Document And Entity Information
Document And Entity Information | 9 Months Ended |
Sep. 30, 2022 shares | |
Entity Information [Line Items] | |
Document Type | 10-Q |
Document Quarterly Report | true |
Document Period End Date | Sep. 30, 2022 |
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 | 2022 |
Document Fiscal Period Focus | Q3 |
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 Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business | false |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 1 |
CCO Holdings Capital Corp. | |
Entity Information [Line Items] | |
Document Type | 10-Q |
Document Quarterly Report | true |
Document Period End Date | Sep. 30, 2022 |
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 | 2022 |
Document Fiscal Period Focus | Q3 |
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 Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business | false |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 1 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 241 | $ 321 |
Accounts receivable, less allowance for doubtful accounts of $230 and $157, respectively | 2,795 | 2,539 |
Receivables from related party | 33 | 0 |
Prepaid expenses and other current assets | 369 | 341 |
Total current assets | 3,438 | 3,201 |
INVESTMENT IN CABLE PROPERTIES: | ||
Property, plant and equipment, net of accumulated depreciation of $35,292 and $34,108, respectively | 34,106 | 33,327 |
Customer relationships, net of accumulated amortization of $15,177 and $14,180, respectively | 3,073 | 4,060 |
Franchises | 67,363 | 67,346 |
Goodwill | 29,563 | 29,562 |
Total investment in cable properties, net | 134,105 | 134,295 |
OTHER NONCURRENT ASSETS | 4,418 | 3,215 |
Total assets | 141,961 | 140,711 |
CURRENT LIABILITIES: | ||
Accounts payable and accrued liabilities | 9,277 | 8,771 |
Payables to related party | 0 | 1 |
Current portion of long-term debt | 1,522 | 2,997 |
Total current liabilities | 10,799 | 11,769 |
LONG-TERM DEBT | 95,510 | 88,564 |
LOANS PAYABLE - RELATED PARTY | 753 | 1,027 |
DEFERRED INCOME TAXES | 57 | 57 |
OTHER LONG-TERM LIABILITIES | 3,784 | 3,067 |
MEMBER’S EQUITY: | ||
CCO Holdings member's equity | 31,034 | 36,203 |
Noncontrolling interests | 24 | 24 |
Total member’s equity | 31,058 | 36,227 |
Total liabilities and member’s equity | $ 141,961 | $ 140,711 |
CONSOLIDATED BALANCE SHEET (PAR
CONSOLIDATED BALANCE SHEET (PARENTHETICALS) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
CURRENT ASSETS: | ||
Allowance for doubtful accounts | $ 230 | $ 157 |
INVESTMENT IN CABLE PROPERTIES: | ||
Property, plant and equipment, accumulated depreciation | 35,292 | 34,108 |
Customer relationships, accumulated amortization | $ 15,177 | $ 14,180 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Income Statement [Abstract] | ||||
REVENUES | $ 13,550 | $ 13,144 | $ 40,346 | $ 38,464 |
COSTS AND EXPENSES: | ||||
Operating costs and expenses (exclusive of items shown separately below) | 8,277 | 7,979 | 24,650 | 23,613 |
Depreciation and amortization | 2,169 | 2,264 | 6,688 | 7,049 |
Other operating (income) expenses, net | 204 | (7) | 146 | 292 |
Total costs and expenses | 10,650 | 10,236 | 31,484 | 30,954 |
Income from operations | 2,900 | 2,908 | 8,862 | 7,510 |
OTHER INCOME (EXPENSES): | ||||
Interest expense, net | (1,157) | (1,013) | (3,313) | (2,995) |
Other income (expenses), net | (36) | (155) | 7 | (243) |
Total other income (expenses), net | (1,193) | (1,168) | (3,306) | (3,238) |
Income before income taxes | 1,707 | 1,740 | 5,556 | 4,272 |
Income tax expense | (11) | (13) | (36) | (34) |
Consolidated net income | 1,696 | 1,727 | 5,520 | 4,238 |
Less: Net income attributable to noncontrolling interests | 0 | 0 | (1) | (1) |
Net income attributable to CCO Holdings member | $ 1,696 | $ 1,727 | $ 5,519 | $ 4,237 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN MEMBER'S EQUITY - USD ($) $ in Millions | Total | Noncontrolling Interests | CCO Holdings Member’s Equity |
Balance at Dec. 31, 2020 | $ 47,208 | $ 23 | $ 47,185 |
Rollforward of Consolidated Shareholders' Equity: | |||
Consolidated net income | 1,099 | 0 | 1,099 |
Stock compensation expense | 134 | 0 | 134 |
Distributions to parent | (4,244) | 0 | (4,244) |
Distributions to noncontrolling interest | (1) | (1) | 0 |
Balance at Mar. 31, 2021 | 44,196 | 22 | 44,174 |
Balance at Dec. 31, 2020 | 47,208 | 23 | 47,185 |
Rollforward of Consolidated Shareholders' Equity: | |||
Consolidated net income | 4,238 | ||
Balance at Sep. 30, 2021 | 39,406 | 23 | 39,383 |
Balance at Mar. 31, 2021 | 44,196 | 22 | 44,174 |
Rollforward of Consolidated Shareholders' Equity: | |||
Consolidated net income | 1,412 | 1 | 1,411 |
Stock compensation expense | 100 | 0 | 100 |
Contributions from parent | 2 | 0 | 2 |
Distributions to parent | (4,105) | 0 | (4,105) |
Balance at Jun. 30, 2021 | 41,605 | 23 | 41,582 |
Rollforward of Consolidated Shareholders' Equity: | |||
Consolidated net income | 1,727 | 0 | 1,727 |
Stock compensation expense | 98 | 0 | 98 |
Distributions to parent | (4,024) | 0 | (4,024) |
Balance at Sep. 30, 2021 | 39,406 | 23 | 39,383 |
Balance at Dec. 31, 2021 | 36,227 | 24 | 36,203 |
Rollforward of Consolidated Shareholders' Equity: | |||
Consolidated net income | 1,709 | 0 | 1,709 |
Stock compensation expense | 147 | 0 | 147 |
Contributions from parent | 81 | 0 | 81 |
Distributions to parent | (3,775) | 0 | (3,775) |
Distributions to noncontrolling interest | (1) | (1) | 0 |
Balance at Mar. 31, 2022 | 34,388 | 23 | 34,365 |
Balance at Dec. 31, 2021 | 36,227 | 24 | 36,203 |
Rollforward of Consolidated Shareholders' Equity: | |||
Consolidated net income | 5,520 | ||
Balance at Sep. 30, 2022 | 31,058 | 24 | 31,034 |
Balance at Mar. 31, 2022 | 34,388 | 23 | 34,365 |
Rollforward of Consolidated Shareholders' Equity: | |||
Consolidated net income | 2,115 | 1 | 2,114 |
Stock compensation expense | 104 | 0 | 104 |
Contributions from parent | 5 | 0 | 5 |
Distributions to parent | (4,307) | 0 | (4,307) |
Balance at Jun. 30, 2022 | 32,305 | 24 | 32,281 |
Rollforward of Consolidated Shareholders' Equity: | |||
Consolidated net income | 1,696 | 0 | 1,696 |
Stock compensation expense | 109 | 0 | 109 |
Distributions to parent | (3,052) | 0 | (3,052) |
Balance at Sep. 30, 2022 | $ 31,058 | $ 24 | $ 31,034 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Consolidated net income | $ 5,520 | $ 4,238 |
Adjustments to reconcile consolidated net income to net cash flows from operating activities: | ||
Depreciation and amortization | 6,688 | 7,049 |
Stock compensation expense | 360 | 332 |
Noncash interest income, net | (25) | (27) |
Other, net | (56) | 285 |
Changes in operating assets and liabilities, net of effects from acquisitions and dispositions: | ||
Accounts receivable | (256) | (104) |
Prepaid expenses and other assets | (79) | (111) |
Accounts payable, accrued liabilities and other | (258) | 321 |
Receivables from and payables to related party | (8) | (56) |
Net cash flows from operating activities | 11,886 | 11,927 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchases of property, plant and equipment | (6,456) | (5,536) |
Change in accrued expenses related to capital expenditures | 284 | (51) |
Other, net | (232) | 59 |
Net cash flows from investing activities | (6,404) | (5,528) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Borrowings of long-term debt | 21,528 | 15,263 |
Repayments of long-term debt | (15,659) | (9,651) |
Borrowings (repayments) of loans payable - related parties, net | (290) | 13 |
Payments for debt issuance costs | (71) | (76) |
Distributions to parent | (11,134) | (12,373) |
Contributions from parent | 86 | 2 |
Distributions to noncontrolling interest | (1) | (1) |
Other, net | (21) | (82) |
Net cash flows from financing activities | (5,562) | (6,905) |
NET DECREASE IN CASH AND CASH EQUIVALENTS | (80) | (506) |
CASH AND CASH EQUIVALENTS, beginning of period | 321 | 710 |
CASH AND CASH EQUIVALENTS, end of period | 241 | 204 |
CASH PAID FOR INTEREST | 3,230 | 3,024 |
CASH PAID FOR TAXES | $ 37 | $ 34 |
Organization and Basis of Prese
Organization and Basis of Presentation (Notes) | 9 Months Ended |
Sep. 30, 2022 | |
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 and sports programming to its customers through Spectrum Networks. 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. The Company’s operations are managed and reported to its Chief Executive Officer (“CEO”), the Company’s chief operating decision maker, on a consolidated basis. The CEO assesses performance and allocates resources based on the consolidated results of operations. Under this organizational and reporting structure, the Company has one reportable segment. 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”). Accordingly, certain information and footnote disclosures typically included in the Company's Annual Report on Form 10-K have been condensed or omitted for this quarterly report. The accompanying consolidated financial statements are unaudited and are subject to review by regulatory authorities. However, in the opinion of management, such financial statements include all adjustments, which consist of only normal recurring adjustments, necessary for a fair presentation of the results for the periods presented. Interim results are not necessarily indicative of results for a full year. 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 and pension benefits. Actual results could differ from those estimates. Comprehensive income equaled net income attributable to CCO Holdings member for the three and nine months ended September 30, 2022 and 2021. |
Investments (Notes)
Investments (Notes) | 9 Months Ended |
Sep. 30, 2022 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments | Investments In June 2022, the Company and Comcast Corporation ("Comcast") entered into a 50/50 joint venture to develop and offer a next-generation streaming platform on a variety of streaming devices and smart TVs. Comcast licensed its streaming platform and hardware to the joint venture and contributed the retail business for XClass TVs and Xumo, a streaming service it acquired in 2020. The Company's investment is approximately $981 million with $175 million paid in June 2022 and with the remaining non-cancelable required contributions to be paid over multiple years and recorded as accrued obligations as of September 30, 2022. The Company accounts for the investment as an equity method investment and records investment income (loss) on its share of the joint venture income (loss). |
Accounts Payable and Accrued Li
Accounts Payable and Accrued Liabilities (Notes) | 9 Months Ended |
Sep. 30, 2022 | |
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 September 30, 2022 and December 31, 2021: September 30, 2022 December 31, 2021 Accounts payable – trade $ 705 $ 706 Deferred revenue 521 458 Accrued liabilities: Programming costs 1,979 2,036 Labor 1,198 1,299 Capital expenditures 1,546 1,281 Interest 1,189 1,099 Taxes and regulatory fees 584 533 Operating lease liabilities 257 237 Other 1,298 1,122 $ 9,277 $ 8,771 |
Long-Term Debt (Notes)
Long-Term Debt (Notes) | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt A summary of our debt as of September 30, 2022 and December 31, 2021 is as follows: September 30, 2022 December 31, 2021 Principal Amount Carrying Value Fair Value Principal Amount Carrying Value Fair Value Senior unsecured notes $ 26,650 $ 26,564 $ 21,760 $ 23,950 $ 23,882 $ 24,630 Senior secured notes and debentures (a) 56,724 57,112 45,620 56,525 57,011 64,346 Credit facilities (b) 13,413 13,356 12,824 10,723 10,668 10,665 $ 96,787 $ 97,032 $ 80,204 $ 91,198 $ 91,561 $ 99,641 (a) Includes the Company's £625 million and £650 million fixed-rate British pound sterling denominated notes (the “Sterling Notes”) remeasured using the exchange rate at the respective dates. (b) The Company has availability under the Charter Communications Operating, LLC ("Charter Operating") credit facilities of approximately $4.6 billion as of September 30, 2022. The estimated fair value of the Company’s senior unsecured and secured notes and debentures as of September 30, 2022 and December 31, 2021 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. 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. In March 2022, Charter Operating and Charter Communications Operating Capital Corp. jointly issued $1.0 billion aggregate principal amount of 4.400% senior secured notes due April 2033 at a price of 99.634% of the aggregate principal amount, $1.5 billion aggregate principal amount of 5.250% senior secured notes due April 2053 at a price of 99.300% of the aggregate principal amount and $1.0 billion aggregate principal amount of 5.500% senior secured notes due April 2063 at a price of 99.255% of the aggregate principal amount. 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. In May and June 2022, Charter Operating and Charter Communications Operating Capital Corp. redeemed all of their outstanding 4.464% senior notes due July 2022. In May 2022, Charter Operating entered into an amendment to its credit agreement (the "Amendment") to: (i) upsize term A loans by $2.3 billion to $6.05 billion and extend the maturity to August 31, 2027 from March 31, 2023 and February 1, 2025, (ii) create and borrow a new tranche of $500 million of term A-6 loans maturing August 31, 2028, (iii) increase the size of Charter Operating's revolving credit facility and extend the maturity date to August 31, 2027 from March 31, 2023 and February 1, 2025 and (iv) make certain other amendments to the credit agreement. The Company used a portion of the proceeds from the Amendment to repay all of the term A-2 loans, term A-4 loans and borrowings under the revolving credit facility outstanding prior to the effective date of the Amendment. After giving effect to the Amendment: (i) the aggregate principal amount of term A-5 loans outstanding as of September 30, 2022 is $6.0 billion with a pricing of Secured Overnight Financing Rate ("SOFR") plus 1.25%, (ii) the aggregate principal amount of term A-6 loans outstanding as of September 30, 2022 is $494 million with a pricing of SOFR plus 1.50% and (iii) the aggregate amount of the revolving credit facility increased to a total capacity of $5.5 billion and the interest rate benchmark changed from London Interbank Offering Rate ("LIBOR") to SOFR, with a pricing of SOFR plus 1.25%. The aggregate principal amount of term B-1 loans (maturing April 30, 2025) and term B-2 loans (maturing February 1, 2027) outstanding as of September 30, 2022 are $2.4 billion and $3.7 billion, respectively, with LIBOR-based pricing unchanged. The Amendment also removed mandatory prepayment requirements upon asset sales and property or casualty insurance recoveries, made changes to the affirmative covenants, including changes to the financial reporting covenants, and made changes to the negative covenants, including removal of certain negative covenants in their entirety. In August 2022, CCO Holdings and CCO Holdings Capital Corp. jointly issued $1.5 billion of 6.375% senior unsecured notes due September 2029 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. Losses on extinguishment of debt are recorded in other income (expenses), net in the consolidated statements of operations and consisted of the following. Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 CCO Holdings notes redemption $ — $ (71) $ — $ (146) Charter Operating credit facility refinancing — — (2) — Time Warner Cable, LLC notes redemption — 2 — 2 Charter Operating notes redemption — — (1) — $ — $ (69) $ (3) $ (144) |
Loans Payable - Related Party (
Loans Payable - Related Party (Notes) | 9 Months Ended |
Sep. 30, 2022 | |
Related Party Transactions [Abstract] | |
Loans Payable - Related Party | Loans Payable - Related PartyLoans payable - related party as of September 30, 2022 and December 31, 2021 consists of loans from Charter Communications Holding Company, LLC (“Charter Holdco”) to Charter Operating of $753 million and $743 million, respectively, and loans from Charter to Charter Operating of $284 million as of December 31, 2021. 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 September 30, 2022 and December 31, 2021. |
Accounting for Derivative Instr
Accounting for Derivative Instruments and Hedging Activities (Notes) | 9 Months Ended |
Sep. 30, 2022 | |
Accounting for Derivative Instruments and Hedging Activities [Abstract] | |
Accounting for Derivative Instruments and Hedging Activities | Accounting for Derivative Instruments and Hedging Activities Cross-currency derivative instruments are used to manage foreign exchange risk on the Sterling Notes by effectively converting £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 fair value of the Company's cross-currency derivatives, which are classified within Level 2 of the valuation hierarchy, was $772 million and $290 million and is included in other long-term liabilities on its consolidated balance sheets as of September 30, 2022 and December 31, 2021, respectively. The effect of financial instruments are recorded in other income (expenses), net in the consolidated statements of operations and consisted of the following. Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Change in fair value of cross-currency derivative instruments $ (322) $ (111) $ (482) $ (133) Foreign currency remeasurement of Sterling Notes to U.S. dollars 129 47 304 26 Loss on financial instruments, net $ (193) $ (64) $ (178) $ (107) |
Revenue (Notes)
Revenue (Notes) | 9 Months Ended |
Sep. 30, 2022 | |
Revenue [Abstract] | |
Revenue | Revenues The Company’s revenues by product line are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Internet $ 5,571 $ 5,363 $ 16,585 $ 15,670 Video 4,379 4,502 13,209 13,224 Voice 391 409 1,180 1,202 Residential revenue 10,341 10,274 30,974 30,096 Small and medium business 1,082 1,062 3,221 3,116 Enterprise 673 656 2,003 1,930 Commercial revenue 1,755 1,718 5,224 5,046 Advertising sales 481 391 1,324 1,146 Mobile 750 535 2,166 1,546 Other 223 226 658 630 $ 13,550 $ 13,144 $ 40,346 $ 38,464 As of September 30, 2022 and December 31, 2021, accounts receivable, net on the consolidated balance sheets includes approximately $492 million and $391 million of current equipment installment plan receivables, respectively, and other noncurrent assets includes approximately $225 million and $189 million of noncurrent equipment installment plan receivables, respectively. |
Operating Costs and Expenses (N
Operating Costs and Expenses (Notes) | 9 Months Ended |
Sep. 30, 2022 | |
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: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Programming $ 2,871 $ 2,983 $ 8,820 $ 8,949 Regulatory, connectivity and produced content 587 634 1,742 1,902 Costs to service customers 1,982 1,899 5,801 5,530 Marketing 861 788 2,493 2,280 Mobile 846 607 2,403 1,765 Other 1,130 1,068 3,391 3,187 $ 8,277 $ 7,979 $ 24,650 $ 23,613 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 residential and commercial 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 (Income) Expens
Other Operating (Income) Expenses, Net (Notes) | 9 Months Ended |
Sep. 30, 2022 | |
Other Income and Expenses [Abstract] | |
Other Operating (Income) Expenses, Net | Other Operating (Income) Expenses, Net Other operating (income) expenses, net consist of the following for the periods presented: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Special charges, net $ 200 $ (5) $ 141 $ 250 (Gain) loss on disposal of assets, net 4 (2) 5 42 $ 204 $ (7) $ 146 $ 292 Special charges, net |
Other Income, Net (Notes)
Other Income, Net (Notes) | 9 Months Ended |
Sep. 30, 2022 | |
Other Income and Expenses [Abstract] | |
Other Income (Expenses), Net | Other Income (Expenses), Net Other income (expenses), net consist of the following for the periods presented: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Loss on extinguishment of debt (see Note 4) $ — $ (69) $ (3) $ (144) Loss on financial instruments, net (see Note 6) (193) (64) (178) (107) Net periodic pension benefits (costs) 207 (15) 241 176 Loss on equity investments, net (50) (7) (53) (168) $ (36) $ (155) $ 7 $ (243) Net periodic pension benefits During the three and nine months ended September 30, 2022 and nine months ended September 30, 2021, settlements for lump-sum distributions to pension plan participants exceeded the estimated annual interest cost of the plans. As a result, the pension liability and pension asset values were reassessed utilizing remeasurement date assumptions in accordance with the Company's mark-to-market pension accounting policy to record gains and losses in the period in which a remeasurement event occurs. Net periodic pension benefits includes a $189 million remeasurement gain recorded during the three and nine months ended September 30, 2022 and a $155 million remeasurement gain recorded during the nine months ended September 30, 2021 which were primarily driven by changes in the discount rate offset by losses to record assets to fair value. Loss on equity investments, net Loss on equity investments, net includes impairments on equity investments of approximately $165 million for the nine months ended September 30, 2021. |
Stock Compensation Plans (Notes
Stock Compensation Plans (Notes) | 9 Months Ended |
Sep. 30, 2022 | |
Stock Compensation Plans [Abstract] | |
Stock Compensation Plans | Stock Compensation Plans Charter’s stock incentive plans provide 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 plans. Charter granted the following equity awards for the periods presented. Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Stock options 50,700 36,900 1,455,100 1,278,700 Restricted stock — — 6,800 4,600 Restricted stock units 175,600 8,900 618,700 363,100 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 September 30, 2022, total unrecognized compensation remaining to be recognized in future periods totaled $268 million for stock options, $2 million for restricted stock and $329 million for restricted stock units and the weighted average period over which they are expected to be recognized is two years for stock options, seven months for restricted stock and two years for restricted stock units. |
Contingencies (Notes)
Contingencies (Notes) | 9 Months Ended |
Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | Contingencies In March 2020, Charter Communications, LLC (“CC, LLC”), an indirect subsidiary of the Company, was named as a defendant in a lawsuit filed in Dallas, Texas related to the fatal stabbing of an individual in her home by an off duty CC, LLC technician: William Goff, as Personal Representative of Betty Jo McClain Thomas, deceased, et al. v. Roy James Holden, Jr. and Charter Communications, LLC, Case No. CC-20-01579-E, pending in County Court at Law No. 5 for Dallas County, Texas. The complaint alleged that CC, LLC was responsible for Mrs. Thomas' death. Following a two phase trial, the jury returned a verdict finding CC, LLC ninety percent at fault for Mrs. Thomas’ death, and awarded compensatory damages of $375 million to plaintiffs and then awarded $7.0 billion in punitive damages to plaintiffs on July 26, 2022. On October 7, 2022, plaintiffs filed a motion for a judgment that proposed a reduced total award of $1.144 billion. The trial judge signed the judgment, and CC, LLC posted a $25 million bond to stay the judgment pending appeals. CC, LLC will continue to vigorously defend this lawsuit including pursuing all available appeals. The Company has considered various factors, including the legal and factual circumstances of the case, the trial record, the jury verdicts, the status of the proceedings, applicable law, the views of legal counsel, the court’s rulings in advance of and during the trial, along with post-trial motions of the parties in determining the various grounds for appeal that the Company expects to vigorously pursue and the likelihood of a successful appeal. Based on these factors, the Company has concluded that a loss from this case is not probable and reasonably estimable. Therefore, the Company has not accrued a liability for the adverse verdict in its financial statements as of September 30, 2022. The Company and its parent companies are defendants or co-defendants in several 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. |
Accounts Payable and Accrued _2
Accounts Payable and Accrued Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Accounts Payable and Accrued Liabilities [Abstract] | |
Accounts Payable and Accrued Liabilities | Accounts payable and accrued liabilities consist of the following as of September 30, 2022 and December 31, 2021: September 30, 2022 December 31, 2021 Accounts payable – trade $ 705 $ 706 Deferred revenue 521 458 Accrued liabilities: Programming costs 1,979 2,036 Labor 1,198 1,299 Capital expenditures 1,546 1,281 Interest 1,189 1,099 Taxes and regulatory fees 584 533 Operating lease liabilities 257 237 Other 1,298 1,122 $ 9,277 $ 8,771 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Long-term Debt Summary | A summary of our debt as of September 30, 2022 and December 31, 2021 is as follows: September 30, 2022 December 31, 2021 Principal Amount Carrying Value Fair Value Principal Amount Carrying Value Fair Value Senior unsecured notes $ 26,650 $ 26,564 $ 21,760 $ 23,950 $ 23,882 $ 24,630 Senior secured notes and debentures (a) 56,724 57,112 45,620 56,525 57,011 64,346 Credit facilities (b) 13,413 13,356 12,824 10,723 10,668 10,665 $ 96,787 $ 97,032 $ 80,204 $ 91,198 $ 91,561 $ 99,641 (a) Includes the Company's £625 million and £650 million fixed-rate British pound sterling denominated notes (the “Sterling Notes”) remeasured using the exchange rate at the respective dates. |
Schedule of Extinguishment of Debt | Losses on extinguishment of debt are recorded in other income (expenses), net in the consolidated statements of operations and consisted of the following. Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 CCO Holdings notes redemption $ — $ (71) $ — $ (146) Charter Operating credit facility refinancing — — (2) — Time Warner Cable, LLC notes redemption — 2 — 2 Charter Operating notes redemption — — (1) — $ — $ (69) $ (3) $ (144) |
Accounting for Derivative Ins_2
Accounting for Derivative Instruments and Hedging Activities (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Accounting for Derivative Instruments and Hedging Activities [Abstract] | |
Income Statement Effects of Financial Instruments | The effect of financial instruments are recorded in other income (expenses), net in the consolidated statements of operations and consisted of the following. Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Change in fair value of cross-currency derivative instruments $ (322) $ (111) $ (482) $ (133) Foreign currency remeasurement of Sterling Notes to U.S. dollars 129 47 304 26 Loss on financial instruments, net $ (193) $ (64) $ (178) $ (107) |
Revenue (Tables)
Revenue (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Revenue [Abstract] | |
Revenue | The Company’s revenues by product line are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Internet $ 5,571 $ 5,363 $ 16,585 $ 15,670 Video 4,379 4,502 13,209 13,224 Voice 391 409 1,180 1,202 Residential revenue 10,341 10,274 30,974 30,096 Small and medium business 1,082 1,062 3,221 3,116 Enterprise 673 656 2,003 1,930 Commercial revenue 1,755 1,718 5,224 5,046 Advertising sales 481 391 1,324 1,146 Mobile 750 535 2,166 1,546 Other 223 226 658 630 $ 13,550 $ 13,144 $ 40,346 $ 38,464 |
Operating Costs and Expenses (T
Operating Costs and Expenses (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Operating Costs and Expenses [Abstract] | |
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: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Programming $ 2,871 $ 2,983 $ 8,820 $ 8,949 Regulatory, connectivity and produced content 587 634 1,742 1,902 Costs to service customers 1,982 1,899 5,801 5,530 Marketing 861 788 2,493 2,280 Mobile 846 607 2,403 1,765 Other 1,130 1,068 3,391 3,187 $ 8,277 $ 7,979 $ 24,650 $ 23,613 |
Other Operating (Income) Expe_2
Other Operating (Income) Expenses, Net (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Other Income and Expenses [Abstract] | |
Other Operating (Income) Expenses, Net | Other operating (income) expenses, net consist of the following for the periods presented: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Special charges, net $ 200 $ (5) $ 141 $ 250 (Gain) loss on disposal of assets, net 4 (2) 5 42 $ 204 $ (7) $ 146 $ 292 |
Other Income (Expenses), Net (T
Other Income (Expenses), Net (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Other Income and Expenses [Abstract] | |
Other Income (Expenses), Net | Other income (expenses), net consist of the following for the periods presented: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Loss on extinguishment of debt (see Note 4) $ — $ (69) $ (3) $ (144) Loss on financial instruments, net (see Note 6) (193) (64) (178) (107) Net periodic pension benefits (costs) 207 (15) 241 176 Loss on equity investments, net (50) (7) (53) (168) $ (36) $ (155) $ 7 $ (243) |
Stock Compensation Plans (Table
Stock Compensation Plans (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Stock Compensation Plans [Abstract] | |
Equity Award Grants | Charter granted the following equity awards for the periods presented. Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Stock options 50,700 36,900 1,455,100 1,278,700 Restricted stock — — 6,800 4,600 Restricted stock units 175,600 8,900 618,700 363,100 |
Organization and Basis of Pre_2
Organization and Basis of Presentation (Details) | 9 Months Ended |
Sep. 30, 2022 | |
Organization and Basis of Presentation [Abstract] | |
Number of reportable segments | 1 |
Investments (Details)
Investments (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments | $ 981 |
Investment contribution | $ 175 |
Accounts Payable and Accrued _3
Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Accounts Payable and Accrued Liabilities [Abstract] | ||
Accounts payable – trade | $ 705 | $ 706 |
Deferred revenue | 521 | 458 |
Accrued liabilities: | ||
Programming costs | 1,979 | 2,036 |
Labor | 1,198 | 1,299 |
Capital expenditures | 1,546 | 1,281 |
Interest | 1,189 | 1,099 |
Taxes and regulatory fees | 584 | 533 |
Operating lease liabilities | 257 | 237 |
Other | 1,298 | 1,122 |
Total accounts payable and accrued liabilities | $ 9,277 | $ 8,771 |
Long-Term Debt (Details)
Long-Term Debt (Details) £ in Millions, $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||
May 31, 2022 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Sep. 30, 2022 GBP (£) | Dec. 31, 2021 USD ($) | |
Long-term Debt: | |||||||
Principal Amount | $ 96,787 | $ 96,787 | $ 91,198 | ||||
Carrying Value | 97,032 | 97,032 | 91,561 | ||||
Fair Value | 80,204 | 80,204 | 99,641 | ||||
Borrowings of long-term debt | 21,528 | $ 15,263 | |||||
Loss on Extinguishment of Debt | 0 | $ (69) | (3) | (144) | |||
Senior unsecured notes | |||||||
Long-term Debt: | |||||||
Principal Amount | 26,650 | 26,650 | 23,950 | ||||
Carrying Value | 26,564 | 26,564 | 23,882 | ||||
Senior unsecured notes | Level 1 | |||||||
Long-term Debt: | |||||||
Fair Value | 21,760 | 21,760 | 24,630 | ||||
Senior secured notes and debentures(a) | |||||||
Long-term Debt: | |||||||
Principal Amount | 56,724 | 56,724 | 56,525 | ||||
Carrying Value | 57,112 | 57,112 | 57,011 | ||||
Senior secured notes and debentures(a) | Level 1 | |||||||
Long-term Debt: | |||||||
Fair Value | 45,620 | 45,620 | 64,346 | ||||
Credit facilities(b) | |||||||
Long-term Debt: | |||||||
Principal Amount | 13,413 | 13,413 | 10,723 | ||||
Carrying Value | 13,356 | 13,356 | 10,668 | ||||
Credit facilities(b) | Level 2 | |||||||
Long-term Debt: | |||||||
Fair Value | 12,824 | 12,824 | $ 10,665 | ||||
CCO Holdings | |||||||
Long-term Debt: | |||||||
Loss on Extinguishment of Debt | 0 | (71) | 0 | (146) | |||
CCO Holdings | 4.750% Senior Notes due February 1, 2032 | |||||||
Long-term Debt: | |||||||
Principal Amount | $ 1,200 | $ 1,200 | |||||
Stated interest rate (percentage) | 4.75% | 4.75% | 4.75% | ||||
CCO Holdings | 6.375% Senior Notes due September 1, 2029 | |||||||
Long-term Debt: | |||||||
Principal Amount | $ 1,500 | $ 1,500 | |||||
Stated interest rate (percentage) | 6.375% | 6.375% | 6.375% | ||||
Charter Operating | |||||||
Long-term Debt: | |||||||
Availability under credit facilities | $ 4,600 | $ 4,600 | |||||
Charter Operating | Senior secured notes and debentures(a) | |||||||
Long-term Debt: | |||||||
Loss on Extinguishment of Debt | 0 | 0 | (1) | 0 | |||
Charter Operating | Credit facilities(b) | |||||||
Long-term Debt: | |||||||
Loss on Extinguishment of Debt | 0 | 0 | (2) | 0 | |||
Charter Operating | 4.400% senior secured notes due April 2033 | |||||||
Long-term Debt: | |||||||
Principal Amount | $ 1,000 | $ 1,000 | |||||
Stated interest rate (percentage) | 4.40% | 4.40% | 4.40% | ||||
Debt instrument issue price (percentage) | 99.634% | ||||||
Charter Operating | 5.250% senior secured notes due April 2053 | |||||||
Long-term Debt: | |||||||
Principal Amount | $ 1,500 | $ 1,500 | |||||
Stated interest rate (percentage) | 5.25% | 5.25% | 5.25% | ||||
Debt instrument issue price (percentage) | 99.30% | ||||||
Charter Operating | 5.500% senior secured notes due April 2063 | |||||||
Long-term Debt: | |||||||
Principal Amount | $ 1,000 | $ 1,000 | |||||
Stated interest rate (percentage) | 5.50% | 5.50% | 5.50% | ||||
Debt instrument issue price (percentage) | 99.255% | ||||||
Charter Operating | 4.464% Senior Notes Due July 23, 2022 | |||||||
Long-term Debt: | |||||||
Stated interest rate (percentage) | 4.464% | 4.464% | 4.464% | ||||
Charter Operating | Term Loan A-5 | |||||||
Long-term Debt: | |||||||
Principal Amount | $ 6,050 | $ 6,000 | $ 6,000 | ||||
Borrowings of long-term debt | 2,300 | ||||||
SOFR spread | 1.25% | ||||||
Charter Operating | Term Loan A-6 | |||||||
Long-term Debt: | |||||||
Principal Amount | $ 500 | 494 | $ 494 | ||||
SOFR spread | 1.50% | ||||||
Charter Operating | Revolving Credit Facility | |||||||
Long-term Debt: | |||||||
Revolving loan borrowing capacity | 5,500 | $ 5,500 | |||||
SOFR spread | 1.25% | ||||||
Charter Operating | Term Loan B-1 | |||||||
Long-term Debt: | |||||||
Principal Amount | 2,400 | $ 2,400 | |||||
Charter Operating | Term Loan B-2 | |||||||
Long-term Debt: | |||||||
Principal Amount | 3,700 | 3,700 | |||||
Time Warner Cable | Senior secured notes and debentures(a) | |||||||
Long-term Debt: | |||||||
Loss on Extinguishment of Debt | $ 0 | $ 2 | $ 0 | $ 2 | |||
Time Warner Cable | 5.750% Sterling Senior Notes Due June 2, 2031 | |||||||
Long-term Debt: | |||||||
Principal Amount | £ | £ 625 | ||||||
Time Warner Cable | 5.250% Sterling Senior Notes Due July 15, 2042 | |||||||
Long-term Debt: | |||||||
Principal Amount | £ | £ 650 |
Loans Payable - Related Party_2
Loans Payable - Related Party (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Related Party Transactions: | ||
LOANS PAYABLE - RELATED PARTY | $ 753 | $ 1,027 |
Charter Holdco | ||
Related Party Transactions: | ||
LOANS PAYABLE - RELATED PARTY | $ 753 | $ 743 |
LIBOR spread | 1.25% | 1.25% |
Charter | ||
Related Party Transactions: | ||
LOANS PAYABLE - RELATED PARTY | $ 284 | |
LIBOR spread | 2% | 2% |
Accounting for Derivative Ins_3
Accounting for Derivative Instruments and Hedging Activities (Details) £ in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Sep. 30, 2022 GBP (£) | Sep. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Gain (Loss) On Financial Instruments, Net | |||||||
Change in fair value of cross-currency derivative instruments | $ (322) | $ (111) | $ (482) | $ (133) | |||
Foreign currency remeasurement of Sterling Notes to U.S. dollars | 129 | 47 | 304 | 26 | |||
Gain (loss) on financial instruments, net | $ (193) | $ (64) | $ (178) | $ (107) | |||
Cross Currency Derivatives | |||||||
Derivatives: | |||||||
Notional amount | £ | £ 1,275 | ||||||
Level 2 | Cross Currency Derivatives | |||||||
Derivatives: | |||||||
Derivative Liability | $ 772 | $ 290 |
Revenue (Details)
Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Product Information [Line Items] | |||||
REVENUES | $ 13,550 | $ 13,144 | $ 40,346 | $ 38,464 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Accounts receivable, net | 2,795 | 2,795 | $ 2,539 | ||
Other noncurrent assets | 4,418 | 4,418 | 3,215 | ||
Equipment installment plan receivable | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Accounts receivable, net | 492 | 492 | 391 | ||
Other noncurrent assets | 225 | 225 | $ 189 | ||
Internet | |||||
Product Information [Line Items] | |||||
REVENUES | 5,571 | 5,363 | 16,585 | 15,670 | |
Video | |||||
Product Information [Line Items] | |||||
REVENUES | 4,379 | 4,502 | 13,209 | 13,224 | |
Voice | |||||
Product Information [Line Items] | |||||
REVENUES | 391 | 409 | 1,180 | 1,202 | |
Residential revenue | |||||
Product Information [Line Items] | |||||
REVENUES | 10,341 | 10,274 | 30,974 | 30,096 | |
Small and medium business | |||||
Product Information [Line Items] | |||||
REVENUES | 1,082 | 1,062 | 3,221 | 3,116 | |
Enterprise | |||||
Product Information [Line Items] | |||||
REVENUES | 673 | 656 | 2,003 | 1,930 | |
Commercial revenue | |||||
Product Information [Line Items] | |||||
REVENUES | 1,755 | 1,718 | 5,224 | 5,046 | |
Advertising sales | |||||
Product Information [Line Items] | |||||
REVENUES | 481 | 391 | 1,324 | 1,146 | |
Mobile | |||||
Product Information [Line Items] | |||||
REVENUES | 750 | 535 | 2,166 | 1,546 | |
Other | |||||
Product Information [Line Items] | |||||
REVENUES | $ 223 | $ 226 | $ 658 | $ 630 |
Operating Costs and Expenses (D
Operating Costs and Expenses (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Operating Costs and Expenses [Abstract] | ||||
Programming | $ 2,871 | $ 2,983 | $ 8,820 | $ 8,949 |
Regulatory, connectivity and produced content | 587 | 634 | 1,742 | 1,902 |
Costs to service customers | 1,982 | 1,899 | 5,801 | 5,530 |
Marketing | 861 | 788 | 2,493 | 2,280 |
Mobile | 846 | 607 | 2,403 | 1,765 |
Other | 1,130 | 1,068 | 3,391 | 3,187 |
Operating costs and expenses (exclusive of items shown separately in the consolidated statements of operations) | $ 8,277 | $ 7,979 | $ 24,650 | $ 23,613 |
Other Operating (Income) Expe_3
Other Operating (Income) Expenses, Net (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Other Income and Expenses [Abstract] | ||||
Special charges, net | $ 200 | $ (5) | $ 141 | $ 250 |
(Gain) loss on disposal of assets, net | 4 | (2) | 5 | 42 |
Other operating (income) expenses, net | $ 204 | $ (7) | 146 | 292 |
gain related to settlement of multiemployer pension plan | $ 54 | |||
Gain (Loss) Related to Litigation Settlement | $ 220 |
Other Income (Expenses), Net (D
Other Income (Expenses), Net (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Other Income and Expenses [Abstract] | ||||
Loss on extinguishment of debt (see Note 4) | $ 0 | $ (69) | $ (3) | $ (144) |
Loss on financial instruments, net (see Note 6) | (193) | (64) | (178) | (107) |
Net periodic pension benefits (costs) | 207 | (15) | 241 | 176 |
Loss on equity investments, net | (50) | (7) | (53) | (168) |
Other income (expenses), net | (36) | $ (155) | 7 | (243) |
Remeasurement Gain (Loss) | $ 189 | $ 189 | 155 | |
Impairment on equity investments | $ 165 |
Stock Compensation Plans (Detai
Stock Compensation Plans (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Stock Compensation Plans: | ||||
Stock compensation expense | $ 109 | $ 98 | $ 360 | $ 332 |
Stock options | ||||
Stock Compensation Plans: | ||||
Stock options granted in period (shares) | 50,700 | 36,900 | 1,455,100 | 1,278,700 |
Award vesting period | 3 years | |||
Award expiration period | 10 years | |||
Unrecognized compensation cost | $ 268 | $ 268 | ||
Remaining period over which to recognize unrecognized compensation expense | 2 years | |||
Restricted stock | ||||
Stock Compensation Plans: | ||||
Awards other than stock options granted in period (shares) | 0 | 0 | 6,800 | 4,600 |
Award vesting period | 1 year | |||
Unrecognized compensation cost | $ 2 | $ 2 | ||
Remaining period over which to recognize unrecognized compensation expense | 7 months | |||
Restricted stock units | ||||
Stock Compensation Plans: | ||||
Awards other than stock options granted in period (shares) | 175,600 | 8,900 | 618,700 | 363,100 |
Award vesting period | 3 years | |||
Unrecognized compensation cost | $ 329 | $ 329 | ||
Remaining period over which to recognize unrecognized compensation expense | 2 years |
Contingencies (Details)
Contingencies (Details) - USD ($) $ in Millions | 1 Months Ended | ||
Oct. 31, 2022 | Jul. 31, 2022 | Jun. 30, 2022 | |
Loss Contingencies [Line Items] | |||
Loss Contingency, Damages Awarded, Value | $ 7,000 | $ 375 | |
Subsequent Event | |||
Loss Contingencies [Line Items] | |||
Loss Contingency, Damages Awarded, Value | $ 1,144 | ||
Amount of bond posted | $ 25 |