Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 17, 2017 | Jun. 30, 2016 | |
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2,016 | ||
Entity Registrant Name | AMC Networks Inc. | ||
Entity Central Index Key | 1,514,991 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 3.6 | ||
Common Class A [Member] | |||
Entity Common Stock, Shares Outstanding | 56,254,726 | ||
Common Class B [Member] | |||
Entity Common Stock, Shares Outstanding | 11,484,408 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Current Assets: | ||
Cash and cash equivalents | $ 481,389 | $ 316,321 |
Accounts receivable, trade (less allowance for doubtful accounts of $6,064 and $4,307) | 700,655 | 674,611 |
Amounts due from related parties, net | 508 | 4,062 |
Current portion of program rights, net | 441,130 | 453,157 |
Prepaid expenses and other current assets | 72,661 | 72,989 |
Total current assets | 1,696,343 | 1,521,140 |
Property and equipment, net | 166,636 | 163,860 |
Program rights, net | 1,108,586 | 1,027,394 |
Deferred carriage fees, net | 43,886 | 50,069 |
Intangible assets, net | 485,809 | 549,180 |
Goodwill | 657,708 | 736,275 |
Deferred tax asset, net | 8,598 | 10,765 |
Other assets | 313,029 | 191,926 |
Total assets | 4,480,595 | 4,250,609 |
Current Liabilities: | ||
Accounts payable | 88,677 | 71,148 |
Accrued liabilities | 284,429 | 254,032 |
Current portion of program rights obligations | 300,845 | 289,897 |
Deferred revenue | 53,643 | 64,229 |
Current portion of long-term debt | 222,000 | 148,000 |
Current portion of capital lease obligations | 4,584 | 3,561 |
Total current liabilities | 954,178 | 830,867 |
Program rights obligations | 398,175 | 440,591 |
Long-term debt, net | 2,597,263 | 2,519,808 |
Capital lease obligations | 35,282 | 29,779 |
Deferred tax liability, net | 145,791 | 122,981 |
Other liabilities | 132,219 | 103,530 |
Total liabilities | 4,262,908 | 4,047,556 |
Commitments and contingencies | ||
Redeemable noncontrolling interests | 219,331 | 211,691 |
Stockholders' deficiency: | ||
Preferred stock, $0.01 par value, 45,000,000 shares authorized; none issued | 0 | 0 |
Paid-in capital | 142,798 | 123,157 |
Accumulated earnings | 295,409 | 24,880 |
Treasury stock, at cost (5,329,829 and 1,210,271 shares Class A Common Stock, respectively) | (275,230) | (51,993) |
Accumulated other comprehensive loss | (193,798) | (136,057) |
Total AMC Networks stockholders’ deficiency | (30,082) | (39,277) |
Non-redeemable noncontrolling interests | 28,438 | 30,639 |
Total stockholders’ deficiency | (1,644) | (8,638) |
Total liabilities and stockholders’ deficiency | 4,480,595 | 4,250,609 |
Common Class A [Member] | ||
Stockholders' deficiency: | ||
Common stock | 624 | 621 |
Common Class B [Member] | ||
Stockholders' deficiency: | ||
Common stock | $ 115 | $ 115 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Accounts receivable, trade, allowance for doubtful accounts | $ 6,064 | $ 4,307 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 45,000,000 | 45,000,000 |
Preferred stock, shares issued | 0 | 0 |
Treasury stock, shares | 5,329,829 | 1,210,271 |
Common Class A [Member] | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 360,000,000 | 360,000,000 |
Common Stock, Shares, Issued | 62,408,868 | 62,120,102 |
Common Stock, Shares, Outstanding | 57,079,039 | 60,909,831 |
Common Class B [Member] | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 90,000,000 | 90,000,000 |
Common Stock, Shares, Issued | 11,484,408 | 11,484,408 |
Common Stock, Shares, Outstanding | 11,484,408 | 11,484,408 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Statement [Abstract] | |||
Revenues, net (including revenues, net from related parties of $15,873, $27,508 and $28,089, respectively) | $ 2,755,654 | $ 2,580,935 | $ 2,175,641 |
Operating Expenses | |||
Technical and operating (excluding depreciation and amortization) | 1,279,984 | 1,137,133 | 983,575 |
Selling, general and administrative (including charges from related parties of $3,086, $4,903 and $3,217, respectively) | 636,028 | 636,580 | 560,950 |
Depreciation and amortization | 84,778 | 83,031 | 69,048 |
Impairment charges | 67,805 | 0 | 0 |
Restructuring expense | 29,503 | 14,998 | 15,715 |
Total operating expenses | 2,098,098 | 1,871,742 | 1,629,288 |
Operating income | 657,556 | 709,193 | 546,353 |
Other income (expense): | |||
Interest expense | (123,632) | (128,135) | (130,262) |
Interest income | 5,064 | 2,427 | 1,433 |
Loss on extinguishment of debt | (50,639) | 0 | 0 |
Miscellaneous, net | (33,524) | (691) | (20,496) |
Total other income (expense) | (202,731) | (126,399) | (149,325) |
Income from continuing operations before income taxes | 454,825 | 582,794 | 397,028 |
Income tax expense | (164,862) | (201,090) | (129,155) |
Income from continuing operations | 289,963 | 381,704 | 267,873 |
Loss from discontinued operations, net of income taxes | 0 | 0 | (3,448) |
Net income including noncontrolling interests | 289,963 | 381,704 | 264,425 |
Net income attributable to noncontrolling interests | (19,453) | (14,916) | (3,628) |
Net income attributable to AMC Networks’ stockholders | $ 270,510 | $ 366,788 | $ 260,797 |
Basic net income (loss) per share | |||
Income from continuing operations | $ 3.77 | $ 5.06 | $ 3.67 |
Loss from discontinued operations | 0 | 0 | (0.05) |
Net income | 3.77 | 5.06 | 3.62 |
Diluted net income (loss) per share | |||
Income from continuing operations | 3.74 | 5.01 | 3.63 |
Loss from discontinued operations | 0 | 0 | (0.05) |
Net income | $ 3.74 | $ 5.01 | $ 3.58 |
Weighted average common shares | |||
Basic weighted average common shares | 71,746 | 72,420 | 72,000 |
Diluted weighted average common shares | 72,410 | 73,190 | 72,854 |
Consolidated Statements of Inc5
Consolidated Statements of Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Statement [Abstract] | |||
Revenues, Net From Related Parties | $ 15,873 | $ 27,508 | $ 28,089 |
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party | $ 3,086 | $ 4,903 | $ 3,217 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Comprehensive Income [Abstract] | |||||||||||
Net income including noncontrolling interests | $ 19,043 | $ 67,469 | $ 83,387 | $ 120,064 | $ 90,686 | $ 76,900 | $ 87,442 | $ 126,676 | $ 289,963 | $ 381,704 | $ 264,425 |
Other comprehensive income (loss): | |||||||||||
Foreign currency translation adjustment | (45,426) | (55,852) | (74,758) | ||||||||
Unrealized gain on interest rate swaps | 22 | 3,365 | 4,320 | ||||||||
Other comprehensive loss, before income taxes | (45,404) | (52,487) | (70,438) | ||||||||
Income tax expense | 12,337 | 4,322 | 4,315 | ||||||||
Other comprehensive loss, net of income taxes | (57,741) | (56,809) | (74,753) | ||||||||
Comprehensive income | 232,222 | 324,895 | 189,672 | ||||||||
Comprehensive income attributable to noncontrolling interests | (16,491) | (13,123) | (1,304) | ||||||||
Comprehensive income attributable to AMC Networks’ stockholders | $ 215,731 | $ 311,772 | $ 188,368 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Deficiency - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Beginning Balance | $ (8,638) | $ (351,909) | $ (8,638) | $ (351,909) | $ (571,519) | ||
Net income attributable to AMC Networks’ stockholders | $ 14,498 | 113,444 | $ 90,089 | 120,920 | 270,510 | 366,788 | 260,797 |
Non-redeemable noncontrolling interests changes | (97) | 6,587 | |||||
Net income attributable to non-redeemable noncontrolling interests | 2,784 | 4,677 | (703) | ||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | (1,926) | ||||||
Contributions from noncontrolling interest | 0 | 1,322 | 835 | ||||
Other | (10,435) | (19) | |||||
Other comprehensive loss, net of income taxes | (57,741) | (56,809) | (74,753) | ||||
Other Comprehensive Income (Loss), Net of Tax | (60,703) | (58,602) | (77,077) | ||||
Share-based compensation expense | 38,897 | 31,020 | 28,363 | ||||
Proceeds from the exercise of stock options | 1,228 | 1,340 | 1,103 | ||||
Restricted stock units converted to shares | (10,822) | (14,452) | (40) | ||||
Excess tax benefits on share-based awards | 795 | 4,610 | 6,798 | ||||
Non-redeemable noncontrolling interests acquired | 22,038 | ||||||
Adjustment to issuance of members' interest by subsidiary, net | (312) | ||||||
Treasury stock acquired from forfeitures and acquisition of restricted shares | (223,237) | (22,192) | |||||
Ending Balance | (1,644) | (8,638) | (1,644) | (8,638) | (351,909) | ||
Additional Paid-in Capital [Member] | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Beginning Balance | 123,157 | 100,642 | 123,157 | 100,642 | 64,731 | ||
Other | (10,454) | ||||||
Share-based compensation expense | 38,897 | 31,020 | 28,363 | ||||
Proceeds from the exercise of stock options | 1,227 | 1,339 | 1,102 | ||||
Restricted stock units converted to shares | (10,824) | (14,454) | (40) | ||||
Excess tax benefits on share-based awards | 795 | 4,610 | 6,798 | ||||
Adjustment to issuance of members' interest by subsidiary, net | (312) | ||||||
Ending Balance | 142,798 | 123,157 | 142,798 | 123,157 | 100,642 | ||
Accumulated Deficit [Member] | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Beginning Balance | 24,880 | (341,889) | 24,880 | (341,889) | (602,686) | ||
Net income attributable to AMC Networks’ stockholders | 270,510 | 366,788 | 260,797 | ||||
Other | 19 | (19) | |||||
Ending Balance | 295,409 | 24,880 | 295,409 | 24,880 | (341,889) | ||
Treasury Stock [Member] | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Beginning Balance | (51,993) | (51,993) | (51,993) | (51,993) | (29,801) | ||
Treasury stock acquired from forfeitures and acquisition of restricted shares | (223,237) | (22,192) | |||||
Ending Balance | (275,230) | (51,993) | (275,230) | (51,993) | (51,993) | ||
Accumulated Other Comprehensive Loss [Member] | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Beginning Balance | (136,057) | (79,248) | (136,057) | (79,248) | (4,495) | ||
Other comprehensive loss, net of income taxes | (57,741) | (56,809) | (74,753) | ||||
Ending Balance | (193,798) | (136,057) | (193,798) | (136,057) | (79,248) | ||
Parent [Member] | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Beginning Balance | (39,277) | (371,755) | (39,277) | (371,755) | (571,519) | ||
Net income attributable to AMC Networks’ stockholders | 270,510 | 366,788 | 260,797 | ||||
Other | (10,435) | (19) | |||||
Other comprehensive loss, net of income taxes | (57,741) | (56,809) | (74,753) | ||||
Share-based compensation expense | 38,897 | 31,020 | 28,363 | ||||
Proceeds from the exercise of stock options | 1,228 | 1,340 | 1,103 | ||||
Restricted stock units converted to shares | (10,822) | (14,452) | (40) | ||||
Excess tax benefits on share-based awards | 795 | 4,610 | 6,798 | ||||
Adjustment to issuance of members' interest by subsidiary, net | (312) | ||||||
Treasury stock acquired from forfeitures and acquisition of restricted shares | (223,237) | (22,192) | |||||
Ending Balance | (30,082) | (39,277) | (30,082) | (39,277) | (371,755) | ||
Noncontrolling Interest [Member] | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Beginning Balance | 30,639 | 19,846 | 30,639 | 19,846 | 0 | ||
Non-redeemable noncontrolling interests changes | (97) | 6,587 | |||||
Net income attributable to non-redeemable noncontrolling interests | 2,784 | 4,677 | (703) | ||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | (1,926) | ||||||
Contributions from noncontrolling interest | 1,322 | 835 | |||||
Other Comprehensive Income (Loss), Net of Tax | (2,962) | (1,793) | (2,324) | ||||
Non-redeemable noncontrolling interests acquired | 22,038 | ||||||
Ending Balance | 28,438 | 30,639 | 28,438 | 30,639 | 19,846 | ||
Common Class A [Member] | Common Stock [Member] | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Beginning Balance | 621 | 618 | 621 | 618 | 617 | ||
Proceeds from the exercise of stock options | 1 | 1 | 1 | ||||
Restricted stock units converted to shares | 2 | 2 | |||||
Ending Balance | 624 | 621 | 624 | 621 | 618 | ||
Common Class B [Member] | Common Stock [Member] | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Beginning Balance | $ 115 | $ 115 | 115 | 115 | 115 | ||
Ending Balance | $ 115 | $ 115 | $ 115 | $ 115 | $ 115 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash flows from operating activities: | |||
Net income including noncontrolling interests | $ 289,963 | $ 381,704 | $ 264,425 |
Loss from discontinued operations | 0 | 0 | 3,448 |
Adjustments to reconcile income from continuing operations to net cash provided by operating activities: | |||
Depreciation and amortization | 84,778 | 83,031 | 69,048 |
Impairment charges | 67,805 | 0 | 0 |
Share-based compensation expense related to equity classified awards | 38,897 | 31,020 | 28,363 |
Amortization and write-off of program rights | 862,302 | 748,545 | 629,846 |
Amortization of deferred carriage fees | 16,990 | 16,018 | 11,362 |
Unrealized foreign currency transaction loss | 37,770 | 26,775 | 23,292 |
Unrealized (gain) loss on derivative contracts, net | (1,920) | 2,015 | (1,780) |
Amortization and write-off of deferred financing costs and discounts on indebtedness | 9,341 | 9,003 | 8,676 |
Loss on extinguishment of debt | 50,639 | 0 | 0 |
Provision for doubtful accounts | 1,924 | 1,705 | 1,028 |
Deferred income taxes | 11,642 | 19,616 | 1,207 |
Excess tax benefits from share-based compensation arrangements | (789) | (4,610) | (6,798) |
Gain on investments | 0 | (16,632) | (4,789) |
Other, net | (6,383) | 857 | 3,914 |
Changes in assets and liabilities: | |||
Accounts receivable, trade | (30,050) | (111,005) | (72,984) |
Amounts due from related parties, net | (3,554) | (41) | (2,768) |
Prepaid expenses and other assets | (4,981) | (24,355) | (3,869) |
Program rights and obligations, net | (973,193) | (839,123) | (690,237) |
Income taxes payable | 43,153 | (4,796) | 24,140 |
Deferred revenue | (9,836) | 27,495 | 10,293 |
Deferred carriage fees, net | (10,396) | (19,616) | (13,063) |
Accounts payable, accrued expenses and other liabilities | 33,115 | 42,351 | 87,472 |
Net cash provided by operating activities | 514,325 | 370,039 | 375,762 |
Cash flows from investing activities: | |||
Capital expenditures | (79,220) | (68,321) | (39,739) |
Investments in and loans to investees | (354) | (24,199) | (1,184,587) |
Investments in and loans to investees | (95,000) | (24,250) | (5,375) |
Proceeds from insurance settlements | 0 | 0 | 654 |
Proceeds from the sale of an investment | 0 | 0 | 5,837 |
Net cash used in investing activities | (174,574) | (116,770) | (1,223,210) |
Cash flows from financing activities: | |||
Proceeds from the issuance of long-term debt | 982,500 | 0 | 600,000 |
Repayment of long-term debt | (848,000) | (74,000) | 0 |
Payment of promissory note | 0 | (40,000) | 0 |
Premium and fees paid on extinguishment of debt | (40,954) | 0 | 0 |
Payments for financing costs | (2,070) | 0 | (9,266) |
Deemed repurchase of restricted stock/units | (10,822) | (14,452) | (22,192) |
Purchase of treasury stock | 223,237 | 0 | 0 |
Proceeds from stock option exercises | 1,228 | 1,340 | 1,103 |
Excess tax benefits from share-based compensation arrangements | 789 | 4,610 | 6,798 |
Principal payments on capital lease obligations | (4,288) | (2,945) | (2,401) |
Distributions to noncontrolling interest | (9,010) | (3,154) | 0 |
Contributions from noncontrolling interest | 0 | 1,322 | 835 |
Net cash (used in) provided by financing activities | (153,864) | (127,279) | 574,877 |
Net increase (decrease) in cash and cash equivalents from continuing operations | 185,887 | 125,990 | (272,571) |
Cash flows from discontinued operations: | |||
Net cash used in operating activities | 0 | 0 | (2,955) |
Net decrease in cash and cash equivalents from discontinued operations | 0 | 0 | (2,955) |
Effect of exchange rate changes on cash and cash equivalents | (20,819) | (11,036) | (45,058) |
Cash and cash equivalents at beginning of year | 316,321 | 201,367 | 521,951 |
Cash and cash equivalents at end of year | $ 481,389 | $ 316,321 | $ 201,367 |
Description Of Business And Bas
Description Of Business And Basis Of Presentation | 12 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description Of Business And Basis Of Presentation | Description of Business and Basis of Presentation Description of Business AMC Networks Inc. (“AMC Networks”) and its subsidiaries (collectively referred to as the “Company”) own and operate entertainment businesses and assets. The Company is comprised of two operating segments: • National Networks: Includes activities of our programming businesses, which include our five programming networks, distributed in the U.S. and Canada. These programming networks include AMC, WE tv, BBC AMERICA, IFC, and SundanceTV in the U.S.; and AMC, IFC, and Sundance Channel in Canada. Our AMC Studios operations within the National Networks segment also sell rights worldwide to their owned original programming. The National Networks operating segment also includes AMC Networks Broadcasting & Technology, the technical services business, which primarily services most of the programming networks included in the National Networks segment. • International and Other: Principally includes AMC Networks International (“AMCNI”), the Company’s international programming businesses consisting of a portfolio of channels in Europe, Latin America, the Middle East and parts of Asia and Africa; IFC Films, the Company’s independent film distribution business; AMCNI- DMC, the broadcast solutions unit of certain networks of AMCNI and third-party networks, and various developing on-line content distribution initiatives. Basis of Presentation Principles of Consolidation The consolidated financial statements include the accounts of AMC Networks and its majority owned or controlled subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported period. Actual results could differ from those estimates. Significant estimates and judgments inherent in the preparation of the consolidated financial statements include the valuation of acquisition-related assets and liabilities, derivative assets and liabilities, certain stock compensation awards, the useful lives and methodologies used to amortize and assess recoverability of program rights, the estimated useful lives of intangible assets, valuation and recoverability of goodwill and intangible assets and income tax assets and liabilities. Reclassifications Certain reclassifications were made to the prior period amounts to conform to the current period presentation, including the adoption of Accounting Standards Update (“ASU”) No. 2015-17, Income Taxes (Topic 740) Balance Sheet Classification of Deferred Taxes which requires deferred tax liabilities and assets be classified as noncurrent in the statement of financial position. The adoption of ASU 2015-17 did not have a material impact on the Company's consolidated financial statements. Discontinued Operations In connection with the acquisition of Chellomedia (see Note 3 ), management committed to a plan to dispose of the operations of Chellomedia's advertising sales unit, Atmedia, which was completed in August 2014. The operating results of Atmedia have been classified as discontinued operations for the year ended December 31, 2014. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Revenue Recognition Revenue is recognized when persuasive evidence of a sales arrangement exists, delivery occurs or services are rendered, the sales price is fixed or determinable and collectability is reasonably assured. Revenue recognition for each source of the Company’s revenue is based on the following policies: Distribution The Company recognizes revenue from distributors that carry the Company’s programming services under multi-year contracts, commonly referred to as “affiliation agreements.” The programming services are delivered throughout the terms of the agreements and the Company recognizes revenue as programming is provided. Revenue from the licensing of original programming for digital and foreign distribution is recognized upon availability or distribution by the licensee. Revenue from video on demand and similar pay-per-view arrangements is recognized as programming is exhibited based on end-customer purchases as reported by the distributor. Revenue derived from other sources is recognized when delivery occurs or the services are rendered. Advertising Advertising revenues are recognized, net of agency commissions, when commercials are aired. In most advertising sales arrangements, the Company’s programming businesses guarantee specified viewer ratings for their programming. For these types of transactions, a portion of such revenue is deferred if the guaranteed viewer ratings are not met and is subsequently recognized either when the Company provides the required additional advertising time or the guarantee obligation contractually expires. Multiple-Element Transactions For multiple-deliverable revenue arrangements, the Company uses the relative selling price method to allocate the arrangement consideration. Under the relative selling price method, the Company determines its best estimate of selling price in a manner consistent with that used to determine the price to sell the deliverable on a stand-alone basis. For multiple-element deliverable arrangements that include elements other than revenue, if there is objective and reliable evidence of fair value for all elements of accounting, the arrangement consideration is allocated to the separate elements of accounting based on relative fair values. There may be cases in which there is objective and reliable evidence of fair value of undelivered items in an arrangement but no such evidence for the delivered items. In those cases, the total fair value of the undelivered elements, as indicated by vendor-specific objective evidence, is deferred and the remainder of the arrangement consideration is allocated to the delivered elements. Technical and Operating Expenses Costs of revenues, including but not limited to programming expense, primarily consisting of amortization or write-offs of programming rights, such as those for original programming, feature films and licensed series, participation and residual costs, distribution and production related costs and program operating costs, such as origination, transmission, uplinking and encryption, are classified as technical and operating expenses in the consolidated statements of income. Advertising and Distribution Expenses Advertising costs are charged to expense when incurred and are recorded to selling, general and administrative expenses in the consolidated statements of income. Advertising costs were $222,067 , $210,929 and $178,068 for the years ended December 31, 2016 , 2015 and 2014 , respectively. Marketing, distribution and general and administrative costs related to the exploitation of owned original programming are expensed as incurred and are recorded to selling, general and administrative expenses in the consolidated statements of income. Share-Based Compensation The Company measures the cost of employee services received in exchange for an award of equity-based instruments based on the grant date fair value of the portion of awards that are ultimately expected to vest. The cost is recognized in earnings over the period during which an employee is required to provide service in exchange for the award using a straight-line amortization method, except for restricted stock units granted to non-employee directors which vest 100% , and are expensed, at the date of grant. Share-based compensation expense is included in selling, general and administrative expenses in the consolidated statements of income. Foreign Currency The reporting currency of the Company is the U.S. dollar. The functional currency of most of the Company’s international subsidiaries is the local currency. Assets and liabilities, including intercompany balances for which settlement is anticipated in the foreseeable future, are translated at exchange rates in effect at the balance sheet date. Foreign currency equity balances are translated at historical rates. Revenues and expenses denominated in foreign currencies are translated at average exchange rates for the respective periods. Foreign currency translation adjustments are recorded as a component of other comprehensive income ("OCI") in the consolidated statements of stockholders' deficiency. Transactions denominated in currencies other than subsidiaries’ functional currencies are recorded based on exchange rates at the time such transactions arise. Changes in exchange rates with respect to amounts recorded in the consolidated balance sheets related to these items will result in unrealized foreign currency transaction gains and losses based upon period-end exchange rates. The Company also records realized foreign currency transaction gains and losses upon settlement of the transactions. The Company recognized foreign currency transaction losses (realized and unrealized) of $38,951 , $21,990 and $23,729 for the years ended December 31, 2016 , 2015 and 2014 , respectively, which are included in miscellaneous, net in the consolidated statements of income. Cash and Cash Equivalents The Company’s cash investments are placed with money market funds and financial institutions that are investment grade as rated by Standard & Poor’s and Moody’s Investors Service. The Company selects money market funds that predominantly invest in marketable, direct obligations issued or guaranteed by the U.S. government or its agencies, commercial paper, fully collateralized repurchase agreements, certificates of deposit, and time deposits. The Company considers the balance of its investment in funds that hold securities that mature within three months or less from the date the fund purchases these securities to be cash equivalents. The carrying amount of cash and cash equivalents either approximates fair value due to the short-term maturity of these instruments or are at fair value. Accounts Receivable, Trade The Company periodically assesses the adequacy of valuation allowances for uncollectible accounts receivable by evaluating the collectability of outstanding receivables and general factors such as length of time individual receivables are past due, historical collection experience, and the economic and competitive environment. As of December 31, 2016 and 2015 , the Company had $114,258 and $79,048 , respectively, of accounts receivable contractually due in excess of one-year, which are included in other assets in the consolidated balance sheets. Program Rights Rights to programming, including feature films and episodic series, acquired under license agreements are stated at the lower of unamortized cost or net realizable value. Such licensed rights along with the related obligations are recorded at the contract value when a license agreement is executed, unless there is uncertainty with respect to either cost, acceptability or availability. If such uncertainty exists, those rights and obligations are recorded at the earlier of when the uncertainty is resolved or the license period begins. Costs are amortized to technical and operating expense on a straight-line basis over a period not to exceed the respective license periods. The Company’s owned original programming is primarily produced by production companies, with the remainder produced by the Company. Owned original programming costs, including estimated participation and residual costs, qualifying for capitalization as program rights are amortized to technical and operating expense over their estimated useful lives, commencing upon the first airing, based on attributable revenue for airings to date as a percentage of total projected attributable revenue, or ultimate revenue (film-forecast-computation method). Projected attributable revenue is based on previously generated revenues for similar content in established markets, primarily consisting of distribution and advertising revenues, and projected program usage. Projected program usage is based on the Company’s current expectation of future exhibitions taking into account historical usage of similar content. Projected attributable revenue can change based upon programming market acceptance, levels of distribution and advertising revenue and decisions regarding planned program usage. These calculations require management to make assumptions and to apply judgment regarding revenue and planned usage. Accordingly, the Company periodically reviews revenue estimates and planned usage and revises its assumptions if necessary, which could impact the timing of amortization expense or result in a write-down to fair value. The Company periodically reviews the programming usefulness of its licensed and owned original program rights based on a series of factors, including expected future revenue generation from airings on the Company's networks and other exploitation opportunities, ratings, type and quality of program material, standards and practices, and fitness for exhibition through various forms of distribution. If it is determined that film or other program rights have limited, or no, future programming usefulness, a write-off of the unamortized cost is recorded in technical and operating expense. See Note 5 for further discussion regarding program rights write-offs. Investments The Company holds investments in equity method and cost method investees and other marketable securities. Investments in equity method investees are those for which the Company has the ability to exercise significant influence but does not control and is not the primary beneficiary. Significant influence typically exists if the Company has a 20% to 50% ownership interest in a venture unless persuasive evidence to the contrary exists. Under this method of accounting, the Company records its proportionate share of the net earnings or losses of equity method investees and a corresponding increase or decrease to the investment balances. Cash payments to equity method investees such as additional investments, loans and advances and expenses incurred on behalf of investees, as well as payments from equity method investees such as dividends, distributions and repayments of loans and advances are recorded as adjustments to investment balances. The Company evaluates its equity method investments for impairment whenever events or changes in circumstances indicate that the carrying amounts of such investments may not be recoverable. Investments in entities or other securities in which the Company has no control or significant influence and is not the primary beneficiary are accounted for at fair value or cost. Investments in equity securities with readily determinable fair values are accounted for at fair value, based on quoted market prices, and classified as either trading securities or available-for-sale securities. For investments classified as trading securities, unrealized and realized gains and losses related to the investment and corresponding liability are recorded in earnings as a component of miscellaneous, net, in the consolidated statements of income. For investments classified as available-for-sale securities, which include investments in common stock, unrealized gains and losses are recorded net of income taxes in other comprehensive (loss) income until the security is sold or considered impaired. If declines in the value of available-for-sale securities are determined to be other-than-temporary, a loss is recorded in earnings in the current period as a component of miscellaneous, net in the consolidated statements of income. Impairments are determined based on, among other factors, the length of time the fair value of the investment has been less than the carrying value, future business prospects for the investee, and information regarding market and industry trends for the investee’s business, if available. For purposes of computing realized gains and losses, the Company determines cost on a specific identification basis. Cost method investments are recorded at the lower of cost or fair value. If declines in the value of cost method investments are determined to be other-than-temporary, a loss is recorded in earnings in the current period as a component of miscellaneous, net in the consolidated statements of income. Long-Lived Assets and Amortizable Intangible Assets Property and equipment are carried at cost. Equipment under capital leases is recorded at the present value of the total minimum lease payments. Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets or, with respect to equipment under capital leases and leasehold improvements, amortized over the shorter of the lease term or the assets’ useful lives and reported in depreciation and amortization in the consolidated statements of income. Amortizable intangible assets established in connection with business combinations primarily consist of affiliate and customer relationships, advertiser relationships and tradenames. Amortizable intangible assets are amortized on a straight-line basis over their respective estimated useful lives. The Company reviews its long-lived assets (property and equipment, and amortizable intangible assets) for impairment whenever events or circumstances indicate that the carrying amount of an asset may not be recoverable. If the sum of the expected cash flows, undiscounted and without interest, is less than the carrying amount of the asset, an impairment loss is recognized as the amount by which the carrying amount of the asset exceeds its fair value. See Notes 7 and 8 for further discussion regarding impairment charges recorded for the year ended December 31, 2016 relating to long-lived assets associated with the Company's AMCNI – DMC asset group. Goodwill and Indefinite-Lived Intangible Assets Goodwill Goodwill and identifiable intangible assets that have indefinite useful lives are not amortized, but instead are tested annually for impairment and upon the occurrence of certain events or substantive changes in circumstances. The annual goodwill impairment test allows for the option to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. An entity may choose to perform the qualitative assessment on none, some or all of its reporting units or an entity may bypass the qualitative assessment for any reporting unit and proceed directly to step one of the quantitative impairment test. If it is determined, on the basis of qualitative factors, that the fair value of a reporting unit is, more likely than not, less than its carrying value, the quantitative impairment test is required. The quantitative impairment test is a two-step process. The first step compares the carrying amount of a reporting unit, including goodwill, with its fair value utilizing an enterprise-value based approach. If the carrying amount of a reporting unit exceeds its fair value, the second step of the goodwill impairment test is performed to measure the amount of the goodwill impairment loss, if any. The second step compares the implied fair value of the reporting unit’s goodwill with the carrying amount of that goodwill. If the carrying amount of the reporting unit’s goodwill exceeds the implied fair value of that goodwill, an impairment loss is recognized in an amount equal to that excess. The implied fair value of goodwill is determined in the same manner as the amount of goodwill that would be recognized in a business combination. See Note 8 for further discussion regarding impairment charges recorded for the year ended December 31, 2016 relating to goodwill associated with the Company's AMCNI – DMC reporting unit. Indefinite-Lived Intangible Assets Indefinite-lived intangible assets established in connection with business combinations primarily consist of trademarks. The impairment test for identifiable indefinite-lived intangible assets consists of a comparison of the estimated fair value of the intangible asset with its carrying value. If the carrying value exceeds its fair value, an impairment loss is recognized in an amount equal to that excess. Deferred Carriage Fees Deferred carriage fees represent amounts principally paid to multichannel video programming distributors to obtain additional subscribers and/or guarantee carriage of certain programming services and are amortized as a reduction of revenue over the period of the related affiliation arrangement (up to 13 years). Derivative Financial Instruments The Company’s derivative financial instruments are recorded as either assets or liabilities in the consolidated balance sheet based on their fair values. The Company’s embedded derivative financial instruments which are clearly and closely related to the host contracts are not accounted for on a stand-alone basis. Changes in the fair values are reported in earnings or other comprehensive income depending on the use of the derivative and whether it qualifies for hedge accounting. Derivative instruments are designated and accounted for as either a hedge of a recognized asset or liability (fair value hedge) or a hedge of a forecasted transaction (cash flow hedge). For derivatives not designated as hedges, changes in fair values are recognized in earnings and included in interest expense, for interest rate swap contracts and miscellaneous, net, for foreign currency and other derivative contracts. For derivatives designated as effective cash flow hedges, changes in fair values are recognized in other comprehensive income (loss). Changes in fair values related to fair value hedges as well as the ineffective portion of cash flow hedges are recognized in earnings. Changes in the fair value of the underlying hedged item of a fair value hedge are also recognized in earnings. See Note 12 for a further discussion of the Company’s derivative financial instruments. Income Taxes The Company’s provision for income taxes is based on current period income, changes in deferred tax assets and liabilities and estimates with regard to the liability for unrecognized tax benefits resulting from uncertain tax positions. Deferred tax assets are evaluated quarterly for expected future realization and reduced by a valuation allowance to the extent management believes it is more likely than not that a portion will not be realized. The Company provides deferred taxes for the outside basis difference for its investment in partnerships. Interest and penalties, if any, associated with uncertain tax positions are included in income tax expense. Commitments and Contingencies Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount of the contingency can be reasonably estimated. Concentration of Credit Risk Financial instruments that potentially subject the Company to a concentration of credit risk consist primarily of cash and cash equivalents and trade accounts receivable. Cash is invested in money market funds and bank time deposits. The Company monitors the financial institutions and money market funds where it invests its cash and cash equivalents with diversification among counterparties to mitigate exposure to any single financial institution. The Company’s emphasis is primarily on safety of principal and liquidity and secondarily on maximizing the yield on its investments. As of December 31, 2016 and 2015 , one customer accounted for 19% and 17% , respectively, of the combined balances of consolidated accounts receivable, trade and receivables due in excess of one-year (included in other assets). Redeemable Noncontrolling Interests Noncontrolling interest with redemption features, such as put options, that are not solely within the Company's control are considered redeemable noncontrolling interests. Redeemable noncontrolling interests are considered to be temporary equity and are reported in the mezzanine section between total liabilities and stockholders' deficiency in the Company's consolidated balance sheet at the greater of the initial carrying amount, increased or decreased for the noncontrolling interest's share of net income or loss, or its redemption value. Net Income per Share The consolidated statements of income present basic and diluted net income per share (“EPS”). Basic EPS is based upon net income divided by the weighted-average number of common shares outstanding during the period. Diluted EPS reflects the dilutive effects of AMC Networks stock options and restricted shares/units. The following is a reconciliation between basic and diluted weighted average shares outstanding: Years Ended December 31, 2016 2015 2014 Basic weighted average shares outstanding 71,746,000 72,420,000 72,000,000 Effect of dilution: Stock options 13,000 148,000 225,000 Restricted shares/units 651,000 622,000 629,000 Diluted weighted average shares outstanding 72,410,000 73,190,000 72,854,000 Common Stock of AMC Networks Each holder of AMC Networks Class A Common Stock has one vote per share while holders of AMC Networks Class B Common Stock have ten votes per share. AMC Networks Class B shares can be converted to AMC Networks Class A Common Stock at any time with a conversion ratio of one AMC Networks Class A common share for one AMC Networks Class B common share. The AMC Networks Class A stockholders are entitled to elect 25% of the Company’s Board of Directors. AMC Networks Class B stockholders have the right to elect the remaining members of the Company’s Board of Directors. In addition, AMC Networks Class B stockholders are parties to an agreement which has the effect of causing the voting power of these AMC Networks Class B stockholders to be cast as a block. Stock Repurchase Program On March 4, 2016, the Company’s Board of Directors authorized a program to repurchase up to $500,000 of its outstanding shares of common stock (the “2016 Stock Repurchase Program”). The 2016 Stock Repurchase Program has no pre-established closing date and may be suspended or discontinued at any time. For the year ended December 31, 2016 , the Company repurchased 4,119,558 shares of its Class A common stock at an average purchase price of approximately $54.19 per share. As of December 31, 2016 , the Company has $276,763 available for repurchase under the 2016 Stock Repurchase Program. Shares Outstanding Class A Common Stock Class B Common Stock Balance at December 31, 2013 60,794,114 11,484,408 Employee and non-employee director stock transactions* (241,441 ) — Balance at December 31, 2014 60,552,673 11,484,408 Employee and non-employee director stock transactions* 357,158 — Balance at December 31, 2015 60,909,831 11,484,408 Share repurchases (4,119,558 ) — Employee and non-employee director stock transactions* 288,766 — Balance at December 31, 2016 57,079,039 11,484,408 *Reflects common stock activity in connection with employee stock option exercises and restricted shares granted to employees, as well as in connection with the fulfillment of employees’ statutory tax withholding obligations for applicable income and other employment taxes and forfeited employee restricted shares. Recently Issued Accounting Pronouncements In January 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2017-04 Intangibles- Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. ASU 2017-04 removes Step 2 of the current goodwill impairment test under ASC 350 and replaces it with a simplified model. Under the simplified model, a goodwill impairment will be calculated as the difference between the carrying amount of a reporting unit and its fair value, but not to exceed the carrying amount of goodwill. The amount of any impairment under the simplified model may differ from what would have been recognized under the two-step test. The ASU is effective for the Company in the first quarter of 2020, with early adoption permitted for any impairment tests performed after a testing date of January 1, 2017. The adoption of ASU 2017-04 is not expected to have a material impact on the Company's consolidated financial statements. In October 2016, the FASB issued ASU No. 2016-16, Income Taxes - Intra-Entity Transfers of Assets Other Than Inventory . ASU 2016-16 simplifies the accounting for the income tax consequences of intra-entity transfers of assets other than inventory and includes requirements to recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs, therefore eliminating the exception for an intra-entity transfer of an asset other than inventory. ASU 2016-16 is effective for reporting periods beginning after December 15, 2017, with early adoption permitted. Any adjustments as a result of adoption are to be applied on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. The adoption of ASU 2016-16 is not expected to have a material impact on the Company’s consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230), Classification of Certain Cash Receipts and Cash Payments . The guidance clarifies the way in which certain cash receipts and cash payments should be classified on the statement of cash flows and also how the predominance principle should be applied when cash receipts and cash payments have aspects of more than one class of cash flows. ASU 2016-15 is effective for the first quarter of 2018 with early adoption permitted. The adoption of ASU 2016-15 is not expected to have a material impact on the Company's consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting . The updated guidance changes how companies account for certain aspects of share-based payment awards to employees, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as the classification of related matters in the statement of cash flows. ASU 2016-09 is effective for the first quarter of 2017. The adoption of ASU 2016-09 is not expected to have a material impact on the Company's consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) . ASU 2016-02 requires lessees to record most of their leases on the balance sheet, which will be recognized as a right-of-use asset and a lease liability. The Company will be required to classify each separate lease component as an operating or finance lease at the lease commencement date. Initial measurement of the right-of-use asset and lease liability is the same for operating and finance leases, however expense recognition and amortization of the right-of-use asset differs. Operating leases will reflect lease expense on a straight-line basis similar to current operating leases. The straight-line expense will reflect the interest expense on the lease liability (effective interest method) and amortization of the right-of-use asset, which will be presented as a single line item in the operating expense section of the income statement. Finance leases will reflect a front-loaded expense pattern similar to the pattern for current capital leases. ASU 2016-02 is effective for the first quarter of 2019, with early adoption permitted. The Company is currently determining its implementation approach and assessing the impact the adoption will have on its consolidated financial statements. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). ASU 2014-09 provides new guidance related to how an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The standard also expands the required disclosures to include the disaggregation of revenue from contracts with customers into categories that depict how the nature, timing and uncertainty of revenue and cash flows are affected by economic factors. During 2016, the FASB issued additional interpretive guidance relating to the standard which covered the topics of principal versus agent considerations and identifying performance obligations and licensing. The standard is effective for the Company in the first quarter of 2018. The two permitted transition methods under the standard are the full retrospective method, in which case the standard would be applied to each prior reporting period presented and the cumulative effect of applying the standard would be recognized at the earliest period shown, or the modified retrospective method, in which case the cumulative effect of applying the standard would be recognized at the date of initial application. The Company established an implementation team and performed an analysis of each of our revenue streams to assess the impact of the standard on our various revenue contracts, and analyze our current accounting policies and practices to identify potential differences that would result from the implementation of the standard. During 2016, the Company made significant progress toward completing its evaluation of the potential changes from adopting the standard on its financial reporting and disclosures. Specifically, the Company has completed an initial assessment of each of its revenue streams and has begun drafting its revenue recognition policy under the new standard. However, there are a few areas that remain subject to further clarification with respect to the implementation of the new standard on certain of our revenue streams. The Company has been closely monitoring FASB activity related to the new standard, as well as working with various non-authoritative groups to conclude on industry specific interpretative issues. While significant progress has been made, our final evaluation of the impact of the new revenue standard is ongoing and will continue throughout 2017, including making a final determination about our implementation approach. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions BBC AMERICA On October 23, 2014, the Company, through a wholly-owned subsidiary, AMC New Video Holdings LLC ("AMC New Video"), entered into a membership interest purchase agreement (the "Purchase Agreement”) with BBC Worldwide Americas, Inc. ("BBCWA"), pursuant to which AMC New Video acquired 49.9% of the limited liability company interests of New Video Channel America, L.L.C. ("New Video"), that owns the cable channel BBC AMERICA, for a purchase price of $200,000 (the "Purchase Price"). The Company funded the Purchase Price with cash on hand and a $40,000 promissory note payable on April 23, 2015. In addition to the Purchase Agreement, such subsidiary entered into a Second Amended and Restated Limited Liability Company Agreement with BBCWA and one of its affiliates that sets forth certain rights and obligations of the parties, including certain put rights. The Company has operational control of New Video and the BBC AMERICA channel and as a result consolidates the results of the joint venture from the date of closing. The joint venture is included in the National Networks operating segment. The Company views this joint venture as an important addition to its overall channel portfolio and programming content strategy. The goodwill associated with the New Video acquisition is generally deductible for tax purposes. Chellomedia On January 31, 2014, certain subsidiaries of AMC Networks purchased substantially all of Chellomedia (a combination of certain programming and content distribution subsidiaries and assets purchased from Liberty Global plc) for a purchase price of €750 million (approximately $1.035 billion ). The Company funded the purchase price with cash on hand and an additional $600 million borrowed under its Term Loan A Facility (see Note 10 ). The acquisition provided AMC Networks with television channels that are distributed in over 130 countries and span a wide range of programming genres, most notably movie and entertainment networks. The acquisition is included in the International and Other segment. The Company views this acquisition as an important part of its long-term strategy of expanding the Company's business internationally. The goodwill associated with the Chellomedia acquisition is generally not deductible for tax purposes. Unaudited Pro forma financial information The following unaudited pro forma financial information is based on (i) the historical consolidated financial statements of the Company, (ii) the historical financial statements of New Video and (iii) the historical combined financial statements of Chellomedia, and is intended to provide information about how these acquisitions and related financing may have affected the Company's historical consolidated financial statements if they had occurred as of January 1, 2014. The unaudited pro forma financial information has been prepared for comparative purposes only and includes adjustments for additional interest expense associated with the terms of the Company's amended and restated credit agreement, estimated additional depreciation and amortization expense as a result of tangible and identifiable intangible assets acquired, and the reclassification of the operating results of the Atmedia business to discontinued operations. The pro forma financial information is not necessarily indicative of the results of operations that would have been achieved had these acquisitions taken place on the date indicated or that may result in the future. Pro Forma Financial Information for the Year Ended December 31, 2014 Revenues, net $ 2,337,409 Income from continuing operations, net of income taxes $ 280,869 Net income per share, basic $ 3.90 Net income per share, diluted $ 3.86 Revenues, net and operating income attributable to Chellomedia of $348,836 and $24,677 , respectively (excluding the discontinued operations of Chellomedia's advertising sales unit, Atmedia), are included in the consolidated statement of income from the acquisition date, January 31, 2014 to December 31, 2014. Acquisition related costs of $13,978 (of which, $1,853 are included in the operating results of Chellomedia from the acquisition date, January 31, 2014 to December 31, 2014) were incurred during the year ended December 31, 2014 and are included in selling, general and administrative expense. Revenues, net and operating income attributable to New Video included in the consolidated income statement from the acquisition date, October 23, 2014, to December 31, 2014 were not material. Other Acquisitions During 2015 and 2014, the Company completed several acquisitions of small international channels. These acquisitions are included in the International and Other segment and build on the Company's international expansion strategy and the potential to provide long-term international growth and value. These acquisitions were not material to our consolidated financial statements. |
Restructuring
Restructuring | 12 Months Ended |
Dec. 31, 2016 | |
Restructuring and Related Activities [Abstract] | |
Restructuring | Restructuring In 2016, the Company launched a restructuring initiative that involved modifications to the organizational structure of the Company and is expected to result in reduced employee costs and operating expenses primarily through a voluntary buyout program offered to certain employees. The year ended December 31, 2016 also included the impact of elimination of distribution of certain channels in certain territories. Restructuring activities in 2015 and 2014 primarily related to severance charges and other exit costs associated with the elimination of certain positions across the Company and the elimination of distribution in certain territories. The following table summarizes the restructuring expense recognized by operating segment: Year Ended December 31, 2016 Year Ended December 31, 2015 Year Ended December 31, 2014 National Networks $ 8,516 $ 3,194 $ 3,664 International & Other 20,987 11,804 12,051 Total restructuring expense $ 29,503 $ 14,998 $ 15,715 Restructuring expense in the International and Other segment includes corporate headquarter related charges. The following table summarizes the accrued restructuring costs: Severance and Employee-Related Costs Other Exit Costs Total Balance at December 31, 2014 $ 6,525 $ 885 $ 7,410 Charges 11,189 3,809 14,998 Cash payments (8,113 ) (396 ) (8,509 ) Non-cash adjustments — (3,530 ) (3,530 ) Currency translation (103 ) (256 ) (359 ) Balance at December 31, 2015 $ 9,498 $ 512 $ 10,010 Charges 23,557 5,946 29,503 Cash payments (20,871 ) (935 ) (21,806 ) Non-cash adjustments 12 (5,315 ) (5,303 ) Currency translation (90 ) (3 ) (93 ) Balance at December 31, 2016 $ 12,106 $ 205 $ 12,311 Accrued liabilities for restructuring costs are included in accrued liabilities in the consolidated balance sheet at December 31, 2016 . |
Program Rights and Obligations
Program Rights and Obligations | 12 Months Ended |
Dec. 31, 2016 | |
Film Cost Disclosures [Abstract] | |
Programs Rights and Obligations | Program Rights and Obligations Program Rights Owned original program rights, net is comprised of $230,289 of completed programming and $211,352 of in-production programming at December 31, 2016 and is included as a component of long-term program rights, net in the consolidated balance sheet. The Company estimates that approximately 93% of unamortized owned original programming costs, as of December 31, 2016 , will be amortized within the next three years. The Company expects to amortize approximately $139,562 of unamortized owned original programming costs during the next twelve months. Program rights write-offs of $26,184 , $43,196 and $44,204 were recorded for the years ended December 31, 2016 , 2015 and 2014 , respectively. Program Rights Obligations Amounts payable subsequent to December 31, 2016 related to program rights obligations included in the consolidated balance sheet are as follows: Years Ending December 31, 2017 $ 300,845 2018 164,211 2019 125,506 2020 71,199 2021 27,334 Thereafter 9,925 $ 699,020 |
Investments
Investments | 12 Months Ended |
Dec. 31, 2016 | |
Investments [Abstract] | |
Cost and Equity Method Investments Disclosure | Investments The Company holds several investments and loans in non-consolidated entities. RLJE On October 14, 2016 (the “Closing Date”), Digital Entertainment Holdings LLC (“DEH”), a wholly owned subsidiary of the Company, and RLJ Entertainment, Inc. (“RLJE”) entered into a Credit and Guaranty agreement (the “Credit Agreement”) pursuant to which DEH provided term loans totaling $65,000 to RLJE and DEH received warrants to purchase at least 20 million shares of RLJE’s common stock, at a price of $3.00 per share (the “RLJE Warrants”). The Credit Agreement consists of a term loan in the principal amount of $5,000 (the “Tranche A Loan”) with a maturity of one year and a term loan in the principal amount of $60,000 (the “Tranche B Loan” and together with the Tranche A Loan, the “RLJE Term Loans”) with a maturity of seven years. The Tranche A Loan bears interest at a rate of 7.00% per annum, with 4.00% to be paid in cash and 3.00% to be paid in shares of common stock of RLJE. The Tranche B Loan bears interest at a rate of 6.00% per annum, with 4.00% to be paid in cash and 2.00% to be paid in shares of Common Stock of RLJE. For the purposes of calculating the interest to be paid in shares of RLJE common stock, the value of such shares shall be based on a fixed $3.00 per share. Principal payments on the Tranche B loan are $15,000 due on the fifth anniversary of the Closing Date, $30,000 due on the sixth anniversary of the Closing Date and the remaining balance due on the seventh anniversary of the Closing Date. Interest on both the Tranche A Loan and the Tranche B Loan is due in arrears on a quarterly basis (commencing on the first quarter after the Closing Date). On January 30, 2017, the Company and RLJE amended the terms of the Tranche A Loan to increase the principal amount by $8,000 to $13,000 and extend the maturity to seven years. The RLJE Warrants entitle DEH to purchase at least 20,000,000 shares of Common Stock of RLJE (the “Warrant Shares”) with an initial exercise date as of the Closing Date. The first RLJE Warrant for 5,000,000 Warrant Shares expires on the fifth anniversary of the Closing Date, the second RLJE Warrant for 10,000,000 Warrant Shares expires on the sixth anniversary of the Closing Date, and the third RLJE Warrant for 5,000,000 Warrant Shares expires on the seventh anniversary of the Closing Date. The exercise price of the RLJE Warrants is $3.00 per share, subject to certain adjustments. The RLJE Warrants include customary anti-dilution provisions. In addition, the third RLJE Warrant also provides that the number of Warrant Shares shall be increased to the extent necessary to ensure that upon the full exercise of the RLJE Warrant, DEH shall hold at least 50.1% of the outstanding equity securities of RLJE on a fully diluted basis. The RLJE Term Loans are included in Other assets in the consolidated balance sheet. The Company accounts for the portion of interest on the RLJE Term Loans payable in RLJE common stock as an embedded derivative. In addition, the RLJE Warrants are accounted for as derivatives. Both the RLJE Warrants and the embedded derivative for the portion of interest payable in RLJE common stock are remeasured at the end of each period with changes in fair value included in miscellaneous, net in the consolidated statement of income. Other Investments In 2016, the Company purchased a minority investment in Funny or Die, Inc. which is accounted for as a cost method investment. The agreement contains certain provisions under which the Company may be obligated to increase its investment over time. The Company holds investments in a number of other non-consolidated entities, which are not significant individually or in the aggregate. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and Equipment Property and equipment (including equipment under capital leases) consists of the following: December 31, Estimated Useful Lives 2016 2015 Program, service and test equipment $ 223,847 $ 199,190 2 to 5 years Satellite equipment 51,423 42,367 13 years Furniture and fixtures 21,471 18,846 5 to 8 years Transmission equipment 51,954 47,218 5 years Leasehold improvements 90,089 65,475 Term of lease 438,784 373,096 Accumulated depreciation and amortization (272,148 ) (209,236 ) $ 166,636 $ 163,860 Depreciation and amortization expense on property and equipment (including capital leases) amounted to $46,208 , $41,037 and $38,220 , for the years ended December 31, 2016 , 2015 and 2014 , respectively. In the fourth quarter of 2016, management revised its outlook for the growth potential of the Amsterdam-based media logistics facility, AMCNI – DMC, resulting in lower expected future cash flows due to increased competition and evolving broadcast technologies. In connection with the preparation of the Company's fourth quarter financial information, the Company performed a recoverability test of the long-lived asset group of the AMCNI – DMC business and determined that certain long-lived assets, primarily identifiable intangible assets and analog equipment, were not recoverable. The fair value of the AMCNI – DMC asset group was measured based on an income approach (discounted cash flow valuation methodology). The Company's fourth quarter of 2016 results reflect an impairment charge of $22,909 related to property and equipment which is included in Impairment charges in the consolidated statement of income. At December 31, 2016 and 2015 , the gross amount of equipment and related accumulated amortization recorded under capital leases were as follows: December 31, 2016 2015 Satellite equipment $ 51,423 $ 42,367 Less accumulated amortization (19,031 ) (14,640 ) $ 32,392 $ 27,727 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill And Other Intangible Assets | Goodwill and Other Intangible Assets The carrying amount of goodwill, by operating segment is as follows: National Networks International and Other Total December 31, 2015 $ 244,849 $ 491,426 $ 736,275 Purchase accounting adjustments — (6,040 ) (6,040 ) Impairment charges — (27,244 ) (27,244 ) Amortization of "second component" goodwill (2,546 ) — (2,546 ) Foreign currency translation — (42,737 ) (42,737 ) December 31, 2016 $ 242,303 $ 415,405 $ 657,708 Purchase accounting adjustments included in the International and Other segments relate to the acquisition of two small international channels in 2015. In the fourth quarter of 2016, management revised its outlook for the growth potential of the Amsterdam-based media logistics facility, AMCNI – DMC, resulting in lower expected future cash flows due to increased competition and evolving broadcast technologies. As a result, the Company determined that sufficient indicators of potential impairment of goodwill existed and in connection with the preparation of the Company's fourth quarter financial information, the Company performed the two-step impairment evaluation. The fair value of the AMCNI – DMC reporting unit was measured based on an income approach (discounted cash flow valuation methodology). As a result of the impairment evaluation, it was determined that the carrying value of AMCNI – DMC's goodwill exceeded its implied fair value and the fourth quarter of 2016 results reflect an impairment charge of $27,244 for the write-down of all AMCNI – DMC related goodwill which is included in Impairment charges in the consolidated statement of income. The reduction of $2,546 in the carrying amount of goodwill for the National Networks is due to the realization of a tax benefit for the amortization of "second component" goodwill at SundanceTV. Second component goodwill is the amount of tax deductible goodwill in excess of goodwill for financial reporting purposes. In accordance with the authoritative guidance at the time of the SundanceTV acquisition, the tax benefits associated with this excess are applied to first reduce the amount of goodwill, and then other intangible assets for financial reporting purposes, if and when such tax benefits are realized in the Company's tax returns. Annual Impairment Test of Goodwill Based on the Company's annual impairment test for goodwill as of December 1, 2016, no additional impairment charge was required for any of the other reporting units. The Company performed a qualitative assessment for all other reporting units, with the exception of the International Programming Networks reporting unit. The qualitative assessments included, but were not limited to, consideration of the historical significant excesses of the estimated fair value of the reporting unit over its carrying value (including allocated goodwill), macroeconomic conditions, industry and market considerations, cost factors and historical and projected cash flows. The Company performed a quantitative assessment for the International Programming Networks reporting unit. Based on the quantitative assessment, if the fair value of the International Programming Networks reporting unit decreased by 14% , the Company would be required to perform step-two of the quantitative assessment. In assessing the recoverability of goodwill, the Company must make assumptions regarding estimated future cash flows and other factors to determine the fair value of the respective assets. These estimates and assumptions could have a significant impact on whether an impairment charge is recognized and also the magnitude of any such charge. Fair value estimates are made at a specific point in time, based on relevant information. These estimates are subjective in nature and involve uncertainties and matters of significant judgments and therefore cannot be determined with precision. Changes in assumptions could significantly affect the estimates. Estimates of fair value for goodwill impairment testing are primarily determined using discounted cash flows and comparable market transactions methods. These valuation methods are based on estimates and assumptions including projected future cash flows, discount rate and determination of appropriate market comparables and determination of whether a premium or discount should be applied to comparables. Projected future cash flows also include assumptions for renewals of affiliation agreements, the projected number of subscribers and the projected average rates per basic and viewing subscribers and growth in fixed price contractual arrangements used to determine affiliation fee revenue, access to program rights and the cost of such program rights, amount of programming time that is advertiser supported, number of advertising spots available and the sell through rates for those spots, average fee per advertising spot and operating margins, among other assumptions. If these estimates or material related assumptions change in the future, we may be required to record impairment charges related to goodwill. The following table summarizes information relating to the Company’s identifiable intangible assets: December 31, 2016 Estimated Useful Lives Gross Accumulated Amortization Net Amortizable intangible assets: Affiliate and customer relationships $ 509,992 $ (133,932 ) $ 376,060 10 to 25 years Advertiser relationships 46,282 (9,198 ) 37,084 11 years Trade names 49,720 (6,307 ) 43,413 12 to 20 years Other amortizable intangible assets 10,002 (791 ) 9,211 15 years Total amortizable intangible assets 615,996 (150,228 ) 465,768 Indefinite-lived intangible assets: Trademarks 20,041 — 20,041 Total intangible assets $ 636,037 $ (150,228 ) $ 485,809 December 31, 2015 Gross Accumulated Amortization Net Amortizable intangible assets: Affiliate and customer relationships $ 554,012 $ (110,203 ) $ 443,809 Advertiser relationships 46,282 (4,990 ) 41,292 Trade names 48,522 (4,353 ) 44,169 Other amortizable intangible assets 15 (5 ) 10 Total amortizable intangible assets 648,831 (119,551 ) 529,280 Indefinite-lived intangible assets: Trademarks 19,900 — 19,900 Total intangible assets $ 668,731 $ (119,551 ) $ 549,180 Aggregate amortization expense for amortizable intangible assets for the years ended December 31, 2016 , 2015 and 2014 was $38,570 , $41,994 and $30,828 , respectively. Estimated aggregate amortization expense for intangible assets subject to amortization for each of the following five years is: Years Ending December 31, 2017 $ 35,323 2018 35,316 2019 35,303 2020 35,300 2021 34,988 Impairment Test of Long-Lived Assets In the fourth quarter of 2016, management revised its outlook for the growth potential of the Amsterdam-based media logistics facility, AMCNI – DMC, resulting in lower expected future cash flows due to increased competition and evolving broadcast technologies. As a result, the Company determined that sufficient indicators of potential impairment of long-lived assets and in connection with the preparation of the Company's fourth quarter financial information, the Company performed a recoverability test of the long-lived assets of the AMCNI – DMC business and determined that certain long-lived assets, primarily identifiable intangibles and analog equipment, were not recoverable. The Company's fourth quarter of 2016 results reflect an impairment charge of $17,652 related to intangible assets which is included in Impairment charges in the consolidated statement of income. Impairment Test of Identifiable Indefinite-Lived Intangible Assets Based on the Company's annual impairment test for identifiable indefinite-lived intangible assets, no impairment charge was required. The Company’s indefinite-lived intangible assets relate to SundanceTV trademarks, which were valued using a relief-from-royalty method in which the expected benefits are valued by discounting estimated royalty revenue over projected revenues covered by the trademarks. In order to evaluate the sensitivity of the fair value calculations for the Company’s identifiable indefinite-lived intangible assets, the Company applied a hypothetical 20% decrease to the estimated fair value of the identifiable indefinite-lived intangible assets. This hypothetical decrease in estimated fair value would not result in an impairment. Significant judgments inherent in estimating the fair value of indefinite-lived intangible assets include the selection of appropriate discount and royalty rates, estimating the amount and timing of estimated future cash flows and identification of appropriate continuing growth rate assumptions. The discount rates used in the analysis are intended to reflect the risk inherent in the projected future cash flows generated by the respective intangible assets. |
Accrued Liabilities
Accrued Liabilities | 12 Months Ended |
Dec. 31, 2016 | |
Accrued Liabilities [Abstract] | |
Accrued Liabilities | Accrued Liabilities Accrued liabilities consist of the following: December 31, 2016 December 31, 2015 Interest $ 15,770 $ 28,246 Employee related costs 122,590 119,931 Other accrued expenses 146,069 105,855 Total accrued liabilities $ 284,429 $ 254,032 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Debt | Long-term Debt The Company's long-term debt consists of: December 31, 2016 December 31, 2015 Senior Secured Credit Facility: Term loan A facility $ 1,258,000 $ 1,406,000 Senior Notes: 5.00% Notes due April 2024 1,000,000 — 7.75% Notes due July 2021 — 700,000 4.75% Notes due December 2022 600,000 600,000 Total long-term debt 2,858,000 2,706,000 Unamortized discount (23,675 ) (17,911 ) Unamortized deferred financing costs (15,062 ) (20,281 ) Long-term debt, net 2,819,263 2,667,808 Current portion of long-term debt 222,000 148,000 Noncurrent portion of long-term debt $ 2,597,263 $ 2,519,808 Amended and Restated Senior Secured Credit Facility On December 16, 2013, AMC Networks and its subsidiary, AMC Network Entertainment LLC (the “Borrowers”), and certain of AMC Networks’ subsidiaries, as restricted subsidiaries, entered into an amended and restated credit agreement, which provided the Borrowers with senior secured credit facilities consisting of (a) an initial $880,000 term loan A that was used by AMC Networks to retire the then outstanding term loan A facility, (b) a subsequent $600,000 term loan A (collectively, the “Term Loan A Facility”)which was drawn on January 31, 2014 upon the satisfaction of certain conditions related to the acquisition of Chellomedia (see Note 3 for further discussion regarding the acquisition of Chellomedia), and (c) a $500,000 revolving credit facility (together with the Term Loan A Facility, collectively, the “Credit Facility”). The Term Loan A Facility matures on December 16, 2019 . The revolving credit facility matures on December 16, 2018 and was not drawn upon at December 31, 2016 . In connection with the Credit Facility, AMC Networks incurred deferred financing costs of $9,266 for the year ended December 31, 2014, which is being amortized to interest expense, utilizing the effective interest method, over the term of each respective component of the Credit Facility. Borrowings under the Credit Facility bear interest at a floating rate, which at the option of the Borrowers may be either (a) a base rate plus an additional rate ranging from 0.50% to 1.25% per annum (determined based on a cash flow ratio) (the “Base Rate”), or (b) a Eurodollar rate plus an additional rate ranging from 1.50% to 2.25% per annum (determined based on a cash flow ratio) (the “Eurodollar Rate”). At December 31, 2016 , the interest rate on the Term Loan A Facility was 2.15% , reflecting a Eurodollar Rate plus the additional rate as described herein. The Credit Facility requires the Borrowers to pay a commitment fee of between 0.25% and 0.50% (determined based on a cash flow ratio) in respect of the average daily unused commitments under the revolving credit facility. The Borrowers also are required to pay customary letter of credit fees, as well as fronting fees, to banks that issue letters of credit pursuant to the Credit Facility. All obligations under the Credit Facility are guaranteed, jointly and severally, by certain of AMC Networks’ existing and future domestic restricted subsidiaries in accordance with the Credit Facility and secured by certain assets of the Borrowers and certain of its restricted subsidiaries. Borrowings under the Credit Facility may be voluntarily prepaid without premium and penalty at any time. The Term Loan A Facility also provides for various mandatory prepayments, including with the proceeds from certain dispositions of property and borrowings. The Term Loan A Facility is required to be repaid in quarterly installments of $18,500 from March 31, 2015 through December 31, 2015, $37,000 beginning March 31, 2016 through December 31, 2016, $55,500 beginning March 31, 2017 through December 31, 2017, $74,000 beginning March 31, 2018 through September 30, 2019 and $518,000 on December 16, 2019, which is the Term Loan A Facility maturity date. Any amounts outstanding under the revolving credit facility are due at maturity on December 16, 2018. The Credit Facility contains certain affirmative and negative covenants applicable to the Borrowers and certain of their restricted subsidiaries. These include restrictions on the Borrowers’ and certain of their restricted subsidiaries ability to incur indebtedness, make investments in entities that are not restricted subsidiaries, place liens on assets, enter into certain affiliate transactions and make certain restricted payments, including restrictions on AMC Networks’ ability to pay dividends on its common stock. The Credit Facility also requires the Borrowers to comply with the following financial covenants: (i) a maximum ratio of net debt to annual operating cash flow (each defined in the Credit Facility) of 6.50 :1 initially, and decreasing to 6.00 :1 on and after January 1, 2016; and (ii) a minimum ratio of annual operating cash flow to annual total interest expense (as defined in the Credit Facility) of 2.50 :1. AMC Networks was in compliance with all financial covenants under the Credit Facility as of December 31, 2016 . 5.00% Notes due 2024 On March 30, 2016, the Company issued $1,000,000 in aggregate principal amount of 5.00% senior notes, net of an issuance discount of $17,500 , due 2024 (the “5.00% Notes”). AMC Networks used $703,000 of the net proceeds of this offering to make a cash tender (“Tender Offer”) for its outstanding 7.75% Senior Notes due 2021 (the "7.75% Notes"). In addition, $45,551 of the proceeds from the issuance of the 5.00% Notes was used for the redemption of the 7.75% Notes not tendered. The remaining proceeds are to be used for general corporate purposes. The 5.00% Notes were issued pursuant to an indenture dated as of March 30, 2016 (the “5.00% Notes Indenture”). In connection with the issuance of the 5.00% Notes, AMC Networks incurred deferred financing costs of $2,070 , which are being amortized, using the effective interest method, to interest expense over the term of the 5.00% Notes. Interest on the 5.00% Notes is payable semi-annually in arrears on April 1 and October 1 of each year. The 5.00% Notes may be redeemed, in whole or in part, at any time on or after April 1, 2020, at a redemption price equal to 102.5% of the principal amount thereof (plus accrued and unpaid interest thereon, if any, to the date of such redemption), declining annually to 100% of the principal amount thereof (plus accrued and unpaid interest thereon, if any, to the date of such redemption) beginning on April 1, 2022. The 5.00% Notes are guaranteed on a senior unsecured basis by certain of AMC Networks’ existing and future domestic restricted subsidiaries, in accordance with the 5.00% Notes Indenture. The guarantees under the 5.00% Notes are full and unconditional and joint and several. The 5.00% Notes Indenture contains certain affirmative and negative covenants applicable to AMC Networks and its restricted subsidiaries including restrictions on their ability to incur additional indebtedness, consummate certain assets sales, make investments in entities that are not restricted subsidiaries, create liens on their assets, enter into certain affiliate transactions and make certain restricted payments, including restrictions on AMC Networks’ ability to pay dividends on, or repurchase, its common stock. 7.75% Senior Notes due 2021 On June 30, 2011, AMC Networks issued $700,000 in aggregate principal amount of its 7.75% senior notes, net of an original issue discount of $14,000 , due July 15, 2021 (the “7.75% Notes”) to CSC Holdings, LLC ("CSC Holdings"), a subsidiary of Cablevision Systems Corporation ("Cablevision"), as partial consideration for the transfer to AMC Networks of the businesses included in the Distribution in June 2011. CSC Holdings used the Company’s 7.75% Notes to satisfy and discharge outstanding CSC Holdings debt. The recipients of the 7.75% Notes or their affiliates then offered the 7.75% Notes to investors, through an offering memorandum dated June 22, 2011, which ultimately resulted in the 7.75% Notes being held by third party investors. The 7.75% Notes were issued under an indenture dated as of June 30, 2011 (the “7.75% Notes Indenture”). In connection with the issuance of the 7.75% Notes, AMC Networks incurred deferred financing costs of $1,533 . In 2016, the Company used a portion of the net proceeds of the 5.00% Notes to retire all of the 7.75% Notes. In connection with the retirement of the 7.75% Notes, the Company recorded a loss on extinguishment of debt of $50,639 for the year ended December 31, 2016 which includes $40,954 related to the excess of the redemption price, premium paid and related fees, and the write-off of unamortized issuance discount and deferred financing fees related to the 7.75% Notes of $8,715 and $970 , respectively. 4.75% Senior Notes due 2022 On December 17, 2012, AMC Networks issued $600,000 in aggregate principal amount of its 4.75% senior notes, net of an issuance discount of $10,500 , due December 15, 2022 (the “4.75% Notes”). AMC Networks used the net proceeds of this offering to repay the outstanding amount under its term loan B facility of approximately $587,600 , with the remaining proceeds used for general corporate purposes. The 4.75% Notes were issued pursuant to an indenture, and first supplemental indenture, each dated as of December 17, 2012 (collectively, the “4.75% Notes Indenture”). In connection with the issuance of the 4.75% Notes, AMC Networks incurred deferred financing costs of $1,534 , which are being amortized, using the effective interest method, to interest expense over the term of the 4.75% Notes. Interest on the 4.75% Notes accrues at the rate of 4.75% per annum and is payable semi-annually in arrears on June 15 and December 15 of each year. The 4.75% Notes may be redeemed, in whole or in part, at any time on or after December 15, 2017 , at a redemption price equal to 102.375% of the principal amount thereof (plus accrued and unpaid interest thereon, if any, to the date of such redemption), declining annually to 100% of the principal amount thereof (plus accrued and unpaid interest thereon, if any, to the date of such redemption) beginning on December 15, 2020 . In addition, if AMC Networks experiences a Change of Control (as defined in the 4.75% Notes Indenture), the holders of the 4.75% Notes may require AMC Networks to repurchase for cash all or a portion of their 4.75% Notes at a price equal to 101% of the principal amount thereof (plus accrued and unpaid interest thereon, if any, to the date of such repurchase). The 4.75% Notes are guaranteed on a senior unsecured basis by certain of AMC Networks’ existing and future domestic restricted subsidiaries, in accordance with the 4.75% Notes Indenture. The guarantees under the 4.75% Notes are full and unconditional and joint and several. The 4.75% Notes Indenture contains certain affirmative and negative covenants applicable to AMC Networks and its restricted subsidiaries including restrictions on their ability to incur additional indebtedness, consummate certain assets sales, make investments in entities that are not restricted subsidiaries, create liens on their assets, enter into certain affiliate transactions and make certain restricted payments, including restrictions on AMC Networks’ ability to pay dividends on, or repurchase, its common stock. Summary of Debt Maturities Total amounts payable by the Company under its various debt obligations (excluding capital leases) outstanding as of December 31, 2016 are as follows: Years Ending December 31, 2017 $ 222,000 2018 296,000 2019 740,000 2020 — 2021 — Thereafter 1,600,000 |
Fair Value Measurement
Fair Value Measurement | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | Fair Value Measurement The fair value hierarchy is based on inputs to valuation techniques that are used to measure fair value that are either observable or unobservable. Observable inputs reflect assumptions market participants would use in pricing an asset or liability based on market data obtained from independent sources while unobservable inputs reflect a reporting entity’s pricing based upon their own market assumptions. The fair value hierarchy consists of the following three levels: • Level I—Quoted prices for identical instruments in active markets. • Level II—Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable. • Level III—Instruments whose significant value drivers are unobservable. The following table presents for each of these hierarchy levels, the Company’s financial assets and liabilities that are measured at fair value on a recurring basis at December 31, 2016 and December 31, 2015 : Level I Level II Level III Total At December 31, 2016: Assets: Cash equivalents $ 65,384 $ — $ — $ 65,384 Interest rate swap contracts — 1,471 — 1,471 Foreign currency derivatives — 6,096 — 6,096 Other derivatives — — 12,308 12,308 Liabilities: Interest rate swap contracts $ — $ 762 $ — $ 762 Foreign currency derivatives — 3,147 — 3,147 At December 31, 2015: Assets: Cash equivalents $ 2,027 $ — $ — $ 2,027 Interest rate swap contracts — 1,449 — 1,449 Foreign currency derivatives — 4,421 — 4,421 Liabilities: Interest rate swap contracts $ — $ 2,682 $ — $ 2,682 Foreign currency derivatives — 3,107 — 3,107 The Company’s cash equivalents are classified within Level I of the fair value hierarchy because they are valued using quoted market prices. The Company’s interest rate swap contracts and foreign currency derivatives (see Note 12 ) are classified within Level II of the fair value hierarchy and their fair values are determined based on a market approach valuation technique that uses readily observable market parameters and the consideration of counterparty risk. The RLJE Warrants held by the Company are classified within Level III of the fair value hierarchy. The Company determines the value of the RLJE Warrants using a Black Scholes option pricing model. Inputs to the model are stock price volatility, contractual warrant terms (remaining life of the warrants), exercise price, risk-free interest rate, and the RLJE stock price. The equity volatility used is based on the equity volatility of RLJE with an adjustment for the changes in the capital structure of RLJE. In arriving at the concluded value of the warrants, a discount for the lack of marketability (DLOM) of 32% was applied. The DLOM, which is unobservable, is determined using the Finnerty Average-Strike Put Option Marketability Discount Model (Finnerty Model), which was applied with a security-specific volatility for the warrants. For the year ended December 31, 2016, the Company recorded a loss of $892 related to the RLJE Warrants which is included in Miscellaneous, net in the consolidated statement of income. At December 31, 2016, the Company does not have any other assets or liabilities measured at fair value on a recurring basis that would be considered Level III. Fair value measurements are also used in nonrecurring valuations performed in connection with acquisition accounting. These nonrecurring valuations primarily include the valuation of affiliate and customer relationships intangible assets, advertiser relationship intangible assets and property and equipment. All of our nonrecurring valuations use significant unobservable inputs and therefore fall under Level III of the fair value hierarchy. Credit Facility Debt and Senior Notes The fair values of each of the Company’s debt instruments are based on quoted market prices for the same or similar issues or on the current rates offered to the Company for instruments of the same remaining maturities. The carrying values and estimated fair values of the Company’s financial instruments, excluding those that are carried at fair value in the consolidated balance sheets are summarized as follows: December 31, 2016 Carrying Amount Estimated Fair Value Debt instruments: Term loan A facility $ 1,245,175 $ 1,254,855 5.00% Notes due July 2021 981,949 1,002,500 4.75% Notes due December 2022 592,139 606,000 $ 2,819,263 $ 2,863,355 December 31, 2015 Carrying Estimated Debt instruments: Term loan A facility $ 1,386,869 $ 1,370,850 7.75% Notes due July 2021 689,910 737,625 4.75% Notes due December 2022 591,029 600,000 $ 2,667,808 $ 2,708,475 Fair value estimates related to the Company’s debt instruments presented above are made at a specific point in time, based on relevant market information and information about the financial instrument. These estimates are subjective in nature and involve uncertainties and matters of significant judgments and therefore cannot be determined with precision. Changes in assumptions could significantly affect the estimates. |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments Interest Rate Risk To manage interest rate risk, the Company enters into interest rate swap contracts to adjust the amount of total debt that is subject to variable interest rates. Such contracts effectively fix the borrowing rates on floating rate debt to limit the exposure against the risk of rising interest rates. The Company does not enter into interest rate swap contracts for speculative or trading purposes and it has only entered into interest rate swap contracts with financial institutions that it believes are creditworthy counterparties. The Company monitors the financial institutions that are counterparties to its interest rate swap contracts and to the extent possible diversifies its swap contracts among various counterparties to mitigate exposure to any single financial institution. The Company’s risk management objective and strategy with respect to interest rate swap contracts is to protect the Company against adverse fluctuations in interest rates by reducing its exposure to variability in cash flows relating to interest payments on a portion of its outstanding debt. The Company is meeting its objective by hedging the risk of changes in its cash flows (interest payments) attributable to changes in the LIBOR index rate, the designated benchmark interest rate being hedged (the “hedged risk”), on an amount of the Company’s debt principal equal to the then-outstanding swap notional. The forecasted interest payments are deemed to be probable of occurring. The Company assesses, both at the hedge’s inception and on an ongoing basis, hedge effectiveness based on the overall changes in the fair value of the interest rate swap contracts. Hedge effectiveness of the interest rate swap contracts is based on a hypothetical derivative methodology. Any ineffective portion of an interest rate swap contract which is designated as a hedging instrument is recorded in current-period earnings. Changes in fair value of interest rate swap contracts not designated as hedging instruments are also recognized in earnings and included in interest expense. As of December 31, 2016 , the Company had interest rate swap contracts outstanding with notional amounts aggregating $300,000 , which consists of interest rate swap contracts with notional amounts of $200,000 that are designated as cash flow hedges and interest rate swap contracts with notional amounts of $100,000 that are not designated as hedging instruments. The Company’s outstanding interest rate swap contracts have varying maturities ranging from July 2017 to October 2018. At December 31, 2016 , the Company’s interest rate swap contracts designated as cash flow hedges were highly effective, in all material respects. Foreign Currency Exchange Rate Risk We are exposed to foreign currency risk to the extent that we enter into transactions denominated in currencies other than our subsidiaries' respective functional currencies (non-functional currency risk), such as affiliation agreements, programming contracts, certain trade receivables and accounts payable (including intercompany amounts) that are denominated in a currency other than the applicable functional currency. To manage foreign currency exchange rate risk, the Company may enter into foreign currency contracts from time to time with financial institutions to limit the exposure to fluctuations in foreign currency exchange rates. The Company does not enter into foreign currency contracts for speculative or trading purposes. In certain circumstances, the Company enters into contracts that are settled in currencies other than the functional or local currencies of the contracting parties. Accordingly, these contracts consist of the underlying operational contract and an embedded foreign currency derivative element. Hedge accounting is not applied to the embedded foreign currency derivative element and changes in their fair values are included in miscellaneous, net in the consolidated statement of income. Other Derivatives The RLJE Warrants held by the Company meet the definition of a derivative and are included in Other assets in the consolidated balance sheet. In addition, the portion of interest on the RLJE Term Loans to be paid in RLJE common stock is an embedded derivative. Both the RLJE Warrants and the embedded derivative for the portion of interest to be paid in RLJE common stock are remeasured at the end of each period with changes in fair value recorded in the consolidated statement of income. The fair values of the Company's derivative financial instruments included in the consolidated balance sheets are as follows: Balance Sheet Location December 31, 2016 2015 Derivatives designated as hedging instruments: Assets: Interest rate swap contracts Other assets $ 1,471 $ 1,449 Derivatives not designated as hedging instruments: Assets: Foreign currency derivatives Prepaid expenses and other current assets 1,684 1,331 Foreign currency derivatives Other assets 4,412 3,090 Other derivatives Other assets 12,308 — Liabilities: Interest rate swap contracts Accrued liabilities 762 660 Interest rate swap contracts Other liabilities — 2,022 Foreign currency derivatives Accrued liabilities 952 1,429 Foreign currency derivatives Other liabilities 2,195 1,678 The amount of the gains and losses related to the Company's derivative financial instruments designated as hedging instruments are as follows: Gain or (Loss) on Derivatives Location of Gain or (Loss) in Earnings Gain or (Loss) Reclassified Years Ended December 31, Years Ended December 31, 2016 2015 2016 2015 Derivatives in cash flow hedging relationships: Interest rate swap contracts $ (565 ) $ 638 Interest expense $ (587 ) $ (2,727 ) (a) There were no gains or losses recognized in earnings related to any ineffective portion of the hedging relationship or related to any amount excluded from the assessment of hedge effectiveness for the years ended December 31, 2016 and 2015 . The amount of the gains and losses related to the Company's derivative financial instruments not designated as hedging instruments are as follows: Location of Gain (Loss) Recognized in Earnings on Derivatives Amount of Gain (Loss) Recognized in Earnings on Derivatives Years Ended December 31, 2016 2015 Derivatives not designated as hedging relationships: Interest rate swap contracts Interest expense $ (238 ) $ (578 ) Foreign currency derivatives Miscellaneous, net 3,234 503 Other derivatives Miscellaneous, net (892 ) — Total $ 2,104 $ (75 ) |
Leases
Leases | 12 Months Ended |
Dec. 31, 2016 | |
Leases [Abstract] | |
Leases | Leases Operating Leases Certain subsidiaries of the Company lease office space and equipment under long-term non-cancelable operating lease agreements which expire at various dates through 2027 . The leases generally provide for fixed annual rentals plus certain other costs or credits. Costs associated with such operating leases are recognized on a straight-line basis over the initial lease term. The difference between rent expense and rent paid is recorded as deferred rent. Rent expense for the years ended December 31, 2016 , 2015 and 2014 amounted to $29,414 , $25,840 and $22,885 , respectively. The future minimum annual payments for the Company’s operating leases (with initial or remaining terms in excess of one year) during the next five years and thereafter, at rates now in force are as follows: 2017 $ 25,185 2018 26,665 2019 27,201 2020 25,486 2021 21,837 Thereafter 124,417 Capital Leases Future minimum capital lease payments as of December 31, 2016 are as follows: 2017 $ 5,443 2018 5,658 2019 5,042 2020 4,267 2021 3,091 Thereafter 18,032 Total minimum lease payments 41,533 Less amount representing interest (at 8.2%-12%) (1,667 ) Present value of net minimum future capital lease payments 39,866 Less principal portion of current installments (4,584 ) Long-term portion of obligations under capital leases $ 35,282 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Income (loss) from continuing operations before income taxes consists of the following components: Years Ended December 31, 2016 2015 2014 Domestic $ 500,757 $ 566,444 $ 384,853 Foreign (45,932 ) 16,350 12,175 Total $ 454,825 $ 582,794 $ 397,028 Income tax expense attributable to continuing operations consists of the following components: Years Ended December 31, 2016 2015 2014 Current expense (benefit): Federal $ 120,634 $ 146,915 $ 111,047 State 11,252 15,713 10,882 Foreign 22,946 14,508 13,837 154,832 177,136 135,766 Deferred expense (benefit): Federal 12,140 12,563 5,036 State 2,515 1,300 (1,373 ) Foreign (3,013 ) 5,753 (2,456 ) 11,642 19,616 1,207 Tax expense (benefit) relating to uncertain tax positions, including accrued interest (1,612 ) 4,338 (7,818 ) Income tax expense $ 164,862 $ 201,090 $ 129,155 A reconciliation of the federal statutory income tax rate to the effective income tax rate is as follows: Years Ended December 31, 2016 2015 2014 U.S. federal statutory income tax rate 35 % 35 % 35 % State and local income taxes, net of federal benefit 2 2 2 Effect of foreign operations (1 ) (2 ) (2 ) Nontaxable income attributable to noncontrolling interests (1 ) (1 ) (1 ) Changes in the valuation allowance 5 1 1 Domestic production activity deduction (3 ) (3 ) (2 ) Tax expense relating to uncertain tax positions, including accrued interest, net of deferred tax benefits (1 ) 1 (1 ) Other — 1 — Effective income tax rate 36 % 34 % 32 % The tax effects of temporary differences that give rise to significant components of deferred tax assets or liabilities at December 31, 2016 and 2015 are as follows: December 31, 2016 2015 Deferred Tax Asset (Liability) Noncurrent NOLs and tax credit carry forwards $ 82,636 $ 83,361 Compensation and benefit plans 49,710 45,312 Allowance for doubtful accounts 421 261 Fixed assets and intangible assets 46,595 35,781 Interest rate swap contracts 2,884 2,412 Accrued interest expense 11,567 11,692 Other liabilities 20,811 17,423 Deferred tax asset 214,624 196,242 Valuation allowance (71,563 ) (54,336 ) Net deferred tax asset, noncurrent 143,061 141,906 Prepaid liabilities (819 ) (820 ) Fixed assets and intangible assets (78,616 ) (70,337 ) Investments in partnerships (177,376 ) (154,215 ) Other assets (23,444 ) (28,750 ) Deferred tax liability, noncurrent (280,255 ) (254,122 ) Total net deferred tax liability $ (137,194 ) $ (112,216 ) At December 31, 2016 , the Company had foreign tax credit carry forwards of approximately $40,000 , expiring on various dates from 2017 through 2026 , and net operating loss carry forwards of approximately $208,000 related primarily to our foreign subsidiaries. Although the net operating loss carry forward periods range from 5 years to unlimited, the deferred tax assets of approximately $41,000 for these carry forwards have been reduced by a valuation allowance of approximately $39,000 as it is more likely than not that these carry forwards will not be realized. The remainder of the valuation allowance at December 31, 2016 relates primarily to deferred tax assets attributable to temporary differences of certain foreign subsidiaries for which it is more likely than not that these deferred tax assets will not be realized. For the year ended December 31, 2016 , excess tax benefits of $789 relating to share-based compensation awards and $1,609 relating to amortization of tax deductible second component goodwill were realized as a reduction in tax liability (as determined on a 'with-and-without' approach). At December 31, 2016 , the liability for uncertain tax positions was $18,065 , excluding the related accrued interest liability of $3,044 and deferred tax assets of $6,375 . All of such unrecognized tax benefits, if recognized, would reduce the Company's income tax expense and effective tax rate. A reconciliation of the beginning to ending amount of the liability for uncertain tax positions (excluding related accrued interest and deferred tax benefit) is as follows: Balance at December 31, 2015 $ 20,238 Increases related to current year tax positions 4,736 Increases related to prior year tax positions 892 Decreases related to prior year tax positions (317 ) Decreases due to lapse of statute of limitations (7,484 ) Balance at December 31, 2016 $ 18,065 Interest expense (net of the related deferred tax benefit) of $1,968 was recognized during the year ended December 31, 2016 and is included in income tax expense in the consolidated statement of income. At December 31, 2016 and 2015 , the liability for uncertain tax positions and related accrued interest noted above are included in other liabilities in the consolidated balance sheets. Under the Company's Tax Disaffiliation Agreement with Cablevision, Cablevision is liable for all income taxes of the Company for periods prior to the spin-off from Cablevision except for New York City Unincorporated Business Tax. The City of New York is currently auditing the Company’s New York City Unincorporated Business Tax Return for 2014 and its General Corporation Tax Return for years 2011 and 2012. The State of Georgia is currently auditing the Company’s Corporation Tax Returns for years 2013 through 2015. The State of California is currently auditing the Company’s California Corporation Franchise or Income Tax Return for the years 2011 through 2013. The Internal Revenue Service is currently auditing the Company's U.S. Corporation Income Tax Return for 2013. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | Commitments and Contingencies Commitments Payments due by period Total Year 1 Years 2 - 3 Years 4 - 5 More than 5 years Purchase obligations (1) $ 991,231 $ 288,868 $ 173,917 $ 67,735 $ 460,711 Guarantees (2) 75,574 75,574 — — — Total $ 1,066,805 $ 364,442 $ 173,917 $ 67,735 $ 460,711 (1) Purchase obligation amounts not reflected on the balance sheet consist primarily of program rights obligations and transmission and marketing commitments that have not yet met the criteria to be recorded in the balance sheet. (2) Consists primarily of a guarantee of payments to a production service company for certain production related costs. Legal Matters On December 17, 2013, Frank Darabont (“Darabont”), Ferenc, Inc., Darkwoods Productions, Inc., and Creative Artists Agency, LLC (together, “Plaintiffs”), filed a complaint in New York Supreme Court in connection with Darabont’s rendering services as a writer, director and producer of the television series entitled The Walking Dead and the agreement between the parties related thereto. The Plaintiffs asserted claims for breach of contract, breach of the covenant of good faith and fair dealing, for an accounting and for declaratory relief. On August 19, 2015, Plaintiffs filed their First Amended Complaint (the “Amended Complaint”), in which they retracted their claims for wrongful termination and failure to apply production tax credits in calculating Plaintiffs’ contingent compensation. Plaintiffs also added a claim that Darabont is entitled to a larger share, on a percentage basis, of contingent compensation than he is currently being accorded. On September 26, 2016, Plaintiffs filed their note of issue and certificate of readiness for trial, which included a claim for damages of $280 million or more and indicated that the parties have completed fact and expert discovery. The parties each filed motions for summary judgment. The Court has not yet set a date for oral argument of the summary judgment motions. The Company has opposed the claims in the Complaint, the Amended Complaint and all subsequent complaints. The Company believes that the asserted claims are without merit, denies the allegations and continues to defend the case vigorously. At this time, no determination can be made as to the ultimate outcome of this litigation or the potential liability, if any, on the part of the Company. The Company is party to various lawsuits and claims in the ordinary course of business, including the matter described above. Although the outcome of these matters cannot be predicted with certainty and while the impact of these matters on the Company’s results of operations in any particular subsequent reporting period could be material, management does not believe that the resolution of these matters will have a material adverse effect on the financial position of the Company or the ability of the Company to meet its financial obligations as they become due. |
Redeemable Noncontroling Intere
Redeemable Noncontroling Interests | 12 Months Ended |
Dec. 31, 2016 | |
Noncontrolling Interest [Abstract] | |
Redeemable Noncontrolling Interests | Redeemable Noncontrolling Interests In connection with the acquisition of New Video, the terms of the agreement provide BBCWA with a right to put all of its 50.1% noncontrolling interest to the Company at the greater of the then fair value or the fair value of the initial equity interest at inception. The put option is exercisable on the fifteenth and twenty-fifth year anniversary of the Joint Venture agreement. In connection with the creation of another joint venture entity in 2013, the terms of the agreement provide the noncontrolling member with a right to put all of its interest to the Company at the then fair value. Because exercise of these put rights is outside the Company's control, the noncontrolling interest in each entity is presented as redeemable noncontrolling interest outside of stockholders' deficiency on the Company's consolidated balance sheet. The activity reflected within redeemable noncontrolling interest for the year ended December 31, 2016 and 2015 is presented below. Redeemable Noncontrolling Interest December 31, 2014 $ 204,611 Net earnings 10,239 Distributions (3,154 ) Other (5 ) December 31, 2015 $ 211,691 Net earnings 16,669 Distributions (9,010 ) Other (19 ) December 31, 2016 $ 219,331 |
Equity and Long-Term Incentive
Equity and Long-Term Incentive Plans | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Equity And Long-Term Incentive Plans | Equity and Long-Term Incentive Plans In connection with the Distribution, the Company adopted the AMC Networks Inc. 2011 Stock Plan for Non-Employee Directors (the “2011 Non-Employee Director Plan”) and the AMC Networks Inc. 2011 Cash Incentive Plan (the “2011 Cash Incentive Plan”). All Plans were amended and restated and approved by the Company’s shareholders on June 5, 2012. On June 8, 2016, the Company's shareholders approved the AMC Networks Inc. 2016 Employee Stock Plan (the “2016 Employee Stock Plan”) and the AMC Networks Inc. 2016 Executive Cash Incentive Plan (the "2016 Cash Incentive Plan"). Upon approval of the 2016 Employee Stock Plan, all remaining available shares under the Company's 2011 Employee Stock Plan were canceled, other than those subject to outstanding grants of restricted stock units and options. Beginning with awards in 2016, the Company’s long-term incentive program was modified and the Company issued performance restricted stock units (“PRSUs”) whereas in prior years, long-term cash performance awards were issued. Equity Plans The 2016 Employee Stock Plan provides for the grants of incentive stock options, non-qualified stock options, stock appreciation rights, restricted shares, restricted stock units and other equity-based awards (collectively, “Awards”). Under the 2016 Employee Stock Plan, the Company may grant awards for up to 6,000,000 shares of AMC Networks Class A Common Stock (subject to certain adjustments). Equity-based awards granted under the 2016 Employee Stock Plan must be granted with an exercise price of not less than the fair market value of a share of AMC Networks Class A Common Stock on the date of grant and must expire no later than 10 years from the date of grant. The terms and conditions of awards granted under the 2016 Employee Stock Plan, including vesting and exercisability, are determined by the Compensation Committee of the Board of Directors (“Compensation Committee”) and may include terms or conditions based upon performance criteria. For the purpose of calculating the remaining shares available for issuance under the 2016 Employee Stock Plan, awards containing performance criteria are excluded based on the maximum potential performance target that can be achieved. Awards issued to employees under the 2016 Employee Stock Plan will settle in shares of the Company's Class A Common Stock (either from treasury or with newly issued shares), or, at the option of the Compensation Committee, in cash. As of December 31, 2016 , there are 5,193,343 share awards available for future grant under the 2016 Employee Stock Plan. Under the 2011 Non-Employee Director Plan, the Company is authorized to grant non-qualified stock options, restricted stock units, restricted shares, SARs and other equity-based awards. The Company may grant awards for up to 465,000 shares of AMC Networks Class A Common Stock (subject to certain adjustments). Stock options under the 2011 Non-Employee Director Plan must be granted with an exercise price of not less than the fair market value of a share of AMC Networks Class A Common Stock on the date of grant and must expire no later than 10 years from the date of grant. The terms and conditions of awards granted under the 2011 Non-Employee Director Plan, including vesting and exercisability, are determined by the Compensation Committee. Unless otherwise provided in an applicable award agreement, stock options granted under this plan will be fully vested and exercisable, and restricted stock units granted under this plan will be fully vested, upon the date of grant and will settle in shares of the Company's Class A Common Stock (either from treasury or with newly issued shares), or, at the option of the Compensation Committee, in cash, on the first business day after ninety days from the date the director's service on the Board of Directors ceases or, if earlier, upon the director's death. As of December 31, 2016 , there are 221,058 share awards available for future grant under the 2011 Non-Employee Director Plan. Restricted Stock Unit Activity The following table summarizes activity relating to Company employees who held AMC Networks restricted stock units for the year ended December 31, 2016 : Number of Restricted Stock Units Number of Performance Restricted Stock Units Weighted Average Fair Value Per Stock Unit at Date of Grant Unvested award balance, December 31, 2014 898,854 655,843 $ 62.79 Granted 362,589 125,465 $ 72.95 Released/Vested (317,222 ) (89,929 ) $ 46.75 Canceled/Forfeited (90,835 ) (7,986 ) $ 65.94 Unvested award balance, December 31, 2015 853,386 683,393 $ 70.07 Granted 493,659 767,693 $ 60.73 Released/Vested (257,114 ) (79,321 ) $ 61.28 Canceled/Forfeited (107,633 ) (17,304 ) $ 71.19 Unvested award balance, December 31, 2016 982,298 1,354,461 $ 66.23 During 2016 , AMC Networks granted 349,231 restricted stock units and 508,636 PRSUs to certain executive officers and employees under the AMC Networks Inc. Amended and Restated 2011 Employee Stock Plan. The Company also issued 144,428 restricted stock units and 259,057 performance restricted stock units to certain executive officers and employees under the 2016 Employee Stock Plan. All restricted stock units granted during 2016 vest ratably over a three -year period. The target number of PRSUs granted represents the right to receive a corresponding number of shares, subject to adjustment based on the performance of the Company against target performance criteria for a three year period. The number of shares issuable at the end of the applicable measurement period ranges from 0% to 200% of the target PRSU award. For purposes of calculating the remaining shares available for issuance under the 2016 Employee Stock Plan, the PRSUs are considered at maximum payout. The following table summarizes activity relating to Non-employee Directors who held AMC Networks restricted stock units for the year ended December 31, 2016 : Number of Restricted Stock Units Weighted Average Vested award balance, December 31, 2014 114,690 $ 45.46 Granted 22,659 $ 78.00 Released/Vested (9,794 ) $ 44.32 Vested award balance, December 31, 2015 127,555 $ 51.33 Granted 27,066 $ 61.69 Released/Vested — $ — Vested award balance, December 31, 2016 154,621 $ 53.15 Stock Option Award Activity The following table summarizes activity relating to employees of the Company who held unvested AMC Networks stock options for the year ended December 31, 2016 : Shares Under Option Weighted Average Exercise Price Per Share Weighted Average Contractual Term (in years) Aggregate Intrinsic Value(a) Time Vesting Options Balance, December 31, 2014 14,045 $ 16.93 1.27 $ 658 Exercised (14,045 ) $ 16.93 Balance, December 31, 2015 — $ — $ — Granted 388,385 $ 48.26 Balance, December 31, 2016 388,385 $ 48.26 9.79 $ 1,585 Options exercisable at December 31, 2016 — $ — $ — (a) The aggregate intrinsic value is calculated as the difference between (i) the exercise price of the underlying award and (ii) the quoted price of AMC Networks Class A Common Stock on December 31, 2016 or December 31, 2015 , as indicated. During 2016, the AMC Networks granted 388,385 stock options to an executive. The stock options vest ratably over a three -year period and expire 10 years from the grant date. The fair value of each option grant is estimated on the date of grant using the Black-Scholes option-pricing model. The determination of volatility is principally based upon implied volatilities from traded options. The expected term represents the period of time that options granted are expected to be outstanding. The risk-free rate assumed in valuing the options is based on the U.S. Treasury yield curve in effect applied against the expected term of the option at the time of the grant. The expected dividend yield is estimated based on historical dividend activity. Below are the weighted average fair value of awards granted in the periods presented and the weighted average of the applicable assumptions used to value stock options at grant date: Options granted Key Assumptions Year Ended December 31, 2016 Weighted average fair value of grants $ 14.90 Weighted average assumptions: Expected stock price volatility 30.18 % Expected term of options (in years) 5.75 Risk free interest rate 1.25 % Expected dividend yield — In addition, the following table summarizes activity relating to Cablevision and The Madison Square Garden Company ("MSG") employees who held AMC Networks stock options for the year ended December 31, 2016 : Shares Under Option Weighted Average Exercise Price Per Share Weighted Average Contractual Term (in years) Aggregate Intrinsic Value(a) Time Vesting Options Performance Vesting Options Balance, December 31, 2014 229,497 32,500 $ 15.81 1.14 $ 12,566 Exercised (94,664 ) (32,500 ) $ 13.62 Balance, December 31, 2015 134,833 — $ 17.88 0.43 $ 7,659 Exercised (134,833 ) — $ 17.88 Balance, December 31, 2016 — — $ — $ — Options exercisable at December 31, 2016 — — $ — $ — (a) The aggregate intrinsic value is calculated as the difference between (i) the exercise price of the underlying award and (ii) the quoted price of AMC Networks Class A Common Stock on December 31, 2016 or December 31, 2015 , as indicated. Share-based Compensation Expense The Company recorded share-based compensation expense of $38,897 , $31,020 and $28,363 reduced for forfeitures for the years ended December 31, 2016 , 2015 and 2014 . Forfeitures are estimated based on historical experience. To the extent actual results of forfeitures differ from those estimates, such amounts are recorded as an adjustment in the period the estimates are revised. The Company does not record any share-based compensation expense for AMC Networks stock options held by Cablevision and MSG employees, however such stock options or restricted shares do have a dilutive effect on the Company’s net income per share. Share-based compensation expense is recognized in the consolidated statements of income as part of selling, general and administrative expenses. As of December 31, 2016 , there was $89,594 of total unrecognized share-based compensation costs related to Company employees who held unvested AMC Networks restricted stock units and options. The unrecognized compensation cost is expected to be recognized over a weighted-average remaining period of approximately 2.7 years . There were no costs related to share-based compensation that were capitalized. The Company receives income tax deductions related to restricted share/units, stock options or other equity awards granted to its employees by the Company, Cablevision or MSG, but does not receive income tax deductions for Company equity awards held by Cablevision or MSG employees. The Company uses the 'with-and-without' approach to determine the recognition and measurement of excess tax benefits. Cash flows resulting from excess tax benefits are classified as cash flows from financing activities. Excess tax benefits are realized tax benefits from tax deductions for options exercised and restricted shares issued in excess of the deferred tax asset attributable to stock compensation costs for such awards. Excess tax benefits of $789 , $4,610 and $6,798 were recorded for the years ended December 31, 2016 , 2015 and 2014 , respectively. Long-Term Incentive Plans Under the terms of the 2011 Cash Incentive Plan and 2016 Cash Incentive Plan, the Company is authorized to grant a cash award to certain employees. The terms and conditions of such awards are determined by the Compensation Committee of the Company’s Board of Directors, may include the achievement of certain performance criteria and may extend for a period not to exceed ten years. In 2016, the Company’s long-term incentive program was modified and the Company issued PRSUs whereas long-term cash performance awards were issued in prior years. In connection with the long-term incentive awards outstanding, the Company recorded expense of $15,130 , $30,497 and $19,795 for the years ended December 31, 2016 , 2015 and 2014 respectively. Liabilities for long-term incentive awards of $44,837 and $48,860 are included in accrued liabilities and other liabilities in the consolidated balance sheets at December 31, 2016 and 2015 , respectively. These liabilities include certain performance-based awards for which the performance criteria had not yet been met as of December 31, 2016 as such awards are based on achievement of certain performance criteria through December 31, 2017. The Company has accrued the pro-rata amount earned that it currently believes will ultimately be paid based upon the performance criteria established for these performance-based awards. If the Company subsequently determines that the performance criteria for such awards is not probable of being achieved, the Company would reverse the accrual in respect of such awards at that time. |
Benefit Plans
Benefit Plans | 12 Months Ended |
Dec. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Benefit Plans | Benefit Plans Certain employees of the Company participate in the AMC Networks 401(k) Savings Plan (the "401(k) Plan"), a qualified defined contribution plan, and the AMC Networks Excess Savings Plan (the "Excess Savings Plan"), a non-qualified deferred compensation plan. Under the 401(k) Plan, participating Company employees may contribute into their plan accounts a percentage of their eligible pay on a before-tax basis as well as a percentage of their eligible pay on an after-tax basis. The Company makes matching contributions on behalf of participating employees in accordance with the terms of the 401(k) Plan. In addition to the matching contribution, the Company may make a discretionary year-end contribution to employee 401(k) Plan accounts up to 4% of eligible compensation, subject to certain conditions. The Company provides a matching contribution to the Excess Savings Plan similar to the 401(k) Plan. Total expense related to all benefit plans was $10,859 , $13,505 and $13,849 for the years ended December 31, 2016 , 2015 and 2014 , respectively. The Company does not provide postretirement benefits for any of its employees. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions On June 30, 2011, Cablevision spun off the Company (the “Distribution”) and the Company became an independent public company. At the time of the Distribution, both Cablevision and AMC Networks were controlled by Charles F. Dolan, certain members of his immediate family and certain family related entities (collectively the “Dolan Family”). Members of the Dolan Family, for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended, including trusts for the benefit of the Dolan Family, collectively beneficially own all of the Company’s outstanding Class B Common Stock and own approximately 2% of the Company’s outstanding Class A Common Stock. Such shares of the Company’s Class A Common Stock and Class B Common Stock, collectively, represent approximately 67% of the aggregate voting power of the Company’s outstanding common stock. Members of the Dolan Family are also the controlling stockholders of MSG and MSG Networks. Prior to June 21, 2016, members of the Dolan Family were also the controlling stockholders of Cablevision. On June 21, 2016, Cablevision was acquired by a subsidiary of Altice N.V. and a change in control occurred which resulted in members of the Dolan Family no longer being controlling stockholders of the surviving company, Altice USA. Accordingly, Altice USA is not a related party of AMC Networks. In connection with the Distribution, the Company entered into various agreements with Cablevision that govern certain of the Company’s relationships with Cablevision subsequent to the Distribution. These agreements include arrangements with respect to transition services and a number of on-going commercial relationships. The distribution agreement includes an agreement that the Company and Cablevision agree to provide each other with indemnities with respect to liabilities arising out of the businesses Cablevision transferred to the Company. In addition, the Company provides services to and receives services from Cablevision, MSG and MSG Networks. Revenues, net The Company recorded affiliation fee revenues earned under affiliation agreements with subsidiaries of Cablevision. In addition, AMC Networks Broadcasting & Technology has entered into agreements with MSG Networks to provide various transponder, technical and support services through 2020. Revenues, net from related parties amounted to $15,873 , $27,508 , and $28,089 for the years ended December 31, 2016 , 2015 and 2014 , respectively. Selling, General and Administrative Amounts charged to the Company, included in selling, general and administrative expenses, pursuant to a transition services agreement and for other transactions with its related parties amounted to $3,086 , $4,903 and $3,217 for the years ended December 31, 2016 , 2015 and 2014 , respectively. In connection with the Distribution, Cablevision and AMC Networks entered into a Transition Services Agreement under which, in exchange for the fees specified in such agreement, Cablevision agreed to provide transition services with regard to such areas as accounting, information systems, risk management and employee services, compensation and benefits. Under the Transition Services Agreement, AMC Networks also provides certain services to Cablevision and MSG on behalf of Cablevision. On June 16, 2016, AMC Networks entered into an arrangement with the Dolan Family Office, LLC (“DFO”), MSG and MSG Networks providing for the sharing of certain expenses associated with executive office space which will be available to Charles F. Dolan (the Executive Chairman and a director of the Company and a director of MSG and MSG Networks), James L. Dolan (the Executive Chairman and a director of MSG and MSG Networks and a director of the Company), and the DFO which is controlled by Charles F. Dolan. The Company’s share of initial set-up costs and office expenses is not material. |
Cash Flows
Cash Flows | 12 Months Ended |
Dec. 31, 2016 | |
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract] | |
Cash Flows | Cash Flows During 2016 , 2015 and 2014 , the Company’s non-cash investing and financing activities and other supplemental data were as follows: Years Ended December 31, 2016 2015 2014 Non-Cash Investing and Financing Activities: Continuing Operations: Increase in capital lease obligations 10,982 6,191 18,747 Treasury stock not yet settled 10,454 — — Capital expenditures incurred but not yet paid 6,988 6,423 6,638 Promissory note payable — — 40,000 Supplemental Data: Cash interest paid—continuing operations 128,319 120,394 122,305 Income taxes paid, net—continuing operations 106,476 186,725 99,772 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss The following table details the components of accumulated other comprehensive loss: Year Ended December 31, 2016 Year Ended December 31, 2015 Currency Translation Adjustment Gains (Losses) on Cash Flow Hedges Accumulated Other Comprehensive Loss Currency Translation Adjustment Gains (Losses) on Cash Flow Hedges Accumulated Other Comprehensive Loss Beginning Balance $ (136,434 ) $ 377 $ (136,057 ) $ (77,492 ) $ (1,756 ) $ (79,248 ) Other comprehensive loss before reclassifications (45,426 ) (565 ) (45,991 ) (55,852 ) 638 (55,214 ) Amounts reclassified from accumulated other comprehensive loss — 587 587 — 2,727 2,727 Net current-period other comprehensive (loss) income, before income taxes (45,426 ) 22 (45,404 ) (55,852 ) 3,365 (52,487 ) Income tax expense (12,329 ) (8 ) (12,337 ) (3,090 ) (1,232 ) (4,322 ) Net current-period other comprehensive (loss) income, net of income taxes (57,755 ) 14 (57,741 ) (58,942 ) 2,133 (56,809 ) Ending Balance $ (194,189 ) $ 391 $ (193,798 ) $ (136,434 ) $ 377 $ (136,057 ) Amounts reclassified to net earnings for gains and losses on cash flow hedges designated as hedging instruments are included in interest expense in the consolidated statements of income. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information The Company classifies its operations into two operating segments: National Networks and International and Other. These operating segments represent strategic business units that are managed separately. The Company generally allocates all corporate overhead costs within operating expenses to the Company’s two operating segments based upon their proportionate estimated usage of services, including such costs as executive salaries and benefits, costs of maintaining corporate headquarters, facilities and common support functions (such as human resources, legal, finance, tax, accounting, audit, treasury, risk management, strategic planning and information technology) as well as sales support functions and creative and production services. The Company evaluates segment performance based on several factors, of which the primary financial measure is operating segment adjusted operating income (a non-GAAP measure) defined as operating income (loss) before depreciation and amortization, share-based compensation expense or benefit, impairment charges, and restructuring expense or credit. We renamed this non-GAAP performance measure to adjusted operating income (“AOI”), formerly referred to as adjusted operating cash flow (“AOCF”). Other than the title, there is no change to the definition of this non-GAAP measure. The Company has presented the components that reconcile adjusted operating income to operating income, an accepted GAAP measure, and other information as to the continuing operations of the Company’s operating segments below. Year Ended December 31, 2016 National Networks International and Other Inter-segment eliminations Consolidated Revenues, net Advertising $ 990,508 $ 94,467 $ (1,000 ) $ 1,083,975 Distribution 1,320,532 365,529 (14,382 ) 1,671,679 Consolidated revenues, net $ 2,311,040 $ 459,996 $ (15,382 ) $ 2,755,654 Operating income (loss) $ 784,027 $ (120,914 ) $ (5,557 ) $ 657,556 Share-based compensation expense 30,569 8,328 — 38,897 Restructuring expense 8,516 20,987 — 29,503 Impairment charges — 67,805 — 67,805 Depreciation and amortization 32,376 52,402 — 84,778 Adjusted operating income $ 855,488 $ 28,608 $ (5,557 ) $ 878,539 Capital expenditures $ 15,947 $ 63,273 $ — $ 79,220 Year Ended December 31, 2015 National Networks International and Other Inter-segment eliminations Consolidated Revenues, net Advertising $ 945,288 $ 82,972 $ — $ 1,028,260 Distribution 1,190,079 369,606 (7,010 ) 1,552,675 Consolidated revenues, net $ 2,135,367 $ 452,578 $ (7,010 ) $ 2,580,935 Operating income (loss) $ 754,243 $ (42,542 ) $ (2,508 ) $ 709,193 Share-based compensation expense 23,814 7,206 — 31,020 Restructuring expense 3,194 11,804 — 14,998 Depreciation and amortization 29,742 53,289 — 83,031 Adjusted operating income $ 810,993 $ 29,757 $ (2,508 ) $ 838,242 Capital expenditures $ 24,386 $ 43,935 $ — $ 68,321 Year Ended December 31, 2014 National Networks International and Other Inter-segment eliminations Consolidated Revenues, net Advertising $ 764,610 $ 55,726 $ — $ 820,336 Distribution 979,312 378,495 (2,502 ) 1,355,305 Consolidated revenues, net $ 1,743,922 $ 434,221 $ (2,502 ) $ 2,175,641 Operating income $ 586,856 $ (41,977 ) $ 1,474 $ 546,353 Share-based compensation expense 21,584 6,779 — 28,363 Restructuring expense 3,664 12,051 — 15,715 Depreciation and amortization 21,480 47,568 — 69,048 Adjusted operating income $ 633,584 $ 24,421 $ 1,474 $ 659,479 Capital expenditures $ 13,462 $ 26,277 $ — $ 39,739 Inter-segment eliminations are primarily licensing revenues recognized between the National Networks and International and Other segments as well as revenues recognized by AMC Networks Broadcasting & Technology for transmission revenues recognized from the International and Other operating segment. Years Ended December 31, 2016 2015 2014 Inter-segment revenues National Networks $ (14,963 ) $ (6,719 ) $ (1,802 ) International and Other (419 ) (291 ) (700 ) $ (15,382 ) $ (7,010 ) $ (2,502 ) One customer primarily within the National Networks segment accounted for approximately 11% of consolidated revenues, net for the years ended December 31, 2016 . No customers accounted for more than 10% of revenues, net for the years ended December 31, 2015 and 2014 . The table below summarizes revenue based on customer location: Year Ended December 31, 2016 Year Ended December 31, 2015 Revenue United States $ 2,215,430 $ 2,114,172 Europe 384,234 317,759 Other 155,990 149,004 $ 2,755,654 $ 2,580,935 The table below summarizes property and equipment based on asset location: December 31, 2016 December 31, 2015 Property and equipment, net United States $ 104,939 $ 93,951 Europe 39,976 48,043 Other 21,721 21,866 $ 166,636 $ 163,860 |
Condensed Consolidating Financi
Condensed Consolidating Financial Information | 12 Months Ended |
Dec. 31, 2016 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Consolidating Financial Statements | Condensed Consolidating Financial Statements Debt of AMC Networks includes $600,000 of 4.75% senior notes due December 2022 and $1,000,000 of 5.00% senior notes due April 2024. 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. Condensed Consolidating Balance Sheet December 31, 2016 Parent Company Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated ASSETS Current Assets: Cash and cash equivalents 565 320,950 159,874 — 481,389 Accounts receivable, trade (less allowance for doubtful accounts) — 537,751 162,904 — 700,655 Amounts due from related parties, net — 508 — — 508 Current portion of program rights, net — 307,050 134,080 — 441,130 Prepaid expenses, other current assets and intercompany receivable 948 151,175 15,961 (95,423 ) 72,661 Total current assets 1,513 1,317,434 472,819 (95,423 ) 1,696,343 Property and equipment, net of accumulated depreciation — 104,272 62,364 — 166,636 Investment in affiliates 3,029,922 784,024 — (3,813,946 ) — Program rights, net — 947,657 160,929 — 1,108,586 Long-term intercompany notes receivable — 432,099 817 (432,916 ) — Deferred carriage fees, net — 42,656 1,230 — 43,886 Intangible assets, net — 180,297 305,512 — 485,809 Goodwill — 69,154 588,554 — 657,708 Deferred tax asset, net — — 8,598 — 8,598 Other assets 1,471 116,608 194,950 — 313,029 Total assets 3,032,906 3,994,201 1,795,773 (4,342,285 ) 4,480,595 LIABILITIES AND STOCKHOLDERS’ EQUITY Current Liabilities: Accounts payable — 40,033 48,644 — 88,677 Accrued liabilities and intercompany payable 71,680 182,667 125,505 (95,423 ) 284,429 Current portion of program rights obligations — 226,474 74,371 — 300,845 Deferred revenue — 42,782 10,861 — 53,643 Current portion of long-term debt 222,000 — — — 222,000 Current portion of capital lease obligations — 2,645 1,939 — 4,584 Total current liabilities 293,680 494,601 261,320 (95,423 ) 954,178 Program rights obligations — 365,262 32,913 — 398,175 Long-term debt, net 2,597,263 — — — 2,597,263 Capital lease obligations — 6,647 28,635 — 35,282 Deferred tax liability, net 145,364 — 427 — 145,791 Other liabilities and intercompany notes payable 26,681 97,769 440,685 (432,916 ) 132,219 Total liabilities 3,062,988 964,279 763,980 (528,339 ) 4,262,908 Commitments and contingencies Redeemable noncontrolling interests — — 219,331 — 219,331 Stockholders’ equity: AMC Networks stockholders’ equity (30,082 ) 3,029,922 784,024 (3,813,946 ) (30,082 ) Non-redeemable noncontrolling interests — — 28,438 — 28,438 Total stockholders’ equity (30,082 ) 3,029,922 812,462 (3,813,946 ) (1,644 ) Total liabilities and stockholders’ equity 3,032,906 3,994,201 1,795,773 (4,342,285 ) 4,480,595 Condensed Consolidating Balance Sheet December 31, 2015 Parent Company Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated ASSETS Current Assets: Cash and cash equivalents $ 434 $ 148,260 $ 167,627 $ — $ 316,321 Accounts receivable, trade (less allowance for doubtful accounts) — 538,657 135,954 — 674,611 Amounts due from related parties, net — 3,818 244 — 4,062 Current portion of program rights, net — 352,664 100,493 — 453,157 Prepaid expenses, other current assets and intercompany receivable 4,158 112,456 12,322 (55,947 ) 72,989 Total current assets 4,592 1,155,855 416,640 (55,947 ) 1,521,140 Property and equipment, net — 93,007 70,853 — 163,860 Investment in affiliates 2,797,938 845,069 — (3,643,007 ) — Program rights, net — 889,756 137,638 — 1,027,394 Long-term intercompany notes receivable — 400,163 676 (400,839 ) — Deferred carriage fees, net — 47,437 2,632 — 50,069 Intangible assets, net — 190,041 359,139 — 549,180 Goodwill — 71,700 664,575 — 736,275 Deferred tax asset, net — — 10,765 — 10,765 Other assets 1,449 100,620 89,857 — 191,926 Total assets $ 2,803,979 $ 3,793,648 $ 1,752,775 $ (4,099,793 ) $ 4,250,609 LIABILITIES AND STOCKHOLDERS’ DEFICIENCY Current Liabilities: Accounts payable $ 6 $ 44,152 $ 26,990 $ — $ 71,148 Accrued liabilities and intercompany payable 30,857 181,377 97,745 (55,947 ) 254,032 Current portion of program rights obligations — 225,375 64,522 — 289,897 Deferred revenue — 54,921 9,308 — 64,229 Current portion of long-term debt 148,000 — — — 148,000 Current portion of capital lease obligations — 2,393 1,168 — 3,561 Total current liabilities 178,863 508,218 199,733 (55,947 ) 830,867 Program rights obligations — 415,419 25,172 — 440,591 Long-term debt, net 2,519,808 — — — 2,519,808 Capital lease obligations — 9,268 20,511 — 29,779 Deferred tax liability, net 112,376 — 10,605 — 122,981 Other liabilities and intercompany notes payable 32,209 62,805 409,355 (400,839 ) 103,530 Total liabilities 2,843,256 995,710 665,376 (456,786 ) 4,047,556 Commitments and contingencies Redeemable noncontrolling interests — — 211,691 — 211,691 Stockholders’ deficiency: AMC Networks stockholders’ (deficiency) equity (39,277 ) 2,797,938 845,069 (3,643,007 ) (39,277 ) Non-redeemable noncontrolling interests — — 30,639 — 30,639 Total stockholders’ (deficiency) equity (39,277 ) 2,797,938 875,708 (3,643,007 ) (8,638 ) Total liabilities and stockholders’ (deficiency) equity $ 2,803,979 $ 3,793,648 $ 1,752,775 $ (4,099,793 ) $ 4,250,609 Condensed Consolidating Statement of Income Year Ended December 31, 2016 Parent Company Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Revenues, net $ — $ 2,142,325 $ 623,892 $ (10,563 ) $ 2,755,654 Operating expenses: Technical and operating (excluding depreciation and amortization) — 947,707 334,888 (2,611 ) 1,279,984 Selling, general and administrative — 460,150 183,597 (7,719 ) 636,028 Depreciation and amortization — 40,230 44,548 — 84,778 Impairment charges — — 67,805 — 67,805 Restructuring expense — 24,950 4,553 — 29,503 Total operating expenses — 1,473,037 635,391 (10,330 ) 2,098,098 Operating income — 669,288 (11,499 ) (233 ) 657,556 Other income (expense): Interest expense, net (119,192 ) 38,137 (37,513 ) — (118,568 ) Share of affiliates' income (loss) 591,395 (103,464 ) — (487,931 ) — Loss on extinguishment of debt (50,639 ) — — — (50,639 ) Miscellaneous, net (273 ) (2,892 ) (30,592 ) 233 (33,524 ) Total other income (expense) 421,291 (68,219 ) (68,105 ) (487,698 ) (202,731 ) Income (loss) from operations before income taxes 421,291 601,069 (79,604 ) (487,931 ) 454,825 Income tax expense (150,781 ) (9,674 ) (4,407 ) — (164,862 ) Net income (loss) including noncontrolling interest 270,510 591,395 (84,011 ) (487,931 ) 289,963 Net income attributable to noncontrolling interests — — (19,453 ) (19,453 ) Net income (loss) attributable to AMC Networks' stockholders $ 270,510 $ 591,395 $ (103,464 ) $ (487,931 ) $ 270,510 Condensed Consolidating Statement of Income Year Ended December 31, 2015 Parent Company Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Revenues, net $ — $ 2,041,244 $ 540,545 $ (854 ) $ 2,580,935 Operating expenses: Technical and operating (excluding depreciation and amortization) — 850,882 287,007 (756 ) 1,137,133 Selling, general and administrative — 471,455 165,285 (160 ) 636,580 Depreciation and amortization — 37,176 45,855 — 83,031 Restructuring expense — 7,772 7,226 — 14,998 Total operating expenses — 1,367,285 505,373 (916 ) 1,871,742 Operating income — 673,959 35,172 62 709,193 Other income (expense): Interest expense, net (81,405 ) (14,456 ) (29,847 ) — (125,708 ) Share of affiliates' income (loss) 715,807 (15,378 ) — (700,429 ) — Miscellaneous, net (87,368 ) 80,865 5,874 (62 ) (691 ) Total other income (expense) 547,034 51,031 (23,973 ) (700,491 ) (126,399 ) Income from operations before income taxes 547,034 724,990 11,199 (700,429 ) 582,794 Income tax (expense) benefit (180,246 ) (9,183 ) (11,661 ) — (201,090 ) Net income (loss) including noncontrolling interest 366,788 715,807 (462 ) (700,429 ) 381,704 Net income attributable to noncontrolling interests — — (14,916 ) — (14,916 ) Net income (loss) attributable to AMC Networks' stockholders $ 366,788 $ 715,807 $ (15,378 ) $ (700,429 ) $ 366,788 Condensed Consolidating Statement of Comprehensive Income Year Ended December 31, 2016 Parent Company Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Net income (loss) including noncontrolling interest $ 270,510 $ 591,395 $ (84,011 ) $ (487,931 ) $ 289,963 Other comprehensive income (loss): Foreign currency translation adjustment (45,426 ) — (45,426 ) 45,426 (45,426 ) Unrealized gain on interest rate swaps 22 — — — 22 Other comprehensive income (loss), before income taxes (45,404 ) — (45,426 ) 45,426 (45,404 ) Income tax expense (12,337 ) — — — (12,337 ) Other comprehensive (loss), net of income taxes (57,741 ) — (45,426 ) 45,426 (57,741 ) Comprehensive income (loss) 212,769 591,395 (129,437 ) (442,505 ) 232,222 Comprehensive (income) attributable to noncontrolling interests — — (16,491 ) — (16,491 ) Comprehensive income (loss) attributable to AMC Networks’ stockholders $ 212,769 $ 591,395 $ (145,928 ) $ (442,505 ) $ 215,731 Condensed Consolidating Statement of Comprehensive Income Year Ended December 31, 2015 Parent Company Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Net income (loss) including noncontrolling interest $ 366,788 $ 715,807 $ (462 ) $ (700,429 ) $ 381,704 Other comprehensive income (loss): Foreign currency translation adjustment (73,695 ) (73,695 ) 17,843 73,695 (55,852 ) Unrealized gain on interest rate swaps 3,365 — — — 3,365 Other comprehensive (loss) income, before income taxes (70,330 ) (73,695 ) 17,843 73,695 (52,487 ) Income tax expense (4,322 ) — — — (4,322 ) Other comprehensive (loss) income, net of income taxes (74,652 ) (73,695 ) 17,843 73,695 (56,809 ) Comprehensive income 292,136 642,112 17,381 (626,734 ) 324,895 Comprehensive (income) attributable to noncontrolling interests — — (13,123 ) — (13,123 ) Comprehensive income attributable to AMC Networks' stockholders $ 292,136 $ 642,112 $ 4,258 $ (626,734 ) $ 311,772 Condensed Consolidating Statement of Cash Flows Year Ended December 31, 2016 Parent Company Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Cash flows from operating activities: Net cash provided by operating activities $ 401,179 $ 548,381 $ 55,450 $ (490,685 ) $ 514,325 Cash flows from investing activities: Capital expenditures — (42,064 ) (37,156 ) — (79,220 ) Payments for acquisitions, net of cash acquired — — (354 ) — (354 ) Purchases of investments — — (95,000 ) — (95,000 ) (Increase) decrease to investment in affiliates (159,533 ) (69,231 ) — 228,764 — Net cash used in investing activities (159,533 ) (111,295 ) (132,510 ) 228,764 (174,574 ) Cash flows from financing activities: Proceeds from the issuance of long-term debt 982,500 — — — 982,500 Principal payments on long-term debt (848,000 ) — — — (848,000 ) Premium and fees paid on extinguishment of debt (40,954 ) — — — (40,954 ) Payments for financing costs (2,070 ) — — — (2,070 ) Deemed repurchases of restricted stock/units (10,822 ) — — — (10,822 ) Purchase of treasury stock (223,237 ) — — — (223,237 ) Proceeds from stock option exercises 1,228 — — — 1,228 Excess tax benefits from share-based compensation arrangements 789 — — — 789 Principal payments on capital lease obligations — (2,475 ) (1,813 ) — (4,288 ) Distributions to noncontrolling interest — — (9,010 ) — (9,010 ) Net cash used in financing activities (140,566 ) (2,475 ) (10,823 ) — (153,864 ) Net increase in cash and cash equivalents from operations 101,080 434,611 (87,883 ) (261,921 ) 185,887 Effect of exchange rate changes on cash and cash equivalents (100,949 ) (261,921 ) 80,130 261,921 (20,819 ) Cash and cash equivalents at beginning of period 434 148,260 167,627 — 316,321 Cash and cash equivalents at end of period $ 565 $ 320,950 $ 159,874 $ — $ 481,389 Condensed Consolidating Statement of Cash Flows Year Ended December 31, 2015 Parent Company Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Cash flows from operating activities: Net cash provided by (used in) operating activities $ 1,050,818 $ (294,219 ) $ 312,469 $ (699,029 ) $ 370,039 Cash flows from investing activities: Capital expenditures (9 ) (40,592 ) (27,720 ) — (68,321 ) Payments for acquisitions, net of cash acquired — — (24,199 ) — (24,199 ) Acquisition of investments — — (24,250 ) — (24,250 ) (Increase) decrease to investment in affiliates (890,626 ) 466,322 (201,524 ) 625,828 — Net cash (used in) provided by investing activities (890,635 ) 425,730 (277,693 ) 625,828 (116,770 ) Cash flows from financing activities: Principal payments on long-term debt (74,000 ) — — — (74,000 ) Payment of Promissory Note — — (40,000 ) — (40,000 ) Deemed repurchases of restricted stock/units (14,452 ) — — — (14,452 ) Proceeds from stock option exercises 1,340 — — — 1,340 Excess tax benefits from share-based compensation arrangements 4,610 — — — 4,610 Principal payments on capital lease obligations — (2,218 ) (727 ) — (2,945 ) Cash contributions from member — 8,492 (8,492 ) — — Distributions to noncontrolling interest — — (3,154 ) — (3,154 ) Contributions from noncontrolling interest — — 1,322 — 1,322 Net cash used in financing activities (82,502 ) 6,274 (51,051 ) — (127,279 ) Net increase (decrease) in cash and cash equivalents from operations 77,681 137,785 (16,275 ) (73,201 ) 125,990 Effect of exchange rate changes on cash and cash equivalents (78,828 ) (73,201 ) 67,792 73,201 (11,036 ) Cash and cash equivalents at beginning of year 1,581 83,676 116,110 — 201,367 Cash and cash equivalents at end of year $ 434 $ 148,260 $ 167,627 $ — $ 316,321 |
Interim Financial Information (
Interim Financial Information (Unaudited) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Interim Financial Information (Unaudited) | Interim Financial Information (Unaudited) The following is a summary of the Company’s selected quarterly financial data for the years ended December 31, 2016 and 2015 : For the three months ended, 2016: March 31, June 30, September 30, December 31, 2016 Revenues, net $ 706,579 $ 684,832 $ 634,646 $ 729,597 $ 2,755,654 Operating expenses (447,920 ) (506,800 ) (517,509 ) (625,869 ) (2,098,098 ) Operating income $ 258,659 $ 178,032 $ 117,137 $ 103,728 $ 657,556 Net income including noncontrolling interests $ 120,064 $ 83,387 $ 67,469 $ 19,043 $ 289,963 Net income attributable to AMC Networks’ stockholders $ 113,444 $ 77,175 $ 65,393 $ 14,498 $ 270,510 Basic net income per share attributable to AMC Networks’ stockholders: Income from continuing operations $ 1.56 $ 1.06 $ 0.91 $ 0.21 $ 3.77 Net income $ 1.56 $ 1.06 $ 0.91 0.21 $ 3.77 Diluted net income per share attributable to AMC Networks’ stockholders: Income from continuing operations $ 1.55 $ 1.05 $ 0.91 $ 0.20 $ 3.74 Net income $ 1.55 $ 1.05 $ 0.91 $ 0.20 $ 3.74 For the three months ended, 2015: March 31, June 30, September 30, December 31, 2015 Revenues, net $ 668,682 $ 601,138 $ 632,165 $ 678,950 $ 2,580,935 Operating expenses (437,935 ) (442,304 ) (472,897 ) (518,606 ) (1,871,742 ) Operating income $ 230,747 $ 158,834 $ 159,268 $ 160,344 $ 709,193 Net income including noncontrolling interests $ 126,676 $ 87,442 $ 76,900 $ 90,686 $ 381,704 Net income attributable to AMC Networks’ stockholders $ 120,920 $ 83,009 $ 72,770 $ 90,089 $ 366,788 Basic net income per share attributable to AMC Networks’ stockholders: Income from continuing operations $ 1.67 $ 1.15 $ 1.00 $ 1.24 $ 5.06 Net income $ 1.67 $ 1.15 $ 1.00 1.24 $ 5.06 Diluted net income per share attributable to AMC Networks’ stockholders: Income from continuing operations $ 1.66 $ 1.14 $ 0.99 $ 1.23 $ 5.01 Net income $ 1.66 $ 1.14 $ 0.99 $ 1.23 $ 5.01 There have been changes in the level of the Company’s revenues, net from quarter to quarter and/or changes from year to year due primarily to increased distribution revenue and advertising revenue. In addition, the Company’s operating expenses have also changed from quarter to quarter and/or year over year due primarily to the timing of the exhibition, promotion and marketing of program rights and/or program rights write-downs based on management’s assessment of programming usefulness and restructuring expense. In addition to the changes in operating income including restructuring expense and impairment charges, non-operating income and expense items such as interest expense, net, write-off of deferred financing costs, loss on extinguishment of debt and income tax expense also impact quarter over quarter and year over year net income. |
Schedule II Valuation and Quali
Schedule II Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2016 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule of Valuation and Qualifying Accounts Disclosure | Balance at Beginning of Period Provision for (Recovery of) Bad Debt Deductions/ Write-Offs and Other Charges, Net Balance at End of Period Year Ended December 31, 2016 Allowance for doubtful accounts $ 4,307 $ 1,924 $ (167 ) * $ 6,064 Year Ended December 31, 2015 Allowance for doubtful accounts $ 4,276 $ 1,705 $ (1,674 ) * $ 4,307 Year Ended December 31, 2014 Allowance for doubtful accounts $ 931 $ 1,195 $ 2,150 $ 4,276 * Amounts represent primarily the write-off of certain uncollectible trade receivables that had previously been fully reserved. |
Description of Business and B34
Description of Business and Basis of Presentation (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Consolidation, Policy | Principles of Consolidation The consolidated financial statements include the accounts of AMC Networks and its majority owned or controlled subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. |
Use of Estimates, Policy | Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported period. Actual results could differ from those estimates. Significant estimates and judgments inherent in the preparation of the consolidated financial statements include the valuation of acquisition-related assets and liabilities, derivative assets and liabilities, certain stock compensation awards, the useful lives and methodologies used to amortize and assess recoverability of program rights, the estimated useful lives of intangible assets, valuation and recoverability of goodwill and intangible assets and income tax assets and liabilities. |
Reclassification, Policy | Reclassifications Certain reclassifications were made to the prior period amounts to conform to the current period presentation, including the adoption of Accounting Standards Update (“ASU”) No. 2015-17, Income Taxes (Topic 740) Balance Sheet Classification of Deferred Taxes which requires deferred tax liabilities and assets be classified as noncurrent in the statement of financial position. |
Discontinued Operations, Policy | Discontinued Operations In connection with the acquisition of Chellomedia (see Note 3 ), management committed to a plan to dispose of the operations of Chellomedia's advertising sales unit, Atmedia, which was completed in August 2014. The operating results of Atmedia have been classified as discontinued operations for the year ended December 31, 2014. |
Summary of Significant Accoun35
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Revenue Recognition, Policy | Revenue Recognition Revenue is recognized when persuasive evidence of a sales arrangement exists, delivery occurs or services are rendered, the sales price is fixed or determinable and collectability is reasonably assured. Revenue recognition for each source of the Company’s revenue is based on the following policies: Distribution The Company recognizes revenue from distributors that carry the Company’s programming services under multi-year contracts, commonly referred to as “affiliation agreements.” The programming services are delivered throughout the terms of the agreements and the Company recognizes revenue as programming is provided. Revenue from the licensing of original programming for digital and foreign distribution is recognized upon availability or distribution by the licensee. Revenue from video on demand and similar pay-per-view arrangements is recognized as programming is exhibited based on end-customer purchases as reported by the distributor. Revenue derived from other sources is recognized when delivery occurs or the services are rendered. Advertising Advertising revenues are recognized, net of agency commissions, when commercials are aired. In most advertising sales arrangements, the Company’s programming businesses guarantee specified viewer ratings for their programming. For these types of transactions, a portion of such revenue is deferred if the guaranteed viewer ratings are not met and is subsequently recognized either when the Company provides the required additional advertising time or the guarantee obligation contractually expires. |
Multiple-Element Transactions, Policy | Multiple-Element Transactions For multiple-deliverable revenue arrangements, the Company uses the relative selling price method to allocate the arrangement consideration. Under the relative selling price method, the Company determines its best estimate of selling price in a manner consistent with that used to determine the price to sell the deliverable on a stand-alone basis. For multiple-element deliverable arrangements that include elements other than revenue, if there is objective and reliable evidence of fair value for all elements of accounting, the arrangement consideration is allocated to the separate elements of accounting based on relative fair values. There may be cases in which there is objective and reliable evidence of fair value of undelivered items in an arrangement but no such evidence for the delivered items. In those cases, the total fair value of the undelivered elements, as indicated by vendor-specific objective evidence, is deferred and the remainder of the arrangement consideration is allocated to the delivered elements. |
Techincal and Operating Expenses, Policy | Technical and Operating Expenses Costs of revenues, including but not limited to programming expense, primarily consisting of amortization or write-offs of programming rights, such as those for original programming, feature films and licensed series, participation and residual costs, distribution and production related costs and program operating costs, such as origination, transmission, uplinking and encryption, are classified as technical and operating expenses in the consolidated statements of income. |
Advertising and Distribution Expenses, Policy | Advertising and Distribution Expenses Advertising costs are charged to expense when incurred and are recorded to selling, general and administrative expenses in the consolidated statements of income. Advertising costs were $222,067 , $210,929 and $178,068 for the years ended December 31, 2016 , 2015 and 2014 , respectively. Marketing, distribution and general and administrative costs related to the exploitation of owned original programming are expensed as incurred and are recorded to selling, general and administrative expenses in the consolidated statements of income. |
Share-based Compensation, Policy | Share-Based Compensation The Company measures the cost of employee services received in exchange for an award of equity-based instruments based on the grant date fair value of the portion of awards that are ultimately expected to vest. The cost is recognized in earnings over the period during which an employee is required to provide service in exchange for the award using a straight-line amortization method, except for restricted stock units granted to non-employee directors which vest 100% , and are expensed, at the date of grant. Share-based compensation expense is included in selling, general and administrative expenses in the consolidated statements of income. |
Foreign Currency, Policy | Foreign Currency The reporting currency of the Company is the U.S. dollar. The functional currency of most of the Company’s international subsidiaries is the local currency. Assets and liabilities, including intercompany balances for which settlement is anticipated in the foreseeable future, are translated at exchange rates in effect at the balance sheet date. Foreign currency equity balances are translated at historical rates. Revenues and expenses denominated in foreign currencies are translated at average exchange rates for the respective periods. Foreign currency translation adjustments are recorded as a component of other comprehensive income ("OCI") in the consolidated statements of stockholders' deficiency. Transactions denominated in currencies other than subsidiaries’ functional currencies are recorded based on exchange rates at the time such transactions arise. Changes in exchange rates with respect to amounts recorded in the consolidated balance sheets related to these items will result in unrealized foreign currency transaction gains and losses based upon period-end exchange rates. The Company also records realized foreign currency transaction gains and losses upon settlement of the transactions. The Company recognized foreign currency transaction losses (realized and unrealized) of $38,951 , $21,990 and $23,729 for the years ended December 31, 2016 , 2015 and 2014 , respectively, which are included in miscellaneous, net in the consolidated statements of income. |
Cash and Cash Equivalents, Policy | Cash and Cash Equivalents The Company’s cash investments are placed with money market funds and financial institutions that are investment grade as rated by Standard & Poor’s and Moody’s Investors Service. The Company selects money market funds that predominantly invest in marketable, direct obligations issued or guaranteed by the U.S. government or its agencies, commercial paper, fully collateralized repurchase agreements, certificates of deposit, and time deposits. The Company considers the balance of its investment in funds that hold securities that mature within three months or less from the date the fund purchases these securities to be cash equivalents. The carrying amount of cash and cash equivalents either approximates fair value due to the short-term maturity of these instruments or are at fair value. |
Accounts Receivable, Trade, Policy | Accounts Receivable, Trade The Company periodically assesses the adequacy of valuation allowances for uncollectible accounts receivable by evaluating the collectability of outstanding receivables and general factors such as length of time individual receivables are past due, historical collection experience, and the economic and competitive environment. As of December 31, 2016 and 2015 , the Company had $114,258 and $79,048 , respectively, of accounts receivable contractually due in excess of one-year, which are included in other assets in the consolidated balance sheets. |
Program Rights, Policy | Program Rights Rights to programming, including feature films and episodic series, acquired under license agreements are stated at the lower of unamortized cost or net realizable value. Such licensed rights along with the related obligations are recorded at the contract value when a license agreement is executed, unless there is uncertainty with respect to either cost, acceptability or availability. If such uncertainty exists, those rights and obligations are recorded at the earlier of when the uncertainty is resolved or the license period begins. Costs are amortized to technical and operating expense on a straight-line basis over a period not to exceed the respective license periods. The Company’s owned original programming is primarily produced by production companies, with the remainder produced by the Company. Owned original programming costs, including estimated participation and residual costs, qualifying for capitalization as program rights are amortized to technical and operating expense over their estimated useful lives, commencing upon the first airing, based on attributable revenue for airings to date as a percentage of total projected attributable revenue, or ultimate revenue (film-forecast-computation method). Projected attributable revenue is based on previously generated revenues for similar content in established markets, primarily consisting of distribution and advertising revenues, and projected program usage. Projected program usage is based on the Company’s current expectation of future exhibitions taking into account historical usage of similar content. Projected attributable revenue can change based upon programming market acceptance, levels of distribution and advertising revenue and decisions regarding planned program usage. These calculations require management to make assumptions and to apply judgment regarding revenue and planned usage. Accordingly, the Company periodically reviews revenue estimates and planned usage and revises its assumptions if necessary, which could impact the timing of amortization expense or result in a write-down to fair value. The Company periodically reviews the programming usefulness of its licensed and owned original program rights based on a series of factors, including expected future revenue generation from airings on the Company's networks and other exploitation opportunities, ratings, type and quality of program material, standards and practices, and fitness for exhibition through various forms of distribution. If it is determined that film or other program rights have limited, or no, future programming usefulness, a write-off of the unamortized cost is recorded in technical and operating expense. See Note 5 for further discussion regarding program rights write-offs. |
Investments, Policy | Investments The Company holds investments in equity method and cost method investees and other marketable securities. Investments in equity method investees are those for which the Company has the ability to exercise significant influence but does not control and is not the primary beneficiary. Significant influence typically exists if the Company has a 20% to 50% ownership interest in a venture unless persuasive evidence to the contrary exists. Under this method of accounting, the Company records its proportionate share of the net earnings or losses of equity method investees and a corresponding increase or decrease to the investment balances. Cash payments to equity method investees such as additional investments, loans and advances and expenses incurred on behalf of investees, as well as payments from equity method investees such as dividends, distributions and repayments of loans and advances are recorded as adjustments to investment balances. The Company evaluates its equity method investments for impairment whenever events or changes in circumstances indicate that the carrying amounts of such investments may not be recoverable. Investments in entities or other securities in which the Company has no control or significant influence and is not the primary beneficiary are accounted for at fair value or cost. Investments in equity securities with readily determinable fair values are accounted for at fair value, based on quoted market prices, and classified as either trading securities or available-for-sale securities. For investments classified as trading securities, unrealized and realized gains and losses related to the investment and corresponding liability are recorded in earnings as a component of miscellaneous, net, in the consolidated statements of income. For investments classified as available-for-sale securities, which include investments in common stock, unrealized gains and losses are recorded net of income taxes in other comprehensive (loss) income until the security is sold or considered impaired. If declines in the value of available-for-sale securities are determined to be other-than-temporary, a loss is recorded in earnings in the current period as a component of miscellaneous, net in the consolidated statements of income. Impairments are determined based on, among other factors, the length of time the fair value of the investment has been less than the carrying value, future business prospects for the investee, and information regarding market and industry trends for the investee’s business, if available. For purposes of computing realized gains and losses, the Company determines cost on a specific identification basis. Cost method investments are recorded at the lower of cost or fair value. If declines in the value of cost method investments are determined to be other-than-temporary, a loss is recorded in earnings in the current period as a component of miscellaneous, net in the consolidated statements of income. |
Goodwill and Indefinite-Lived Intangible Assets, Policy | Long-Lived Assets and Amortizable Intangible Assets Property and equipment are carried at cost. Equipment under capital leases is recorded at the present value of the total minimum lease payments. Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets or, with respect to equipment under capital leases and leasehold improvements, amortized over the shorter of the lease term or the assets’ useful lives and reported in depreciation and amortization in the consolidated statements of income. Amortizable intangible assets established in connection with business combinations primarily consist of affiliate and customer relationships, advertiser relationships and tradenames. Amortizable intangible assets are amortized on a straight-line basis over their respective estimated useful lives. The Company reviews its long-lived assets (property and equipment, and amortizable intangible assets) for impairment whenever events or circumstances indicate that the carrying amount of an asset may not be recoverable. If the sum of the expected cash flows, undiscounted and without interest, is less than the carrying amount of the asset, an impairment loss is recognized as the amount by which the carrying amount of the asset exceeds its fair value. See Notes 7 and 8 for further discussion regarding impairment charges recorded for the year ended December 31, 2016 relating to long-lived assets associated with the Company's AMCNI – DMC asset group. Goodwill and Indefinite-Lived Intangible Assets Goodwill Goodwill and identifiable intangible assets that have indefinite useful lives are not amortized, but instead are tested annually for impairment and upon the occurrence of certain events or substantive changes in circumstances. The annual goodwill impairment test allows for the option to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. An entity may choose to perform the qualitative assessment on none, some or all of its reporting units or an entity may bypass the qualitative assessment for any reporting unit and proceed directly to step one of the quantitative impairment test. If it is determined, on the basis of qualitative factors, that the fair value of a reporting unit is, more likely than not, less than its carrying value, the quantitative impairment test is required. The quantitative impairment test is a two-step process. The first step compares the carrying amount of a reporting unit, including goodwill, with its fair value utilizing an enterprise-value based approach. If the carrying amount of a reporting unit exceeds its fair value, the second step of the goodwill impairment test is performed to measure the amount of the goodwill impairment loss, if any. The second step compares the implied fair value of the reporting unit’s goodwill with the carrying amount of that goodwill. If the carrying amount of the reporting unit’s goodwill exceeds the implied fair value of that goodwill, an impairment loss is recognized in an amount equal to that excess. The implied fair value of goodwill is determined in the same manner as the amount of goodwill that would be recognized in a business combination. See Note 8 for further discussion regarding impairment charges recorded for the year ended December 31, 2016 relating to goodwill associated with the Company's AMCNI – DMC reporting unit. Indefinite-Lived Intangible Assets Indefinite-lived intangible assets established in connection with business combinations primarily consist of trademarks. The impairment test for identifiable indefinite-lived intangible assets consists of a comparison of the estimated fair value of the intangible asset with its carrying value. If the carrying value exceeds its fair value, an impairment loss is recognized in an amount equal to that excess. |
Deferred Carriage Fees, Policy | Deferred Carriage Fees Deferred carriage fees represent amounts principally paid to multichannel video programming distributors to obtain additional subscribers and/or guarantee carriage of certain programming services and are amortized as a reduction of revenue over the period of the related affiliation arrangement (up to 13 years). |
Derivative Financial Instruments, Policy | Derivative Financial Instruments The Company’s derivative financial instruments are recorded as either assets or liabilities in the consolidated balance sheet based on their fair values. The Company’s embedded derivative financial instruments which are clearly and closely related to the host contracts are not accounted for on a stand-alone basis. Changes in the fair values are reported in earnings or other comprehensive income depending on the use of the derivative and whether it qualifies for hedge accounting. Derivative instruments are designated and accounted for as either a hedge of a recognized asset or liability (fair value hedge) or a hedge of a forecasted transaction (cash flow hedge). For derivatives not designated as hedges, changes in fair values are recognized in earnings and included in interest expense, for interest rate swap contracts and miscellaneous, net, for foreign currency and other derivative contracts. For derivatives designated as effective cash flow hedges, changes in fair values are recognized in other comprehensive income (loss). Changes in fair values related to fair value hedges as well as the ineffective portion of cash flow hedges are recognized in earnings. Changes in the fair value of the underlying hedged item of a fair value hedge are also recognized in earnings. See Note 12 for a further discussion of the Company’s derivative financial instruments. |
Income Taxes, Policy | Income Taxes The Company’s provision for income taxes is based on current period income, changes in deferred tax assets and liabilities and estimates with regard to the liability for unrecognized tax benefits resulting from uncertain tax positions. Deferred tax assets are evaluated quarterly for expected future realization and reduced by a valuation allowance to the extent management believes it is more likely than not that a portion will not be realized. The Company provides deferred taxes for the outside basis difference for its investment in partnerships. Interest and penalties, if any, associated with uncertain tax positions are included in income tax expense. |
Commitments and Contingencies, Policy | Commitments and Contingencies Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount of the contingency can be reasonably estimated. |
Concentration of Credit Risk, Policy | Concentration of Credit Risk Financial instruments that potentially subject the Company to a concentration of credit risk consist primarily of cash and cash equivalents and trade accounts receivable. Cash is invested in money market funds and bank time deposits. The Company monitors the financial institutions and money market funds where it invests its cash and cash equivalents with diversification among counterparties to mitigate exposure to any single financial institution. The Company’s emphasis is primarily on safety of principal and liquidity and secondarily on maximizing the yield on its investments. As of December 31, 2016 and 2015 , one customer accounted for 19% and 17% , respectively, of the combined balances of consolidated accounts receivable, trade and receivables due in excess of one-year (included in other assets). |
Redeemable Noncontrolling Interests, Policy | Redeemable Noncontrolling Interests Noncontrolling interest with redemption features, such as put options, that are not solely within the Company's control are considered redeemable noncontrolling interests. Redeemable noncontrolling interests are considered to be temporary equity and are reported in the mezzanine section between total liabilities and stockholders' deficiency in the Company's consolidated balance sheet at the greater of the initial carrying amount, increased or decreased for the noncontrolling interest's share of net income or loss, or its redemption value. |
Net Income per Share, Policy | Net Income per Share The consolidated statements of income present basic and diluted net income per share (“EPS”). Basic EPS is based upon net income divided by the weighted-average number of common shares outstanding during the period. Diluted EPS reflects the dilutive effects of AMC Networks stock options and restricted shares/units. The following is a reconciliation between basic and diluted weighted average shares outstanding: Years Ended December 31, 2016 2015 2014 Basic weighted average shares outstanding 71,746,000 72,420,000 72,000,000 Effect of dilution: Stock options 13,000 148,000 225,000 Restricted shares/units 651,000 622,000 629,000 Diluted weighted average shares outstanding 72,410,000 73,190,000 72,854,000 |
Common Stock of AMC Networks, Policy | Common Stock of AMC Networks Each holder of AMC Networks Class A Common Stock has one vote per share while holders of AMC Networks Class B Common Stock have ten votes per share. AMC Networks Class B shares can be converted to AMC Networks Class A Common Stock at any time with a conversion ratio of one AMC Networks Class A common share for one AMC Networks Class B common share. The AMC Networks Class A stockholders are entitled to elect 25% of the Company’s Board of Directors. AMC Networks Class B stockholders have the right to elect the remaining members of the Company’s Board of Directors. In addition, AMC Networks Class B stockholders are parties to an agreement which has the effect of causing the voting power of these AMC Networks Class B stockholders to be cast as a block. Stock Repurchase Program On March 4, 2016, the Company’s Board of Directors authorized a program to repurchase up to $500,000 of its outstanding shares of common stock (the “2016 Stock Repurchase Program”). The 2016 Stock Repurchase Program has no pre-established closing date and may be suspended or discontinued at any time. For the year ended December 31, 2016 , the Company repurchased 4,119,558 shares of its Class A common stock at an average purchase price of approximately $54.19 per share. As of December 31, 2016 , the Company has $276,763 available for repurchase under the 2016 Stock Repurchase Program. Shares Outstanding Class A Common Stock Class B Common Stock Balance at December 31, 2013 60,794,114 11,484,408 Employee and non-employee director stock transactions* (241,441 ) — Balance at December 31, 2014 60,552,673 11,484,408 Employee and non-employee director stock transactions* 357,158 — Balance at December 31, 2015 60,909,831 11,484,408 Share repurchases (4,119,558 ) — Employee and non-employee director stock transactions* 288,766 — Balance at December 31, 2016 57,079,039 11,484,408 *Reflects common stock activity in connection with employee stock option exercises and restricted shares granted to employees, as well as in connection with the fulfillment of employees’ statutory tax withholding obligations for applicable income and other employment taxes and forfeited employee restricted shares. |
Recently Issued Accounting Pronouncements, Policy | Recently Issued Accounting Pronouncements In January 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2017-04 Intangibles- Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. ASU 2017-04 removes Step 2 of the current goodwill impairment test under ASC 350 and replaces it with a simplified model. Under the simplified model, a goodwill impairment will be calculated as the difference between the carrying amount of a reporting unit and its fair value, but not to exceed the carrying amount of goodwill. The amount of any impairment under the simplified model may differ from what would have been recognized under the two-step test. The ASU is effective for the Company in the first quarter of 2020, with early adoption permitted for any impairment tests performed after a testing date of January 1, 2017. The adoption of ASU 2017-04 is not expected to have a material impact on the Company's consolidated financial statements. In October 2016, the FASB issued ASU No. 2016-16, Income Taxes - Intra-Entity Transfers of Assets Other Than Inventory . ASU 2016-16 simplifies the accounting for the income tax consequences of intra-entity transfers of assets other than inventory and includes requirements to recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs, therefore eliminating the exception for an intra-entity transfer of an asset other than inventory. ASU 2016-16 is effective for reporting periods beginning after December 15, 2017, with early adoption permitted. Any adjustments as a result of adoption are to be applied on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. The adoption of ASU 2016-16 is not expected to have a material impact on the Company’s consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230), Classification of Certain Cash Receipts and Cash Payments . The guidance clarifies the way in which certain cash receipts and cash payments should be classified on the statement of cash flows and also how the predominance principle should be applied when cash receipts and cash payments have aspects of more than one class of cash flows. ASU 2016-15 is effective for the first quarter of 2018 with early adoption permitted. The adoption of ASU 2016-15 is not expected to have a material impact on the Company's consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting . The updated guidance changes how companies account for certain aspects of share-based payment awards to employees, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as the classification of related matters in the statement of cash flows. ASU 2016-09 is effective for the first quarter of 2017. The adoption of ASU 2016-09 is not expected to have a material impact on the Company's consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) . ASU 2016-02 requires lessees to record most of their leases on the balance sheet, which will be recognized as a right-of-use asset and a lease liability. The Company will be required to classify each separate lease component as an operating or finance lease at the lease commencement date. Initial measurement of the right-of-use asset and lease liability is the same for operating and finance leases, however expense recognition and amortization of the right-of-use asset differs. Operating leases will reflect lease expense on a straight-line basis similar to current operating leases. The straight-line expense will reflect the interest expense on the lease liability (effective interest method) and amortization of the right-of-use asset, which will be presented as a single line item in the operating expense section of the income statement. Finance leases will reflect a front-loaded expense pattern similar to the pattern for current capital leases. ASU 2016-02 is effective for the first quarter of 2019, with early adoption permitted. The Company is currently determining its implementation approach and assessing the impact the adoption will have on its consolidated financial statements. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). ASU 2014-09 provides new guidance related to how an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The standard also expands the required disclosures to include the disaggregation of revenue from contracts with customers into categories that depict how the nature, timing and uncertainty of revenue and cash flows are affected by economic factors. During 2016, the FASB issued additional interpretive guidance relating to the standard which covered the topics of principal versus agent considerations and identifying performance obligations and licensing. The standard is effective for the Company in the first quarter of 2018. The two permitted transition methods under the standard are the full retrospective method, in which case the standard would be applied to each prior reporting period presented and the cumulative effect of applying the standard would be recognized at the earliest period shown, or the modified retrospective method, in which case the cumulative effect of applying the standard would be recognized at the date of initial application. The Company established an implementation team and performed an analysis of each of our revenue streams to assess the impact of the standard on our various revenue contracts, and analyze our current accounting policies and practices to identify potential differences that would result from the implementation of the standard. During 2016, the Company made significant progress toward completing its evaluation of the potential changes from adopting the standard on its financial reporting and disclosures. Specifically, the Company has completed an initial assessment of each of its revenue streams and has begun drafting its revenue recognition policy under the new standard. However, there are a few areas that remain subject to further clarification with respect to the implementation of the new standard on certain of our revenue streams. The Company has been closely monitoring FASB activity related to the new standard, as well as working with various non-authoritative groups to conclude on industry specific interpretative issues. While significant progress has been made, our final evaluation of the impact of the new revenue standard is ongoing and will continue throughout 2017, including making a final determination about our implementation approach. |
Summary of Significant Accoun36
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Schedule of Weighted Average Number of Shares | The following is a reconciliation between basic and diluted weighted average shares outstanding: Years Ended December 31, 2016 2015 2014 Basic weighted average shares outstanding 71,746,000 72,420,000 72,000,000 Effect of dilution: Stock options 13,000 148,000 225,000 Restricted shares/units 651,000 622,000 629,000 Diluted weighted average shares outstanding 72,410,000 73,190,000 72,854,000 |
Schedule of Stock by Class | Shares Outstanding Class A Common Stock Class B Common Stock Balance at December 31, 2013 60,794,114 11,484,408 Employee and non-employee director stock transactions* (241,441 ) — Balance at December 31, 2014 60,552,673 11,484,408 Employee and non-employee director stock transactions* 357,158 — Balance at December 31, 2015 60,909,831 11,484,408 Share repurchases (4,119,558 ) — Employee and non-employee director stock transactions* 288,766 — Balance at December 31, 2016 57,079,039 11,484,408 *Reflects common stock activity in connection with employee stock option exercises and restricted shares granted to employees, as well as in connection with the fulfillment of employees’ statutory tax withholding obligations for applicable income and other employment taxes and forfeited employee restricted shares. |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
Business Acquisition, Pro Forma Information | The following unaudited pro forma financial information is based on (i) the historical consolidated financial statements of the Company, (ii) the historical financial statements of New Video and (iii) the historical combined financial statements of Chellomedia, and is intended to provide information about how these acquisitions and related financing may have affected the Company's historical consolidated financial statements if they had occurred as of January 1, 2014. The unaudited pro forma financial information has been prepared for comparative purposes only and includes adjustments for additional interest expense associated with the terms of the Company's amended and restated credit agreement, estimated additional depreciation and amortization expense as a result of tangible and identifiable intangible assets acquired, and the reclassification of the operating results of the Atmedia business to discontinued operations. The pro forma financial information is not necessarily indicative of the results of operations that would have been achieved had these acquisitions taken place on the date indicated or that may result in the future. Pro Forma Financial Information for the Year Ended December 31, 2014 Revenues, net $ 2,337,409 Income from continuing operations, net of income taxes $ 280,869 Net income per share, basic $ 3.90 Net income per share, diluted $ 3.86 |
Restructuring (Tables)
Restructuring (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Costs | The following table summarizes the restructuring expense recognized by operating segment: Year Ended December 31, 2016 Year Ended December 31, 2015 Year Ended December 31, 2014 National Networks $ 8,516 $ 3,194 $ 3,664 International & Other 20,987 11,804 12,051 Total restructuring expense $ 29,503 $ 14,998 $ 15,715 |
Schedule of Restructuring Reserve by Type of Cost | The following table summarizes the accrued restructuring costs: Severance and Employee-Related Costs Other Exit Costs Total Balance at December 31, 2014 $ 6,525 $ 885 $ 7,410 Charges 11,189 3,809 14,998 Cash payments (8,113 ) (396 ) (8,509 ) Non-cash adjustments — (3,530 ) (3,530 ) Currency translation (103 ) (256 ) (359 ) Balance at December 31, 2015 $ 9,498 $ 512 $ 10,010 Charges 23,557 5,946 29,503 Cash payments (20,871 ) (935 ) (21,806 ) Non-cash adjustments 12 (5,315 ) (5,303 ) Currency translation (90 ) (3 ) (93 ) Balance at December 31, 2016 $ 12,106 $ 205 $ 12,311 |
Program Rights and Obligations
Program Rights and Obligations (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Film Cost Disclosures [Abstract] | |
Schedule Of Amounts Payable For Program Rights Obligations | Years Ending December 31, 2017 $ 300,845 2018 164,211 2019 125,506 2020 71,199 2021 27,334 Thereafter 9,925 $ 699,020 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property and equipment (including equipment under capital leases) consists of the following: December 31, Estimated Useful Lives 2016 2015 Program, service and test equipment $ 223,847 $ 199,190 2 to 5 years Satellite equipment 51,423 42,367 13 years Furniture and fixtures 21,471 18,846 5 to 8 years Transmission equipment 51,954 47,218 5 years Leasehold improvements 90,089 65,475 Term of lease 438,784 373,096 Accumulated depreciation and amortization (272,148 ) (209,236 ) $ 166,636 $ 163,860 |
Schedule of Capital Leased Assets | At December 31, 2016 and 2015 , the gross amount of equipment and related accumulated amortization recorded under capital leases were as follows: December 31, 2016 2015 Satellite equipment $ 51,423 $ 42,367 Less accumulated amortization (19,031 ) (14,640 ) $ 32,392 $ 27,727 |
Goodwill and Other Intangible41
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The carrying amount of goodwill, by operating segment is as follows: National Networks International and Other Total December 31, 2015 $ 244,849 $ 491,426 $ 736,275 Purchase accounting adjustments — (6,040 ) (6,040 ) Impairment charges — (27,244 ) (27,244 ) Amortization of "second component" goodwill (2,546 ) — (2,546 ) Foreign currency translation — (42,737 ) (42,737 ) December 31, 2016 $ 242,303 $ 415,405 $ 657,708 |
Schedule of Finite-Lived Intangible Assets | The following table summarizes information relating to the Company’s identifiable intangible assets: December 31, 2016 Estimated Useful Lives Gross Accumulated Amortization Net Amortizable intangible assets: Affiliate and customer relationships $ 509,992 $ (133,932 ) $ 376,060 10 to 25 years Advertiser relationships 46,282 (9,198 ) 37,084 11 years Trade names 49,720 (6,307 ) 43,413 12 to 20 years Other amortizable intangible assets 10,002 (791 ) 9,211 15 years Total amortizable intangible assets 615,996 (150,228 ) 465,768 Indefinite-lived intangible assets: Trademarks 20,041 — 20,041 Total intangible assets $ 636,037 $ (150,228 ) $ 485,809 December 31, 2015 Gross Accumulated Amortization Net Amortizable intangible assets: Affiliate and customer relationships $ 554,012 $ (110,203 ) $ 443,809 Advertiser relationships 46,282 (4,990 ) 41,292 Trade names 48,522 (4,353 ) 44,169 Other amortizable intangible assets 15 (5 ) 10 Total amortizable intangible assets 648,831 (119,551 ) 529,280 Indefinite-lived intangible assets: Trademarks 19,900 — 19,900 Total intangible assets $ 668,731 $ (119,551 ) $ 549,180 |
Schedule of Indefinite-Lived Intangible Assets | The following table summarizes information relating to the Company’s identifiable intangible assets: December 31, 2016 Estimated Useful Lives Gross Accumulated Amortization Net Amortizable intangible assets: Affiliate and customer relationships $ 509,992 $ (133,932 ) $ 376,060 10 to 25 years Advertiser relationships 46,282 (9,198 ) 37,084 11 years Trade names 49,720 (6,307 ) 43,413 12 to 20 years Other amortizable intangible assets 10,002 (791 ) 9,211 15 years Total amortizable intangible assets 615,996 (150,228 ) 465,768 Indefinite-lived intangible assets: Trademarks 20,041 — 20,041 Total intangible assets $ 636,037 $ (150,228 ) $ 485,809 December 31, 2015 Gross Accumulated Amortization Net Amortizable intangible assets: Affiliate and customer relationships $ 554,012 $ (110,203 ) $ 443,809 Advertiser relationships 46,282 (4,990 ) 41,292 Trade names 48,522 (4,353 ) 44,169 Other amortizable intangible assets 15 (5 ) 10 Total amortizable intangible assets 648,831 (119,551 ) 529,280 Indefinite-lived intangible assets: Trademarks 19,900 — 19,900 Total intangible assets $ 668,731 $ (119,551 ) $ 549,180 |
Schedule of Estimated Amortization Expense | Estimated aggregate amortization expense for intangible assets subject to amortization for each of the following five years is: Years Ending December 31, 2017 $ 35,323 2018 35,316 2019 35,303 2020 35,300 2021 34,988 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accrued Liabilities [Abstract] | |
Schedule of Accrued Liabilities | Accrued liabilities consist of the following: December 31, 2016 December 31, 2015 Interest $ 15,770 $ 28,246 Employee related costs 122,590 119,931 Other accrued expenses 146,069 105,855 Total accrued liabilities $ 284,429 $ 254,032 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | The Company's long-term debt consists of: December 31, 2016 December 31, 2015 Senior Secured Credit Facility: Term loan A facility $ 1,258,000 $ 1,406,000 Senior Notes: 5.00% Notes due April 2024 1,000,000 — 7.75% Notes due July 2021 — 700,000 4.75% Notes due December 2022 600,000 600,000 Total long-term debt 2,858,000 2,706,000 Unamortized discount (23,675 ) (17,911 ) Unamortized deferred financing costs (15,062 ) (20,281 ) Long-term debt, net 2,819,263 2,667,808 Current portion of long-term debt 222,000 148,000 Noncurrent portion of long-term debt $ 2,597,263 $ 2,519,808 |
Schedule of Maturities of Long-term Debt | Total amounts payable by the Company under its various debt obligations (excluding capital leases) outstanding as of December 31, 2016 are as follows: Years Ending December 31, 2017 $ 222,000 2018 296,000 2019 740,000 2020 — 2021 — Thereafter 1,600,000 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Financial Assets And Liabilities Measured At Fair Value On A Recurring Basis | The following table presents for each of these hierarchy levels, the Company’s financial assets and liabilities that are measured at fair value on a recurring basis at December 31, 2016 and December 31, 2015 : Level I Level II Level III Total At December 31, 2016: Assets: Cash equivalents $ 65,384 $ — $ — $ 65,384 Interest rate swap contracts — 1,471 — 1,471 Foreign currency derivatives — 6,096 — 6,096 Other derivatives — — 12,308 12,308 Liabilities: Interest rate swap contracts $ — $ 762 $ — $ 762 Foreign currency derivatives — 3,147 — 3,147 At December 31, 2015: Assets: Cash equivalents $ 2,027 $ — $ — $ 2,027 Interest rate swap contracts — 1,449 — 1,449 Foreign currency derivatives — 4,421 — 4,421 Liabilities: Interest rate swap contracts $ — $ 2,682 $ — $ 2,682 Foreign currency derivatives — 3,107 — 3,107 |
Carrying Values And Fair Values Of The Company's Financial Instruments | The carrying values and estimated fair values of the Company’s financial instruments, excluding those that are carried at fair value in the consolidated balance sheets are summarized as follows: December 31, 2016 Carrying Amount Estimated Fair Value Debt instruments: Term loan A facility $ 1,245,175 $ 1,254,855 5.00% Notes due July 2021 981,949 1,002,500 4.75% Notes due December 2022 592,139 606,000 $ 2,819,263 $ 2,863,355 December 31, 2015 Carrying Estimated Debt instruments: Term loan A facility $ 1,386,869 $ 1,370,850 7.75% Notes due July 2021 689,910 737,625 4.75% Notes due December 2022 591,029 600,000 $ 2,667,808 $ 2,708,475 |
Derivative Financial Instrume45
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Fair Value Of Derivative Instruments Included In Balance Sheets | The fair values of the Company's derivative financial instruments included in the consolidated balance sheets are as follows: Balance Sheet Location December 31, 2016 2015 Derivatives designated as hedging instruments: Assets: Interest rate swap contracts Other assets $ 1,471 $ 1,449 Derivatives not designated as hedging instruments: Assets: Foreign currency derivatives Prepaid expenses and other current assets 1,684 1,331 Foreign currency derivatives Other assets 4,412 3,090 Other derivatives Other assets 12,308 — Liabilities: Interest rate swap contracts Accrued liabilities 762 660 Interest rate swap contracts Other liabilities — 2,022 Foreign currency derivatives Accrued liabilities 952 1,429 Foreign currency derivatives Other liabilities 2,195 1,678 |
Schedule Of Gains And Losses Related To Derivative Instruments | The amount of the gains and losses related to the Company's derivative financial instruments designated as hedging instruments are as follows: Gain or (Loss) on Derivatives Location of Gain or (Loss) in Earnings Gain or (Loss) Reclassified Years Ended December 31, Years Ended December 31, 2016 2015 2016 2015 Derivatives in cash flow hedging relationships: Interest rate swap contracts $ (565 ) $ 638 Interest expense $ (587 ) $ (2,727 ) (a) There were no gains or losses recognized in earnings related to any ineffective portion of the hedging relationship or related to any amount excluded from the assessment of hedge effectiveness for the years ended December 31, 2016 and 2015 . |
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location | The amount of the gains and losses related to the Company's derivative financial instruments not designated as hedging instruments are as follows: Location of Gain (Loss) Recognized in Earnings on Derivatives Amount of Gain (Loss) Recognized in Earnings on Derivatives Years Ended December 31, 2016 2015 Derivatives not designated as hedging relationships: Interest rate swap contracts Interest expense $ (238 ) $ (578 ) Foreign currency derivatives Miscellaneous, net 3,234 503 Other derivatives Miscellaneous, net (892 ) — Total $ 2,104 $ (75 ) |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Leases [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases | The future minimum annual payments for the Company’s operating leases (with initial or remaining terms in excess of one year) during the next five years and thereafter, at rates now in force are as follows: 2017 $ 25,185 2018 26,665 2019 27,201 2020 25,486 2021 21,837 Thereafter 124,417 |
Schedule of Future Minimum Lease Payments for Capital Leases | Future minimum capital lease payments as of December 31, 2016 are as follows: 2017 $ 5,443 2018 5,658 2019 5,042 2020 4,267 2021 3,091 Thereafter 18,032 Total minimum lease payments 41,533 Less amount representing interest (at 8.2%-12%) (1,667 ) Present value of net minimum future capital lease payments 39,866 Less principal portion of current installments (4,584 ) Long-term portion of obligations under capital leases $ 35,282 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income before Income Tax, Domestic and Foreign | Income (loss) from continuing operations before income taxes consists of the following components: Years Ended December 31, 2016 2015 2014 Domestic $ 500,757 $ 566,444 $ 384,853 Foreign (45,932 ) 16,350 12,175 Total $ 454,825 $ 582,794 $ 397,028 |
Schedule of Components of Income Tax Expense (Benefit) | Income tax expense attributable to continuing operations consists of the following components: Years Ended December 31, 2016 2015 2014 Current expense (benefit): Federal $ 120,634 $ 146,915 $ 111,047 State 11,252 15,713 10,882 Foreign 22,946 14,508 13,837 154,832 177,136 135,766 Deferred expense (benefit): Federal 12,140 12,563 5,036 State 2,515 1,300 (1,373 ) Foreign (3,013 ) 5,753 (2,456 ) 11,642 19,616 1,207 Tax expense (benefit) relating to uncertain tax positions, including accrued interest (1,612 ) 4,338 (7,818 ) Income tax expense $ 164,862 $ 201,090 $ 129,155 |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of the federal statutory income tax rate to the effective income tax rate is as follows: Years Ended December 31, 2016 2015 2014 U.S. federal statutory income tax rate 35 % 35 % 35 % State and local income taxes, net of federal benefit 2 2 2 Effect of foreign operations (1 ) (2 ) (2 ) Nontaxable income attributable to noncontrolling interests (1 ) (1 ) (1 ) Changes in the valuation allowance 5 1 1 Domestic production activity deduction (3 ) (3 ) (2 ) Tax expense relating to uncertain tax positions, including accrued interest, net of deferred tax benefits (1 ) 1 (1 ) Other — 1 — Effective income tax rate 36 % 34 % 32 % |
Schedule of Deferred Tax Assets and Liabilities | The tax effects of temporary differences that give rise to significant components of deferred tax assets or liabilities at December 31, 2016 and 2015 are as follows: December 31, 2016 2015 Deferred Tax Asset (Liability) Noncurrent NOLs and tax credit carry forwards $ 82,636 $ 83,361 Compensation and benefit plans 49,710 45,312 Allowance for doubtful accounts 421 261 Fixed assets and intangible assets 46,595 35,781 Interest rate swap contracts 2,884 2,412 Accrued interest expense 11,567 11,692 Other liabilities 20,811 17,423 Deferred tax asset 214,624 196,242 Valuation allowance (71,563 ) (54,336 ) Net deferred tax asset, noncurrent 143,061 141,906 Prepaid liabilities (819 ) (820 ) Fixed assets and intangible assets (78,616 ) (70,337 ) Investments in partnerships (177,376 ) (154,215 ) Other assets (23,444 ) (28,750 ) Deferred tax liability, noncurrent (280,255 ) (254,122 ) Total net deferred tax liability $ (137,194 ) $ (112,216 ) |
Schedule Of Unrecognized Tax Benefits Reconciliation | A reconciliation of the beginning to ending amount of the liability for uncertain tax positions (excluding related accrued interest and deferred tax benefit) is as follows: Balance at December 31, 2015 $ 20,238 Increases related to current year tax positions 4,736 Increases related to prior year tax positions 892 Decreases related to prior year tax positions (317 ) Decreases due to lapse of statute of limitations (7,484 ) Balance at December 31, 2016 $ 18,065 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contractual Obligation, Fiscal Year Maturity Schedule | Commitments Payments due by period Total Year 1 Years 2 - 3 Years 4 - 5 More than 5 years Purchase obligations (1) $ 991,231 $ 288,868 $ 173,917 $ 67,735 $ 460,711 Guarantees (2) 75,574 75,574 — — — Total $ 1,066,805 $ 364,442 $ 173,917 $ 67,735 $ 460,711 (1) Purchase obligation amounts not reflected on the balance sheet consist primarily of program rights obligations and transmission and marketing commitments that have not yet met the criteria to be recorded in the balance sheet. (2) Consists primarily of a guarantee of payments to a production service company for certain production related costs. |
Redeemable Noncontrolling Inter
Redeemable Noncontrolling Interests (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Noncontrolling Interest [Abstract] | |
Redeemable Noncontrolling Interest | The activity reflected within redeemable noncontrolling interest for the year ended December 31, 2016 and 2015 is presented below. Redeemable Noncontrolling Interest December 31, 2014 $ 204,611 Net earnings 10,239 Distributions (3,154 ) Other (5 ) December 31, 2015 $ 211,691 Net earnings 16,669 Distributions (9,010 ) Other (19 ) December 31, 2016 $ 219,331 |
Equity and Long-Term Incentiv50
Equity and Long-Term Incentive Plans (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity | The following table summarizes activity relating to Company employees who held AMC Networks restricted stock units for the year ended December 31, 2016 : Number of Restricted Stock Units Number of Performance Restricted Stock Units Weighted Average Fair Value Per Stock Unit at Date of Grant Unvested award balance, December 31, 2014 898,854 655,843 $ 62.79 Granted 362,589 125,465 $ 72.95 Released/Vested (317,222 ) (89,929 ) $ 46.75 Canceled/Forfeited (90,835 ) (7,986 ) $ 65.94 Unvested award balance, December 31, 2015 853,386 683,393 $ 70.07 Granted 493,659 767,693 $ 60.73 Released/Vested (257,114 ) (79,321 ) $ 61.28 Canceled/Forfeited (107,633 ) (17,304 ) $ 71.19 Unvested award balance, December 31, 2016 982,298 1,354,461 $ 66.23 During 2016 , AMC Networks granted 349,231 restricted stock units and 508,636 PRSUs to certain executive officers and employees under the AMC Networks Inc. Amended and Restated 2011 Employee Stock Plan. The Company also issued 144,428 restricted stock units and 259,057 performance restricted stock units to certain executive officers and employees under the 2016 Employee Stock Plan. All restricted stock units granted during 2016 vest ratably over a three -year period. The target number of PRSUs granted represents the right to receive a corresponding number of shares, subject to adjustment based on the performance of the Company against target performance criteria for a three year period. The number of shares issuable at the end of the applicable measurement period ranges from 0% to 200% of the target PRSU award. For purposes of calculating the remaining shares available for issuance under the 2016 Employee Stock Plan, the PRSUs are considered at maximum payout. The following table summarizes activity relating to Non-employee Directors who held AMC Networks restricted stock units for the year ended December 31, 2016 : Number of Restricted Stock Units Weighted Average Vested award balance, December 31, 2014 114,690 $ 45.46 Granted 22,659 $ 78.00 Released/Vested (9,794 ) $ 44.32 Vested award balance, December 31, 2015 127,555 $ 51.33 Granted 27,066 $ 61.69 Released/Vested — $ — Vested award balance, December 31, 2016 154,621 $ 53.15 |
Schedule of Share-based Compensation, Stock Options, Activity | The following table summarizes activity relating to employees of the Company who held unvested AMC Networks stock options for the year ended December 31, 2016 : Shares Under Option Weighted Average Exercise Price Per Share Weighted Average Contractual Term (in years) Aggregate Intrinsic Value(a) Time Vesting Options Balance, December 31, 2014 14,045 $ 16.93 1.27 $ 658 Exercised (14,045 ) $ 16.93 Balance, December 31, 2015 — $ — $ — Granted 388,385 $ 48.26 Balance, December 31, 2016 388,385 $ 48.26 9.79 $ 1,585 Options exercisable at December 31, 2016 — $ — $ — (a) The aggregate intrinsic value is calculated as the difference between (i) the exercise price of the underlying award and (ii) the quoted price of AMC Networks Class A Common Stock on December 31, 2016 or December 31, 2015 , as indicated. During 2016, the AMC Networks granted 388,385 stock options to an executive. The stock options vest ratably over a three -year period and expire 10 years from the grant date. The fair value of each option grant is estimated on the date of grant using the Black-Scholes option-pricing model. The determination of volatility is principally based upon implied volatilities from traded options. The expected term represents the period of time that options granted are expected to be outstanding. The risk-free rate assumed in valuing the options is based on the U.S. Treasury yield curve in effect applied against the expected term of the option at the time of the grant. The expected dividend yield is estimated based on historical dividend activity. Below are the weighted average fair value of awards granted in the periods presented and the weighted average of the applicable assumptions used to value stock options at grant date: Options granted Key Assumptions Year Ended December 31, 2016 Weighted average fair value of grants $ 14.90 Weighted average assumptions: Expected stock price volatility 30.18 % Expected term of options (in years) 5.75 Risk free interest rate 1.25 % Expected dividend yield — In addition, the following table summarizes activity relating to Cablevision and The Madison Square Garden Company ("MSG") employees who held AMC Networks stock options for the year ended December 31, 2016 : Shares Under Option Weighted Average Exercise Price Per Share Weighted Average Contractual Term (in years) Aggregate Intrinsic Value(a) Time Vesting Options Performance Vesting Options Balance, December 31, 2014 229,497 32,500 $ 15.81 1.14 $ 12,566 Exercised (94,664 ) (32,500 ) $ 13.62 Balance, December 31, 2015 134,833 — $ 17.88 0.43 $ 7,659 Exercised (134,833 ) — $ 17.88 Balance, December 31, 2016 — — $ — $ — Options exercisable at December 31, 2016 — — $ — $ — (a) The aggregate intrinsic value is calculated as the difference between (i) the exercise price of the underlying award and (ii) the quoted price of AMC Networks Class A Common Stock on December 31, 2016 or December 31, 2015 , as indicated. |
Cash Flows (Tables)
Cash Flows (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract] | |
Summary Of Non-Cash Activities And Other Supplemental Data | During 2016 , 2015 and 2014 , the Company’s non-cash investing and financing activities and other supplemental data were as follows: Years Ended December 31, 2016 2015 2014 Non-Cash Investing and Financing Activities: Continuing Operations: Increase in capital lease obligations 10,982 6,191 18,747 Treasury stock not yet settled 10,454 — — Capital expenditures incurred but not yet paid 6,988 6,423 6,638 Promissory note payable — — 40,000 Supplemental Data: Cash interest paid—continuing operations 128,319 120,394 122,305 Income taxes paid, net—continuing operations 106,476 186,725 99,772 |
Accumulated Other Comprehensi52
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table details the components of accumulated other comprehensive loss: Year Ended December 31, 2016 Year Ended December 31, 2015 Currency Translation Adjustment Gains (Losses) on Cash Flow Hedges Accumulated Other Comprehensive Loss Currency Translation Adjustment Gains (Losses) on Cash Flow Hedges Accumulated Other Comprehensive Loss Beginning Balance $ (136,434 ) $ 377 $ (136,057 ) $ (77,492 ) $ (1,756 ) $ (79,248 ) Other comprehensive loss before reclassifications (45,426 ) (565 ) (45,991 ) (55,852 ) 638 (55,214 ) Amounts reclassified from accumulated other comprehensive loss — 587 587 — 2,727 2,727 Net current-period other comprehensive (loss) income, before income taxes (45,426 ) 22 (45,404 ) (55,852 ) 3,365 (52,487 ) Income tax expense (12,329 ) (8 ) (12,337 ) (3,090 ) (1,232 ) (4,322 ) Net current-period other comprehensive (loss) income, net of income taxes (57,755 ) 14 (57,741 ) (58,942 ) 2,133 (56,809 ) Ending Balance $ (194,189 ) $ 391 $ (193,798 ) $ (136,434 ) $ 377 $ (136,057 ) |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Year Ended December 31, 2016 National Networks International and Other Inter-segment eliminations Consolidated Revenues, net Advertising $ 990,508 $ 94,467 $ (1,000 ) $ 1,083,975 Distribution 1,320,532 365,529 (14,382 ) 1,671,679 Consolidated revenues, net $ 2,311,040 $ 459,996 $ (15,382 ) $ 2,755,654 Operating income (loss) $ 784,027 $ (120,914 ) $ (5,557 ) $ 657,556 Share-based compensation expense 30,569 8,328 — 38,897 Restructuring expense 8,516 20,987 — 29,503 Impairment charges — 67,805 — 67,805 Depreciation and amortization 32,376 52,402 — 84,778 Adjusted operating income $ 855,488 $ 28,608 $ (5,557 ) $ 878,539 Capital expenditures $ 15,947 $ 63,273 $ — $ 79,220 Year Ended December 31, 2015 National Networks International and Other Inter-segment eliminations Consolidated Revenues, net Advertising $ 945,288 $ 82,972 $ — $ 1,028,260 Distribution 1,190,079 369,606 (7,010 ) 1,552,675 Consolidated revenues, net $ 2,135,367 $ 452,578 $ (7,010 ) $ 2,580,935 Operating income (loss) $ 754,243 $ (42,542 ) $ (2,508 ) $ 709,193 Share-based compensation expense 23,814 7,206 — 31,020 Restructuring expense 3,194 11,804 — 14,998 Depreciation and amortization 29,742 53,289 — 83,031 Adjusted operating income $ 810,993 $ 29,757 $ (2,508 ) $ 838,242 Capital expenditures $ 24,386 $ 43,935 $ — $ 68,321 Year Ended December 31, 2014 National Networks International and Other Inter-segment eliminations Consolidated Revenues, net Advertising $ 764,610 $ 55,726 $ — $ 820,336 Distribution 979,312 378,495 (2,502 ) 1,355,305 Consolidated revenues, net $ 1,743,922 $ 434,221 $ (2,502 ) $ 2,175,641 Operating income $ 586,856 $ (41,977 ) $ 1,474 $ 546,353 Share-based compensation expense 21,584 6,779 — 28,363 Restructuring expense 3,664 12,051 — 15,715 Depreciation and amortization 21,480 47,568 — 69,048 Adjusted operating income $ 633,584 $ 24,421 $ 1,474 $ 659,479 Capital expenditures $ 13,462 $ 26,277 $ — $ 39,739 |
Summary Of Inter-segment Eliminations | Inter-segment eliminations are primarily licensing revenues recognized between the National Networks and International and Other segments as well as revenues recognized by AMC Networks Broadcasting & Technology for transmission revenues recognized from the International and Other operating segment. Years Ended December 31, 2016 2015 2014 Inter-segment revenues National Networks $ (14,963 ) $ (6,719 ) $ (1,802 ) International and Other (419 ) (291 ) (700 ) $ (15,382 ) $ (7,010 ) $ (2,502 ) |
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area | The table below summarizes revenue based on customer location: Year Ended December 31, 2016 Year Ended December 31, 2015 Revenue United States $ 2,215,430 $ 2,114,172 Europe 384,234 317,759 Other 155,990 149,004 $ 2,755,654 $ 2,580,935 |
Long-lived Assets by Geographic Areas | The table below summarizes property and equipment based on asset location: December 31, 2016 December 31, 2015 Property and equipment, net United States $ 104,939 $ 93,951 Europe 39,976 48,043 Other 21,721 21,866 $ 166,636 $ 163,860 |
Condensed Consolidating Finan54
Condensed Consolidating Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Consolidating Balance Sheet | The accounting basis in all subsidiaries, including goodwill and identified intangible assets, have been allocated to the applicable subsidiaries. Condensed Consolidating Balance Sheet December 31, 2016 Parent Company Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated ASSETS Current Assets: Cash and cash equivalents 565 320,950 159,874 — 481,389 Accounts receivable, trade (less allowance for doubtful accounts) — 537,751 162,904 — 700,655 Amounts due from related parties, net — 508 — — 508 Current portion of program rights, net — 307,050 134,080 — 441,130 Prepaid expenses, other current assets and intercompany receivable 948 151,175 15,961 (95,423 ) 72,661 Total current assets 1,513 1,317,434 472,819 (95,423 ) 1,696,343 Property and equipment, net of accumulated depreciation — 104,272 62,364 — 166,636 Investment in affiliates 3,029,922 784,024 — (3,813,946 ) — Program rights, net — 947,657 160,929 — 1,108,586 Long-term intercompany notes receivable — 432,099 817 (432,916 ) — Deferred carriage fees, net — 42,656 1,230 — 43,886 Intangible assets, net — 180,297 305,512 — 485,809 Goodwill — 69,154 588,554 — 657,708 Deferred tax asset, net — — 8,598 — 8,598 Other assets 1,471 116,608 194,950 — 313,029 Total assets 3,032,906 3,994,201 1,795,773 (4,342,285 ) 4,480,595 LIABILITIES AND STOCKHOLDERS’ EQUITY Current Liabilities: Accounts payable — 40,033 48,644 — 88,677 Accrued liabilities and intercompany payable 71,680 182,667 125,505 (95,423 ) 284,429 Current portion of program rights obligations — 226,474 74,371 — 300,845 Deferred revenue — 42,782 10,861 — 53,643 Current portion of long-term debt 222,000 — — — 222,000 Current portion of capital lease obligations — 2,645 1,939 — 4,584 Total current liabilities 293,680 494,601 261,320 (95,423 ) 954,178 Program rights obligations — 365,262 32,913 — 398,175 Long-term debt, net 2,597,263 — — — 2,597,263 Capital lease obligations — 6,647 28,635 — 35,282 Deferred tax liability, net 145,364 — 427 — 145,791 Other liabilities and intercompany notes payable 26,681 97,769 440,685 (432,916 ) 132,219 Total liabilities 3,062,988 964,279 763,980 (528,339 ) 4,262,908 Commitments and contingencies Redeemable noncontrolling interests — — 219,331 — 219,331 Stockholders’ equity: AMC Networks stockholders’ equity (30,082 ) 3,029,922 784,024 (3,813,946 ) (30,082 ) Non-redeemable noncontrolling interests — — 28,438 — 28,438 Total stockholders’ equity (30,082 ) 3,029,922 812,462 (3,813,946 ) (1,644 ) Total liabilities and stockholders’ equity 3,032,906 3,994,201 1,795,773 (4,342,285 ) 4,480,595 Condensed Consolidating Balance Sheet December 31, 2015 Parent Company Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated ASSETS Current Assets: Cash and cash equivalents $ 434 $ 148,260 $ 167,627 $ — $ 316,321 Accounts receivable, trade (less allowance for doubtful accounts) — 538,657 135,954 — 674,611 Amounts due from related parties, net — 3,818 244 — 4,062 Current portion of program rights, net — 352,664 100,493 — 453,157 Prepaid expenses, other current assets and intercompany receivable 4,158 112,456 12,322 (55,947 ) 72,989 Total current assets 4,592 1,155,855 416,640 (55,947 ) 1,521,140 Property and equipment, net — 93,007 70,853 — 163,860 Investment in affiliates 2,797,938 845,069 — (3,643,007 ) — Program rights, net — 889,756 137,638 — 1,027,394 Long-term intercompany notes receivable — 400,163 676 (400,839 ) — Deferred carriage fees, net — 47,437 2,632 — 50,069 Intangible assets, net — 190,041 359,139 — 549,180 Goodwill — 71,700 664,575 — 736,275 Deferred tax asset, net — — 10,765 — 10,765 Other assets 1,449 100,620 89,857 — 191,926 Total assets $ 2,803,979 $ 3,793,648 $ 1,752,775 $ (4,099,793 ) $ 4,250,609 LIABILITIES AND STOCKHOLDERS’ DEFICIENCY Current Liabilities: Accounts payable $ 6 $ 44,152 $ 26,990 $ — $ 71,148 Accrued liabilities and intercompany payable 30,857 181,377 97,745 (55,947 ) 254,032 Current portion of program rights obligations — 225,375 64,522 — 289,897 Deferred revenue — 54,921 9,308 — 64,229 Current portion of long-term debt 148,000 — — — 148,000 Current portion of capital lease obligations — 2,393 1,168 — 3,561 Total current liabilities 178,863 508,218 199,733 (55,947 ) 830,867 Program rights obligations — 415,419 25,172 — 440,591 Long-term debt, net 2,519,808 — — — 2,519,808 Capital lease obligations — 9,268 20,511 — 29,779 Deferred tax liability, net 112,376 — 10,605 — 122,981 Other liabilities and intercompany notes payable 32,209 62,805 409,355 (400,839 ) 103,530 Total liabilities 2,843,256 995,710 665,376 (456,786 ) 4,047,556 Commitments and contingencies Redeemable noncontrolling interests — — 211,691 — 211,691 Stockholders’ deficiency: AMC Networks stockholders’ (deficiency) equity (39,277 ) 2,797,938 845,069 (3,643,007 ) (39,277 ) Non-redeemable noncontrolling interests — — 30,639 — 30,639 Total stockholders’ (deficiency) equity (39,277 ) 2,797,938 875,708 (3,643,007 ) (8,638 ) Total liabilities and stockholders’ (deficiency) equity $ 2,803,979 $ 3,793,648 $ 1,752,775 $ (4,099,793 ) $ 4,250,609 |
Condensed Consolidating Income Statement | Condensed Consolidating Statement of Income Year Ended December 31, 2016 Parent Company Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Revenues, net $ — $ 2,142,325 $ 623,892 $ (10,563 ) $ 2,755,654 Operating expenses: Technical and operating (excluding depreciation and amortization) — 947,707 334,888 (2,611 ) 1,279,984 Selling, general and administrative — 460,150 183,597 (7,719 ) 636,028 Depreciation and amortization — 40,230 44,548 — 84,778 Impairment charges — — 67,805 — 67,805 Restructuring expense — 24,950 4,553 — 29,503 Total operating expenses — 1,473,037 635,391 (10,330 ) 2,098,098 Operating income — 669,288 (11,499 ) (233 ) 657,556 Other income (expense): Interest expense, net (119,192 ) 38,137 (37,513 ) — (118,568 ) Share of affiliates' income (loss) 591,395 (103,464 ) — (487,931 ) — Loss on extinguishment of debt (50,639 ) — — — (50,639 ) Miscellaneous, net (273 ) (2,892 ) (30,592 ) 233 (33,524 ) Total other income (expense) 421,291 (68,219 ) (68,105 ) (487,698 ) (202,731 ) Income (loss) from operations before income taxes 421,291 601,069 (79,604 ) (487,931 ) 454,825 Income tax expense (150,781 ) (9,674 ) (4,407 ) — (164,862 ) Net income (loss) including noncontrolling interest 270,510 591,395 (84,011 ) (487,931 ) 289,963 Net income attributable to noncontrolling interests — — (19,453 ) (19,453 ) Net income (loss) attributable to AMC Networks' stockholders $ 270,510 $ 591,395 $ (103,464 ) $ (487,931 ) $ 270,510 Condensed Consolidating Statement of Income Year Ended December 31, 2015 Parent Company Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Revenues, net $ — $ 2,041,244 $ 540,545 $ (854 ) $ 2,580,935 Operating expenses: Technical and operating (excluding depreciation and amortization) — 850,882 287,007 (756 ) 1,137,133 Selling, general and administrative — 471,455 165,285 (160 ) 636,580 Depreciation and amortization — 37,176 45,855 — 83,031 Restructuring expense — 7,772 7,226 — 14,998 Total operating expenses — 1,367,285 505,373 (916 ) 1,871,742 Operating income — 673,959 35,172 62 709,193 Other income (expense): Interest expense, net (81,405 ) (14,456 ) (29,847 ) — (125,708 ) Share of affiliates' income (loss) 715,807 (15,378 ) — (700,429 ) — Miscellaneous, net (87,368 ) 80,865 5,874 (62 ) (691 ) Total other income (expense) 547,034 51,031 (23,973 ) (700,491 ) (126,399 ) Income from operations before income taxes 547,034 724,990 11,199 (700,429 ) 582,794 Income tax (expense) benefit (180,246 ) (9,183 ) (11,661 ) — (201,090 ) Net income (loss) including noncontrolling interest 366,788 715,807 (462 ) (700,429 ) 381,704 Net income attributable to noncontrolling interests — — (14,916 ) — (14,916 ) Net income (loss) attributable to AMC Networks' stockholders $ 366,788 $ 715,807 $ (15,378 ) $ (700,429 ) $ 366,788 |
Condensed Consolidating Statement of Comprehensive Income | Condensed Consolidating Statement of Comprehensive Income Year Ended December 31, 2016 Parent Company Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Net income (loss) including noncontrolling interest $ 270,510 $ 591,395 $ (84,011 ) $ (487,931 ) $ 289,963 Other comprehensive income (loss): Foreign currency translation adjustment (45,426 ) — (45,426 ) 45,426 (45,426 ) Unrealized gain on interest rate swaps 22 — — — 22 Other comprehensive income (loss), before income taxes (45,404 ) — (45,426 ) 45,426 (45,404 ) Income tax expense (12,337 ) — — — (12,337 ) Other comprehensive (loss), net of income taxes (57,741 ) — (45,426 ) 45,426 (57,741 ) Comprehensive income (loss) 212,769 591,395 (129,437 ) (442,505 ) 232,222 Comprehensive (income) attributable to noncontrolling interests — — (16,491 ) — (16,491 ) Comprehensive income (loss) attributable to AMC Networks’ stockholders $ 212,769 $ 591,395 $ (145,928 ) $ (442,505 ) $ 215,731 Condensed Consolidating Statement of Comprehensive Income Year Ended December 31, 2015 Parent Company Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Net income (loss) including noncontrolling interest $ 366,788 $ 715,807 $ (462 ) $ (700,429 ) $ 381,704 Other comprehensive income (loss): Foreign currency translation adjustment (73,695 ) (73,695 ) 17,843 73,695 (55,852 ) Unrealized gain on interest rate swaps 3,365 — — — 3,365 Other comprehensive (loss) income, before income taxes (70,330 ) (73,695 ) 17,843 73,695 (52,487 ) Income tax expense (4,322 ) — — — (4,322 ) Other comprehensive (loss) income, net of income taxes (74,652 ) (73,695 ) 17,843 73,695 (56,809 ) Comprehensive income 292,136 642,112 17,381 (626,734 ) 324,895 Comprehensive (income) attributable to noncontrolling interests — — (13,123 ) — (13,123 ) Comprehensive income attributable to AMC Networks' stockholders $ 292,136 $ 642,112 $ 4,258 $ (626,734 ) $ 311,772 |
Condensed Consolidating Cash Flow Statement | Condensed Consolidating Statement of Cash Flows Year Ended December 31, 2016 Parent Company Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Cash flows from operating activities: Net cash provided by operating activities $ 401,179 $ 548,381 $ 55,450 $ (490,685 ) $ 514,325 Cash flows from investing activities: Capital expenditures — (42,064 ) (37,156 ) — (79,220 ) Payments for acquisitions, net of cash acquired — — (354 ) — (354 ) Purchases of investments — — (95,000 ) — (95,000 ) (Increase) decrease to investment in affiliates (159,533 ) (69,231 ) — 228,764 — Net cash used in investing activities (159,533 ) (111,295 ) (132,510 ) 228,764 (174,574 ) Cash flows from financing activities: Proceeds from the issuance of long-term debt 982,500 — — — 982,500 Principal payments on long-term debt (848,000 ) — — — (848,000 ) Premium and fees paid on extinguishment of debt (40,954 ) — — — (40,954 ) Payments for financing costs (2,070 ) — — — (2,070 ) Deemed repurchases of restricted stock/units (10,822 ) — — — (10,822 ) Purchase of treasury stock (223,237 ) — — — (223,237 ) Proceeds from stock option exercises 1,228 — — — 1,228 Excess tax benefits from share-based compensation arrangements 789 — — — 789 Principal payments on capital lease obligations — (2,475 ) (1,813 ) — (4,288 ) Distributions to noncontrolling interest — — (9,010 ) — (9,010 ) Net cash used in financing activities (140,566 ) (2,475 ) (10,823 ) — (153,864 ) Net increase in cash and cash equivalents from operations 101,080 434,611 (87,883 ) (261,921 ) 185,887 Effect of exchange rate changes on cash and cash equivalents (100,949 ) (261,921 ) 80,130 261,921 (20,819 ) Cash and cash equivalents at beginning of period 434 148,260 167,627 — 316,321 Cash and cash equivalents at end of period $ 565 $ 320,950 $ 159,874 $ — $ 481,389 Condensed Consolidating Statement of Cash Flows Year Ended December 31, 2015 Parent Company Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Cash flows from operating activities: Net cash provided by (used in) operating activities $ 1,050,818 $ (294,219 ) $ 312,469 $ (699,029 ) $ 370,039 Cash flows from investing activities: Capital expenditures (9 ) (40,592 ) (27,720 ) — (68,321 ) Payments for acquisitions, net of cash acquired — — (24,199 ) — (24,199 ) Acquisition of investments — — (24,250 ) — (24,250 ) (Increase) decrease to investment in affiliates (890,626 ) 466,322 (201,524 ) 625,828 — Net cash (used in) provided by investing activities (890,635 ) 425,730 (277,693 ) 625,828 (116,770 ) Cash flows from financing activities: Principal payments on long-term debt (74,000 ) — — — (74,000 ) Payment of Promissory Note — — (40,000 ) — (40,000 ) Deemed repurchases of restricted stock/units (14,452 ) — — — (14,452 ) Proceeds from stock option exercises 1,340 — — — 1,340 Excess tax benefits from share-based compensation arrangements 4,610 — — — 4,610 Principal payments on capital lease obligations — (2,218 ) (727 ) — (2,945 ) Cash contributions from member — 8,492 (8,492 ) — — Distributions to noncontrolling interest — — (3,154 ) — (3,154 ) Contributions from noncontrolling interest — — 1,322 — 1,322 Net cash used in financing activities (82,502 ) 6,274 (51,051 ) — (127,279 ) Net increase (decrease) in cash and cash equivalents from operations 77,681 137,785 (16,275 ) (73,201 ) 125,990 Effect of exchange rate changes on cash and cash equivalents (78,828 ) (73,201 ) 67,792 73,201 (11,036 ) Cash and cash equivalents at beginning of year 1,581 83,676 116,110 — 201,367 Cash and cash equivalents at end of year $ 434 $ 148,260 $ 167,627 $ — $ 316,321 |
Interim Financial Information55
Interim Financial Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | The following is a summary of the Company’s selected quarterly financial data for the years ended December 31, 2016 and 2015 : For the three months ended, 2016: March 31, June 30, September 30, December 31, 2016 Revenues, net $ 706,579 $ 684,832 $ 634,646 $ 729,597 $ 2,755,654 Operating expenses (447,920 ) (506,800 ) (517,509 ) (625,869 ) (2,098,098 ) Operating income $ 258,659 $ 178,032 $ 117,137 $ 103,728 $ 657,556 Net income including noncontrolling interests $ 120,064 $ 83,387 $ 67,469 $ 19,043 $ 289,963 Net income attributable to AMC Networks’ stockholders $ 113,444 $ 77,175 $ 65,393 $ 14,498 $ 270,510 Basic net income per share attributable to AMC Networks’ stockholders: Income from continuing operations $ 1.56 $ 1.06 $ 0.91 $ 0.21 $ 3.77 Net income $ 1.56 $ 1.06 $ 0.91 0.21 $ 3.77 Diluted net income per share attributable to AMC Networks’ stockholders: Income from continuing operations $ 1.55 $ 1.05 $ 0.91 $ 0.20 $ 3.74 Net income $ 1.55 $ 1.05 $ 0.91 $ 0.20 $ 3.74 For the three months ended, 2015: March 31, June 30, September 30, December 31, 2015 Revenues, net $ 668,682 $ 601,138 $ 632,165 $ 678,950 $ 2,580,935 Operating expenses (437,935 ) (442,304 ) (472,897 ) (518,606 ) (1,871,742 ) Operating income $ 230,747 $ 158,834 $ 159,268 $ 160,344 $ 709,193 Net income including noncontrolling interests $ 126,676 $ 87,442 $ 76,900 $ 90,686 $ 381,704 Net income attributable to AMC Networks’ stockholders $ 120,920 $ 83,009 $ 72,770 $ 90,089 $ 366,788 Basic net income per share attributable to AMC Networks’ stockholders: Income from continuing operations $ 1.67 $ 1.15 $ 1.00 $ 1.24 $ 5.06 Net income $ 1.67 $ 1.15 $ 1.00 1.24 $ 5.06 Diluted net income per share attributable to AMC Networks’ stockholders: Income from continuing operations $ 1.66 $ 1.14 $ 0.99 $ 1.23 $ 5.01 Net income $ 1.66 $ 1.14 $ 0.99 $ 1.23 $ 5.01 |
Description Of Business And B56
Description Of Business And Basis Of Presentation (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2016segmentnetwork | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of Operating Segments | segment | 2 |
Number of Nationally Distributed Programming Networks | network | 5 |
Summary of Significant Accoun57
Summary of Significant Accounting Policies (Narrative) (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Mar. 04, 2016USD ($) | |
Advertising Expense | $ 222,067 | $ 210,929 | $ 178,068 | |
Foreign Currency Transaction Gain (Loss), before Tax | 38,951 | 21,990 | $ 23,729 | |
Accounts Receivable, Net, Noncurrent | $ 114,258 | $ 79,048 | ||
Stockholders entitled election of Board of Directors | 25.00% | |||
Stock Repurchase Program, Authorized Amount | $ 500,000 | |||
Treasury Stock Acquired, Average Cost Per Share | $ / shares | $ 54.19 | |||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 276,763 | |||
Common Class A [Member] | ||||
Common Stock, Voting Rights | 1 | |||
Common Stock, Conversion Basis | 1 | |||
Share repurchases | shares | (4,119,558) | |||
Common Class B [Member] | ||||
Common Stock, Voting Rights | 10 | |||
Common Stock, Conversion Basis | 1 | |||
Share repurchases | shares | 0 | |||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | ||||
Number of Customers | 1 | 1 | ||
Concentration Risk, Percentage | 19.00% | 17.00% | ||
Maximum [Member] | ||||
Deferred Carriage Fees Contractual Period | 13 years | |||
Restricted Stock Units (RSUs) [Member] | 2011 Non-Employee Director Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 100.00% |
Summary of Significant Accoun58
Summary of Significant Accounting Policies (Net Income Per Share) (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Weighted Average Number of Shares Outstanding, Basic | 71,746 | 72,420 | 72,000 |
Incremental Weighted Average Shares Attributable to Dilutive Effect [Abstract] | |||
Weighted Average Number of Shares Outstanding, Diluted | 72,410 | 73,190 | 72,854 |
Employee Stock Option [Member] | |||
Incremental Weighted Average Shares Attributable to Dilutive Effect [Abstract] | |||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 13 | 148 | 225 |
Restricted Stock Units (RSUs) [Member] | |||
Incremental Weighted Average Shares Attributable to Dilutive Effect [Abstract] | |||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 651 | 622 | 629 |
Summary of Significant Accoun59
Summary of Significant Accounting Policies (Schedule of Stock by Class) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Common Class A [Member] | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Common Stock, Shares, Outstanding | 60,909,831 | 60,552,673 | 60,794,114 |
Employee and non-employee director stock transactions | 288,766 | 357,158 | (241,441) |
Share repurchases | (4,119,558) | ||
Common Stock, Shares, Outstanding | 57,079,039 | 60,909,831 | 60,552,673 |
Common Class B [Member] | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Common Stock, Shares, Outstanding | 11,484,408 | 11,484,408 | 11,484,408 |
Employee and non-employee director stock transactions | 0 | 0 | 0 |
Share repurchases | 0 | ||
Common Stock, Shares, Outstanding | 11,484,408 | 11,484,408 | 11,484,408 |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) € in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2014USD ($) | Mar. 31, 2014EUR (€) | Mar. 31, 2014USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2016country | Jan. 31, 2014USD ($) | |
Term-A Facility [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Debt Instrument, Face Amount | $ 600,000 | |||||
New Video (BBC AMERICA) [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Equity Method Investment, Ownership Percentage | 49.90% | 49.90% | ||||
Payments to Acquire Equity Method Investments | $ 200,000 | |||||
Notes Payable | $ 40,000 | $ 40,000 | ||||
Chellomedia [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Payments to Acquire Equity Method Investments | € 750,000 | $ 1,035,000 | ||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 348,836 | |||||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | 24,677 | |||||
Business Combination, Integration Related Costs | 13,978 | |||||
Business Acquisition Cost Of Acquired Entity Transaction Costs Incurred by Acquiree | $ 1,853 | |||||
Chellomedia [Member] | Minimum [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Number of countries | country | 130 |
Acquisitions (Schedule of Pro F
Acquisitions (Schedule of Pro Forma) (Details) $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2014USD ($)$ / shares | |
Business Combinations [Abstract] | |
Business Acquisition, Pro Forma Revenue | $ | $ 2,337,409 |
Business Acquisition, Pro Forma Income (Loss) from Continuing Operations before Changes in Accounting and Extraordinary Items, Net of Tax | $ | $ 280,869 |
Business Acquisition, Pro Forma Earnings Per Share, Basic | $ / shares | $ 3.90 |
Business Acquisition, Pro Forma Earnings Per Share, Diluted | $ / shares | $ 3.86 |
Restructuring (Restructuring an
Restructuring (Restructuring and Related Costs) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expense | $ 29,503 | $ 14,998 | $ 15,715 |
National Networks [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expense | 8,516 | 3,194 | 3,664 |
International And Other [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expense | $ 20,987 | $ 11,804 | $ 12,051 |
Restructuring (Schedule of Rest
Restructuring (Schedule of Restructuring Reserve by Type of Cost) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Restructuring Reserve [Roll Forward] | |||
Restructuring Reserve | $ 10,010 | $ 7,410 | |
Charges | 29,503 | 14,998 | $ 15,715 |
Cash payments | (21,806) | (8,509) | |
Non-cash adjustments | (5,303) | (3,530) | |
Currency translation | (93) | (359) | |
Restructuring Reserve | 12,311 | 10,010 | 7,410 |
Employee Severance [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring Reserve | 9,498 | 6,525 | |
Charges | 23,557 | 11,189 | |
Cash payments | (20,871) | (8,113) | |
Non-cash adjustments | 12 | 0 | |
Currency translation | (90) | (103) | |
Restructuring Reserve | 12,106 | 9,498 | 6,525 |
Other Restructuring [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring Reserve | 512 | 885 | |
Charges | 5,946 | 3,809 | |
Cash payments | (935) | (396) | |
Non-cash adjustments | (5,315) | (3,530) | |
Currency translation | (3) | (256) | |
Restructuring Reserve | $ 205 | $ 512 | $ 885 |
Program Rights and Obligation64
Program Rights and Obligations (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Film Cost Disclosures [Abstract] | |||
Program rights, completed programming | $ 230,289 | ||
Program rights, in production programming | $ 211,352 | ||
Owned original program rights expected to be amortized within three years | 93.00% | ||
Program rights expected to be paid within twelve months | $ 139,562 | ||
Program rights write offs | $ 26,184 | $ 43,196 | $ 44,204 |
Program Rights and Obligation65
Program Rights and Obligations (Schedule of Future Payments) (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Program Rights Obligations [Abstract] | |
2,017 | $ 300,845 |
2,018 | 164,211 |
2,019 | 125,506 |
2,020 | 71,199 |
2,021 | 27,334 |
Thereafter | 9,925 |
Program Rights Obligations, Total Future Payments Due | $ 699,020 |
Investments (Details)
Investments (Details) - RLJE [Member] - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Jan. 30, 2017 | Oct. 14, 2016 | |
Investment [Line Items] | |||
Debt Instrument, Face Amount | $ 65,000 | ||
Investment Warrants, Exercise Price | $ 3 | ||
Ownership Interest In Investment Upon Full Exercise Of Warrants | 50.10% | ||
Expire On The Fifth Anniversary Of Closing Date [Member] | |||
Investment [Line Items] | |||
Warrants Received per RLJE Investment Agreement | 5,000,000 | ||
Expire On The Sixth Anniversary Of Closing Date [Member] | |||
Investment [Line Items] | |||
Warrants Received per RLJE Investment Agreement | 10,000,000 | ||
Expire On The Seventh Anniversary Of Closing Date [Member] | |||
Investment [Line Items] | |||
Warrants Received per RLJE Investment Agreement | 5,000,000 | ||
Minimum [Member] | |||
Investment [Line Items] | |||
Warrants Received per RLJE Investment Agreement | 20,000,000 | ||
Tranche A Loan [Member] | |||
Investment [Line Items] | |||
Debt Instrument, Term | 1 year | ||
Debt Instrument, Interest Rate, Stated Percentage | 7.00% | ||
Debt Instrument, Interest Rate, Stated Percentage To Be Paid In Cash | 4.00% | ||
Debt Instrument, Interest Rate, Stated Percentage To Be Paid In Common Stock | 3.00% | ||
Debt Instrument, Face Amount | $ 5,000 | ||
Tranche B Loan [Member] | |||
Investment [Line Items] | |||
Debt Instrument, Term | 7 years | ||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | ||
Debt Instrument, Interest Rate, Stated Percentage To Be Paid In Cash | 4.00% | ||
Debt Instrument, Interest Rate, Stated Percentage To Be Paid In Common Stock | 2.00% | ||
Debt Instrument, Face Amount | 60,000 | ||
Debt Instrument, Face Amount, Due on Fifth Anniversary | 15,000 | ||
Debt Instrument, Face Amount, Due on Sixth Anniversary | $ 30,000 | ||
Amended Tranche A Loan [Member] | |||
Investment [Line Items] | |||
Debt Instrument, Term | 7 years | ||
Subsequent Event [Member] | Tranche A Loan [Member] | |||
Investment [Line Items] | |||
Debt Instrument, Face Amount | $ 13,000 | ||
Subsequent Event [Member] | Amended Tranche A Loan [Member] | |||
Investment [Line Items] | |||
Debt Instrument, Face Amount | $ 8,000 |
Property and Equipment (Narrati
Property and Equipment (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation | $ 46,208 | $ 41,037 | $ 38,220 |
Impairment of Real Estate | $ 22,909 |
Propert and Equipment (Property
Propert and Equipment (Property, Plant, Equipment) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Property, Plant and Equipment [Line Items] | ||
Property, Plant And Equipment, Gross | $ 438,784 | $ 373,096 |
Accumulated Depreciation And Amortization | (272,148) | (209,236) |
Property and equipment, net | 166,636 | 163,860 |
Program, service and test equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant And Equipment, Gross | 223,847 | 199,190 |
Satellite Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant And Equipment, Gross | $ 51,423 | 42,367 |
Property, Plant and Equipment, Useful Life | 13 years | |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant And Equipment, Gross | $ 21,471 | 18,846 |
Transmission Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant And Equipment, Gross | $ 51,954 | 47,218 |
Property, Plant and Equipment, Useful Life | 5 years | |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant And Equipment, Gross | $ 90,089 | $ 65,475 |
Minimum [Member] | Program, service and test equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 2 years | |
Minimum [Member] | Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 5 years | |
Maximum [Member] | Program, service and test equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 5 years | |
Maximum [Member] | Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 8 years |
Property and Equipment (Schedul
Property and Equipment (Schedule of Capital Leased Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Property, Plant and Equipment [Line Items] | ||
Satellite equipment | $ 32,392 | $ 27,727 |
Satellite Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Capital Leased Assets, Gross | 51,423 | 42,367 |
Less accumulated amortization | $ (19,031) | $ (14,640) |
Goodwill and Other Intangible70
Goodwill and Other Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill [Line Items] | |||
Goodwill, Impairment Loss | $ 27,244 | ||
Goodwill, Subsequent Recognition of Deferred Tax Asset | $ 2,546 | ||
Hypothetical Decrease, Fair Value of Reporting Unit | 14.00% | ||
Amortization of Intangible Assets | $ 38,570 | $ 41,994 | $ 30,828 |
Impairment of Intangible Assets, Finite-lived | $ 17,652 | ||
Percentage Of Hypothetical Decrease | 20.00% | ||
National Networks [Member] | |||
Goodwill [Line Items] | |||
Goodwill, Impairment Loss | $ 0 | ||
Goodwill, Subsequent Recognition of Deferred Tax Asset | 2,546 | ||
International And Other [Member] | |||
Goodwill [Line Items] | |||
Goodwill, Impairment Loss | 27,244 | ||
Goodwill, Subsequent Recognition of Deferred Tax Asset | $ 0 |
Goodwill and Other Intangible71
Goodwill and Other Intangible Assets (Schedule Of Goodwill) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Goodwill [Line Items] | |
December 31, 2015 | $ 736,275 |
Purchase accounting adjustments | (6,040) |
Impairment charges | (27,244) |
Amortization of second component goodwill | (2,546) |
Foreign currency translation | (42,737) |
December 31, 2016 | 657,708 |
National Networks [Member] | |
Goodwill [Line Items] | |
December 31, 2015 | 244,849 |
Purchase accounting adjustments | 0 |
Impairment charges | 0 |
Amortization of second component goodwill | (2,546) |
Foreign currency translation | 0 |
December 31, 2016 | 242,303 |
International And Other [Member] | |
Goodwill [Line Items] | |
December 31, 2015 | 491,426 |
Purchase accounting adjustments | (6,040) |
Impairment charges | (27,244) |
Amortization of second component goodwill | 0 |
Foreign currency translation | (42,737) |
December 31, 2016 | $ 415,405 |
Goodwill and Other Intangible72
Goodwill and Other Intangible Assets (Summary Of Intangible Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | $ 615,996 | $ 648,831 |
Finite-Lived Intangible Assets, Accumulated Amortization | (150,228) | (119,551) |
Finite-Lived Intangible Assets, Net | 465,768 | 529,280 |
Indefinite-Lived Trademarks | 20,041 | 19,900 |
Intangible Assets, Gross (Excluding Goodwill) | 636,037 | 668,731 |
Total intangible assets | 485,809 | 549,180 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 509,992 | 554,012 |
Finite-Lived Intangible Assets, Accumulated Amortization | (133,932) | (110,203) |
Finite-Lived Intangible Assets, Net | $ 376,060 | 443,809 |
Customer Relationships [Member] | Minimum [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 10 years | |
Customer Relationships [Member] | Maximum [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 25 years | |
Advertiser Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | $ 46,282 | 46,282 |
Finite-Lived Intangible Assets, Accumulated Amortization | (9,198) | (4,990) |
Finite-Lived Intangible Assets, Net | $ 37,084 | 41,292 |
Finite-Lived Intangible Asset, Useful Life | 11 years | |
Trade Names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | $ 49,720 | 48,522 |
Finite-Lived Intangible Assets, Accumulated Amortization | (6,307) | (4,353) |
Finite-Lived Intangible Assets, Net | $ 43,413 | 44,169 |
Trade Names [Member] | Minimum [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 12 years | |
Trade Names [Member] | Maximum [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 20 years | |
Other Intangible Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | $ 10,002 | 15 |
Finite-Lived Intangible Assets, Accumulated Amortization | (791) | (5) |
Finite-Lived Intangible Assets, Net | $ 9,211 | $ 10 |
Finite-Lived Intangible Asset, Useful Life | 15 years |
Goodwill and Other Intangible73
Goodwill and Other Intangible Assets (Schedule Of Estimated Amortization Expense) (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2,017 | $ 35,323 |
2,018 | 35,316 |
2,019 | 35,303 |
2,020 | 35,300 |
2,021 | $ 34,988 |
Accrued Liabilities (Details)
Accrued Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Accrued Liabilities [Abstract] | ||
Interest | $ 15,770 | $ 28,246 |
Employee related costs | 122,590 | 119,931 |
Other accrued expenses | 146,069 | 105,855 |
Total accrued liabilities | $ 284,429 | $ 254,032 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) $ in Thousands | 12 Months Ended | ||||||||
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Jul. 15, 2016USD ($) | Mar. 30, 2016USD ($) | Jan. 31, 2014USD ($) | Dec. 16, 2013USD ($) | Dec. 17, 2012USD ($) | Jun. 30, 2011USD ($) | |
Debt Instrument [Line Items] | |||||||||
Debt Issuance Costs, Gross | $ 9,266 | ||||||||
Unamortized Debt Issuance Expense | $ 15,062 | $ 20,281 | |||||||
Gains (Losses) on Extinguishment of Debt | (50,639) | 0 | 0 | ||||||
Premium and fees paid on extinguishment of debt | 40,954 | 0 | 0 | ||||||
Debt Instrument, Unamortized Discount | $ 23,675 | $ 17,911 | |||||||
Revolving Credit Facility [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Face Amount | $ 500,000 | ||||||||
Term-A Facility [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Face Amount | 600,000 | ||||||||
Debt Insturment, Covenant, Minimum Interest Coverage Ratio | 2.50 | ||||||||
Term-A Facility [Member] | Eurodollar [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Interest Rate at Period End | 2.15% | ||||||||
Term-A Facility [Member] | Minimum [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Line of Credit Facility, Commitment Fee Percentage | 0.25% | ||||||||
Debt instrument, covenant, cash flow ratio | 6 | ||||||||
Term-A Facility [Member] | Minimum [Member] | Base Rate [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | ||||||||
Term-A Facility [Member] | Minimum [Member] | Eurodollar [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | ||||||||
Term-A Facility [Member] | Maximum [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Line of Credit Facility, Commitment Fee Percentage | 0.50% | ||||||||
Debt instrument, covenant, cash flow ratio | 6.50 | ||||||||
Term-A Facility [Member] | Maximum [Member] | Base Rate [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | ||||||||
Term-A Facility [Member] | Maximum [Member] | Eurodollar [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | ||||||||
Term-A Facility [Member] | Secured Debt [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Face Amount | $ 600,000 | $ 880,000 | |||||||
Term-A Facility [Member] | Quarterly Installments Under Term Loan A Facility from March 31, 2015 through December 31, 2015 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Periodic Payment, Principal | $ 18,500 | ||||||||
Term-A Facility [Member] | Quarterly Installments Under Credit Agreement Term Loan A Facility from March 31, 2016 through December 31, 2016 [Member] [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Periodic Payment, Principal | 37,000 | ||||||||
Term-A Facility [Member] | Quarterly Installments Under Credit Agreement Term Loan A Facility from March 31, 2017 through December 31, 2017 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Periodic Payment, Principal | 55,500 | ||||||||
Term-A Facility [Member] | Quarterly Installment Under Credit Agreement Term Loan A Facility From March 31, 2018 through September 30, 2019 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Periodic Payment, Principal | 74,000 | ||||||||
Term-A Facility [Member] | Quarterly Installment Under Credit Agreement Term Loan A Facility Remainder December 16, 2019 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Periodic Payment, Principal | $ 518,000 | ||||||||
5.00% Senior Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Face Amount | $ 1,000,000 | ||||||||
Debt Issuance Costs, Gross | 2,070 | ||||||||
Debt Instrument, Unamortized Discount | 17,500 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | ||||||||
5.00% Senior Notes [Member] | Debt Instrument, Redemption, Period One [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Redemption Price, Percentage | 102.50% | ||||||||
5.00% Senior Notes [Member] | Debt Instrument, Redemption, Period Two [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Redemption Price, Percentage | 100.00% | ||||||||
7.75% Senior Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Face Amount | $ 700,000 | ||||||||
Debt Issuance Costs, Gross | 1,533 | ||||||||
Write off of Deferred Debt Issuance Cost | $ (970) | ||||||||
Write off of Debt Discount | $ 8,715 | ||||||||
Debt Instrument, Unamortized Discount | $ 14,000 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.75% | 7.75% | |||||||
Debt Instrument, Repurchased Face Amount | $ 45,551 | ||||||||
Debt extinguishment including principal interest and fees | $ 703,000 | ||||||||
4.75% Senior Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Face Amount | $ 600,000 | ||||||||
Debt Issuance Costs, Gross | 1,534 | ||||||||
Debt Instrument, Unamortized Discount | $ 10,500 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.75% | ||||||||
4.75% Senior Notes [Member] | Debt Instrument, Redemption, Period One [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Redemption Price, Percentage | 102.375% | ||||||||
4.75% Senior Notes [Member] | Debt Instrument, Redemption, Period Two [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Redemption Price, Percentage | 100.00% | ||||||||
4.75% Senior Notes [Member] | Debt Instrument, Redemption, Period Three [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Redemption Price, Percentage | 101.00% | ||||||||
Term-B Facility [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Repayments of Debt | $ 587,600 |
Debt (Summary Of Long-Term Debt
Debt (Summary Of Long-Term Debt) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Mar. 30, 2016 | Dec. 31, 2015 | Dec. 17, 2012 | Jun. 30, 2011 |
Debt Instrument [Line Items] | |||||
Long-term Debt, Gross | $ 2,858,000 | $ 2,706,000 | |||
Debt Instrument, Unamortized Discount | (23,675) | (17,911) | |||
Unamortized Debt Issuance Expense | (15,062) | (20,281) | |||
Long-term Debt, Net | 2,819,263 | 2,667,808 | |||
Current portion of long-term debt | 222,000 | 148,000 | |||
Long-term debt, net | 2,597,263 | 2,519,808 | |||
Term-A Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt, Net | $ 1,245,175 | 1,386,869 | |||
5.00% Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | ||||
Debt Instrument, Unamortized Discount | $ (17,500) | ||||
Long-term Debt, Net | $ 981,949 | ||||
7.75% Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 7.75% | 7.75% | |||
Debt Instrument, Unamortized Discount | $ (14,000) | ||||
Long-term Debt, Net | 689,910 | ||||
4.75% Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 4.75% | ||||
Debt Instrument, Unamortized Discount | $ (10,500) | ||||
Long-term Debt, Net | $ 592,139 | 591,029 | |||
Senior Notes [Member] | 5.00% Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt, Gross | 1,000,000 | 0 | |||
Senior Notes [Member] | 7.75% Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt, Gross | 0 | 700,000 | |||
Senior Notes [Member] | 4.75% Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt, Gross | 600,000 | 600,000 | |||
Secured Debt [Member] | Term-A Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt, Gross | $ 1,258,000 | $ 1,406,000 |
Debt (Schedule of Debt Maturiti
Debt (Schedule of Debt Maturities) (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Debt Disclosure [Abstract] | |
2,016 | $ 222,000 |
2,017 | 296,000 |
2,018 | 740,000 |
2,019 | 0 |
2,020 | 0 |
Thereafter | $ 1,600,000 |
Fair Value Measurement (Narrati
Fair Value Measurement (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ 2,104 | $ (75) |
Other Contract [Member] | Other Expense [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ (892) | $ 0 |
Level III [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Inputs, Discount for Lack of Marketability | 32.00% |
Fair Value Measurement (Financi
Fair Value Measurement (Financial Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Assets, Fair Value Disclosure [Abstract] | ||
Cash equivalents | $ 65,384 | $ 2,027 |
Interest Rate Swap [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Interest rate swap contracts | 1,471 | 1,449 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Interest rate swap contracts | 762 | 2,682 |
Foreign Exchange Forward [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Foreign currency derivatives | 6,096 | 4,421 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Foreign currency derivatives | 3,147 | 3,107 |
Other Contract [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Other derivatives | 12,308 | |
Level I [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Cash equivalents | 65,384 | 2,027 |
Level II [Member] | Interest Rate Swap [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Interest rate swap contracts | 1,471 | 1,449 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Interest rate swap contracts | 762 | 2,682 |
Level II [Member] | Foreign Exchange Forward [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Foreign currency derivatives | 6,096 | 4,421 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Foreign currency derivatives | 3,147 | $ 3,107 |
Level III [Member] | Other Contract [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Other derivatives | $ 12,308 |
Fair Value Measurement (Carryin
Fair Value Measurement (Carrying Values And Fair Values Of The Company's Financial Instruments) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Debt | $ 2,819,263 | $ 2,667,808 |
Long-term Debt, Fair Value | 2,863,355 | 2,708,475 |
Term-A Facility [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Debt | 1,245,175 | 1,386,869 |
Long-term Debt, Fair Value | 1,254,855 | 1,370,850 |
5.00% Senior Notes [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Debt | 981,949 | |
Long-term Debt, Fair Value | 1,002,500 | |
7.75% Senior Notes [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Debt | 689,910 | |
Long-term Debt, Fair Value | 737,625 | |
4.75% Senior Notes [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Debt | 592,139 | 591,029 |
Long-term Debt, Fair Value | $ 606,000 | $ 600,000 |
Derivative Financial Instrume81
Derivative Financial Instruments (Narrative) (Details) - Interest Rate Swap [Member] $ in Thousands | Dec. 31, 2016USD ($) |
Derivative [Line Items] | |
Derivative, Notional Amount | $ 300,000 |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | |
Derivative [Line Items] | |
Derivative, Notional Amount | 200,000 |
Not Designated as Hedging Instrument [Member] | |
Derivative [Line Items] | |
Derivative, Notional Amount | $ 100,000 |
Derivative Financial Instrume82
Derivative Financial Instruments (Schedule Of Derivative Instruments Included In Balance Sheets) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Interest Rate Swap [Member] | Other Assets [Member] | ||
Cash Flow Hedges Derivative Instruments at Fair Value, Net [Abstract] | ||
Cash Flow Hedge Derivative Instrument Assets at Fair Value | $ 1,471 | $ 1,449 |
Interest Rate Swap [Member] | Accrued Liabilities [Member] | ||
Derivative Instruments Not Designated as Hedging Instruments [Abstract] | ||
Interest Rate Derivative Instruments Not Designated as Hedging Instruments, Liability at Fair Value | 762 | 660 |
Interest Rate Swap [Member] | Other Liabilities [Member] | ||
Derivative Instruments Not Designated as Hedging Instruments [Abstract] | ||
Interest Rate Derivative Instruments Not Designated as Hedging Instruments, Liability at Fair Value | 0 | 2,022 |
Foreign Exchange Forward [Member] | Other Assets [Member] | ||
Derivative Instruments Not Designated as Hedging Instruments [Abstract] | ||
Foreign Currency Derivative Instruments Not Designated as Hedging Instruments, Asset at Fair Value | 4,412 | 3,090 |
Foreign Exchange Forward [Member] | Accrued Liabilities [Member] | ||
Derivative Instruments Not Designated as Hedging Instruments [Abstract] | ||
Foreign Currency Derivative Instruments Not Designated as Hedging Instruments, Liability at Fair Value | 952 | 1,429 |
Foreign Exchange Forward [Member] | Prepaid Expenses and Other Current Assets [Member] | ||
Derivative Instruments Not Designated as Hedging Instruments [Abstract] | ||
Foreign Currency Derivative Instruments Not Designated as Hedging Instruments, Asset at Fair Value | 1,684 | 1,331 |
Foreign Exchange Forward [Member] | Other Liabilities [Member] | ||
Derivative Instruments Not Designated as Hedging Instruments [Abstract] | ||
Foreign Currency Derivative Instruments Not Designated as Hedging Instruments, Liability at Fair Value | 2,195 | 1,678 |
Other Contract [Member] | Other Assets [Member] | ||
Derivative Instruments Not Designated as Hedging Instruments [Abstract] | ||
Foreign Currency Derivative Instruments Not Designated as Hedging Instruments, Asset at Fair Value | $ 12,308 | $ 0 |
Derivative Financial Instrume83
Derivative Financial Instruments (Schedule Of Gains And Losses Related To Derivative Instruments) (Details) - Cash Flow Hedging [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | ||
Interest Expense [Member] | |||
Derivative [Line Items] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | [1] | $ (587) | $ (2,727) |
Interest Rate Swap [Member] | |||
Derivative [Line Items] | |||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | $ (565) | $ 638 | |
[1] | There were no gains or losses recognized in earnings related to any ineffective portion of the hedging relationship or related to any amount excluded from the assessment of hedge effectiveness for the years ended December 31, 2016 and 2015. |
Derivative Financial Instrume84
Derivative Financial Instruments (Schedule Of Gains And Losses Related To Derivative Instruments Not Designated) (Details) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ 2,104 | $ (75) |
Interest Rate Swap [Member] | Interest Expense [Member] | ||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | (238) | (578) |
Foreign Exchange Forward [Member] | Other Expense [Member] | ||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 3,234 | 503 |
Other Contract [Member] | Other Expense [Member] | ||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ (892) | $ 0 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Leases [Abstract] | |||
Operating Leases, Rent Expense | $ 29,414 | $ 25,840 | $ 22,885 |
Leases (Schedule of Future Mini
Leases (Schedule of Future Minimum Rental Payments for Operating Leases) (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Leases [Abstract] | |
2,016 | $ 25,185 |
2,017 | 26,665 |
2,018 | 27,201 |
2,019 | 25,486 |
2,020 | 21,837 |
Thereafter | $ 124,417 |
Leases (Schedule of Future Mi87
Leases (Schedule of Future Minimum Lease Payments for Capital Leases) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Capital Leased Assets [Line Items] | ||
2,016 | $ 5,443 | |
2,017 | 5,658 | |
2,018 | 5,042 | |
2,019 | 4,267 | |
2,020 | 3,091 | |
Thereafter | 18,032 | |
Total minimum lease payments | 41,533 | |
Less amount representing interest (at 8.2%-12%) | (1,667) | |
Present value of net minimum future capital lease payments | 39,866 | |
Less principal portion of current installments | (4,584) | $ (3,561) |
Capital lease obligations | $ 35,282 | $ 29,779 |
Minimum [Member] | ||
Capital Leased Assets [Line Items] | ||
Capital Lease Obligations, Effective Interest Rate | 8.20% | |
Maximum [Member] | ||
Capital Leased Assets [Line Items] | ||
Capital Lease Obligations, Effective Interest Rate | 12.00% |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Income Tax Disclosure [Abstract] | |
Deferred Tax Assets, Tax Credit Carryforwards, Foreign | $ 40,000 |
Operating Loss Carryforwards | 208,000 |
Deferred Tax Assets, Valuation Allowance | 41,000 |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 39,000 |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Share-based Compensation Cost, Amount | 789 |
Second component of tax deductible goodwill, net of tax | 1,609 |
Liability for Uncertain Tax Positions, Noncurrent | 18,065 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | 3,044 |
Deferred tax asset, Uncertain tax position | 6,375 |
Unrecognized Tax Benefits, Interest on Income Taxes Expense | $ 1,968 |
Income Taxes (Schedule of Earni
Income Taxes (Schedule of Earnings Before Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
Income (Loss) from Continuing Operations before Income Taxes, Domestic | $ 500,757 | $ 566,444 | $ 384,853 |
Income (Loss) from Continuing Operations before Income Taxes, Foreign | (45,932) | 16,350 | 12,175 |
Income from continuing operations before income taxes | $ 454,825 | $ 582,794 | $ 397,028 |
Income Taxes (Schedule of Compo
Income Taxes (Schedule of Components of Income Tax Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Current Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Current Federal Tax Expense (Benefit) | $ 120,634 | $ 146,915 | $ 111,047 |
Current State Tax Expense (Benefit) | 11,252 | 15,713 | 10,882 |
Current Foreign Tax Expense (Benefit) | 22,946 | 14,508 | 13,837 |
Current Income Tax Expense (Benefit) | 154,832 | 177,136 | 135,766 |
Deferred Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Deferred Federal Income Tax Expense (Benefit) | 12,140 | 12,563 | 5,036 |
Deferred State Income Tax Expense (Benefit) | 2,515 | 1,300 | (1,373) |
Deferred Foreign Income Tax Expense (Benefit) | (3,013) | 5,753 | (2,456) |
Deferred Income Tax Expense (Benefit) | 11,642 | 19,616 | 1,207 |
Tax expense (benefit) relating to uncertain tax positions, including accrued interest | (1,612) | 4,338 | (7,818) |
Income Tax Expense (Benefit) | $ 164,862 | $ 201,090 | $ 129,155 |
Income Taxes (Schedule of Effec
Income Taxes (Schedule of Effective Income Tax Rate Reconciliation) (Details) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
U.S. federal statutory income tax rate | 35.00% | 35.00% | 35.00% |
State and local income taxes, net of federal benefit | 2.00% | 2.00% | 2.00% |
Effect of foreign operations | (1.00%) | (2.00%) | (2.00%) |
Nontaxable income attributable to noncontrolling interests | (1.00%) | (1.00%) | (1.00%) |
Changes in the valuation allowance | 5.00% | 1.00% | 1.00% |
Domestic production activity deduction | (3.00%) | (3.00%) | (2.00%) |
Tax expense relating to uncertain tax positions, including accrued interest, net of deferred tax benefits | (1.00%) | 1.00% | (1.00%) |
Other | 0.00% | 1.00% | 0.00% |
Effective income tax rate | 36.00% | 34.00% | 32.00% |
Income Taxes (Schedule of Defer
Income Taxes (Schedule of Deferred Tax Asset (Liability)) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Components of Deferred Tax Assets and Liabilities [Abstract] | ||
NOLs and tax credit carry forwards | $ 82,636 | $ 83,361 |
Compensation and benefit plans | 49,710 | 45,312 |
Allowance for doubtful accounts | 421 | 261 |
Fixed assets and intangible assets | 46,595 | 35,781 |
Interest rate swap contracts | 2,884 | 2,412 |
Accrued interest expense | 11,567 | 11,692 |
Other liabilities | 20,811 | 17,423 |
Deferred tax asset | 214,624 | 196,242 |
Valuation allowance | (71,563) | (54,336) |
Net deferred tax asset, noncurrent | 143,061 | 141,906 |
Prepaid liabilities | (819) | (820) |
Fixed assets and intangible assets | (78,616) | (70,337) |
Investments in partnerships | (177,376) | (154,215) |
Other assets | (23,444) | (28,750) |
Deferred tax liability, noncurrent | 280,255 | 254,122 |
Total net deferred tax liability | $ (137,194) | $ (112,216) |
Income Taxes (Reconciliation Of
Income Taxes (Reconciliation Of Unrecognized Tax Benefits) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |
Unrecognized Tax Benefits, Beginning of Period | $ 20,238 |
Increases Related To Current Period Tax Positions | 4,736 |
Increases Related To Prior Period Tax Positions | 892 |
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions | (317) |
Unrecognized Tax Benefits, Decreases Resulting From Payments for Prior Period Tax Positions | (7,484) |
Unrecognized Tax Benefits, End of Period | $ 18,065 |
Commitments and Contingencies94
Commitments and Contingencies (Contractual Obligation, Fiscal Year Maturity Schedule) (Details) $ in Thousands | Dec. 31, 2016USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | ||
Purchase Obligation | $ 991,231 | [1] |
Purchase Obligation, Due in Next Twelve Months | 288,868 | [1] |
Purchase Obligation, Due in Second and Third Year | 173,917 | [1] |
Purchase Obligation, Due in Fourth and Fifth Year | 67,735 | [1] |
Purchase Obligation, Due after Fifth Year | 460,711 | [1] |
Other Commitment | 75,574 | [2] |
Other Commitment, Due in Next Twelve Months | 75,574 | [2] |
Other Commitment, Due in Second and Third Year | 0 | [2] |
Other Commitment, Due in Fourth and Fifth Year | 0 | [2] |
Other Commitment, Due after Fifth Year | 0 | [2] |
Contractual Obligation, Total | 1,066,805 | |
Contractual Obligation, Due in Fiscal Year | 364,442 | |
Contractual Obligation, Due in Second and Third Year | 173,917 | |
Contractual Obligation, Due in Fourth and Fifth Year | 67,735 | |
Contractual Obligation, Due After Fifth Year | $ 460,711 | |
[1] | (1)Purchase obligation amounts not reflected on the balance sheet consist primarily of program rights obligations and transmission and marketing commitments that have not yet met the criteria to be recorded in the balance sheet. | |
[2] | (2)Consists primarily of a guarantee of payments to a production service company for certain production related costs. |
Commitments and Contingencies95
Commitments and Contingencies (Narrative) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | |
Loss Contingency, Damages Sought, Value | $ 280 |
Redeemable Noncontrolling Int96
Redeemable Noncontrolling Interests (Narrative) (Details) | Dec. 31, 2016 |
New Video (BBC AMERICA) [Member] | |
Noncontrolling Interest [Line Items] | |
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 50.10% |
Redeemable Noncontrolling Int97
Redeemable Noncontrolling Interests Activity (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ||
Redeemable noncontrolling interests | $ 211,691 | $ 204,611 |
Net earnings | 16,669 | 10,239 |
Distributions | 9,010 | 3,154 |
Other | (19) | (5) |
Redeemable noncontrolling interests | $ 219,331 | $ 211,691 |
Equity and Long-Term Incentiv98
Equity and Long-Term Incentive Plans (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation | $ 38,897 | $ 31,020 | $ 28,363 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 89,594 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 266 days | ||
Excess Tax Benefit from Share-based Compensation, Operating Activities | $ 789 | 4,610 | 6,798 |
Excess tax benefits from share-based compensation arrangements | 789 | 4,610 | 6,798 |
Other Labor-related Expenses | 15,130 | 30,497 | $ 19,795 |
Other Employee Related Liabilities | $ 44,837 | $ 48,860 | |
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||
Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 388,385 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||
2016 Employee Stock Plan [Member] | Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 144,428 | ||
2016 Employee Stock Plan [Member] | Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 259,057 | ||
2011 Employee Stock Plan [Member] | Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 349,231 | ||
2011 Employee Stock Plan [Member] | Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 508,636 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||
2011 Employee Stock Plan [Member] | Maximum [Member] | Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 200.00% | ||
2011 Employee Stock Plan [Member] | Minimum [Member] | Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 0.00% | ||
2011 Non-Employee Director Plan [Member] | Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 27,066 | 22,659 | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 100.00% | ||
Common Class A [Member] | 2016 Employee Stock Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 6,000,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 5,193,343 | ||
Common Class A [Member] | 2016 Employee Stock Plan [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||
Common Class A [Member] | 2011 Non-Employee Director Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 465,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 221,058 | ||
Common Class A [Member] | 2011 Non-Employee Director Plan [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years |
Equity and Long-Term Incentiv99
Equity and Long-Term Incentive Plans (Schedule of Restricted Stock Unit Activity) (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
2011 Non-Employee Director Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 27,066 | 22,659 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 0 | (9,794) | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 61.69 | $ 78 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested, Weighted Average Grant Date Fair Value | $ 0 | $ 44.32 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested, Number | 154,621 | 127,555 | 114,690 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested, Weighted Average Grant Date Fair Value | $ 53.15 | $ 51.33 | $ 45.46 |
Parent Company [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 982,298 | 853,386 | 898,854 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 66.23 | $ 70.07 | $ 62.79 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 493,659 | 362,589 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (257,114) | (317,222) | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 60.73 | $ 72.95 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested, Weighted Average Grant Date Fair Value | $ 61.28 | $ 46.75 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (107,633) | (90,835) | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 71.19 | $ 65.94 | |
Parent Company [Member] | Share-based Compensation Award, Tranche Two [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 1,354,461 | 683,393 | 655,843 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 767,693 | 125,465 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (79,321) | (89,929) | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (17,304) | (7,986) |
Equity and Long-Term Incenti100
Equity and Long-Term Incentive Plans (Stock Option Award Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Weighted Average Grant Date Fair Value | $ 14.90 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 30.18% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | 5 years 9 months | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.25% | ||
Cablevision and MSG Employees [Domain] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ 17.88 | $ 13.62 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 17.88 | $ 15.81 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 157 days | 1 year 51 days | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 7,659 | $ 12,566 | |
Cablevision and MSG Employees [Domain] | Share-based Compensation Award, Tranche One [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 134,833 | 229,497 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | (134,833) | (94,664) | |
Cablevision and MSG Employees [Domain] | Share-based Compensation Award, Tranche Two [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 32,500 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | (32,500) | ||
Parent Company [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ 16.93 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 48.26 | $ 16.93 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 9 years 288 days | 1 year 99 days | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 1,585 | $ 658 | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 48.26 | ||
Parent Company [Member] | Share-based Compensation Award, Tranche One [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 388,385 | 14,045 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | (14,045) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 388,385 |
Benefit Plans (Narrative) (Deta
Benefit Plans (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Compensation and Retirement Disclosure [Abstract] | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 4.00% | ||
Benefit Plan Expense, Defined Benefit Plans and Defined Contribution Plans | $ 10,859 | $ 13,505 | $ 13,849 |
Related Party Transactions (Nar
Related Party Transactions (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Related Party Transaction [Line Items] | |||
Aggregate Voting Power Held By Related Party | 67.00% | ||
Revenues, Net From Related Parties | $ 15,873 | $ 27,508 | $ 28,089 |
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party | $ 3,086 | $ 4,903 | $ 3,217 |
Maximum [Member] | Common Class A [Member] | |||
Related Party Transaction [Line Items] | |||
Percentage Of Common Stock Owned By Related Party | 2.00% |
Cash Flows (Summary Of Non-Cash
Cash Flows (Summary Of Non-Cash Activities And Other Supplemental Data) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract] | |||
Increase in capital lease obligations | $ 10,982 | $ 6,191 | $ 18,747 |
Treasury stock not yet settled | 10,454 | 0 | 0 |
Capital expenditures incurred but not yet paid | 6,988 | 6,423 | 6,638 |
Promissory note payable | 0 | 0 | 40,000 |
Cash interest paid—continuing operations | 128,319 | 120,394 | 122,305 |
Income taxes paid, net—continuing operations | $ 106,476 | $ 186,725 | $ 99,772 |
Accumulated Other Comprehens104
Accumulated Other Comprehensive Income (Loss) (Schedule of Accumulated Other Comprehensive Income (Loss) (Details)) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | $ (136,057) | $ (79,248) | ||
Foreign currency translation adjustment | (45,426) | (55,852) | $ (74,758) | |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | (45,991) | (55,214) | ||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax | 587 | 2,727 | ||
Net current-period other comprehensive (loss) income, before income taxes | (45,404) | (52,487) | (70,438) | |
Income tax expense | (12,337) | (4,322) | (4,315) | |
Net current-period other comprehensive (loss) income, net of income taxes | (57,741) | (56,809) | (74,753) | |
Ending Balance | (193,798) | (136,057) | (79,248) | |
Cash Flow Hedging [Member] | Interest Expense [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | [1] | (587) | (2,727) | |
Cash Flow Hedging [Member] | Interest Rate Swap [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Amounts reclassified from accumulated other comprehensive loss | (565) | 638 | ||
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (136,434) | (77,492) | ||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax | 0 | 0 | ||
Net current-period other comprehensive (loss) income, before income taxes | (45,426) | (55,852) | ||
Income tax expense | (12,329) | (3,090) | ||
Net current-period other comprehensive (loss) income, net of income taxes | (57,755) | (58,942) | ||
Ending Balance | (194,189) | (136,434) | (77,492) | |
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | 377 | (1,756) | ||
Net current-period other comprehensive (loss) income, before income taxes | 22 | 3,365 | ||
Income tax expense | (8) | (1,232) | ||
Net current-period other comprehensive (loss) income, net of income taxes | 14 | 2,133 | ||
Ending Balance | $ 391 | $ 377 | $ (1,756) | |
[1] | There were no gains or losses recognized in earnings related to any ineffective portion of the hedging relationship or related to any amount excluded from the assessment of hedge effectiveness for the years ended December 31, 2016 and 2015. |
Segment Information (Narrative)
Segment Information (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2016segment | |
Segment Reporting Information [Line Items] | |
Number of Operating Segments | 2 |
Customer Concentration Risk [Member] | Sales Revenue, Services, Net [Member] | Customer1 [Member] | |
Segment Reporting Information [Line Items] | |
Number of Customers | 1 |
Concentration Risk, Percentage | 11.00% |
Segment Information (Summary Of
Segment Information (Summary Of Continuing Operations By Reportable Segment) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||||||||||
Advertising | $ 1,083,975 | $ 1,028,260 | $ 820,336 | ||||||||
Distribution | 1,671,679 | 1,552,675 | 1,355,305 | ||||||||
Consolidated revenues, net | $ 729,597 | $ 634,646 | $ 684,832 | $ 706,579 | $ 678,950 | $ 632,165 | $ 601,138 | $ 668,682 | 2,755,654 | 2,580,935 | 2,175,641 |
Operating income (loss) | $ 103,728 | $ 117,137 | $ 178,032 | $ 258,659 | $ 160,344 | $ 159,268 | $ 158,834 | $ 230,747 | 657,556 | 709,193 | 546,353 |
Share-based compensation expense | 38,897 | 31,020 | 28,363 | ||||||||
Restructuring expense | 29,503 | 14,998 | 15,715 | ||||||||
Impairment charges | 67,805 | 0 | 0 | ||||||||
Depreciation and amortization | (84,778) | (83,031) | (69,048) | ||||||||
Adjusted operating income | 878,539 | 838,242 | 659,479 | ||||||||
Capital expenditures | 79,220 | 68,321 | 39,739 | ||||||||
National Networks [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Restructuring expense | 8,516 | 3,194 | 3,664 | ||||||||
International And Other [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Restructuring expense | 20,987 | 11,804 | 12,051 | ||||||||
Operating Segments [Member] | National Networks [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Advertising | 990,508 | 945,288 | 764,610 | ||||||||
Distribution | 1,320,532 | 1,190,079 | 979,312 | ||||||||
Consolidated revenues, net | 2,311,040 | 2,135,367 | 1,743,922 | ||||||||
Operating income (loss) | 784,027 | 754,243 | 586,856 | ||||||||
Share-based compensation expense | 30,569 | 23,814 | 21,584 | ||||||||
Restructuring expense | 8,516 | 3,194 | 3,664 | ||||||||
Impairment charges | 0 | ||||||||||
Depreciation and amortization | (32,376) | (29,742) | (21,480) | ||||||||
Adjusted operating income | 855,488 | 810,993 | 633,584 | ||||||||
Capital expenditures | 15,947 | 24,386 | 13,462 | ||||||||
Operating Segments [Member] | International And Other [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Advertising | 94,467 | 82,972 | 55,726 | ||||||||
Distribution | 365,529 | 369,606 | 378,495 | ||||||||
Consolidated revenues, net | 459,996 | 452,578 | 434,221 | ||||||||
Operating income (loss) | (120,914) | (42,542) | (41,977) | ||||||||
Share-based compensation expense | 8,328 | 7,206 | 6,779 | ||||||||
Restructuring expense | 20,987 | 11,804 | 12,051 | ||||||||
Impairment charges | 67,805 | ||||||||||
Depreciation and amortization | (52,402) | (53,289) | (47,568) | ||||||||
Adjusted operating income | 28,608 | 29,757 | 24,421 | ||||||||
Capital expenditures | 63,273 | 43,935 | 26,277 | ||||||||
Intersegment Eliminations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Advertising | (1,000) | 0 | 0 | ||||||||
Distribution | (14,382) | (7,010) | (2,502) | ||||||||
Consolidated revenues, net | (15,382) | (7,010) | (2,502) | ||||||||
Operating income (loss) | (5,557) | (2,508) | 1,474 | ||||||||
Share-based compensation expense | 0 | 0 | 0 | ||||||||
Restructuring expense | 0 | 0 | 0 | ||||||||
Impairment charges | 0 | ||||||||||
Depreciation and amortization | 0 | 0 | 0 | ||||||||
Adjusted operating income | (5,557) | (2,508) | 1,474 | ||||||||
Capital expenditures | 0 | 0 | 0 | ||||||||
Intersegment Eliminations [Member] | National Networks [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Consolidated revenues, net | (14,963) | (6,719) | (1,802) | ||||||||
Intersegment Eliminations [Member] | International And Other [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Consolidated revenues, net | $ (419) | $ (291) | $ (700) |
Segment Information (Summary107
Segment Information (Summary Of Inter-Segment Eliminations) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenues, net | $ 729,597 | $ 634,646 | $ 684,832 | $ 706,579 | $ 678,950 | $ 632,165 | $ 601,138 | $ 668,682 | $ 2,755,654 | $ 2,580,935 | $ 2,175,641 |
Intersegment Eliminations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues, net | (15,382) | (7,010) | (2,502) | ||||||||
Intersegment Eliminations [Member] | National Networks [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues, net | (14,963) | (6,719) | (1,802) | ||||||||
Intersegment Eliminations [Member] | International And Other [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues, net | $ (419) | $ (291) | $ (700) |
Segment Information (Schedule o
Segment Information (Schedule of Revenue by Geographic Location) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenues, net | $ 729,597 | $ 634,646 | $ 684,832 | $ 706,579 | $ 678,950 | $ 632,165 | $ 601,138 | $ 668,682 | $ 2,755,654 | $ 2,580,935 | $ 2,175,641 |
North America [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues, net | 2,215,430 | 2,114,172 | |||||||||
Europe [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues, net | 384,234 | 317,759 | |||||||||
Other Geographic Locations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues, net | $ 155,990 | $ 149,004 |
Segment Information (Schedul109
Segment Information (Schedule of Fixed Assets by Geographic Location) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property and equipment, net | $ 166,636 | $ 163,860 |
North America [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property and equipment, net | 104,939 | 93,951 |
Europe [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property and equipment, net | 39,976 | 48,043 |
Other Geographic Locations [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property and equipment, net | $ 21,721 | $ 21,866 |
Condensed Consolidating Fina110
Condensed Consolidating Financial Information (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Condensed Financial Statements, Captions [Line Items] | ||
Long-term Debt, Gross | $ 2,858,000 | $ 2,706,000 |
Parent Percentage of Ownership in Guarantor Subsidiaries | 100.00% | |
4.75% Senior Notes [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.75% | |
5.00% Senior Notes [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | |
Senior Notes [Member] | 4.75% Senior Notes [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Long-term Debt, Gross | $ 600,000 | 600,000 |
Senior Notes [Member] | 5.00% Senior Notes [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Long-term Debt, Gross | $ 1,000,000 | $ 0 |
Condensed Consolidating Fina111
Condensed Consolidating Financial Information (Balance Sheet) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Current Assets: | ||||
Cash and cash equivalents | $ 481,389 | $ 316,321 | $ 201,367 | $ 521,951 |
Accounts receivable, trade (less allowance for doubtful accounts) | 700,655 | 674,611 | ||
Amounts due from related parties, net | 508 | 4,062 | ||
Current portion of program rights, net | 441,130 | 453,157 | ||
Prepaid expenses, other current assets and intercompany receivable | 72,661 | 72,989 | ||
Total current assets | 1,696,343 | 1,521,140 | ||
Property and equipment, net | 166,636 | 163,860 | ||
Investment in affiliates | 0 | 0 | ||
Program rights, net | 1,108,586 | 1,027,394 | ||
Long-term intercompany notes receivable | 0 | 0 | ||
Deferred carriage fees, net | 43,886 | 50,069 | ||
Intangible assets, net | 485,809 | 549,180 | ||
Goodwill | 657,708 | 736,275 | ||
Deferred tax asset, net | 8,598 | 10,765 | ||
Other assets | 313,029 | 191,926 | ||
Total assets | 4,480,595 | 4,250,609 | ||
Current Liabilities: | ||||
Accounts payable | 88,677 | 71,148 | ||
Accrued liabilities and intercompany payable | 284,429 | 254,032 | ||
Current portion of program rights obligations | 300,845 | 289,897 | ||
Deferred revenue | 53,643 | 64,229 | ||
Current portion of long-term debt | 222,000 | 148,000 | ||
Current portion of capital lease obligations | 4,584 | 3,561 | ||
Total current liabilities | 954,178 | 830,867 | ||
Program rights obligations | 398,175 | 440,591 | ||
Long-term debt, net | 2,597,263 | 2,519,808 | ||
Capital lease obligations | 35,282 | 29,779 | ||
Deferred tax liability, net | 145,791 | 122,981 | ||
Other liabilities and intercompany notes payable | 132,219 | 103,530 | ||
Total liabilities | 4,262,908 | 4,047,556 | ||
Stockholders' deficiency: | ||||
AMC Networks stockholders’ equity | (30,082) | (39,277) | ||
Non-redeemable noncontrolling interests | 28,438 | 30,639 | ||
Total stockholders’ deficiency | (1,644) | (8,638) | (351,909) | $ (571,519) |
Total liabilities and stockholders’ deficiency | 4,480,595 | 4,250,609 | ||
Commitments and contingencies | ||||
Redeemable noncontrolling interests | 219,331 | 211,691 | 204,611 | |
Consolidation, Eliminations [Member] | ||||
Current Assets: | ||||
Cash and cash equivalents | 0 | 0 | 0 | |
Accounts receivable, trade (less allowance for doubtful accounts) | 0 | 0 | ||
Amounts due from related parties, net | 0 | 0 | ||
Current portion of program rights, net | 0 | 0 | ||
Prepaid expenses, other current assets and intercompany receivable | (95,423) | (55,947) | ||
Total current assets | (95,423) | (55,947) | ||
Property and equipment, net | 0 | 0 | ||
Investment in affiliates | (3,813,946) | (3,643,007) | ||
Program rights, net | 0 | 0 | ||
Long-term intercompany notes receivable | (432,916) | (400,839) | ||
Deferred carriage fees, net | 0 | 0 | ||
Intangible assets, net | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Deferred tax asset, net | 0 | 0 | ||
Other assets | 0 | 0 | ||
Total assets | (4,342,285) | (4,099,793) | ||
Current Liabilities: | ||||
Accounts payable | 0 | 0 | ||
Accrued liabilities and intercompany payable | (95,423) | (55,947) | ||
Current portion of program rights obligations | 0 | 0 | ||
Deferred revenue | 0 | 0 | ||
Current portion of long-term debt | 0 | 0 | ||
Current portion of capital lease obligations | 0 | 0 | ||
Total current liabilities | (95,423) | (55,947) | ||
Program rights obligations | 0 | 0 | ||
Long-term debt, net | 0 | 0 | ||
Capital lease obligations | 0 | 0 | ||
Deferred tax liability, net | 0 | 0 | ||
Other liabilities and intercompany notes payable | (432,916) | (400,839) | ||
Total liabilities | (528,339) | (456,786) | ||
Stockholders' deficiency: | ||||
AMC Networks stockholders’ equity | (3,813,946) | (3,643,007) | ||
Non-redeemable noncontrolling interests | 0 | 0 | ||
Total stockholders’ deficiency | (3,813,946) | (3,643,007) | ||
Total liabilities and stockholders’ deficiency | (4,342,285) | (4,099,793) | ||
Redeemable noncontrolling interests | 0 | 0 | ||
Parent Company [Member] | ||||
Current Assets: | ||||
Cash and cash equivalents | 565 | 434 | 1,581 | |
Accounts receivable, trade (less allowance for doubtful accounts) | 0 | 0 | ||
Amounts due from related parties, net | 0 | 0 | ||
Current portion of program rights, net | 0 | 0 | ||
Prepaid expenses, other current assets and intercompany receivable | 948 | 4,158 | ||
Total current assets | 1,513 | 4,592 | ||
Property and equipment, net | 0 | 0 | ||
Investment in affiliates | 3,029,922 | 2,797,938 | ||
Program rights, net | 0 | 0 | ||
Long-term intercompany notes receivable | 0 | 0 | ||
Deferred carriage fees, net | 0 | 0 | ||
Intangible assets, net | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Deferred tax asset, net | 0 | 0 | ||
Other assets | 1,471 | 1,449 | ||
Total assets | 3,032,906 | 2,803,979 | ||
Current Liabilities: | ||||
Accounts payable | 0 | 6 | ||
Accrued liabilities and intercompany payable | 71,680 | 30,857 | ||
Current portion of program rights obligations | 0 | 0 | ||
Deferred revenue | 0 | 0 | ||
Current portion of long-term debt | 222,000 | 148,000 | ||
Current portion of capital lease obligations | 0 | 0 | ||
Total current liabilities | 293,680 | 178,863 | ||
Program rights obligations | 0 | 0 | ||
Long-term debt, net | 2,597,263 | 2,519,808 | ||
Capital lease obligations | 0 | 0 | ||
Deferred tax liability, net | 145,364 | 112,376 | ||
Other liabilities and intercompany notes payable | 26,681 | 32,209 | ||
Total liabilities | 3,062,988 | 2,843,256 | ||
Stockholders' deficiency: | ||||
AMC Networks stockholders’ equity | (30,082) | (39,277) | ||
Non-redeemable noncontrolling interests | 0 | 0 | ||
Total stockholders’ deficiency | (30,082) | (39,277) | ||
Total liabilities and stockholders’ deficiency | 3,032,906 | 2,803,979 | ||
Redeemable noncontrolling interests | 0 | 0 | ||
Guarantor Subsidiaries [Member] | ||||
Current Assets: | ||||
Cash and cash equivalents | 320,950 | 148,260 | 83,676 | |
Accounts receivable, trade (less allowance for doubtful accounts) | 537,751 | 538,657 | ||
Amounts due from related parties, net | 508 | 3,818 | ||
Current portion of program rights, net | 307,050 | 352,664 | ||
Prepaid expenses, other current assets and intercompany receivable | 151,175 | 112,456 | ||
Total current assets | 1,317,434 | 1,155,855 | ||
Property and equipment, net | 104,272 | 93,007 | ||
Investment in affiliates | 784,024 | 845,069 | ||
Program rights, net | 947,657 | 889,756 | ||
Long-term intercompany notes receivable | 432,099 | 400,163 | ||
Deferred carriage fees, net | 42,656 | 47,437 | ||
Intangible assets, net | 180,297 | 190,041 | ||
Goodwill | 69,154 | 71,700 | ||
Deferred tax asset, net | 0 | 0 | ||
Other assets | 116,608 | 100,620 | ||
Total assets | 3,994,201 | 3,793,648 | ||
Current Liabilities: | ||||
Accounts payable | 40,033 | 44,152 | ||
Accrued liabilities and intercompany payable | 182,667 | 181,377 | ||
Current portion of program rights obligations | 226,474 | 225,375 | ||
Deferred revenue | 42,782 | 54,921 | ||
Current portion of long-term debt | 0 | 0 | ||
Current portion of capital lease obligations | 2,645 | 2,393 | ||
Total current liabilities | 494,601 | 508,218 | ||
Program rights obligations | 365,262 | 415,419 | ||
Long-term debt, net | 0 | 0 | ||
Capital lease obligations | 6,647 | 9,268 | ||
Deferred tax liability, net | 0 | 0 | ||
Other liabilities and intercompany notes payable | 97,769 | 62,805 | ||
Total liabilities | 964,279 | 995,710 | ||
Stockholders' deficiency: | ||||
AMC Networks stockholders’ equity | 3,029,922 | 2,797,938 | ||
Non-redeemable noncontrolling interests | 0 | 0 | ||
Total stockholders’ deficiency | 3,029,922 | 2,797,938 | ||
Total liabilities and stockholders’ deficiency | 3,994,201 | 3,793,648 | ||
Redeemable noncontrolling interests | 0 | 0 | ||
Non-Guarantor Subsidiaries [Member] | ||||
Current Assets: | ||||
Cash and cash equivalents | 159,874 | 167,627 | $ 116,110 | |
Accounts receivable, trade (less allowance for doubtful accounts) | 162,904 | 135,954 | ||
Amounts due from related parties, net | 0 | 244 | ||
Current portion of program rights, net | 134,080 | 100,493 | ||
Prepaid expenses, other current assets and intercompany receivable | 15,961 | 12,322 | ||
Total current assets | 472,819 | 416,640 | ||
Property and equipment, net | 62,364 | 70,853 | ||
Investment in affiliates | 0 | 0 | ||
Program rights, net | 160,929 | 137,638 | ||
Long-term intercompany notes receivable | 817 | 676 | ||
Deferred carriage fees, net | 1,230 | 2,632 | ||
Intangible assets, net | 305,512 | 359,139 | ||
Goodwill | 588,554 | 664,575 | ||
Deferred tax asset, net | 8,598 | 10,765 | ||
Other assets | 194,950 | 89,857 | ||
Total assets | 1,795,773 | 1,752,775 | ||
Current Liabilities: | ||||
Accounts payable | 48,644 | 26,990 | ||
Accrued liabilities and intercompany payable | 125,505 | 97,745 | ||
Current portion of program rights obligations | 74,371 | 64,522 | ||
Deferred revenue | 10,861 | 9,308 | ||
Current portion of long-term debt | 0 | 0 | ||
Current portion of capital lease obligations | 1,939 | 1,168 | ||
Total current liabilities | 261,320 | 199,733 | ||
Program rights obligations | 32,913 | 25,172 | ||
Long-term debt, net | 0 | 0 | ||
Capital lease obligations | 28,635 | 20,511 | ||
Deferred tax liability, net | 427 | 10,605 | ||
Other liabilities and intercompany notes payable | 440,685 | 409,355 | ||
Total liabilities | 763,980 | 665,376 | ||
Stockholders' deficiency: | ||||
AMC Networks stockholders’ equity | 784,024 | 845,069 | ||
Non-redeemable noncontrolling interests | 28,438 | 30,639 | ||
Total stockholders’ deficiency | 812,462 | 875,708 | ||
Total liabilities and stockholders’ deficiency | 1,795,773 | 1,752,775 | ||
Redeemable noncontrolling interests | $ 219,331 | $ 211,691 |
Condensed Consolidating Fina112
Condensed Consolidating Financial Information (Income Statement) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Condensed Income Statements, Captions [Line Items] | |||||||||||
Revenues, net | $ 729,597 | $ 634,646 | $ 684,832 | $ 706,579 | $ 678,950 | $ 632,165 | $ 601,138 | $ 668,682 | $ 2,755,654 | $ 2,580,935 | $ 2,175,641 |
Operating expenses | |||||||||||
Technical and operating (excluding depreciation and amortization) | 1,279,984 | 1,137,133 | 983,575 | ||||||||
Selling, general and administrative | 636,028 | 636,580 | 560,950 | ||||||||
Restructuring expense | 29,503 | 14,998 | 15,715 | ||||||||
Depreciation and amortization | 84,778 | 83,031 | 69,048 | ||||||||
Impairment charges | 67,805 | 0 | 0 | ||||||||
Total operating expenses | 625,869 | 517,509 | 506,800 | 447,920 | 518,606 | 472,897 | 442,304 | 437,935 | 2,098,098 | 1,871,742 | 1,629,288 |
Operating income | 103,728 | 117,137 | 178,032 | 258,659 | 160,344 | 159,268 | 158,834 | 230,747 | 657,556 | 709,193 | 546,353 |
Other income (expense): | |||||||||||
Interest expense, net | (118,568) | (125,708) | |||||||||
Share of affiliates' income (loss) | 0 | 0 | |||||||||
Loss on extinguishment of debt | (50,639) | 0 | 0 | ||||||||
Miscellaneous, net | (33,524) | (691) | (20,496) | ||||||||
Total other income (expense) | (202,731) | (126,399) | (149,325) | ||||||||
Income from continuing operations before income taxes | 454,825 | 582,794 | 397,028 | ||||||||
Income tax (expense) benefit | (164,862) | (201,090) | (129,155) | ||||||||
Net income including noncontrolling interests | 19,043 | 67,469 | 83,387 | 120,064 | 90,686 | 76,900 | 87,442 | 126,676 | 289,963 | 381,704 | 264,425 |
Net income attributable to noncontrolling interests | (19,453) | (14,916) | (3,628) | ||||||||
Net income attributable to AMC Networks’ stockholders | $ 14,498 | $ 65,393 | $ 77,175 | $ 113,444 | $ 90,089 | $ 72,770 | $ 83,009 | $ 120,920 | 270,510 | 366,788 | $ 260,797 |
Consolidation, Eliminations [Member] | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Revenues, net | (10,563) | (854) | |||||||||
Operating expenses | |||||||||||
Technical and operating (excluding depreciation and amortization) | (2,611) | (756) | |||||||||
Selling, general and administrative | (7,719) | (160) | |||||||||
Restructuring expense | 0 | 0 | |||||||||
Depreciation and amortization | 0 | 0 | |||||||||
Impairment charges | 0 | ||||||||||
Total operating expenses | (10,330) | (916) | |||||||||
Operating income | (233) | 62 | |||||||||
Other income (expense): | |||||||||||
Interest expense, net | 0 | 0 | |||||||||
Share of affiliates' income (loss) | (487,931) | (700,429) | |||||||||
Loss on extinguishment of debt | 0 | ||||||||||
Miscellaneous, net | 233 | (62) | |||||||||
Total other income (expense) | (487,698) | (700,491) | |||||||||
Income from continuing operations before income taxes | (487,931) | (700,429) | |||||||||
Income tax (expense) benefit | 0 | 0 | |||||||||
Net income including noncontrolling interests | (487,931) | (700,429) | |||||||||
Net income attributable to noncontrolling interests | 0 | ||||||||||
Net income attributable to AMC Networks’ stockholders | (487,931) | (700,429) | |||||||||
Parent Company [Member] | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Revenues, net | 0 | 0 | |||||||||
Operating expenses | |||||||||||
Technical and operating (excluding depreciation and amortization) | 0 | 0 | |||||||||
Selling, general and administrative | 0 | 0 | |||||||||
Restructuring expense | 0 | 0 | |||||||||
Depreciation and amortization | 0 | 0 | |||||||||
Impairment charges | 0 | ||||||||||
Total operating expenses | 0 | 0 | |||||||||
Operating income | 0 | 0 | |||||||||
Other income (expense): | |||||||||||
Interest expense, net | (119,192) | (81,405) | |||||||||
Share of affiliates' income (loss) | 591,395 | 715,807 | |||||||||
Loss on extinguishment of debt | (50,639) | ||||||||||
Miscellaneous, net | (273) | (87,368) | |||||||||
Total other income (expense) | 421,291 | 547,034 | |||||||||
Income from continuing operations before income taxes | 421,291 | 547,034 | |||||||||
Income tax (expense) benefit | (150,781) | (180,246) | |||||||||
Net income including noncontrolling interests | 270,510 | 366,788 | |||||||||
Net income attributable to noncontrolling interests | 0 | 0 | |||||||||
Net income attributable to AMC Networks’ stockholders | 270,510 | 366,788 | |||||||||
Guarantor Subsidiaries [Member] | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Revenues, net | 2,142,325 | 2,041,244 | |||||||||
Operating expenses | |||||||||||
Technical and operating (excluding depreciation and amortization) | 947,707 | 850,882 | |||||||||
Selling, general and administrative | 460,150 | 471,455 | |||||||||
Restructuring expense | 24,950 | 7,772 | |||||||||
Depreciation and amortization | 40,230 | 37,176 | |||||||||
Impairment charges | 0 | ||||||||||
Total operating expenses | 1,473,037 | 1,367,285 | |||||||||
Operating income | 669,288 | 673,959 | |||||||||
Other income (expense): | |||||||||||
Interest expense, net | 38,137 | (14,456) | |||||||||
Share of affiliates' income (loss) | (103,464) | (15,378) | |||||||||
Loss on extinguishment of debt | 0 | ||||||||||
Miscellaneous, net | (2,892) | 80,865 | |||||||||
Total other income (expense) | (68,219) | 51,031 | |||||||||
Income from continuing operations before income taxes | 601,069 | 724,990 | |||||||||
Income tax (expense) benefit | (9,674) | (9,183) | |||||||||
Net income including noncontrolling interests | 591,395 | 715,807 | |||||||||
Net income attributable to noncontrolling interests | 0 | 0 | |||||||||
Net income attributable to AMC Networks’ stockholders | 591,395 | 715,807 | |||||||||
Non-Guarantor Subsidiaries [Member] | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Revenues, net | 623,892 | 540,545 | |||||||||
Operating expenses | |||||||||||
Technical and operating (excluding depreciation and amortization) | 334,888 | 287,007 | |||||||||
Selling, general and administrative | 183,597 | 165,285 | |||||||||
Restructuring expense | 4,553 | 7,226 | |||||||||
Depreciation and amortization | 44,548 | 45,855 | |||||||||
Impairment charges | 67,805 | ||||||||||
Total operating expenses | 635,391 | 505,373 | |||||||||
Operating income | (11,499) | 35,172 | |||||||||
Other income (expense): | |||||||||||
Interest expense, net | (37,513) | (29,847) | |||||||||
Share of affiliates' income (loss) | 0 | 0 | |||||||||
Loss on extinguishment of debt | 0 | ||||||||||
Miscellaneous, net | (30,592) | 5,874 | |||||||||
Total other income (expense) | (68,105) | (23,973) | |||||||||
Income from continuing operations before income taxes | (79,604) | 11,199 | |||||||||
Income tax (expense) benefit | (4,407) | (11,661) | |||||||||
Net income including noncontrolling interests | (84,011) | (462) | |||||||||
Net income attributable to noncontrolling interests | (19,453) | (14,916) | |||||||||
Net income attributable to AMC Networks’ stockholders | $ (103,464) | $ (15,378) |
Condensed Consolidating Fina113
Condensed Consolidating Financial Information (Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net income including noncontrolling interests | $ 19,043 | $ 67,469 | $ 83,387 | $ 120,064 | $ 90,686 | $ 76,900 | $ 87,442 | $ 126,676 | $ 289,963 | $ 381,704 | $ 264,425 |
Other comprehensive income (loss): | |||||||||||
Foreign currency translation adjustment | (45,426) | (55,852) | (74,758) | ||||||||
Unrealized gain on interest rate swaps | 22 | 3,365 | 4,320 | ||||||||
Other comprehensive loss, before income taxes | (45,404) | (52,487) | (70,438) | ||||||||
Income tax expense | (12,337) | (4,322) | (4,315) | ||||||||
Other comprehensive loss, net of income taxes | (57,741) | (56,809) | (74,753) | ||||||||
Comprehensive income | 232,222 | 324,895 | 189,672 | ||||||||
Comprehensive income attributable to noncontrolling interests | (16,491) | (13,123) | (1,304) | ||||||||
Comprehensive income attributable to AMC Networks’ stockholders | 215,731 | 311,772 | $ 188,368 | ||||||||
Consolidation, Eliminations [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net income including noncontrolling interests | (487,931) | (700,429) | |||||||||
Other comprehensive income (loss): | |||||||||||
Foreign currency translation adjustment | 45,426 | 73,695 | |||||||||
Unrealized gain on interest rate swaps | 0 | 0 | |||||||||
Other comprehensive loss, before income taxes | 45,426 | 73,695 | |||||||||
Income tax expense | 0 | 0 | |||||||||
Other comprehensive loss, net of income taxes | 45,426 | 73,695 | |||||||||
Comprehensive income | (442,505) | (626,734) | |||||||||
Comprehensive income attributable to noncontrolling interests | 0 | 0 | |||||||||
Comprehensive income attributable to AMC Networks’ stockholders | (442,505) | (626,734) | |||||||||
Parent Company [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net income including noncontrolling interests | 270,510 | 366,788 | |||||||||
Other comprehensive income (loss): | |||||||||||
Foreign currency translation adjustment | (45,426) | (73,695) | |||||||||
Unrealized gain on interest rate swaps | 22 | 3,365 | |||||||||
Other comprehensive loss, before income taxes | (45,404) | (70,330) | |||||||||
Income tax expense | (12,337) | (4,322) | |||||||||
Other comprehensive loss, net of income taxes | (57,741) | (74,652) | |||||||||
Comprehensive income | 212,769 | 292,136 | |||||||||
Comprehensive income attributable to noncontrolling interests | 0 | 0 | |||||||||
Comprehensive income attributable to AMC Networks’ stockholders | 212,769 | 292,136 | |||||||||
Guarantor Subsidiaries [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net income including noncontrolling interests | 591,395 | 715,807 | |||||||||
Other comprehensive income (loss): | |||||||||||
Foreign currency translation adjustment | 0 | (73,695) | |||||||||
Unrealized gain on interest rate swaps | 0 | 0 | |||||||||
Other comprehensive loss, before income taxes | 0 | (73,695) | |||||||||
Income tax expense | 0 | 0 | |||||||||
Other comprehensive loss, net of income taxes | 0 | (73,695) | |||||||||
Comprehensive income | 591,395 | 642,112 | |||||||||
Comprehensive income attributable to noncontrolling interests | 0 | 0 | |||||||||
Comprehensive income attributable to AMC Networks’ stockholders | 591,395 | 642,112 | |||||||||
Non-Guarantor Subsidiaries [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net income including noncontrolling interests | (84,011) | (462) | |||||||||
Other comprehensive income (loss): | |||||||||||
Foreign currency translation adjustment | (45,426) | 17,843 | |||||||||
Unrealized gain on interest rate swaps | 0 | 0 | |||||||||
Other comprehensive loss, before income taxes | (45,426) | 17,843 | |||||||||
Income tax expense | 0 | 0 | |||||||||
Other comprehensive loss, net of income taxes | (45,426) | 17,843 | |||||||||
Comprehensive income | (129,437) | 17,381 | |||||||||
Comprehensive income attributable to noncontrolling interests | (16,491) | (13,123) | |||||||||
Comprehensive income attributable to AMC Networks’ stockholders | $ (145,928) | $ 4,258 |
Condensed Consolidating Fina114
Condensed Consolidating Financial Information (Cash Flow) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flows from operating activities: | ||||
Net cash provided by (used in) operating activities | $ 514,325 | $ 370,039 | $ 375,762 | |
Cash flows from investing activities: | ||||
Capital expenditures | (79,220) | (68,321) | (39,739) | |
Investments in and loans to investees | (354) | (24,199) | (1,184,587) | |
Investments in and loans to investees | (95,000) | (24,250) | (5,375) | |
(Increase) decrease to investment in affiliates | 0 | 0 | ||
Net cash used in investing activities | (174,574) | (116,770) | (1,223,210) | |
Cash flows from financing activities: | ||||
Proceeds from the issuance of long-term debt | 982,500 | 0 | 600,000 | |
Repayment of long-term debt | (848,000) | (74,000) | 0 | |
Premium and fees paid on extinguishment of debt | (40,954) | 0 | 0 | |
Payments for financing costs | (2,070) | 0 | (9,266) | |
Payment of promissory note | 0 | (40,000) | 0 | |
Deemed repurchase of restricted stock/units | (10,822) | (14,452) | (22,192) | |
Purchase of treasury stock | 223,237 | 0 | 0 | |
Proceeds from stock option exercises | 1,228 | 1,340 | 1,103 | |
Excess tax benefits from share-based compensation arrangements | 789 | 4,610 | 6,798 | |
Principal payments on capital lease obligations | (4,288) | (2,945) | (2,401) | |
Cash contributions from member | 0 | |||
Distributions to noncontrolling interest | (9,010) | (3,154) | 0 | |
Contributions from noncontrolling interest | 0 | 1,322 | 835 | |
Net cash used in financing activities | (153,864) | (127,279) | 574,877 | |
Net increase in cash and cash equivalents from operations | 185,887 | 125,990 | (272,571) | |
Effect of exchange rate changes on cash and cash equivalents | (20,819) | (11,036) | (45,058) | |
Cash and cash equivalents | 481,389 | 316,321 | 201,367 | $ 521,951 |
Consolidation, Eliminations [Member] | ||||
Cash flows from operating activities: | ||||
Net cash provided by (used in) operating activities | (490,685) | (699,029) | ||
Cash flows from investing activities: | ||||
Capital expenditures | 0 | 0 | ||
Investments in and loans to investees | 0 | 0 | ||
Investments in and loans to investees | 0 | 0 | ||
(Increase) decrease to investment in affiliates | 228,764 | 625,828 | ||
Net cash used in investing activities | 228,764 | 625,828 | ||
Cash flows from financing activities: | ||||
Proceeds from the issuance of long-term debt | 0 | |||
Repayment of long-term debt | 0 | 0 | ||
Premium and fees paid on extinguishment of debt | 0 | |||
Payments for financing costs | 0 | |||
Payment of promissory note | 0 | |||
Deemed repurchase of restricted stock/units | 0 | 0 | ||
Purchase of treasury stock | 0 | |||
Proceeds from stock option exercises | 0 | 0 | ||
Excess tax benefits from share-based compensation arrangements | 0 | 0 | ||
Principal payments on capital lease obligations | 0 | 0 | ||
Cash contributions from member | 0 | |||
Distributions to noncontrolling interest | 0 | 0 | ||
Contributions from noncontrolling interest | 0 | |||
Net cash used in financing activities | 0 | 0 | ||
Net increase in cash and cash equivalents from operations | (261,921) | (73,201) | ||
Effect of exchange rate changes on cash and cash equivalents | 261,921 | 73,201 | ||
Cash and cash equivalents | 0 | 0 | 0 | |
Parent Company [Member] | ||||
Cash flows from operating activities: | ||||
Net cash provided by (used in) operating activities | 401,179 | 1,050,818 | ||
Cash flows from investing activities: | ||||
Capital expenditures | 0 | (9) | ||
Investments in and loans to investees | 0 | 0 | ||
Investments in and loans to investees | 0 | 0 | ||
(Increase) decrease to investment in affiliates | (159,533) | (890,626) | ||
Net cash used in investing activities | (159,533) | (890,635) | ||
Cash flows from financing activities: | ||||
Proceeds from the issuance of long-term debt | 982,500 | |||
Repayment of long-term debt | (848,000) | (74,000) | ||
Premium and fees paid on extinguishment of debt | (40,954) | |||
Payments for financing costs | (2,070) | |||
Payment of promissory note | 0 | |||
Deemed repurchase of restricted stock/units | (10,822) | (14,452) | ||
Purchase of treasury stock | 223,237 | |||
Proceeds from stock option exercises | 1,228 | 1,340 | ||
Excess tax benefits from share-based compensation arrangements | 789 | 4,610 | ||
Principal payments on capital lease obligations | 0 | 0 | ||
Cash contributions from member | 0 | |||
Distributions to noncontrolling interest | 0 | 0 | ||
Contributions from noncontrolling interest | 0 | |||
Net cash used in financing activities | (140,566) | (82,502) | ||
Net increase in cash and cash equivalents from operations | 101,080 | 77,681 | ||
Effect of exchange rate changes on cash and cash equivalents | (100,949) | (78,828) | ||
Cash and cash equivalents | 565 | 434 | 1,581 | |
Guarantor Subsidiaries [Member] | ||||
Cash flows from operating activities: | ||||
Net cash provided by (used in) operating activities | 548,381 | (294,219) | ||
Cash flows from investing activities: | ||||
Capital expenditures | (42,064) | (40,592) | ||
Investments in and loans to investees | 0 | 0 | ||
Investments in and loans to investees | 0 | 0 | ||
(Increase) decrease to investment in affiliates | (69,231) | 466,322 | ||
Net cash used in investing activities | (111,295) | 425,730 | ||
Cash flows from financing activities: | ||||
Proceeds from the issuance of long-term debt | 0 | |||
Repayment of long-term debt | 0 | 0 | ||
Premium and fees paid on extinguishment of debt | 0 | |||
Payments for financing costs | 0 | |||
Payment of promissory note | 0 | |||
Deemed repurchase of restricted stock/units | 0 | 0 | ||
Purchase of treasury stock | 0 | |||
Proceeds from stock option exercises | 0 | 0 | ||
Excess tax benefits from share-based compensation arrangements | 0 | 0 | ||
Principal payments on capital lease obligations | (2,475) | (2,218) | ||
Cash contributions from member | (8,492) | |||
Distributions to noncontrolling interest | 0 | 0 | ||
Contributions from noncontrolling interest | 0 | |||
Net cash used in financing activities | (2,475) | 6,274 | ||
Net increase in cash and cash equivalents from operations | 434,611 | 137,785 | ||
Effect of exchange rate changes on cash and cash equivalents | (261,921) | (73,201) | ||
Cash and cash equivalents | 320,950 | 148,260 | 83,676 | |
Non-Guarantor Subsidiaries [Member] | ||||
Cash flows from operating activities: | ||||
Net cash provided by (used in) operating activities | 55,450 | 312,469 | ||
Cash flows from investing activities: | ||||
Capital expenditures | (37,156) | (27,720) | ||
Investments in and loans to investees | (354) | (24,199) | ||
Investments in and loans to investees | (95,000) | (24,250) | ||
(Increase) decrease to investment in affiliates | 0 | (201,524) | ||
Net cash used in investing activities | (132,510) | (277,693) | ||
Cash flows from financing activities: | ||||
Proceeds from the issuance of long-term debt | 0 | |||
Repayment of long-term debt | 0 | 0 | ||
Premium and fees paid on extinguishment of debt | 0 | |||
Payments for financing costs | 0 | |||
Payment of promissory note | (40,000) | |||
Deemed repurchase of restricted stock/units | 0 | 0 | ||
Purchase of treasury stock | 0 | |||
Proceeds from stock option exercises | 0 | 0 | ||
Excess tax benefits from share-based compensation arrangements | 0 | 0 | ||
Principal payments on capital lease obligations | (1,813) | (727) | ||
Cash contributions from member | 8,492 | |||
Distributions to noncontrolling interest | (9,010) | (3,154) | ||
Contributions from noncontrolling interest | 1,322 | |||
Net cash used in financing activities | (10,823) | (51,051) | ||
Net increase in cash and cash equivalents from operations | (87,883) | (16,275) | ||
Effect of exchange rate changes on cash and cash equivalents | 80,130 | 67,792 | ||
Cash and cash equivalents | $ 159,874 | $ 167,627 | $ 116,110 |
Interim Financial Informatio115
Interim Financial Information (Unaudited) (Schedule of Quarterly Financial Information) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenues, net | $ 729,597 | $ 634,646 | $ 684,832 | $ 706,579 | $ 678,950 | $ 632,165 | $ 601,138 | $ 668,682 | $ 2,755,654 | $ 2,580,935 | $ 2,175,641 |
Operating expenses | (625,869) | (517,509) | (506,800) | (447,920) | (518,606) | (472,897) | (442,304) | (437,935) | (2,098,098) | (1,871,742) | (1,629,288) |
Operating income | 103,728 | 117,137 | 178,032 | 258,659 | 160,344 | 159,268 | 158,834 | 230,747 | 657,556 | 709,193 | 546,353 |
Net income including noncontrolling interests | 19,043 | 67,469 | 83,387 | 120,064 | 90,686 | 76,900 | 87,442 | 126,676 | 289,963 | 381,704 | 264,425 |
Net income attributable to AMC Networks’ stockholders | $ 14,498 | $ 65,393 | $ 77,175 | $ 113,444 | $ 90,089 | $ 72,770 | $ 83,009 | $ 120,920 | $ 270,510 | $ 366,788 | $ 260,797 |
Earnings Per Share, Basic [Abstract] | |||||||||||
Income from continuing operations | $ 0.21 | $ 0.91 | $ 1.06 | $ 1.56 | $ 1.24 | $ 1 | $ 1.15 | $ 1.67 | $ 3.77 | $ 5.06 | $ 3.67 |
Net income | 0.21 | 0.91 | 1.06 | 1.56 | 1.24 | 1 | 1.15 | 1.67 | 3.77 | 5.06 | 3.62 |
Earnings Per Share, Diluted [Abstract] | |||||||||||
Income from continuing operations | 0.20 | 0.91 | 1.05 | 1.55 | 1.23 | 0.99 | 1.14 | 1.66 | 3.74 | 5.01 | 3.63 |
Net income | $ 0.20 | $ 0.91 | $ 1.05 | $ 1.55 | $ 1.23 | $ 0.99 | $ 1.14 | $ 1.66 | $ 3.74 | $ 5.01 | $ 3.58 |
Schedule II Valuation and Qu116
Schedule II Valuation and Qualifying Accounts (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Valuation Allowances And Reserves, Balance At Beginning Of Period | $ 4,307 | $ 4,276 | $ 931 |
Valuation Allowances And Reserves, Charged To Cost And Expense | 1,924 | 1,705 | 1,195 |
Valuation Allowances And Reserves, Deductions | (167) | (1,674) | |
Valuation Allowances and Reserves, Recoveries | 2,150 | ||
Valuation Allowances And Reserves, Balance At End Of Period | $ 6,064 | $ 4,307 | $ 4,276 |