 3,700 | ||
Projected benefit obligation at end of year (a) | 3,300 | 3,700 | ||
Change in Fair Value of Plan Assets [Roll Forward] | ||||
Accumulated benefit obligation at end of year (a) | 3,300 | 3,700 | ||
Nonqualified Plan | ||||
Change in Benefit Obligation [Roll Forward] | ||||
Projected benefit obligation at beginning of year | $ 32 | 36 | ||
Projected benefit obligation at end of year (a) | 32 | 36 | ||
Change in Fair Value of Plan Assets [Roll Forward] | ||||
Accumulated benefit obligation at end of year (a) | $ 32 | 36 | ||
Subsequent Event | ||||
Change in Fair Value of Plan Assets [Roll Forward] | ||||
Expected long-term rate of return on plan assets | 5.00% | |||
Discount rate | 3.01% | |||
401(k) Plan | ||||
Defined Contribution Plan Disclosure [Line Items] | ||||
Defined contribution plan, maximum annual contributions per employee (percentage) | 50.00% | |||
Defined contribution plan, employer matching contribution (percentage) | 100.00% | |||
Defined contribution plan, employer matching contribution percent of employees' gross pay (percentage) | 6.00% | |||
Defined contribution plan, employer's contributions | $ 328 | 331 | 303 | |
Retirement Accumulation Plan | ||||
Defined Contribution Plan Disclosure [Line Items] | ||||
Defined contribution plan, employer matching contribution percent of employees' gross pay (percentage) | 3.00% | |||
Defined contribution plan, employer's contributions | $ 167 | $ 162 | $ 152 |
Parent Company Only Condensed B
Parent Company Only Condensed Balance Sheets (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
ASSETS | ||
Cash and cash equivalents | $ 321 | $ 710 |
Total assets | 140,711 | 142,621 |
LIABILITIES AND MEMBER’S EQUITY | ||
Current liabilities | 11,769 | 9,347 |
Other long-term liabilities | 3,067 | 3,268 |
Member's equity | 36,203 | 47,185 |
Total liabilities and member's equity | 140,711 | 142,621 |
Parent Company [Member] | ||
ASSETS | ||
Cash and cash equivalents | 0 | 100 |
Receivables from related party | 37 | 43 |
Investment in subsidiaries | 59,776 | 71,002 |
Loans receivable - related party | 579 | 567 |
Total assets | 60,392 | 71,712 |
LIABILITIES AND MEMBER’S EQUITY | ||
Current liabilities | 307 | 347 |
Other long-term liabilities | 23,882 | 24,180 |
Member's equity | 36,203 | 47,185 |
Total liabilities and member's equity | $ 60,392 | $ 71,712 |
Parent Company Only Condensed S
Parent Company Only Condensed Statements of Operations (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Interest expense, net | $ (4,023) | $ (3,866) | $ (3,839) |
Loss on extinguishment of debt | (144) | (143) | (25) |
Net income | 6,311 | 4,165 | 2,251 |
Parent Company [Member] | |||
Interest expense, net | (1,166) | (1,185) | (1,067) |
Loss on extinguishment of debt | (146) | (145) | (22) |
Equity in income of subsidiaries | 7,623 | 5,495 | 3,340 |
Net income | $ 6,311 | $ 4,165 | $ 2,251 |
Parent Company Only Condensed_2
Parent Company Only Condensed Statements of Comprehensive Income (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Net income | $ 6,311 | $ 4,165 | $ 2,251 |
Foreign currency translation adjustment | 2 | ||
Comprehensive income | 2,253 | ||
Parent Company [Member] | |||
Net income | 6,311 | 4,165 | 2,251 |
Foreign currency translation adjustment | 0 | 0 | 2 |
Comprehensive income | $ 6,311 | $ 4,165 | $ 2,253 |
Parent Company Only Condensed C
Parent Company Only Condensed Consolidating Statements of Cash Flows (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
NET CASH FLOWS FROM OPERATING ACTIVITIES | $ 16,160 | $ 14,463 | $ 11,708 | |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||
Net cash flows from investing activities | (7,515) | (7,960) | (7,086) | |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
Borrowings of long-term debt | 20,976 | 15,754 | 19,685 | |
Repayments of Long-term Debt | (12,146) | (12,094) | (13,309) | |
Payments of Debt Issuance Costs | (102) | (125) | (103) | |
Contributions from parent | 2 | 51 | 59 | |
Distributions to parent | (17,725) | (12,648) | (7,891) | |
Net cash flows from financing activities | (9,034) | (9,042) | (1,673) | |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (389) | (2,539) | 2,949 | |
CASH AND CASH EQUIVALENTS, beginning of period | 321 | 710 | 3,249 | $ 300 |
CASH AND CASH EQUIVALENTS, end of period | 321 | 710 | 3,249 | 300 |
Parent Company [Member] | ||||
NET CASH FLOWS FROM OPERATING ACTIVITIES | (1,200) | (1,124) | (1,051) | |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||
Contribution to subsidiaries | (3,967) | (9,383) | (2,860) | |
Distributions from subsidiaries | 23,246 | 20,636 | 9,068 | |
Net cash flows from investing activities | 19,279 | 11,253 | 6,208 | |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
Borrowings of long-term debt | 3,744 | 8,764 | 4,584 | |
Repayments of Long-term Debt | (4,166) | (6,612) | (1,366) | |
Payments of Debt Issuance Costs | (34) | (84) | (43) | |
Contributions from parent | 2 | 51 | 59 | |
Distributions to parent | (17,725) | (12,648) | (7,891) | |
Net cash flows from financing activities | (18,179) | (10,529) | (4,657) | |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (100) | (400) | 500 | |
CASH AND CASH EQUIVALENTS, beginning of period | 0 | 100 | 500 | 0 |
CASH AND CASH EQUIVALENTS, end of period | $ 0 | $ 100 | $ 500 | $ 0 |