Document and Entity Information
Document and Entity Information | 9 Months Ended |
Sep. 30, 2015shares | |
Document and Entity Information [Abstract] | |
Entity Registrant Name | Starz, LLC |
Entity Central Index Key | 1,559,270 |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Non-accelerated Filer |
Entity Common Stock, Shares Outstanding | 0 |
Document Type | 10-Q |
Amendment Flag | false |
Document Period End Date | Sep. 30, 2015 |
Document Fiscal Year Focus | 2,015 |
Document Fiscal Period Focus | Q3 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 17 | $ 13.4 |
Trade accounts receivable, net of allowances of $27.2 and $41.9 | 252 | 249.1 |
Program rights, net | 347 | 303.5 |
Deferred income taxes | 0.9 | 0.9 |
Other current assets | 55.2 | 70.1 |
Total current assets | 672.1 | 637 |
Noncurrent assets: | ||
Program rights | 306.1 | 311.3 |
Investment in films and television programs, net | 290.8 | 319.5 |
Property and equipment, net of accumulated depreciation of $136.2 and $123.4 | 85.9 | 89.8 |
Deferred income taxes | 22.6 | 0 |
Goodwill | 131.8 | 131.8 |
Other assets, net (Note 7) | 107.2 | 83.8 |
Total assets | 1,616.5 | 1,573.2 |
Current liabilities: | ||
Current portion of debt (Note 2) | 5.5 | 5.3 |
Trade accounts payable | 7.3 | 10.1 |
Accrued liabilities (Notes 4, 6 and 7) | 205.5 | 327.4 |
Deferred revenue | 9.1 | 7.4 |
Total current liabilities | 227.4 | 350.2 |
Noncurrent liabilities: | ||
Debt (Note 2) | 1,162.7 | 1,174.2 |
Deferred Tax Liabilities, Net, Noncurrent | 0 | 1.1 |
Other liabilities (Note 6) | 5.4 | 7.9 |
Total liabilities | 1,395.5 | 1,533.4 |
Member's Equity [Abstract] | ||
Member’s interest | 229.4 | 48.5 |
Noncontrolling interest in subsidiary | (8.4) | (8.7) |
Total member’s interest and noncontrolling interest | $ 221 | $ 39.8 |
Commitments and contingencies (Note 6) | ||
Total liabilities and member’s interest and noncontrolling interest | $ 1,616.5 | $ 1,573.2 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Allowances for trade accounts receivable | $ 27.2 | $ 41.9 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $ 136.2 | $ 123.4 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Revenue: | ||||
Programming networks and other services | $ 369.8 | $ 364.8 | $ 1,165.9 | $ 1,100.1 |
Home video net sales | 34.3 | 43.4 | 106.6 | 138.2 |
Total revenue | 404.1 | 408.2 | 1,272.5 | 1,238.3 |
Costs and expenses: | ||||
Programming (including amortization) (Notes 3 and 6) | 159 | 156 | 459.5 | 471.6 |
Production and acquisition (including amortization) (Note 4) | 39.7 | 36 | 146.3 | 126.8 |
Home video cost of sales | 9.2 | 18.9 | 29.6 | 41.6 |
Operating (Note 3) | 15.2 | 13.7 | 40.9 | 40.4 |
Selling, general and administrative (Note 3) | 74.4 | 81.4 | 227.1 | 227.4 |
Depreciation and amortization | 4.8 | 4.9 | 14.3 | 14.9 |
Total costs and expenses | 302.3 | 310.9 | 917.7 | 922.7 |
Operating income | 101.8 | 97.3 | 354.8 | 315.6 |
Other income (expense): | ||||
Interest expense, net of amounts capitalized (Note 2) | (11.5) | (11.4) | (34) | (34.7) |
Other income (expense), net | (4.5) | (1.5) | (8.8) | 10 |
Income before income taxes | 85.8 | 84.4 | 312 | 290.9 |
Income tax expense (Note 5) | (26.3) | (28.6) | (103.4) | (99.3) |
Net income | 59.5 | 55.8 | 208.6 | 191.6 |
Net loss (income) attributable to noncontrolling interest | 0.7 | 0.5 | (0.4) | (0.3) |
Net income attributable to member | $ 60.2 | $ 56.3 | $ 208.2 | $ 191.3 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 59.5 | $ 55.8 | $ 208.6 | $ 191.6 |
Other comprehensive income (loss), net of taxes - | ||||
Foreign currency translation adjustments from operations | 0.1 | 0 | 0.7 | (0.1) |
Comprehensive income | 59.6 | 55.8 | 209.3 | 191.5 |
Comprehensive loss (income) attributable to noncontrolling interest | 0.6 | 0.5 | (0.6) | (0.3) |
Comprehensive income attributable to member | $ 60.2 | $ 56.3 | $ 208.7 | $ 191.2 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Operating activities: | ||||
Net income | $ 59.5 | $ 55.8 | $ 208.6 | $ 191.6 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Depreciation and amortization | 4.8 | 4.9 | 14.3 | 14.9 |
Amortization of program rights | 145.7 | 144.8 | 426.8 | 438.4 |
Program rights payments | (350.2) | (348) | ||
Amortization of investment in films and television programs | 107 | 94.7 | ||
Investment in films and television programs | (51.4) | (86.9) | (285) | (267.4) |
Stock compensation | 8.1 | 7.6 | 24.5 | 22.9 |
Deferred income taxes | (15.3) | (15.1) | ||
Other non-operating and non-cash items | (2.1) | (8) | ||
Changes in assets and liabilities: | ||||
Current and other assets | (1.1) | 32.5 | ||
Payables and other liabilities | (39) | (49.3) | ||
Net cash provided by operating activities | 88.5 | 107.2 | ||
Investing activities: | ||||
Purchases of property and equipment | (9.4) | (5.9) | ||
Investment in and advances to equity investee | (3.8) | 0 | ||
Cash received from equity investee | 0 | 10.7 | ||
Net cash provided by (used in) investing activities | (13.2) | 4.8 | ||
Financing activities: | ||||
Borrowings of debt | 769 | 366.5 | ||
Payments of debt | (779.9) | (234.6) | ||
Debt issuance costs | (5) | 0 | ||
Contributions from parent related to exercise of stock options | 11.8 | 4.5 | ||
Minimum withholding of taxes related to stock compensation | (18.5) | (10.9) | ||
Excess tax benefit from stock compensation | 15.6 | 9 | ||
Distributions to parent related to repurchases of common stock | (64.7) | (226.6) | ||
Net cash used in financing activities | (71.7) | (92.1) | ||
Net increase in cash and cash equivalents | 3.6 | 19.9 | ||
Beginning of period | 13.4 | 25.7 | ||
End of period | $ 17 | $ 45.6 | $ 17 | $ 45.6 |
Condensed Consolidated Stateme7
Condensed Consolidated Statement of Equity of Members Interest and Noncontrolling Interests (Unaudited) - 9 months ended Sep. 30, 2015 - USD ($) $ in Millions | Total | Member’s Interest | Noncontrolling Interest |
Balance at Dec. 31, 2014 | $ 39.8 | $ 48.5 | $ (8.7) |
Increase (Decrease) in Member's Interest and Noncontrolling Interests [Roll Forward] | |||
Net income | 208.6 | 208.2 | 0.4 |
Other comprehensive income | 0.7 | 0.5 | 0.2 |
Stock compensation | 27.7 | 28 | (0.3) |
Contributions from parent related to exercise of stock options | 11.8 | 11.8 | |
Minimum withholding of taxes related to stock compensation | (18.5) | (18.5) | |
Excess tax benefit from stock compensation | 15.6 | 15.6 | |
Distributions to parent related to repurchases of common stock | (64.7) | (64.7) | |
Balance at Sep. 30, 2015 | $ 221 | $ 229.4 | $ (8.4) |
Basis of Presentation and Descr
Basis of Presentation and Description of Business | 9 Months Ended |
Sep. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Description of Business | Basis of Presentation and Description of Business Presentation Starz, LLC provides premium subscription video programming to United States (“U.S.”) multichannel video programming distributors (“MVPDs”), including cable operators, satellite television providers and telecommunications companies. Starz, LLC also develops, produces and acquires entertainment content and distributes this content to consumers in the U.S. and throughout the world. The accompanying condensed consolidated financial statements include the accounts of Starz, LLC and its majority-owned and controlled subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The accompanying interim unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X as promulgated by the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the results for such periods have been included. The results of operations for any interim period are not necessarily indicative of results for the full year. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto contained in Starz, LLC’s Annual Report on Form 10-K for the year ended December 31, 2014 . Business Starz, LLC’s business operations are conducted by its wholly-owned subsidiaries Starz Entertainment, LLC (“Starz Entertainment”), Film Roman, LLC (“Film Roman”) and certain other immaterial subsidiaries, and its majority-owned ( 75% ) subsidiary Starz Media Group, LLC (“Starz Media”). In October 2015, Starz, LLC acquired the 25% interest in Starz Media owned by The Weinstein Company LLC (“Weinstein”). Starz, LLC is managed by and organized around the following operating segments: Starz Networks Starz Networks’ flagship premium networks are STARZ and ENCORE. STARZ exhibits first-run hit movies and original series. ENCORE airs first-run movies, classic contemporary movies and original series. Starz Networks’ third network, MOVIEPLEX, offers a variety of art house, independent films and classic movie library content. STARZ and ENCORE, along with MOVIEPLEX, air across 17 linear networks complemented by on-demand and online services. Starz Networks’ premium networks are offered by MVPDs to their subscribers either on a fixed monthly price as part of a programming tier or package or on an a la carte basis. Starz Distribution Starz Distribution includes Starz, LLC’s Anchor Bay Entertainment, Starz Digital and Starz Worldwide Distribution businesses. Anchor Bay Entertainment Anchor Bay Entertainment sells or rents DVDs (standard definition and Blu-ray™) under the ANCHOR BAY brand, in the U.S., Canada and other international territories to the extent it has home entertainment rights to such content in international territories. Anchor Bay Entertainment acquires and licenses various titles from third parties and also develops and produces certain of its content. Certain of the titles acquired by Anchor Bay Entertainment air on Starz Networks’ STARZ and ENCORE networks. Anchor Bay Entertainment also distributes Starz Networks’ original series and Weinstein’s titles. Each of these titles are sold to and distributed by regional and national retailers and other distributors, including Amazon, Best Buy, Ingram Entertainment, Netflix, Redbox, Target and Wal-Mart. Starz Digital Starz Digital is the global digital and on-demand licensing arm of Starz and distributes content on pay-per-view, video-on-demand, subscription video-on-demand (“SVOD”), ad-supported video-on-demand (“AVOD”), electronic sell-through and other digital formats for Starz’s owned content, including Starz Networks’ original series, Weinstein’s titles and content licensed from third-parties in the U.S. and throughout the world to the extent it has rights to such content in international territories. Certain of the titles acquired by Starz Digital air on Starz Networks’ STARZ and ENCORE networks. Starz Digital receives fees for its content from a wide array of partners and distributors ranging from traditional MVPDs to online and mobile distributors. Starz Worldwide Distribution Starz Worldwide Distribution is the global television licensing arm of Starz and distributes movies, television series, documentaries, children’s programming and other video content. Starz Worldwide Distribution exploits Starz’s owned content, including Starz Networks’ original series, and content for which it has licensed rights on free or pay television in the U.S. and throughout the world on free or pay television and other media to the extent it has rights to such content in international territories. Starz Worldwide Distribution receives fees for its content primarily from various U.S. and international programming networks. Starz Animation Film Roman develops and produces two-dimensional animated content on a for-hire basis for various third party entertainment companies. In October 2015, Starz, LLC sold 100% of its wholly-owned subsidiary Film Roman, which makes up 100% of the Starz Animation operating segment. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Starz, LLC considers amortization of program rights, the development of the remaining unrecognized revenue estimates (also known as “Ultimate Revenue”) associated with released films, the assessment of investment in films and television programs for impairment, the fair value of goodwill and any related impairment, valuation allowances associated with deferred income taxes and allowances for sales returns to be its most significant estimates. Actual results may differ from those estimates. Prior Period Reclassifications Certain prior period amounts have been reclassified for comparability with the 2015 presentation. |
Debt
Debt | 9 Months Ended |
Sep. 30, 2015 | |
Debt Disclosure [Abstract] | |
Debt | Debt Debt consisted of the following (in millions) : September 30, December 31, 2015 Credit Agreement (a) $ 425.0 $ — 2011 Credit Agreement (b) — 432.0 Senior Notes, including premium of $2.1 and $2.5 (c) 677.1 677.5 Capital leases (d) 66.1 70.0 Total debt 1,168.2 1,179.5 Less current portion of debt (5.5 ) (5.3 ) Debt $ 1,162.7 $ 1,174.2 (a) On April 20, 2015, Starz, LLC entered into a credit agreement (“2015 Credit Agreement”) that provides for $1,000.0 million in revolving loans with a $50.0 million sub-limit for stand-by letters of credit. Net proceeds from the 2015 Credit Agreement were used to repay and terminate the 2011 Credit Agreement (as defined below). Borrowings under the 2015 Credit Agreement may be prepaid at any time and from time to time without penalty other than customary breakage costs. Any amounts prepaid on the 2015 Credit Agreement may be reborrowed. The 2015 Credit Agreement is scheduled to mature on April 20, 2020. As of September 30, 2015 , Starz, LLC had $575.0 million of borrowing capacity under the 2015 Credit Agreement. Interest on each loan under the 2015 Credit Agreement is payable at either an alternate base rate or LIBOR at Starz, LLC’s election. Borrowings that are alternate base rate loans bear interest at a per annum rate equal to the alternate base rate plus a margin that varies between 0.50% and 1.25% depending on the consolidated leverage ratio of Starz, LLC, as defined in the 2015 Credit Agreement. The alternate base rate is the highest of (a) the Prime Rate, (b) the Federal Funds Effective Rate plus ½ of 1% or (c) LIBOR for a one -month interest period plus 1% . Borrowings that are LIBOR loans bear interest at a per annum rate equal to the applicable LIBOR plus a margin that varies between 1.50% and 2.25% depending on the consolidated leverage ratio of Starz, LLC. The 2015 Credit Agreement requires Starz, LLC to pay a commitment fee on any unused portion. The commitment fee varies between 0.25% and 0.40% , depending on the consolidated leverage ratio of Starz, LLC. As of September 30, 2015 , the following borrowings and related LIBOR or alternate base rate interest rates were outstanding under the 2015 Credit Agreement (dollars in millions) : LIBOR or alternate base rate period: Interest Rate Loan Amount September 2015 to October 2015 1.9543% $ 95.0 September 2015 to October 2015 1.9564% 301.0 September 2015 and forward 4.0000% 29.0 $ 425.0 The 2015 Credit Agreement contains certain covenants that include restrictions on, among others, incurring additional debt, paying dividends, entering into liens or guarantees, or making certain distributions, investments and other restricted payments. In addition, Starz, LLC must comply with certain financial covenants, including a consolidated leverage ratio, as defined in the 2015 Credit Agreement. As of September 30, 2015 , Starz, LLC was in compliance with all covenants under the 2015 Credit Agreement. (b) On November 16, 2011, Starz, LLC entered into a credit agreement (“2011 Credit Agreement”) that provided for $1,000.0 million of revolving loans and a $50.0 million sub-limit for standby letters of credit with a maturity date of November 16, 2016. On April 20, 2015, Starz, LLC repaid and terminated the 2011 Credit Agreement using borrowings under the 2015 Credit Agreement. (c) Starz, LLC and Starz Finance Corp., a wholly-owned subsidiary, co-issued $675.0 million aggregate principal amount of 5.0% senior notes due September 15, 2019 (“Senior Notes”). The Senior Notes bear interest at a rate of 5.0% payable semi-annually on September 15 and March 15 of each year and are guaranteed by Starz Entertainment. The Senior Notes contain certain covenants that include restrictions on, among others, incurring additional debt, paying dividends, entering into liens and guarantees, or making certain distributions, investments and other restricted payments. As of September 30, 2015 , Starz, LLC was in compliance with all covenants under the Senior Notes. (d) On January 11, 2013, Starz, LLC entered into a commercial lease for its headquarters building. The term of the lease is ten years, with four successive five -year renewal periods at the option of Starz, LLC. Starz, LLC recorded a capital lease in connection with this lease agreement with an imputed annual interest rate of 6.4% . Starz Entertainment has entered into capital lease agreements for its transponder capacity. The agreements expire during 2018 to 2021 and have imputed annual interest rates ranging from 5.5% to 7.0% . At September 30, 2015 , the fair value of the Senior Notes was $680.0 million which was based upon quoted prices in active markets. Starz, LLC believes the fair value of the 2015 Credit Agreement approximates its carrying value as of September 30, 2015 due to its variable rate nature and Starz, LLC’s stable credit spread. Amounts totaling $1.6 million , $1.2 million , $4.9 million and $3.0 million of interest expense have been capitalized as investment in films and television programs during the three months ended September 30, 2015 and 2014 and the nine months ended September 30, 2015 and 2014 , respectively. |
Stock Options and Restricted St
Stock Options and Restricted Stock | 9 Months Ended |
Sep. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Options and Restricted Stock | Stock Options and Restricted Stock Starz has granted to certain of Starz, LLC’s employees and directors, stock options to purchase Starz Series A common stock, restricted shares of Starz Series A common stock and restricted stock units pursuant to certain incentive plans. Stock compensation expense, by expense category, consisted of the following (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Programming costs $ 0.6 $ 0.5 $ 1.9 $ 1.5 Operating expenses — 0.1 0.2 0.2 Selling, general and administrative expenses 7.5 7.0 22.4 21.2 Total stock compensation expense $ 8.1 $ 7.6 $ 24.5 $ 22.9 As of September 30, 2015 , the total unrecognized compensation cost related to unvested stock options, restricted stock and restricted stock units was approximately $47.8 million . Such amount will be recognized in Starz, LLC’s condensed consolidated statements of operations over a weighted average period of approximately 2.08 years. The following table presents the number and weighted average exercise price (“WAEP”) of stock options to purchase Starz common stock: Options WAEP Outstanding at December 31, 2014 13,688,570 $ 18.32 Granted 61,288 $ 35.23 Exercised (2,323,830 ) $ 14.45 Forfeited (465,678 ) $ 22.17 Expired/canceled — $ — Outstanding at September 30, 2015 10,960,350 $ 19.07 Exercisable at September 30, 2015 4,277,479 $ 14.48 At September 30, 2015 , the weighted-average remaining contractual term of outstanding options was 5.4 years and exercisable options was 3.9 years. At September 30, 2015 , the aggregate intrinsic value of the outstanding options was $200.3 million and the exercisable options was $97.8 million . The following table presents the number and weighted-average grant date fair value of restricted stock grants: Restricted Stock Weighted Average Grant-Date Fair Value Outstanding at December 31, 2014 454,595 $ 26.45 Granted 29,421 $ 39.29 Vested (56,148 ) $ 20.17 Forfeited (19,168 ) $ 29.02 Outstanding at September 30, 2015 408,700 $ 28.12 In 2015, Starz granted to certain of Starz, LLC’s employees restricted stock units that will vest based upon the actual, cumulative Adjusted OIBDA (as defined in Note 8) achieved by Starz during a three year performance period beginning on January 1, 2015 and ending on December 31, 2017 (“Performance Period”), compared to a target cumulative Adjusted OIBDA during the Performance Period specified by the Starz compensation committee. Potential vesting of the restricted stock units ranges from a threshold of 50% of the target award if Starz’s actual three-year cumulative Adjusted OIBDA equals 90% of the targeted amount, to a maximum of 200% of the target award if Starz’s actual three-year cumulative Adjusted OIBDA equals or exceeds 120% of the targeted amount. Results between threshold, target and maximum will be interpolated on a straight line basis. Each restricted stock unit provides the right to receive, in those specified circumstances, one share of Starz Series A common stock. Based upon the target for the Performance Period, the number of restricted stock units representing the threshold, target and maximum were 53,535 units, 107,070 units and 214,140 units, respectively (which are not reflected in the table above). |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions In December 2010, Anchor Bay Entertainment entered into a five -year license agreement with Weinstein for the distribution of certain of Weinstein’s theatrical releases on DVD and digital formats. Effective in December 2014, Anchor Bay Entertainment extended, through April 2020, its license agreement with Weinstein. As mentioned in Note 1, Starz, LLC acquired Weinstein’s 25% interest in Starz Media during October 2015. Accordingly, Weinstein will not be considered a related party for periods following the acquisition. Anchor Bay Entertainment earns a fee for the distribution of such theatrical titles. Starz, LLC recognized expense of $18.2 million , $12.3 million , $71.3 million and $66.6 million , which is included in production and acquisition costs in the accompanying condensed consolidated statements of operations, for Weinstein’s share of the net proceeds under the license agreement, for the three months ended September 30, 2015 and 2014 and the nine months ended September 30, 2015 and 2014 , respectively. Cash paid to Weinstein for investment in films and television programs totaled $85.1 million and $82.0 million for the nine months ended September 30, 2015 and 2014 , respectively. Amounts due to Weinstein totaled none and $59.6 million , which are included in accrued liabilities in the accompanying condensed consolidated balance sheets, at September 30, 2015 and December 31, 2014 , respectively. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The income tax provision for the three months ended September 30, 2015 and 2014 and the nine months ended September 30, 2015 and 2014 was calculated by estimating Starz, LLC’s annual effective tax rate and then applying the effective tax rate to income before income taxes for the period, plus or minus the tax effects of items that relate discretely to the period, if any. Our effective tax rate was 31% , 34% , 33% and 34% for the three months ended September 30, 2015 and 2014 and the nine months ended September 30, 2015 and 2014 , respectively. For the three months ended September 30, 2015 and 2014 and the nine months ended September 30, 2015 and 2014 , income tax expense differs from the amounts computed by applying the U.S. federal income tax rate of 35% primarily due to Internal Revenue Code Section 199, which allows U.S. taxpayers a deduction for qualified domestic production activities, which was partially offset by state and local taxes. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Programming Rights Starz, LLC has an exclusive multi-year output licensing agreement for qualifying films that are released theatrically in the U.S. by Sony Pictures Entertainment Inc. (“Sony”) through 2021. The agreement provides Starz, LLC with exclusive pay TV rights to exhibit qualifying theatrically released films under the Sony, Columbia Pictures, Screen Gems, Sony Pictures Classics and TriStar labels. Theatrically released films produced by Sony Pictures Animation are not licensed to Starz, LLC under the Sony agreement. In addition, Starz, LLC has an exclusive licensing agreement for qualifying films that are released theatrically in the U.S. by Walt Disney Company (“Disney”) through 2015. The agreement provides Starz, LLC with exclusive pay TV rights to exhibit qualifying theatrically released live-action and animated feature films under the Disney, Touchstone, Pixar and Marvel labels. Theatrically released films produced by DreamWorks and released by Disney are not licensed to Starz, LLC under the Disney agreement. The programming fees to be paid to Sony and Disney are based on the quantity and domestic theatrical exhibition receipts of qualifying films. Starz, LLC has also entered into agreements with a number of other motion picture producers and is obligated to pay fees for the rights to exhibit certain films that are released by these producers. The unpaid balance for program rights related to films that were available for exhibition at September 30, 2015 is reflected in accrued liabilities and in other liabilities in the accompanying condensed consolidated balance sheets. As of September 30, 2015 , such liabilities aggregated approximately $54.5 million and are payable as follows: $43.5 million in 2015 , $10.7 million in 2016 and $0.3 million in 2017 . The estimated amounts payable under programming license agreements related to films that are not available for exhibition until some future date, including the rights to exhibit films that have been released theatrically under the Sony and Disney agreements, which have not been accrued as of September 30, 2015 , are as follows: $6.5 million in 2015 ; $260.2 million in 2016 ; $115.0 million in 2017 ; $104.6 million in 2018 ; $89.8 million in 2019 and $166.9 million thereafter. Starz, LLC is also obligated to pay fees for films that have not yet been released in theaters by Sony and Disney. Starz, LLC is unable to estimate the amounts to be paid under these agreements for films that have not yet been released; however, such amounts are expected to be significant. Total amortization of program rights was $145.7 million , $144.8 million , $426.8 million and $438.4 million for the three months ended September 30, 2015 and 2014 and the nine months ended September 30, 2015 and 2014 , respectively. These amounts are included in programming costs in the accompanying condensed consolidated statements of operations. Legal Proceedings In the normal course of business, Starz, LLC is subject to lawsuits and other claims. While it is not possible to predict the outcome of these matters, it is the opinion of management, based upon consultation with legal counsel, that the ultimate disposition of known proceedings will not have a material adverse impact on Starz, LLC’s consolidated financial position, results of operations or liquidity. |
Other Information
Other Information | 9 Months Ended |
Sep. 30, 2015 | |
Other Information [Abstract] | |
Other Information | Other Information Accrued Liabilities Accrued liabilities consisted of the following (in millions) : September 30, December 31, Royalties, residuals and participations $ 72.8 $ 74.6 Program rights payable 52.3 89.0 Advertising and marketing 30.0 41.1 Payroll and related costs 22.3 27.5 Participations payable to Weinstein — 59.6 Other 28.1 35.6 $ 205.5 $ 327.4 Supplemental Disclosure of Cash Flow Information The following table presents the supplemental disclosure of cash flow information (in millions) : Nine Months Ended September 30, 2015 2014 Cash paid for interest, net of amounts capitalized $ 40.6 $ 41.3 Cash paid for income taxes $ 92.6 $ 76.9 Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09 Revenue from Contracts with Customers (Topic 606) . ASU 2014-09 replaces the majority of all U.S. GAAP guidance that currently exists on revenue recognition with a single model to be applied to all contracts with customers. The core principle of ASU 2014-09 is that “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.” For a public entity, ASU 2014-09 is now effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. Early application is permitted, but not before annual periods beginning after December 15, 2016. An entity must apply ASU 2014-09 using either the full retrospective approach, by restating all years presented, or the cumulative effect at the date of adoption approach. Starz, LLC is currently assessing the impact that these changes will have on its consolidated financial statements, and therefore is unable to quantify such impact or determine the method of adoption. In April 2015, the FASB issued ASU 2015-03 Interest-Imputation of Interest (Subtopic 835-30), Simplifying the Presentation of Debt Issuance Costs . ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in ASU 2015-03. For a public entity, ASU 2015-03 is effective for annual reporting periods beginning after December 15, 2015, including interim periods within that reporting period. Early adoption is permitted for financial statements that have not been previously issued. In August 2015, the FASB issued ASU 2015-15 Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements . The guidance in ASU 2015-03 does not address the presentation or subsequent measurement of debt issuance costs related to line-of-credit arrangements. ASU 2015-15 states that given the absence of authoritative literature, the SEC staff would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the debt issuance costs over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. As of September 30, 2015, Starz, LLC had $12.7 million of debt issuance costs which are included in other assets, net in the accompanying condensed consolidated balance sheets. Starz, LLC plans to adopt the new guidance effective December 31, 2015. Other than the reclassification of debt issuance costs from other assets, net to debt in the consolidated balance sheets, Starz, LLC does not expect this guidance to have a material impact on its consolidated financial statements. |
Information about Operating Seg
Information about Operating Segments | 9 Months Ended |
Sep. 30, 2015 | |
Segment Reporting [Abstract] | |
Information about Operating Segments | Information about Operating Segments Starz, LLC is primarily engaged in video programming and development, production, acquisition and distribution of entertainment content. Starz, LLC evaluates performance and makes decisions about allocating resources to its operating segments based on financial measures such as Adjusted OIBDA. Adjusted OIBDA is defined as revenue less programming costs, production and acquisition costs, home video cost of sales, operating expenses and selling, general and administrative expenses, but excluding all stock compensation expense. Starz, LLC’s chief operating decision maker uses this measure of performance in conjunction with other measures to evaluate the operating segments’ performance and make decisions about allocating resources among the operating segments. Starz, LLC believes Adjusted OIBDA is an important indicator of the operational strength and performance of its operating segments, including each operating segment’s ability to assist Starz, LLC in servicing its debt and to fund investments in films and television programs. In addition, this measure allows management to view operating results and perform analytical comparisons and benchmarking between operating segments and identify strategies to improve performance. This measure of performance excludes stock compensation and depreciation and amortization that are included in the measurement of operating income pursuant to GAAP. The primary material limitations associated with the use of Adjusted OIBDA as compared to GAAP results are (i) it may not be comparable to similarly titled measures used by other companies in Starz, LLC’s industry, and (ii) it excludes financial information that some may consider important in evaluating Starz, LLC’s performance. Starz, LLC compensates for these limitations by providing a reconciliation of Adjusted OIBDA to GAAP results to enable investors to perform their own analysis of Starz, LLC’s operating results. Accordingly, Adjusted OIBDA should be considered in addition to, but not as a substitute for, operating income, income before income taxes, net income, net cash provided by operating activities and other measures of financial performance prepared in accordance with GAAP. The following table provides a reconciliation of Adjusted OIBDA to income before income taxes (in millions) : Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Consolidated Adjusted OIBDA $ 114.7 $ 109.8 $ 393.6 $ 353.4 Stock compensation (8.1 ) (7.6 ) (24.5 ) (22.9 ) Depreciation and amortization (4.8 ) (4.9 ) (14.3 ) (14.9 ) Interest expense, net of amounts capitalized (11.5 ) (11.4 ) (34.0 ) (34.7 ) Other income (expense), net (4.5 ) (1.5 ) (8.8 ) 10.0 Income before income taxes $ 85.8 $ 84.4 $ 312.0 $ 290.9 Starz, LLC’s reportable segments are strategic business units that offer different services. They are managed separately because each segment requires different technologies, content delivery methods and marketing strategies. Starz, LLC identifies its reportable segments as those operating segments that represent 10% or more of its consolidated annual revenue, annual Adjusted OIBDA or total assets. Starz Networks and Starz Distribution have been identified as reportable segments; however, as Starz, LLC has three operating segments, Starz Animation is also reported. As mentioned in Note 1, Starz, LLC sold 100% of its wholly-owned subsidiary Film Roman, which makes up 100% of the Starz Animation operating segment, in October 2015. Starz, LLC generally accounts for intersegment sales and transfers as if the sales or transfers were to third parties, that is, at current prices. Performance Measures (in millions) : Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Revenue: Starz Networks $ 329.3 $ 327.2 $ 996.6 $ 979.4 Starz Distribution 65.6 73.5 253.7 235.9 Starz Animation 9.3 7.9 23.1 24.0 Inter-segment eliminations (0.1 ) (0.4 ) (0.9 ) (1.0 ) Total revenue $ 404.1 $ 408.2 $ 1,272.5 $ 1,238.3 Adjusted OIBDA: Starz Networks $ 113.1 $ 109.9 $ 365.0 $ 345.7 Starz Distribution 1.8 0.6 30.2 9.5 Starz Animation (0.1 ) (0.7 ) (1.4 ) (2.1 ) Inter-segment eliminations (0.1 ) — (0.2 ) 0.3 Total Adjusted OIBDA $ 114.7 $ 109.8 $ 393.6 $ 353.4 Other Information (in millions) : Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Cash paid for investment in films and television programs: Starz Networks $ 48.6 $ 57.5 $ 188.9 $ 173.1 Starz Distribution 2.8 29.4 96.1 94.3 Starz Animation — — — — Inter-segment eliminations — — — — Total cash paid for investment in films and television programs $ 51.4 $ 86.9 $ 285.0 $ 267.4 September 30, December 31, Total assets: Starz Networks $ 1,491.3 $ 1,357.4 Starz Distribution 173.6 174.1 Starz Animation 2.7 2.4 Other unallocated assets (primarily cash, deferred taxes and other assets, including a commercial lease for Starz’s corporate headquarters facility) 99.0 101.9 Inter-segment eliminations (150.1 ) (62.6 ) Total assets $ 1,616.5 $ 1,573.2 |
Supplemental Guarantor Condense
Supplemental Guarantor Condensed Consolidating Financial Information | 9 Months Ended |
Sep. 30, 2015 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Supplemental Guarantor Condensed Consolidating Financial Information | Supplemental Guarantor Condensed Consolidating Financial Information As discussed in Note 2, Starz, LLC and Starz Finance Corp. co-issued the Senior Notes which are fully and unconditionally guaranteed by Starz Entertainment. Starz Media, Film Roman and other immaterial subsidiaries of Starz, LLC (“Starz Media and Other Businesses”) are not guarantors of the Senior Notes. The following tables set forth the consolidating financial information of Starz, LLC, which includes the financial information of Starz Entertainment, the guarantor: Consolidating Balance Sheet Information – As of September 30, 2015 (in millions) Starz Entertainment, LLC (Guarantor) Starz Media and Other Businesses (Non-Guarantors) Starz, LLC Parent Only (Co-Issuer) Eliminations Consolidated Starz, LLC Assets Current assets: Cash and cash equivalents $ 8.6 $ 0.2 $ 8.2 $ — $ 17.0 Trade accounts receivable, net 213.4 — 38.6 — 252.0 Program rights, net 347.9 — — (0.9 ) 347.0 Deferred income taxes 0.3 0.6 — — 0.9 Notes receivable from affiliates 131.0 — — (131.0 ) — Other current assets 34.5 7.3 13.4 — 55.2 Total current assets 735.7 8.1 60.2 (131.9 ) 672.1 Program rights 311.6 — — (5.5 ) 306.1 Investment in films and television programs, net 219.3 — 71.5 — 290.8 Property and equipment, net 44.8 40.7 0.4 — 85.9 Deferred income taxes — 22.6 — — 22.6 Goodwill 131.8 — — — 131.8 Other assets, net 48.1 12.7 59.1 (12.7 ) 107.2 Investment in consolidated subsidiaries — 2,087.8 — (2,087.8 ) — Total assets $ 1,491.3 $ 2,171.9 $ 191.2 $ (2,237.9 ) $ 1,616.5 Liabilities and Member’s Interest (Deficit) and Noncontrolling Interest Current liabilities: Current portion of debt $ 4.9 $ 0.6 $ — $ — $ 5.5 Trade accounts payable 6.5 — 0.8 — 7.3 Accrued liabilities 140.4 6.2 61.2 (2.3 ) 205.5 Notes payable due to affiliate — — 131.0 (131.0 ) — Due to (from) affiliates (830.1 ) 810.7 19.4 — — Deferred revenue — — 9.4 (0.3 ) 9.1 Total current liabilities (678.3 ) 817.5 221.8 (133.6 ) 227.4 Debt 1,120.0 1,144.8 — (1,102.1 ) 1,162.7 Deferred income taxes 12.3 (11.4 ) — (0.9 ) — Other liabilities 3.8 — 6.7 (5.1 ) 5.4 Total liabilities 457.8 1,950.9 228.5 (1,241.7 ) 1,395.5 Member’s interest (deficit) 1,033.5 229.4 (37.3 ) (996.2 ) 229.4 Noncontrolling interest in subsidiary — (8.4 ) — — (8.4 ) Total member’s interest (deficit) and noncontrolling interest 1,033.5 221.0 (37.3 ) (996.2 ) 221.0 Total liabilities and member’s interest (deficit) and noncontrolling interest $ 1,491.3 $ 2,171.9 $ 191.2 $ (2,237.9 ) $ 1,616.5 Consolidating Balance Sheet Information – As of December 31, 2014 (in millions) Starz Entertainment, LLC (Guarantor) Starz Media and Other Businesses (Non-Guarantors) Starz, LLC Parent Only (Co-Issuer) Eliminations Consolidated Starz, LLC Assets Current assets: Cash and cash equivalents $ 8.7 $ 0.3 $ 4.4 $ — $ 13.4 Trade accounts receivable, net 224.3 — 24.8 — 249.1 Program rights, net 304.4 — — (0.9 ) 303.5 Deferred income taxes 0.3 0.6 — — 0.9 Notes receivable from affiliates 45.9 — — (45.9 ) — Other current assets 26.9 29.9 13.3 — 70.1 Total current assets 610.5 30.8 42.5 (46.8 ) 637.0 Program rights 317.2 — — (5.9 ) 311.3 Investment in films and television programs, net 202.7 — 116.8 — 319.5 Property and equipment, net 47.4 41.9 0.5 — 89.8 Goodwill 131.8 — — — 131.8 Other assets, net 47.8 9.9 36.0 (9.9 ) 83.8 Investment in consolidated subsidiaries — 1,820.9 — (1,820.9 ) — Total assets $ 1,357.4 $ 1,903.5 $ 195.8 $ (1,883.5 ) $ 1,573.2 Liabilities and Member’s Interest (Deficit) and Noncontrolling Interest Current liabilities: Current portion of debt $ 4.7 $ 0.6 $ — $ — $ 5.3 Trade accounts payable 7.8 — 2.3 — 10.1 Accrued liabilities 171.0 18.3 148.9 (10.8 ) 327.4 Notes payable due to affiliate — — 45.9 (45.9 ) — Due to (from) affiliates (742.7 ) 730.1 12.6 — — Deferred revenue — — 7.4 — 7.4 Total current liabilities (559.2 ) 749.0 217.1 (56.7 ) 350.2 Debt 1,131.1 1,152.6 — (1,109.5 ) 1,174.2 Deferred income taxes 31.7 (37.9 ) — 7.3 1.1 Other liabilities 6.0 — 7.2 (5.3 ) 7.9 Total liabilities 609.6 1,863.7 224.3 (1,164.2 ) 1,533.4 Member’s interest (deficit) 747.8 48.5 (28.5 ) (719.3 ) 48.5 Noncontrolling interest in subsidiary — (8.7 ) — — (8.7 ) Total member’s interest (deficit) and noncontrolling interest 747.8 39.8 (28.5 ) (719.3 ) 39.8 Total liabilities and member’s interest (deficit) and noncontrolling interest $ 1,357.4 $ 1,903.5 $ 195.8 $ (1,883.5 ) $ 1,573.2 Consolidating Statement of Operations Information – For the Three Months Ended September 30, 2015 (in millions) Starz Entertainment, LLC (Guarantor) Starz Media and Other Businesses (Non-Guarantors) Starz, LLC Parent Only (Co-Issuer) Eliminations Consolidated Starz, LLC Revenue: Programming networks and other services $ 337.7 $ — $ 33.9 $ (1.8 ) $ 369.8 Home video net sales 0.7 — 33.7 (0.1 ) 34.3 Total revenue 338.4 — 67.6 (1.9 ) 404.1 Costs and expenses: Programming (including amortization) 159.3 — — (0.3 ) 159.0 Production and acquisition (including amortization) 4.2 — 35.5 — 39.7 Home video cost of sales 0.9 — 8.4 (0.1 ) 9.2 Operating 7.3 — 9.5 (1.6 ) 15.2 Selling, general and administrative 58.3 1.7 14.4 — 74.4 Depreciation and amortization 4.1 0.4 0.3 — 4.8 Total costs and expenses 234.1 2.1 68.1 (2.0 ) 302.3 Operating income (loss) 104.3 (2.1 ) (0.5 ) 0.1 101.8 Other income (expense): Interest expense, net of amounts capitalized (10.8 ) (12.6 ) — 11.9 (11.5 ) Interest income (expense), related party 2.9 — (2.9 ) — — Other expense, net (2.8 ) — (1.8 ) 0.1 (4.5 ) Income (loss) before income taxes and share of earnings of consolidated subsidiaries 93.6 (14.7 ) (5.2 ) 12.1 85.8 Income tax benefit (expense) (37.6 ) 7.3 (0.2 ) 4.2 (26.3 ) Share of earnings of consolidated subsidiaries, net of taxes — 66.9 — (66.9 ) — Net income (loss) 56.0 59.5 (5.4 ) (50.6 ) 59.5 Net loss attributable to noncontrolling interest — 0.7 — — 0.7 Net income (loss) attributable to member $ 56.0 $ 60.2 $ (5.4 ) $ (50.6 ) $ 60.2 Consolidating Statement of Comprehensive Income (Loss) Information – For the Three Months Ended September 30, 2015 (in millions) Starz Entertainment, LLC (Guarantor) Starz Media and Other Businesses (Non-Guarantors) Starz, LLC Parent Only (Co-Issuer) Eliminations Consolidated Starz, LLC Net income (loss) $ 56.0 $ 59.5 $ (5.4 ) $ (50.6 ) $ 59.5 Other comprehensive income, net of taxes - Foreign currency translation adjustments — 0.1 0.1 (0.1 ) 0.1 Comprehensive income (loss) 56.0 59.6 (5.3 ) (50.7 ) 59.6 Comprehensive loss attributable to noncontrolling interest — 0.6 — — 0.6 Comprehensive income (loss) attributable to member $ 56.0 $ 60.2 $ (5.3 ) $ (50.7 ) $ 60.2 Consolidating Statement of Operations Information – For the Three Months Ended September 30, 2014 (in millions) Starz Entertainment, LLC (Guarantor) Starz Media and Other Businesses (Non-Guarantors) Starz, LLC Parent Only (Co-Issuer) Eliminations Consolidated Starz, LLC Revenue: Programming networks and other services $ 336.2 $ — $ 30.8 $ (2.2 ) $ 364.8 Home video net sales 4.3 — 40.0 (0.9 ) 43.4 Total revenue 340.5 — 70.8 (3.1 ) 408.2 Costs and expenses: Programming (including amortization) 156.5 — — (0.5 ) 156.0 Production and acquisition (including amortization) 4.8 — 31.2 — 36.0 Home video cost of sales 4.1 — 15.7 (0.9 ) 18.9 Operating 6.4 — 9.0 (1.7 ) 13.7 Selling, general and administrative 63.9 1.5 16.0 — 81.4 Depreciation and amortization 3.9 0.4 0.6 — 4.9 Total costs and expenses 239.6 1.9 72.5 (3.1 ) 310.9 Operating income (loss) 100.9 (1.9 ) (1.7 ) — 97.3 Other income (expense): Interest expense, net of amounts capitalized (10.8 ) (12.2 ) — 11.6 (11.4 ) Interest income (expense), related party 0.7 — (0.7 ) — — Other expense, net (1.4 ) — (0.1 ) — (1.5 ) Income (loss) before income taxes and share of earnings of consolidated subsidiaries 89.4 (14.1 ) (2.5 ) 11.6 84.4 Income tax benefit (expense) (30.1 ) 6.2 (0.7 ) (4.0 ) (28.6 ) Share of earnings of consolidated subsidiaries, net of taxes — 63.7 — (63.7 ) — Net income (loss) 59.3 55.8 (3.2 ) (56.1 ) 55.8 Net loss (income) attributable to noncontrolling interest — 0.5 (0.1 ) 0.1 0.5 Net income (loss) attributable to member $ 59.3 $ 56.3 $ (3.3 ) $ (56.0 ) $ 56.3 Consolidating Statement of Comprehensive Income (Loss) Information – For the Three Months Ended September 30, 2014 (in millions) Starz Entertainment, LLC (Guarantor) Starz Media and Other Businesses (Non-Guarantors) Starz, LLC Parent Only (Co-Issuer) Eliminations Consolidated Starz, LLC Net income (loss) $ 59.3 $ 55.8 $ (3.2 ) $ (56.1 ) $ 55.8 Other comprehensive income, net of taxes - Foreign currency translation adjustments — — — — — Comprehensive income (loss) 59.3 55.8 (3.2 ) (56.1 ) 55.8 Comprehensive loss (income) attributable to noncontrolling interest — 0.5 (0.1 ) 0.1 0.5 Comprehensive income (loss) attributable to member $ 59.3 $ 56.3 $ (3.3 ) $ (56.0 ) $ 56.3 Consolidating Statement of Operations Information – For the Nine Months Ended September 30, 2015 (in millions) Starz Entertainment, LLC (Guarantor) Starz Media and Other Businesses (Non-Guarantors) Starz, LLC Parent Only (Co-Issuer) Eliminations Consolidated Starz, LLC Revenue: Programming networks and other services $ 1,063.0 $ — $ 117.1 $ (14.2 ) $ 1,165.9 Home video net sales 10.7 — 98.0 (2.1 ) 106.6 Total revenue 1,073.7 — 215.1 (16.3 ) 1,272.5 Costs and expenses: Programming (including amortization) 460.4 — — (0.9 ) 459.5 Production and acquisition (including amortization) 32.1 — 114.2 — 146.3 Home video cost of sales 7.0 — 24.7 (2.1 ) 29.6 Operating 28.9 — 25.2 (13.2 ) 40.9 Selling, general and administrative 176.9 5.9 44.3 — 227.1 Depreciation and amortization 12.0 1.1 1.2 — 14.3 Total costs and expenses 717.3 7.0 209.6 (16.2 ) 917.7 Operating income (loss) 356.4 (7.0 ) 5.5 (0.1 ) 354.8 Other income (expense): Interest expense, net of amounts capitalized (32.0 ) (37.5 ) — 35.5 (34.0 ) Interest income (expense), related party 7.4 — (7.4 ) — — Other expense, net (2.8 ) — (6.4 ) 0.4 (8.8 ) Income (loss) before income taxes and share of earnings of consolidated subsidiaries 329.0 (44.5 ) (8.3 ) 35.8 312.0 Income tax benefit (expense) (119.1 ) 20.4 (0.6 ) (4.1 ) (103.4 ) Share of earnings of consolidated subsidiaries, net of taxes — 232.7 — (232.7 ) — Net income (loss) 209.9 208.6 (8.9 ) (201.0 ) 208.6 Net income attributable to noncontrolling interest — (0.4 ) — — (0.4 ) Net income (loss) attributable to member $ 209.9 $ 208.2 $ (8.9 ) $ (201.0 ) $ 208.2 Consolidating Statement of Comprehensive Income (loss) Information – For the Nine Months Ended September 30, 2015 (in millions) Starz Entertainment, LLC (Guarantor) Starz Media and Other Businesses (Non-Guarantors) Starz, LLC Parent Only (Co-Issuer) Eliminations Consolidated Starz, LLC Net income (loss) $ 209.9 $ 208.6 $ (8.9 ) $ (201.0 ) $ 208.6 Other comprehensive income, net of taxes - Foreign currency translation adjustments — 0.7 0.7 (0.7 ) 0.7 Comprehensive income (loss) 209.9 209.3 (8.2 ) (201.7 ) 209.3 Comprehensive income attributable to noncontrolling interest — (0.6 ) — — (0.6 ) Comprehensive income (loss) attributable to member $ 209.9 $ 208.7 $ (8.2 ) $ (201.7 ) $ 208.7 Consolidating Statement of Operations Information – For the Nine Months Ended September 30, 2014 (in millions) Starz Entertainment, LLC (Guarantor) Starz Media and Other Businesses (Non-Guarantors) Starz, LLC Parent Only (Co-Issuer) Eliminations Consolidated Starz, LLC Revenue: Programming networks and other services $ 1,008.0 $ — $ 98.8 $ (6.7 ) $ 1,100.1 Home video net sales 12.1 — 128.6 (2.5 ) 138.2 Total revenue 1,020.1 — 227.4 (9.2 ) 1,238.3 Costs and expenses: Programming (including amortization) 472.9 — — (1.3 ) 471.6 Production and acquisition (including amortization) 17.8 — 109.0 — 126.8 Home video cost of sales 9.7 — 34.4 (2.5 ) 41.6 Operating 19.1 — 27.0 (5.7 ) 40.4 Selling, general and administrative 170.4 4.9 52.1 — 227.4 Depreciation and amortization 11.6 1.1 2.2 — 14.9 Total costs and expenses 701.5 6.0 224.7 (9.5 ) 922.7 Operating income (loss) 318.6 (6.0 ) 2.7 0.3 315.6 Other income (expense): Interest expense, net of amounts capitalized (32.6 ) (36.2 ) — 34.1 (34.7 ) Interest income (expense), related party 1.2 — (1.2 ) — — Other income (expense), net (1.0 ) (0.1 ) 11.1 — 10.0 Income (loss) before income taxes and share of earnings of consolidated subsidiaries 286.2 (42.3 ) 12.6 34.4 290.9 Income tax benefit (expense) (97.5 ) 13.5 (3.3 ) (12.0 ) (99.3 ) Share of earnings of consolidated subsidiaries, net of taxes — 220.4 — (220.4 ) — Net income 188.7 191.6 9.3 (198.0 ) 191.6 Net income attributable to noncontrolling interest — (0.3 ) (0.1 ) 0.1 (0.3 ) Net income attributable to member $ 188.7 $ 191.3 $ 9.2 $ (197.9 ) $ 191.3 Consolidating Statement of Comprehensive Income Information – For the Nine Months Ended September 30, 2014 (in millions) Starz Entertainment, LLC (Guarantor) Starz Media and Other Businesses (Non-Guarantors) Starz, LLC Parent Only (Co-Issuer) Eliminations Consolidated Starz, LLC Net income $ 188.7 $ 191.6 $ 9.3 $ (198.0 ) $ 191.6 Other comprehensive loss, net of taxes - Foreign currency translation adjustments — (0.1 ) (0.1 ) 0.1 (0.1 ) Comprehensive income 188.7 191.5 9.2 (197.9 ) 191.5 Comprehensive income attributable to noncontrolling interest — (0.3 ) (0.1 ) 0.1 (0.3 ) Comprehensive income attributable to member $ 188.7 $ 191.2 $ 9.1 $ (197.8 ) $ 191.2 Consolidating Statement of Cash Flows’ Information – For the Nine Months Ended September 30, 2015 (in millions) Starz Entertainment, LLC (Guarantor) Starz Media and Other Businesses (Non-Guarantors) Starz, LLC Parent Only (Co-Issuer) Eliminations Consolidated Starz, LLC Operating activities: Net income (loss) $ 209.9 $ 208.6 $ (8.9 ) $ (201.0 ) $ 208.6 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 12.0 1.1 1.2 — 14.3 Amortization of program rights 427.7 — — (0.9 ) 426.8 Program rights payments (350.7 ) — — 0.5 (350.2 ) Amortization of investment in films and television programs 27.4 — 79.6 — 107.0 Investment in films and television programs (188.9 ) — (96.1 ) — (285.0 ) Stock compensation 22.1 0.6 1.8 — 24.5 Share of earnings of consolidated subsidiaries — (232.7 ) — 232.7 — Deferred income taxes (19.4 ) 3.9 — 0.2 (15.3 ) Other non-operating and non-cash items 4.7 1.8 (6.8 ) (1.8 ) (2.1 ) Changes in assets and liabilities: Current and other assets 4.5 22.6 (28.9 ) 0.7 (1.1 ) Due to / from affiliates (22.9 ) 15.4 7.5 — — Payables and other liabilities 36.5 (21.3 ) (23.8 ) (30.4 ) (39.0 ) Net cash provided by (used in) operating activities 162.9 — (74.4 ) — 88.5 Investing activities: Purchases of property and equipment (9.4 ) — — — (9.4 ) Investment in and advances to equity investee — — (3.8 ) — (3.8 ) Net cash used in investing activities (9.4 ) — (3.8 ) — (13.2 ) Financing activities: Borrowings of debt — 769.0 — — 769.0 Payments of debt (3.5 ) (776.4 ) — — (779.9 ) Debt issuance costs — (5.0 ) — — (5.0 ) Borrowings under notes payable to affiliate (111.5 ) — 111.5 — — Payments under notes payable to affiliate 27.1 — (27.1 ) — — Net advances to / from affiliate (65.2 ) 65.2 — — — Contributions from parent related to exercise of stock options — 11.8 — — 11.8 Minimum withholding of taxes related to stock compensation (16.1 ) — (2.4 ) — (18.5 ) Excess tax benefit from stock compensation 15.6 — — — 15.6 Distributions to parent related to repurchases of common stock — (64.7 ) — — (64.7 ) Net cash provided by (used in) financing activities (153.6 ) (0.1 ) 82.0 — (71.7 ) Net increase (decrease) in cash and cash equivalents (0.1 ) (0.1 ) 3.8 — 3.6 Cash and cash equivalents: Beginning of period 8.7 0.3 4.4 — 13.4 End of period $ 8.6 $ 0.2 $ 8.2 $ — $ 17.0 Supplemental disclosure of cash flow information: Cash paid for interest, net of amounts capitalized $ (10.4 ) $ 44.2 $ 6.8 $ — $ 40.6 Cash paid for income taxes $ 122.9 $ (30.9 ) $ 0.6 $ — $ 92.6 Consolidating Statement of Cash Flows’ Information – For the Nine Months Ended September 30, 2014 (in millions) Starz Entertainment, LLC (Guarantor) Starz Media and Other Businesses (Non-Guarantors) Starz, LLC Parent Only (Co-Issuer) Eliminations Consolidated Starz, LLC Operating activities: Net income $ 188.7 $ 191.6 $ 9.3 $ (198.0 ) $ 191.6 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Depreciation and amortization 11.6 1.1 2.2 — 14.9 Amortization of program rights 439.7 — — (1.3 ) 438.4 Program rights payments (349.7 ) — — 1.7 (348.0 ) Amortization of investment in films and television programs 18.7 — 76.0 — 94.7 Investment in films and television programs (174.5 ) — (92.9 ) — (267.4 ) Stock compensation 20.5 0.8 1.6 — 22.9 Share of earnings of consolidated subsidiaries — (220.4 ) — 220.4 — Deferred income taxes (22.5 ) 8.0 — (0.6 ) (15.1 ) Other non-operating and non-cash items 3.6 1.8 (11.6 ) (1.8 ) (8.0 ) Changes in assets and liabilities: Current and other assets (33.6 ) 20.9 45.9 (0.7 ) 32.5 Due to / from affiliates (9.7 ) 14.8 (5.1 ) — — Payables and other liabilities 25.3 (18.2 ) (36.7 ) (19.7 ) (49.3 ) Net cash provided by (used in) operating activities 118.1 0.4 (11.3 ) — 107.2 Investing activities: Purchases of property and equipment (5.8 ) — (0.1 ) — (5.9 ) Cash received from equity investee — — 10.7 — 10.7 Net cash provided by (used in) investing activities (5.8 ) — 10.6 — 4.8 Financing activities: Borrowings of debt — 366.5 — — 366.5 Payments of debt (3.2 ) (231.4 ) — — (234.6 ) Borrowings under notes payable to affiliate (60.0 ) — 60.0 — — Payments under notes payable to affiliate 54.0 — (54.0 ) — — Net advances to / from affiliate (86.6 ) 86.6 — — — Contributions from parent related to exercise of stock options — 4.5 — — 4.5 Minimum withholding of taxes related to stock compensation (9.7 ) — (1.2 ) — (10.9 ) Excess tax benefit from stock compensation 9.0 — — — 9.0 Distributions to parent related to repurchases of common stock — (226.6 ) — — (226.6 ) Net cash provided by (used in) financing activities (96.5 ) (0.4 ) 4.8 — (92.1 ) Net increase in cash and cash equivalents 15.8 — 4.1 — 19.9 Cash and cash equivalents: Beginning of period 20.8 0.4 4.5 — 25.7 End of period $ 36.6 $ 0.4 $ 8.6 $ — $ 45.6 Supplemental disclosure of cash flow information: Cash paid for interest, net of amounts capitalized $ (2.6 ) $ 42.8 $ 1.1 $ — $ 41.3 Cash paid for income taxes $ 72.9 $ (24.4 ) $ 28.4 $ — $ 76.9 |
Basis of Presentation and Des17
Basis of Presentation and Description of Business (Policies) | 9 Months Ended |
Sep. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Starz, LLC considers amortization of program rights, the development of the remaining unrecognized revenue estimates (also known as “Ultimate Revenue”) associated with released films, the assessment of investment in films and television programs for impairment, the fair value of goodwill and any related impairment, valuation allowances associated with deferred income taxes and allowances for sales returns to be its most significant estimates. Actual results may differ from those estimates. |
Prior Period Reclassifications | Prior Period Reclassifications Certain prior period amounts have been reclassified for comparability with the 2015 presentation. |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | Debt consisted of the following (in millions) : September 30, December 31, 2015 Credit Agreement (a) $ 425.0 $ — 2011 Credit Agreement (b) — 432.0 Senior Notes, including premium of $2.1 and $2.5 (c) 677.1 677.5 Capital leases (d) 66.1 70.0 Total debt 1,168.2 1,179.5 Less current portion of debt (5.5 ) (5.3 ) Debt $ 1,162.7 $ 1,174.2 (a) On April 20, 2015, Starz, LLC entered into a credit agreement (“2015 Credit Agreement”) that provides for $1,000.0 million in revolving loans with a $50.0 million sub-limit for stand-by letters of credit. Net proceeds from the 2015 Credit Agreement were used to repay and terminate the 2011 Credit Agreement (as defined below). Borrowings under the 2015 Credit Agreement may be prepaid at any time and from time to time without penalty other than customary breakage costs. Any amounts prepaid on the 2015 Credit Agreement may be reborrowed. The 2015 Credit Agreement is scheduled to mature on April 20, 2020. As of September 30, 2015 , Starz, LLC had $575.0 million of borrowing capacity under the 2015 Credit Agreement. Interest on each loan under the 2015 Credit Agreement is payable at either an alternate base rate or LIBOR at Starz, LLC’s election. Borrowings that are alternate base rate loans bear interest at a per annum rate equal to the alternate base rate plus a margin that varies between 0.50% and 1.25% depending on the consolidated leverage ratio of Starz, LLC, as defined in the 2015 Credit Agreement. The alternate base rate is the highest of (a) the Prime Rate, (b) the Federal Funds Effective Rate plus ½ of 1% or (c) LIBOR for a one -month interest period plus 1% . Borrowings that are LIBOR loans bear interest at a per annum rate equal to the applicable LIBOR plus a margin that varies between 1.50% and 2.25% depending on the consolidated leverage ratio of Starz, LLC. The 2015 Credit Agreement requires Starz, LLC to pay a commitment fee on any unused portion. The commitment fee varies between 0.25% and 0.40% , depending on the consolidated leverage ratio of Starz, LLC. As of September 30, 2015 , the following borrowings and related LIBOR or alternate base rate interest rates were outstanding under the 2015 Credit Agreement (dollars in millions) : LIBOR or alternate base rate period: Interest Rate Loan Amount September 2015 to October 2015 1.9543% $ 95.0 September 2015 to October 2015 1.9564% 301.0 September 2015 and forward 4.0000% 29.0 $ 425.0 The 2015 Credit Agreement contains certain covenants that include restrictions on, among others, incurring additional debt, paying dividends, entering into liens or guarantees, or making certain distributions, investments and other restricted payments. In addition, Starz, LLC must comply with certain financial covenants, including a consolidated leverage ratio, as defined in the 2015 Credit Agreement. As of September 30, 2015 , Starz, LLC was in compliance with all covenants under the 2015 Credit Agreement. (b) On November 16, 2011, Starz, LLC entered into a credit agreement (“2011 Credit Agreement”) that provided for $1,000.0 million of revolving loans and a $50.0 million sub-limit for standby letters of credit with a maturity date of November 16, 2016. On April 20, 2015, Starz, LLC repaid and terminated the 2011 Credit Agreement using borrowings under the 2015 Credit Agreement. (c) Starz, LLC and Starz Finance Corp., a wholly-owned subsidiary, co-issued $675.0 million aggregate principal amount of 5.0% senior notes due September 15, 2019 (“Senior Notes”). The Senior Notes bear interest at a rate of 5.0% payable semi-annually on September 15 and March 15 of each year and are guaranteed by Starz Entertainment. The Senior Notes contain certain covenants that include restrictions on, among others, incurring additional debt, paying dividends, entering into liens and guarantees, or making certain distributions, investments and other restricted payments. As of September 30, 2015 , Starz, LLC was in compliance with all covenants under the Senior Notes. (d) On January 11, 2013, Starz, LLC entered into a commercial lease for its headquarters building. The term of the lease is ten years, with four successive five -year renewal periods at the option of Starz, LLC. Starz, LLC recorded a capital lease in connection with this lease agreement with an imputed annual interest rate of 6.4% . Starz Entertainment has entered into capital lease agreements for its transponder capacity. The agreements expire during 2018 to 2021 and have imputed annual interest rates ranging from 5.5% to 7.0% . |
Stock Options and Restricted 19
Stock Options and Restricted Stock (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award | Stock compensation expense, by expense category, consisted of the following (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Programming costs $ 0.6 $ 0.5 $ 1.9 $ 1.5 Operating expenses — 0.1 0.2 0.2 Selling, general and administrative expenses 7.5 7.0 22.4 21.2 Total stock compensation expense $ 8.1 $ 7.6 $ 24.5 $ 22.9 |
Schedule of Share-based Compensation, Stock Options, Activity | The following table presents the number and weighted average exercise price (“WAEP”) of stock options to purchase Starz common stock: Options WAEP Outstanding at December 31, 2014 13,688,570 $ 18.32 Granted 61,288 $ 35.23 Exercised (2,323,830 ) $ 14.45 Forfeited (465,678 ) $ 22.17 Expired/canceled — $ — Outstanding at September 30, 2015 10,960,350 $ 19.07 Exercisable at September 30, 2015 4,277,479 $ 14.48 |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity | The following table presents the number and weighted-average grant date fair value of restricted stock grants: Restricted Stock Weighted Average Grant-Date Fair Value Outstanding at December 31, 2014 454,595 $ 26.45 Granted 29,421 $ 39.29 Vested (56,148 ) $ 20.17 Forfeited (19,168 ) $ 29.02 Outstanding at September 30, 2015 408,700 $ 28.12 |
Other Information (Tables)
Other Information (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Other Information [Abstract] | |
Schedule of Accrued Liabilities | Accrued liabilities consisted of the following (in millions) : September 30, December 31, Royalties, residuals and participations $ 72.8 $ 74.6 Program rights payable 52.3 89.0 Advertising and marketing 30.0 41.1 Payroll and related costs 22.3 27.5 Participations payable to Weinstein — 59.6 Other 28.1 35.6 $ 205.5 $ 327.4 |
Schedule of Cash Flow, Supplemental Disclosures | The following table presents the supplemental disclosure of cash flow information (in millions) : Nine Months Ended September 30, 2015 2014 Cash paid for interest, net of amounts capitalized $ 40.6 $ 41.3 Cash paid for income taxes $ 92.6 $ 76.9 |
Information about Operating S21
Information about Operating Segments (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Segment Reporting [Abstract] | |
Reconciliation of Other Significant Reconciling Items from Segments to Consolidated | The following table provides a reconciliation of Adjusted OIBDA to income before income taxes (in millions) : Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Consolidated Adjusted OIBDA $ 114.7 $ 109.8 $ 393.6 $ 353.4 Stock compensation (8.1 ) (7.6 ) (24.5 ) (22.9 ) Depreciation and amortization (4.8 ) (4.9 ) (14.3 ) (14.9 ) Interest expense, net of amounts capitalized (11.5 ) (11.4 ) (34.0 ) (34.7 ) Other income (expense), net (4.5 ) (1.5 ) (8.8 ) 10.0 Income before income taxes $ 85.8 $ 84.4 $ 312.0 $ 290.9 |
Schedule of Segment Reporting Information, by Segment | Performance Measures (in millions) : Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Revenue: Starz Networks $ 329.3 $ 327.2 $ 996.6 $ 979.4 Starz Distribution 65.6 73.5 253.7 235.9 Starz Animation 9.3 7.9 23.1 24.0 Inter-segment eliminations (0.1 ) (0.4 ) (0.9 ) (1.0 ) Total revenue $ 404.1 $ 408.2 $ 1,272.5 $ 1,238.3 Adjusted OIBDA: Starz Networks $ 113.1 $ 109.9 $ 365.0 $ 345.7 Starz Distribution 1.8 0.6 30.2 9.5 Starz Animation (0.1 ) (0.7 ) (1.4 ) (2.1 ) Inter-segment eliminations (0.1 ) — (0.2 ) 0.3 Total Adjusted OIBDA $ 114.7 $ 109.8 $ 393.6 $ 353.4 Other Information (in millions) : Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Cash paid for investment in films and television programs: Starz Networks $ 48.6 $ 57.5 $ 188.9 $ 173.1 Starz Distribution 2.8 29.4 96.1 94.3 Starz Animation — — — — Inter-segment eliminations — — — — Total cash paid for investment in films and television programs $ 51.4 $ 86.9 $ 285.0 $ 267.4 September 30, December 31, Total assets: Starz Networks $ 1,491.3 $ 1,357.4 Starz Distribution 173.6 174.1 Starz Animation 2.7 2.4 Other unallocated assets (primarily cash, deferred taxes and other assets, including a commercial lease for Starz’s corporate headquarters facility) 99.0 101.9 Inter-segment eliminations (150.1 ) (62.6 ) Total assets $ 1,616.5 $ 1,573.2 |
Supplemental Guarantor Conden22
Supplemental Guarantor Condensed Consolidating Financial Information (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Schedule of Condensed Balance Sheet | The following tables set forth the consolidating financial information of Starz, LLC, which includes the financial information of Starz Entertainment, the guarantor: Consolidating Balance Sheet Information – As of September 30, 2015 (in millions) Starz Entertainment, LLC (Guarantor) Starz Media and Other Businesses (Non-Guarantors) Starz, LLC Parent Only (Co-Issuer) Eliminations Consolidated Starz, LLC Assets Current assets: Cash and cash equivalents $ 8.6 $ 0.2 $ 8.2 $ — $ 17.0 Trade accounts receivable, net 213.4 — 38.6 — 252.0 Program rights, net 347.9 — — (0.9 ) 347.0 Deferred income taxes 0.3 0.6 — — 0.9 Notes receivable from affiliates 131.0 — — (131.0 ) — Other current assets 34.5 7.3 13.4 — 55.2 Total current assets 735.7 8.1 60.2 (131.9 ) 672.1 Program rights 311.6 — — (5.5 ) 306.1 Investment in films and television programs, net 219.3 — 71.5 — 290.8 Property and equipment, net 44.8 40.7 0.4 — 85.9 Deferred income taxes — 22.6 — — 22.6 Goodwill 131.8 — — — 131.8 Other assets, net 48.1 12.7 59.1 (12.7 ) 107.2 Investment in consolidated subsidiaries — 2,087.8 — (2,087.8 ) — Total assets $ 1,491.3 $ 2,171.9 $ 191.2 $ (2,237.9 ) $ 1,616.5 Liabilities and Member’s Interest (Deficit) and Noncontrolling Interest Current liabilities: Current portion of debt $ 4.9 $ 0.6 $ — $ — $ 5.5 Trade accounts payable 6.5 — 0.8 — 7.3 Accrued liabilities 140.4 6.2 61.2 (2.3 ) 205.5 Notes payable due to affiliate — — 131.0 (131.0 ) — Due to (from) affiliates (830.1 ) 810.7 19.4 — — Deferred revenue — — 9.4 (0.3 ) 9.1 Total current liabilities (678.3 ) 817.5 221.8 (133.6 ) 227.4 Debt 1,120.0 1,144.8 — (1,102.1 ) 1,162.7 Deferred income taxes 12.3 (11.4 ) — (0.9 ) — Other liabilities 3.8 — 6.7 (5.1 ) 5.4 Total liabilities 457.8 1,950.9 228.5 (1,241.7 ) 1,395.5 Member’s interest (deficit) 1,033.5 229.4 (37.3 ) (996.2 ) 229.4 Noncontrolling interest in subsidiary — (8.4 ) — — (8.4 ) Total member’s interest (deficit) and noncontrolling interest 1,033.5 221.0 (37.3 ) (996.2 ) 221.0 Total liabilities and member’s interest (deficit) and noncontrolling interest $ 1,491.3 $ 2,171.9 $ 191.2 $ (2,237.9 ) $ 1,616.5 Consolidating Balance Sheet Information – As of December 31, 2014 (in millions) Starz Entertainment, LLC (Guarantor) Starz Media and Other Businesses (Non-Guarantors) Starz, LLC Parent Only (Co-Issuer) Eliminations Consolidated Starz, LLC Assets Current assets: Cash and cash equivalents $ 8.7 $ 0.3 $ 4.4 $ — $ 13.4 Trade accounts receivable, net 224.3 — 24.8 — 249.1 Program rights, net 304.4 — — (0.9 ) 303.5 Deferred income taxes 0.3 0.6 — — 0.9 Notes receivable from affiliates 45.9 — — (45.9 ) — Other current assets 26.9 29.9 13.3 — 70.1 Total current assets 610.5 30.8 42.5 (46.8 ) 637.0 Program rights 317.2 — — (5.9 ) 311.3 Investment in films and television programs, net 202.7 — 116.8 — 319.5 Property and equipment, net 47.4 41.9 0.5 — 89.8 Goodwill 131.8 — — — 131.8 Other assets, net 47.8 9.9 36.0 (9.9 ) 83.8 Investment in consolidated subsidiaries — 1,820.9 — (1,820.9 ) — Total assets $ 1,357.4 $ 1,903.5 $ 195.8 $ (1,883.5 ) $ 1,573.2 Liabilities and Member’s Interest (Deficit) and Noncontrolling Interest Current liabilities: Current portion of debt $ 4.7 $ 0.6 $ — $ — $ 5.3 Trade accounts payable 7.8 — 2.3 — 10.1 Accrued liabilities 171.0 18.3 148.9 (10.8 ) 327.4 Notes payable due to affiliate — — 45.9 (45.9 ) — Due to (from) affiliates (742.7 ) 730.1 12.6 — — Deferred revenue — — 7.4 — 7.4 Total current liabilities (559.2 ) 749.0 217.1 (56.7 ) 350.2 Debt 1,131.1 1,152.6 — (1,109.5 ) 1,174.2 Deferred income taxes 31.7 (37.9 ) — 7.3 1.1 Other liabilities 6.0 — 7.2 (5.3 ) 7.9 Total liabilities 609.6 1,863.7 224.3 (1,164.2 ) 1,533.4 Member’s interest (deficit) 747.8 48.5 (28.5 ) (719.3 ) 48.5 Noncontrolling interest in subsidiary — (8.7 ) — — (8.7 ) Total member’s interest (deficit) and noncontrolling interest 747.8 39.8 (28.5 ) (719.3 ) 39.8 Total liabilities and member’s interest (deficit) and noncontrolling interest $ 1,357.4 $ 1,903.5 $ 195.8 $ (1,883.5 ) $ 1,573.2 |
Schedule of Condensed Income Statement | Consolidating Statement of Operations Information – For the Three Months Ended September 30, 2014 (in millions) Starz Entertainment, LLC (Guarantor) Starz Media and Other Businesses (Non-Guarantors) Starz, LLC Parent Only (Co-Issuer) Eliminations Consolidated Starz, LLC Revenue: Programming networks and other services $ 336.2 $ — $ 30.8 $ (2.2 ) $ 364.8 Home video net sales 4.3 — 40.0 (0.9 ) 43.4 Total revenue 340.5 — 70.8 (3.1 ) 408.2 Costs and expenses: Programming (including amortization) 156.5 — — (0.5 ) 156.0 Production and acquisition (including amortization) 4.8 — 31.2 — 36.0 Home video cost of sales 4.1 — 15.7 (0.9 ) 18.9 Operating 6.4 — 9.0 (1.7 ) 13.7 Selling, general and administrative 63.9 1.5 16.0 — 81.4 Depreciation and amortization 3.9 0.4 0.6 — 4.9 Total costs and expenses 239.6 1.9 72.5 (3.1 ) 310.9 Operating income (loss) 100.9 (1.9 ) (1.7 ) — 97.3 Other income (expense): Interest expense, net of amounts capitalized (10.8 ) (12.2 ) — 11.6 (11.4 ) Interest income (expense), related party 0.7 — (0.7 ) — — Other expense, net (1.4 ) — (0.1 ) — (1.5 ) Income (loss) before income taxes and share of earnings of consolidated subsidiaries 89.4 (14.1 ) (2.5 ) 11.6 84.4 Income tax benefit (expense) (30.1 ) 6.2 (0.7 ) (4.0 ) (28.6 ) Share of earnings of consolidated subsidiaries, net of taxes — 63.7 — (63.7 ) — Net income (loss) 59.3 55.8 (3.2 ) (56.1 ) 55.8 Net loss (income) attributable to noncontrolling interest — 0.5 (0.1 ) 0.1 0.5 Net income (loss) attributable to member $ 59.3 $ 56.3 $ (3.3 ) $ (56.0 ) $ 56.3 Consolidating Statement of Operations Information – For the Nine Months Ended September 30, 2014 (in millions) Starz Entertainment, LLC (Guarantor) Starz Media and Other Businesses (Non-Guarantors) Starz, LLC Parent Only (Co-Issuer) Eliminations Consolidated Starz, LLC Revenue: Programming networks and other services $ 1,008.0 $ — $ 98.8 $ (6.7 ) $ 1,100.1 Home video net sales 12.1 — 128.6 (2.5 ) 138.2 Total revenue 1,020.1 — 227.4 (9.2 ) 1,238.3 Costs and expenses: Programming (including amortization) 472.9 — — (1.3 ) 471.6 Production and acquisition (including amortization) 17.8 — 109.0 — 126.8 Home video cost of sales 9.7 — 34.4 (2.5 ) 41.6 Operating 19.1 — 27.0 (5.7 ) 40.4 Selling, general and administrative 170.4 4.9 52.1 — 227.4 Depreciation and amortization 11.6 1.1 2.2 — 14.9 Total costs and expenses 701.5 6.0 224.7 (9.5 ) 922.7 Operating income (loss) 318.6 (6.0 ) 2.7 0.3 315.6 Other income (expense): Interest expense, net of amounts capitalized (32.6 ) (36.2 ) — 34.1 (34.7 ) Interest income (expense), related party 1.2 — (1.2 ) — — Other income (expense), net (1.0 ) (0.1 ) 11.1 — 10.0 Income (loss) before income taxes and share of earnings of consolidated subsidiaries 286.2 (42.3 ) 12.6 34.4 290.9 Income tax benefit (expense) (97.5 ) 13.5 (3.3 ) (12.0 ) (99.3 ) Share of earnings of consolidated subsidiaries, net of taxes — 220.4 — (220.4 ) — Net income 188.7 191.6 9.3 (198.0 ) 191.6 Net income attributable to noncontrolling interest — (0.3 ) (0.1 ) 0.1 (0.3 ) Net income attributable to member $ 188.7 $ 191.3 $ 9.2 $ (197.9 ) $ 191.3 Consolidating Statement of Operations Information – For the Three Months Ended September 30, 2015 (in millions) Starz Entertainment, LLC (Guarantor) Starz Media and Other Businesses (Non-Guarantors) Starz, LLC Parent Only (Co-Issuer) Eliminations Consolidated Starz, LLC Revenue: Programming networks and other services $ 337.7 $ — $ 33.9 $ (1.8 ) $ 369.8 Home video net sales 0.7 — 33.7 (0.1 ) 34.3 Total revenue 338.4 — 67.6 (1.9 ) 404.1 Costs and expenses: Programming (including amortization) 159.3 — — (0.3 ) 159.0 Production and acquisition (including amortization) 4.2 — 35.5 — 39.7 Home video cost of sales 0.9 — 8.4 (0.1 ) 9.2 Operating 7.3 — 9.5 (1.6 ) 15.2 Selling, general and administrative 58.3 1.7 14.4 — 74.4 Depreciation and amortization 4.1 0.4 0.3 — 4.8 Total costs and expenses 234.1 2.1 68.1 (2.0 ) 302.3 Operating income (loss) 104.3 (2.1 ) (0.5 ) 0.1 101.8 Other income (expense): Interest expense, net of amounts capitalized (10.8 ) (12.6 ) — 11.9 (11.5 ) Interest income (expense), related party 2.9 — (2.9 ) — — Other expense, net (2.8 ) — (1.8 ) 0.1 (4.5 ) Income (loss) before income taxes and share of earnings of consolidated subsidiaries 93.6 (14.7 ) (5.2 ) 12.1 85.8 Income tax benefit (expense) (37.6 ) 7.3 (0.2 ) 4.2 (26.3 ) Share of earnings of consolidated subsidiaries, net of taxes — 66.9 — (66.9 ) — Net income (loss) 56.0 59.5 (5.4 ) (50.6 ) 59.5 Net loss attributable to noncontrolling interest — 0.7 — — 0.7 Net income (loss) attributable to member $ 56.0 $ 60.2 $ (5.4 ) $ (50.6 ) $ 60.2 Consolidating Statement of Operations Information – For the Nine Months Ended September 30, 2015 (in millions) Starz Entertainment, LLC (Guarantor) Starz Media and Other Businesses (Non-Guarantors) Starz, LLC Parent Only (Co-Issuer) Eliminations Consolidated Starz, LLC Revenue: Programming networks and other services $ 1,063.0 $ — $ 117.1 $ (14.2 ) $ 1,165.9 Home video net sales 10.7 — 98.0 (2.1 ) 106.6 Total revenue 1,073.7 — 215.1 (16.3 ) 1,272.5 Costs and expenses: Programming (including amortization) 460.4 — — (0.9 ) 459.5 Production and acquisition (including amortization) 32.1 — 114.2 — 146.3 Home video cost of sales 7.0 — 24.7 (2.1 ) 29.6 Operating 28.9 — 25.2 (13.2 ) 40.9 Selling, general and administrative 176.9 5.9 44.3 — 227.1 Depreciation and amortization 12.0 1.1 1.2 — 14.3 Total costs and expenses 717.3 7.0 209.6 (16.2 ) 917.7 Operating income (loss) 356.4 (7.0 ) 5.5 (0.1 ) 354.8 Other income (expense): Interest expense, net of amounts capitalized (32.0 ) (37.5 ) — 35.5 (34.0 ) Interest income (expense), related party 7.4 — (7.4 ) — — Other expense, net (2.8 ) — (6.4 ) 0.4 (8.8 ) Income (loss) before income taxes and share of earnings of consolidated subsidiaries 329.0 (44.5 ) (8.3 ) 35.8 312.0 Income tax benefit (expense) (119.1 ) 20.4 (0.6 ) (4.1 ) (103.4 ) Share of earnings of consolidated subsidiaries, net of taxes — 232.7 — (232.7 ) — Net income (loss) 209.9 208.6 (8.9 ) (201.0 ) 208.6 Net income attributable to noncontrolling interest — (0.4 ) — — (0.4 ) Net income (loss) attributable to member $ 209.9 $ 208.2 $ (8.9 ) $ (201.0 ) $ 208.2 |
Schedule of Condensed Comprehensive Income (Loss) Statement | Consolidating Statement of Comprehensive Income Information – For the Nine Months Ended September 30, 2014 (in millions) Starz Entertainment, LLC (Guarantor) Starz Media and Other Businesses (Non-Guarantors) Starz, LLC Parent Only (Co-Issuer) Eliminations Consolidated Starz, LLC Net income $ 188.7 $ 191.6 $ 9.3 $ (198.0 ) $ 191.6 Other comprehensive loss, net of taxes - Foreign currency translation adjustments — (0.1 ) (0.1 ) 0.1 (0.1 ) Comprehensive income 188.7 191.5 9.2 (197.9 ) 191.5 Comprehensive income attributable to noncontrolling interest — (0.3 ) (0.1 ) 0.1 (0.3 ) Comprehensive income attributable to member $ 188.7 $ 191.2 $ 9.1 $ (197.8 ) $ 191.2 Consolidating Statement of Comprehensive Income (Loss) Information – For the Three Months Ended September 30, 2015 (in millions) Starz Entertainment, LLC (Guarantor) Starz Media and Other Businesses (Non-Guarantors) Starz, LLC Parent Only (Co-Issuer) Eliminations Consolidated Starz, LLC Net income (loss) $ 56.0 $ 59.5 $ (5.4 ) $ (50.6 ) $ 59.5 Other comprehensive income, net of taxes - Foreign currency translation adjustments — 0.1 0.1 (0.1 ) 0.1 Comprehensive income (loss) 56.0 59.6 (5.3 ) (50.7 ) 59.6 Comprehensive loss attributable to noncontrolling interest — 0.6 — — 0.6 Comprehensive income (loss) attributable to member $ 56.0 $ 60.2 $ (5.3 ) $ (50.7 ) $ 60.2 Consolidating Statement of Comprehensive Income (loss) Information – For the Nine Months Ended September 30, 2015 (in millions) Starz Entertainment, LLC (Guarantor) Starz Media and Other Businesses (Non-Guarantors) Starz, LLC Parent Only (Co-Issuer) Eliminations Consolidated Starz, LLC Net income (loss) $ 209.9 $ 208.6 $ (8.9 ) $ (201.0 ) $ 208.6 Other comprehensive income, net of taxes - Foreign currency translation adjustments — 0.7 0.7 (0.7 ) 0.7 Comprehensive income (loss) 209.9 209.3 (8.2 ) (201.7 ) 209.3 Comprehensive income attributable to noncontrolling interest — (0.6 ) — — (0.6 ) Comprehensive income (loss) attributable to member $ 209.9 $ 208.7 $ (8.2 ) $ (201.7 ) $ 208.7 Consolidating Statement of Comprehensive Income (Loss) Information – For the Three Months Ended September 30, 2014 (in millions) Starz Entertainment, LLC (Guarantor) Starz Media and Other Businesses (Non-Guarantors) Starz, LLC Parent Only (Co-Issuer) Eliminations Consolidated Starz, LLC Net income (loss) $ 59.3 $ 55.8 $ (3.2 ) $ (56.1 ) $ 55.8 Other comprehensive income, net of taxes - Foreign currency translation adjustments — — — — — Comprehensive income (loss) 59.3 55.8 (3.2 ) (56.1 ) 55.8 Comprehensive loss (income) attributable to noncontrolling interest — 0.5 (0.1 ) 0.1 0.5 Comprehensive income (loss) attributable to member $ 59.3 $ 56.3 $ (3.3 ) $ (56.0 ) $ 56.3 |
Schedule of Condensed Cash Flow Statement | Consolidating Statement of Cash Flows’ Information – For the Nine Months Ended September 30, 2015 (in millions) Starz Entertainment, LLC (Guarantor) Starz Media and Other Businesses (Non-Guarantors) Starz, LLC Parent Only (Co-Issuer) Eliminations Consolidated Starz, LLC Operating activities: Net income (loss) $ 209.9 $ 208.6 $ (8.9 ) $ (201.0 ) $ 208.6 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 12.0 1.1 1.2 — 14.3 Amortization of program rights 427.7 — — (0.9 ) 426.8 Program rights payments (350.7 ) — — 0.5 (350.2 ) Amortization of investment in films and television programs 27.4 — 79.6 — 107.0 Investment in films and television programs (188.9 ) — (96.1 ) — (285.0 ) Stock compensation 22.1 0.6 1.8 — 24.5 Share of earnings of consolidated subsidiaries — (232.7 ) — 232.7 — Deferred income taxes (19.4 ) 3.9 — 0.2 (15.3 ) Other non-operating and non-cash items 4.7 1.8 (6.8 ) (1.8 ) (2.1 ) Changes in assets and liabilities: Current and other assets 4.5 22.6 (28.9 ) 0.7 (1.1 ) Due to / from affiliates (22.9 ) 15.4 7.5 — — Payables and other liabilities 36.5 (21.3 ) (23.8 ) (30.4 ) (39.0 ) Net cash provided by (used in) operating activities 162.9 — (74.4 ) — 88.5 Investing activities: Purchases of property and equipment (9.4 ) — — — (9.4 ) Investment in and advances to equity investee — — (3.8 ) — (3.8 ) Net cash used in investing activities (9.4 ) — (3.8 ) — (13.2 ) Financing activities: Borrowings of debt — 769.0 — — 769.0 Payments of debt (3.5 ) (776.4 ) — — (779.9 ) Debt issuance costs — (5.0 ) — — (5.0 ) Borrowings under notes payable to affiliate (111.5 ) — 111.5 — — Payments under notes payable to affiliate 27.1 — (27.1 ) — — Net advances to / from affiliate (65.2 ) 65.2 — — — Contributions from parent related to exercise of stock options — 11.8 — — 11.8 Minimum withholding of taxes related to stock compensation (16.1 ) — (2.4 ) — (18.5 ) Excess tax benefit from stock compensation 15.6 — — — 15.6 Distributions to parent related to repurchases of common stock — (64.7 ) — — (64.7 ) Net cash provided by (used in) financing activities (153.6 ) (0.1 ) 82.0 — (71.7 ) Net increase (decrease) in cash and cash equivalents (0.1 ) (0.1 ) 3.8 — 3.6 Cash and cash equivalents: Beginning of period 8.7 0.3 4.4 — 13.4 End of period $ 8.6 $ 0.2 $ 8.2 $ — $ 17.0 Supplemental disclosure of cash flow information: Cash paid for interest, net of amounts capitalized $ (10.4 ) $ 44.2 $ 6.8 $ — $ 40.6 Cash paid for income taxes $ 122.9 $ (30.9 ) $ 0.6 $ — $ 92.6 Consolidating Statement of Cash Flows’ Information – For the Nine Months Ended September 30, 2014 (in millions) Starz Entertainment, LLC (Guarantor) Starz Media and Other Businesses (Non-Guarantors) Starz, LLC Parent Only (Co-Issuer) Eliminations Consolidated Starz, LLC Operating activities: Net income $ 188.7 $ 191.6 $ 9.3 $ (198.0 ) $ 191.6 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Depreciation and amortization 11.6 1.1 2.2 — 14.9 Amortization of program rights 439.7 — — (1.3 ) 438.4 Program rights payments (349.7 ) — — 1.7 (348.0 ) Amortization of investment in films and television programs 18.7 — 76.0 — 94.7 Investment in films and television programs (174.5 ) — (92.9 ) — (267.4 ) Stock compensation 20.5 0.8 1.6 — 22.9 Share of earnings of consolidated subsidiaries — (220.4 ) — 220.4 — Deferred income taxes (22.5 ) 8.0 — (0.6 ) (15.1 ) Other non-operating and non-cash items 3.6 1.8 (11.6 ) (1.8 ) (8.0 ) Changes in assets and liabilities: Current and other assets (33.6 ) 20.9 45.9 (0.7 ) 32.5 Due to / from affiliates (9.7 ) 14.8 (5.1 ) — — Payables and other liabilities 25.3 (18.2 ) (36.7 ) (19.7 ) (49.3 ) Net cash provided by (used in) operating activities 118.1 0.4 (11.3 ) — 107.2 Investing activities: Purchases of property and equipment (5.8 ) — (0.1 ) — (5.9 ) Cash received from equity investee — — 10.7 — 10.7 Net cash provided by (used in) investing activities (5.8 ) — 10.6 — 4.8 Financing activities: Borrowings of debt — 366.5 — — 366.5 Payments of debt (3.2 ) (231.4 ) — — (234.6 ) Borrowings under notes payable to affiliate (60.0 ) — 60.0 — — Payments under notes payable to affiliate 54.0 — (54.0 ) — — Net advances to / from affiliate (86.6 ) 86.6 — — — Contributions from parent related to exercise of stock options — 4.5 — — 4.5 Minimum withholding of taxes related to stock compensation (9.7 ) — (1.2 ) — (10.9 ) Excess tax benefit from stock compensation 9.0 — — — 9.0 Distributions to parent related to repurchases of common stock — (226.6 ) — — (226.6 ) Net cash provided by (used in) financing activities (96.5 ) (0.4 ) 4.8 — (92.1 ) Net increase in cash and cash equivalents 15.8 — 4.1 — 19.9 Cash and cash equivalents: Beginning of period 20.8 0.4 4.5 — 25.7 End of period $ 36.6 $ 0.4 $ 8.6 $ — $ 45.6 Supplemental disclosure of cash flow information: Cash paid for interest, net of amounts capitalized $ (2.6 ) $ 42.8 $ 1.1 $ — $ 41.3 Cash paid for income taxes $ 72.9 $ (24.4 ) $ 28.4 $ — $ 76.9 |
Basis of Presentation and Des23
Basis of Presentation and Description of Business (Details) - linear_network | 9 Months Ended | |
Sep. 30, 2015 | Oct. 16, 2015 | |
LMC Spin-Off [Line Items] | ||
Number of linear networks containing programming | 17 | |
Starz Media | ||
LMC Spin-Off [Line Items] | ||
Subsidiary ownership (as a percent) | 75.00% | |
Subsequent Event | Weinstein | ||
LMC Spin-Off [Line Items] | ||
Noncontrolling ownership (as a percent) | 25.00% |
Debt (Details)
Debt (Details) | Jan. 11, 2013renewal_period | Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Apr. 20, 2015USD ($) | Dec. 31, 2014USD ($) | Nov. 16, 2011USD ($) |
Debt Instrument [Line Items] | ||||||||
Total debt | $ 1,168,200,000 | $ 1,168,200,000 | $ 1,179,500,000 | |||||
Less current portion of debt | (5,500,000) | (5,500,000) | (5,300,000) | |||||
Debt | 1,162,700,000 | 1,162,700,000 | 1,174,200,000 | |||||
Remaining borrowing capacity | 575,000,000 | 575,000,000 | ||||||
Interest costs capitalized | 1,600,000 | $ 1,200,000 | $ 4,900,000 | $ 3,000,000 | ||||
Starz, LLC | ||||||||
Debt Instrument [Line Items] | ||||||||
Lease period (in years) | 10 years | |||||||
Number of renewal periods | renewal_period | 4 | |||||||
Renewal Term (in years) | 5 years | |||||||
Imputed interest rate (as a percent) | 6.40% | |||||||
Starz Entertainment | Minimum | ||||||||
Debt Instrument [Line Items] | ||||||||
Imputed interest rate (as a percent) | 5.50% | |||||||
Starz Entertainment | Maximum | ||||||||
Debt Instrument [Line Items] | ||||||||
Imputed interest rate (as a percent) | 7.00% | |||||||
Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Unamortized Discount (Premium), Net | 2,100,000 | $ 2,100,000 | 2,500,000 | |||||
Total debt | 677,100,000 | 677,100,000 | 677,500,000 | |||||
Fair value of long-term debt | 680,000,000 | 680,000,000 | ||||||
Senior Notes | Starz, LLC and Starz Finance Corp | ||||||||
Debt Instrument [Line Items] | ||||||||
Face amount | $ 675,000,000 | $ 675,000,000 | ||||||
Stated rate (as a percent) | 5.00% | 5.00% | ||||||
Capital Lease Obligations | ||||||||
Debt Instrument [Line Items] | ||||||||
Total debt | $ 66,100,000 | $ 66,100,000 | 70,000,000 | |||||
2015 Credit Agreement [Member] | Revolving Credit Facility | Line of Credit | ||||||||
Debt Instrument [Line Items] | ||||||||
Total debt | $ 425,000,000 | $ 425,000,000 | 0 | |||||
2015 Credit Agreement [Member] | Revolving Credit Facility | Line of Credit | Starz, LLC | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | $ 1,000,000,000 | |||||||
2015 Credit Agreement [Member] | Revolving Credit Facility | Line of Credit | Starz, LLC | Minimum | ||||||||
Debt Instrument [Line Items] | ||||||||
Commitment fee (as a percent) | 0.25% | |||||||
2015 Credit Agreement [Member] | Revolving Credit Facility | Line of Credit | Starz, LLC | Maximum | ||||||||
Debt Instrument [Line Items] | ||||||||
Commitment fee (as a percent) | 0.40% | |||||||
2015 Credit Agreement [Member] | Standby Letters of Credit | Line of Credit | Starz, LLC | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | $ 50,000,000 | |||||||
2015 Credit Agreement [Member] | Revolving Credit Facility, Senior Secured, Term Loans | Line of Credit | Alternate Base Rate, Prime, Federal Funds, or LIBOR | Starz, LLC | Minimum | ||||||||
Debt Instrument [Line Items] | ||||||||
Spread on variable rate (as a percent) | 0.50% | 0.50% | ||||||
2015 Credit Agreement [Member] | Revolving Credit Facility, Senior Secured, Term Loans | Line of Credit | Alternate Base Rate, Prime, Federal Funds, or LIBOR | Starz, LLC | Maximum | ||||||||
Debt Instrument [Line Items] | ||||||||
Spread on variable rate (as a percent) | 1.25% | 1.25% | ||||||
2015 Credit Agreement [Member] | Revolving Credit Facility, Senior Secured, Term Loans | Line of Credit | Federal Funds Effective Rate | Starz, LLC | ||||||||
Debt Instrument [Line Items] | ||||||||
Spread on variable rate (as a percent) | 0.50% | 0.50% | ||||||
2015 Credit Agreement [Member] | Revolving Credit Facility, Senior Secured, Term Loans | Line of Credit | London Interbank Offered Rate (LIBOR) | Starz, LLC | ||||||||
Debt Instrument [Line Items] | ||||||||
Spread on variable rate (as a percent) | 1.00% | 1.00% | ||||||
Interest period used (in months) | 1 month | |||||||
2015 Credit Agreement [Member] | Revolving Credit Facility, Senior Secured, Term Loans | Line of Credit | London Interbank Offered Rate (LIBOR) | Starz, LLC | Minimum | ||||||||
Debt Instrument [Line Items] | ||||||||
Spread on variable rate (as a percent) | 1.50% | 1.50% | ||||||
2015 Credit Agreement [Member] | Revolving Credit Facility, Senior Secured, Term Loans | Line of Credit | London Interbank Offered Rate (LIBOR) | Starz, LLC | Maximum | ||||||||
Debt Instrument [Line Items] | ||||||||
Spread on variable rate (as a percent) | 2.25% | 2.25% | ||||||
2015 Credit Agreement [Member] | Revolving Credit Facility, Senior Secured, Term Loans | Line of Credit | September 2015 to October 2015 | London Interbank Offered Rate (LIBOR) | Starz, LLC | ||||||||
Debt Instrument [Line Items] | ||||||||
Total debt | $ 95,000,000 | $ 95,000,000 | ||||||
Interest rate (as a percent) | 1.9543% | 1.9543% | ||||||
2015 Credit Agreement [Member] | Revolving Credit Facility, Senior Secured, Term Loans | Line of Credit | September 2015 to October 2015 | London Interbank Offered Rate (LIBOR) | Starz, LLC | ||||||||
Debt Instrument [Line Items] | ||||||||
Total debt | $ 301,000,000 | $ 301,000,000 | ||||||
Interest rate (as a percent) | 1.9564% | 1.9564% | ||||||
2015 Credit Agreement [Member] | Revolving Credit Facility, Senior Secured, Term Loans | Line of Credit | September 2015 and forward | Alternate Base Rate | Starz, LLC | ||||||||
Debt Instrument [Line Items] | ||||||||
Total debt | $ 29,000,000 | $ 29,000,000 | ||||||
Interest rate (as a percent) | 4.00% | 4.00% | ||||||
2011 Credit Agreement [Member] | Revolving Credit Facility | Line of Credit | ||||||||
Debt Instrument [Line Items] | ||||||||
Total debt | $ 0 | $ 0 | $ 432,000,000 | |||||
2011 Credit Agreement [Member] | Revolving Credit Facility | Line of Credit | Starz, LLC | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | $ 1,000,000,000 | |||||||
2011 Credit Agreement [Member] | Standby Letters of Credit | Line of Credit | Starz, LLC | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | $ 50,000,000 |
Stock Options and Restricted 25
Stock Options and Restricted Stock Stock Options and Restricted Stock - Stock Compensation Expense (Details) - Incentive Plan, Stock Options and Restricted Stock - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock compensation expense | $ 8.1 | $ 7.6 | $ 24.5 | $ 22.9 |
Programming costs | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock compensation expense | 0.6 | 0.5 | 1.9 | 1.5 |
Operating expenses | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock compensation expense | 0 | 0.1 | 0.2 | 0.2 |
Selling, general and administrative expenses | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock compensation expense | $ 7.5 | $ 7 | $ 22.4 | $ 21.2 |
Stock Options and Restricted 26
Stock Options and Restricted Stock - Narrative (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2015USD ($)shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Weighted average remaining contractual term (in years) | 5 years 4 months 26 days |
Exercisable, Weighted average remaining contractual term (in years) | 3 years 10 months 24 days |
Intrinsic value | $ | $ 200.3 |
Exercisable, Intrinsic value | $ | 97.8 |
Incentive Plan, Stock Options and Restricted Stock | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Compensation cost not yet recognized | $ | $ 47.8 |
Period for recognition (in years) | 2 years 29 days |
Restricted Stock Units (RSUs) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Granted (in shares) | 107,070 |
Minimum | Restricted Stock Units (RSUs) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting (as a percent) | 50.00% |
Vesting rights, Adjusted OIBDA (as a percent) | 90.00% |
Granted (in shares) | 53,535 |
Maximum | Restricted Stock Units (RSUs) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting (as a percent) | 200.00% |
Vesting rights, Adjusted OIBDA (as a percent) | 120.00% |
Granted (in shares) | 214,140 |
Stock Options and Restricted 27
Stock Options and Restricted Stock - Number and Weighted Average Exercise Price - Options (Details) - Stock Options | 9 Months Ended |
Sep. 30, 2015$ / sharesshares | |
Options (in shares) | |
Outstanding at December 31, 2014 | 13,688,570 |
Granted | 61,288 |
Exercised | (2,323,830) |
Forfeited | (465,678) |
Expired/canceled | 0 |
Outstanding at September 30, 2015 | 10,960,350 |
Exercisable at September 30, 2015 | 4,277,479 |
WAEP (in dollars per share) | |
Outstanding at December 31, 2014 | $ / shares | $ 18.32 |
Granted | $ / shares | 35.23 |
Exercised | $ / shares | 14.45 |
Forfeited | $ / shares | 22.17 |
Expired/canceled | $ / shares | 0 |
Outstanding at September 30, 2015 | $ / shares | 19.07 |
Exercisable at September 30, 2015 | $ / shares | $ 14.48 |
Stock Options and Restricted 28
Stock Options and Restricted Stock - Number and Weighted Average Exercise Price - Restricted Stock (Details) - Restricted Stock [Member] - $ / shares | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2015 | |
Restricted Stock (in shares) | ||
Outstanding at December 31, 2014 | 454,595 | |
Granted | 29,421 | |
Vested | (56,148) | |
Forfeited | (19,168) | |
Outstanding at September 30, 2015 | 408,700 | |
Weighted Average Grant-Date Fair Value (in dollars per share) | ||
Outstanding at December 31, 2014 | $ 26.45 | |
Granted | 39.29 | |
Vested | 20.17 | |
Forfeited | 29.02 | |
Outstanding at September 30, 2015 | $ 26.45 | $ 28.12 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Oct. 16, 2015 | Dec. 31, 2014 | |
Related Party Transaction [Line Items] | ||||||
Total cash paid for investment in films and television programs | $ 51,400,000 | $ 86,900,000 | $ 285,000,000 | $ 267,400,000 | ||
Participations payable to Weinstein | 0 | $ 0 | $ 59,600,000 | |||
Weinstein | ||||||
Related Party Transaction [Line Items] | ||||||
Related party transaction, period | 5 years | |||||
Recognition of participation expense | 18,200,000 | $ 12,300,000 | $ 71,300,000 | 66,600,000 | ||
Total cash paid for investment in films and television programs | 85,100,000 | $ 82,000,000 | ||||
Participations payable to Weinstein | $ 0 | $ 0 | $ 59,600,000 | |||
Subsequent Event | Weinstein | ||||||
Related Party Transaction [Line Items] | ||||||
Noncontrolling ownership (as a percent) | 25.00% |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Income Tax Expense (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Income Tax Disclosure [Abstract] | ||||
Effective tax rate (as a percent) | 31.00% | 34.00% | 33.00% | 34.00% |
Income Tax Expense (Benefit), Continuing Operations, Income Tax Reconciliation [Abstract] | ||||
Federal income tax rate (as a percent) | 35.00% | 35.00% | 35.00% | 35.00% |
Commitments and Contingencies -
Commitments and Contingencies - Programming Rights (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Contractual Obligation, Fiscal Year Maturity [Abstract] | ||||
Program rights obligations | $ 54.5 | $ 54.5 | ||
Film rights payable in 2015 | 43.5 | 43.5 | ||
Film rights payable in 2016 | 10.7 | 10.7 | ||
Film rights payable in 2017 | 0.3 | 0.3 | ||
Programming license agreements payable in 2015 | 6.5 | 6.5 | ||
Programming license agreements payable in 2016 | 260.2 | 260.2 | ||
Programming license agreements payable in 2017 | 115 | 115 | ||
Programming license agreements payable in 2018 | 104.6 | 104.6 | ||
Programming license agreements payable in 2019 | 89.8 | 89.8 | ||
Programming license agreements payable thereafter | 166.9 | 166.9 | ||
Amortization of program rights | $ 145.7 | $ 144.8 | $ 426.8 | $ 438.4 |
Other Information Accrued Liabi
Other Information Accrued Liabilities (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Other Information [Abstract] | ||
Royalties, residuals and participations | $ 72.8 | $ 74.6 |
Program rights payable | 52.3 | 89 |
Advertising and marketing | 30 | 41.1 |
Payroll and related costs | 22.3 | 27.5 |
Participations payable to Weinstein | 0 | 59.6 |
Other | 28.1 | 35.6 |
Accrued Liabilities, Current | $ 205.5 | $ 327.4 |
Other Information Supplemental
Other Information Supplemental Disclosure of Cash Flow Information (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Other Information [Abstract] | ||
Cash paid for interest, net of amounts capitalized | $ 40.6 | $ 41.3 |
Cash paid for income taxes | $ 92.6 | $ 76.9 |
Other Information Other Income
Other Information Other Income (Expense), Net (Details) $ in Millions | Sep. 30, 2015USD ($) |
Other Information [Abstract] | |
Unamortized debt issuance expense | $ 12.7 |
Information and Operating Segme
Information and Operating Segments - Reconciliation of Adjusted OIBDA (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Reconciliation from Segment Totals to Consolidated [Abstract] | ||||
Consolidated Adjusted OIBDA | $ 114.7 | $ 109.8 | $ 393.6 | $ 353.4 |
Stock compensation | (8.1) | (7.6) | (24.5) | (22.9) |
Depreciation and amortization | (4.8) | (4.9) | (14.3) | (14.9) |
Interest expense, net of amounts capitalized | (11.5) | (11.4) | (34) | (34.7) |
Other income (expense), net | (4.5) | (1.5) | (8.8) | 10 |
Income (loss) before income taxes and share of earnings of consolidated subsidiaries | $ 85.8 | $ 84.4 | $ 312 | $ 290.9 |
Information and Operating Seg36
Information and Operating Segments - Performance Measures and Other Information (Details) - USD ($) $ in Millions | Oct. 17, 2015 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 |
Segment Reporting Information [Line Items] | ||||||
Total revenue | $ 404.1 | $ 408.2 | $ 1,272.5 | $ 1,238.3 | ||
Total Adjusted OIBDA | 114.7 | 109.8 | 393.6 | 353.4 | ||
Total cash paid for investment in films and television programs | 51.4 | 86.9 | 285 | 267.4 | ||
Total assets | 1,616.5 | 1,616.5 | $ 1,573.2 | |||
Starz Networks | ||||||
Segment Reporting Information [Line Items] | ||||||
Total revenue | 329.3 | 327.2 | 996.6 | 979.4 | ||
Total Adjusted OIBDA | 113.1 | 109.9 | 365 | 345.7 | ||
Total cash paid for investment in films and television programs | 48.6 | 57.5 | 188.9 | 173.1 | ||
Total assets | 1,491.3 | 1,491.3 | 1,357.4 | |||
Starz Distribution | ||||||
Segment Reporting Information [Line Items] | ||||||
Total revenue | 65.6 | 73.5 | 253.7 | 235.9 | ||
Total Adjusted OIBDA | 1.8 | 0.6 | 30.2 | 9.5 | ||
Total cash paid for investment in films and television programs | 2.8 | 29.4 | 96.1 | 94.3 | ||
Total assets | 173.6 | 173.6 | 174.1 | |||
Starz Animation | ||||||
Segment Reporting Information [Line Items] | ||||||
Total revenue | 9.3 | 7.9 | 23.1 | 24 | ||
Total Adjusted OIBDA | (0.1) | (0.7) | (1.4) | (2.1) | ||
Total cash paid for investment in films and television programs | 0 | 0 | 0 | 0 | ||
Total assets | 2.7 | 2.7 | 2.4 | |||
Other unallocated | ||||||
Segment Reporting Information [Line Items] | ||||||
Total assets | 99 | 99 | 101.9 | |||
Inter-segment eliminations | ||||||
Segment Reporting Information [Line Items] | ||||||
Total revenue | (0.1) | (0.4) | (0.9) | (1) | ||
Total Adjusted OIBDA | (0.1) | 0 | (0.2) | 0.3 | ||
Total cash paid for investment in films and television programs | 0 | $ 0 | 0 | $ 0 | ||
Total assets | $ (150.1) | $ (150.1) | $ (62.6) | |||
Subsequent Event | ||||||
Segment Reporting Information [Line Items] | ||||||
Subsidiary of Limited Liability Company or Limited Partnership, Ownership Interest | 100.00% |
Supplemental Guarantor Conden37
Supplemental Guarantor Condensed Consolidating Financial Information - Balance Sheets (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 |
Current assets: | ||||
Cash and cash equivalents | $ 17 | $ 13.4 | $ 45.6 | $ 25.7 |
Trade accounts receivable, net of allowances of $27.2 and $41.9 | 252 | 249.1 | ||
Program rights, net | 347 | 303.5 | ||
Deferred income taxes | 0.9 | 0.9 | ||
Notes receivable from affiliates | 0 | 0 | ||
Other current assets | 55.2 | 70.1 | ||
Total current assets | 672.1 | 637 | ||
Noncurrent assets: | ||||
Program rights | 306.1 | 311.3 | ||
Investment in films and television programs, net | 290.8 | 319.5 | ||
Property and equipment, net of accumulated depreciation of $136.2 and $123.4 | 85.9 | 89.8 | ||
Deferred income taxes | 22.6 | 0 | ||
Goodwill | 131.8 | 131.8 | ||
Other assets, net (Note 7) | 107.2 | 83.8 | ||
Investment in consolidated subsidiaries | 0 | 0 | ||
Total assets | 1,616.5 | 1,573.2 | ||
Current liabilities: | ||||
Current portion of debt (Note 2) | 5.5 | 5.3 | ||
Trade accounts payable | 7.3 | 10.1 | ||
Accrued liabilities (Notes 4, 6 and 7) | 205.5 | 327.4 | ||
Notes payable due to affiliate | 0 | 0 | ||
Due to (from) affiliates | 0 | 0 | ||
Deferred revenue | 9.1 | 7.4 | ||
Total liabilities | 227.4 | 350.2 | ||
Noncurrent liabilities: | ||||
Debt (Note 2) | 1,162.7 | 1,174.2 | ||
Deferred income taxes | 0 | 1.1 | ||
Other liabilities (Note 6) | 5.4 | 7.9 | ||
Total liabilities | 1,395.5 | 1,533.4 | ||
Member's Equity [Abstract] | ||||
Member’s interest | 229.4 | 48.5 | ||
Noncontrolling interest in subsidiary | (8.4) | (8.7) | ||
Total member’s interest and noncontrolling interests | 221 | 39.8 | ||
Total liabilities and member’s interest and noncontrolling interests | 1,616.5 | 1,573.2 | ||
Starz Entertainment, LLC (Guarantor) | ||||
Current assets: | ||||
Cash and cash equivalents | 8.6 | 8.7 | 36.6 | 20.8 |
Trade accounts receivable, net of allowances of $27.2 and $41.9 | 213.4 | 224.3 | ||
Program rights, net | 347.9 | 304.4 | ||
Deferred income taxes | 0.3 | 0.3 | ||
Notes receivable from affiliates | 131 | 45.9 | ||
Other current assets | 34.5 | 26.9 | ||
Total current assets | 735.7 | 610.5 | ||
Noncurrent assets: | ||||
Program rights | 311.6 | 317.2 | ||
Investment in films and television programs, net | 219.3 | 202.7 | ||
Property and equipment, net of accumulated depreciation of $136.2 and $123.4 | 44.8 | 47.4 | ||
Deferred income taxes | 0 | |||
Goodwill | 131.8 | 131.8 | ||
Other assets, net (Note 7) | 48.1 | 47.8 | ||
Investment in consolidated subsidiaries | 0 | 0 | ||
Total assets | 1,491.3 | 1,357.4 | ||
Current liabilities: | ||||
Current portion of debt (Note 2) | 4.9 | 4.7 | ||
Trade accounts payable | 6.5 | 7.8 | ||
Accrued liabilities (Notes 4, 6 and 7) | 140.4 | 171 | ||
Notes payable due to affiliate | 0 | 0 | ||
Due to (from) affiliates | (830.1) | (742.7) | ||
Deferred revenue | 0 | 0 | ||
Total liabilities | (678.3) | (559.2) | ||
Noncurrent liabilities: | ||||
Debt (Note 2) | 1,120 | 1,131.1 | ||
Deferred income taxes | 12.3 | 31.7 | ||
Other liabilities (Note 6) | 3.8 | 6 | ||
Total liabilities | 457.8 | 609.6 | ||
Member's Equity [Abstract] | ||||
Member’s interest | 1,033.5 | 747.8 | ||
Noncontrolling interest in subsidiary | 0 | 0 | ||
Total member’s interest and noncontrolling interests | 1,033.5 | 747.8 | ||
Total liabilities and member’s interest and noncontrolling interests | 1,491.3 | 1,357.4 | ||
Starz, LLC Parent Only (Co-Issuer) | ||||
Current assets: | ||||
Cash and cash equivalents | 0.2 | 0.3 | 0.4 | 0.4 |
Trade accounts receivable, net of allowances of $27.2 and $41.9 | 0 | 0 | ||
Program rights, net | 0 | 0 | ||
Deferred income taxes | 0.6 | 0.6 | ||
Notes receivable from affiliates | 0 | 0 | ||
Other current assets | 7.3 | 29.9 | ||
Total current assets | 8.1 | 30.8 | ||
Noncurrent assets: | ||||
Program rights | 0 | 0 | ||
Investment in films and television programs, net | 0 | 0 | ||
Property and equipment, net of accumulated depreciation of $136.2 and $123.4 | 40.7 | 41.9 | ||
Deferred income taxes | 22.6 | |||
Goodwill | 0 | 0 | ||
Other assets, net (Note 7) | 12.7 | 9.9 | ||
Investment in consolidated subsidiaries | 2,087.8 | 1,820.9 | ||
Total assets | 2,171.9 | 1,903.5 | ||
Current liabilities: | ||||
Current portion of debt (Note 2) | 0.6 | 0.6 | ||
Trade accounts payable | 0 | 0 | ||
Accrued liabilities (Notes 4, 6 and 7) | 6.2 | 18.3 | ||
Notes payable due to affiliate | 0 | 0 | ||
Due to (from) affiliates | 810.7 | 730.1 | ||
Deferred revenue | 0 | 0 | ||
Total liabilities | 817.5 | 749 | ||
Noncurrent liabilities: | ||||
Debt (Note 2) | 1,144.8 | 1,152.6 | ||
Deferred income taxes | (11.4) | (37.9) | ||
Other liabilities (Note 6) | 0 | 0 | ||
Total liabilities | 1,950.9 | 1,863.7 | ||
Member's Equity [Abstract] | ||||
Member’s interest | 229.4 | 48.5 | ||
Noncontrolling interest in subsidiary | (8.4) | (8.7) | ||
Total member’s interest and noncontrolling interests | 221 | 39.8 | ||
Total liabilities and member’s interest and noncontrolling interests | 2,171.9 | 1,903.5 | ||
Starz Media and Other Businesses (Non-Guarantors) | ||||
Current assets: | ||||
Cash and cash equivalents | 8.2 | 4.4 | 8.6 | 4.5 |
Trade accounts receivable, net of allowances of $27.2 and $41.9 | 38.6 | 24.8 | ||
Program rights, net | 0 | 0 | ||
Deferred income taxes | 0 | 0 | ||
Notes receivable from affiliates | 0 | 0 | ||
Other current assets | 13.4 | 13.3 | ||
Total current assets | 60.2 | 42.5 | ||
Noncurrent assets: | ||||
Program rights | 0 | 0 | ||
Investment in films and television programs, net | 71.5 | 116.8 | ||
Property and equipment, net of accumulated depreciation of $136.2 and $123.4 | 0.4 | 0.5 | ||
Deferred income taxes | 0 | |||
Goodwill | 0 | 0 | ||
Other assets, net (Note 7) | 59.1 | 36 | ||
Investment in consolidated subsidiaries | 0 | 0 | ||
Total assets | 191.2 | 195.8 | ||
Current liabilities: | ||||
Current portion of debt (Note 2) | 0 | 0 | ||
Trade accounts payable | 0.8 | 2.3 | ||
Accrued liabilities (Notes 4, 6 and 7) | 61.2 | 148.9 | ||
Notes payable due to affiliate | 131 | 45.9 | ||
Due to (from) affiliates | 19.4 | 12.6 | ||
Deferred revenue | 9.4 | 7.4 | ||
Total liabilities | 221.8 | 217.1 | ||
Noncurrent liabilities: | ||||
Debt (Note 2) | 0 | 0 | ||
Deferred income taxes | 0 | 0 | ||
Other liabilities (Note 6) | 6.7 | 7.2 | ||
Total liabilities | 228.5 | 224.3 | ||
Member's Equity [Abstract] | ||||
Member’s interest | (37.3) | (28.5) | ||
Noncontrolling interest in subsidiary | 0 | 0 | ||
Total member’s interest and noncontrolling interests | (37.3) | (28.5) | ||
Total liabilities and member’s interest and noncontrolling interests | 191.2 | 195.8 | ||
Eliminations | ||||
Current assets: | ||||
Cash and cash equivalents | 0 | 0 | $ 0 | $ 0 |
Trade accounts receivable, net of allowances of $27.2 and $41.9 | 0 | 0 | ||
Program rights, net | (0.9) | (0.9) | ||
Deferred income taxes | 0 | 0 | ||
Notes receivable from affiliates | (131) | (45.9) | ||
Other current assets | 0 | 0 | ||
Total current assets | (131.9) | (46.8) | ||
Noncurrent assets: | ||||
Program rights | (5.5) | (5.9) | ||
Investment in films and television programs, net | 0 | 0 | ||
Property and equipment, net of accumulated depreciation of $136.2 and $123.4 | 0 | 0 | ||
Deferred income taxes | 0 | |||
Goodwill | 0 | 0 | ||
Other assets, net (Note 7) | (12.7) | (9.9) | ||
Investment in consolidated subsidiaries | (2,087.8) | (1,820.9) | ||
Total assets | (2,237.9) | (1,883.5) | ||
Current liabilities: | ||||
Current portion of debt (Note 2) | 0 | 0 | ||
Trade accounts payable | 0 | 0 | ||
Accrued liabilities (Notes 4, 6 and 7) | (2.3) | (10.8) | ||
Notes payable due to affiliate | (131) | (45.9) | ||
Due to (from) affiliates | 0 | 0 | ||
Deferred revenue | (0.3) | 0 | ||
Total liabilities | (133.6) | (56.7) | ||
Noncurrent liabilities: | ||||
Debt (Note 2) | (1,102.1) | (1,109.5) | ||
Deferred income taxes | (0.9) | 7.3 | ||
Other liabilities (Note 6) | (5.1) | (5.3) | ||
Total liabilities | (1,241.7) | (1,164.2) | ||
Member's Equity [Abstract] | ||||
Member’s interest | (996.2) | (719.3) | ||
Noncontrolling interest in subsidiary | 0 | 0 | ||
Total member’s interest and noncontrolling interests | (996.2) | (719.3) | ||
Total liabilities and member’s interest and noncontrolling interests | $ (2,237.9) | $ (1,883.5) |
Supplemental Guarantor Conden38
Supplemental Guarantor Condensed Consolidating Financial Information - Consolidating Statement of Operations (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Revenue: | ||||
Programming networks and other services | $ 369.8 | $ 364.8 | $ 1,165.9 | $ 1,100.1 |
Home video net sales | 34.3 | 43.4 | 106.6 | 138.2 |
Total revenue | 404.1 | 408.2 | 1,272.5 | 1,238.3 |
Costs and expenses: | ||||
Programming (including amortization) (Notes 3 and 6) | 159 | 156 | 459.5 | 471.6 |
Production and acquisition (including amortization) (Note 4) | 39.7 | 36 | 146.3 | 126.8 |
Home video cost of sales | 9.2 | 18.9 | 29.6 | 41.6 |
Operating (Note 3) | 15.2 | 13.7 | 40.9 | 40.4 |
Selling, general and administrative (Note 3) | 74.4 | 81.4 | 227.1 | 227.4 |
Depreciation and amortization | 4.8 | 4.9 | 14.3 | 14.9 |
Total costs and expenses | 302.3 | 310.9 | 917.7 | 922.7 |
Operating income (loss) | 101.8 | 97.3 | 354.8 | 315.6 |
Other income (expense): | ||||
Interest expense, net of amounts capitalized | (11.5) | (11.4) | (34) | (34.7) |
Interest income (expense), related party | 0 | 0 | 0 | 0 |
Other income (expense), net | (4.5) | (1.5) | (8.8) | 10 |
Income (loss) before income taxes and share of earnings of consolidated subsidiaries | 85.8 | 84.4 | 312 | 290.9 |
Income tax expense (Note 5) | (26.3) | (28.6) | (103.4) | (99.3) |
Share of earnings of consolidated subsidiaries, net of taxes | 0 | 0 | 0 | 0 |
Net income (loss) | 59.5 | 55.8 | 208.6 | 191.6 |
Net loss (income) attributable to noncontrolling interest | 0.7 | 0.5 | (0.4) | (0.3) |
Net income (loss) attributable to member | 60.2 | 56.3 | 208.2 | 191.3 |
Starz Entertainment, LLC (Guarantor) | ||||
Revenue: | ||||
Programming networks and other services | 337.7 | 336.2 | 1,063 | 1,008 |
Home video net sales | 0.7 | 4.3 | 10.7 | 12.1 |
Total revenue | 338.4 | 340.5 | 1,073.7 | 1,020.1 |
Costs and expenses: | ||||
Programming (including amortization) (Notes 3 and 6) | 159.3 | 156.5 | 460.4 | 472.9 |
Production and acquisition (including amortization) (Note 4) | 4.2 | 4.8 | 32.1 | 17.8 |
Home video cost of sales | 0.9 | 4.1 | 7 | 9.7 |
Operating (Note 3) | 7.3 | 6.4 | 28.9 | 19.1 |
Selling, general and administrative (Note 3) | 58.3 | 63.9 | 176.9 | 170.4 |
Depreciation and amortization | 4.1 | 3.9 | 12 | 11.6 |
Total costs and expenses | 234.1 | 239.6 | 717.3 | 701.5 |
Operating income (loss) | 104.3 | 100.9 | 356.4 | 318.6 |
Other income (expense): | ||||
Interest expense, net of amounts capitalized | (10.8) | (10.8) | (32) | (32.6) |
Interest income (expense), related party | 2.9 | 0.7 | 7.4 | 1.2 |
Other income (expense), net | (2.8) | (1.4) | (2.8) | (1) |
Income (loss) before income taxes and share of earnings of consolidated subsidiaries | 93.6 | 89.4 | 329 | 286.2 |
Income tax expense (Note 5) | (37.6) | (30.1) | (119.1) | (97.5) |
Share of earnings of consolidated subsidiaries, net of taxes | 0 | 0 | 0 | 0 |
Net income (loss) | 56 | 59.3 | 209.9 | 188.7 |
Net loss (income) attributable to noncontrolling interest | 0 | 0 | 0 | 0 |
Net income (loss) attributable to member | 56 | 59.3 | 209.9 | 188.7 |
Starz, LLC Parent Only (Co-Issuer) | ||||
Revenue: | ||||
Programming networks and other services | 0 | 0 | 0 | 0 |
Home video net sales | 0 | 0 | 0 | 0 |
Total revenue | 0 | 0 | 0 | 0 |
Costs and expenses: | ||||
Programming (including amortization) (Notes 3 and 6) | 0 | 0 | 0 | 0 |
Production and acquisition (including amortization) (Note 4) | 0 | 0 | 0 | 0 |
Home video cost of sales | 0 | 0 | 0 | 0 |
Operating (Note 3) | 0 | 0 | 0 | 0 |
Selling, general and administrative (Note 3) | 1.7 | 1.5 | 5.9 | 4.9 |
Depreciation and amortization | 0.4 | 0.4 | 1.1 | 1.1 |
Total costs and expenses | 2.1 | 1.9 | 7 | 6 |
Operating income (loss) | (2.1) | (1.9) | (7) | (6) |
Other income (expense): | ||||
Interest expense, net of amounts capitalized | (12.6) | (12.2) | (37.5) | (36.2) |
Interest income (expense), related party | 0 | 0 | 0 | 0 |
Other income (expense), net | 0 | 0 | 0 | (0.1) |
Income (loss) before income taxes and share of earnings of consolidated subsidiaries | (14.7) | (14.1) | (44.5) | (42.3) |
Income tax expense (Note 5) | 7.3 | 6.2 | 20.4 | 13.5 |
Share of earnings of consolidated subsidiaries, net of taxes | 66.9 | 63.7 | 232.7 | 220.4 |
Net income (loss) | 59.5 | 55.8 | 208.6 | 191.6 |
Net loss (income) attributable to noncontrolling interest | 0.7 | 0.5 | (0.4) | (0.3) |
Net income (loss) attributable to member | 60.2 | 56.3 | 208.2 | 191.3 |
Starz Media and Other Businesses (Non-Guarantors) | ||||
Revenue: | ||||
Programming networks and other services | 33.9 | 30.8 | 117.1 | 98.8 |
Home video net sales | 33.7 | 40 | 98 | 128.6 |
Total revenue | 67.6 | 70.8 | 215.1 | 227.4 |
Costs and expenses: | ||||
Programming (including amortization) (Notes 3 and 6) | 0 | 0 | 0 | 0 |
Production and acquisition (including amortization) (Note 4) | 35.5 | 31.2 | 114.2 | 109 |
Home video cost of sales | 8.4 | 15.7 | 24.7 | 34.4 |
Operating (Note 3) | 9.5 | 9 | 25.2 | 27 |
Selling, general and administrative (Note 3) | 14.4 | 16 | 44.3 | 52.1 |
Depreciation and amortization | 0.3 | 0.6 | 1.2 | 2.2 |
Total costs and expenses | 68.1 | 72.5 | 209.6 | 224.7 |
Operating income (loss) | (0.5) | (1.7) | 5.5 | 2.7 |
Other income (expense): | ||||
Interest expense, net of amounts capitalized | 0 | 0 | 0 | 0 |
Interest income (expense), related party | (2.9) | (0.7) | (7.4) | (1.2) |
Other income (expense), net | (1.8) | (0.1) | (6.4) | 11.1 |
Income (loss) before income taxes and share of earnings of consolidated subsidiaries | (5.2) | (2.5) | (8.3) | 12.6 |
Income tax expense (Note 5) | (0.2) | (0.7) | (0.6) | (3.3) |
Share of earnings of consolidated subsidiaries, net of taxes | 0 | 0 | 0 | 0 |
Net income (loss) | (5.4) | (3.2) | (8.9) | 9.3 |
Net loss (income) attributable to noncontrolling interest | 0 | (0.1) | 0 | (0.1) |
Net income (loss) attributable to member | (5.4) | (3.3) | (8.9) | 9.2 |
Eliminations | ||||
Revenue: | ||||
Programming networks and other services | (1.8) | (2.2) | (14.2) | (6.7) |
Home video net sales | (0.1) | (0.9) | (2.1) | (2.5) |
Total revenue | (1.9) | (3.1) | (16.3) | (9.2) |
Costs and expenses: | ||||
Programming (including amortization) (Notes 3 and 6) | (0.3) | (0.5) | (0.9) | (1.3) |
Production and acquisition (including amortization) (Note 4) | 0 | 0 | 0 | 0 |
Home video cost of sales | (0.1) | (0.9) | (2.1) | (2.5) |
Operating (Note 3) | (1.6) | (1.7) | (13.2) | (5.7) |
Selling, general and administrative (Note 3) | 0 | 0 | 0 | 0 |
Depreciation and amortization | 0 | 0 | 0 | 0 |
Total costs and expenses | (2) | (3.1) | (16.2) | (9.5) |
Operating income (loss) | 0.1 | 0 | (0.1) | 0.3 |
Other income (expense): | ||||
Interest expense, net of amounts capitalized | 11.9 | 11.6 | 35.5 | 34.1 |
Interest income (expense), related party | 0 | 0 | 0 | 0 |
Other income (expense), net | 0.1 | 0 | 0.4 | 0 |
Income (loss) before income taxes and share of earnings of consolidated subsidiaries | 12.1 | 11.6 | 35.8 | 34.4 |
Income tax expense (Note 5) | 4.2 | (4) | (4.1) | (12) |
Share of earnings of consolidated subsidiaries, net of taxes | (66.9) | (63.7) | (232.7) | (220.4) |
Net income (loss) | (50.6) | (56.1) | (201) | (198) |
Net loss (income) attributable to noncontrolling interest | 0 | 0.1 | 0 | 0.1 |
Net income (loss) attributable to member | $ (50.6) | $ (56) | $ (201) | $ (197.9) |
Supplemental Guarantor Conden39
Supplemental Guarantor Condensed Consolidating Financial Information - Consolidating Statement of Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Condensed Financial Statements, Captions [Line Items] | ||||
Net income (loss) | $ 59.5 | $ 55.8 | $ 208.6 | $ 191.6 |
Other comprehensive income (loss), net of taxes - | ||||
Foreign currency translation adjustments from operations | 0.1 | 0 | 0.7 | (0.1) |
Comprehensive income (loss) | 59.6 | 55.8 | 209.3 | 191.5 |
Comprehensive loss (income) attributable to noncontrolling interest | 0.6 | 0.5 | (0.6) | (0.3) |
Comprehensive income (loss) attributable to member | 60.2 | 56.3 | 208.7 | 191.2 |
Starz Entertainment, LLC (Guarantor) | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net income (loss) | 56 | 59.3 | 209.9 | 188.7 |
Other comprehensive income (loss), net of taxes - | ||||
Foreign currency translation adjustments from operations | 0 | 0 | 0 | 0 |
Comprehensive income (loss) | 56 | 59.3 | 209.9 | 188.7 |
Comprehensive loss (income) attributable to noncontrolling interest | 0 | 0 | 0 | 0 |
Comprehensive income (loss) attributable to member | 56 | 59.3 | 209.9 | 188.7 |
Starz, LLC Parent Only (Co-Issuer) | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net income (loss) | 59.5 | 55.8 | 208.6 | 191.6 |
Other comprehensive income (loss), net of taxes - | ||||
Foreign currency translation adjustments from operations | 0.1 | 0 | 0.7 | (0.1) |
Comprehensive income (loss) | 59.6 | 55.8 | 209.3 | 191.5 |
Comprehensive loss (income) attributable to noncontrolling interest | 0.6 | 0.5 | (0.6) | (0.3) |
Comprehensive income (loss) attributable to member | 60.2 | 56.3 | 208.7 | 191.2 |
Starz Media and Other Businesses (Non-Guarantors) | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net income (loss) | (5.4) | (3.2) | (8.9) | 9.3 |
Other comprehensive income (loss), net of taxes - | ||||
Foreign currency translation adjustments from operations | 0.1 | 0 | 0.7 | (0.1) |
Comprehensive income (loss) | (5.3) | (3.2) | (8.2) | 9.2 |
Comprehensive loss (income) attributable to noncontrolling interest | 0 | (0.1) | 0 | (0.1) |
Comprehensive income (loss) attributable to member | (5.3) | (3.3) | (8.2) | 9.1 |
Eliminations | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net income (loss) | (50.6) | (56.1) | (201) | (198) |
Other comprehensive income (loss), net of taxes - | ||||
Foreign currency translation adjustments from operations | (0.1) | 0 | (0.7) | 0.1 |
Comprehensive income (loss) | (50.7) | (56.1) | (201.7) | (197.9) |
Comprehensive loss (income) attributable to noncontrolling interest | 0 | 0.1 | 0 | 0.1 |
Comprehensive income (loss) attributable to member | $ (50.7) | $ (56) | $ (201.7) | $ (197.8) |
Supplemental Guarantor Conden40
Supplemental Guarantor Condensed Consolidating Financial Information - Consolidating Statements of Cash Flows (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Operating activities: | ||||
Net income | $ 59.5 | $ 55.8 | $ 208.6 | $ 191.6 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Depreciation and amortization | 4.8 | 4.9 | 14.3 | 14.9 |
Amortization of program rights | 145.7 | 144.8 | 426.8 | 438.4 |
Program rights payments | (350.2) | (348) | ||
Amortization of investment in films and television programs | 107 | 94.7 | ||
Investment in films and television programs | (51.4) | (86.9) | (285) | (267.4) |
Stock compensation (Note 3) | 8.1 | 7.6 | 24.5 | 22.9 |
Share of earnings of consolidated subsidiaries | 0 | 0 | 0 | 0 |
Deferred income taxes | (15.3) | (15.1) | ||
Other non-operating and non-cash items | (2.1) | (8) | ||
Changes in assets and liabilities: | ||||
Current and other assets | (1.1) | 32.5 | ||
Due to affiliate | 0 | 0 | ||
Payables and other liabilities | (39) | (49.3) | ||
Net cash provided by (used in) operating activities | 88.5 | 107.2 | ||
Investing activities: | ||||
Purchases of property and equipment | (9.4) | (5.9) | ||
Investment in and advances to equity investee | (3.8) | 0 | ||
Cash received from equity investee | 0 | 10.7 | ||
Net cash used in investing activities | (13.2) | 4.8 | ||
Financing activities: | ||||
Borrowings of debt | 769 | 366.5 | ||
Payments of debt | (779.9) | (234.6) | ||
Debt issuance costs | (5) | 0 | ||
Borrowings under notes payable to affiliate | 0 | 0 | ||
Payments under notes payable to affiliate | 0 | 0 | ||
Net advances to / from affiliate | 0 | 0 | ||
Contributions from parent related to exercise of stock options | 11.8 | 4.5 | ||
Minimum withholding of taxes related to stock compensation | (18.5) | (10.9) | ||
Excess tax benefit from stock compensation | 15.6 | 9 | ||
Distributions to parent related to repurchases of common stock | (64.7) | (226.6) | ||
Net cash provided by (used in) financing activities | (71.7) | (92.1) | ||
Net increase (decrease) in cash and cash equivalents | 3.6 | 19.9 | ||
Beginning of period | 13.4 | 25.7 | ||
End of period | 17 | 45.6 | 17 | 45.6 |
Supplemental disclosure of cash flow information: | ||||
Cash paid for interest, net of amounts capitalized | 40.6 | 41.3 | ||
Cash paid for income taxes | 92.6 | 76.9 | ||
Starz Entertainment, LLC (Guarantor) | ||||
Operating activities: | ||||
Net income | 56 | 59.3 | 209.9 | 188.7 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Depreciation and amortization | 4.1 | 3.9 | 12 | 11.6 |
Amortization of program rights | 427.7 | 439.7 | ||
Program rights payments | (350.7) | (349.7) | ||
Amortization of investment in films and television programs | 27.4 | 18.7 | ||
Investment in films and television programs | (188.9) | (174.5) | ||
Stock compensation (Note 3) | 22.1 | 20.5 | ||
Share of earnings of consolidated subsidiaries | 0 | 0 | 0 | 0 |
Deferred income taxes | (19.4) | (22.5) | ||
Other non-operating and non-cash items | 4.7 | 3.6 | ||
Changes in assets and liabilities: | ||||
Current and other assets | 4.5 | (33.6) | ||
Due to affiliate | (22.9) | (9.7) | ||
Payables and other liabilities | 36.5 | 25.3 | ||
Net cash provided by (used in) operating activities | 162.9 | 118.1 | ||
Investing activities: | ||||
Purchases of property and equipment | (9.4) | (5.8) | ||
Investment in and advances to equity investee | 0 | |||
Cash received from equity investee | 0 | |||
Net cash used in investing activities | (9.4) | (5.8) | ||
Financing activities: | ||||
Borrowings of debt | 0 | 0 | ||
Payments of debt | (3.5) | (3.2) | ||
Debt issuance costs | 0 | |||
Borrowings under notes payable to affiliate | (111.5) | (60) | ||
Payments under notes payable to affiliate | 27.1 | 54 | ||
Net advances to / from affiliate | (65.2) | (86.6) | ||
Contributions from parent related to exercise of stock options | 0 | 0 | ||
Minimum withholding of taxes related to stock compensation | (16.1) | (9.7) | ||
Excess tax benefit from stock compensation | 15.6 | 9 | ||
Distributions to parent related to repurchases of common stock | 0 | 0 | ||
Net cash provided by (used in) financing activities | (153.6) | (96.5) | ||
Net increase (decrease) in cash and cash equivalents | (0.1) | 15.8 | ||
Beginning of period | 8.7 | 20.8 | ||
End of period | 8.6 | 36.6 | 8.6 | 36.6 |
Supplemental disclosure of cash flow information: | ||||
Cash paid for interest, net of amounts capitalized | (10.4) | (2.6) | ||
Cash paid for income taxes | 122.9 | 72.9 | ||
Starz, LLC Parent Only (Co-Issuer) | ||||
Operating activities: | ||||
Net income | 59.5 | 55.8 | 208.6 | 191.6 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Depreciation and amortization | 0.4 | 0.4 | 1.1 | 1.1 |
Amortization of program rights | 0 | 0 | ||
Program rights payments | 0 | 0 | ||
Amortization of investment in films and television programs | 0 | 0 | ||
Investment in films and television programs | 0 | 0 | ||
Stock compensation (Note 3) | 0.6 | 0.8 | ||
Share of earnings of consolidated subsidiaries | (66.9) | (63.7) | (232.7) | (220.4) |
Deferred income taxes | 3.9 | 8 | ||
Other non-operating and non-cash items | 1.8 | 1.8 | ||
Changes in assets and liabilities: | ||||
Current and other assets | 22.6 | 20.9 | ||
Due to affiliate | 15.4 | 14.8 | ||
Payables and other liabilities | (21.3) | (18.2) | ||
Net cash provided by (used in) operating activities | 0 | 0.4 | ||
Investing activities: | ||||
Purchases of property and equipment | 0 | 0 | ||
Investment in and advances to equity investee | 0 | |||
Cash received from equity investee | 0 | |||
Net cash used in investing activities | 0 | 0 | ||
Financing activities: | ||||
Borrowings of debt | 769 | 366.5 | ||
Payments of debt | (776.4) | (231.4) | ||
Debt issuance costs | (5) | |||
Borrowings under notes payable to affiliate | 0 | 0 | ||
Payments under notes payable to affiliate | 0 | 0 | ||
Net advances to / from affiliate | 65.2 | 86.6 | ||
Contributions from parent related to exercise of stock options | 11.8 | 4.5 | ||
Minimum withholding of taxes related to stock compensation | 0 | 0 | ||
Excess tax benefit from stock compensation | 0 | 0 | ||
Distributions to parent related to repurchases of common stock | (64.7) | (226.6) | ||
Net cash provided by (used in) financing activities | (0.1) | (0.4) | ||
Net increase (decrease) in cash and cash equivalents | (0.1) | 0 | ||
Beginning of period | 0.3 | 0.4 | ||
End of period | 0.2 | 0.4 | 0.2 | 0.4 |
Supplemental disclosure of cash flow information: | ||||
Cash paid for interest, net of amounts capitalized | 44.2 | 42.8 | ||
Cash paid for income taxes | (30.9) | (24.4) | ||
Starz Media and Other Businesses (Non-Guarantors) | ||||
Operating activities: | ||||
Net income | (5.4) | (3.2) | (8.9) | 9.3 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Depreciation and amortization | 0.3 | 0.6 | 1.2 | 2.2 |
Amortization of program rights | 0 | 0 | ||
Program rights payments | 0 | 0 | ||
Amortization of investment in films and television programs | 79.6 | 76 | ||
Investment in films and television programs | (96.1) | (92.9) | ||
Stock compensation (Note 3) | 1.8 | 1.6 | ||
Share of earnings of consolidated subsidiaries | 0 | 0 | 0 | 0 |
Deferred income taxes | 0 | 0 | ||
Other non-operating and non-cash items | (6.8) | (11.6) | ||
Changes in assets and liabilities: | ||||
Current and other assets | (28.9) | 45.9 | ||
Due to affiliate | 7.5 | (5.1) | ||
Payables and other liabilities | (23.8) | (36.7) | ||
Net cash provided by (used in) operating activities | (74.4) | (11.3) | ||
Investing activities: | ||||
Purchases of property and equipment | 0 | (0.1) | ||
Investment in and advances to equity investee | (3.8) | |||
Cash received from equity investee | 10.7 | |||
Net cash used in investing activities | (3.8) | 10.6 | ||
Financing activities: | ||||
Borrowings of debt | 0 | 0 | ||
Payments of debt | 0 | 0 | ||
Debt issuance costs | 0 | |||
Borrowings under notes payable to affiliate | 111.5 | 60 | ||
Payments under notes payable to affiliate | (27.1) | (54) | ||
Net advances to / from affiliate | 0 | 0 | ||
Contributions from parent related to exercise of stock options | 0 | 0 | ||
Minimum withholding of taxes related to stock compensation | (2.4) | (1.2) | ||
Excess tax benefit from stock compensation | 0 | 0 | ||
Distributions to parent related to repurchases of common stock | 0 | 0 | ||
Net cash provided by (used in) financing activities | 82 | 4.8 | ||
Net increase (decrease) in cash and cash equivalents | 3.8 | 4.1 | ||
Beginning of period | 4.4 | 4.5 | ||
End of period | 8.2 | 8.6 | 8.2 | 8.6 |
Supplemental disclosure of cash flow information: | ||||
Cash paid for interest, net of amounts capitalized | 6.8 | 1.1 | ||
Cash paid for income taxes | 0.6 | 28.4 | ||
Eliminations | ||||
Operating activities: | ||||
Net income | (50.6) | (56.1) | (201) | (198) |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Depreciation and amortization | 0 | 0 | 0 | 0 |
Amortization of program rights | (0.9) | (1.3) | ||
Program rights payments | 0.5 | 1.7 | ||
Amortization of investment in films and television programs | 0 | 0 | ||
Investment in films and television programs | 0 | 0 | ||
Stock compensation (Note 3) | 0 | 0 | ||
Share of earnings of consolidated subsidiaries | 66.9 | 63.7 | 232.7 | 220.4 |
Deferred income taxes | 0.2 | (0.6) | ||
Other non-operating and non-cash items | (1.8) | (1.8) | ||
Changes in assets and liabilities: | ||||
Current and other assets | 0.7 | (0.7) | ||
Due to affiliate | 0 | 0 | ||
Payables and other liabilities | (30.4) | (19.7) | ||
Net cash provided by (used in) operating activities | 0 | 0 | ||
Investing activities: | ||||
Purchases of property and equipment | 0 | 0 | ||
Investment in and advances to equity investee | 0 | |||
Cash received from equity investee | 0 | |||
Net cash used in investing activities | 0 | 0 | ||
Financing activities: | ||||
Borrowings of debt | 0 | 0 | ||
Payments of debt | 0 | 0 | ||
Debt issuance costs | 0 | |||
Borrowings under notes payable to affiliate | 0 | 0 | ||
Payments under notes payable to affiliate | 0 | 0 | ||
Net advances to / from affiliate | 0 | 0 | ||
Contributions from parent related to exercise of stock options | 0 | 0 | ||
Minimum withholding of taxes related to stock compensation | 0 | 0 | ||
Excess tax benefit from stock compensation | 0 | 0 | ||
Distributions to parent related to repurchases of common stock | 0 | 0 | ||
Net cash provided by (used in) financing activities | 0 | 0 | ||
Net increase (decrease) in cash and cash equivalents | 0 | 0 | ||
Beginning of period | 0 | 0 | ||
End of period | $ 0 | $ 0 | 0 | 0 |
Supplemental disclosure of cash flow information: | ||||
Cash paid for interest, net of amounts capitalized | 0 | 0 | ||
Cash paid for income taxes | $ 0 | $ 0 |