Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2018 | May 04, 2018 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | Altice USA, Inc. | |
Entity Central Index Key | 1,702,780 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2018 | |
Entity Common Stock, Shares Outstanding | 737,068,966 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Current Assets: | ||
Cash and cash equivalents | $ 1,427,651 | $ 329,848 |
Restricted cash | 253 | 252 |
Accounts receivable, trade (less allowance for doubtful accounts of $10,481 and $13,420) | 330,761 | 370,765 |
Prepaid expenses and other current assets | 142,366 | 130,425 |
Amounts due from affiliates | 21,146 | 19,764 |
Derivative contracts | 9,211 | 52,545 |
Total current assets | 1,931,388 | 903,599 |
Property, plant and equipment, net of accumulated depreciation of $2,983,696 and $2,599,579 | 5,819,544 | 6,023,826 |
Investment securities pledged as collateral | 1,467,781 | 1,720,357 |
Derivative contracts | 63,343 | 0 |
Other assets | 122,786 | 57,904 |
Amortizable intangible assets, net of accumulated amortization | 4,834,637 | 5,066,454 |
Indefinite-lived cable television franchises | 13,020,081 | 13,020,081 |
Goodwill | 8,019,849 | 8,019,861 |
Total assets | 35,279,409 | 34,812,082 |
Current Liabilities: | ||
Accounts payable | 725,625 | 795,128 |
Interest | 296,400 | 397,422 |
Employee related costs | 104,824 | 147,727 |
Other accrued expenses | 318,098 | 411,988 |
Amounts due to affiliates | 11,078 | 10,998 |
Deferred revenue | 122,395 | 111,197 |
Liabilities under derivative contracts | 9,211 | 52,545 |
Credit facility debt | 53,900 | 42,650 |
Senior notes and debentures | 1,042,143 | 507,744 |
Capital lease obligations | 7,699 | 9,539 |
Notes payable | 69,084 | 33,424 |
Total current liabilities | 2,760,457 | 2,520,362 |
Defined benefit plan obligations | 97,908 | 103,163 |
Other liabilities | 131,565 | 144,289 |
Deferred tax liability | 4,729,578 | 4,769,286 |
Liabilities under derivative contracts | 114,319 | 187,406 |
Collateralized indebtedness | 1,351,271 | 1,349,474 |
Credit facility debt | 5,636,102 | 4,600,873 |
Senior notes and debentures | 14,767,823 | 15,352,688 |
Capital lease obligations | 11,869 | 12,441 |
Notes payable | 34,003 | 32,478 |
Deficit investment in affiliates | 12,891 | 3,579 |
Total liabilities | 29,647,786 | 29,076,039 |
Commitments and contingencies | ||
Redeemable equity | 234,637 | 231,290 |
Stockholders' Equity: | ||
Preferred Stock, $.01 par value, 100,000,000 shares authorized, no shares issued and outstanding | 0 | 0 |
Paid-in capital | 4,682,646 | 4,665,229 |
Retained earnings | 713,848 | 840,636 |
Total stockholders' equity before accumulated other comprehensive Income and non-controlling interest | 5,403,865 | 5,513,236 |
Accumulated other comprehensive loss | (8,420) | (10,022) |
Total stockholders' equity | 5,395,445 | 5,503,214 |
Noncontrolling interest | 1,541 | 1,539 |
Total stockholders' equity | 5,396,986 | 5,504,753 |
Total liabilities and stockholders' equity | 35,279,409 | 34,812,082 |
Common Class A | ||
Stockholders' Equity: | ||
Common stock | 2,470 | 2,470 |
Common Class B | ||
Stockholders' Equity: | ||
Common stock | 4,901 | 4,901 |
Common Class C | ||
Stockholders' Equity: | ||
Common stock | 0 | 0 |
Customer relationships | ||
Current Assets: | ||
Amortizable intangible assets, net of accumulated amortization | 4,367,742 | 4,561,863 |
Trade names | ||
Current Assets: | ||
Amortizable intangible assets, net of accumulated amortization | 442,807 | 478,509 |
Amortizable intangible assets | ||
Current Assets: | ||
Amortizable intangible assets, net of accumulated amortization | $ 24,088 | $ 26,082 |
CONDENSED CONSOLIDATED BALANCE3
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Current Assets: | ||
Accounts receivable, trade allowance for doubtful accounts | $ 10,481 | $ 13,420 |
Property, plant and equipment, accumulated depreciation | 2,983,696 | 2,599,579 |
Amortizable intangible assets, accumulated amortization | $ 2,240,390 | $ 2,008,573 |
Stockholders' Equity: | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common Class A | ||
Stockholders' Equity: | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 4,000,000,000 | 4,000,000,000 |
Common stock, shares issued (in shares) | 246,982,292 | 246,982,292 |
Common stock, shares outstanding (in shares) | 246,982,292 | 246,982,292 |
Common Class B | ||
Stockholders' Equity: | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued (in shares) | 490,086,674 | 490,086,674 |
Common stock, shares outstanding (in shares) | 490,086,674 | 490,086,674 |
Common Class C | ||
Stockholders' Equity: | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 4,000,000,000 | 4,000,000,000 |
Common stock, shares issued (in shares) | 0 | 0 |
Common stock, shares outstanding (in shares) | 0 | 0 |
Customer relationships | ||
Current Assets: | ||
Amortizable intangible assets, accumulated amortization | $ 1,603,142 | $ 1,409,021 |
Trade names | ||
Current Assets: | ||
Amortizable intangible assets, accumulated amortization | 624,276 | 588,574 |
Amortizable intangible assets | ||
Current Assets: | ||
Amortizable intangible assets, accumulated amortization | $ 12,972 | $ 10,978 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Income Statement [Abstract] | ||
Revenue (including revenue from affiliates of $125 and $141, respectively) (See Note 14) | $ 2,329,714 | $ 2,302,259 |
Operating expenses: | ||
Programming and other direct costs (including charges from affiliates of $1,154 and $735, respectively) (See Note 14) | 787,361 | 758,352 |
Other operating expenses (including charges from affiliates of $7,994 and $7,298, respectively) (See Note 14) | 583,023 | 608,144 |
Restructuring and other expense | 3,587 | 76,929 |
Depreciation and amortization (including impairments) | 642,705 | 608,724 |
Total operating expenses | 2,016,676 | 2,052,149 |
Operating income | 313,038 | 250,110 |
Other income (expense): | ||
Interest expense (including interest expense to affiliates and related parties of$47,588 in 2017) (See Note 14) | (377,258) | (433,294) |
Interest income | 3,103 | 232 |
Gain (loss) on investments and sale of affiliate interests, net | (248,602) | 131,658 |
Gain (loss) on derivative contracts, net | 168,352 | (71,044) |
Gain (loss) on interest rate swap contracts | (31,922) | 2,342 |
Loss on extinguishment of debt and write-off of deferred financing costs | (4,705) | 0 |
Other expense, net | (11,658) | (2,100) |
Total other income (expense) | (502,690) | (372,206) |
Loss before income taxes | (189,652) | (122,096) |
Income tax benefit | 60,703 | 45,908 |
Net loss | (128,949) | (76,188) |
Net income attributable to noncontrolling interests | (2) | (237) |
Net loss attributable to Altice USA, Inc. stockholders | $ (128,951) | $ (76,425) |
Basic and diluted net loss per share (in dollars per share) | $ (0.17) | $ (0.12) |
Basic and diluted weighted average common shares (in shares) | 737,069 | 649,525 |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Income Statement [Abstract] | ||
Revenue from affiliates | $ 125 | $ 141 |
Programming and other direct costs from affiliates | 1,154 | 735 |
Other operating expense from affiliates | 7,994 | 7,298 |
Interest expense to related parties and affiliates | $ 0 | $ 47,588 |
CONDENSED CONSOLIDATED STATEME6
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | ||
Net loss | $ (128,949) | $ (76,188) |
Defined benefit pension plans: | ||
Unrecognized actuarial gain | 4,551 | 0 |
Applicable income taxes | (1,228) | 0 |
Unrecognized gain arising during period, net of income taxes | 3,323 | 0 |
Settlement losses included in other expense, net | 606 | 0 |
Applicable income taxes | (164) | 0 |
Settlement losses included in other expense, net, net of income taxes | 442 | 0 |
Other comprehensive gain | 3,765 | 0 |
Comprehensive loss | (125,184) | (76,188) |
Comprehensive income attributable to noncontrolling interests | (2) | (237) |
Comprehensive loss attributable to Altice USA, Inc. stockholders | $ (125,186) | $ (76,425) |
CONDENSED CONSOLIDATED STATEME7
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | ||
Settlement loss related to pension plan | $ 606 | $ 0 |
CONDENSED CONSOLIDATED STATEME8
CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - 3 months ended Mar. 31, 2018 - USD ($) $ in Thousands | Total | Total Stockholders' Equity | Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (loss) | Non-controlling Interest | Common Class ACommon Stock | Common Class BCommon Stock | ATS Acquisition | ATS AcquisitionTotal Stockholders' Equity | ATS AcquisitionPaid-in Capital | ATS AcquisitionRetained Earnings |
Beginning balance (As Reported) at Dec. 31, 2017 | $ 5,495,840 | $ 5,494,301 | $ 4,642,128 | $ 854,824 | $ (10,022) | $ 1,539 | $ 2,470 | $ 4,901 | ||||
Beginning balance (Restatement Adjustment) | $ (3,753) | $ (3,753) | $ 23,101 | $ (26,854) | ||||||||
Beginning balance (Restatement Adjustment, Impact of ASC 606) | 12,666 | 12,666 | 12,666 | |||||||||
Beginning balance at Dec. 31, 2017 | 5,504,753 | 5,503,214 | 4,665,229 | 840,636 | (10,022) | 1,539 | 2,470 | 4,901 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Net loss attributable to stockholders | (128,951) | (128,951) | (128,951) | |||||||||
Net income attributable to noncontrolling interests | 2 | 2 | ||||||||||
Pension liability adjustments, net of income taxes | 3,765 | 3,765 | 3,765 | |||||||||
Share-based compensation expense | 21,623 | 21,623 | 21,623 | |||||||||
Change in fair value of redeemable equity | (3,347) | (3,347) | (3,347) | |||||||||
Other changes to equity | (859) | (859) | (859) | 0 | ||||||||
Adoption of ASU No. 2018-02 | 2,163 | (2,163) | ||||||||||
Ending balance at Mar. 31, 2018 | $ 5,396,986 | $ 5,395,445 | $ 4,682,646 | $ 713,848 | $ (8,420) | $ 1,541 | $ 2,470 | $ 4,901 |
CONDENSED CONSOLIDATED STATEME9
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Cash flows from operating activities: | ||
Net loss | $ (128,949) | $ (76,188) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation and amortization (including impairments) | 642,705 | 608,724 |
Equity in net loss of affiliates | 10,442 | 2,757 |
Loss (gain) on investments and sale of affiliate interests, net | 248,602 | (131,658) |
Loss (gain) on derivative contracts, net | (168,352) | 71,044 |
Loss on extinguishment of debt and write-off of deferred financing costs | 4,705 | 0 |
Amortization of deferred financing costs and discounts (premiums) on indebtedness | 16,950 | 1,812 |
Settlement loss related to pension plan | 606 | 0 |
Share-based compensation expense | 21,623 | 7,848 |
Deferred income taxes | (65,833) | (52,184) |
Provision for doubtful accounts | 13,500 | 15,694 |
Change in assets and liabilities, net of effects of acquisitions and dispositions: | ||
Accounts receivable, trade | 25,207 | 34,707 |
Other receivables | (28,759) | 0 |
Prepaid expenses and other assets | 9,609 | (10,113) |
Amounts due from and due to affiliates | (1,465) | (131,564) |
Accounts payable | 11,297 | 147,999 |
Accrued liabilities | (224,787) | (253,707) |
Deferred revenue | 11,929 | 11,257 |
Liabilities related to interest rate swap contracts | 31,922 | (2,342) |
Net cash provided by operating activities | 430,952 | 244,086 |
Cash flows from investing activities: | ||
Payment for acquisition, net of cash acquired | (28,940) | (43,608) |
Sale of affiliate interests | (3,537) | 0 |
Capital expenditures | (257,615) | (257,427) |
Proceeds related to sale of equipment, including costs of disposal | 965 | 596 |
Increase in other investments | (2,500) | (550) |
Additions to other intangible assets | 0 | (183) |
Net cash used in investing activities | (291,627) | (301,172) |
Cash flows from financing activities: | ||
Proceeds from credit facility debt, net of discounts | 1,642,500 | 225,000 |
Repayment of credit facility debt | (610,663) | (183,288) |
Issuance of senior notes and debentures | 1,000,000 | 0 |
Proceeds from collateralized indebtedness | 0 | 156,136 |
Repayment of collateralized indebtedness and related derivative contracts | 0 | (150,084) |
Redemption of senior notes, including premiums and fees | (1,057,019) | 0 |
Proceeds from notes payable | 6,812 | 0 |
Principal payments on capital lease obligations | (3,067) | (4,207) |
Additions to deferred financing costs | (19,225) | (1,290) |
Other | (859) | 0 |
Net cash provided by financing activities | 958,479 | 42,267 |
Net increase (decrease) in cash and cash equivalents | 1,097,804 | (14,819) |
Cash, cash equivalents and restricted cash at beginning of year | 330,100 | 503,093 |
Cash, cash equivalents and restricted cash at end of period | $ 1,427,904 | $ 488,274 |
DESCRIPTION OF BUSINESS AND REL
DESCRIPTION OF BUSINESS AND RELATED MATTERS | 3 Months Ended |
Mar. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
DESCRIPTION OF BUSINESS AND RELATED MATTERS | DESCRIPTION OF BUSINESS AND RELATED MATTERS The Company and Related Matters Altice USA, Inc. ("Altice USA" or the "Company") was incorporated in Delaware on September 14, 2015 . As of March 31, 2018 , Altice USA is majority‑owned by Altice N.V., a public company with limited liability (naamloze vennootshcap) under Dutch law. Upon the completion of the Altice N.V. distribution discussed below, the Company will no longer be majority-owned by Altice N.V. The Company provides broadband communications and video services in the United States. It delivers broadband, pay television, telephony services, proprietary content and advertising services to residential and business customers. Altice N.V., through a subsidiary, acquired Cequel Corporation ("Cequel" or "Suddenlink") on December 21, 2015 and Cequel was contributed to Altice USA on June 9, 2016 . Altice USA acquired Cablevision Systems Corporation ("Cablevision" or "Optimum") on June 21, 2016 . The Company classifies its operations into two reportable segments: Cablevision, which operates in the New York metropolitan area, and Cequel, which principally operates in markets in the south‑central United States. The accompanying condensed combined consolidated financial statements ("condensed consolidated financial statements") include the accounts of the Company and all subsidiaries in which the Company has a controlling interest and gives effect to the ATS Acquisition discussed below on a combined basis. All significant inter-company accounts and transactions have been eliminated in consolidation. The accompanying condensed consolidated operating results for the three months ended March 31, 2017 reflect the retrospective adoption of Accounting Standards Update ("ASU") No. 2014-09, Revenue from Contracts with Customers and ASU No. 2017‑07 Compensation-Retirement Benefits (Topic 715). See Note 3 for further details of the impact on the Company's historical financial statements. In June 2017, the Company completed its initial public offering ("IPO") of 71,724,139 shares of its Class A common stock. The Company’s Class A common stock began trading on June 22, 2017, on the New York Stock Exchange under the symbol "ATUS". Acquisition of Altice Technical Services US Corp ATS was formed in 2017 to provide network construction and maintenance services and commercial and residential installations, disconnections, and maintenance. The Company believes the services it receives from ATS are of higher quality and at a lower cost than the Company could achieve without ATS, including for the construction of its new fiber-to-the home ("FTTH") network. During the second quarter of 2017, a substantial portion of the Company's technical workforce at the Cablevision segment either accepted employment with ATS or became employees of ATS and ATS commenced operations and began to perform services for the Company. A substantial portion of the Cequel segment technical workforce became employees of ATS in December 2017. In January 2018, the Company acquired 70% of the equity interests in Altice Technical Services US Corp. ("ATS") for $1.00 (the "ATS Acquisition") and the Company became the owner of 100% of the equity interests in ATS in March 2018. ATS was previously owned by Altice N.V. and a member of ATS's management through a holding company. As the acquisition is a combination of businesses under common control, the Company combined the results of operations and related assets and liabilities of ATS for all periods since its formation. See Note 3 for the impact of the ATS Acquisition on the Company's condensed consolidated balance sheet as of December 31, 2017. Altice N.V. Distribution On January 8, 2018, Altice N.V. announced plans for the separation of the Company from Altice N.V. Altice N.V. will distribute substantially all of its equity interest in the Company through a distribution in kind to holders of Altice N.V.'s common shares A and common shares B (the “Distribution”). Following the Distribution, Altice N.V. will no longer own a controlling equity interest in the Company, and the Company will operate independently from Altice N.V. The implementation of the Distribution is expected to be subject to certain conditions precedent being satisfied or waived. Although Altice N.V. and the Company have not yet negotiated the final terms of the Distribution and related transactions, the Company expects that the following will be conditions to the Distribution: • Approval of Altice N.V. shareholders of (i) the distribution in kind and (ii) the board resolution approving the change in identity and character of the business of Altice N.V. resulting from the Distribution; • Receipt of certain U.S. regulatory approvals, which could take up to 180 days; • The Registration Statement filed on January 8, 2018 being declared effective by the U.S. Securities and Exchange Commission (the ‘‘Commission’’); • The entry into the Master Separation Agreement and the entry into, amendments to or termination of various arrangements between Altice N.V. and the Company, such as a license to use the Altice brand, the stockholders’ agreement among Altice USA, Altice N.V. and certain other parties and the management agreement pursuant to which the Company pays a quarterly management fee to Altice N.V.; and • The declaration and payment of a one-time $1.5 billion dividend to Altice USA stockholders as of a record date prior to the Distribution (the ‘‘Pre-Distribution Dividend’’). Prior to Altice N.V.'s announcement of the Distribution, the Board of Directors of Altice USA, acting through its independent directors, approved in principle the payment of the Pre-Distribution Dividend to all shareholders immediately prior to completion of the separation. Formal approval of the Pre-Distribution Dividend and setting of a record date are expected to occur in the second quarter of 2018. The payment of the Pre-Distribution Dividend will be funded with available Cablevision revolving facility capacity and available cash from new financings, completed in January 2018, at CSC Holdings LLC, a wholly-owned subsidiary of Cablevision. In addition, the Board of Directors of Altice USA has authorized a share repurchase program of $2.0 billion , effective following completion of the separation. In connection with the Distribution, it is expected that the Management Advisory and Consulting Services Agreement with Altice N.V. which provides certain consulting, advisory and other services will be terminated. Compensation under the terms of the agreement is an annual fee of $30,000 paid by the Company. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") and with the instructions to Form 10-Q and Article 10 of Regulation S-X for interim financial information. Accordingly, these financial statements do not include all the information and notes required for complete annual financial statements. The interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2017 . The financial statements presented in this report are unaudited; however, in the opinion of management, such financial statements include all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the results for the periods presented. The results of operations for the interim periods are not necessarily indicative of the results that might be expected for future interim periods or for the full year ending December 31, 2018 . The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Recently Adopted Accounting Pronouncements In February 2018, the FASB issued ASU No. 2018-02, Income Statement—Reporting Comprehensive Income (Topic 220) Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. The primary provision of ASU No. 2018-02 allows for the reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act. ASU No. 2018-02 also requires certain disclosures about stranded tax effects. ASU No. 2018‑02 is effective for the Company on January 1, 2019, with early adoption permitted and will be applied either in the period of adoption or retrospectively to each period (or periods) in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and Jobs Act is recognized. The Company elected to adopt ASU No. 2018-02 during the first quarter of 2018. The adoption resulted in the reclassification of stranded tax amounts of $2,163 associated with net unrecognized losses from the Company's pension plans from accumulated other comprehensive loss to retained earnings. In May 2017, the FASB issued ASU No. 2017‑09, Compensation- Stock Compensation (Topic 718). ASU No. 2017‑09 provides clarity and guidance on which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. ASU No. 2017‑09 was adopted by the Company on January 1, 2018 and had no impact to the Company's condensed consolidated financial statements. In March 2017, the FASB issued ASU No. 2017‑07 Compensation-Retirement Benefits (Topic 715). ASU No. 2017‑07 requires that an employer disaggregate the service cost component from the other components of net benefit cost. It also provides guidance on how to present the service cost component and the other components of net benefit cost in the income statement and what component of net benefit cost is eligible for capitalization. ASU No. 2017‑07 was adopted by the Company on January 1, 2018 and was applied retrospectively. As a result of the adoption, the Company reclassified the non-service cost components of the Company's pension expense for the three months ended March 31, 2017 from other operating expenses to other income (expense), net. The Company elected to apply the practical expedient which allowed it to reclassify amounts disclosed previously in the benefits plan note as the basis for applying retrospective presentation for comparative periods, as the Company determined it was impracticable to disaggregate the cost components for amounts capitalized and amortized in those periods. See Note 3 for information on the impact of the adoption of ASU No. 2017-07. In January 2017, the FASB issued ASU No. 2017‑01, Business Combinations (Topic 805), Clarifying the Definition of a Business, which amends Topic 805 to interpret the definition of a business by adding guidance to assist in evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The Company adopted the new guidance on January 1, 2018 and had no impact to the Company's condensed consolidated financial statements. In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments - Overall (Subtopic 825-10), Recognition and Measurement of Financial Assets and Financial Liabilities. ASU No. 2016-01 modifies how entities measure certain equity investments and also modifies the recognition of changes in the fair value of financial liabilities measured under the fair value option. Entities will be required to measure equity investments that do not result in consolidation and are not accounted for under the equity method at fair value and recognize any changes in fair value in net income. For financial liabilities measured using the fair value option, entities will be required to record changes in fair value caused by a change in instrument-specific credit risk (own credit risk) separately in other comprehensive income. ASU No. 2016-01 was adopted by the Company on January 1, 2018 and had no impact to the Company's condensed consolidated financial statements. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers ("ASC 606"), requiring an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. ASC 606 replaced most existing revenue recognition guidance in GAAP and allowed the use of either the retrospective or cumulative effect transition method. In December 2016, the FASB issued ASU No. 2016-20, Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers, in order to clarify the Codification and to correct any unintended application of the guidance. The amendments in this update affected the guidance in ASC 606. ASC 606 was adopted by the Company on January 1, 2018 on a full retrospective basis, which required the Company to reflect the impact of the updated guidance for all periods presented. The adoption of ASC 606 did not have a material impact on the Company’s financial position or results of operations. See Note 3 for information on the impact of the adoption of ASC 606. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments which clarifies how entities should classify certain cash receipts and cash payments on the statement of cash flows. ASU No. 2016-15 also clarifies how the predominance principle should be applied when cash receipts and cash payments have aspects of more than one class of cash flows. The Company adopted the new guidance on January 1, 2018 and had no impact to the Company's condensed consolidated financial statements. Recently Issued But Not Yet Adopted Accounting Pronouncements In January 2017, the FASB issued ASU No. 2017‑04, Intangibles-Goodwill and Other (Topic 350). ASU No. 2017‑04 simplifies the subsequent measurement of goodwill by removing the second step of the two‑step impairment test. The amendment requires an entity to perform its annual, or interim goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. ASU No. 2017‑04 becomes effective for the Company on January 1, 2020 with early adoption permitted and will be applied prospectively. In February 2016, the FASB issued ASU No. 2016-02, Leases , which increases transparency and comparability by recognizing a lessee’s rights and obligations resulting from leases by recording them on the balance sheet as lease assets and lease liabilities. The new guidance becomes effective for the Company on January 1, 2019. The Company has not yet completed the evaluation of the effect that ASU No. 2016-02 will have on its consolidated financial statements. Reclassifications Certain reclassifications have been made to the 2017 financial statements to conform to the 2018 presentation. |
CHANGE IN ACCOUNTING POLICIES A
CHANGE IN ACCOUNTING POLICIES AND ATS ACQUISITION | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Changes and Error Corrections [Abstract] | |
CHANGE IN ACCOUNTING POLICIES AND ATS ACQUISITION | CHANGE IN ACCOUNTING POLICIES AND ATS ACQUISITION Adoption of ASC 606 - Revenue from Contracts with Customers On January 1, 2018, the Company adopted the guidance pursuant to ASC 606. The Company elected to apply the guidance on a full retrospective basis, which required the Company to reflect the impact of the updated guidance for all periods presented. The adoption of the guidance resulted in the deferral of certain installation revenue, the deferral of certain commission expenses, and a reduction of revenue due to the reclassification of certain third party giveaways and incentives from operating expense. Additionally, the Company made changes in the composition of revenue resulting from the allocation of value related to bundled services sold to residential customers at a discount. Installation Services Revenue Pursuant to ASC 606, the Company's installation services revenue is deferred and recognized over the benefit period. For residential customers, the benefit period is less than one year. For business and wholesale customers, the benefit period is the contract term. Prior to the adoption of ASC 606, the Company recognized installation services revenue for residential and small and medium-sized business ("SMB") customers when installations were completed. As a result of the deferral of installation services revenue for residential and SMB customers, the Company recognized contract liabilities of $6,978 and recorded a cumulative effect adjustment of $5,093 (net of tax of $1,885 ) to retained earnings. The accounting for installation services revenue related to business and wholesale customers has not changed. Commission Expenses Pursuant to ASC 606, the Company defers commission expenses related to obtaining a contract with a customer when the expected period of benefit is greater than one year and amortizes these costs over the average contract term. For commission expenses related to customer contracts with a term of one year or less, the Company is utilizing the practical expedient and is recognizing the costs when incurred. Prior to the adoption of ASC 606, the Company recognized commission expenses related to the sale of its services when incurred. As a result of the change in the timing of recognition of these commission expenses, the Company recognized contract assets of $24,329 and recorded a cumulative effect adjustment of $17,759 (net of tax of $6,570 ) to retained earnings. Third Party Product Giveaways and Incentives When the Company acts as the agent in providing certain product giveaways or incentives, revenue is recorded net of the costs of the giveaways and incentives. For the three months ended March 31, 2017, costs of $3,417 for the giveaways and incentives recorded in other operating expense have been reclassified to revenue. Bundled Services The Company provides bundled services at a discounted rate to its customers. Under ASC 606, revenue should be allocated to separate performance obligations within a bundled offering based on the relative stand-alone selling price of each service within the bundle. In connection with the adoption of ASC 606, the Company revised the amounts allocated to each performance obligation within its bundled offerings which reduced previously reported revenue for telephony services and increased previously reported revenue allocated to pay television and broadband services. Adoption of ASU No. 2017-07 - Compensation-Retirement Benefits (Topic 715) On January 1, 2018, the Company adopted the guidance pursuant to ASU No. 2017‑07. ASU No. 2017‑07 requires that an employer disaggregate the service cost component from the other components of net benefit cost. In connection with the adoption of ASU No. 2017‑07, the Company retroactively reclassified certain pension costs from other operating expenses to other income (expense), net. The adoption of ASU No. 2017-07 had no impact on the Company's condensed consolidated balance sheet. Acquisition of ATS As discussed in Note 1, the Company completed the ATS Acquisition in the first quarter of 2018. ATS was previously owned by Altice N.V. and a member of ATS's management through a holding company. As the acquisition is a combination of businesses under common control, the Company combined the results of operations and related assets and liabilities of ATS for all periods since the formation of ATS, including goodwill of $23,101 , representing the amount previously transferred to ATS. The following table summarizes the impact of adopting ASC 606 and the impact of the ATS Acquisition on the Company's condensed consolidated balance sheet: December 31, 2017 As Reported Impact of ASC 606 Impact of ATS Acquisition As Adjusted Cash and cash equivalents $ 273,329 $ — $ 56,519 $ 329,848 Other current assets 580,231 14,068 (20,548 ) 573,751 Property, plant and equipment, net 6,063,829 — (40,003 ) 6,023,826 Goodwill 7,996,760 — 23,101 8,019,861 Other assets, long-term 19,861,076 10,261 (6,541 ) 19,864,796 Total assets $ 34,775,225 $ 24,329 $ 12,528 $ 34,812,082 Current liabilities $ 2,492,983 $ 6,978 $ 20,401 $ 2,520,362 Deferred tax liability, long-term 4,775,115 4,685 (10,514 ) 4,769,286 Liabilities, long-term 21,779,997 — 6,394 21,786,391 Total liabilities 29,048,095 11,663 16,281 29,076,039 Redeemable equity 231,290 — — 231,290 Paid-in capital 4,642,128 — 23,101 4,665,229 Retained earnings 854,824 12,666 (26,854 ) 840,636 Total stockholders' equity 5,495,840 12,666 (3,753 ) 5,504,753 Total liabilities and stockholders' equity $ 34,775,225 $ 24,329 $ 12,528 $ 34,812,082 The ATS Acquisition did not have an impact on the Company's condensed consolidated statement of operations for the three months ended March 31, 2017. The following table summarizes the impact of adopting ASC 606 and ASU No. 2017-07 on the Company's condensed consolidated statement of operations: Three Months Ended March 31, 2017 As Reported Impact of ASC 606 Impact of ASU No. 2017-07 As Adjusted Residential: Pay TV $ 1,071,361 $ 12,517 $ — $ 1,083,878 Broadband 611,769 14,149 — 625,918 Telephony 210,873 (29,912 ) — 180,961 Business services and wholesale 319,591 (171 ) — 319,420 Advertising 83,361 — — 83,361 Other 8,721 — — 8,721 Total revenue 2,305,676 (3,417 ) — 2,302,259 Programming and other direct costs 758,352 — — 758,352 Other operating expenses 613,437 (3,417 ) (1,876 ) 608,144 Restructuring and other expense 76,929 — — 76,929 Depreciation and amortization 608,724 — — 608,724 Operating income 248,234 — 1,876 250,110 Other expense, net (370,330 ) — (1,876 ) (372,206 ) Loss before income taxes (122,096 ) — — (122,096 ) Income tax benefit 45,908 — — 45,908 Net loss $ (76,188 ) $ — $ — $ (76,188 ) |
NET LOSS PER SHARE ATTRIBUTABLE
NET LOSS PER SHARE ATTRIBUTABLE TO STOCKHOLDERS | 3 Months Ended |
Mar. 31, 2018 | |
Earnings Per Share [Abstract] | |
NET LOSS PER SHARE ATTRIBUTABLE TO STOCKHOLDERS | NET LOSS PER SHARE ATTRIBUTABLE TO STOCKHOLDERS Basic net income (loss) per common share attributable to Altice USA stockholders is computed by dividing net income (loss) attributable to Altice USA stockholders by the weighted average number of common shares outstanding during the period. Diluted income per common share attributable to Altice USA stockholders reflects the dilutive effects of stock options. Diluted net loss per common share attributable to Altice USA stockholders excludes the effects of common stock equivalents as they are anti-dilutive. The weighted average number of shares used to compute basic and diluted net loss per share for the three months ended March 31, 2017 reflect the retroactive impact of certain organizational transactions that occurred prior to the Company's IPO. |
REVENUE AND CONTRACT ASSETS
REVENUE AND CONTRACT ASSETS | 3 Months Ended |
Mar. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
REVENUE AND CONTRACT ASSETS | REVENUE AND CONTRACT ASSETS Revenue Recognition Residential Services The Company derives revenue through monthly charges to residential customers of its pay television, broadband, and telephony services, including installation services. In addition, the Company derives revenue from digital video recorder ("DVR"), video-on-demand ("VOD"), pay‑per‑view, and home shopping commissions which are reflected in "Residential pay TV" revenues. The Company recognizes pay television, broadband, and telephony revenues as the services are provided to a customer on a monthly basis. Revenue from the sale of bundled services at a discounted rate is allocated to each product based on the standalone selling price of each performance obligation within the bundled offer. The standalone selling price requires judgment and is typically determined based on the current prices at which the separate services are sold by the Company. Installation revenue for the Company's residential services is deferred and recognized over the benefit period, which is estimated to be less than one year. The estimated benefit period takes into account both quantitative and qualitative factors including the significance of average installation fees to total recurring revenue per customer. The Company is assessed non-income related taxes by governmental authorities, including franchising authorities (generally under multi-year agreements), and collects such taxes from its customers. In instances where the tax is being assessed directly on the Company, amounts paid to the governmental authorities are recorded as programming and other direct costs and amounts received from the customers are recorded as revenue. For the three months ended March 31, 2018 and 2017 the amount of franchise fees and certain other taxes and fees included as a component of revenue aggregated $63,830 and $64,986 , respectively. Business and Wholesale Services The Company derives revenue from the sale of products and services to both large enterprise and SMB customers, including broadband, telephony, networking, and pay television services reflected in "Business services and wholesale" revenues. The Company's business services also include Ethernet, data transport, and IP-based virtual private networks. The Company also provides managed services to businesses, including hosted telephony services (cloud based SIP-based private branch exchange), managed Wi-Fi, managed desktop and server backup and managed collaboration services including audio and web conferencing. The Company also offers fiber-to-the-tower services to wireless carriers for cell tower backhaul and enable wireline communications service providers to connect to customers that their own networks do not reach. The Company recognizes revenues for these services as the services are provided to a customer on a monthly basis. Substantially all of our SMB customers are billed monthly and large enterprise customers are billed in accordance with the terms of their contracts which is typically also on a monthly basis. Contracts with large enterprise customers typically range from three to five years. Installation revenue related to our large enterprise customers is deferred and recognized over the average contract term. Installation revenue related to SMB customers is deferred and recognized over the benefit period, which is less than a year. The estimated benefit period for SMB customers takes into account both quantitative and qualitative factors including the significance of average installation fees to total recurring revenue per customer. Advertising As part of the agreements under which the Company acquires pay television programming, the Company typically receives an allocation of scheduled advertising time during such programming into which the Company's cable systems can insert commercials. In several of the markets in which the Company operates, it has entered into agreements commonly referred to as interconnects with other cable operators to jointly sell local advertising. In some of these markets, the Company represents the advertising sales efforts of other cable operators; in other markets, other cable operators represent the Company. Advertising revenues are recognized when commercials are aired. Arrangements in which the Company controls the sale of advertising and acts as the principal to the transaction, the Company recognizes revenue earned from the advertising customer on a gross basis and the amount remitted to the distributor as an operating expense. Arrangements in which the Company does not control the sale of advertising and acts as an agent to the transaction, the Company recognizes revenue net of any fee remitted to the distributor. The Company's advanced advertising businesses provide data-driven, audience-based advertising solutions using advanced analytics tools that provide granular measurement of consumer groups, accurate hyper-local ratings and other insights into target audience behavior not available through traditional sample-based measurement services. Revenue earned from the Company's advanced advertising businesses are recognized when services are provided. Other Revenues derived from other sources are recognized when services are provided or events occur. Contract Assets Incremental costs incurred in obtaining a contract with a customer are deferred and recorded as a contract asset if the period of benefit is expected to be greater than one year. Sales commissions for enterprise and certain SMB customers are deferred and amortized over the average contract term. For sales commission expenses related to residential and SMB customers with a term of one year or less, the Company is utilizing the practical expedient and is recognizing the costs when incurred. Cost of fulfilling a contract with a customer are deferred and recorded as a contract asset if they generate or enhance resources of the Company that will be used in satisfying future performance obligations and are expected to be recovered. Installation costs related to residential and SMB customers that are not capitalized as part of the initial deployment of new customer premise equipment are expensed as incurred pursuant to industry-specific guidance. The following table provides information about contracts assets and contract liabilities related to contracts with customers: March 31, 2018 December 31, 2017, as adjusted Contract assets (a) $ 23,682 $ 24,329 Deferred revenue (b) 129,560 117,679 (a) Contract assets include primarily sales commissions for enterprise customers that are deferred and amortized over the average contract term. (b) Deferred revenue represents payments received from customers for services that have yet to be provided and installation revenue which is deferred and recognized over the benefit period. The majority of the Company's deferred revenue represents payments for services for up to one month in advance from residential and SMB customers which is realized within the following month as services are performed. A significant portion of our revenue is derived from residential and SMB customer contracts which are month-to month. As such, the amount of revenue related to unsatisfied performance obligations is not necessarily indicative of the future revenue to be recognized from our existing customer base. Contracts with enterprise customers generally range from three to five years, and services may only be terminated in accordance with the contractual terms. |
SUPPLEMENTAL CASH FLOW INFORMAT
SUPPLEMENTAL CASH FLOW INFORMATION | 3 Months Ended |
Mar. 31, 2018 | |
Supplemental Cash Flow Elements [Abstract] | |
SUPPLEMENTAL CASH FLOW INFORMATION | SUPPLEMENTAL CASH FLOW INFORMATION The Company considers the balance of its investment in funds that substantially hold securities that mature within three months or less from the date the fund purchases these securities to be cash equivalents. The carrying amount of cash and cash equivalents either approximates fair value due to the short-term maturity of these instruments or are at fair value. The Company's non-cash investing and financing activities and other supplemental data were as follows: Three Months Ended March 31, 2018 2017 Non-Cash Investing and Financing Activities: Continuing Operations: Property and equipment accrued but unpaid $ 91,036 $ 61,170 Notes payable to vendor 30,237 — Capital lease obligations 656 — Supplemental Data: Cash interest paid 464,763 524,864 Income taxes paid (refunded), net (1,027 ) 1,553 |
RESTRUCTURING COSTS AND OTHER E
RESTRUCTURING COSTS AND OTHER EXPENSE | 3 Months Ended |
Mar. 31, 2018 | |
Restructuring and Related Activities [Abstract] | |
RESTRUCTURING COSTS AND OTHER EXPENSE | RESTRUCTURING COSTS AND OTHER EXPENSE Restructuring Beginning in the first quarter of 2016, the Company commenced its restructuring initiatives (the "2016 Restructuring Plan") that are intended to simplify the Company's organizational structure. The following table summarizes the activity for the 2016 Restructuring Plan during 2018: Severance and Other Employee Related Costs Facility Realignment and Other Costs Total Accrual balance at December 31, 2017 $ 113,474 $ 9,626 $ 123,100 Restructuring charges 1,818 (497 ) 1,321 Payments and other (38,469 ) (4,475 ) (42,944 ) Accrual balance at March 31, 2018 $ 76,823 $ 4,654 $ 81,477 The Company recorded restructuring charges of $76,751 for the three months ended March 31, 2017 relating to the 2016 Restructuring Plan. Cumulative costs to date relating to the 2016 Restructuring Plan amounted to $310,294 and $67,526 for our Cablevision segment and Cequel segments, respectively. Transaction Costs The Company incurred transaction costs of $2,266 for the three months ended March 31, 2018 relating to the Distribution discussed in Note 1 and $178 for the three months ended March 31, 2017 related to the acquisition of a business. |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 3 Months Ended |
Mar. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
INTANGIBLE ASSETS | INTANGIBLE ASSETS The following table summarizes information relating to the Company's acquired amortizable intangible assets: March 31, 2018 December 31, 2017 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Estimated Useful Lives Customer relationships $ 5,970,884 $ (1,603,142 ) $ 4,367,742 $ 5,970,884 $ (1,409,021 ) $ 4,561,863 8 to 18 years Trade names 1,067,083 (624,276 ) 442,807 1,067,083 (588,574 ) 478,509 2 to 5 years Other amortizable intangibles 37,060 (12,972 ) 24,088 37,060 (10,978 ) 26,082 1 to 15 years $ 7,075,027 $ (2,240,390 ) $ 4,834,637 $ 7,075,027 $ (2,008,573 ) $ 5,066,454 Amortization expense for the three months ended March 31, 2018 and 2017 aggregated $231,817 , and $238,019 , respectively. The following table summarizes information relating to the Company's acquired indefinite-lived intangible assets: March 31, 2018 December 31, 2017 Cablevision Cequel Total Cablevision Cequel Total Cable television franchises $ 8,113,575 $ 4,906,506 $ 13,020,081 $ 8,113,575 $ 4,906,506 $ 13,020,081 Goodwill 5,866,108 2,153,741 8,019,849 5,866,120 2,153,741 8,019,861 Total $ 13,979,683 $ 7,060,247 $ 21,039,930 $ 13,979,695 $ 7,060,247 $ 21,039,942 The carrying amount of goodwill is presented below: Gross goodwill as of December 31, 2017, as reported $ 7,996,760 ATS goodwill included in Cablevision segment (See Note 3 for further details) 23,101 Gross goodwill as of December 31, 2017, as adjusted 8,019,861 Adjustment to purchase accounting relating to business acquired in fourth quarter of 2017 (12 ) Net goodwill as of March 31, 2018 $ 8,019,849 |
DEBT
DEBT | 3 Months Ended |
Mar. 31, 2018 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT The following table provides details of the Company's outstanding credit facility debt: March 31, 2018 December 31, 2017 Maturity Date Interest Rate Principal Amount Carrying Amount (a) Principal Amount Carrying Amount (a) CSC Holdings Restricted Group: Revolving Credit Facility (b) $20,000 on October 9, 2020, remaining balance on November 30, 2021 —% $ — $ — $ 450,000 $ 425,488 Term Loan Facility July 17, 2025 4.04% 2,977,500 2,960,859 2,985,000 2,967,818 Incremental Term Loan Facility January 25, 2026 4.28% 1,500,000 1,481,825 — — Cequel: Revolving Credit Facility (c) $65,000 on November 30, 2021, and remaining balance on April 5, 2023 — — — — — Term Loan Facility July 28, 2025 4.13% 1,255,513 1,247,318 1,258,675 1,250,217 $ 5,733,013 5,690,002 $ 4,693,675 4,643,523 Less: Current portion 53,900 42,650 Long-term debt $ 5,636,102 $ 4,600,873 (a) The carrying amount is net of the unamortized deferred financing costs and/or discounts/premiums. (b) At March 31, 2018 , $115,973 of the revolving credit facility was restricted for certain letters of credit issued on behalf of the Company and $2,184,027 of the facility was undrawn and available, subject to covenant limitations. (c) At March 31, 2018 , $13,500 of the revolving credit facility was restricted for certain letters of credit issued on behalf of the Company and $336,500 of the facility was undrawn and available, subject to covenant limitations. In January 2018, CSC Holdings borrowed $150,000 under its revolving credit facility and entered into a new $1,500,000 incremental term loan facility (the "Incremental Term Loan") under its existing CVC Credit Facilities Agreement. The Incremental Term Loan was priced at 99.5% and will mature on January 25, 2026. The Incremental Term Loan is comprised of eurodollar borrowings or alternate base rate borrowings, and bears interest at a rate per annum equal to the adjusted LIBO rate or the alternate base rate, as applicable, plus the applicable margin, where the applicable margin is (i) with respect to any alternate base rate loan, 1.50% per annum and (ii) with respect to any eurodollar loan, 2.50% per annum. The Company made a voluntary repayment of $600,000 under the CSC Holdings revolving credit facility in January 2018. On March 22, 2018, Altice US Finance I Corporation, an indirect wholly-owned subsidiary of the Company, entered into a Fourth Amendment to Cequel Credit Agreement (Extension Amendment), by and among the borrower, the Revolving Consent Lenders (as defined in the Fourth Amendment) and JPMorgan Chase Bank, N.A., as administrative agent for the lenders (the “Fourth Amendment”). The Fourth Amendment amends and supplements the Borrower’s credit agreement, dated as of June 12, 2015, as amended by the first amendment (refinancing amendment), dated as of October 25, 2016, the second amendment (extension amendment), dated as of December 9, 2016, and the third amendment (incremental loan assumption agreement and refinancing amendment), dated as of March 15, 2017, (as so amended and as may be further amended, restated, modified or supplemented from time to time and as further amended by the Fourth Amendment among, inter alios, the borrower, the lenders party thereto and the administrative agent. The Fourth Amendment extends the maturity date of the revolving loans and/or commitments of the Revolving Consent Lenders to April 5, 2023. The Fourth Amendment and the extended maturity date will not apply to the revolving loans and/or commitments of revolving lenders under the Cequel Credit Agreement that are not Revolving Consent Lenders. As of March 31, 2018 , the Company was in compliance with all of its financial covenants under the CSC Holdings Credit Facilities Agreement and the Cequel Credit Facilities Agreement. Senior Guaranteed Notes, Senior Secured Notes and Senior Notes and Debentures The following table summarizes the Company's senior guaranteed notes, senior secured notes and senior notes and debentures: March 31, 2018 December 31, 2017 Date Issued Maturity Date Interest Rate Principal Amount Carrying Amount (a) Principal Amount Carrying Amount (a) CSC Holdings Senior Notes: February 6, 1998 February 15, 2018 7.875 % (b) (f) (o) $ — $ — $ 300,000 $ 301,184 July 21, 1998 July 15, 2018 7.625 % (b) (f) 500,000 504,213 500,000 507,744 February 12, 2009 February 15, 2019 8.625 % (c) (f) 526,000 537,930 526,000 541,165 November 15, 2011 November 15, 2021 6.750 % (c) (f) 1,000,000 962,332 1,000,000 960,146 May 23, 2014 June 1, 2024 5.250 % (c) (f) 750,000 663,291 750,000 660,601 October 9, 2015 January 15, 2023 10.125 % (e) 1,800,000 1,778,745 1,800,000 1,777,914 October 9, 2015 October 15, 2025 10.875 % (e) (l) 1,684,221 1,661,516 1,684,221 1,661,135 CSC Holdings Senior Guaranteed Notes: October 9, 2015 October 15, 2025 6.625 % (e) 1,000,000 987,037 1,000,000 986,717 September 23, 2016 April 15, 2027 5.500 % (g) 1,310,000 1,304,581 1,310,000 1,304,468 January 29, 2018 February 1, 2028 5.375 % (n) 1,000,000 991,665 — — Cablevision Senior Notes (k): April 15, 2010 April 15, 2018 7.750 % (c) (f) (o) — — 750,000 754,035 April 15, 2010 April 15, 2020 8.000 % (c) (f) 500,000 492,795 500,000 492,009 September 27, 2012 September 15, 2022 5.875 % (c) (f) 649,024 575,348 649,024 572,071 Cequel and Cequel Capital Senior Notes (l): Oct. 25, 2012 Dec. 28, 2012 September 15, 2020 6.375 % (d) (m) 1,050,000 1,029,364 1,050,000 1,027,493 May 16, 2013 Sept. 9, 2014 December 15, 2021 5.125 % (d) 1,250,000 1,144,929 1,250,000 1,138,870 June 12, 2015 July 15, 2025 7.750 % (i) 620,000 604,755 620,000 604,374 Altice US Finance I Corporation Senior Secured Notes (l): June 12, 2015 July 15, 2023 5.375 % (h) 1,100,000 1,083,159 1,100,000 1,082,482 April 26, 2016 May 15, 2026 5.500 % (j) 1,500,000 1,488,306 1,500,000 1,488,024 $ 16,239,245 15,809,966 $ 16,289,245 15,860,432 Less: current portion 1,042,143 507,744 Long-term debt $ 14,767,823 $ 15,352,688 (a) The carrying amount is net of the unamortized deferred financing costs and/or discounts/premiums. (b) The debentures are not redeemable by CSC Holdings prior to maturity. (c) Notes are redeemable at any time at a specified "make-whole" price plus accrued and unpaid interest to the redemption date. (d) The Company may redeem some or more of all the notes at the redemption price set forth in the relevant indenture, plus accrued and unpaid interest. (e) The Company may redeem some or all of the 2023 Notes at any time on or after January 15, 2019, and some or all of the 2025 Notes and 2025 Guaranteed Notes at any time on or after October 15, 2020, at the redemption prices set forth in the relevant indenture, plus accrued and unpaid interest, if any. The Company may also redeem up to 40% of each series of the Cablevision Acquisition Notes using the proceeds of certain equity offerings before October 15, 2018, at a redemption price equal to 110.125% for the 2023 Notes, 110.875% for the 2025 Notes and 106.625% for the 2025 Guaranteed Notes, in each case plus accrued and unpaid interest. In addition, at any time prior to January 15, 2019, CSC Holdings may redeem some or all of the 2023 Notes, and at any time prior to October 15, 2020, the Company may redeem some or all of the 2025 Notes and the 2025 Guaranteed Notes, at a price equal to 100% of the principal amount thereof, plus a “make whole” premium specified in the relevant indenture plus accrued and unpaid interest. (f) The carrying value of the notes was adjusted to reflect their fair value on the Cablevision Acquisition Date (aggregate reduction of $52,788 ). (g) The 2027 Guaranteed Notes are redeemable at any time on or after April 15, 2022 at the redemption prices set forth in the indenture, plus accrued and unpaid interest, if any. In addition, up to 40% may be redeemed for each series of the 2027 Guaranteed Notes using the proceeds of certain equity offerings before October 15, 2019, at a redemption price equal to 105.500% , plus accrued and unpaid interest. (h) Some or all of these notes may be redeemed at any time on or after July 15, 2018, plus accrued and unpaid interest, if any. Up to 40% of the notes may be redeemed using the proceeds of certain equity offerings before July 15, 2018, at a redemption price equal to 105.375% . (i) Some or all of these notes may be redeemed at any time on or after July 15, 2020, plus accrued and unpaid interest, if any. Up to 40% of the notes may be redeemed using the proceeds of certain equity offerings before July 15, 2018, at a redemption price equal to 107.750% . (j) Some or all of these notes may be redeemed at any time on or after May 15, 2021, plus accrued and unpaid interest, if any. Up to 40% of the notes may be redeemed using the proceeds of certain equity offerings before May 15, 2019, at a redemption price equal to 105.500% . (k) The issuers of these notes have no ability to service interest or principal on the notes, other than through any dividends or distributions received from CSC Holdings. CSC Holdings is restricted, in certain circumstances, from paying dividends or distributions to the issuers by the terms of the CVC Credit Facilities Agreement. (l) The issuers of these notes have no ability to service interest or principal on the notes, other than through any contributions/distributions from Cequel Communications, LLC (an indirect subsidiary of Cequel and the parent of Altice US Finance I). Cequel Communications, LLC is restricted in certain circumstances, from paying dividends or distributions to the issuers by the terms of the Cequel Credit Facilities Agreement. (m) These notes were repaid in April 2018 with the proceeds from the issuance of new senior notes (see Note 17). (n) The 2028 Guaranteed Notes are redeemable at any time on or after February 1, 2023 at the redemption prices set forth in the indenture, plus accrued and unpaid interest, if any. In addition, up to 40% of the original aggregate principal amount of the notes may be redeemed using the proceeds of certain equity offerings before February 1, 2021, at a redemption price equal to 105.375% , plus accrued and unpaid interest. (o) These notes were repaid in February 2018 with the proceeds from the 2028 Guaranteed Notes (defined below) and with the proceeds from the Incremental Term Loan. In January 2018, CSC Holdings issued $1,000,000 aggregate principal amount of 5.375% senior guaranteed notes due February 1, 2028 (the "2028 Guaranteed Notes"). The 2028 Guaranteed Notes are senior unsecured obligations and rank pari passu in right of payment with all of the existing and future senior indebtedness, including the existing senior notes and the CVC Credit Facilities and rank senior in right of payment to all of existing and future subordinated indebtedness. The proceeds from the 2028 Guaranteed Notes, together with proceeds from the Incremental Term Loan (discussed above), borrowings under the CVC revolving credit facility and cash on hand, were used in February 2018 to repay $300,000 principal amount of CSC Holdings' senior notes due in February 2018 and $750,000 principal amount of Cablevision senior notes due in April 2018 and will be used to fund a dividend of $1,500,000 to the Company's stockholders immediately prior to and in connection with the Distribution discussed in Note 1. The indentures under which the senior notes and debentures were issued contain various covenants. The Company was in compliance with all of its financial covenants under these indentures as of March 31, 2018 . Notes Payable to Affiliates and Related Parties On June 21, 2016, in connection with the Cablevision Acquisition, the Company issued notes payable to affiliates and related parties aggregating $1,750,000 , of which $875,000 bore interest at 10.75% and matured on December 20, 2023 and $875,000 bore interest at 11% and matured on December 20, 2024. In connection with the Company's IPO in June 2017, the Company converted the notes payable to affiliates and related parties (together with accrued and unpaid interest of $529 and applicable premium of $513,723 ) into shares of the Company’s common stock at the IPO price. The premium was recorded as a loss on extinguishment of debt on the Company's statement of operations in the second quarter of 2017. In connection with the conversion of the notes, the Company recorded a credit to paid in capital of $2,264,252 in the second quarter of 2017. For the three months ended March 31, 2017, the Company recognized $47,588 of interest expense related to these notes prior to their conversion. Summary of Debt Maturities The future maturities of debt payable by the Company under its various debt obligations outstanding as of March 31, 2018 , including notes payable, collateralized indebtedness (see Note 10), and capital leases, are as follows: Years Ending December 31, Cablevision Cequel Total 2018 $ 581,298 $ 14,193 $ 595,491 2019 579,587 32,563 612,150 2020 547,517 1,062,715 1,610,232 2021 2,506,407 1,262,725 3,769,132 2022 695,806 12,730 708,536 Thereafter 11,812,663 4,416,240 16,228,903 |
DERIVATIVE CONTRACTS AND COLLAT
DERIVATIVE CONTRACTS AND COLLATERALIZED INDEBTEDNESS | 3 Months Ended |
Mar. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE CONTRACTS AND COLLATERALIZED INDEBTEDNESS | DERIVATIVE CONTRACTS AND COLLATERALIZED INDEBTEDNESS Prepaid Forward Contracts The Company has entered into various transactions to limit the exposure against equity price risk on its shares of Comcast Corporation ("Comcast") common stock. The Company has monetized all of its stock holdings in Comcast through the execution of prepaid forward contracts, collateralized by an equivalent amount of the respective underlying stock. At maturity, the contracts provide for the option to deliver cash or shares of Comcast stock with a value determined by reference to the applicable stock price at maturity. These contracts, at maturity, are expected to offset declines in the fair value of these securities below the hedge price per share while allowing the Company to retain upside appreciation from the hedge price per share to the relevant cap price. The Company received cash proceeds upon execution of the prepaid forward contracts discussed above which has been reflected as collateralized indebtedness in the accompanying condensed consolidated balance sheets. In addition, the Company separately accounts for the equity derivative component of the prepaid forward contracts. These equity derivatives have not been designated as hedges for accounting purposes. Therefore, the net fair values of the equity derivatives have been reflected in the accompanying condensed consolidated balance sheets as an asset or liability and the net increases or decreases in the fair value of the equity derivative component of the prepaid forward contracts are included in gain (loss) on derivative contracts in the accompanying condensed consolidated statements of operations. All of the Company's monetization transactions are obligations of its wholly-owned subsidiaries that are not part of the Restricted Group; however, CSC Holdings has provided guarantees of the subsidiaries' ongoing contract payment expense obligations and potential payments that could be due as a result of an early termination event (as defined in the agreements). If any one of these contracts were terminated prior to its scheduled maturity date, the Company would be obligated to repay the fair value of the collateralized indebtedness less the sum of the fair values of the underlying stock and equity collar, calculated at the termination date. As of March 31, 2018 , the Company did not have an early termination shortfall relating to any of these contracts. The Company monitors the financial institutions that are counterparties to its equity derivative contracts. All of the counterparties to such transactions carry investment grade credit ratings as of March 31, 2018 . Interest Rate Swap Contracts In June 2016, the Company entered into two fixed to floating interest rate swap contracts. One fixed to floating interest rate swap is converting $750,000 from a fixed rate of 1.6655% to six-month LIBO rate and a second tranche of $750,000 from a fixed rate of 1.68% to six-month LIBO rate. The objective of these swaps is to cover the exposure of the 2026 Senior Secured Notes issued by Cequel to changes in the market interest rate. These swap contracts were not designated as hedges for accounting purposes. Accordingly, the changes in the fair value of these interest rate swap contracts are recorded through the statements of operations. The Company does not hold or issue derivative instruments for trading or speculative purposes. The following represents the location of the assets and liabilities associated with the Company's derivative instruments within the condensed consolidated balance sheets: Asset Derivatives Liability Derivatives Derivatives Not Designated as Hedging Instruments Balance Sheet Location Fair Value at March 31, 2018 Fair Value at December 31, 2017 Fair Value at March 31, 2018 Fair Value at December 31, 2017 Prepaid forward contracts Derivative contracts, current $ 9,211 $ 52,545 $ (9,211 ) $ (52,545 ) Prepaid forward contracts Derivative contracts, long-term 63,343 — (4,495 ) (109,504 ) Interest rate swap contracts Liabilities under derivative contracts, long-term — — (109,824 ) (77,902 ) $ 72,554 $ 52,545 $ (123,530 ) $ (239,951 ) Gain (loss) related to the Company's derivative contracts related to the Comcast common stock for the three months ended March 31, 2018 and 2017 of $168,352 and $(71,044) , respectively, are reflected in gain (loss) on derivative contracts, net in the Company's condensed consolidated statement of operations. For the three months ended March 31, 2018 and 2017, the Company recorded a gain (loss) on investments of $(252,576) and $131,658 , respectively, primarily representing the net increase (decrease) in the fair values of the investment securities pledged as collateral. For the three months ended March 31, 2018 and 2017, the Company recorded a gain (loss) on interest rate swap contracts of $(31,922) and $2,342 , respectively. |
FAIR VALUE MEASUREMENT
FAIR VALUE MEASUREMENT | 3 Months Ended |
Mar. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENT | FAIR VALUE MEASUREMENT The fair value hierarchy is based on inputs to valuation techniques that are used to measure fair value that are either observable or unobservable. Observable inputs reflect assumptions market participants would use in pricing an asset or liability based on market data obtained from independent sources while unobservable inputs reflect a reporting entity's pricing based upon their own market assumptions. The fair value hierarchy consists of the following three levels: • Level I - Quoted prices for identical instruments in active markets. • Level II - Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable. • Level III - Instruments whose significant value drivers are unobservable. The following table presents for each of these hierarchy levels, the Company's financial assets and financial liabilities that are measured at fair value on a recurring basis: Fair Value Hierarchy March 31, 2018 December 31, 2017 Assets: Money market funds Level I $ 1,121,432 $ 5,949 Investment securities pledged as collateral Level I 1,467,781 1,720,357 Prepaid forward contracts Level II 72,554 52,545 Liabilities: Prepaid forward contracts Level II 13,706 162,049 Interest rate swap contracts Level II 109,824 77,902 Contingent consideration related to 2017 acquisitions Level III 3,233 32,233 The Company's cash equivalents, investment securities and investment securities pledged as collateral are classified within Level I of the fair value hierarchy because they are valued using quoted market prices. The Company's derivative contracts and liabilities under derivative contracts on the Company's balance sheets are valued using market-based inputs to valuation models. These valuation models require a variety of inputs, including contractual terms, market prices, yield curves, and measures of volatility. When appropriate, valuations are adjusted for various factors such as liquidity, bid/offer spreads and credit risk considerations. Such adjustments are generally based on available market evidence. Since model inputs can generally be verified and do not involve significant management judgment, the Company has concluded that these instruments should be classified within Level II of the fair value hierarchy. The fair value of the contingent consideration as of March 31, 2018 related to acquisitions in the first quarter and fourth quarters of 2017 of approximately $1,000 and $2,233 , respectively. The estimated amount recorded as of March 31, 2018 is the remaining unpaid contractual amount for the first quarter 2017 acquisition and approximately 51% of the contractual amount for the fourth quarter 2017 acquisition. The fair value of the consideration was estimated based on a probability assessment of attaining the targets as of March 31, 2018. Fair Value of Financial Instruments The following methods and assumptions were used to estimate fair value of each class of financial instruments for which it is practicable to estimate: Credit Facility Debt, Collateralized Indebtedness, Senior Notes and Debentures, Senior Secured Notes, Senior Guaranteed Notes, and Notes Payable The fair values of each of the Company's debt instruments are based on quoted market prices for the same or similar issues or on the current rates offered to the Company for instruments of the same remaining maturities. The fair value of notes payable is based primarily on the present value of the remaining payments discounted at the borrowing cost. The carrying values, estimated fair values, and classification under the fair value hierarchy of the Company's financial instruments, excluding those that are carried at fair value in the accompanying condensed consolidated balance sheets, are summarized as follows: March 31, 2018 December 31, 2017 Fair Value Hierarchy Carrying Amount (a) Estimated Fair Value Carrying Amount (a) Estimated Fair Value CSC Holdings debt instruments: Credit facility debt Level II $ 4,442,684 $ 4,477,500 $ 3,393,306 $ 3,435,000 Collateralized indebtedness Level II 1,351,271 1,298,060 1,349,474 1,305,932 Senior guaranteed notes Level II 3,283,283 3,231,825 2,291,185 2,420,000 Senior notes and debentures Level II 6,108,028 6,797,434 6,409,889 7,221,846 Notes payable Level II 78,938 76,340 56,956 55,289 Cablevision senior notes: Senior notes and debentures Level II 1,068,142 1,172,906 1,818,115 1,931,239 Cequel debt instruments: Cequel credit facility Level II 1,247,318 1,255,513 1,250,217 1,258,675 Senior secured notes Level II 2,571,465 2,580,000 2,570,506 2,658,930 Senior notes Level II 2,779,048 2,987,700 2,770,737 2,983,615 Notes payable Level II 24,149 24,149 8,946 8,946 $ 22,954,326 $ 23,901,427 $ 21,919,331 $ 23,279,472 (a) Amounts are net of unamortized deferred financing costs and discounts. The fair value estimates related to the Company's debt instruments presented above are made at a specific point in time, based on relevant market information and information about the financial instrument. These estimates are subjective in nature and involve uncertainties and matters of significant judgments and therefore cannot be determined with precision. Changes in assumptions could significantly affect the estimates. |
INCOME TAXES
INCOME TAXES | 3 Months Ended |
Mar. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES In general, the Company is required to use an estimated annual effective tax rate to measure the income tax expense or benefit recognized in an interim period. The estimated annual effective tax rate is revised on a quarterly basis and therefore may be different from the rate used in a prior interim period. In addition, certain items included in income tax expense as well as the tax impact of certain items included in pretax income from continuing operations must be treated as discrete items. The income tax expense or benefit associated with these discrete items is fully recognized in the interim period in which the items occur. The Company recorded income tax benefit of $60,703 for the three months ended March 31, 2018 , reflecting an effective tax rate of 32% , which has declined compared to previous years primarily as a result of the enactment of the Tax Cuts & Jobs Act in December 2017 which lowered the corporate federal income tax rate from 35% to 21%. The Company recorded income tax benefit of $45,908 for the three months ended March 31, 2017, reflecting an effective tax rate of 38% . Nondeductible share-based compensation expense resulted in tax expense of $3,140 . Absent this item, the effective tax rate for the three months ended March 31, 2017 would have been 40% . As of March 31, 2018 , the Company's federal net operating losses (“NOLs”) were approximately $2,486,000 . The utilization of certain pre-merger NOLs of Cablevision and Cequel are limited pursuant to Internal Revenue Code Section 382. The Company does not expect such limitations to impact the ability to utilize the NOLs prior to their expiration. |
SHARE BASED COMPENSATION
SHARE BASED COMPENSATION | 3 Months Ended |
Mar. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
SHARE BASED COMPENSATION | SHARE BASED COMPENSATION Certain employees of the Company and its affiliates received awards of units in a carry unit plan of Neptune Management LP, an entity which has an ownership interest in the Company. The awards generally vest as follows: 50% on the second anniversary of June 21, 2016 for Cablevision employees or December 21, 2015 for Cequel employees ("Base Date"), 25% on the third anniversary of the Base Date, and 25% on the fourth anniversary of the Base Date. Neptune Holding US GP LLC, the general partner of Neptune Management LP, has the right to repurchase (or to assign to an affiliate, including the Company, the right to repurchase) vested awards held by employees for sixty days following their termination. For performance-based awards under the plan, vesting occurs upon achievement or satisfaction of a specified performance condition. The Company considered the probability of achieving the established performance targets in determining the share-based compensation with respect to these awards at the end of each reporting period. Beginning on the fourth anniversary of the Base Date, the holders of carry units have an annual opportunity (a sixty day period determined by the administrator of the plan) to sell their units back to Neptune Holding US GP LLC (or affiliate, including the Company, designated by Neptune Holding US GP LLC). Accordingly, the carry units are presented as temporary equity on the consolidated balance sheets at fair value. Adjustments to fair value at each reporting period are recorded in paid-in capital. The right of Neptune Holding US GP LLC to assign to an affiliate, including the Company, the right to repurchase an employee’s vested units during the sixty-day period following termination, or to satisfy its obligation to repurchase an employee’s vested units during annual 60 day periods following the fourth anniversary of the Base Date, may be exercised by Neptune Holding US GP LLC in its discretion at the time a repurchase right or obligation arises. The carry unit plan requires the purchase price payable to the employee or former employee, as the case may be, to be paid in cash, a promissory note (with a term of not more than 3 years and bearing interest at the long-term applicable federal rate under Section 1274(d) of the Internal Revenue Code) or combination thereof, in each case as determined by Neptune Holding US GP LLC in its discretion at the time of the repurchase. Neptune Holding US GP LLC expects that vested units will be redeemed for shares of the Company's Class A common stock upon vesting. The following table summarizes activity relating to carry units: Number of Time Vesting Awards Number of Performance Based Vesting Awards Weighted Average Grant Date Fair Value Balance, December 31, 2017 168,550,001 10,000,000 $ 0.71 Forfeited (3,500,001 ) — 0.86 Balance, March 31, 2018 165,050,000 10,000,000 0.71 The weighted average fair value per unit was $2.50 and $2.10 as of December 31, 2017 and March 31, 2018, respectively. For the three months ended March 31, 2018 and 2017, the Company recognized an expense of $17,501 and $7,848 related to the push down of share-based compensation related to the carry unit plan of which approximately $16,872 and $5,786 related to units granted to employees of the Company and $629 and $2,062 related to employees of Altice N.V. and affiliated companies allocated to the Company. Stock Option Plan The following table summarizes activity related to employee stock options for the three months ended March 31, 2018: Shares Under Option Weighted Average Exercise Price Per Share Weighted Average Remaining Contractual Term (in years) Time Vesting Performance Based Vesting Aggregate Intrinsic Value (a) Balance at December 31, 2017 5,110,747 — $ 19.48 9.97 $ 8,944 Granted 298,394 39,050 21.22 Forfeited (103,766 ) (22,314 ) 21.81 Balance at March 31, 2018 5,305,375 16,736 $ 19.54 9.92 (5,615 ) Options exercisable at March 31, 2018 — — — — — (a) The aggregate intrinsic value is calculated as the difference between the exercise price and the closing price of the Company's Class A common stock at the respective date. The Company recognized share based compensation expense related to employee stock options for the three months ended March 31, 2018 of $4,122 . The following aggregate assumptions were used to calculate the fair values of stock option awards granted during the three months ended March 31, 2018: Risk-free interest rate 2.64% Expected life (in years) 6.49 Dividend yield —% Volatility 33.86% Grant date fair value $7.49 |
AFFILIATE AND RELATED PARTY TRA
AFFILIATE AND RELATED PARTY TRANSACTIONS | 3 Months Ended |
Mar. 31, 2018 | |
Related Party Transactions [Abstract] | |
AFFILIATE AND RELATED PARTY TRANSACTIONS | AFFILIATE AND RELATED PARTY TRANSACTIONS Equity Method Investments In July 2016, the Company completed the sale of a 75% interest in Newsday LLC ("Newsday") to an employee of the Company. The Company retained the remaining 25% ownership interest. Effective July 7, 2016, the operating results of Newsday are no longer consolidated with those of the Company and the Company's 25% interest in the operating results of Newsday is recorded using the equity method. At March 31, 2018 , the Company's 25% investment in Newsday and its 25% interest in i24NEWS, Altice N.V.'s 24/7 international news and current affairs channel aggregated $12,891 and $800 , respectively and is included in investments in affiliates on our condensed consolidated balance sheet. The operating results of i24NEWS is also recorded using the equity method. For the three months ended March 31, 2018 and 2017, the Company recorded equity in net loss of Newsday of $9,312 and $1,510 , respectively, and equity in net loss of i24NEWS of $1,130 and $1,247 , respectively. In April 2018, Altice NV transferred its ownership of i24 US and i24 Europe to the Company for minimal consideration. Affiliate and Related Party Transactions As the transactions discussed below were conducted between subsidiaries of Altice N.V. under common control and equity method investees, amounts charged for certain services may not have represented amounts that might have been received or incurred if the transactions were based upon arm's length negotiations. The following table summarizes the revenue and charges related to services provided to or received from subsidiaries of Altice N.V. and Newsday: Three Months Ended March 31, 2018 2017 Revenue $ 125 $ 141 Operating expenses: Programming and other direct costs (1,154 ) (735 ) Other operating expenses, net (7,994 ) (7,298 ) Operating expenses, net (9,148 ) (8,033 ) Interest expense (a) — (47,588 ) Net charges $ (9,023 ) $ (55,480 ) Capital Expenditures $ 1,626 $ 892 (a) In connection with the Company's IPO in June 2017, the Company converted the notes payable to affiliates and related parties into shares of the Company’s common stock at the IPO price. Revenue The Company recognized revenue primarily in connection with the sale of advertising to Newsday. Programming and other direct costs Programming and other direct costs include costs incurred by the Company for the transport and termination of voice and data services provided by a subsidiary of Altice N.V. Other operating expenses A subsidiary of Altice N.V. provides certain executive services, as well as consulting, advisory and other services, including, prior to the IPO, CEO, CFO and COO services, to the Company. Compensation under the terms of the agreement is an annual fee of $30,000 to be paid by the Company. Fees associated with this agreement recorded by the Company amounted to approximately $7,500 , for the three months ended March 31, 2018 and 2017. As of June 20, 2017, the CEO, CFO and COO became employees of the Company and the agreement was assigned to Altice N.V. by a subsidiary of Altice N.V. This agreement will be terminated upon the completion of the Distribution discussed in Note 1. Other operating expenses also include charges for services provided by other subsidiaries of Altice N.V. aggregating $494 and $(202) , respectively, net of a credit of $482 for transition services provided to Newsday for the three months ended March 31, 2017. Capital Expenditures Capital expenditures include $1,626 and $892 , respectively, for equipment purchases and software development services provided by subsidiaries of Altice NV. Aggregate amounts that were due from and due to related parties are summarized below: March 31, 2018 December 31, 2017 Due from: Altice US Finance S.A. (a) $ 12,951 $ 12,951 Newsday (b) 2,558 2,713 Altice Management Americas (b) 1,271 33 i24 News (b) 4,335 4,036 Other Altice N.V. subsidiaries (b) 31 31 $ 21,146 $ 19,764 Due to: Altice Management International (c) 7,500 — Newsday (b) 33 33 Altice Labs S.A. (c) 1,051 7,354 Other Altice N.V. subsidiaries (c) 2,494 3,611 $ 11,078 $ 10,998 (a) Represents interest on senior notes paid by the Company on behalf of the affiliate. (b) Represents amounts paid by the Company on behalf of the respective related party and for Newsday, the net amounts due from the related party also include charges for certain transition services provided. (c) Represents amounts due to affiliates for services provided to the Company. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Mar. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Legal Matters Following expiration of the affiliation agreements for carriage of certain Fox broadcast stations and cable networks on October 16, 2010, News Corporation terminated delivery of the programming feeds to Cablevision, and as a result, those stations and networks were unavailable on Cablevision's cable television systems. On October 30, 2010, Cablevision and Fox reached an agreement on new affiliation agreements for these stations and networks, and carriage was restored. Several purported class action lawsuits alleging breach of contract, unjust enrichment, and consumer fraud and seeking unspecified compensatory damages, punitive damages and attorneys' fees were subsequently filed on behalf of Cablevision's customers seeking recovery for the lack of Fox programming. Those lawsuits were consolidated in an action before the U. S. District Court for the Eastern District of New York, and a consolidated complaint was filed in that court on February 22, 2011. On March 28, 2012, in ruling on Cablevision's motion to dismiss, the Court dismissed all of plaintiffs’ claims, except for breach of contract. On March 30, 2014, the Court granted plaintiffs’ motion for class certification. The parties have entered into a settlement agreement, which is subject to Court approval. As of December 31, 2017, the Company had an estimated liability associated with a potential settlement totaling $6,000 . The amount ultimately paid in connection with the proposed settlement could exceed the amount recorded. In October 2015, the New York Attorney General began an investigation into whether the major Internet Service Providers in New York State deliver advertised Internet speeds. The Company is cooperating with this investigation and is currently in discussions with the New York Attorney General about resolving the investigation as to the Company, which resolution may involve operational and or financial components. While the Company is unable to predict the outcome of the investigation or these discussions, at this time it does not expect that the outcome will have a material adverse effect on its operations, financial conditions or cash flows. The Company receives notices from third parties and, in some cases, is named as a defendant in certain lawsuits claiming infringement of various patents relating to various aspects of the Company's businesses. In certain of these cases other industry participants are also defendants. In certain of these cases the Company expects that any potential liability would be the responsibility of the Company's equipment vendors pursuant to applicable contractual indemnification provisions. The Company believes that the claims are without merit and intends to defend the actions vigorously, but is unable to predict the outcome of these matters or reasonably estimate a range of possible loss. In addition to the matters discussed above, the Company is party to various lawsuits, some involving claims for substantial damages. Although the outcome of these other matters cannot be predicted and the impact of the final resolution of these other matters on the Company's results of operations in a particular subsequent reporting period is not known, management does not believe that the resolution of these other lawsuits will have a material adverse effect on the financial position of the Company or the ability of the Company to meet its financial obligations as they become due. |
SEGMENT INFORMATION
SEGMENT INFORMATION | 3 Months Ended |
Mar. 31, 2018 | |
Segment Reporting [Abstract] | |
SEGMENT INFORMATION | SEGMENT INFORMATION The Company classifies its operations into two reportable segments: Cablevision and Cequel. The Company's reportable segments are strategic business units that are managed separately. The Company evaluates segment performance based on several factors, of which the primary financial measure is business segment Adjusted EBITDA, a non-GAAP measure. The Company defines Adjusted EBITDA as net income (loss) excluding income taxes, income (loss) from discontinued operations, non-operating other income or expenses, loss on extinguishment of debt and write-off of deferred financing costs, gain (loss) on interest rate swap contracts, gain (loss) on derivative contracts, gain (loss) on investments, interest expense (including cash interest expense), interest income, depreciation and amortization (including impairments), share-based compensation expense or benefit, restructuring expense or credits and transaction expenses. The Company has presented the components that reconcile Adjusted EBITDA to operating income, an accepted GAAP measure: Three Months Ended March 31, 2018 Three Months Ended March 31, 2017 Cablevision Cequel Total Cablevision Cequel Total Operating income $ 170,693 $ 142,345 $ 313,038 $ 122,044 $ 128,066 $ 250,110 Share-based compensation 16,172 5,451 21,623 5,082 2,766 7,848 Restructuring and other expense 3,083 504 3,587 58,647 18,282 76,929 Depreciation and amortization (including impairments) 485,364 157,341 642,705 443,176 165,548 608,724 Adjusted EBITDA $ 675,312 $ 305,641 $ 980,953 $ 628,949 $ 314,662 $ 943,611 A reconciliation of reportable segment amounts to the Company's condensed consolidated balances are as follows: Three Months Ended March 31, 2018 2017 Operating income for reportable segments $ 313,038 $ 250,110 Items excluded from operating income: Interest expense (377,258 ) (433,294 ) Interest income 3,103 232 Gain (loss) on investments and sale of affiliate interests, net (248,602 ) 131,658 Gain (loss) on derivative contracts, net 168,352 (71,044 ) Gain (loss) on interest rate swap contracts (31,922 ) 2,342 Loss on extinguishment of debt and write-off of deferred financing costs (4,705 ) — Other expense, net (11,658 ) (2,100 ) Loss before income taxes $ (189,652 ) $ (122,096 ) The following tables present the composition of revenue by segment: Three Months Ended March 31, 2018 Three Months Ended March 31, 2017 Cablevision Cequel Eliminations (a) Total Cablevision Cequel Total Residential: Pay TV $ 763,720 $ 269,988 $ — $ 1,033,708 $ 802,194 $ 281,684 $ 1,083,878 Broadband 440,351 261,270 — 701,621 396,333 229,585 625,918 Telephony 135,585 30,453 — 166,038 146,557 34,404 180,961 Business services and wholesale 234,172 98,918 — 333,090 228,544 90,876 319,420 Advertising 74,643 17,068 (4,129 ) 87,582 65,132 18,229 83,361 Other 2,823 4,852 — 7,675 3,227 5,494 8,721 Total Revenue $ 1,651,294 $ 682,549 $ (4,129 ) $ 2,329,714 $ 1,641,987 $ 660,272 $ 2,302,259 (a) Reflects revenue recognized by Cablevision from the sale of services to Cequel. Capital expenditures (cash basis) by reportable segment are presented below: Three Months Ended March 31, 2018 2017 Cablevision $ 166,801 $ 184,399 Cequel 90,814 73,028 $ 257,615 $ 257,427 All revenues and assets of the Company's reportable segments are attributed to or located in the United States. Total assets by segment are not provided as such amounts are not regularly reviewed by the chief operating decision maker for purposes of decision making regarding resource allocations. |
SUBSEQUENT EVENT
SUBSEQUENT EVENT | 3 Months Ended |
Mar. 31, 2018 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENT | SUBSEQUENT EVENT In April 2018, Cequel Communications Holdings I, LLC and Cequel Capital Corporation each an indirect, wholly owned subsidiary of the Company, issued $1,050,000 , aggregate principal amount of 7.5% senior notes due April 1, 2028. The proceeds of these notes were used in April 2018 to redeem the $1,050,000 aggregate principal amount 6.375% senior notes due September 15, 2020. |
SUMMARY OF SIGNIFICANT ACCOUN27
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Recently Adopted Accounting Pronouncements and Recently Issued But Not Yet Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements In February 2018, the FASB issued ASU No. 2018-02, Income Statement—Reporting Comprehensive Income (Topic 220) Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. The primary provision of ASU No. 2018-02 allows for the reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act. ASU No. 2018-02 also requires certain disclosures about stranded tax effects. ASU No. 2018‑02 is effective for the Company on January 1, 2019, with early adoption permitted and will be applied either in the period of adoption or retrospectively to each period (or periods) in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and Jobs Act is recognized. The Company elected to adopt ASU No. 2018-02 during the first quarter of 2018. The adoption resulted in the reclassification of stranded tax amounts of $2,163 associated with net unrecognized losses from the Company's pension plans from accumulated other comprehensive loss to retained earnings. In May 2017, the FASB issued ASU No. 2017‑09, Compensation- Stock Compensation (Topic 718). ASU No. 2017‑09 provides clarity and guidance on which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. ASU No. 2017‑09 was adopted by the Company on January 1, 2018 and had no impact to the Company's condensed consolidated financial statements. In March 2017, the FASB issued ASU No. 2017‑07 Compensation-Retirement Benefits (Topic 715). ASU No. 2017‑07 requires that an employer disaggregate the service cost component from the other components of net benefit cost. It also provides guidance on how to present the service cost component and the other components of net benefit cost in the income statement and what component of net benefit cost is eligible for capitalization. ASU No. 2017‑07 was adopted by the Company on January 1, 2018 and was applied retrospectively. As a result of the adoption, the Company reclassified the non-service cost components of the Company's pension expense for the three months ended March 31, 2017 from other operating expenses to other income (expense), net. The Company elected to apply the practical expedient which allowed it to reclassify amounts disclosed previously in the benefits plan note as the basis for applying retrospective presentation for comparative periods, as the Company determined it was impracticable to disaggregate the cost components for amounts capitalized and amortized in those periods. See Note 3 for information on the impact of the adoption of ASU No. 2017-07. In January 2017, the FASB issued ASU No. 2017‑01, Business Combinations (Topic 805), Clarifying the Definition of a Business, which amends Topic 805 to interpret the definition of a business by adding guidance to assist in evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The Company adopted the new guidance on January 1, 2018 and had no impact to the Company's condensed consolidated financial statements. In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments - Overall (Subtopic 825-10), Recognition and Measurement of Financial Assets and Financial Liabilities. ASU No. 2016-01 modifies how entities measure certain equity investments and also modifies the recognition of changes in the fair value of financial liabilities measured under the fair value option. Entities will be required to measure equity investments that do not result in consolidation and are not accounted for under the equity method at fair value and recognize any changes in fair value in net income. For financial liabilities measured using the fair value option, entities will be required to record changes in fair value caused by a change in instrument-specific credit risk (own credit risk) separately in other comprehensive income. ASU No. 2016-01 was adopted by the Company on January 1, 2018 and had no impact to the Company's condensed consolidated financial statements. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers ("ASC 606"), requiring an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. ASC 606 replaced most existing revenue recognition guidance in GAAP and allowed the use of either the retrospective or cumulative effect transition method. In December 2016, the FASB issued ASU No. 2016-20, Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers, in order to clarify the Codification and to correct any unintended application of the guidance. The amendments in this update affected the guidance in ASC 606. ASC 606 was adopted by the Company on January 1, 2018 on a full retrospective basis, which required the Company to reflect the impact of the updated guidance for all periods presented. The adoption of ASC 606 did not have a material impact on the Company’s financial position or results of operations. See Note 3 for information on the impact of the adoption of ASC 606. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments which clarifies how entities should classify certain cash receipts and cash payments on the statement of cash flows. ASU No. 2016-15 also clarifies how the predominance principle should be applied when cash receipts and cash payments have aspects of more than one class of cash flows. The Company adopted the new guidance on January 1, 2018 and had no impact to the Company's condensed consolidated financial statements. Recently Issued But Not Yet Adopted Accounting Pronouncements In January 2017, the FASB issued ASU No. 2017‑04, Intangibles-Goodwill and Other (Topic 350). ASU No. 2017‑04 simplifies the subsequent measurement of goodwill by removing the second step of the two‑step impairment test. The amendment requires an entity to perform its annual, or interim goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. ASU No. 2017‑04 becomes effective for the Company on January 1, 2020 with early adoption permitted and will be applied prospectively. In February 2016, the FASB issued ASU No. 2016-02, Leases , which increases transparency and comparability by recognizing a lessee’s rights and obligations resulting from leases by recording them on the balance sheet as lease assets and lease liabilities. The new guidance becomes effective for the Company on January 1, 2019. The Company has not yet completed the evaluation of the effect that ASU No. 2016-02 will have on its consolidated financial statements. |
CHANGE IN ACCOUNTING POLICIES28
CHANGE IN ACCOUNTING POLICIES AND ATS ACQUISITION (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Changes and Error Corrections [Abstract] | |
Schedule of New Accounting Pronouncements | The following table summarizes the impact of adopting ASC 606 and the impact of the ATS Acquisition on the Company's condensed consolidated balance sheet: December 31, 2017 As Reported Impact of ASC 606 Impact of ATS Acquisition As Adjusted Cash and cash equivalents $ 273,329 $ — $ 56,519 $ 329,848 Other current assets 580,231 14,068 (20,548 ) 573,751 Property, plant and equipment, net 6,063,829 — (40,003 ) 6,023,826 Goodwill 7,996,760 — 23,101 8,019,861 Other assets, long-term 19,861,076 10,261 (6,541 ) 19,864,796 Total assets $ 34,775,225 $ 24,329 $ 12,528 $ 34,812,082 Current liabilities $ 2,492,983 $ 6,978 $ 20,401 $ 2,520,362 Deferred tax liability, long-term 4,775,115 4,685 (10,514 ) 4,769,286 Liabilities, long-term 21,779,997 — 6,394 21,786,391 Total liabilities 29,048,095 11,663 16,281 29,076,039 Redeemable equity 231,290 — — 231,290 Paid-in capital 4,642,128 — 23,101 4,665,229 Retained earnings 854,824 12,666 (26,854 ) 840,636 Total stockholders' equity 5,495,840 12,666 (3,753 ) 5,504,753 Total liabilities and stockholders' equity $ 34,775,225 $ 24,329 $ 12,528 $ 34,812,082 The ATS Acquisition did not have an impact on the Company's condensed consolidated statement of operations for the three months ended March 31, 2017. The following table summarizes the impact of adopting ASC 606 and ASU No. 2017-07 on the Company's condensed consolidated statement of operations: Three Months Ended March 31, 2017 As Reported Impact of ASC 606 Impact of ASU No. 2017-07 As Adjusted Residential: Pay TV $ 1,071,361 $ 12,517 $ — $ 1,083,878 Broadband 611,769 14,149 — 625,918 Telephony 210,873 (29,912 ) — 180,961 Business services and wholesale 319,591 (171 ) — 319,420 Advertising 83,361 — — 83,361 Other 8,721 — — 8,721 Total revenue 2,305,676 (3,417 ) — 2,302,259 Programming and other direct costs 758,352 — — 758,352 Other operating expenses 613,437 (3,417 ) (1,876 ) 608,144 Restructuring and other expense 76,929 — — 76,929 Depreciation and amortization 608,724 — — 608,724 Operating income 248,234 — 1,876 250,110 Other expense, net (370,330 ) — (1,876 ) (372,206 ) Loss before income taxes (122,096 ) — — (122,096 ) Income tax benefit 45,908 — — 45,908 Net loss $ (76,188 ) $ — $ — $ (76,188 ) |
REVENUE AND CONTRACT ASSETS (Ta
REVENUE AND CONTRACT ASSETS (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Receivables, Contracts Assets and Contract Liabilities Related To Contracts With Customers | The following table provides information about contracts assets and contract liabilities related to contracts with customers: March 31, 2018 December 31, 2017, as adjusted Contract assets (a) $ 23,682 $ 24,329 Deferred revenue (b) 129,560 117,679 (a) Contract assets include primarily sales commissions for enterprise customers that are deferred and amortized over the average contract term. (b) Deferred revenue represents payments received from customers for services that have yet to be provided and installation revenue which is deferred and recognized over the benefit period. The majority of the Company's deferred revenue represents payments for services for up to one month in advance from residential and SMB customers which is realized within the following month as services are performed. |
SUPPLEMENTAL CASH FLOW INFORM30
SUPPLEMENTAL CASH FLOW INFORMATION (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Supplemental Cash Flow Elements [Abstract] | |
Non-Cash Investing and Financing Activities and Other Supplemental Data | The Company's non-cash investing and financing activities and other supplemental data were as follows: Three Months Ended March 31, 2018 2017 Non-Cash Investing and Financing Activities: Continuing Operations: Property and equipment accrued but unpaid $ 91,036 $ 61,170 Notes payable to vendor 30,237 — Capital lease obligations 656 — Supplemental Data: Cash interest paid 464,763 524,864 Income taxes paid (refunded), net (1,027 ) 1,553 |
RESTRUCTURING COSTS AND OTHER31
RESTRUCTURING COSTS AND OTHER EXPENSE (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Cost Activity | The following table summarizes the activity for the 2016 Restructuring Plan during 2018: Severance and Other Employee Related Costs Facility Realignment and Other Costs Total Accrual balance at December 31, 2017 $ 113,474 $ 9,626 $ 123,100 Restructuring charges 1,818 (497 ) 1,321 Payments and other (38,469 ) (4,475 ) (42,944 ) Accrual balance at March 31, 2018 $ 76,823 $ 4,654 $ 81,477 |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Acquired Finite-Lived Intangible Assets by Major Class | The following table summarizes information relating to the Company's acquired amortizable intangible assets: March 31, 2018 December 31, 2017 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Estimated Useful Lives Customer relationships $ 5,970,884 $ (1,603,142 ) $ 4,367,742 $ 5,970,884 $ (1,409,021 ) $ 4,561,863 8 to 18 years Trade names 1,067,083 (624,276 ) 442,807 1,067,083 (588,574 ) 478,509 2 to 5 years Other amortizable intangibles 37,060 (12,972 ) 24,088 37,060 (10,978 ) 26,082 1 to 15 years $ 7,075,027 $ (2,240,390 ) $ 4,834,637 $ 7,075,027 $ (2,008,573 ) $ 5,066,454 |
Schedule of Indefinite-Lived Intangible Assets | The following table summarizes information relating to the Company's acquired indefinite-lived intangible assets: March 31, 2018 December 31, 2017 Cablevision Cequel Total Cablevision Cequel Total Cable television franchises $ 8,113,575 $ 4,906,506 $ 13,020,081 $ 8,113,575 $ 4,906,506 $ 13,020,081 Goodwill 5,866,108 2,153,741 8,019,849 5,866,120 2,153,741 8,019,861 Total $ 13,979,683 $ 7,060,247 $ 21,039,930 $ 13,979,695 $ 7,060,247 $ 21,039,942 |
Schedule of Goodwill | The carrying amount of goodwill is presented below: Gross goodwill as of December 31, 2017, as reported $ 7,996,760 ATS goodwill included in Cablevision segment (See Note 3 for further details) 23,101 Gross goodwill as of December 31, 2017, as adjusted 8,019,861 Adjustment to purchase accounting relating to business acquired in fourth quarter of 2017 (12 ) Net goodwill as of March 31, 2018 $ 8,019,849 |
DEBT (Tables)
DEBT (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Line of Credit Facilities | The following table provides details of the Company's outstanding credit facility debt: March 31, 2018 December 31, 2017 Maturity Date Interest Rate Principal Amount Carrying Amount (a) Principal Amount Carrying Amount (a) CSC Holdings Restricted Group: Revolving Credit Facility (b) $20,000 on October 9, 2020, remaining balance on November 30, 2021 —% $ — $ — $ 450,000 $ 425,488 Term Loan Facility July 17, 2025 4.04% 2,977,500 2,960,859 2,985,000 2,967,818 Incremental Term Loan Facility January 25, 2026 4.28% 1,500,000 1,481,825 — — Cequel: Revolving Credit Facility (c) $65,000 on November 30, 2021, and remaining balance on April 5, 2023 — — — — — Term Loan Facility July 28, 2025 4.13% 1,255,513 1,247,318 1,258,675 1,250,217 $ 5,733,013 5,690,002 $ 4,693,675 4,643,523 Less: Current portion 53,900 42,650 Long-term debt $ 5,636,102 $ 4,600,873 (a) The carrying amount is net of the unamortized deferred financing costs and/or discounts/premiums. (b) At March 31, 2018 , $115,973 of the revolving credit facility was restricted for certain letters of credit issued on behalf of the Company and $2,184,027 of the facility was undrawn and available, subject to covenant limitations. (c) At March 31, 2018 , $13,500 of the revolving credit facility was restricted for certain letters of credit issued on behalf of the Company and $336,500 of the facility was undrawn and available, subject to covenant limitations. |
Schedule of Long-term Debt Instruments | The following table summarizes the Company's senior guaranteed notes, senior secured notes and senior notes and debentures: March 31, 2018 December 31, 2017 Date Issued Maturity Date Interest Rate Principal Amount Carrying Amount (a) Principal Amount Carrying Amount (a) CSC Holdings Senior Notes: February 6, 1998 February 15, 2018 7.875 % (b) (f) (o) $ — $ — $ 300,000 $ 301,184 July 21, 1998 July 15, 2018 7.625 % (b) (f) 500,000 504,213 500,000 507,744 February 12, 2009 February 15, 2019 8.625 % (c) (f) 526,000 537,930 526,000 541,165 November 15, 2011 November 15, 2021 6.750 % (c) (f) 1,000,000 962,332 1,000,000 960,146 May 23, 2014 June 1, 2024 5.250 % (c) (f) 750,000 663,291 750,000 660,601 October 9, 2015 January 15, 2023 10.125 % (e) 1,800,000 1,778,745 1,800,000 1,777,914 October 9, 2015 October 15, 2025 10.875 % (e) (l) 1,684,221 1,661,516 1,684,221 1,661,135 CSC Holdings Senior Guaranteed Notes: October 9, 2015 October 15, 2025 6.625 % (e) 1,000,000 987,037 1,000,000 986,717 September 23, 2016 April 15, 2027 5.500 % (g) 1,310,000 1,304,581 1,310,000 1,304,468 January 29, 2018 February 1, 2028 5.375 % (n) 1,000,000 991,665 — — Cablevision Senior Notes (k): April 15, 2010 April 15, 2018 7.750 % (c) (f) (o) — — 750,000 754,035 April 15, 2010 April 15, 2020 8.000 % (c) (f) 500,000 492,795 500,000 492,009 September 27, 2012 September 15, 2022 5.875 % (c) (f) 649,024 575,348 649,024 572,071 Cequel and Cequel Capital Senior Notes (l): Oct. 25, 2012 Dec. 28, 2012 September 15, 2020 6.375 % (d) (m) 1,050,000 1,029,364 1,050,000 1,027,493 May 16, 2013 Sept. 9, 2014 December 15, 2021 5.125 % (d) 1,250,000 1,144,929 1,250,000 1,138,870 June 12, 2015 July 15, 2025 7.750 % (i) 620,000 604,755 620,000 604,374 Altice US Finance I Corporation Senior Secured Notes (l): June 12, 2015 July 15, 2023 5.375 % (h) 1,100,000 1,083,159 1,100,000 1,082,482 April 26, 2016 May 15, 2026 5.500 % (j) 1,500,000 1,488,306 1,500,000 1,488,024 $ 16,239,245 15,809,966 $ 16,289,245 15,860,432 Less: current portion 1,042,143 507,744 Long-term debt $ 14,767,823 $ 15,352,688 (a) The carrying amount is net of the unamortized deferred financing costs and/or discounts/premiums. (b) The debentures are not redeemable by CSC Holdings prior to maturity. (c) Notes are redeemable at any time at a specified "make-whole" price plus accrued and unpaid interest to the redemption date. (d) The Company may redeem some or more of all the notes at the redemption price set forth in the relevant indenture, plus accrued and unpaid interest. (e) The Company may redeem some or all of the 2023 Notes at any time on or after January 15, 2019, and some or all of the 2025 Notes and 2025 Guaranteed Notes at any time on or after October 15, 2020, at the redemption prices set forth in the relevant indenture, plus accrued and unpaid interest, if any. The Company may also redeem up to 40% of each series of the Cablevision Acquisition Notes using the proceeds of certain equity offerings before October 15, 2018, at a redemption price equal to 110.125% for the 2023 Notes, 110.875% for the 2025 Notes and 106.625% for the 2025 Guaranteed Notes, in each case plus accrued and unpaid interest. In addition, at any time prior to January 15, 2019, CSC Holdings may redeem some or all of the 2023 Notes, and at any time prior to October 15, 2020, the Company may redeem some or all of the 2025 Notes and the 2025 Guaranteed Notes, at a price equal to 100% of the principal amount thereof, plus a “make whole” premium specified in the relevant indenture plus accrued and unpaid interest. (f) The carrying value of the notes was adjusted to reflect their fair value on the Cablevision Acquisition Date (aggregate reduction of $52,788 ). (g) The 2027 Guaranteed Notes are redeemable at any time on or after April 15, 2022 at the redemption prices set forth in the indenture, plus accrued and unpaid interest, if any. In addition, up to 40% may be redeemed for each series of the 2027 Guaranteed Notes using the proceeds of certain equity offerings before October 15, 2019, at a redemption price equal to 105.500% , plus accrued and unpaid interest. (h) Some or all of these notes may be redeemed at any time on or after July 15, 2018, plus accrued and unpaid interest, if any. Up to 40% of the notes may be redeemed using the proceeds of certain equity offerings before July 15, 2018, at a redemption price equal to 105.375% . (i) Some or all of these notes may be redeemed at any time on or after July 15, 2020, plus accrued and unpaid interest, if any. Up to 40% of the notes may be redeemed using the proceeds of certain equity offerings before July 15, 2018, at a redemption price equal to 107.750% . (j) Some or all of these notes may be redeemed at any time on or after May 15, 2021, plus accrued and unpaid interest, if any. Up to 40% of the notes may be redeemed using the proceeds of certain equity offerings before May 15, 2019, at a redemption price equal to 105.500% . (k) The issuers of these notes have no ability to service interest or principal on the notes, other than through any dividends or distributions received from CSC Holdings. CSC Holdings is restricted, in certain circumstances, from paying dividends or distributions to the issuers by the terms of the CVC Credit Facilities Agreement. (l) The issuers of these notes have no ability to service interest or principal on the notes, other than through any contributions/distributions from Cequel Communications, LLC (an indirect subsidiary of Cequel and the parent of Altice US Finance I). Cequel Communications, LLC is restricted in certain circumstances, from paying dividends or distributions to the issuers by the terms of the Cequel Credit Facilities Agreement. (m) These notes were repaid in April 2018 with the proceeds from the issuance of new senior notes (see Note 17). (n) The 2028 Guaranteed Notes are redeemable at any time on or after February 1, 2023 at the redemption prices set forth in the indenture, plus accrued and unpaid interest, if any. In addition, up to 40% of the original aggregate principal amount of the notes may be redeemed using the proceeds of certain equity offerings before February 1, 2021, at a redemption price equal to 105.375% , plus accrued and unpaid interest. (o) These notes were repaid in February 2018 with the proceeds from the 2028 Guaranteed Notes (defined below) and with the proceeds from the Incremental Term Loan. |
Schedule of Maturities of Long-term Debt | The future maturities of debt payable by the Company under its various debt obligations outstanding as of March 31, 2018 , including notes payable, collateralized indebtedness (see Note 10), and capital leases, are as follows: Years Ending December 31, Cablevision Cequel Total 2018 $ 581,298 $ 14,193 $ 595,491 2019 579,587 32,563 612,150 2020 547,517 1,062,715 1,610,232 2021 2,506,407 1,262,725 3,769,132 2022 695,806 12,730 708,536 Thereafter 11,812,663 4,416,240 16,228,903 |
DERIVATIVE CONTRACTS AND COLL34
DERIVATIVE CONTRACTS AND COLLATERALIZED INDEBTEDNESS (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Location of Assets and Liabilities Associated With Derivative Instruments Within the Condensed Consolidated Balance Sheets | The following represents the location of the assets and liabilities associated with the Company's derivative instruments within the condensed consolidated balance sheets: Asset Derivatives Liability Derivatives Derivatives Not Designated as Hedging Instruments Balance Sheet Location Fair Value at March 31, 2018 Fair Value at December 31, 2017 Fair Value at March 31, 2018 Fair Value at December 31, 2017 Prepaid forward contracts Derivative contracts, current $ 9,211 $ 52,545 $ (9,211 ) $ (52,545 ) Prepaid forward contracts Derivative contracts, long-term 63,343 — (4,495 ) (109,504 ) Interest rate swap contracts Liabilities under derivative contracts, long-term — — (109,824 ) (77,902 ) $ 72,554 $ 52,545 $ (123,530 ) $ (239,951 ) |
FAIR VALUE MEASUREMENT (Tables)
FAIR VALUE MEASUREMENT (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measured at Fair Value on a Recurring Basis | The following table presents for each of these hierarchy levels, the Company's financial assets and financial liabilities that are measured at fair value on a recurring basis: Fair Value Hierarchy March 31, 2018 December 31, 2017 Assets: Money market funds Level I $ 1,121,432 $ 5,949 Investment securities pledged as collateral Level I 1,467,781 1,720,357 Prepaid forward contracts Level II 72,554 52,545 Liabilities: Prepaid forward contracts Level II 13,706 162,049 Interest rate swap contracts Level II 109,824 77,902 Contingent consideration related to 2017 acquisitions Level III 3,233 32,233 |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments | March 31, 2018 December 31, 2017 Fair Value Hierarchy Carrying Amount (a) Estimated Fair Value Carrying Amount (a) Estimated Fair Value CSC Holdings debt instruments: Credit facility debt Level II $ 4,442,684 $ 4,477,500 $ 3,393,306 $ 3,435,000 Collateralized indebtedness Level II 1,351,271 1,298,060 1,349,474 1,305,932 Senior guaranteed notes Level II 3,283,283 3,231,825 2,291,185 2,420,000 Senior notes and debentures Level II 6,108,028 6,797,434 6,409,889 7,221,846 Notes payable Level II 78,938 76,340 56,956 55,289 Cablevision senior notes: Senior notes and debentures Level II 1,068,142 1,172,906 1,818,115 1,931,239 Cequel debt instruments: Cequel credit facility Level II 1,247,318 1,255,513 1,250,217 1,258,675 Senior secured notes Level II 2,571,465 2,580,000 2,570,506 2,658,930 Senior notes Level II 2,779,048 2,987,700 2,770,737 2,983,615 Notes payable Level II 24,149 24,149 8,946 8,946 $ 22,954,326 $ 23,901,427 $ 21,919,331 $ 23,279,472 (a) Amounts are net of unamortized deferred financing costs and discounts. |
SHARE BASED COMPENSATION (Table
SHARE BASED COMPENSATION (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Activity for Shares | The following table summarizes activity relating to carry units: Number of Time Vesting Awards Number of Performance Based Vesting Awards Weighted Average Grant Date Fair Value Balance, December 31, 2017 168,550,001 10,000,000 $ 0.71 Forfeited (3,500,001 ) — 0.86 Balance, March 31, 2018 165,050,000 10,000,000 0.71 |
Stock Option Activity | The following table summarizes activity related to employee stock options for the three months ended March 31, 2018: Shares Under Option Weighted Average Exercise Price Per Share Weighted Average Remaining Contractual Term (in years) Time Vesting Performance Based Vesting Aggregate Intrinsic Value (a) Balance at December 31, 2017 5,110,747 — $ 19.48 9.97 $ 8,944 Granted 298,394 39,050 21.22 Forfeited (103,766 ) (22,314 ) 21.81 Balance at March 31, 2018 5,305,375 16,736 $ 19.54 9.92 (5,615 ) Options exercisable at March 31, 2018 — — — — — (a) The aggregate intrinsic value is calculated as the difference between the exercise price and the closing price of the Company's Class A common stock at the respective date. |
Aggregate Assumptions Used to Calculated the Fair Values of Stock Options | The following aggregate assumptions were used to calculate the fair values of stock option awards granted during the three months ended March 31, 2018: Risk-free interest rate 2.64% Expected life (in years) 6.49 Dividend yield —% Volatility 33.86% Grant date fair value $7.49 |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Related Party Transactions [Abstract] | |
Summary of related party transactions | Aggregate amounts that were due from and due to related parties are summarized below: March 31, 2018 December 31, 2017 Due from: Altice US Finance S.A. (a) $ 12,951 $ 12,951 Newsday (b) 2,558 2,713 Altice Management Americas (b) 1,271 33 i24 News (b) 4,335 4,036 Other Altice N.V. subsidiaries (b) 31 31 $ 21,146 $ 19,764 Due to: Altice Management International (c) 7,500 — Newsday (b) 33 33 Altice Labs S.A. (c) 1,051 7,354 Other Altice N.V. subsidiaries (c) 2,494 3,611 $ 11,078 $ 10,998 (a) Represents interest on senior notes paid by the Company on behalf of the affiliate. (b) Represents amounts paid by the Company on behalf of the respective related party and for Newsday, the net amounts due from the related party also include charges for certain transition services provided. (c) Represents amounts due to affiliates for services provided to the Company. The following table summarizes the revenue and charges related to services provided to or received from subsidiaries of Altice N.V. and Newsday: Three Months Ended March 31, 2018 2017 Revenue $ 125 $ 141 Operating expenses: Programming and other direct costs (1,154 ) (735 ) Other operating expenses, net (7,994 ) (7,298 ) Operating expenses, net (9,148 ) (8,033 ) Interest expense (a) — (47,588 ) Net charges $ (9,023 ) $ (55,480 ) Capital Expenditures $ 1,626 $ 892 (a) In connection with the Company's IPO in June 2017, the Company converted the notes payable to affiliates and related parties into shares of the Company’s common stock at the IPO price. |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Segment Reporting [Abstract] | |
Schedule of Reconciliation of Adjusted EBITDA to Operating Income (Loss) | The Company has presented the components that reconcile Adjusted EBITDA to operating income, an accepted GAAP measure: Three Months Ended March 31, 2018 Three Months Ended March 31, 2017 Cablevision Cequel Total Cablevision Cequel Total Operating income $ 170,693 $ 142,345 $ 313,038 $ 122,044 $ 128,066 $ 250,110 Share-based compensation 16,172 5,451 21,623 5,082 2,766 7,848 Restructuring and other expense 3,083 504 3,587 58,647 18,282 76,929 Depreciation and amortization (including impairments) 485,364 157,341 642,705 443,176 165,548 608,724 Adjusted EBITDA $ 675,312 $ 305,641 $ 980,953 $ 628,949 $ 314,662 $ 943,611 |
Reconciliation of Reportable Segment Amounts to Cablevision's and CSC Holdings' Consolidated Balances | A reconciliation of reportable segment amounts to the Company's condensed consolidated balances are as follows: Three Months Ended March 31, 2018 2017 Operating income for reportable segments $ 313,038 $ 250,110 Items excluded from operating income: Interest expense (377,258 ) (433,294 ) Interest income 3,103 232 Gain (loss) on investments and sale of affiliate interests, net (248,602 ) 131,658 Gain (loss) on derivative contracts, net 168,352 (71,044 ) Gain (loss) on interest rate swap contracts (31,922 ) 2,342 Loss on extinguishment of debt and write-off of deferred financing costs (4,705 ) — Other expense, net (11,658 ) (2,100 ) Loss before income taxes $ (189,652 ) $ (122,096 ) |
Schedule of Revenue by Products and Services and Segments | The following tables present the composition of revenue by segment: Three Months Ended March 31, 2018 Three Months Ended March 31, 2017 Cablevision Cequel Eliminations (a) Total Cablevision Cequel Total Residential: Pay TV $ 763,720 $ 269,988 $ — $ 1,033,708 $ 802,194 $ 281,684 $ 1,083,878 Broadband 440,351 261,270 — 701,621 396,333 229,585 625,918 Telephony 135,585 30,453 — 166,038 146,557 34,404 180,961 Business services and wholesale 234,172 98,918 — 333,090 228,544 90,876 319,420 Advertising 74,643 17,068 (4,129 ) 87,582 65,132 18,229 83,361 Other 2,823 4,852 — 7,675 3,227 5,494 8,721 Total Revenue $ 1,651,294 $ 682,549 $ (4,129 ) $ 2,329,714 $ 1,641,987 $ 660,272 $ 2,302,259 (a) Reflects revenue recognized by Cablevision from the sale of services to Cequel. |
Capital Expenditures by Reportable Segment | Capital expenditures (cash basis) by reportable segment are presented below: Three Months Ended March 31, 2018 2017 Cablevision $ 166,801 $ 184,399 Cequel 90,814 73,028 $ 257,615 $ 257,427 |
DESCRIPTION OF BUSINESS AND R39
DESCRIPTION OF BUSINESS AND RELATED MATTERS (Details) | Jan. 08, 2018USD ($) | Jan. 31, 2018USD ($) | Jun. 30, 2017shares | Mar. 31, 2018USD ($)segment | Dec. 31, 2017USD ($) |
Description Of Business [Line Items] | |||||
Number of reportable business segments | segment | 2 | ||||
Cash distributions to stockholders | $ 1,500,000,000 | ||||
Stock repurchase program authorized amount | $ 2,000,000,000 | ||||
Common Class A | |||||
Description Of Business [Line Items] | |||||
Number of shares issued in transaction | shares | 71,724,139 | ||||
Fees for Executive Services | Affiliates | |||||
Description Of Business [Line Items] | |||||
Related party transaction, annual fee | $ 30,000,000 | $ 30,000,000 | |||
ATS Acquisition | |||||
Description Of Business [Line Items] | |||||
Entities under common control, percentage of voting interst acquired | 70.00% | ||||
Entities under common control, consideration transferred | $ 1 |
SUMMARY OF SIGNIFICANT ACCOUN40
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2018USD ($) | |
Retained Earnings | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Adoption of ASU No. 2018-02 | $ 2,163 |
Accumulated Other Comprehensive Income (loss) | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Adoption of ASU No. 2018-02 | $ (2,163) |
CHANGE IN ACCOUNTING POLICIES41
CHANGE IN ACCOUNTING POLICIES AND ATS ACQUISITION - Narrative (Details) - USD ($) $ in Thousands | Jan. 01, 2018 | Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Contract liability | $ 129,560 | $ 117,679 | ||
Other operating expenses | 583,023 | $ 608,144 | ||
Contract asset | 23,682 | 24,329 | ||
Goodwill | $ 8,019,849 | 8,019,861 | ||
Impact of ASC 606 | Restatement Adjustment | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Contract liability | 6,978 | |||
Other operating expenses | (3,417) | |||
Contract asset | 24,329 | |||
Goodwill | 0 | |||
ATS Acquisition | Restatement Adjustment | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Other operating expenses | $ (1,876) | |||
Goodwill | $ 23,101 | |||
Installation Services | Impact of ASC 606 | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Cumulative effect on retained earnings, net of tax | $ 5,093 | |||
Cumulative effect on retained earnings, tax | 1,885 | |||
Commissions | Impact of ASC 606 | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Cumulative effect on retained earnings, net of tax | 17,759 | |||
Cumulative effect on retained earnings, tax | $ 6,570 |
CHANGE IN ACCOUNTING POLICIES42
CHANGE IN ACCOUNTING POLICIES AND ATS ACQUISITION - Balance Sheet (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Cash and cash equivalents | $ 1,427,651 | $ 329,848 |
Other current assets | 573,751 | |
Property, plant and equipment, net | 5,819,544 | 6,023,826 |
Goodwill | 8,019,849 | 8,019,861 |
Other assets, long-term | 19,864,796 | |
Total assets | 35,279,409 | 34,812,082 |
Current liabilities | 2,760,457 | 2,520,362 |
Deferred tax liability | 4,729,578 | 4,769,286 |
Liabilities, long-term | 21,786,391 | |
Total liabilities | 29,647,786 | 29,076,039 |
Redeemable equity | 234,637 | 231,290 |
Paid-in capital | 4,682,646 | 4,665,229 |
Retained earnings | 713,848 | 840,636 |
Total stockholders' equity | 5,396,986 | 5,504,753 |
Total liabilities and stockholders' equity | $ 35,279,409 | 34,812,082 |
As Reported | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Cash and cash equivalents | 273,329 | |
Other current assets | 580,231 | |
Property, plant and equipment, net | 6,063,829 | |
Goodwill | 7,996,760 | |
Other assets, long-term | 19,861,076 | |
Total assets | 34,775,225 | |
Current liabilities | 2,492,983 | |
Deferred tax liability | 4,775,115 | |
Liabilities, long-term | 21,779,997 | |
Total liabilities | 29,048,095 | |
Redeemable equity | 231,290 | |
Paid-in capital | 4,642,128 | |
Retained earnings | 854,824 | |
Total stockholders' equity | 5,495,840 | |
Total liabilities and stockholders' equity | 34,775,225 | |
Impact of ASC 606 | Restatement Adjustment | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Cash and cash equivalents | 0 | |
Other current assets | 14,068 | |
Property, plant and equipment, net | 0 | |
Goodwill | 0 | |
Other assets, long-term | 10,261 | |
Total assets | 24,329 | |
Current liabilities | 6,978 | |
Deferred tax liability | 4,685 | |
Liabilities, long-term | 0 | |
Total liabilities | 11,663 | |
Redeemable equity | 0 | |
Paid-in capital | 0 | |
Retained earnings | 12,666 | |
Total stockholders' equity | 12,666 | |
Total liabilities and stockholders' equity | 24,329 | |
ATS Acquisition | Restatement Adjustment | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Cash and cash equivalents | 56,519 | |
Other current assets | (20,548) | |
Property, plant and equipment, net | (40,003) | |
Goodwill | 23,101 | |
Other assets, long-term | (6,541) | |
Total assets | 12,528 | |
Current liabilities | 20,401 | |
Deferred tax liability | (10,514) | |
Liabilities, long-term | 6,394 | |
Total liabilities | 16,281 | |
Redeemable equity | 0 | |
Paid-in capital | 23,101 | |
Retained earnings | (26,854) | |
Total stockholders' equity | (3,753) | |
Total liabilities and stockholders' equity | $ 12,528 |
CHANGE IN ACCOUNTING POLICIES43
CHANGE IN ACCOUNTING POLICIES AND ATS ACQUISITION - Income Statement (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Revenue | $ 2,329,714 | $ 2,302,259 |
Programming and other direct costs | 787,361 | 758,352 |
Other operating expenses | 583,023 | 608,144 |
Restructuring and other expense | 3,587 | 76,929 |
Depreciation and amortization (including impairments) | 642,705 | 608,724 |
Operating income | 313,038 | 250,110 |
Other expense, net | (502,690) | (372,206) |
Loss before income taxes | (189,652) | (122,096) |
Income tax benefit | 60,703 | 45,908 |
Net loss | $ (128,949) | (76,188) |
As Reported | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Revenue | 2,305,676 | |
Programming and other direct costs | 758,352 | |
Other operating expenses | 613,437 | |
Restructuring and other expense | 76,929 | |
Depreciation and amortization (including impairments) | 608,724 | |
Operating income | 248,234 | |
Other expense, net | (370,330) | |
Loss before income taxes | (122,096) | |
Income tax benefit | 45,908 | |
Net loss | (76,188) | |
Impact of ASC 606 | Restatement Adjustment | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Revenue | (3,417) | |
Programming and other direct costs | 0 | |
Other operating expenses | (3,417) | |
Restructuring and other expense | 0 | |
Depreciation and amortization (including impairments) | 0 | |
Operating income | 0 | |
Other expense, net | 0 | |
Loss before income taxes | 0 | |
Income tax benefit | 0 | |
Net loss | 0 | |
Pay TV | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Revenue | 1,083,878 | |
Pay TV | As Reported | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Revenue | 1,071,361 | |
Pay TV | Impact of ASC 606 | Restatement Adjustment | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Revenue | 12,517 | |
Broadband | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Revenue | 625,918 | |
Broadband | As Reported | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Revenue | 611,769 | |
Broadband | Impact of ASC 606 | Restatement Adjustment | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Revenue | 14,149 | |
Telephony | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Revenue | 180,961 | |
Telephony | As Reported | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Revenue | 210,873 | |
Telephony | Impact of ASC 606 | Restatement Adjustment | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Revenue | (29,912) | |
Business services and wholesale | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Revenue | 319,420 | |
Business services and wholesale | As Reported | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Revenue | 319,591 | |
Business services and wholesale | Impact of ASC 606 | Restatement Adjustment | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Revenue | (171) | |
Advertising | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Revenue | 83,361 | |
Advertising | As Reported | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Revenue | 83,361 | |
Advertising | Impact of ASC 606 | Restatement Adjustment | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Revenue | 0 | |
Other | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Revenue | 8,721 | |
Other | As Reported | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Revenue | 8,721 | |
Other | Impact of ASC 606 | Restatement Adjustment | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Revenue | 0 | |
ATS Acquisition | Restatement Adjustment | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Revenue | 0 | |
Programming and other direct costs | 0 | |
Other operating expenses | (1,876) | |
Restructuring and other expense | 0 | |
Depreciation and amortization (including impairments) | 0 | |
Operating income | 1,876 | |
Other expense, net | (1,876) | |
Loss before income taxes | 0 | |
Income tax benefit | 0 | |
Net loss | 0 | |
ATS Acquisition | Pay TV | Restatement Adjustment | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Revenue | 0 | |
ATS Acquisition | Broadband | Restatement Adjustment | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Revenue | 0 | |
ATS Acquisition | Telephony | Restatement Adjustment | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Revenue | 0 | |
ATS Acquisition | Business services and wholesale | Restatement Adjustment | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Revenue | 0 | |
ATS Acquisition | Advertising | Restatement Adjustment | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Revenue | 0 | |
ATS Acquisition | Other | Restatement Adjustment | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Revenue | $ 0 |
REVENUE AND CONTRACT ASSETS - N
REVENUE AND CONTRACT ASSETS - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Disaggregation of Revenue [Line Items] | ||
Franchise fees and other taxes and fees | $ 63,830 | $ 64,986 |
Minimum | ||
Disaggregation of Revenue [Line Items] | ||
Contract term | 3 years | |
Maximum | ||
Disaggregation of Revenue [Line Items] | ||
Contract term | 5 years |
REVENUE AND CONTRACT ASSETS - C
REVENUE AND CONTRACT ASSETS - Contract Assets and Contract Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Revenue from Contract with Customer [Abstract] | ||
Contract assets | $ 23,682 | $ 24,329 |
Deferred revenue | $ 129,560 | $ 117,679 |
SUPPLEMENTAL CASH FLOW INFORM46
SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Continuing Operations: | ||
Property and equipment accrued but unpaid | $ 91,036 | $ 61,170 |
Notes payable to vendor | 30,237 | 0 |
Capital lease obligations | 656 | 0 |
Supplemental Data: | ||
Cash interest paid | 464,763 | 524,864 |
Income taxes paid (refunded), net | $ (1,027) | $ 1,553 |
RESTRUCTURING COSTS AND OTHER47
RESTRUCTURING COSTS AND OTHER EXPENSE (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Restructuring Reserve [Roll Forward] | ||
Accrual, beginning balance | $ 123,100 | |
Restructuring charges | 1,321 | $ 76,751 |
Payments and other | (42,944) | |
Accrual, ending balance | 81,477 | |
Transaction costs | 2,266 | $ 178 |
Severance and Other Employee Related Costs | ||
Restructuring Reserve [Roll Forward] | ||
Accrual, beginning balance | 113,474 | |
Restructuring charges | 1,818 | |
Payments and other | (38,469) | |
Accrual, ending balance | 76,823 | |
Facility Realignment and Other Costs | ||
Restructuring Reserve [Roll Forward] | ||
Accrual, beginning balance | 9,626 | |
Restructuring charges | (497) | |
Payments and other | (4,475) | |
Accrual, ending balance | 4,654 | |
Cablevision | ||
Restructuring Reserve [Roll Forward] | ||
Cumulative restructuring costs | 310,294 | |
Cequel | ||
Restructuring Reserve [Roll Forward] | ||
Cumulative restructuring costs | $ 67,526 |
INTANGIBLE ASSETS - Summary of
INTANGIBLE ASSETS - Summary of Acquired Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | $ 7,075,027 | $ 7,075,027 | |
Accumulated Amortization | (2,240,390) | (2,008,573) | |
Net Carrying Amount | 4,834,637 | 5,066,454 | |
Amortization of intangible assets | 231,817 | $ 238,019 | |
Customer relationships | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 5,970,884 | 5,970,884 | |
Accumulated Amortization | (1,603,142) | (1,409,021) | |
Net Carrying Amount | 4,367,742 | 4,561,863 | |
Trade names | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 1,067,083 | 1,067,083 | |
Accumulated Amortization | (624,276) | (588,574) | |
Net Carrying Amount | 442,807 | 478,509 | |
Other amortizable intangible assets | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 37,060 | 37,060 | |
Accumulated Amortization | (12,972) | (10,978) | |
Net Carrying Amount | $ 24,088 | $ 26,082 | |
Minimum | Customer relationships | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible asset, useful life | 8 years | ||
Minimum | Trade names | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible asset, useful life | 2 years | ||
Minimum | Other amortizable intangible assets | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible asset, useful life | 1 year | ||
Maximum | Customer relationships | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible asset, useful life | 18 years | ||
Maximum | Trade names | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible asset, useful life | 5 years | ||
Maximum | Other amortizable intangible assets | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible asset, useful life | 15 years |
INTANGIBLE ASSETS - Summary o49
INTANGIBLE ASSETS - Summary of Acquired Indefinite-Lived Intangible Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Acquired Indefinite-lived Intangible Assets [Line Items] | ||
Cable television franchises | $ 13,020,081 | $ 13,020,081 |
Goodwill | 8,019,849 | 8,019,861 |
Total | 21,039,930 | 21,039,942 |
Cablevision | ||
Acquired Indefinite-lived Intangible Assets [Line Items] | ||
Cable television franchises | 8,113,575 | 8,113,575 |
Goodwill | 5,866,108 | 5,866,120 |
Total | 13,979,683 | 13,979,695 |
Cequel | ||
Acquired Indefinite-lived Intangible Assets [Line Items] | ||
Cable television franchises | 4,906,506 | 4,906,506 |
Goodwill | 2,153,741 | 2,153,741 |
Total | $ 7,060,247 | $ 7,060,247 |
INTANGIBLE ASSETS - Goodwill (D
INTANGIBLE ASSETS - Goodwill (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2018USD ($) | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | $ 8,019,861 |
Adjustments to purchase accounting relating to Cablevision Acquisition | (12) |
Goodwill, ending balance | 8,019,849 |
As Reported | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | 7,996,760 |
ATS Acquisition | Restatement Adjustment | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | $ 23,101 |
DEBT - Credit Facilities Outsta
DEBT - Credit Facilities Outstanding (Details) - USD ($) | Mar. 31, 2018 | Jan. 31, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | |||
Principal Amount | $ 5,733,013,000 | $ 4,693,675,000 | |
Credit facility, Carrying Value | 5,690,002,000 | 4,643,523,000 | |
Less: Current portion | 53,900,000 | 42,650,000 | |
Credit facility, noncurrent | $ 5,636,102,000 | 4,600,873,000 | |
CSC Holdings Revolving Credit Facility | Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 0.00% | ||
Principal Amount | $ 0 | 450,000,000 | |
Credit facility, Carrying Value | 0 | 425,488,000 | |
Letters of credit outstanding | 115,973,000 | ||
Line of credit facility, remaining borrowing capacity | $ 2,184,027,000 | ||
CSC Holdings Term Loan Facility | Term Loan | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 4.04% | ||
Principal Amount | $ 2,977,500,000 | $ 1,500,000,000 | 2,985,000,000 |
Credit facility, Carrying Value | $ 2,960,859,000 | 2,967,818,000 | |
CSC Holdings Incremental Term Loan Facility | Term Loan | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 4.28% | ||
Principal Amount | $ 1,500,000,000 | 0 | |
Credit facility, Carrying Value | $ 1,481,825,000 | 0 | |
Cequel Revolving Credit Facility | Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 0.00% | ||
Principal Amount | $ 0 | 0 | |
Credit facility, Carrying Value | 0 | 0 | |
Letters of credit outstanding | 13,500,000 | ||
Line of credit facility, remaining borrowing capacity | $ 336,500,000 | ||
Cequel Term Loan Facility | Term Loan | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 4.13% | ||
Principal Amount | $ 1,255,513,000 | 1,258,675,000 | |
Credit facility, Carrying Value | $ 1,247,318,000 | $ 1,250,217,000 |
DEBT - Credit Facilities Narrat
DEBT - Credit Facilities Narrative (Details) - USD ($) | 1 Months Ended | 3 Months Ended | ||
Jan. 31, 2018 | Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Line of Credit Facility [Line Items] | ||||
Proceeds from credit facility debt, net of discounts | $ 1,642,500,000 | $ 225,000,000 | ||
Principal Amount | 5,733,013,000 | $ 4,693,675,000 | ||
Repayment of credit facility debt | 610,663,000 | $ 183,288,000 | ||
CSC Holdings Revolving Credit Facility | Revolving Credit Facility | ||||
Line of Credit Facility [Line Items] | ||||
Proceeds from credit facility debt, net of discounts | $ 150,000,000 | |||
Principal Amount | 0 | 450,000,000 | ||
Repayment of credit facility debt | 600,000,000 | |||
CSC Holdings Term Loan Facility | Term Loan | ||||
Line of Credit Facility [Line Items] | ||||
Principal Amount | $ 1,500,000,000 | $ 2,977,500,000 | $ 2,985,000,000 | |
Debt issued percentage of par | 99.50% | |||
CSC Holdings Term Loan Facility | Term Loan | Base Rate | ||||
Line of Credit Facility [Line Items] | ||||
basis spread on variable rate | 1.50% | |||
CSC Holdings Term Loan Facility | Term Loan | Eurodollar | ||||
Line of Credit Facility [Line Items] | ||||
basis spread on variable rate | 2.50% |
DEBT - Senior Guaranteed Notes
DEBT - Senior Guaranteed Notes and Senior Notes and Debentures (Details) - USD ($) | Jun. 21, 2016 | Feb. 28, 2018 | Mar. 31, 2018 | Jan. 31, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | |||||
Principal Amount | $ 5,733,013,000 | $ 4,693,675,000 | |||
Carrying Amount | 15,809,966,000 | 15,860,432,000 | |||
Less: current portion | 1,042,143,000 | 507,744,000 | |||
Long-term debt | 14,767,823,000 | 15,352,688,000 | |||
Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Principal Amount | $ 16,239,245,000 | 16,289,245,000 | |||
Senior Notes | 7.875% Notes due February 15, 2018 | |||||
Debt Instrument [Line Items] | |||||
Interest Rate | 7.875% | ||||
Principal Amount | $ 0 | 300,000,000 | |||
Carrying Amount | $ 0 | 301,184,000 | |||
Extinguishment of debt | $ 300,000,000 | ||||
Senior Notes | 7.625% Notes due July 15, 2018 | |||||
Debt Instrument [Line Items] | |||||
Interest Rate | 7.625% | ||||
Principal Amount | $ 500,000,000 | 500,000,000 | |||
Carrying Amount | $ 504,213,000 | 507,744,000 | |||
Senior Notes | 8.625% Notes due February 15, 2019 | |||||
Debt Instrument [Line Items] | |||||
Interest Rate | 8.625% | ||||
Principal Amount | $ 526,000,000 | 526,000,000 | |||
Carrying Amount | $ 537,930,000 | 541,165,000 | |||
Senior Notes | 6.75% Notes due November 15, 2021 | |||||
Debt Instrument [Line Items] | |||||
Interest Rate | 6.75% | ||||
Principal Amount | $ 1,000,000,000 | 1,000,000,000 | |||
Carrying Amount | $ 962,332,000 | 960,146,000 | |||
Senior Notes | 5.25% Notes due June 1, 2024 | |||||
Debt Instrument [Line Items] | |||||
Interest Rate | 5.25% | ||||
Principal Amount | $ 750,000,000 | 750,000,000 | |||
Carrying Amount | $ 663,291,000 | 660,601,000 | |||
Senior Notes | 10.125% Notes due January 15, 2023 | |||||
Debt Instrument [Line Items] | |||||
Interest Rate | 10.125% | ||||
Principal Amount | $ 1,800,000,000 | 1,800,000,000 | |||
Carrying Amount | $ 1,778,745,000 | 1,777,914,000 | |||
Senior Notes | Senior Notes due in 2025 | |||||
Debt Instrument [Line Items] | |||||
Redemption price, percentage | 100.00% | ||||
Senior Notes | 10.875% Notes due October 15, 2025 | |||||
Debt Instrument [Line Items] | |||||
Interest Rate | 10.875% | ||||
Principal Amount | $ 1,684,221,000 | 1,684,221,000 | |||
Carrying Amount | $ 1,661,516,000 | 1,661,135,000 | |||
Senior Notes | 6.625% Notes due October 15, 2025 | |||||
Debt Instrument [Line Items] | |||||
Interest Rate | 6.625% | ||||
Principal Amount | $ 1,000,000,000 | 1,000,000,000 | |||
Carrying Amount | $ 987,037,000 | 986,717,000 | |||
Senior Notes | 5.5% Notes due April 15, 2027 | |||||
Debt Instrument [Line Items] | |||||
Interest Rate | 5.50% | ||||
Principal Amount | $ 1,310,000,000 | 1,310,000,000 | |||
Carrying Amount | $ 1,304,581,000 | 1,304,468,000 | |||
Redemption price, percentage | 105.50% | ||||
Senior Notes | 5.375% Notes Due February 1, 2028 | |||||
Debt Instrument [Line Items] | |||||
Interest Rate | 5.375% | 5.375% | |||
Principal Amount | $ 1,000,000,000 | $ 1,000,000,000 | 0 | ||
Carrying Amount | $ 991,665,000 | 0 | |||
Redeemable debt, percent | 40.00% | ||||
Redemption price, percentage | 105.375% | ||||
Senior Notes | 7.75% Notes due April 15, 2018 | |||||
Debt Instrument [Line Items] | |||||
Interest Rate | 7.75% | ||||
Principal Amount | $ 0 | 750,000,000 | |||
Carrying Amount | $ 0 | 754,035,000 | |||
Extinguishment of debt | $ 750,000,000 | ||||
Senior Notes | 8.0% Notes due April 15, 2020 | |||||
Debt Instrument [Line Items] | |||||
Interest Rate | 8.00% | ||||
Principal Amount | $ 500,000,000 | 500,000,000 | |||
Carrying Amount | $ 492,795,000 | 492,009,000 | |||
Senior Notes | 5.875% Notes due September 15, 2022 | |||||
Debt Instrument [Line Items] | |||||
Interest Rate | 5.875% | ||||
Principal Amount | $ 649,024,000 | 649,024,000 | |||
Carrying Amount | $ 575,348,000 | 572,071,000 | |||
Senior Notes | 6.375% Senior Notes due September 15, 2020 | |||||
Debt Instrument [Line Items] | |||||
Interest Rate | 6.375% | ||||
Principal Amount | $ 1,050,000,000 | 1,050,000,000 | |||
Carrying Amount | $ 1,029,364,000 | 1,027,493,000 | |||
Senior Notes | 5.125% Senior Notes due December 15, 2021 | |||||
Debt Instrument [Line Items] | |||||
Interest Rate | 5.125% | ||||
Principal Amount | $ 1,250,000,000 | 1,250,000,000 | |||
Carrying Amount | $ 1,144,929,000 | 1,138,870,000 | |||
Senior Notes | 7.75% Senior Notes due July 15, 2025 | |||||
Debt Instrument [Line Items] | |||||
Interest Rate | 7.75% | ||||
Principal Amount | $ 620,000,000 | 620,000,000 | |||
Carrying Amount | $ 604,755,000 | 604,374,000 | |||
Redeemable debt, percent | 40.00% | ||||
Redemption price, percentage | 107.75% | ||||
Senior Notes | 5.375% Senior Notes due July 15, 2023 | |||||
Debt Instrument [Line Items] | |||||
Interest Rate | 5.375% | ||||
Principal Amount | $ 1,100,000,000 | 1,100,000,000 | |||
Carrying Amount | $ 1,083,159,000 | 1,082,482,000 | |||
Redeemable debt, percent | 40.00% | ||||
Redemption price, percentage | 105.375% | ||||
Senior Notes | 5.5% Senior Notes due May 15, 2026 | |||||
Debt Instrument [Line Items] | |||||
Interest Rate | 5.50% | ||||
Principal Amount | $ 1,500,000,000 | 1,500,000,000 | |||
Carrying Amount | $ 1,488,306,000 | $ 1,488,024,000 | |||
Redeemable debt, percent | 40.00% | ||||
Redemption price, percentage | 105.50% | ||||
Cablevision | Senior Notes | CSC Holdings Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Redeemable debt, percent | 40.00% | ||||
Adjustment to fair value | $ 52,788,000 | ||||
Cablevision | Senior Notes | 10.125% Notes due January 15, 2023 | |||||
Debt Instrument [Line Items] | |||||
Redemption price, percentage | 110.125% | ||||
Cablevision | Senior Notes | 10.875% Notes due October 15, 2025 | |||||
Debt Instrument [Line Items] | |||||
Redemption price, percentage | 110.875% | ||||
Cablevision | Senior Notes | 6.625% Notes due October 15, 2025 | |||||
Debt Instrument [Line Items] | |||||
Redemption price, percentage | 106.625% |
DEBT - Senior Guaranteed Note54
DEBT - Senior Guaranteed Notes and Senior Notes and Debentures Narrative (Details) - USD ($) | Jan. 08, 2018 | Feb. 28, 2018 | Mar. 31, 2018 | Jan. 31, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | |||||
Principal Amount | $ 5,733,013,000 | $ 4,693,675,000 | |||
Dividends | $ 1,500,000,000 | ||||
Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Principal Amount | 16,239,245,000 | 16,289,245,000 | |||
Senior Notes | 5.375% Notes Due February 1, 2028 | |||||
Debt Instrument [Line Items] | |||||
Principal Amount | $ 1,000,000,000 | $ 1,000,000,000 | 0 | ||
Interest Rate | 5.375% | 5.375% | |||
Senior Notes | 7.875% Notes due February 15, 2018 | |||||
Debt Instrument [Line Items] | |||||
Principal Amount | $ 0 | 300,000,000 | |||
Interest Rate | 7.875% | ||||
Extinguishment of debt | $ 300,000,000 | ||||
Senior Notes | 7.75% Notes due April 15, 2018 | |||||
Debt Instrument [Line Items] | |||||
Principal Amount | $ 0 | $ 750,000,000 | |||
Interest Rate | 7.75% | ||||
Extinguishment of debt | $ 750,000,000 |
DEBT - Notes Payable to Affilia
DEBT - Notes Payable to Affiliates and Related Perties (Details) - USD ($) | 3 Months Ended | ||||
Jun. 30, 2017 | Mar. 31, 2017 | Mar. 31, 2018 | Dec. 31, 2017 | Jun. 21, 2016 | |
Debt Instrument [Line Items] | |||||
Principal Amount | $ 5,733,013,000 | $ 4,693,675,000 | |||
Cablevision | Affiliates | Notes payable | |||||
Debt Instrument [Line Items] | |||||
Principal Amount | $ 1,750,000,000 | ||||
Interest payable | 529,000 | ||||
Debt premium | 513,723,000 | ||||
Interest expense | $ 47,588,000 | ||||
Notes Payable at 10.75% | Cablevision | Affiliates | Notes payable | |||||
Debt Instrument [Line Items] | |||||
Principal Amount | $ 875,000,000 | ||||
Stated interest rate | 10.75% | ||||
Notes Payable at 11% | Cablevision | Affiliates | Notes payable | |||||
Debt Instrument [Line Items] | |||||
Principal Amount | $ 875,000,000 | ||||
Stated interest rate | 11.00% | ||||
Organizational Transactions Prior to IPO | |||||
Debt Instrument [Line Items] | |||||
Stock issued | $ 2,264,252,000 |
DEBT - Summary of Debt Maturiti
DEBT - Summary of Debt Maturities (Details) $ in Thousands | Mar. 31, 2018USD ($) |
Debt Instrument [Line Items] | |
2,018 | $ 595,491 |
2,020 | 612,150 |
2,021 | 1,610,232 |
2,022 | 3,769,132 |
2,021 | 708,536 |
Thereafter | 16,228,903 |
Cablevision | |
Debt Instrument [Line Items] | |
2,018 | 581,298 |
2,020 | 579,587 |
2,021 | 547,517 |
2,022 | 2,506,407 |
2,021 | 695,806 |
Thereafter | 11,812,663 |
Cequel | |
Debt Instrument [Line Items] | |
2,018 | 14,193 |
2,020 | 32,563 |
2,021 | 1,062,715 |
2,022 | 1,262,725 |
2,021 | 12,730 |
Thereafter | $ 4,416,240 |
DERIVATIVE CONTRACTS AND COLL57
DERIVATIVE CONTRACTS AND COLLATERALIZED INDEBTEDNESS - Location of Assets and Liabilities Within the Consolidated Balance Sheets (Details) - Not Designated as Hedging Instruments - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Derivative Instruments, Fair Value [Abstract] | ||
Asset Derivatives | $ 72,554 | $ 52,545 |
Liability Derivatives | (123,530) | (239,951) |
Prepaid forward contracts | Current derivative contracts | ||
Derivative Instruments, Fair Value [Abstract] | ||
Asset Derivatives | 9,211 | 52,545 |
Liability Derivatives | (9,211) | (52,545) |
Prepaid forward contracts | Long-term derivative contracts | ||
Derivative Instruments, Fair Value [Abstract] | ||
Asset Derivatives | 63,343 | 0 |
Liability Derivatives | (4,495) | (109,504) |
Interest Rate Swap | Long-term liabilities under derivative contracts | ||
Derivative Instruments, Fair Value [Abstract] | ||
Liability Derivatives | $ (109,824) | $ (77,902) |
DERIVATIVE CONTRACTS AND COLL58
DERIVATIVE CONTRACTS AND COLLATERALIZED INDEBTEDNESS - Narrative (Details) | 3 Months Ended | ||
Mar. 31, 2018USD ($) | Mar. 31, 2017USD ($) | Jun. 30, 2016USD ($)instrument | |
Derivative [Line Items] | |||
Gain (loss) on investments and sale of affiliate interests, net | $ (252,576,000) | $ 131,658,000 | |
Interest Rate Swap | |||
Derivative [Line Items] | |||
Amount of gain (loss) recognized | (31,922,000) | 2,342,000 | |
Interest Rate Swap | Not Designated as Hedging Instruments | |||
Derivative [Line Items] | |||
Number of derivative instruments held | instrument | 2 | ||
Interest Rate Swap, Conversion, Tranche One | Not Designated as Hedging Instruments | |||
Derivative [Line Items] | |||
Derivative notional amount | $ 750,000,000 | ||
Derivative, fixed interest rate | 1.6655% | ||
Interest Rate Swap, Conversion, Tranche Two | Not Designated as Hedging Instruments | |||
Derivative [Line Items] | |||
Derivative notional amount | $ 750,000,000 | ||
Derivative, fixed interest rate | 1.68% | ||
Prepaid forward contracts | |||
Derivative [Line Items] | |||
Amount of gain (loss) recognized | $ 168,352,000 | $ (71,044,000) |
FAIR VALUE MEASUREMENT - Assets
FAIR VALUE MEASUREMENT - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Fair Value Measured on a Recurring Basis - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Level III | ||
Liabilities: | ||
Contingent consideration related to 2017 acquisitions | $ 3,233 | $ 32,233 |
Prepaid forward contracts | Level II | ||
Assets: | ||
Derivative asset | 72,554 | 52,545 |
Liabilities: | ||
Derivative liability | 13,706 | 162,049 |
Interest rate swap contracts | Level II | ||
Liabilities: | ||
Derivative liability | 109,824 | 77,902 |
Investment securities pledged as collateral | Level I | ||
Assets: | ||
Investment securities | 1,467,781 | 1,720,357 |
Money market funds | Level I | ||
Assets: | ||
Cash and cash equivalents | $ 1,121,432 | $ 5,949 |
FAIR VALUE MEASUREMENT - Fair V
FAIR VALUE MEASUREMENT - Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt, fair value | $ 22,954,326 | $ 21,919,331 |
Estimated Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt, fair value | 23,901,427 | 23,279,472 |
CSC Holdings | Credit facility debt | Carrying Amount | Level II | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt, fair value | 4,442,684 | 3,393,306 |
CSC Holdings | Credit facility debt | Estimated Fair Value | Level II | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt, fair value | 4,477,500 | 3,435,000 |
CSC Holdings | Collateralized indebtedness | Carrying Amount | Level II | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt, fair value | 1,351,271 | 1,349,474 |
CSC Holdings | Collateralized indebtedness | Estimated Fair Value | Level II | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt, fair value | 1,298,060 | 1,305,932 |
CSC Holdings | Senior guaranteed notes | Carrying Amount | Level II | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt, fair value | 3,283,283 | 2,291,185 |
CSC Holdings | Senior guaranteed notes | Estimated Fair Value | Level II | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt, fair value | 3,231,825 | 2,420,000 |
CSC Holdings | Senior notes and debentures | Carrying Amount | Level II | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt, fair value | 6,108,028 | 6,409,889 |
CSC Holdings | Senior notes and debentures | Estimated Fair Value | Level II | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt, fair value | 6,797,434 | 7,221,846 |
CSC Holdings | Notes payable | Carrying Amount | Level II | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt, fair value | 78,938 | 56,956 |
CSC Holdings | Notes payable | Estimated Fair Value | Level II | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt, fair value | 76,340 | 55,289 |
Cablevision | Senior notes and debentures | Carrying Amount | Level II | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt, fair value | 1,068,142 | 1,818,115 |
Cablevision | Senior notes and debentures | Estimated Fair Value | Level II | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt, fair value | 1,172,906 | 1,931,239 |
Cequel | Credit facility debt | Carrying Amount | Level II | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt, fair value | 1,247,318 | 1,250,217 |
Cequel | Credit facility debt | Estimated Fair Value | Level II | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt, fair value | 1,255,513 | 1,258,675 |
Cequel | Senior notes and debentures | Carrying Amount | Level II | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt, fair value | 2,779,048 | 2,770,737 |
Cequel | Senior notes and debentures | Estimated Fair Value | Level II | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt, fair value | 2,987,700 | 2,983,615 |
Cequel | Notes payable | Carrying Amount | Level II | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt, fair value | 24,149 | 8,946 |
Cequel | Notes payable | Estimated Fair Value | Level II | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt, fair value | 24,149 | 8,946 |
Cequel | Senior secured notes | Carrying Amount | Level II | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt, fair value | 2,571,465 | 2,570,506 |
Cequel | Senior secured notes | Estimated Fair Value | Level II | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt, fair value | $ 2,580,000 | $ 2,658,930 |
FAIR VALUE MEASUREMENT - Narrat
FAIR VALUE MEASUREMENT - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Dec. 31, 2017 | |
First Quarter Acquisitions, 2017 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Contingent consideration related to 2017 acquisitions | $ 1,000 | |
Fourth Quarter Acquisitions, 2017 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Contingent consideration related to 2017 acquisitions | $ 2,233 | |
Contingent consideration, percent of contractual amount of acquisitions recognized | 51.00% |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Income Tax Disclosure [Abstract] | ||
Income tax expense (benefit) | $ 60,703 | $ 45,908 |
Effective tax rate (percent) | 32.00% | 38.00% |
Income tax expense related to share-based compensation cost | $ 3,140 | |
Effective income tax rate excluding share-based compensation expense | 40.00% | |
Federal | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards | $ 2,486,000 |
SHARE BASED COMPENSATION - Narr
SHARE BASED COMPENSATION - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Carry Unit Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Repurchase period following termination | 60 days | ||
Repurchase period following fourth anniversary | 60 days | ||
Carry unit plan, written promissory note period | 3 years | ||
Weighted average fair value (in dollars per unit) | $ 2.10 | $ 2.50 | |
Employee and non-employee share-based compensation expense | $ 17,501 | $ 7,848 | |
Employee share-based compensation expense | 16,872 | 5,786 | |
Non-employee share-based compensation expense | $ 629 | $ 2,062 | |
Carry Unit Awards | Second Anniversary | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting percentage | 50.00% | ||
Carry Unit Awards | Third Anniversary | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting percentage | 25.00% | ||
Carry Unit Awards | Fourth Anniversary | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting percentage | 25.00% | ||
Employee Stock Option | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Employee share-based compensation expense | $ 4,122 |
SHARE BASED COMPENSATION - Carr
SHARE BASED COMPENSATION - Carrying Unit Award Activity (Details) | 3 Months Ended |
Mar. 31, 2018$ / sharesshares | |
Carry Unit Awards | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Balance at beginning of period, weighted average grant date fair value (in dollars per share) | $ / shares | $ 0.71 |
Forfeited weighted average grant date fair value (in dollars per share) | $ / shares | 0.86 |
Balance at End of period, weighted average grant date fair value (in dollars per share) | $ / shares | $ 0.71 |
Time Vesting Awards | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Beginning balance (in shares) | 168,550,001 |
Forfeited (in shares) | (3,500,001) |
Ending balance (in shares) | 165,050,000 |
Performance Based Vesting Awards | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Beginning balance (in shares) | 10,000,000 |
Forfeited (in shares) | 0 |
Ending balance (in shares) | 10,000,000 |
SHARE BASED COMPENSATION - Stoc
SHARE BASED COMPENSATION - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Dec. 31, 2017 | |
Weighted Average Exercise Price Per Share: | ||
Beginning balance, weighted average exercise price per share (in dollars per share | $ 19.48 | |
Granted, weighted average exercise price per share (in dollars per share) | 21.22 | |
Forfeited, weighted average exercise price per share (in dollars per share | 21.81 | |
Ending balance, weighted average exercise price per share (in dollars per share | 19.54 | $ 19.48 |
Options exercisable, weighted average exercise price per share (in dollars per share) | $ 0 | |
Weighted Average Remaining Contractual Term (in years) | 9 years 11 months 1 day | 9 years 11 months 19 days |
Aggregate Intrinsic Value | $ (5,615) | $ 8,944 |
Time Vesting | ||
Shares Under Option (in shares): | ||
Outstanding balance, beginning of period (in shares) | 5,110,747 | |
Granted (in shares) | 298,394 | |
Forfeited (in shares) | (103,766) | |
Outstanding balance, end of period (in shares) | 5,305,375 | 5,110,747 |
Options exercisable (in shares) | 0 | |
Performance Based Vesting | ||
Shares Under Option (in shares): | ||
Outstanding balance, beginning of period (in shares) | 0 | |
Granted (in shares) | 39,050 | |
Forfeited (in shares) | (22,314) | |
Outstanding balance, end of period (in shares) | 16,736 | 0 |
Options exercisable (in shares) | 0 |
SHARE BASED COMPENSATION - St66
SHARE BASED COMPENSATION - Stock Options Valuation Assumptions (Details) | 3 Months Ended |
Mar. 31, 2018$ / shares | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Risk-free interest rate | 2.64% |
Expected life (in years) | 6 years 5 months 27 days |
Dividend yield | 0.00% |
Volatility | 33.86% |
Grant date fair value (in dollars per share) | $ 7.49 |
AFFILIATE AND RELATED PARTY T67
AFFILIATE AND RELATED PARTY TRANSACTIONS - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | Jul. 06, 2016 | |
Related Party Transaction [Line Items] | ||||
Equity in net income (loss) from investment in related party | $ (10,442) | $ (2,757) | ||
Related party expense | 9,023 | 55,480 | ||
Capital expenditures | 2,500 | 550 | ||
Fees for Executive Services | Affiliates | ||||
Related Party Transaction [Line Items] | ||||
Related party transaction, annual fee | 30,000 | $ 30,000 | ||
Related party expense | 7,500 | |||
Equipment and Software Development Costs | Affiliates | ||||
Related Party Transaction [Line Items] | ||||
Capital expenditures | $ 1,626 | 892 | ||
I24News and Altice NV 24/7 | ||||
Related Party Transaction [Line Items] | ||||
Ownership percentage | 25.00% | |||
Investment in affiliates and related parties | $ 800 | |||
Equity in net income (loss) from investment in related party | $ 1,130 | 1,247 | ||
Newsday | ||||
Related Party Transaction [Line Items] | ||||
Ownership percentage of noncontrolling interest | 75.00% | |||
Ownership percentage | 25.00% | |||
Investment in affiliates and related parties | $ 12,891 | |||
Equity in net income (loss) from investment in related party | 9,312 | 1,510 | ||
Other Operating Expense | Transition Services | Affiliates | ||||
Related Party Transaction [Line Items] | ||||
Other operating expenses, charges for related party services | $ 494 | (202) | ||
Transition services credit | $ 482 |
AFFILIATE AND RELATED PARTY T68
AFFILIATE AND RELATED PARTY TRANSACTIONS - Revenue and Related Charges (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Related Party Transactions [Abstract] | ||
Revenue | $ 125 | $ 141 |
Operating expenses: | ||
Programming and other direct costs | (1,154) | (735) |
Other operating expenses, net | (7,994) | (7,298) |
Operating expenses, net | (9,148) | (8,033) |
Interest expense | 0 | (47,588) |
Net charges | (9,023) | (55,480) |
Capital Expenditures | $ 1,626 | $ 892 |
AFFILIATE AND RELATED PARTY T69
AFFILIATE AND RELATED PARTY TRANSACTIONS - Amounts Due From and Due to Related Parties (Details) - Affiliates - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Related Party Transaction [Line Items] | ||
Due from related parties and affiliates | $ 21,146 | $ 19,764 |
Due to related parties and affiliates | 11,078 | 10,998 |
Altice US Finance S.A. | ||
Related Party Transaction [Line Items] | ||
Due from related parties and affiliates | 12,951 | 12,951 |
Newsday | ||
Related Party Transaction [Line Items] | ||
Due from related parties and affiliates | 2,558 | 2,713 |
Due to related parties and affiliates | 33 | 33 |
Altice Management Americas | ||
Related Party Transaction [Line Items] | ||
Due from related parties and affiliates | 1,271 | 33 |
I24 | ||
Related Party Transaction [Line Items] | ||
Due from related parties and affiliates | 4,335 | 4,036 |
Altice Labs S.A. | ||
Related Party Transaction [Line Items] | ||
Due to related parties and affiliates | 1,051 | 7,354 |
Other Altice N.V. subsidiaries | ||
Related Party Transaction [Line Items] | ||
Due from related parties and affiliates | 31 | 31 |
Due to related parties and affiliates | 2,494 | 3,611 |
Altice Management International | ||
Related Party Transaction [Line Items] | ||
Due to related parties and affiliates | $ 7,500 | $ 0 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Estimated litigation liability | $ 6,000 |
SEGMENT INFORMATION - Narrative
SEGMENT INFORMATION - Narrative (Details) | 3 Months Ended |
Mar. 31, 2018segment | |
Segment Reporting [Abstract] | |
Number of reportable business segments | 2 |
SEGMENT INFORMATION - Reconcili
SEGMENT INFORMATION - Reconciliation of Adjusted EBITDA to Operating Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Operating Income (Loss) from Continuing Operations Before Income Taxes [Abstract] | ||
Operating income | $ 313,038 | $ 250,110 |
Share-based compensation expense | 21,623 | 7,848 |
Restructuring and other expense | 3,587 | 76,929 |
Depreciation and amortization (including impairments) | 642,705 | 608,724 |
Adjusted EBITDA | 980,953 | 943,611 |
Cablevision | ||
Operating Income (Loss) from Continuing Operations Before Income Taxes [Abstract] | ||
Operating income | 170,693 | 122,044 |
Share-based compensation expense | 16,172 | 5,082 |
Restructuring and other expense | 3,083 | 58,647 |
Depreciation and amortization (including impairments) | 485,364 | 443,176 |
Adjusted EBITDA | 675,312 | 628,949 |
Cequel | ||
Operating Income (Loss) from Continuing Operations Before Income Taxes [Abstract] | ||
Operating income | 142,345 | 128,066 |
Share-based compensation expense | 5,451 | 2,766 |
Restructuring and other expense | 504 | 18,282 |
Depreciation and amortization (including impairments) | 157,341 | 165,548 |
Adjusted EBITDA | $ 305,641 | $ 314,662 |
SEGMENT INFORMATION - Reconci73
SEGMENT INFORMATION - Reconciliation of Reportable Segments to Consolidated Balances (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Segment Reporting [Abstract] | ||
Operating income for reportable segments | $ 313,038 | $ 250,110 |
Items excluded from operating income: | ||
Interest expense | (377,258) | (433,294) |
Interest income | 3,103 | 232 |
Gain (loss) on investments and sale of affiliate interests, net | (248,602) | 131,658 |
Gain (loss) on derivative contracts, net | 168,352 | (71,044) |
Gain (loss) on interest rate swap contracts | (31,922) | 2,342 |
Loss on extinguishment of debt and write-off of deferred financing costs | (4,705) | 0 |
Other expense, net | (11,658) | (2,100) |
Loss before income taxes | $ (189,652) | $ (122,096) |
SEGMENT INFORMATION - Summary o
SEGMENT INFORMATION - Summary of Revenue by Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Revenue from External Customer [Line Items] | ||
Revenues | $ 2,329,714 | $ 2,302,259 |
Pay TV | ||
Revenue from External Customer [Line Items] | ||
Revenues | 1,033,708 | 1,083,878 |
Broadband | ||
Revenue from External Customer [Line Items] | ||
Revenues | 701,621 | 625,918 |
Telephony | ||
Revenue from External Customer [Line Items] | ||
Revenues | 166,038 | 180,961 |
Business services and wholesale | ||
Revenue from External Customer [Line Items] | ||
Revenues | 333,090 | 319,420 |
Advertising | ||
Revenue from External Customer [Line Items] | ||
Revenues | 87,582 | 83,361 |
Other | ||
Revenue from External Customer [Line Items] | ||
Revenues | 7,675 | 8,721 |
Operating Segments | Cablevision | ||
Revenue from External Customer [Line Items] | ||
Revenues | 1,651,294 | 1,641,987 |
Operating Segments | Cablevision | Pay TV | ||
Revenue from External Customer [Line Items] | ||
Revenues | 763,720 | 802,194 |
Operating Segments | Cablevision | Broadband | ||
Revenue from External Customer [Line Items] | ||
Revenues | 440,351 | 396,333 |
Operating Segments | Cablevision | Telephony | ||
Revenue from External Customer [Line Items] | ||
Revenues | 135,585 | 146,557 |
Operating Segments | Cablevision | Business services and wholesale | ||
Revenue from External Customer [Line Items] | ||
Revenues | 234,172 | 228,544 |
Operating Segments | Cablevision | Advertising | ||
Revenue from External Customer [Line Items] | ||
Revenues | 74,643 | 65,132 |
Operating Segments | Cablevision | Other | ||
Revenue from External Customer [Line Items] | ||
Revenues | 2,823 | 3,227 |
Operating Segments | Cequel | ||
Revenue from External Customer [Line Items] | ||
Revenues | 682,549 | 660,272 |
Operating Segments | Cequel | Pay TV | ||
Revenue from External Customer [Line Items] | ||
Revenues | 269,988 | 281,684 |
Operating Segments | Cequel | Broadband | ||
Revenue from External Customer [Line Items] | ||
Revenues | 261,270 | 229,585 |
Operating Segments | Cequel | Telephony | ||
Revenue from External Customer [Line Items] | ||
Revenues | 30,453 | 34,404 |
Operating Segments | Cequel | Business services and wholesale | ||
Revenue from External Customer [Line Items] | ||
Revenues | 98,918 | 90,876 |
Operating Segments | Cequel | Advertising | ||
Revenue from External Customer [Line Items] | ||
Revenues | 17,068 | 18,229 |
Operating Segments | Cequel | Other | ||
Revenue from External Customer [Line Items] | ||
Revenues | 4,852 | $ 5,494 |
Eliminations | ||
Revenue from External Customer [Line Items] | ||
Revenues | (4,129) | |
Eliminations | Pay TV | ||
Revenue from External Customer [Line Items] | ||
Revenues | 0 | |
Eliminations | Broadband | ||
Revenue from External Customer [Line Items] | ||
Revenues | 0 | |
Eliminations | Telephony | ||
Revenue from External Customer [Line Items] | ||
Revenues | 0 | |
Eliminations | Business services and wholesale | ||
Revenue from External Customer [Line Items] | ||
Revenues | 0 | |
Eliminations | Advertising | ||
Revenue from External Customer [Line Items] | ||
Revenues | (4,129) | |
Eliminations | Other | ||
Revenue from External Customer [Line Items] | ||
Revenues | $ 0 |
SEGMENT INFORMATION - Capital E
SEGMENT INFORMATION - Capital Expenditures by Reportable Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Segment Reporting Information, Capital Expenditures [Abstract] | ||
Capital expenditures | $ 257,615 | $ 257,427 |
Cablevision | ||
Segment Reporting Information, Capital Expenditures [Abstract] | ||
Capital expenditures | 166,801 | 184,399 |
Cequel | ||
Segment Reporting Information, Capital Expenditures [Abstract] | ||
Capital expenditures | $ 90,814 | $ 73,028 |
SUBSEQUENT EVENT (Details)
SUBSEQUENT EVENT (Details) - USD ($) | 1 Months Ended | ||
Apr. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | |
Subsequent Event [Line Items] | |||
Debt face amount | $ 5,733,013,000 | $ 4,693,675,000 | |
Senior Notes | |||
Subsequent Event [Line Items] | |||
Debt face amount | 16,239,245,000 | 16,289,245,000 | |
Senior Notes 7.5% Notes due April 1, 2028 | Senior Notes | Subsequent Event | |||
Subsequent Event [Line Items] | |||
Debt face amount | $ 1,050,000,000 | ||
Stated interest rate | 7.50% | ||
6.375% Senior Notes due September 15, 2020 | Senior Notes | |||
Subsequent Event [Line Items] | |||
Debt face amount | $ 1,050,000,000 | $ 1,050,000,000 | |
Stated interest rate | 6.375% | ||
6.375% Senior Notes due September 15, 2020 | Senior Notes | Subsequent Event | |||
Subsequent Event [Line Items] | |||
Stated interest rate | 6.375% | ||
Extinguishment of debt | $ 1,050,000,000 |