Document And Entity Information
Document And Entity Information | 3 Months Ended |
Mar. 31, 2023 shares | |
Entity Information [Line Items] | |
Document Type | 10-Q |
Document Quarterly Report | true |
Document Period End Date | Mar. 31, 2023 |
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 | 2023 |
Document Fiscal Period Focus | Q1 |
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 | Mar. 31, 2023 |
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 | 2023 |
Document Fiscal Period Focus | Q1 |
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 | Mar. 31, 2023 | Dec. 31, 2022 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 292 | $ 392 |
Accounts receivable, less allowance for doubtful accounts of $211 and $219, respectively | 2,707 | 2,869 |
Receivables from related party | 7 | 0 |
Prepaid expenses and other current assets | 629 | 402 |
Total current assets | 3,635 | 3,663 |
INVESTMENT IN CABLE PROPERTIES: | ||
Property, plant and equipment, net of accumulated depreciation of $36,506 and $36,035, respectively | 35,717 | 35,147 |
Customer relationships, net of accumulated amortization of $15,777 and $15,478, respectively | 2,479 | 2,772 |
Franchises | 67,366 | 67,363 |
Goodwill | 29,563 | 29,563 |
Total investment in cable properties, net | 135,125 | 134,845 |
OTHER NONCURRENT ASSETS | 4,291 | 4,259 |
Total assets | 143,051 | 142,767 |
CURRENT LIABILITIES: | ||
Accounts payable and accrued liabilities | 9,056 | 9,735 |
Payables to related party | 0 | 11 |
Current portion of long-term debt | 1,999 | 1,510 |
Total current liabilities | 11,055 | 11,256 |
LONG-TERM DEBT | 95,973 | 96,093 |
DEFERRED INCOME TAXES | 54 | 54 |
OTHER LONG-TERM LIABILITIES | 3,434 | 3,471 |
MEMBER’S EQUITY: | ||
CCO Holdings member's equity | 32,512 | 31,868 |
Noncontrolling interests | 23 | 25 |
Total member’s equity | 32,535 | 31,893 |
Total liabilities and member’s equity | $ 143,051 | $ 142,767 |
CONSOLIDATED BALANCE SHEET (PAR
CONSOLIDATED BALANCE SHEET (PARENTHETICALS) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
CURRENT ASSETS: | ||
Allowance for doubtful accounts | $ 211 | $ 219 |
INVESTMENT IN CABLE PROPERTIES: | ||
Property, plant and equipment, accumulated depreciation | 36,506 | 36,035 |
Customer relationships, accumulated amortization | $ 15,777 | $ 15,478 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Income Statement [Abstract] | ||
REVENUES | $ 13,653 | $ 13,198 |
COSTS AND EXPENSES: | ||
Operating costs and expenses (exclusive of items shown separately below) | 8,539 | 8,158 |
Depreciation and amortization | 2,199 | 2,286 |
Other operating expenses, net | 11 | 3 |
Total costs and expenses | 10,749 | 10,447 |
Income from operations | 2,904 | 2,751 |
OTHER INCOME (EXPENSES): | ||
Interest expense, net | (1,256) | (1,053) |
Other income (expenses), net | (104) | 24 |
Total other income (expenses), net | (1,360) | (1,029) |
Income before income taxes | 1,544 | 1,722 |
Income tax expense | (14) | (13) |
Consolidated net income | $ 1,530 | $ 1,709 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN MEMBER'S EQUITY - USD ($) $ in Millions | Total | CCO Holdings Member’s Equity | Noncontrolling Interests |
Balance at Dec. 31, 2021 | $ 36,227 | $ 36,203 | $ 24 |
Rollforward of Consolidated Shareholders' Equity: | |||
Consolidated net income | 1,709 | 1,709 | 0 |
Stock compensation expense | 147 | 147 | 0 |
Contributions from parent | 81 | 81 | 0 |
Distributions to parent | (3,775) | (3,775) | 0 |
Distributions to noncontrolling interest | (1) | 0 | (1) |
Balance at Mar. 31, 2022 | 34,388 | 34,365 | 23 |
Balance at Dec. 31, 2022 | 31,893 | 31,868 | 25 |
Rollforward of Consolidated Shareholders' Equity: | |||
Consolidated net income | 1,530 | 1,530 | 0 |
Stock compensation expense | 208 | 208 | 0 |
Distributions to parent | (1,094) | (1,094) | 0 |
Distributions to noncontrolling interest | (2) | 0 | (2) |
Balance at Mar. 31, 2023 | $ 32,535 | $ 32,512 | $ 23 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Consolidated net income | $ 1,530 | $ 1,709 |
Adjustments to reconcile consolidated net income to net cash flows from operating activities: | ||
Depreciation and amortization | 2,199 | 2,286 |
Stock compensation expense | 208 | 147 |
Noncash interest income, net | (8) | (7) |
Other, net | 104 | (24) |
Changes in operating assets and liabilities, net of effects from acquisitions and dispositions: | ||
Accounts receivable | 162 | 56 |
Prepaid expenses and other assets | (332) | (169) |
Accounts payable, accrued liabilities and other | (457) | (342) |
Receivables from and payables to related party | (16) | (12) |
Net cash flows from operating activities | 3,390 | 3,644 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchases of property, plant and equipment | (2,464) | (1,857) |
Change in accrued expenses related to capital expenditures | (195) | 10 |
Other, net | (77) | (4) |
Net cash flows from investing activities | (2,736) | (1,851) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Borrowings of long-term debt | 7,104 | 6,713 |
Repayments of long-term debt | (6,740) | (2,954) |
Payments for debt issuance costs | (18) | (37) |
Repayments of loans payable - related parties, net | (3) | 0 |
Distributions to parent | (1,094) | (3,775) |
Contributions from parent | 0 | 81 |
Distributions to noncontrolling interest | (2) | (1) |
Other, net | (1) | 1 |
Net cash flows from financing activities | (754) | 28 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (100) | 1,821 |
CASH AND CASH EQUIVALENTS, beginning of period | 392 | 321 |
CASH AND CASH EQUIVALENTS, end of period | 292 | 2,142 |
CASH PAID FOR INTEREST | 1,182 | 975 |
CASH PAID FOR TAXES | $ 2 | $ 2 |
Organization and Basis of Prese
Organization and Basis of Presentation (Notes) | 3 Months Ended |
Mar. 31, 2023 | |
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 communications 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. Certain prior period amounts have been reclassified to conform with the 2023 presentation. Comprehensive income equaled consolidated net income for the three months ended March 31, 2023 and 2022. |
Accounts Payable and Accrued Li
Accounts Payable and Accrued Liabilities (Notes) | 3 Months Ended |
Mar. 31, 2023 | |
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 March 31, 2023 and December 31, 2022: March 31, 2023 December 31, 2022 Accounts payable – trade $ 726 $ 914 Deferred revenue 523 511 Accrued liabilities: Programming costs 1,882 1,914 Labor 947 1,306 Capital expenditures 1,592 1,792 Interest 1,248 1,165 Taxes and regulatory fees 507 512 Operating lease liabilities 257 261 Other 1,374 1,360 $ 9,056 $ 9,735 |
Long-Term Debt (Notes)
Long-Term Debt (Notes) | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt A summary of our debt as of March 31, 2023 and December 31, 2022 is as follows: March 31, 2023 December 31, 2022 Principal Amount Carrying Value Fair Value Principal Amount Carrying Value Fair Value Senior unsecured notes $ 27,250 $ 27,159 $ 23,638 $ 26,650 $ 26,567 $ 22,426 Senior secured notes and debentures (a) 55,873 56,230 47,636 56,841 57,213 46,905 Credit facilities (b) 14,640 14,583 14,267 13,877 13,823 13,467 $ 97,763 $ 97,972 $ 85,541 $ 97,368 $ 97,603 $ 82,798 (a) Includes the Company's £625 million fixed-rate British pound sterling denominated notes (the “Sterling Notes”) (remeasured at $771 million and $755 million as of March 31, 2023 and December 31, 2022, respectively, using the exchange rate at the respective dates) and the Company's £650 million aggregate principal amount of Sterling Notes (remeasured at $802 million and $786 million as of March 31, 2023 and December 31, 2022, respectively, 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 $3.3 billion as of March 31, 2023. The estimated fair value of the Company’s senior unsecured and secured notes and debentures as of March 31, 2023 and December 31, 2022 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 February 2023, CCO Holdings and CCO Holdings Capital Corp. jointly issued $1.1 billion of 7.375% senior unsecured notes due March 2031 at par. The net proceeds were used for general corporate purposes, including repaying certain indebtedness, distributions to the Company's parent companies to fund buybacks of Charter Class A common stock and Charter Holdings common units and to pay related fees and expenses. In February 2023, Charter Operating entered into an amendment to its credit agreement to replace London Interbank Offering Rate ("LIBOR") as the benchmark rate applicable to the Term B loans with Secured Overnight Financing Rate ("SOFR") and in March 2023, Charter Operating entered into another amendment to its credit agreement to incur a new Term B-3 loan with an aggregate principal amount of $750 million maturing in 2030 concurrently with the cancelation of certain of Charter |
Accounting for Derivative Instr
Accounting for Derivative Instruments and Hedging Activities (Notes) | 3 Months Ended |
Mar. 31, 2023 | |
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 $565 million and $570 million and is included in other long-term liabilities on its consolidated balance sheets as of March 31, 2023 and December 31, 2022, 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 March 31, 2023 2022 Change in fair value of cross-currency derivative instruments $ 5 $ (36) Foreign currency remeasurement of Sterling Notes to U.S. dollars (32) 50 Gain (loss) on financial instruments, net $ (27) $ 14 |
Revenue (Notes)
Revenue (Notes) | 3 Months Ended |
Mar. 31, 2023 | |
Revenue [Abstract] | |
Revenue | Revenues The Company’s revenues by product line are as follows: Three Months Ended March 31, 2023 2022 Internet $ 5,718 $ 5,452 Video 4,254 4,346 Voice 373 391 Mobile service 497 387 Residential revenue 10,842 10,576 Small and medium business 1,091 1,070 Enterprise 682 661 Commercial revenue 1,773 1,731 Advertising sales 355 383 Other 683 508 $ 13,653 $ 13,198 As of March 31, 2023 and December 31, 2022, accounts receivable, net on the consolidated balance sheets includes approximately $632 million and $577 million of current equipment installment plan receivables, respectively, and other noncurrent assets includes approximately $352 million and $261 million of noncurrent equipment installment plan receivables, respectively. |
Operating Costs and Expenses (N
Operating Costs and Expenses (Notes) | 3 Months Ended |
Mar. 31, 2023 | |
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 March 31, 2023 2022 Programming $ 2,799 $ 2,977 Other costs of revenue 1,328 1,108 Costs to service customers 2,095 1,959 Sales and marketing 946 880 Other expense 1,371 1,234 $ 8,539 $ 8,158 Programming costs consist primarily of costs paid to programmers for basic, premium, video on demand and pay-per-view programming. Other costs of revenue include costs directly related to providing Internet, video, voice and mobile services including mobile device costs, payments to franchise and regulatory authorities, payments for sports, local and news content produced by the Company and direct costs associated with selling advertising. Also included in other costs of revenue are 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 operations for the Company’s products, including mobile, sold to non-bulk 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. Sales and marketing costs represent the costs of selling and marketing our Internet, video, voice and mobile services to current and potential non-bulk residential and SMB customers, including labor cost. Other expense includes indirect costs associated with the Company’s Spectrum Enterprise, Spectrum Reach and Spectrum Networks businesses, including sales and marketing and bad debt expenses as well as costs associated with selling to and servicing bulk properties. Other expense also includes corporate overhead and stock compensation expense, among others. |
Other Operating Expenses, Net (
Other Operating Expenses, Net (Notes) | 3 Months Ended |
Mar. 31, 2023 | |
Other Income and Expenses [Abstract] | |
Other Operating Expenses, Net | Other Operating Expenses, NetOther operating expenses, net of $11 million and $3 million for the three months ended March 31, 2023 and 2022, respectively, primarily includes net amounts of litigation settlements and employee termination costs. |
Other Income, Net (Notes)
Other Income, Net (Notes) | 3 Months Ended |
Mar. 31, 2023 | |
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 March 31, 2023 2022 Gain (loss) on financial instruments, net (see Note 4) $ (27) $ 14 Net periodic pension benefits 2 17 Loss on equity investments, net (79) (7) $ (104) $ 24 |
Stock Compensation Plans (Notes
Stock Compensation Plans (Notes) | 3 Months Ended |
Mar. 31, 2023 | |
Stock Compensation Plans [Abstract] | |
Stock Compensation Plans | Stock Compensation PlansCharter’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 March 31, 2023 2022 Stock options 4,235,700 1,372,400 Restricted stock units 1,514,400 423,600 Stock options and restricted stock units generally cliff vest three years from the date of grant. Certain stock options and restricted stock units vest based on achievement of stock price hurdles. 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 March 31, 2023, total unrecognized compensation remaining to be recognized in future periods totaled $643 million for stock options, $0.2 million for restricted stock and $701 million for restricted stock units and the weighted average period over which they are expected to be recognized is two years for stock options, one month for restricted stock and two years for restricted stock units. |
Accounts Payable and Accrued _2
Accounts Payable and Accrued Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Accounts Payable and Accrued Liabilities [Abstract] | |
Accounts Payable and Accrued Liabilities | Accounts payable and accrued liabilities consist of the following as of March 31, 2023 and December 31, 2022: March 31, 2023 December 31, 2022 Accounts payable – trade $ 726 $ 914 Deferred revenue 523 511 Accrued liabilities: Programming costs 1,882 1,914 Labor 947 1,306 Capital expenditures 1,592 1,792 Interest 1,248 1,165 Taxes and regulatory fees 507 512 Operating lease liabilities 257 261 Other 1,374 1,360 $ 9,056 $ 9,735 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Long-term Debt Summary | A summary of our debt as of March 31, 2023 and December 31, 2022 is as follows: March 31, 2023 December 31, 2022 Principal Amount Carrying Value Fair Value Principal Amount Carrying Value Fair Value Senior unsecured notes $ 27,250 $ 27,159 $ 23,638 $ 26,650 $ 26,567 $ 22,426 Senior secured notes and debentures (a) 55,873 56,230 47,636 56,841 57,213 46,905 Credit facilities (b) 14,640 14,583 14,267 13,877 13,823 13,467 $ 97,763 $ 97,972 $ 85,541 $ 97,368 $ 97,603 $ 82,798 (a) Includes the Company's £625 million fixed-rate British pound sterling denominated notes (the “Sterling Notes”) (remeasured at $771 million and $755 million as of March 31, 2023 and December 31, 2022, respectively, using the exchange rate at the respective dates) and the Company's £650 million aggregate principal amount of Sterling Notes (remeasured at $802 million and $786 million as of March 31, 2023 and December 31, 2022, respectively, using the exchange rate at the respective dates). |
Accounting for Derivative Ins_2
Accounting for Derivative Instruments and Hedging Activities (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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 March 31, 2023 2022 Change in fair value of cross-currency derivative instruments $ 5 $ (36) Foreign currency remeasurement of Sterling Notes to U.S. dollars (32) 50 Gain (loss) on financial instruments, net $ (27) $ 14 |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Revenue [Abstract] | |
Revenue | The Company’s revenues by product line are as follows: Three Months Ended March 31, 2023 2022 Internet $ 5,718 $ 5,452 Video 4,254 4,346 Voice 373 391 Mobile service 497 387 Residential revenue 10,842 10,576 Small and medium business 1,091 1,070 Enterprise 682 661 Commercial revenue 1,773 1,731 Advertising sales 355 383 Other 683 508 $ 13,653 $ 13,198 |
Operating Costs and Expenses (T
Operating Costs and Expenses (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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 March 31, 2023 2022 Programming $ 2,799 $ 2,977 Other costs of revenue 1,328 1,108 Costs to service customers 2,095 1,959 Sales and marketing 946 880 Other expense 1,371 1,234 $ 8,539 $ 8,158 |
Other Income (Expenses), Net (T
Other Income (Expenses), Net (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Other Income and Expenses [Abstract] | |
Other Income (Expenses), Net | Other income (expenses), net consist of the following for the periods presented: Three Months Ended March 31, 2023 2022 Gain (loss) on financial instruments, net (see Note 4) $ (27) $ 14 Net periodic pension benefits 2 17 Loss on equity investments, net (79) (7) $ (104) $ 24 |
Stock Compensation Plans (Table
Stock Compensation Plans (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Stock Compensation Plans [Abstract] | |
Equity Award Grants | Charter granted the following equity awards for the periods presented. Three Months Ended March 31, 2023 2022 Stock options 4,235,700 1,372,400 Restricted stock units 1,514,400 423,600 |
Organization and Basis of Pre_2
Organization and Basis of Presentation (Details) | 3 Months Ended |
Mar. 31, 2023 | |
Organization and Basis of Presentation [Abstract] | |
Number of reportable segments | 1 |
Accounts Payable and Accrued _3
Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Accounts Payable and Accrued Liabilities [Abstract] | ||
Accounts payable – trade | $ 726 | $ 914 |
Deferred revenue | 523 | 511 |
Accrued liabilities: | ||
Programming costs | 1,882 | 1,914 |
Labor | 947 | 1,306 |
Capital expenditures | 1,592 | 1,792 |
Interest | 1,248 | 1,165 |
Taxes and regulatory fees | 507 | 512 |
Operating lease liabilities | 257 | 261 |
Other | 1,374 | 1,360 |
Total accounts payable and accrued liabilities | $ 9,056 | $ 9,735 |
Long-Term Debt (Details)
Long-Term Debt (Details) £ in Millions, $ in Millions | 3 Months Ended | ||
Mar. 31, 2023 USD ($) | Mar. 31, 2023 GBP (£) | Dec. 31, 2022 USD ($) | |
Long-term Debt: | |||
Principal Amount | $ 97,763 | $ 97,368 | |
Carrying Value | 97,972 | 97,603 | |
Fair Value | 85,541 | 82,798 | |
Senior unsecured notes | |||
Long-term Debt: | |||
Principal Amount | 27,250 | 26,650 | |
Carrying Value | 27,159 | 26,567 | |
Senior unsecured notes | Level 1 | |||
Long-term Debt: | |||
Fair Value | 23,638 | 22,426 | |
Senior secured notes and debentures(a) | |||
Long-term Debt: | |||
Principal Amount | 55,873 | 56,841 | |
Carrying Value | 56,230 | 57,213 | |
Senior secured notes and debentures(a) | Level 1 | |||
Long-term Debt: | |||
Fair Value | 47,636 | 46,905 | |
Credit facilities(b) | |||
Long-term Debt: | |||
Principal Amount | 14,640 | 13,877 | |
Carrying Value | 14,583 | 13,823 | |
Credit facilities(b) | Level 2 | |||
Long-term Debt: | |||
Fair Value | 14,267 | 13,467 | |
CCO Holdings | 7.375% senior unsecured notes due March 1, 2031 | |||
Long-term Debt: | |||
Principal Amount | $ 1,100 | ||
Stated interest rate (percentage) | 7.375% | 7.375% | |
Charter Operating | |||
Long-term Debt: | |||
Availability under credit facilities | $ 3,300 | ||
Charter Operating | Term Loan B-1 | |||
Long-term Debt: | |||
Principal Amount | $ 2,300 | ||
SOFR spread (percentage) | 1.75% | ||
Charter Operating | Term Loan B-2 | |||
Long-term Debt: | |||
Principal Amount | $ 3,100 | ||
SOFR spread (percentage) | 1.75% | ||
Charter Operating | Term Loan B-3 | |||
Long-term Debt: | |||
Principal Amount | $ 750 | ||
SOFR spread (percentage) | 2.25% | ||
Time Warner Cable | 5.750% Sterling Senior Notes Due June 2, 2031 | |||
Long-term Debt: | |||
Principal Amount | $ 771 | £ 625 | 755 |
Time Warner Cable | 5.250% Sterling Senior Notes Due July 15, 2042 | |||
Long-term Debt: | |||
Principal Amount | $ 802 | £ 650 | $ 786 |
Accounting for Derivative Ins_3
Accounting for Derivative Instruments and Hedging Activities (Details) £ in Millions, $ in Millions | 3 Months Ended | ||||
Mar. 31, 2023 USD ($) | Mar. 31, 2022 USD ($) | Mar. 31, 2023 GBP (£) | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Gain (Loss) On Financial Instruments, Net | |||||
Change in fair value of cross-currency derivative instruments | $ 5 | $ (36) | |||
Foreign currency remeasurement of Sterling Notes to U.S. dollars | (32) | 50 | |||
Gain (loss) on financial instruments, net | $ (27) | $ 14 | |||
Cross Currency Derivatives | |||||
Derivatives: | |||||
Notional amount | £ | £ 1,275 | ||||
Level 2 | Cross Currency Derivatives | |||||
Derivatives: | |||||
Derivative Liability | $ 565 | $ 570 |
Revenue (Details)
Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Product Information [Line Items] | |||
REVENUES | $ 13,653 | $ 13,198 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accounts receivable, net | 2,707 | $ 2,869 | |
Other noncurrent assets | 4,291 | 4,259 | |
Equipment installment plan receivable | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accounts receivable, net | 632 | 577 | |
Other noncurrent assets | 352 | $ 261 | |
Internet | |||
Product Information [Line Items] | |||
REVENUES | 5,718 | 5,452 | |
Video | |||
Product Information [Line Items] | |||
REVENUES | 4,254 | 4,346 | |
Voice | |||
Product Information [Line Items] | |||
REVENUES | 373 | 391 | |
Mobile service | |||
Product Information [Line Items] | |||
REVENUES | 497 | 387 | |
Residential revenue | |||
Product Information [Line Items] | |||
REVENUES | 10,842 | 10,576 | |
Small and medium business | |||
Product Information [Line Items] | |||
REVENUES | 1,091 | 1,070 | |
Enterprise | |||
Product Information [Line Items] | |||
REVENUES | 682 | 661 | |
Commercial revenue | |||
Product Information [Line Items] | |||
REVENUES | 1,773 | 1,731 | |
Advertising sales | |||
Product Information [Line Items] | |||
REVENUES | 355 | 383 | |
Other | |||
Product Information [Line Items] | |||
REVENUES | $ 683 | $ 508 |
Operating Costs and Expenses (D
Operating Costs and Expenses (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Operating Costs and Expenses [Abstract] | ||
Programming | $ 2,799 | $ 2,977 |
Other costs of revenue | 1,328 | 1,108 |
Costs to service customers | 2,095 | 1,959 |
Sales and marketing | 946 | 880 |
Other expense | 1,371 | 1,234 |
Operating costs and expenses (exclusive of items shown separately in the consolidated statements of operations) | $ 8,539 | $ 8,158 |
Other Operating Expenses, Net_2
Other Operating Expenses, Net (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Other Income and Expenses [Abstract] | ||
Other operating expenses, net | $ 11 | $ 3 |
Other Income (Expenses), Net (D
Other Income (Expenses), Net (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Other Income and Expenses [Abstract] | ||
Gain (loss) on financial instruments, net (see Note 4) | $ (27) | $ 14 |
Net periodic pension benefits | 2 | 17 |
Loss on equity investments, net | (79) | (7) |
Other income (expenses), net | $ (104) | $ 24 |
Stock Compensation Plans (Detai
Stock Compensation Plans (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Stock Compensation Plans: | ||
Stock compensation expense | $ 208 | $ 147 |
Stock options | ||
Stock Compensation Plans: | ||
Stock options granted in period (shares) | 4,235,700 | 1,372,400 |
Award vesting period | 3 years | |
Award expiration period | 10 years | |
Unrecognized compensation cost | $ 643 | |
Remaining period over which to recognize unrecognized compensation expense | 2 years | |
Restricted stock | ||
Stock Compensation Plans: | ||
Award vesting period | 1 year | |
Unrecognized compensation cost | $ 0.2 | |
Remaining period over which to recognize unrecognized compensation expense | 1 month | |
Restricted stock units | ||
Stock Compensation Plans: | ||
Awards other than stock options granted in period (shares) | 1,514,400 | 423,600 |
Award vesting period | 3 years | |
Unrecognized compensation cost | $ 701 | |
Remaining period over which to recognize unrecognized compensation expense | 2 years |