Condensed Consolidating Financial Statements | 3 Months Ended |
Mar. 31, 2015 |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Consolidating Financial Statements | Condensed Consolidating Financial Statements |
Long-term debt of AMC Networks includes $700,000 of 7.75% senior notes due July 2021 and $600,000 of 4.75% senior notes due December 2022. All outstanding senior notes issued by AMC Networks are guaranteed on a senior unsecured basis by certain of its existing and future domestic restricted subsidiaries (the “Guarantor Subsidiaries”). All Guarantor Subsidiaries are owned 100% by AMC Networks. The outstanding notes are fully and unconditionally guaranteed by the Guarantor Subsidiaries on a joint and several basis. |
Set forth below are condensed consolidating financial statements presenting the financial position, results of operations, comprehensive income, and cash flows of (i) the Parent Company, (ii) the Guarantor Subsidiaries on a combined basis (as such guarantees are joint and several), (iii) the direct and indirect non-guarantor subsidiaries of the Parent Company (the “Non-Guarantor Subsidiaries”) on a combined basis and (iv) reclassifications and eliminations necessary to arrive at the information for the Company on a consolidated basis. |
Basis of Presentation |
In presenting the condensed consolidating financial statements, the equity method of accounting has been applied to (i) the Parent Company's interests in the Guarantor Subsidiaries and the Non-Guarantor Subsidiaries, and (ii) the Guarantor Subsidiaries' interests in the Non-Guarantor Subsidiaries, even though all such subsidiaries meet the requirements to be consolidated under GAAP. All intercompany balances and transactions between the Parent Company, the Guarantor Subsidiaries and the Non-Guarantor Subsidiaries have been eliminated, as shown in the column "Eliminations." |
The accounting basis in all subsidiaries, including goodwill and identified intangible assets, have been allocated to the applicable subsidiaries. |
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Condensed Consolidating Balance Sheet |
March 31, 2015 |
| | | | | | | | | |
| Parent Company | | Guarantor Subsidiaries | | Non- Guarantor Subsidiaries | | Eliminations | | Consolidated |
ASSETS | | | | | | | | | |
Current Assets: | | | | | | | | | |
Cash and cash equivalents | $ | 871 | | | $ | 94,868 | | | $ | 98,568 | | | $ | — | | | $ | 194,307 | |
|
Accounts receivable, trade (less allowance for doubtful accounts) | — | | | 526,436 | | | 141,335 | | | — | | | 667,771 | |
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Amounts due from related parties, net | — | | | 3,433 | | | 258 | | | — | | | 3,691 | |
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Current portion of program rights, net | — | | | 333,065 | | | 95,464 | | | — | | | 428,529 | |
|
Prepaid expenses, other current assets and intercompany receivable | 11,269 | | | 98,818 | | | 17,303 | | | (56,821 | ) | | 70,569 | |
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Deferred tax asset, net | 14,840 | | | — | | | 2,514 | | | — | | | 17,354 | |
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Total current assets | 26,980 | | | 1,056,620 | | | 355,442 | | | (56,821 | ) | | 1,382,221 | |
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Property and equipment, net of accumulated depreciation | — | | | 82,937 | | | 51,915 | | | — | | | 134,852 | |
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Investment in affiliates | 1,993,179 | | | 1,191,414 | | | — | | | (3,184,593 | ) | | — | |
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Program rights, net | — | | | 900,817 | | | 97,094 | | | — | | | 997,911 | |
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Long-term intercompany notes receivable | 592,408 | | | 110,563 | | | — | | | (702,971 | ) | | — | |
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Deferred carriage fees, net | — | | | 56,336 | | | 3,122 | | | — | | | 59,458 | |
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Intangible assets, net | — | | | 197,349 | | | 368,076 | | | — | | | 565,425 | |
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Goodwill | — | | | 73,593 | | | 631,362 | | | — | | | 704,955 | |
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Other assets | 25,145 | | | 68,511 | | | 110,946 | | | — | | | 204,602 | |
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Total assets | $ | 2,637,712 | | | $ | 3,738,140 | | | $ | 1,617,957 | | | $ | (3,944,385 | ) | | $ | 4,049,424 | |
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LIABILITIES AND STOCKHOLDERS’ DEFICIENCY | | | | | | | | | |
Current Liabilities: | | | | | | | | | |
Accounts payable | $ | 6 | | | $ | 90,914 | | | $ | 38,146 | | | $ | — | | | $ | 129,066 | |
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Accrued liabilities and intercompany payable | 66,752 | | | 88,734 | | | 85,500 | | | (56,821 | ) | | 184,165 | |
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Current portion of program rights obligations | — | | | 213,698 | | | 71,168 | | | — | | | 284,866 | |
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Deferred revenue | — | | | 43,325 | | | 7,982 | | | — | | | 51,307 | |
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Promissory note payable | — | | | — | | | 40,000 | | | — | | | 40,000 | |
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Current portion of long-term debt | 92,500 | | | — | | | — | | | — | | | 92,500 | |
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Current portion of capital lease obligations | — | | | 2,252 | | | 529 | | | — | | | 2,781 | |
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Total current liabilities | 159,258 | | | 438,923 | | | 243,325 | | | (56,821 | ) | | 784,685 | |
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Program rights obligations | — | | | 464,378 | | | 12,042 | | | — | | | 476,420 | |
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Long-term debt | 2,649,182 | | | — | | | — | | | — | | | 2,649,182 | |
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Capital lease obligations | — | | | 11,184 | | | 15,306 | | | — | | | 26,490 | |
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Deferred tax liability, net | 118,271 | | | — | | | 11,120 | | | — | | | 129,391 | |
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Other liabilities and intercompany notes payable | 25,999 | | | 830,476 | | | (80,889 | ) | | (702,971 | ) | | 72,615 | |
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Total liabilities | 2,952,710 | | | 1,744,961 | | | 200,904 | | | (759,792 | ) | | 4,138,783 | |
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Commitments and contingencies | | | | | | | | | |
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Redeemable noncontrolling interests | — | | | — | | | 206,089 | | | — | | | 206,089 | |
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Stockholders’ deficiency: | | | | | | | | | |
AMC Networks stockholders’ (deficiency) equity | (314,998 | ) | | 1,993,179 | | | 1,191,414 | | | (3,184,593 | ) | | (314,998 | ) |
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Total AMC Networks stockholders’ (deficiency) equity | (314,998 | ) | | 1,993,179 | | | 1,191,414 | | | (3,184,593 | ) | | (314,998 | ) |
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Non-redeemable noncontrolling interests | — | | | — | | | 19,550 | | | — | | | 19,550 | |
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Total stockholders' (deficiency) equity | (314,998 | ) | | 1,993,179 | | | 1,210,964 | | | (3,184,593 | ) | | (295,448 | ) |
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Total liabilities and stockholders’ (deficiency) equity | $ | 2,637,712 | | | $ | 3,738,140 | | | $ | 1,617,957 | | | $ | (3,944,385 | ) | | $ | 4,049,424 | |
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Condensed Consolidating Balance Sheet |
31-Dec-14 |
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| Parent Company | | Guarantor Subsidiaries | | Non- Guarantor Subsidiaries | | Eliminations | | Consolidated |
ASSETS | | | | | | | | | |
Current Assets: | | | | | | | | | |
Cash and cash equivalents | $ | 1,581 | | | $ | 83,676 | | | $ | 116,110 | | | $ | — | | | $ | 201,367 | |
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Accounts receivable, trade (less allowance for doubtful accounts) | — | | | 443,720 | | | 143,473 | | | — | | | 587,193 | |
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Amounts due from related parties, net | — | | | 3,846 | | | 256 | | | — | | | 4,102 | |
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Current portion of program rights, net | — | | | 350,750 | | | 86,552 | | | — | | | 437,302 | |
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Prepaid expenses, other current assets and intercompany receivable | 44,011 | | | 75,631 | | | 6,702 | | | (52,050 | ) | | 74,294 | |
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Deferred tax asset, net | 22,221 | | | — | | | 2,601 | | | — | | | 24,822 | |
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Total current assets | 67,813 | | | 957,623 | | | 355,694 | | | (52,050 | ) | | 1,329,080 | |
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Property and equipment, net of accumulated depreciation | — | | | 80,064 | | | 53,780 | | | — | | | 133,844 | |
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Investment in affiliates | 1,851,065 | | | 1,237,919 | | | — | | | (3,088,984 | ) | | — | |
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Program rights, net | — | | | 878,294 | | | 81,647 | | | — | | | 959,941 | |
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Long-term intercompany receivable | 624,100 | | | 111,263 | | | — | | | (735,363 | ) | | — | |
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Deferred carriage fees, net | — | | | 44,644 | | | 2,093 | | | — | | | 46,737 | |
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Intangible assets, net | — | | | 199,785 | | | 391,039 | | | — | | | 590,824 | |
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Goodwill | — | | | 74,224 | | | 660,132 | | | — | | | 734,356 | |
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Other assets | 26,760 | | | 63,700 | | | 91,345 | | | — | | | 181,805 | |
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Total assets | $ | 2,569,738 | | | $ | 3,647,516 | | | $ | 1,635,730 | | | $ | (3,876,397 | ) | | $ | 3,976,587 | |
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LIABILITIES AND STOCKHOLDERS’ DEFICIENCY | | | | | | | | | |
Current Liabilities: | | | | | | | | | |
Accounts payable | $ | 15 | | | $ | 62,573 | | | $ | 39,278 | | | $ | — | | | $ | 101,866 | |
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Accrued liabilities and intercompany payable | 39,566 | | | 155,569 | | | 61,701 | | | (52,050 | ) | | 204,786 | |
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Current portion of program rights obligations | — | | | 212,310 | | | 58,889 | | | — | | | 271,199 | |
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Deferred revenue | — | | | 30,184 | | | 6,704 | | | — | | | 36,888 | |
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Promissory note payable | — | | | — | | | 40,000 | | | — | | | 40,000 | |
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Current portion of long-term debt | 74,000 | | | — | | | — | | | — | | | 74,000 | |
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Current portion of capital lease obligations | — | | | 2,226 | | | 727 | | | — | | | 2,953 | |
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Total current liabilities | 113,581 | | | 462,862 | | | 207,299 | | | (52,050 | ) | | 731,692 | |
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Program rights obligations | — | | | 453,343 | | | 12,329 | | | — | | | 465,672 | |
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Long-term debt | 2,685,566 | | | — | | | — | | | — | | | 2,685,566 | |
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Capital lease obligations | — | | | 11,884 | | | 15,502 | | | — | | | 27,386 | |
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Deferred tax liability, net | 113,742 | | | — | | | 14,324 | | | — | | | 128,066 | |
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Other liabilities and intercompany payable | 28,604 | | | 868,362 | | | (76,100 | ) | | (735,363 | ) | | 85,503 | |
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Total liabilities | 2,941,493 | | | 1,796,451 | | | 173,354 | | | (787,413 | ) | | 4,123,885 | |
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Commitments and contingencies | | | | | | | | | |
Redeemable noncontrolling interests | — | | | — | | | 204,611 | | | — | | | 204,611 | |
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Stockholders’ deficiency: | | | | | | | | | |
AMC Networks stockholders’ (deficiency) equity | (371,755 | ) | | 1,851,065 | | | 1,237,919 | | | (3,088,984 | ) | | (371,755 | ) |
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Total AMC Networks stockholders’ (deficiency) equity | (371,755 | ) | | 1,851,065 | | | 1,237,919 | | | (3,088,984 | ) | | (371,755 | ) |
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Non-redeemable noncontrolling interests | — | | | — | | | 19,846 | | | — | | | 19,846 | |
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Total stockholders' (deficiency) equity | (371,755 | ) | | 1,851,065 | | | 1,257,765 | | | (3,088,984 | ) | | (351,909 | ) |
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Total liabilities and stockholders’ (deficiency) equity | $ | 2,569,738 | | | $ | 3,647,516 | | | $ | 1,635,730 | | | $ | (3,876,397 | ) | | $ | 3,976,587 | |
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Condensed Consolidating Statement of Income |
Three Months Ended March 31, 2015 |
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| Parent Company | | Guarantor Subsidiaries | | Non- Guarantor Subsidiaries | | Eliminations | | Consolidated |
Revenues, net | $ | — | | | $ | 539,444 | | | $ | 129,463 | | | $ | (225 | ) | | $ | 668,682 | |
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Operating expenses: | | | | | | | | | |
Technical and operating (excluding depreciation and amortization) | — | | | 196,758 | | | 65,621 | | | (206 | ) | | 262,173 | |
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Selling, general and administrative | — | | | 118,486 | | | 36,091 | | | 2 | | | 154,579 | |
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Restructuring expense | — | | | 114 | | | 542 | | | — | | | 656 | |
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Depreciation and amortization | — | | | 8,967 | | | 11,560 | | | — | | | 20,527 | |
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| — | | | 324,325 | | | 113,814 | | | (204 | ) | | 437,935 | |
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Operating income | — | | | 215,119 | | | 15,649 | | | (21 | ) | | 230,747 | |
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Other income (expense): | | | | | | | | | |
Interest expense, net | (20,353 | ) | | (10,466 | ) | | (1,768 | ) | | — | | | (32,587 | ) |
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Share of affiliates' income | 275,985 | | | 4,385 | | | — | | | (280,370 | ) | | — | |
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Miscellaneous, net | (76,315 | ) | | 69,315 | | | (3,251 | ) | | 21 | | | (10,230 | ) |
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| 179,317 | | | 63,234 | | | (5,019 | ) | | (280,349 | ) | | (42,817 | ) |
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Income (loss) from continuing operations before income taxes | 179,317 | | | 278,353 | | | 10,630 | | | (280,370 | ) | | 187,930 | |
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Income tax expense | (58,398 | ) | | (2,367 | ) | | (489 | ) | | — | | | (61,254 | ) |
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Income from continuing operations | 120,919 | | | 275,986 | | | 10,141 | | | (280,370 | ) | | 126,676 | |
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Loss from discontinued operations, net of income taxes | — | | | — | | | — | | | — | | | — | |
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Net income including noncontrolling interest | 120,919 | | | 275,986 | | | 10,141 | | | (280,370 | ) | | 126,676 | |
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Net (income) attributable to noncontrolling interests | — | | | — | | | (5,756 | ) | | — | | | (5,756 | ) |
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Net income attributable to AMC Networks' stockholders | $ | 120,919 | | | $ | 275,986 | | | $ | 4,385 | | | $ | (280,370 | ) | | $ | 120,920 | |
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Condensed Consolidating Statement of Income |
Three Months Ended March 31, 2014 |
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| Parent Company | | Guarantor Subsidiaries | | Non- Guarantor Subsidiaries | | Eliminations | | Consolidated |
Revenues, net | $ | — | | | $ | 460,088 | | | $ | 64,466 | | | $ | — | | | $ | 524,554 | |
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Operating expenses: | | | | | | | | | |
Technical and operating (excluding depreciation and amortization) | — | | | 181,451 | | | 35,719 | | | — | | | 217,170 | |
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Selling, general and administrative | — | | | 126,377 | | | 18,980 | | | — | | | 145,357 | |
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Depreciation and amortization | — | | | 8,209 | | | 6,185 | | | — | | | 14,394 | |
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| — | | | 316,037 | | | 60,884 | | | — | | | 376,921 | |
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Operating income | — | | | 144,051 | | | 3,582 | | | — | | | 147,633 | |
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Other income (expense): | | | | | | | | | |
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Interest expense, net | (22,232 | ) | | (8,372 | ) | | (827 | ) | | — | | | (31,431 | ) |
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Share of affiliates' income (loss) | 123,173 | | | (3,592 | ) | | — | | | (119,581 | ) | | — | |
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Miscellaneous, net | 6,342 | | | (6,795 | ) | | (4,657 | ) | | — | | | (5,110 | ) |
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| 107,283 | | | (18,759 | ) | | (5,484 | ) | | (119,581 | ) | | (36,541 | ) |
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Income (loss) from continuing operations before income taxes | 107,283 | | | 125,292 | | | (1,902 | ) | | (119,581 | ) | | 111,092 | |
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Income tax expense | (35,916 | ) | | (2,541 | ) | | (648 | ) | | — | | | (39,105 | ) |
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Income (loss) from continuing operations | 71,367 | | | 122,751 | | | (2,550 | ) | | (119,581 | ) | | 71,987 | |
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Loss from discontinued operations, net of income taxes | — | | | — | | | (750 | ) | | — | | | (750 | ) |
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Net income (loss) including noncontrolling interest | 71,367 | | | 122,751 | | | (3,300 | ) | | (119,581 | ) | | 71,237 | |
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Net (income) loss attributable to noncontrolling interests | — | | | 422 | | | (292 | ) | | — | | | 130 | |
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Net income (loss) attributable to AMC Networks' stockholders | $ | 71,367 | | | $ | 123,173 | | | $ | (3,592 | ) | | $ | (119,581 | ) | | $ | 71,367 | |
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Condensed Consolidating Statement of Comprehensive Income |
Three Months Ended March 31, 2015 |
| Parent Company | | Guarantor Subsidiaries | | Non- Guarantor Subsidiaries | | Eliminations | | Consolidated |
Net income (loss) including non controlling interest | $ | 120,919 | | | $ | 275,986 | | | $ | 10,141 | | | $ | (280,370 | ) | | $ | 126,676 | |
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Other comprehensive income (loss): | | | | | | | | | |
Foreign currency translation adjustment | (71,711 | ) | | (71,692 | ) | | 10,886 | | | 71,692 | | | (60,825 | ) |
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Unrealized gain on interest rate swaps | 696 | | | — | | | — | | | — | | | 696 | |
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Other comprehensive income (loss), before income taxes | (71,015 | ) | | (71,692 | ) | | 10,886 | | | 71,692 | | | (60,129 | ) |
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Income tax expense | (2,279 | ) | | — | | | — | | | — | | | (2,279 | ) |
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Other comprehensive (loss) income, net of income taxes | (73,294 | ) | | (71,692 | ) | | 10,886 | | | 71,692 | | | (62,408 | ) |
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Comprehensive income | 47,625 | | | 204,294 | | | 21,027 | | | (208,678 | ) | | 64,268 | |
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Comprehensive (income) attributable to noncontrolling interests | — | | | — | | | (4,332 | ) | | — | | | (4,332 | ) |
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Comprehensive income attributable to AMC Networks' stockholders | $ | 47,625 | | | $ | 204,294 | | | $ | 16,695 | | | $ | (208,678 | ) | | $ | 59,936 | |
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Condensed Consolidated Statement of Comprehensive Income |
Three Months Ended March 31, 2014 |
| Parent Company | | Guarantor Subsidiaries | | Non- Guarantor Subsidiaries | | Eliminations | | Consolidated |
Net income (loss) including non controlling interest | $ | 71,367 | | | $ | 122,751 | | | $ | (3,300 | ) | | $ | (119,581 | ) | | $ | 71,237 | |
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Other comprehensive income (loss): | | | | | | | | | |
Foreign currency translation adjustment | 6,153 | | | 6,153 | | | (603 | ) | | (6,153 | ) | | 5,550 | |
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Unrealized gain on interest rate swaps | 786 | | | — | | | — | | | — | | | 786 | |
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Other comprehensive income (loss), before income taxes | 6,939 | | | 6,153 | | | (603 | ) | | (6,153 | ) | | 6,336 | |
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Income tax expense | (290 | ) | | — | | | — | | | — | | | (290 | ) |
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Other comprehensive (loss) income, net of income taxes | 6,649 | | | 6,153 | | | (603 | ) | | (6,153 | ) | | 6,046 | |
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Comprehensive income (loss) | 78,016 | | | 128,904 | | | (3,903 | ) | | (125,734 | ) | | 77,283 | |
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Comprehensive loss (income) attributable to noncontrolling interests | — | | | 422 | | | (292 | ) | | — | | | 130 | |
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Comprehensive income (loss) attributable to AMC Networks' stockholders | $ | 78,016 | | | $ | 129,326 | | | $ | (4,195 | ) | | $ | (125,734 | ) | | $ | 77,413 | |
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Condensed Consolidating Statement of Cash Flows |
Three Months Ended March 31, 2015 |
| | | | | | | | | |
| Parent Company | | Guarantor Subsidiaries | | Non- Guarantor Subsidiaries | | Eliminations | | Consolidated |
Cash flows from operating activities: | | | | | | | | | |
Net cash provided by operating activities | 223,495 | | | 111,816 | | | 25,373 | | | (280,489 | ) | | 80,195 | |
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Cash flows from investing activities: | | | | | | | | | |
Capital expenditures | (9 | ) | | (13,416 | ) | | (4,823 | ) | | — | | | (18,248 | ) |
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Payments for acquisitions, net of cash acquired | — | | | — | | | (6,581 | ) | | — | | | (6,581 | ) |
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Acquisition of investments | — | | | (82 | ) | | (25,128 | ) | | — | | | (25,210 | ) |
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(Increase) decrease to investment in affiliates | (122,915 | ) | | (14,892 | ) | | (70,990 | ) | | 208,797 | | | — | |
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Net cash (used in) provided by investing activities | (122,924 | ) | | (28,390 | ) | | (107,522 | ) | | 208,797 | | | (50,039 | ) |
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Cash flows from financing activities: | | | | | | | | | |
Principal payments on long-term debt | (18,500 | ) | | — | | | — | | | — | | | (18,500 | ) |
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Deemed repurchases of restricted stock/units | (12,848 | ) | | — | | | — | | | — | | | (12,848 | ) |
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Proceeds from stock option exercises | 130 | | | — | | | — | | | — | | | 130 | |
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Excess tax benefits from share-based compensation arrangements | 3,672 | | | — | | | — | | | — | | | 3,672 | |
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Principal payments on capital lease obligations | — | | | (542 | ) | | (878 | ) | | — | | | (1,420 | ) |
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Net cash (used in) provided by financing activities | (27,546 | ) | | (542 | ) | | (878 | ) | | — | | | (28,966 | ) |
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Net increase in cash and cash equivalents from continuing operations | 73,025 | | | 82,884 | | | (83,027 | ) | | (71,692 | ) | | 1,190 | |
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Cash flows from discontinued operations: | | | | | | | | | |
Net cash used in operating activities | — | | | — | | | — | | | — | | | — | |
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Net decrease in cash and cash equivalents from discontinued operations | — | | | — | | | — | | | — | | | — | |
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Effect of exchange rate changes on cash and cash equivalents | (73,735 | ) | | (71,692 | ) | | 65,485 | | | 71,692 | | | (8,250 | ) |
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Cash and cash equivalents at beginning of period | 1,581 | | | 83,676 | | | 116,110 | | | — | | | 201,367 | |
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Cash and cash equivalents at end of period | $ | 871 | | | $ | 94,868 | | | $ | 98,568 | | | $ | — | | | $ | 194,307 | |
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Condensed Consolidated Statement of Cash Flows |
Three Months Ended March 31, 2014 |
| | | | | | | | | |
| Parent Company | | Guarantor Subsidiaries | | Non- Guarantor Subsidiaries | | Eliminations | | Consolidated |
Cash flows from operating activities: | | | | | | | | | |
Net cash provided by (used in) operating activities | 89,738 | | | (39,066 | ) | | 25,279 | | | (1,352 | ) | | 74,599 | |
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Cash flows from investing activities: | | | | | | | | | |
Capital expenditures | (1,338 | ) | | (4,131 | ) | | (720 | ) | | — | | | (6,189 | ) |
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Payment for acquisition of a business, net of cash acquired | — | | | (1,009,286 | ) | | 16,076 | | | — | | | (993,210 | ) |
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(Increase) decrease to investment in affiliates | 37,298 | | | (63,824 | ) | | — | | | 26,526 | | | — | |
|
Proceeds from insurance settlements | — | | | 654 | | | — | | | — | | | 654 | |
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Net cash used in investing activities | 35,960 | | | (1,076,587 | ) | | 15,356 | | | 26,526 | | | (998,745 | ) |
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Cash flows from financing activities: | | | | | | | | | |
Proceeds from the issuance of long-term debt | 600,000 | | | — | | | — | | | — | | | 600,000 | |
|
Payments for financing costs | (9,036 | ) | | — | | | — | | | — | | | (9,036 | ) |
|
Deemed repurchases of restricted stock | (17,804 | ) | | — | | | — | | | — | | | (17,804 | ) |
|
Proceeds from stock option exercises | 843 | | | — | | | — | | | — | | | 843 | |
|
Excess tax benefits from share-based compensation arrangements | 4,520 | | | — | | | — | | | — | | | 4,520 | |
|
Principal payments on capital lease obligations | — | | | (414 | ) | | — | | | — | | | (414 | ) |
|
Long-term intercompany debt | (710,481 | ) | | 710,481 | | | — | | | — | | | — | |
|
Cash contributions from member | — | | | (2,600 | ) | | 2,600 | | | — | | | — | |
|
Net cash provided by (used in) financing activities | (131,958 | ) | | 707,467 | | | 2,600 | | | — | | | 578,109 | |
|
Net (decrease) increase in cash and cash equivalents from continuing operations | (6,260 | ) | | (408,186 | ) | | 43,235 | | | 25,174 | | | (346,037 | ) |
|
Cash flows from discontinued operations: | | | | | | | | | |
Net cash used in operating activities | — | | | — | | | (485 | ) | | — | | | (485 | ) |
|
Net decrease in cash and cash equivalents from discontinued operations | — | | | — | | | (485 | ) | | — | | | (485 | ) |
|
Effect of exchange rate changes on cash and cash equivalents | 6,153 | | | 6,151 | | | (3,105 | ) | | (25,174 | ) | | (15,975 | ) |
|
Cash and cash equivalents at beginning of period | 942 | | | 519,392 | | | 1,617 | | | — | | | 521,951 | |
|
Cash and cash equivalents at end of period | $ | 835 | | | $ | 117,357 | | | $ | 41,262 | | | $ | — | | | $ | 159,454 | |
|
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