Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2019 | Oct. 25, 2019 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2019 | |
Document Transition Report | false | |
Entity File Number | 001-38126 | |
Entity Tax Identification Number | 38-3980194 | |
Entity Registrant Name | Altice USA, Inc. | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | 1 Court Square West | |
Entity Address, City or Town | Long Island City, | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 11101 | |
City Area Code | (516) | |
Local Phone Number | 803-2300 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Title of 12(b) Security | Class A Common Stock, par value $0.01 per share | |
Trading Symbol | ATUS | |
Security Exchange Name | NYSE | |
Entity Common Stock, Shares Outstanding | 636,831,534 | |
Entity Central Index Key | 0001702780 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Current Assets: | ||
Cash and cash equivalents | $ 175,091 | $ 298,781 |
Restricted cash | 261 | 257 |
Accounts receivable, trade (less allowance for doubtful accounts of $13,394 and $13,520) | 442,710 | 448,399 |
Prepaid expenses and other current assets | 195,163 | 136,285 |
Amounts due from affiliates | 4,554 | 17,557 |
Derivative contracts | 0 | 1,975 |
Total current assets | 817,779 | 903,254 |
Property, plant and equipment, net of accumulated depreciation of $5,058,198 and $4,044,671 | 5,797,059 | 5,828,881 |
Right-of-use lease assets | 282,746 | 0 |
Investment securities pledged as collateral | 1,936,422 | 1,462,626 |
Derivative contracts | 2,634 | 109,344 |
Other assets | 102,322 | 84,382 |
Amortizable intangibles, net of accumulated amortization of $3,476,043 and $2,882,787 | 3,675,954 | 4,192,824 |
Indefinite-lived cable television franchises | 13,020,081 | 13,020,081 |
Goodwill | 8,138,511 | 8,012,416 |
Total assets | 33,773,508 | 33,613,808 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||
Accounts payable | 878,518 | 857,502 |
Interest payable | 278,506 | 386,475 |
Accrued employee related costs | 128,914 | 139,806 |
Amounts due to affiliates | 6,904 | 26,096 |
Deferred revenue | 108,070 | 140,053 |
Debt | 161,701 | 158,625 |
Other current liabilities | 316,734 | 312,634 |
Total current liabilities | 1,879,347 | 2,021,191 |
Other liabilities | 245,885 | 271,554 |
Deferred tax liability | 4,797,941 | 4,723,937 |
Liabilities under derivative contracts | 377,613 | 132,908 |
Right-of-use operating lease liability | 270,564 | 0 |
Long-term debt, net of current maturities | 270,564 | 0 |
Long-term debt, net of current maturities | 23,895,580 | 22,653,975 |
Total liabilities | 31,466,930 | 29,803,565 |
Commitments and contingencies (Note 16) | ||
Redeemable equity | 217,311 | 130,007 |
Stockholders' Equity: | ||
Preferred stock, $.01 par value, 100,000,000 shares authorized, no shares issued and outstanding | 0 | 0 |
Paid-in capital | 1,709,685 | 3,423,803 |
Retained earnings | 390,437 | 251,830 |
Total stockholders' equity before accumulated other comprehensive Income and non-controlling interest | 2,106,491 | 3,682,724 |
Treasury stock, at cost (986 Class A common shares at September 30, 2019) | 0 | 0 |
Accumulated other comprehensive loss | (25,520) | (11,783) |
Total stockholders' equity | 2,080,971 | 3,670,941 |
Noncontrolling interest | 8,296 | 9,295 |
Total stockholders' equity | 2,089,267 | 3,680,236 |
Liabilities and Equity | 33,773,508 | 33,613,808 |
Common Class A | ||
Stockholders' Equity: | ||
Common stock | 4,506 | 4,961 |
Common Class B | ||
Stockholders' Equity: | ||
Common stock | 1,863 | 2,130 |
Common Class C | ||
Stockholders' Equity: | ||
Common stock | $ 0 | $ 0 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
ASSETS | ||
Accounts receivable, trade allowance for doubtful accounts | $ 13,694 | $ 13,520 |
Property, plant and equipment, accumulated depreciation | 5,058,198 | 4,044,671 |
Amortizable intangible assets, accumulated amortization | $ 3,476,043 | $ 2,882,787 |
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 stock, shares outstanding (in shares) | 636,827,486 | |
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) | 450,565,544 | 496,064,027 |
Common stock, shares outstanding (in shares) | 450,564,558 | 496,064,027 |
Treasury stock (in shares) | 986 | |
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) | 186,262,928 | 212,976,259 |
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 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Income Statement [Abstract] | ||||
Revenue (including revenue from affiliates of $70, $545, $1,158 and $1,397, respectively) (See Note 15) | $ 2,438,662 | $ 2,417,801 | $ 7,286,310 | $ 7,111,668 |
Operating expenses: | ||||
Programming and other direct costs (including charges from affiliates of $3,508, $1,671, $7,282 and $6,690 respectively) (See Note 15) | 820,896 | 790,533 | 2,452,875 | 2,373,021 |
Other operating expenses (including charges from affiliates of $1,602, $905, $5,868, and $15,154, respectively) (See Note 15) | 568,233 | 569,070 | 1,702,124 | 1,727,842 |
Restructuring and other expense | 12,381 | 16,587 | 39,090 | 29,865 |
Depreciation and amortization (including impairments) | 565,637 | 536,053 | 1,695,685 | 1,827,285 |
Total operating expenses | 1,967,147 | 1,912,243 | 5,889,774 | 5,958,013 |
Operating income | 471,515 | 505,558 | 1,396,536 | 1,153,655 |
Other income (expense): | ||||
Interest expense | (388,800) | (389,594) | (1,158,301) | (1,157,395) |
Interest income | 1,524 | 1,427 | 3,948 | 9,843 |
Gain (loss) on investments and sale of affiliate interests, net | 120,253 | 111,684 | 478,124 | (182,031) |
Gain (loss) on derivative contracts, net | (77,333) | (79,628) | (303,986) | 130,883 |
Loss on interest rate swap contracts | (11,163) | (19,554) | (61,735) | (64,405) |
Loss on extinguishment of debt and write-off of deferred financing costs | (503) | 0 | (159,599) | (41,616) |
Other income (expense), net | (226) | (186) | 66 | (12,473) |
Total other income (expense) | (356,248) | (375,851) | (1,201,483) | (1,317,194) |
Income (loss) before income taxes | 115,267 | 129,707 | 195,053 | (163,539) |
Income tax expense | (37,871) | (95,968) | (56,445) | (29,675) |
Net income (loss) | 77,396 | 33,739 | 138,608 | (193,214) |
Net income attributable to noncontrolling interests | (157) | (1,186) | (1) | (1,039) |
Net income (loss) attributable to Altice USA, Inc. stockholders | $ 77,239 | $ 32,553 | $ 138,607 | $ (194,253) |
Income (loss) per share: | ||||
Basic income (loss) per share (in dollars per share) | $ 0.12 | $ 0.04 | $ 0.21 | $ (0.26) |
Basic weighted average common shares (in shares) | 643,797 | 732,963 | 668,929 | 735,685 |
Diluted income (loss) per share (in dollars per share) | $ 0.12 | $ 0.04 | $ 0.21 | $ (0.26) |
Diluted weighted average common shares (in shares) | 646,006 | 732,963 | 669,855 | 735,685 |
Cash dividends declared per common share (in dollars per share) | $ 0 | $ 0 | $ 0 | $ 0 |
CONSOLIDATED STATEMENTS OF OP_2
CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Income Statement [Abstract] | ||||
Revenue from affiliates | $ 70 | $ 545 | $ 1,158 | $ 1,397 |
Programming and other direct costs from affiliates | 3,508 | 1,671 | 7,282 | 6,690 |
Other operating expenses from affiliates | $ 1,602 | $ 905 | $ 5,868 | $ 15,154 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ 77,396 | $ 33,739 | $ 138,608 | $ (193,214) |
Defined benefit pension plans: | ||||
Unrecognized actuarial gain (loss) | (15,860) | 9,602 | (19,508) | 13,794 |
Applicable income taxes | 4,298 | (2,592) | 5,287 | (3,723) |
Unrecognized actuarial gain (loss) arising during period, net of income taxes | (11,562) | 7,010 | (14,221) | 10,071 |
Settlement loss included in other expense, net | 1,091 | 65 | 1,629 | 929 |
Applicable income taxes | (295) | (18) | (441) | (252) |
Settlement loss included in other expense, net, net of income taxes | 796 | 47 | 1,188 | 677 |
Foreign currency translation adjustment | (385) | 437 | (965) | 1,351 |
Applicable income taxes | 105 | (27) | 261 | (365) |
Foreign currency translation adjustment, net | (280) | 410 | (704) | 986 |
Other comprehensive income (loss) | (11,046) | 7,467 | (13,737) | 11,734 |
Comprehensive income (loss) | 66,350 | 41,206 | 124,871 | (181,480) |
Comprehensive income attributable to noncontrolling interests | (157) | (1,186) | (1) | (1,039) |
Comprehensive income (loss) attributable to Altice USA, Inc. stockholders | $ 66,193 | $ 40,020 | $ 124,870 | $ (182,519) |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Total Stockholders' Equity | Paid-in Capital | Treasury Stock | Accumulated Other Comprehensive Income | Non-controlling Interest | Retained Earnings [Member] | Common Class ACommon Stock | Common Class BCommon Stock |
Beginning balance at Dec. 31, 2017 | $ 5,504,753 | $ 5,503,214 | $ 4,665,229 | $ (10,022) | $ 1,539 | $ 840,636 | $ 2,470 | $ 4,901 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net loss attributable to stockholders | (128,951) | (128,951) | (128,951) | ||||||
Net loss (income) attributable to noncontrolling interests | 2 | 2 | |||||||
Share-based compensation expense | 21,623 | 21,623 | 21,623 | ||||||
Change in redeemable equity | (3,347) | (3,347) | (3,347) | ||||||
Other changes to equity | (859) | (859) | (859) | ||||||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Plan Amendments, Net Of Tax | 3,765 | 3,765 | 3,765 | ||||||
Ending balance at Mar. 31, 2018 | 5,396,986 | 5,395,445 | 4,682,646 | (8,420) | 1,541 | 713,848 | 2,470 | 4,901 | |
Beginning balance at Dec. 31, 2017 | 5,504,753 | 5,503,214 | 4,665,229 | (10,022) | 1,539 | 840,636 | 2,470 | 4,901 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net loss attributable to stockholders | (194,253) | ||||||||
Net loss (income) attributable to noncontrolling interests | 1,039 | ||||||||
Foreign currency translation adjustment, net of income taxes | 986 | ||||||||
Ending balance at Sep. 30, 2018 | 3,670,973 | 3,662,400 | 3,618,709 | (2,291) | 8,573 | 38,744 | 5,107 | 2,131 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Adoption of ASU No. 2018-02 | ASU No. 2018-02 | (2,163) | 2,163 | |||||||
Beginning balance at Mar. 31, 2018 | 5,396,986 | 5,395,445 | 4,682,646 | (8,420) | 1,541 | 713,848 | 2,470 | 4,901 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net loss attributable to stockholders | (97,855) | (97,855) | (97,855) | ||||||
Net loss (income) attributable to noncontrolling interests | (149) | ||||||||
Foreign currency translation adjustment, net of income taxes | 576 | ||||||||
Share-based compensation expense | 12,226 | 12,226 | 12,226 | ||||||
Redeemable equity vested | 111,521 | 111,521 | 111,521 | ||||||
Change in redeemable equity | 47,049 | 47,049 | 47,049 | ||||||
Conversion of Class B to Class A shares | 2,458 | (2,458) | |||||||
Shares issued in connection with acquisition | (15,049) | (15,049) | 61,049 | (2,520) | (73,578) | ||||
Contributions from noncontrolling interests | 5,995 | ||||||||
Dividend payment | (1,499,935) | (1,499,935) | (963,711) | (536,224) | |||||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Plan Amendments, Net Of Tax | (74) | ||||||||
Ending balance at Jun. 30, 2018 | 3,867,193 | 3,859,806 | 3,856,682 | (10,438) | 7,387 | 6,191 | 4,928 | 2,443 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net loss attributable to stockholders | 32,553 | 32,553 | 32,553 | ||||||
Net loss (income) attributable to noncontrolling interests | 1,186 | ||||||||
Foreign currency translation adjustment, net of income taxes | 410 | ||||||||
Share-based compensation expense | 12,327 | 12,327 | 12,327 | ||||||
Redeemable equity vested | 12,894 | 12,894 | 12,894 | ||||||
Change in redeemable equity | 22,528 | 22,528 | 22,528 | ||||||
Class A shares acquired through share repurchase program and retired | (240,799) | (240,799) | (240,666) | (133) | |||||
Conversion of Class B to Class A shares | 312 | (312) | |||||||
Shares issued in connection with acquisition | 680 | 680 | 680 | ||||||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Plan Amendments, Net Of Tax | 7,057 | ||||||||
Ending balance at Sep. 30, 2018 | 3,670,973 | 3,662,400 | 3,618,709 | (2,291) | 8,573 | 38,744 | 5,107 | 2,131 | |
Beginning balance at Dec. 31, 2018 | 3,680,236 | 3,670,941 | 3,423,803 | $ 0 | (11,783) | 9,295 | 251,830 | 4,961 | 2,130 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net loss attributable to stockholders | (24,999) | (24,999) | (24,999) | ||||||
Net loss (income) attributable to noncontrolling interests | (199) | (199) | |||||||
Distributions from noncontrolling interests | (1,000) | (1,000) | |||||||
Foreign currency translation adjustment, net of income taxes | (181) | (181) | (181) | ||||||
Share-based compensation expense | 13,790 | 13,790 | 13,790 | ||||||
Redeemable equity vested | 1,364 | 1,364 | 1,364 | ||||||
Change in redeemable equity | (61,696) | (61,696) | (61,696) | ||||||
Class A shares acquired through share repurchase program and retired | (600,001) | (600,001) | (599,707) | (294) | |||||
Conversion of Class B to Class A shares | 242 | (242) | |||||||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Plan Amendments, Net Of Tax | 3,752 | 3,752 | 3,752 | ||||||
Ending balance at Mar. 31, 2019 | 3,011,066 | 3,002,970 | 2,777,554 | 0 | (8,212) | 8,096 | 226,831 | 4,909 | 1,888 |
Beginning balance at Dec. 31, 2018 | 3,680,236 | 3,670,941 | 3,423,803 | 0 | (11,783) | 9,295 | 251,830 | 4,961 | 2,130 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net loss attributable to stockholders | 138,607 | ||||||||
Net loss (income) attributable to noncontrolling interests | 1 | ||||||||
Foreign currency translation adjustment, net of income taxes | (704) | ||||||||
Ending balance at Sep. 30, 2019 | 2,089,267 | 2,080,971 | 1,709,685 | 0 | (25,520) | 8,296 | 390,437 | 4,506 | 1,863 |
Beginning balance at Mar. 31, 2019 | 3,011,066 | 3,002,970 | 2,777,554 | 0 | (8,212) | 8,096 | 226,831 | 4,909 | 1,888 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net loss attributable to stockholders | 86,367 | 86,367 | 86,367 | ||||||
Net loss (income) attributable to noncontrolling interests | 43 | 43 | |||||||
Foreign currency translation adjustment, net of income taxes | (243) | (243) | (243) | ||||||
Share-based compensation expense | 16,077 | 16,077 | 16,077 | ||||||
Redeemable equity vested | 61,702 | 61,702 | 61,702 | ||||||
Change in redeemable equity | (46,294) | (46,294) | (46,294) | ||||||
Class A shares acquired through share repurchase program and retired | (599,952) | (599,952) | (599,703) | (249) | |||||
Conversion of Class B to Class A shares | 16 | (16) | |||||||
Issuance of stock | 244 | 244 | 244 | ||||||
Shares issued in connection with acquisition | 10,773 | 10,773 | 10,768 | 5 | |||||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Plan Amendments, Net Of Tax | (6,019) | (6,019) | (6,019) | ||||||
Ending balance at Jun. 30, 2019 | 2,533,764 | 2,525,625 | 2,220,348 | 0 | (14,474) | 8,139 | 313,198 | 4,681 | 1,872 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net loss attributable to stockholders | 77,239 | 77,239 | 77,239 | ||||||
Net loss (income) attributable to noncontrolling interests | 157 | 157 | |||||||
Foreign currency translation adjustment, net of income taxes | (280) | (280) | (280) | ||||||
Share-based compensation expense | 18,023 | 18,023 | 18,023 | ||||||
Redeemable equity vested | 9,071 | 9,071 | 9,071 | ||||||
Change in redeemable equity | (51,450) | (51,450) | (51,450) | ||||||
Class A shares acquired through share repurchase program and retired | (486,920) | (486,920) | (486,736) | (184) | |||||
Conversion of Class B to Class A shares | 9 | (9) | |||||||
Issuance of stock | 429 | 429 | 429 | ||||||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Plan Amendments, Net Of Tax | (10,766) | (10,766) | (10,766) | ||||||
Ending balance at Sep. 30, 2019 | $ 2,089,267 | $ 2,080,971 | $ 1,709,685 | $ 0 | $ (25,520) | $ 8,296 | $ 390,437 | $ 4,506 | $ 1,863 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 138,608 | $ (193,214) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Depreciation and amortization (including impairments) | 1,695,685 | 1,827,285 |
Equity in net loss of affiliates | 0 | 10,849 |
Loss (gain) on investments and sale of affiliate interests, net | (478,124) | 182,031 |
Loss (gain) on derivative contracts, net | 303,986 | (130,883) |
Loss on extinguishment of debt and write-off of deferred financing costs | 159,599 | 41,616 |
Amortization of deferred financing costs and discounts (premiums) on indebtedness | 82,398 | 60,526 |
Settlement loss related to pension plan | 1,629 | 929 |
Share-based compensation expense related to equity classified awards | 47,891 | 46,176 |
Deferred income taxes | 55,694 | 14,399 |
Provision for doubtful accounts | 61,054 | 50,643 |
Change in assets and liabilities, net of effects of acquisitions and dispositions: | ||
Accounts receivable, trade | (46,849) | (111,446) |
Other receivables | 3,306 | (138) |
Prepaid expenses and other assets | (44,942) | (41,890) |
Amounts due from and due to affiliates | (6,189) | 7,203 |
Accounts payable | 27,018 | 85,497 |
Increase (Decrease) in Interest Payable, Net | (107,969) | (76,095) |
Accrued employee related costs and other liabilities | (78,796) | (122,101) |
Deferred revenue | (30,020) | 56,326 |
Liabilities related to interest rate swap and derivative contracts | 50,008 | 62,549 |
Net cash provided by operating activities | 1,833,987 | 1,770,262 |
Cash flows from investing activities: | ||
Capital expenditures | (1,032,555) | (832,824) |
Payment for acquisitions, net of cash acquired | (172,659) | (10,753) |
Sale of affiliate interest | 1,958 | (3,537) |
Proceeds related to sale of equipment, including costs of disposal | 4,484 | 7,802 |
Increase in other investments | 0 | (2,500) |
Additions to other intangible assets | 3,969 | 584 |
Net cash used in investing activities | (1,202,741) | (842,396) |
Cash flows from financing activities: | ||
Proceeds from credit facility debt, net of discounts | 2,040,000 | 2,217,500 |
Repayment of credit facility debt | (1,342,625) | (635,738) |
Issuance of senior notes and debentures, including premiums | 2,754,375 | 2,050,000 |
Redemption of senior notes, including premiums and fees | (2,471,578) | (2,623,756) |
Proceeds from collateralized indebtedness, net | 0 | 516,513 |
Repayment of collateralized indebtedness and related derivative contracts, net | 0 | 516,513 |
Dividends to stockholders | 0 | 1,499,935 |
Proceeds from notes payable | 67,187 | 15,955 |
Repayment of notes payable | (90,210) | (14,089) |
Principal payments on finance lease obligations | (6,736) | (8,581) |
Purchase of shares of Class A common stock, pursuant to a share repurchase program | (1,686,873) | (226,803) |
Additions to deferred financing costs | (16,007) | (21,570) |
Contingent payment for acquisition | (500) | (30,000) |
Contributions from (distributions to) noncontrolling interests | (1,000) | 5,995 |
Other | 0 | (859) |
Net cash used in financing activities | (753,967) | (771,881) |
Effect of exchange rate changes on cash and cash equivalents | (965) | 376 |
Net increase (decrease) in cash and cash equivalents | (123,686) | 156,361 |
Cash, cash equivalents and restricted cash at beginning of year | 299,038 | 330,100 |
Cash, cash equivalents and restricted cash at end of period | $ 175,352 | $ 486,461 |
DESCRIPTION OF BUSINESS AND REL
DESCRIPTION OF BUSINESS AND RELATED MATTERS | 9 Months Ended |
Sep. 30, 2019 | |
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 . Through June 8, 2018, the Company was majority-owned by Altice Europe N.V. ("Altice Europe"), a public company with limited liability (naamloze vennootshcap) under Dutch law. On June 8, 2018, Altice Europe distributed substantially all of its equity interest in the Company through a distribution in kind to holders of Altice Europe's common shares A and common shares B (the “Distribution”). The Company is now majority-owned by Patrick Drahi through Next Alt. S.a.r.l. ("Next Alt"). The Company principally provides broadband communications and video services in the United States and markets its services primarily under two brands: Optimum, in the New York metropolitan area, and Suddenlink, principally in markets in the south-central United States. It delivers broadband, video, telephony services, proprietary content and advertising services to residential and business customers. In September 2019, the Company launched Altice Mobile, a full service voice and data offering, to consumers across its footprint. As these brands are managed on a consolidated basis, the Company classifies its operations in one segment. The accompanying combined consolidated financial statements ("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 and the i24 Acquisition discussed below. All significant inter-company accounts and transactions have been eliminated in consolidation. Acquisition of Altice Technical Services US Corp Altice Technical Services US Corp. ("ATS") was formed to provide network construction and maintenance services and commercial and residential installations, disconnections, and maintenance. During the second quarter of 2017, a substantial portion of the Company's technical workforce at Cablevision, a wholly-owned subsidiary of Altice USA, 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 technical workforce became employees of ATS in December 2017. Additionally, in the second quarter of 2017, the Company entered into an Independent Contractor Agreement with ATS that governed the terms of the services provided to the Company and entered into a Transition Services Agreement for the use of the Company's resources to provide various overhead functions to ATS, including accounting, legal and human resources and for the use of certain facilities, vehicles and technician tools during a transitional period. The Transition Services Agreement required ATS to reimburse the Company for its cost to provide such services. In January 2018, the Company acquired 70% of the equity interests in 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 Europe 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. In connection with the ATS Acquisition, the Company recorded goodwill of $23,101 , representing the amount previously transferred to ATS. Acquisition of i24NEWS In April 2018, Altice Europe transferred its ownership of i24 US and i24 Europe ("i24NEWS"), Altice Europe's 24/7 international news and current affairs channels to the Company for minimal consideration (the "i24 Acquisition"). As the acquisition was a combination of businesses under common control, the Company combined the results of operations and related assets and liabilities of i24NEWS as of April 1, 2018. Operating results for periods prior to April 1, 2018 have not been revised to reflect the i24 Acquisition as the impact was deemed immaterial. Altice Europe Distribution On June 8, 2018, Altice Europe distributed substantially all of its equity interest in the Company through a distribution in kind to holders of Altice Europe's common shares A and common shares B (the “Distribution”). The Distribution took place by way of a special distribution in kind by Altice Europe of its 67.2% interest in the Company to Altice Europe shareholders. Each shareholder of Altice Europe on May 23, 2018, the Distribution record date, received 0.4163 shares of the Company's common stock for every share held by such shareholder in Altice Europe. Prior to Altice Europe's announcement of the Distribution, the Board of Directors of Altice USA, acting through its independent directors, approved the payment of a $2.035 dividend to all shareholders of record on May 22, 2018. The payment of the dividend, aggregating $1,499,935 , was made on June 6, 2018, and was funded with cash at CSC Holdings LLC, a wholly-owned subsidiary of Cablevision, from financings completed in January 2018, and cash generated from operations. In connection with the payment of the dividend, the Company recorded a decrease in retained earnings of $536,224 , representing the cumulative earnings through the payment date, and a decrease in paid in capital of $963,711 . In connection with the Distribution, the Management Advisory and Consulting Services Agreement with Altice Europe which provided certain consulting, advisory and other services was terminated. See Note 15 for further details. Stock Repurchase Plan In June 2018, the Board of Directors of Altice USA also authorized a share repurchase program of $2.0 billion and on July 30, 2019, the Board of Directors authorized a new incremental three-year share repurchase program of $5.0 billion that took effect following the completion in August 2019 of the $2.0 billion repurchase program. Under these repurchase programs, shares of Altice USA Class A common stock may be purchased from time to time in the open market and may include trading plans entered into with one or more brokerage firms in accordance with Rule 10b5-1 under the Securities Exchange Act of 1934. Size and timing of these purchases will be determined based on market conditions and other factors. During the nine months ended September 30, 2019 , the Company repurchased 72,668,712 shares for a total purchase price of approximately $1,686,873 . From inception through September 30, 2019 , the Company repurchased an aggregate of 100,697,392 shares for a total purchase price of approximately $2,186,874 . These acquired shares were retired and the cost for these shares was recorded in paid in capital in the Company's consolidated balance sheet. As of September 30, 2019 , the Company had approximately $4,813,126 of availability remaining under the incremental share repurchase program and had 636,827,486 combined Class A and Class B shares outstanding. |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION | BASIS OF PRESENTATION The accompanying unaudited 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 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, 2018. 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, 2019. 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. Reclassifications Certain reclassifications have been made to the 2018 financial statements to conform to the 2019 presentation. |
ACCOUNTING PRONOUNCEMENTS
ACCOUNTING PRONOUNCEMENTS | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Changes and Error Corrections [Abstract] | |
ACCOUNTING PRONOUNCEMENTS | ACCOUNTING PRONOUNCEMENTS Recently Issued But Not Yet Adopted Accounting Pronouncements ASU No. 2018-14, Changes to the Disclosure Requirements for Defined Benefit Plans ("ASU 2018-14") In August 2018, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2018-14, Changes to the Disclosure Requirements for Defined Benefit Plans, which amends ASC 715 to clarify certain disclosure requirements related to defined benefit pension and other postretirement plans. ASU 2018-14 becomes effective for the Company on January 1, 2021, although early adoption is permitted. The Company does not expect the adoption of ASU 2018-14 to have a material impact on its consolidated financial statements. ASU No. 2018-15, Customer’s Accounting for Implementation Costs in a Cloud Computing Arrangement That Is a Service Contract ("ASU 2018-15") In August 2018, the FASB issued ASU 2018-15, Customer’s Accounting for Implementation Costs in a Cloud Computing Arrangement That is a Service Contract, which requires upfront implementation costs incurred in a cloud computing arrangement (or hosting arrangement) that is a service contract to be amortized to hosting expense over the term of the arrangement, beginning when the module or component of the hosting arrangement is ready for its intended use. ASU 2018-15 becomes effective for the Company on January 1, 2020, although early adoption is permitted. The Company is currently in the process of evaluating the impact that the adoption of ASU 2018-15 will have on its consolidated financial statements. ASU No. 2017-04, Intangibles-Goodwill and Other (Topic 350) ("ASU 2017-04") In January 2017, the FASB issued ASU No. 2017-04, Intangibles-Goodwill and Other (Topic 350). ASU 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 2017-04 becomes effective for the Company on January 1, 2020 with early adoption permitted and will be applied prospectively. ASU No. 2016-13, Measurement of Credit Losses on Financial Instruments ("ASU 2016-13") In June 2016, the FASB issued ASU No. 2016-13, Measurement of Credit Losses on Financial Instruments. ASU No.2016-13 requires a financial asset (or a group of financial assets) measured at amortized cost basis to be assessed for impairment under the current expected credit loss model rather than an incurred loss model. The measurement of expected credit losses is based on relevant information about past events, including historical experience, current conditions and reasonable and supportable forecasts that affect the collectability of the reported amount. ASU 2016-13 becomes effective for the Company on January 1, 2020. Early adoption is permitted. The Company is currently in the process of evaluating the impact that the adoption of ASU No. 2016-13 will have on its consolidated financial statements. |
NET LOSS PER SHARE ATTRIBUTABLE
NET LOSS PER SHARE ATTRIBUTABLE TO STOCKHOLDERS | 9 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
NET LOSS PER SHARE ATTRIBUTABLE TO STOCKHOLDERS | NET INCOME (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 and restricted stock. For such awards that are performance based, the diluted effect is reflected upon the achievement of the performance criteria. The following table presents a reconciliation of weighted average shares used in the calculations of the basic and diluted income per share attributable to Altice USA stockholders: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 (in thousands) Basic weighted average shares outstanding 643,797 732,963 668,929 735,685 Effect of dilution: Stock options 2,201 — 923 — Restricted stock 8 — 3 — Diluted weighted average shares outstanding 646,006 732,963 669,855 735,685 For the three and nine months ended September 30, 2019, the weighted average common stock equivalents of approximately 2,018,000 and 4,882,000 shares, respectively, have been excluded from diluted weighted average shares outstanding as they are anti-dilutive. In addition, approximately 57,000 performance based options for the three months and nine months ended September 30, 2019, issued pursuant to the Company's employee stock plan have also been excluded from the diluted weighted average shares outstanding as the performance criteria on these awards had not yet been satisfied for the respective periods. For the three months ended September 30, 2018, the weighted average common stock equivalents of approximately 5,841,000 shares have been excluded from diluted weighted average shares outstanding as they are anti-dilutive. In addition, approximately 73,000 performance based options for the three months ended September 30, 2018, issued pursuant to the Company's employee stock plan have also been excluded from the diluted weighted average shares outstanding as the performance criteria on these awards had not yet been satisfied for the respective period. |
REVENUE AND CONTRACT ASSETS
REVENUE AND CONTRACT ASSETS | 9 Months Ended |
Sep. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
REVENUE AND CONTRACT ASSETS | REVENUE AND CONTRACT ASSETS The following table presents the composition of revenue: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Residential: Video $ 993,158 $ 1,054,667 $ 3,028,914 $ 3,122,779 Broadband 814,328 729,907 2,396,151 2,143,730 Telephony 148,231 161,351 452,927 490,888 Business services and wholesale 357,628 344,193 1,066,123 1,014,671 News and advertising 118,067 123,913 327,255 323,992 Mobile 3,174 — 3,174 — Other 4,076 3,770 11,766 15,608 Total revenue $ 2,438,662 $ 2,417,801 $ 7,286,310 $ 7,111,668 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 and nine months ended September 30, 2019 the amount of franchise fees and certain other taxes and fees included as a component of revenue aggregated $63,539 and $191,695 , respectively. For the three and nine months ended September 30, 2018 the amount of franchise fees and certain other taxes and fees included as a component of revenue aggregated $63,703 and $190,895 , respectively. Contract Assets The following table provides information about contracts assets and contract liabilities related to contracts with customers: September 30, 2019 December 31, 2018 Contract assets (a) $ 29,810 $ 26,405 Deferred revenue (b) 162,398 190,056 (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. A significant portion of the Company's deferred revenue represents payments for services for up to one month in advance from residential and small and medium-sized business ("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 years to five years , and services may only be terminated in accordance with the contractual terms. |
SUPPLEMENTAL CASH FLOW INFORMAT
SUPPLEMENTAL CASH FLOW INFORMATION | 9 Months Ended |
Sep. 30, 2019 | |
Supplemental Cash Flow Elements [Abstract] | |
SUPPLEMENTAL CASH FLOW INFORMATION | SUPPLEMENTAL CASH FLOW INFORMATION The Company's non-cash investing and financing activities and other supplemental data were as follows: Nine Months Ended September 30, 2019 2018 Non-Cash Investing and Financing Activities: Property and equipment accrued but unpaid $ 206,842 $ 166,800 Leasehold improvements paid by landlord — 350 Notes payable issued to vendor for the purchase of equipment and other assets 35,124 49,780 Unsettled purchases of shares of Altice USA, Inc. Class A common stock, pursuant to a share repurchase program — 13,996 Right-of-use assets acquired in exchange for finance lease obligations 29,957 8,162 Deferred financing costs accrued but unpaid 1,236 1,006 Contingent consideration for acquisitions — 6,733 Receivable related to the sale of an investment — 11,954 Supplemental Data: Cash interest paid 1,170,785 1,174,154 Income taxes paid, net 6,457 12,148 |
RESTRUCTURING AND OTHER EXPENSE
RESTRUCTURING AND OTHER EXPENSE | 9 Months Ended |
Sep. 30, 2019 | |
Restructuring and Related Activities [Abstract] | |
RESTRUCTURING AND OTHER EXPENSE | RESTRUCTURING AND OTHER EXPENSE Restructuring Beginning in the first quarter of 2016, the Company commenced restructuring initiatives that were intended to simplify the Company's organizational structure ("2016 Restructuring Plan"). The following table summarizes the activity for the 2016 Restructuring Plan: Severance and Other Employee Related Costs Facility Realignment and Other Costs Total Accrual balance at December 31, 2018 $ 21,454 $ 13,615 $ 35,069 Restructuring charges 6,562 5,652 12,214 Payments and other (24,941 ) (2,783 ) (27,724 ) Impact of the adoption of ASC 842 (a) — (13,849 ) (13,849 ) Accrual balance at September 30, 2019 $ 3,075 $ 2,635 $ 5,710 (a) Certain accrued restructuring liabilities were netted against right-of-use operating assets on the Company's consolidated balance sheet as of January 1, 2019 in connection with the Company's adoption of ASC 842 (see Note 8). In addition, for the three and nine months ended September 30, 2019 , the Company recorded restructuring charges of $73 and $8,769 , respectively, related primarily to the impairment of right-of-use operating lease assets, included in the Company's restructuring initiatives, as their carrying amount was not recoverable and exceeded their fair value. Cumulative costs to date relating to the 2016 Restructuring Plan amounted to $428,509 . In May 2019, the Company commenced another restructuring initiative to further simplify the Company's organization structure ("2019 Restructuring Plan"). The following table summarizes the activity for the 2019 Restructuring Plan: Severance and Other Employee Related Costs Restructuring charges $ 16,150 Payments and other (636 ) Accrual balance at September 30, 2019 $ 15,514 Transaction Costs The Company recorded costs of $987 and $1,957 during the three and nine months ended September 30, 2019 , respectively, primarily related to certain transactions not related to the Company's operations. The Company incurred transaction costs of $1,920 and $7,682 for the three and nine months ended September 30, 2018 relating to the Distribution discussed in Note 1. |
LEASES (Notes)
LEASES (Notes) | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
LEASES | On January 1, 2019, the Company adopted FASB Accounting Standards Codification ("ASC"), Topic 842, Leases ("ASC 842"), 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 requires the recognition of the right-of-use ("ROU") assets and related operating and finance lease liabilities on the balance sheet. The Company adopted the new guidance using the modified retrospective approach with a cumulative-effect adjustment recorded on January 1, 2019. As a result, the consolidated balance sheet as of December 31, 2018 was not restated and is not comparative. The adoption of ASC 842 resulted in the recognition of ROU assets of $274,292 and lease liabilities for operating leases of $299,900 on the Company's consolidated balance sheet as of January 1, 2019, with no material impact to its consolidated statements of operations. The difference between the ROU assets and the operating lease liability represents the reclassification of (i) deferred rent balances, resulting from the historical operating leases, and (ii) certain accrued restructuring liabilities (See Note 7). The Company's accounting for finance leases remained substantially unchanged from its accounting for capital leases in prior periods. The Company elected the package of practical expedients permitted within the standard, which allow an entity to forgo reassessing (i) whether a contract contains a lease, (ii) classification of leases, and (iii) whether capitalized costs associated with a lease meet the definition of initial direct costs. Also, the Company elected the expedient allowing an entity to use hindsight to determine the lease term and impairment of ROU assets and the expedient related to land easements which allows the Company not to retrospectively treat land easements as leases; however, the Company must apply lease accounting prospectively to land easements if they meet the definition of a lease. For contracts entered into on or after the effective date, at the inception of a contract the Company will assess whether the contract is, or contains, a lease. The Company's assessment is based on: (i) whether the contract involves the use of a distinct identified asset, (ii) whether the Company obtained the right to substantially all the economic benefit from the use of the asset throughout the period, and (iii) whether the Company has the right to direct the use of the asset. Leases entered into prior to January 1, 2019, are accounted for under ASC 840 and were not reassessed for classification. For operating leases, the lease liability is initially and subsequently measured at the present value of the unpaid lease payments. For finance leases, the lease liability is initially measured in the same manner and date as for operating leases, and is subsequently measured at amortized cost using the effective interest method. The Company generally uses its incremental borrowing rate as the discount rate for leases, unless an interest rate is implicitly stated in the lease. The lease term for all of the Company’s leases includes the noncancellable period of the lease plus any additional periods covered by either a Company option to extend the lease that the Company is reasonably certain to exercise, or an option to extend the lease controlled by the lessor. All ROU assets are reviewed for impairment. Lease expense for operating leases consists of the lease payments plus any initial direct costs and is recognized on a straight-line basis over the lease term. Lease expense for finance leases consists of the amortization of the asset on a straight-line basis over the earlier of the lease term or its useful life and interest expense determined on an amortized cost basis. The lease payments are allocated between a reduction of the lease liability and interest expense. The Company's operating leases are comprised primarily of facility leases and finance leases are comprised primarily of vehicle leases. Balance sheet information related to our leases is presented below: Balance Sheet location September 30, 2019 January 1, 2019 December 31, 2018 Operating leases: Right-of-use lease assets Right-of-use operating lease assets $ 282,746 $ 274,292 $ — Right-of-use lease liability, current Other current liabilities 38,104 48,033 — Right-of-use lease liability, long-term Right-of-use operating lease liability 270,564 251,867 — Finance leases: Right-of-use lease assets Property, plant and equipment 49,380 30,891 30,891 Right-of-use lease liability, current Current portion of long-term debt 12,117 5,928 5,928 Right-of-use lease liability, long-term Long-term debt 34,972 19,262 19,262 The following provides details of the Company's lease expense: Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 Operating lease expense, net $ 15,038 $ 45,264 Finance lease expense: Amortization of assets 2,538 5,730 Interest on lease liabilities 520 1,266 Total finance lease expense 3,058 6,996 $ 18,096 $ 52,260 Other information related to leases is presented below: As of September 30, 2019 Right-of-use assets acquired in exchange for operating lease obligations $ 47,232 Cash Paid For Amounts Included In Measurement of Liabilities: Operating cash flows from finance leases 1,266 Operating cash flows from operating leases 48,550 Weighted Average Remaining Lease Term: Operating leases 9.5 years Finance leases 3.9 years Weighted Average Discount Rate: Operating leases 6.02 % Finance leases 5.39 % The minimum future annual payments under non-cancellable leases during the next five years and thereafter, at rates now in force, are as follows: Financing leases Operating leases 2019 (excluding the nine months ended September 30, 2019) $ 3,069 $ 11,702 2020 15,100 51,110 2021 13,780 46,026 2022 10,796 47,496 2023 5,788 37,376 Thereafter 3,626 219,862 Total future minimum lease payments, undiscounted 52,159 413,572 Less: Imputed interest (5,070 ) (104,904 ) Present value of future minimum lease payments $ 47,089 $ 308,668 The following table presents the Company’s unadjusted lease commitments as of December 31, 2018 as a required disclosure for companies adopting the lease standard prospectively without revising comparative period information. Financing leases Operating leases 2019 $ 5,928 $ 47,905 2020 5,087 50,356 2021 3,969 43,362 2022 4,146 34,882 2023 3,828 25,234 Thereafter 2,232 167,941 |
LEASES | LEASES On January 1, 2019, the Company adopted FASB Accounting Standards Codification ("ASC"), Topic 842, Leases ("ASC 842"), 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 requires the recognition of the right-of-use ("ROU") assets and related operating and finance lease liabilities on the balance sheet. The Company adopted the new guidance using the modified retrospective approach with a cumulative-effect adjustment recorded on January 1, 2019. As a result, the consolidated balance sheet as of December 31, 2018 was not restated and is not comparative. The adoption of ASC 842 resulted in the recognition of ROU assets of $274,292 and lease liabilities for operating leases of $299,900 on the Company's consolidated balance sheet as of January 1, 2019, with no material impact to its consolidated statements of operations. The difference between the ROU assets and the operating lease liability represents the reclassification of (i) deferred rent balances, resulting from the historical operating leases, and (ii) certain accrued restructuring liabilities (See Note 7). The Company's accounting for finance leases remained substantially unchanged from its accounting for capital leases in prior periods. The Company elected the package of practical expedients permitted within the standard, which allow an entity to forgo reassessing (i) whether a contract contains a lease, (ii) classification of leases, and (iii) whether capitalized costs associated with a lease meet the definition of initial direct costs. Also, the Company elected the expedient allowing an entity to use hindsight to determine the lease term and impairment of ROU assets and the expedient related to land easements which allows the Company not to retrospectively treat land easements as leases; however, the Company must apply lease accounting prospectively to land easements if they meet the definition of a lease. For contracts entered into on or after the effective date, at the inception of a contract the Company will assess whether the contract is, or contains, a lease. The Company's assessment is based on: (i) whether the contract involves the use of a distinct identified asset, (ii) whether the Company obtained the right to substantially all the economic benefit from the use of the asset throughout the period, and (iii) whether the Company has the right to direct the use of the asset. Leases entered into prior to January 1, 2019, are accounted for under ASC 840 and were not reassessed for classification. For operating leases, the lease liability is initially and subsequently measured at the present value of the unpaid lease payments. For finance leases, the lease liability is initially measured in the same manner and date as for operating leases, and is subsequently measured at amortized cost using the effective interest method. The Company generally uses its incremental borrowing rate as the discount rate for leases, unless an interest rate is implicitly stated in the lease. The lease term for all of the Company’s leases includes the noncancellable period of the lease plus any additional periods covered by either a Company option to extend the lease that the Company is reasonably certain to exercise, or an option to extend the lease controlled by the lessor. All ROU assets are reviewed for impairment. Lease expense for operating leases consists of the lease payments plus any initial direct costs and is recognized on a straight-line basis over the lease term. Lease expense for finance leases consists of the amortization of the asset on a straight-line basis over the earlier of the lease term or its useful life and interest expense determined on an amortized cost basis. The lease payments are allocated between a reduction of the lease liability and interest expense. The Company's operating leases are comprised primarily of facility leases and finance leases are comprised primarily of vehicle leases. Balance sheet information related to our leases is presented below: Balance Sheet location September 30, 2019 January 1, 2019 December 31, 2018 Operating leases: Right-of-use lease assets Right-of-use operating lease assets $ 282,746 $ 274,292 $ — Right-of-use lease liability, current Other current liabilities 38,104 48,033 — Right-of-use lease liability, long-term Right-of-use operating lease liability 270,564 251,867 — Finance leases: Right-of-use lease assets Property, plant and equipment 49,380 30,891 30,891 Right-of-use lease liability, current Current portion of long-term debt 12,117 5,928 5,928 Right-of-use lease liability, long-term Long-term debt 34,972 19,262 19,262 The following provides details of the Company's lease expense: Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 Operating lease expense, net $ 15,038 $ 45,264 Finance lease expense: Amortization of assets 2,538 5,730 Interest on lease liabilities 520 1,266 Total finance lease expense 3,058 6,996 $ 18,096 $ 52,260 Other information related to leases is presented below: As of September 30, 2019 Right-of-use assets acquired in exchange for operating lease obligations $ 47,232 Cash Paid For Amounts Included In Measurement of Liabilities: Operating cash flows from finance leases 1,266 Operating cash flows from operating leases 48,550 Weighted Average Remaining Lease Term: Operating leases 9.5 years Finance leases 3.9 years Weighted Average Discount Rate: Operating leases 6.02 % Finance leases 5.39 % The minimum future annual payments under non-cancellable leases during the next five years and thereafter, at rates now in force, are as follows: Financing leases Operating leases 2019 (excluding the nine months ended September 30, 2019) $ 3,069 $ 11,702 2020 15,100 51,110 2021 13,780 46,026 2022 10,796 47,496 2023 5,788 37,376 Thereafter 3,626 219,862 Total future minimum lease payments, undiscounted 52,159 413,572 Less: Imputed interest (5,070 ) (104,904 ) Present value of future minimum lease payments $ 47,089 $ 308,668 The following table presents the Company’s unadjusted lease commitments as of December 31, 2018 as a required disclosure for companies adopting the lease standard prospectively without revising comparative period information. Financing leases Operating leases 2019 $ 5,928 $ 47,905 2020 5,087 50,356 2021 3,969 43,362 2022 4,146 34,882 2023 3,828 25,234 Thereafter 2,232 167,941 |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 9 Months Ended |
Sep. 30, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
INTANGIBLE ASSETS | INTANGIBLE ASSETS The following table summarizes information relating to the Company's acquired amortizable intangible assets: As of September 30, 2019 As of December 31, 2018 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Estimated Useful Lives Customer relationships $ 6,017,524 $ (2,676,816 ) $ 3,340,708 $ 5,970,884 $ (2,162,110 ) $ 3,808,774 8 to 18 years Trade names 1,081,083 (773,716 ) 307,367 1,067,083 (701,998 ) 365,085 2 to 5 years Other amortizable intangibles 53,390 (25,511 ) 27,879 37,644 (18,679 ) 18,965 1 to 15 years $ 7,151,997 $ (3,476,043 ) $ 3,675,954 $ 7,075,611 $ (2,882,787 ) $ 4,192,824 Amortization expense for the three and nine months ended September 30, 2019 aggregated to $191,358 and $593,256 , respectively, and for the three and nine months ended September 30, 2018 aggregated $208,172 and $666,041 , respectively. The carrying amount of goodwill is presented below: Goodwill as of December 31, 2018 $ 8,012,416 Goodwill recorded in connection with the acquisition of Cheddar Inc. 126,241 Adjustments to purchase accounting (146 ) Goodwill as of September 30, 2019 $ 8,138,511 In June 2019, the Company completed the acquisition of Cheddar Inc., a digital-first news company, for approximately $200,000 in cash and stock, subject to certain closing adjustments as set forth in the merger agreement. The acquisition was accounted for as a business combination in accordance with ASC Topic 805. The preliminary purchase price of approximately $198,588 was allocated to the identifiable tangible and intangible assets and liabilities of Cheddar based on preliminary fair value information currently available, which is subject to change within the measurement period (up to one year from the acquisition date). Based on the preliminary purchase price, the Company recorded goodwill of $126,241 , customer relationships of $47,110 , trade names of $14,000 and other amortizable intangible assets of $11,900 |
DEBT
DEBT | 9 Months Ended |
Sep. 30, 2019 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT The following table provides details of the Company's outstanding debt: Interest Rate at Sept. 30, 2019 September 30, 2019 December 31, 2018 Date Issued Maturity Date Principal Amount Carrying Amount (a) Principal Amount Carrying Amount (a) CSC Holdings Senior Notes: February 12, 2009 February 15, 2019 8.625 % $ — $ — $ 526,000 $ 527,749 November 15, 2011 November 15, 2021 6.750 % 1,000,000 976,610 1,000,000 969,285 May 23, 2014 June 1, 2024 5.250 % 750,000 680,800 750,000 671,829 October 9, 2015 January 15, 2023 10.125 % — — 1,800,000 1,781,424 October 9, 2015 October 15, 2025 10.875 % 1,684,221 1,664,657 1,684,221 1,663,027 November 27, 2018 December 15, 2021 (g) 5.125 % 1,240,762 1,175,069 1,240,762 1,155,264 November 27, 2018 July 15, 2025 7.750 % 617,881 605,143 617,881 603,889 November 27, 2018 April 1, 2028 7.500 % 1,045,882 1,044,243 1,045,882 1,044,143 July 10, 2019 January 15, 2030 5.750 % 1,000,000 996,191 — — CSC Holdings Senior Guaranteed Notes: October 9, 2015 October 15, 2025 6.625 % 1,000,000 989,113 1,000,000 988,052 September 23, 2016 April 15, 2027 5.500 % 1,310,000 1,305,303 1,310,000 1,304,936 January 29, 2018 February 1, 2028 5.375 % 1,000,000 992,580 1,000,000 992,064 November 27, 2018 July 15, 2023 5.375 % 1,095,825 1,080,990 1,095,825 1,078,428 November 27, 2018 May 15, 2026 5.500 % 1,498,806 1,485,490 1,498,806 1,484,278 January 24, 2019 February 1, 2029 6.500 % 1,750,000 1,746,936 — — Cablevision Senior Notes (b): April 15, 2010 April 15, 2020 (h) 8.000 % 500,000 497,960 500,000 495,302 September 27, 2012 September 15, 2022 5.875 % 649,024 596,933 649,024 585,817 October 19, 2018 December 15, 2021 (e) 5.125 % — — 8,886 8,274 October 19, 2018 July 15, 2025 7.750 % 1,740 1,694 1,740 1,690 October 19, 2018 April 1, 2028 7.500 % 4,118 4,112 4,118 4,110 16,148,259 15,843,824 15,733,145 15,359,561 CSC Holdings Credit Facility Debt (Restricted Group): Revolving Credit Facility (c) (d) — % — — 250,000 231,425 Term Loan B July 17, 2025 4.278 % 2,932,500 2,918,645 2,955,000 2,939,425 Incremental Term Loan B-2 January 25, 2026 (i) 4.528 % 1,481,250 1,466,136 1,492,500 1,475,778 Incremental Term Loan B-3 January 15, 2026 4.278 % 1,268,625 1,263,177 1,275,000 1,268,931 Incremental Term Loan B-4 April 15, 2027 (i) 5.028 % 997,500 984,372 — — 6,679,875 6,632,330 5,972,500 5,915,559 Collateralized indebtedness (see Note 11) 1,459,638 1,423,519 1,459,638 1,406,182 Finance lease obligations (see Note 8) 47,089 47,089 25,190 25,190 Notes payable and supply chain financing (f) 110,519 110,519 106,108 106,108 24,445,380 24,057,281 23,296,581 22,812,600 Less: current portion of credit facility debt (57,750 ) (57,750 ) (54,563 ) (54,563 ) Less: current portion of notes payable and supply chain financing (91,834 ) (91,834 ) (98,134 ) (98,134 ) Less: current portion of finance lease obligations (12,117 ) (12,117 ) (5,928 ) (5,928 ) (161,701 ) (161,701 ) (158,625 ) (158,625 ) Long-term debt $ 24,283,679 $ 23,895,580 $ 23,137,956 $ 22,653,975 (a) The carrying amount is net of the unamortized deferred financing costs and/or discounts/premiums and with respect to certain notes, a fair value adjustment resulting from the Cequel and Cablevision acquisitions. (b) The issuer of these notes has 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, by the terms of the CSC Holdings credit facilities agreement from paying dividends or distributions to the issuer. (c) At September 30, 2019 , $178,014 of the revolving credit facility was restricted for certain letters of credit issued on behalf of the Company and $2,296,986 of the facility was undrawn and available, subject to covenant limitations. (d) The revolving credit facility matures on January 31, 2024, however $200,000 matures on November 30, 2021. (e) In July 2019, the Company redeemed $8,886 principal amount of these senior notes. (f) Includes $65,854 related to supply chain financing agreements entered into in the second quarter of 2019 that is required to be repaid within one year from the date of the respective agreement. (g) The notes were repaid subsequent to September 30, 2019 with proceeds from the issuance of an additional $1,250,000 aggregate principal amount of CSC Holdings 5.750% senior notes due 2030. See Note 17. (h) The notes were repaid subsequent to September 30, 2019 with proceeds from borrowings under an incremental term loan. See Note 17. As a result of this transaction, the Company has reclassified these notes to long-term as of September 30, 2019. (i) The term loan was repaid subsequent to September 30, 2019 with proceeds from borrowings under an incremental term loan. See Note 17. In January 2019, CSC Holdings issued $1,500,000 in aggregate principal amount of senior guaranteed notes due 2029 ("CSC Holdings 2029 Guaranteed Notes"). The notes bear interest at a rate of 6.5% and will mature on February 1, 2029. The net proceeds from the sale of the notes were used to repay certain indebtedness, including to repay at maturity $526,000 aggregate principal amount of CSC Holdings' 8.625% senior notes due February 2019 plus accrued interest, redeem approximately $905,300 of the aggregate outstanding amount of CSC Holdings' 10.125% senior notes due 2023 at a redemption price of 107.594% plus accrued interest, and paid fees and expenses associated with the transactions. In connection with this refinancing, $526,000 of short-term senior notes were reclassified to long-term debt as of December 31, 2018. In February 2019, CSC Holdings issued an additional $250,000 CSC Holdings 2029 Guaranteed Notes at a price of 101.75% of the principal value. The proceeds of these notes were used to repay amounts outstanding under the CSC Holdings Revolving Credit Facility. In July 2019, CSC Holdings issued $1,000,000 in aggregate principal amount of senior notes which bear interest at a rate of 5.75% and will mature on January 15, 2030 ("2030 Senior Notes"). The net proceeds from the sale of the notes were used to repay outstanding borrowings under CSC Holdings' revolving credit facility of approximately $622,857 , along with accrued interest and pay fees associated with the transactions. The remaining proceeds were used for general corporate purposes. During the nine months ended September 30, 2019 , CSC Holdings borrowed $1,050,000 under its revolving credit facility and repaid $1,300,000 of amounts outstanding under the revolving credit facility, a portion of which was funded from the proceeds of the issuance of an additional $250,000 principal amount of CSC Holdings 2029 Guaranteed Notes and the issuance of $1,000,000 principal amount of 2030 Senior Notes (see discussion above). In January and May 2019, CSC Holdings amended its existing revolving credit facility. After the amendments, the total size of the revolving credit facility that the Company can draw upon as of September 30, 2019 amounted to $ 2,475,000 , including $2,275,000 maturing in January 2024 and priced at LIBOR plus 2.25% . The remaining $200,000 matures in November 2021 and is priced at LIBOR plus 3.25% . In connection with the amendment entered into in May 2019, the Company recorded a write-off of deferred financing costs of $1,195 . In February 2019, CSC Holdings entered into a $1,000,000 senior secured Term Loan B ("Incremental Term Loan B-4") maturing on April 15, 2027, the proceeds of which were used to redeem $894,700 in aggregate principal amount of CSC Holdings’ 10.125% Senior Notes due 2023, representing the entire aggregate principal amount outstanding, and paying related fees, costs and expenses. The Incremental Term Loan B-4 bears interest at a rate per annum equal to LIBOR plus 3.0% and was issued with an original issue discount of 1.0% . The Incremental Term Loan B-4 was repaid subsequent to September 30, 2019. See Note 17. The CSC Credit Facilities Agreement contains certain customary representations and warranties, affirmative covenants and events of default (including, among others, an event of default upon a change of control). If an event of default occurs, the lenders under the CSC Credit Facilities will be entitled to take various actions, including the acceleration of amounts due under the CSC Credit Facilities and all actions permitted to be taken by a secured creditor. As of September 30, 2019 , the Company was in compliance with all of its financial covenants under the CSC Holdings Credit Facilities and with all of its financial covenants under the indentures under which the senior and senior guaranteed notes were issued. The following table provides a summary of the loss on extinguishment of debt and the write-off of deferred financing costs recorded by the Company upon the redemption of senior notes and the refinancing of credit facilities: Three Months Ended Nine Months Ended September 30, 2019 Cablevision 5.125% Senior Notes due 2021 $ 503 $ 503 CSC Holdings 10.125% Senior Notes due 2023 — 154,666 Refinancing and subsequent amendment to CSC Holdings credit facility — 4,430 $ 503 $ 159,599 Three Months Ended Nine Months Ended September 30, 2018 Cablevision 7.75% Senior Notes due 2018 $ — $ 4,706 Cequel 6.375% Senior Notes due 2020 — 36,910 $ — $ 41,616 Summary of Debt Maturities The future maturities of debt payable by the Company under its various debt obligations outstanding as of September 30, 2019 , including notes payable and collateralized indebtedness (see Note 11), but excluding finance lease obligations (see Note 8), are as follows: 2019 (excluding the nine months ended September 30, 2019) $ 30,848 2020 645,864 2021 3,775,998 2022 723,667 2023 1,167,190 Thereafter 18,054,724 The amounts in the table above do not include the effects of the debt transactions discussed in Note 17. |
DERIVATIVE CONTRACTS AND COLLAT
DERIVATIVE CONTRACTS AND COLLATERALIZED INDEBTEDNESS | 9 Months Ended |
Sep. 30, 2019 | |
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 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 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 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 September 30, 2019 , 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 September 30, 2019 . Interest Rate Swap Contracts To manage interest rate risk, we have from time to time entered into interest rate swap contracts to adjust the proportion of total debt that is subject to variable and fixed interest rates. Such contracts effectively fix the borrowing rates on floating rate debt to provide an economic hedge against the risk of rising rates and/or effectively convert fixed rate borrowings to variable rates to permit the Company to realize lower interest expense in a declining interest rate environment. We monitor the financial institutions that are counterparties to our interest rate swap contracts and we only enter into interest rate swap contracts with financial institutions that are rated investment grade. All such contracts are carried at their fair values on our consolidated balance sheets, with changes in fair value reflected in the consolidated statements of operations. As of September 30, 2019 , the Company did not hold and has not issued 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 consolidated balance sheets: Derivatives Not Designated as Hedging Instruments Balance Sheet Location Fair Value at September 30, 2019 December 31, 2018 Asset Derivatives: Interest rate swap contracts Derivative contracts, current $ — $ 1,975 Interest rate swap contracts Derivative contracts, long-term 2,634 — Prepaid forward contracts Derivative contracts, long-term — 109,344 2,634 111,319 Liability Derivatives: Interest rate swap contracts Other current liabilities (674 ) (70 ) Prepaid forward contracts Liabilities under derivative contracts, long-term (194,643 ) — Interest rate swap contracts Liabilities under derivative contracts, long-term (182,970 ) (132,908 ) $ (378,287 ) $ (132,978 ) The following table presents certain statement of operations data related to our derivative contracts and the underlying common stock: Three Months Ended Nine Months Ended Three Months Ended Nine Months Ended September 30, 2019 September 30, 2018 Gain (loss) on derivative contracts (related to change in the value of equity derivative contracts related to Comcast common stock) $ (77,333 ) $ (303,986 ) $ (79,628 ) $ 130,883 Change in fair value of Comcast common stock included in gain (loss) on investments 120,277 473,796 111,684 (199,312 ) Loss on interest rate swap contracts (11,163 ) (61,735 ) (19,554 ) (64,405 ) |
FAIR VALUE MEASUREMENT
FAIR VALUE MEASUREMENT | 9 Months Ended |
Sep. 30, 2019 | |
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 September 30, 2019 December 31, 2018 Assets: Money market funds Level I $ 44,931 $ 91,852 Investment securities pledged as collateral Level I 1,936,422 1,462,626 Prepaid forward contracts Level II — 109,344 Interest rate swap contracts Level II 2,634 1,975 Liabilities: Prepaid forward contracts Level II 194,643 — Interest rate swap contracts Level II 183,644 132,978 Contingent consideration related to 2017 and 2018 acquisitions Level III 5,142 6,195 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 consolidated 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 September 30, 2019 is equal to the contractual obligation expected to be paid based on a probability assessment of attaining the targets as of such date. The maximum amount that could be paid if all targets are achieved is approximately $11,000 . 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 Guaranteed Notes, Notes Payable and Supply Chain Financing 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 value of outstanding amounts related to supply chain financing agreements approximates the fair value due to the short-term nature of their maturity (less than one year). 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 consolidated balance sheets, are summarized as follows: September 30, 2019 December 31, 2018 Fair Value Hierarchy Carrying Amount (a) Estimated Fair Value Carrying Amount (a) Estimated Fair Value CSC Holdings debt instruments: Credit facility debt Level II $ 6,632,330 $ 6,679,875 $ 5,915,559 $ 5,972,500 Collateralized indebtedness Level II 1,423,519 1,423,130 1,406,182 1,374,203 Senior guaranteed notes Level II 7,600,412 8,136,444 5,847,758 5,646,468 Senior notes and debentures Level II 7,142,714 7,912,429 8,416,610 8,972,722 Notes payable and supply chain financing Level II 110,519 110,580 106,108 105,836 Cablevision debt instruments: Senior notes and debentures Level II 1,100,698 1,219,360 1,095,193 1,163,843 $ 24,010,192 $ 25,481,818 $ 22,787,410 $ 23,235,572 (a) Amounts are net of unamortized deferred financing costs and discounts/premiums. |
INCOME TAXES
INCOME TAXES | 9 Months Ended |
Sep. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES In general, the Company is required to use an estimated annual effective tax rate ("AETR") to measure the income tax expense or benefit recognized on a year to date basis in an interim period. In addition, certain items included in income tax expense as well as the tax impact of certain items included in pretax income 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. For the three and nine months ended September 30, 2019, the Company recorded income tax expense of $37,871 and $56,445 on pre-tax income of $115,267 and $195,053 , respectively, resulting in an effective tax rate of 33% and 29% , respectively, which are higher than the U.S. federal statutory tax rate of 21% . The primary differences between the effective tax rate and the statutory tax rate are due to a revaluation of state deferred taxes primarily due to certain changes to the state tax rates used to measure the Company’s deferred tax liabilities and certain non-deductible expenses. For the three and nine months ended September 30, 2018, the Company recorded income tax expense of $95,968 and $29,675 on pre-tax income (loss) of $129,707 and ($163,539) for the three and nine months ended September 30, 2018, respectively. Included in the income tax expense for each period was tax expense of $49,052 as a result of the reevaluation of the Company's deferred tax liability in connection with tax law changes in the State of New Jersey. Absent, this item, the effective tax rate for the three months ended September 30, 2018 would have been 36% . For the nine months ended September 30, 2018, the tax benefit at the statutory rate was more than offset by the expense resulting from the tax law changes in the State of New Jersey of $49,052 . |
SHARE-BASED COMPENSATION
SHARE-BASED COMPENSATION | 9 Months Ended |
Sep. 30, 2019 | |
Share-based Payment Arrangement [Abstract] | |
SHARE-BASED COMPENSATION | SHARE-BASED COMPENSATION Carry Unit Plan 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 following table summarizes activity relating to these carry units: Number of Time Vesting Awards Number of Performance Based Vesting Awards Weighted Average Grant Date Fair Value Balance, December 31, 2018 83,575,000 10,000,000 $ 1.14 Vested (24,356,250 ) — 0.75 Forfeited (3,437,500 ) — 0.84 Balance, September 30, 2019 55,781,250 10,000,000 $ 1.34 The weighted average fair value per unit was $3.80 and $1.95 as of September 30, 2019 and December 31, 2018 , respectively. For the three and nine months ended September 30, 2019 , the Company recognized an expense of $7,214 and $21,548 , respectively, related to the push down of share-based compensation related to the carry unit plan. For the three and nine months ended September 30, 2018, the Company recognized an expense of $7,510 and $33,004 related to the push down of share-based compensation expense related to the carry unit plan. Stock Option Plan The following table summarizes activity related to the Company's employee stock options issued pursuant to the Altice USA 2017 Long Term Incentive Plan (the "2017 LTIP"): 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, 2018 11,230,168 73,639 $ 17.50 9.47 $ — Granted 3,091,573 — 23.43 Forfeited (393,670 ) (16,736 ) 17.85 Balance at September 30, 2019 13,928,071 56,903 18.80 8.93 138,194 Options exercisable at September 30, 2019 — — — — — (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 and nine months ended September 30, 2019 of $8,780 and $23,914 , respectively. The Company recognized share based compensation expense related to employee stock options for the three and nine months ended September 30, 2018 of $4,817 and $13,172 , respectively. Restricted Awards In June 2019, the Company granted restricted awards to certain employees pursuant to the 2017 LTIP. The majority of these awards vest over 4 years , where 50% vest on the second anniversary, 25% on the third anniversary and 25% on the fourth anniversary of the date of grant. The remaining awards vest monthly over a four year period. The grant date fair value of these awards aggregated $27,013 . For the three and nine months ended September 30, 2019, the Company recorded share based compensation expense of $2,841 and $3,698 |
AFFILIATE AND RELATED PARTY TRA
AFFILIATE AND RELATED PARTY TRANSACTIONS | 9 Months Ended |
Sep. 30, 2019 | |
Related Party Transactions [Abstract] | |
AFFILIATE AND RELATED PARTY TRANSACTIONS | AFFILIATE AND RELATED PARTY TRANSACTIONS Equity Method Investments In April 2018, Altice Europe transferred its ownership of i24 US and i24 Europe ('i24NEWS"), Altice Europe's 24/7 international news and current affairs channels to the Company for minimal consideration (the "i24NEWS Acquisition"). As the acquisition was a combination of businesses under common control, the Company combined the results of operations and related assets and liabilities of i24NEWS as of April 1, 2018. Operating results for periods prior to April 1, 2018 and the balance sheet as of December 31, 2017 have not been revised to reflect the combination of i24NEWS as the impact was deemed immaterial. The Company's equity in the net losses of i24NEWS, prior to April 1, 2018, for the nine months ended September 30, 2018 of $1,130 were recorded using the equity method and reflected in other expense, net in the Company's consolidated statements of operations. In April 2018, the Company redeemed a 24% interest in Newsday LLC ("Newsday") and recognized a gain of $13,298 , reflected in gain (loss) on investments and sale of affiliate interests in the Company's statements of operations. For the nine months ended September 30, 2018 , the Company recorded equity in the net loss of Newsday of $9,719 , reflected in other expense, net in the Company's statements of operations. From July 7, 2016 through April 2018, the Company held a 25% ownership interest in Newsday and prior to July 7, 2016, Newsday was a wholly-owned subsidiary of Cablevision. Affiliate and Related Party Transactions Altice USA is controlled by Patrick Drahi who is also the controlling stockholder of Altice Europe and its subsidiaries. As the transactions discussed below were conducted between entities under common control by Mr. Drahi 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 Europe and Newsday: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Revenue $ 70 $ 545 $ 1,158 $ 1,397 Operating expenses: Programming and other direct costs $ (3,508 ) $ (1,671 ) $ (7,282 ) $ (6,690 ) Other operating expenses, net (1,602 ) (905 ) (5,868 ) (15,154 ) Operating expenses, net (5,110 ) (2,576 ) (13,150 ) (21,844 ) Other income, net — — — 149 Net charges $ (5,040 ) $ (2,031 ) $ (11,992 ) $ (20,298 ) Capital expenditures $ 3,456 $ 3,945 $ 9,346 $ 6,679 Revenue The Company recognized revenue primarily from the sale of advertising to a subsidiary of Altice Europe. Programming and other direct costs Programming and other direct costs include costs incurred by the Company for advertising services provided by a subsidiary of Altice Europe. Other operating expenses, net Altice Europe provided certain executive services, as well as consulting, advisory and other services, including, prior to the Company's initial public offering ("IPO") in June 2017, CEO, CFO and COO services, to the Company. Compensation under the terms of the agreement was an annual fee of $30,000 to be paid by the Company. Fees associated with this agreement recorded by the Company amounted to approximately $13,250 for the nine months ended September 30, 2018 . This agreement was 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 Europe and other related parties aggregating $1,602 and $5,868 , for the three and nine months ended September 30, 2019 and $905 and $1,904 for the three and nine months ended September 30, 2018 , respectively. In addition, in August 2019, the Company issued options to purchase 370,923 shares of Altice USA common stock to a related party for advisory services. The options vest over 4 years , where 50% vest on the second anniversary, 25% on the third anniversary and 25% on the fourth anniversary of the date of grant. The grant date fair value of these options aggregating $3,516 is recorded over the vesting period. Capital Expenditures Capital expenditures include $3,456 and $9,346 for the three and nine months ended September 30, 2019 and $3,945 and $6,679 , for the three and nine months ended September 30, 2018 , respectively, for equipment purchases and software development services provided by subsidiaries of Altice Europe. Aggregate amounts that were due from and due to related parties are summarized below: September 30, 2019 December 31, 2018 Due from: CVC 3 B.V. (a) $ — $ 13,100 Newsday (b) 475 490 Altice Europe (b) 67 1,271 Altice Dominican Republic (b) 3,435 2,550 Other Altice Europe subsidiaries (b) 577 146 $ 4,554 $ 17,557 Due to: Newsday (b) $ — $ 22 Altice Europe (c) — 15,235 Altice Labs S.A. (d) 2,418 4,864 Other Altice Europe subsidiaries (d) 4,486 5,975 $ 6,904 $ 26,096 (a) Represents interest on senior notes paid by the Company on behalf of Altice US Finance S.A., which merged into CVC 3 B.V. in 2018. (b) Represents amounts paid by the Company on behalf of or for services provided to the respective related party and for Newsday, the net amounts due from the related party also include charges for certain transition services provided. (c) Includes $13,250 at December 31, 2018 related to the agreement discussed above. (d) Represents amounts due to affiliates for the purchase of equipment and advertising services, as well as reimbursement for payments made on our behalf. Pursuant to our share repurchase program, the Company purchased approximately 14.9 million Altice USA Class A shares for total consideration of approximately $350,000 during the nine months ended September 30, 2019 from Suddenvision S.A.R.L., an entity controlled by BC Partners LLP. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Sep. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Legal Matters In the latter half of 2018, eight named plaintiffs, each on behalf of a putative class of stockholders who purchased Company common stock in the Company's IPO pursuant to the Registration Statement and Prospectus, filed complaints (seven in New York State Supreme Court, one in United States District Court for the Eastern District of New York). The lawsuits name as defendants the Company, Altice Europe, and the Company's directors, among others, and assert that all defendants violated Sections 11 and 12 of the Securities Act of 1933 (the “Securities Act”) and that the individual defendants violated Section 15 of the Securities Act as control persons. In a consolidated amended complaint filed in the lawsuit in the Eastern District of New York, plaintiff also asserts violations of Section 10(b) of the Securities Act of 1934, Rule 10b-5 promulgated thereunder, and Section 20 of the ‘34 Act against the Company, Altice Europe, and certain individual directors. The facts underlying each case are substantively similar, with plaintiffs alleging that the Registration Statement and Prospectus misrepresented or omitted material facts relating to the negative performance of Altice France and Altice Portugal, the disclosure of which in November 2017 negatively impacted the value of Altice USA’s stock. In June of 2019, plaintiffs in the New York State action filed a consolidated amended complaint, which the Company moved to dismiss in July of 2019. The Company moved to dismiss the complaint in the Eastern District of New York in October 2019. The Company intends to vigorously defend the lawsuits. Although the outcome of the matter cannot be predicted and the impact of the final resolution of this matter on the Company’s results of operations in any particular subsequent reporting period is not known at this time, management does not believe that the ultimate resolution of the matter will have a material adverse effect on the operations or financial position of the Company or the ability of the Company to meet its financial obligations as they become due. On November 6, 2018, Sprint Communications Company L.P (“Sprint”) filed a complaint in the U.S. District Court for the District of Delaware alleging that the Company infringes Sprint’s patents purportedly relating to Voice over Internet Protocol (“VoIP”) services. On December 3, 2018, Sprint filed a second complaint alleging that the Company infringes Sprint’s patents purportedly relating to VOD services. The lawsuits are part of a pattern of litigation that was initiated as far back as 2007 by Sprint against numerous broadband and telecommunications providers. The Company is investigating the allegations, and will vigorously defend the lawsuits. Although the outcome of the matter cannot be predicted and the impact of the final resolution of this matter on the Company’s results of operations in any particular subsequent reporting period is not known at this time, management does not believe that the ultimate resolution of the matter will have a material adverse effect on the operations or financial position of the Company or the ability of the Company to meet its financial obligations as they become due, but it could be material to the Company’s consolidated results of operations or cash flows for any one period. 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. In the event that the Company is found to infringe on any patent rights, the Company may be subject to substantial damages and/or an injunction that could require the Company or its vendors to modify certain products and services the Company offers to its subscribers, as well as enter into royalty or license agreements with respect to the patents at issue. The Company believes that the claims are without merit, but is unable to predict the outcome of these matters or reasonably estimate a range of possible loss. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Sep. 30, 2019 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS Amendment to Credit Facility In October 2019, CSC Holdings entered into an eleventh amendment to its credit facilities agreement (the "Eleventh Amendment"). The Eleventh Amendment provides for, among other things, new incremental term loan commitments (as defined in the credit agreement) in an aggregate principal amount of $3,000,000 , which were available from the effective date until October 31, 2019 (the “Incremental Term Loans”) in two tranches. The Incremental Term Loans mature on April 15, 2027 and were issued at par. The Incremental Term Loans may be comprised of eurodollar borrowings or alternative base rate borrowings, and will bear 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. Voluntary prepayments of the Incremental Term Loans in connection with certain repricing transactions on or prior to the date that is six months after the draw date will be subject to a call premium of 1.00% . The initial proceeds of the Incremental Term Loans were used to repay approximately $2,500,000 of the outstanding term loans under the credit agreement, and the proceeds of the delayed draw tranche of the Incremental Term Loans were used to distribute $500,000 in cash to Cablevision, the proceeds of which were used to redeem Cablevision’s 8.00% senior notes due 2020, representing the entire aggregate principal amount outstanding, and in each case, paying related fees, costs and expenses in connection with such transactions, with the remainder being used to fund cash on the balance sheet. In connection with the repayment of approximately $2,500,000 of the outstanding term loans, a portion of the unamortized discount and unamortized deferred financing costs aggregating $28,000 as of September 30, 2019, will be written-off and recorded as a loss on extinguishment of debt in the fourth quarter of 2019. Issuance of Additional Notes In October 2019, CSC Holdings issued an additional $1,250,000 aggregate principal amount of its 5.75% senior notes due 2030 (the “Additional Notes”). The Additional Notes were issued as additional notes pursuant to an indenture, dated as of July 10, 2019 (the “Indenture”). The Additional Notes constitute a single series under the Indenture, together with $1,000,000 of CSC Holdings 5.75% senior notes due 2030 issued on July 10, 2019 (the “Original Notes”), and have identical terms as the Original Notes, except that the Additional Notes were issued at a price of 104.00% of the principal amount plus accrued interest. The Additional Notes will bear interest at a rate of 5.75% and will pay interest semi-annually in arrears on January 15 and July 15 of each year, beginning on January 15, 2020. The Additional Notes will mature on January 15, 2030. The proceeds of the Additional Notes were used to redeem $1,240,762 aggregate principal amount of CSC Holdings 5.125% senior notes due 2021 (the “2021 Notes”), representing the entire aggregate principal amount of 2021 Notes outstanding, and to pay accrued interest, fees, costs and expenses associated with these transactions. In connection with the redemption, the Company will record a loss on extinguishment of debt of approximately $65,000 in the fourth quarter of 2019, representing the unamortized discount and deferred financing costs as of the redemption date. Pushdown of Cablevision Debt In November 2019, CSC Holdings assumed Cablevision’s 5.875% senior notes due September 2022 with an aggregate principal amount of $649,024 , Cablevision’s 7.75% senior notes due July 2025 with an aggregate principal amount of $1,740 and Cablevision's 7.50% senior notes due April 2028 with an aggregate principal amount of $4,118 |
BASIS OF PRESENTATION (Policies
BASIS OF PRESENTATION (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Estimates | 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. |
Reclassifications | Reclassifications Certain reclassifications have been made to the 2018 financial statements to conform to the 2019 presentation. |
Recently Issued But Not Yet Adopted Accounting Pronouncements | Recently Issued But Not Yet Adopted Accounting Pronouncements ASU No. 2018-14, Changes to the Disclosure Requirements for Defined Benefit Plans ("ASU 2018-14") In August 2018, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2018-14, Changes to the Disclosure Requirements for Defined Benefit Plans, which amends ASC 715 to clarify certain disclosure requirements related to defined benefit pension and other postretirement plans. ASU 2018-14 becomes effective for the Company on January 1, 2021, although early adoption is permitted. The Company does not expect the adoption of ASU 2018-14 to have a material impact on its consolidated financial statements. ASU No. 2018-15, Customer’s Accounting for Implementation Costs in a Cloud Computing Arrangement That Is a Service Contract ("ASU 2018-15") In August 2018, the FASB issued ASU 2018-15, Customer’s Accounting for Implementation Costs in a Cloud Computing Arrangement That is a Service Contract, which requires upfront implementation costs incurred in a cloud computing arrangement (or hosting arrangement) that is a service contract to be amortized to hosting expense over the term of the arrangement, beginning when the module or component of the hosting arrangement is ready for its intended use. ASU 2018-15 becomes effective for the Company on January 1, 2020, although early adoption is permitted. The Company is currently in the process of evaluating the impact that the adoption of ASU 2018-15 will have on its consolidated financial statements. ASU No. 2017-04, Intangibles-Goodwill and Other (Topic 350) ("ASU 2017-04") In January 2017, the FASB issued ASU No. 2017-04, Intangibles-Goodwill and Other (Topic 350). ASU 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 2017-04 becomes effective for the Company on January 1, 2020 with early adoption permitted and will be applied prospectively. ASU No. 2016-13, Measurement of Credit Losses on Financial Instruments ("ASU 2016-13") In June 2016, the FASB issued ASU No. 2016-13, Measurement of Credit Losses on Financial Instruments. ASU No.2016-13 requires a financial asset (or a group of financial assets) measured at amortized cost basis to be assessed for impairment under the current expected credit loss model rather than an incurred loss model. The measurement of expected credit losses is based on relevant information about past events, including historical experience, current conditions and reasonable and supportable forecasts that affect the collectability of the reported amount. ASU 2016-13 becomes effective for the Company on January 1, 2020. Early adoption is permitted. The Company is currently in the process of evaluating the impact that the adoption of ASU No. 2016-13 will have on its consolidated financial statements. |
NET LOSS PER SHARE ATTRIBUTAB_2
NET LOSS PER SHARE ATTRIBUTABLE TO STOCKHOLDERS (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table presents a reconciliation of weighted average shares used in the calculations of the basic and diluted income per share attributable to Altice USA stockholders: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 (in thousands) Basic weighted average shares outstanding 643,797 732,963 668,929 735,685 Effect of dilution: Stock options 2,201 — 923 — Restricted stock 8 — 3 — Diluted weighted average shares outstanding 646,006 732,963 669,855 735,685 |
REVENUE AND CONTRACT ASSETS (Ta
REVENUE AND CONTRACT ASSETS (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following table presents the composition of revenue: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Residential: Video $ 993,158 $ 1,054,667 $ 3,028,914 $ 3,122,779 Broadband 814,328 729,907 2,396,151 2,143,730 Telephony 148,231 161,351 452,927 490,888 Business services and wholesale 357,628 344,193 1,066,123 1,014,671 News and advertising 118,067 123,913 327,255 323,992 Mobile 3,174 — 3,174 — Other 4,076 3,770 11,766 15,608 Total revenue $ 2,438,662 $ 2,417,801 $ 7,286,310 $ 7,111,668 |
Contract with Customer, Asset and Liability | The following table provides information about contracts assets and contract liabilities related to contracts with customers: September 30, 2019 December 31, 2018 Contract assets (a) $ 29,810 $ 26,405 Deferred revenue (b) 162,398 190,056 (a) Contract assets include primarily sales commissions for enterprise customers that are deferred and amortized over the average contract term. (b) |
SUPPLEMENTAL CASH FLOW INFORM_2
SUPPLEMENTAL CASH FLOW INFORMATION (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
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: Nine Months Ended September 30, 2019 2018 Non-Cash Investing and Financing Activities: Property and equipment accrued but unpaid $ 206,842 $ 166,800 Leasehold improvements paid by landlord — 350 Notes payable issued to vendor for the purchase of equipment and other assets 35,124 49,780 Unsettled purchases of shares of Altice USA, Inc. Class A common stock, pursuant to a share repurchase program — 13,996 Right-of-use assets acquired in exchange for finance lease obligations 29,957 8,162 Deferred financing costs accrued but unpaid 1,236 1,006 Contingent consideration for acquisitions — 6,733 Receivable related to the sale of an investment — 11,954 Supplemental Data: Cash interest paid 1,170,785 1,174,154 Income taxes paid, net 6,457 12,148 |
RESTRUCTURING AND OTHER EXPEN_2
RESTRUCTURING AND OTHER EXPENSE (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring Cost Activity | The following table summarizes the activity for the 2016 Restructuring Plan: Severance and Other Employee Related Costs Facility Realignment and Other Costs Total Accrual balance at December 31, 2018 $ 21,454 $ 13,615 $ 35,069 Restructuring charges 6,562 5,652 12,214 Payments and other (24,941 ) (2,783 ) (27,724 ) Impact of the adoption of ASC 842 (a) — (13,849 ) (13,849 ) Accrual balance at September 30, 2019 $ 3,075 $ 2,635 $ 5,710 (a) Certain accrued restructuring liabilities were netted against right-of-use operating assets on the Company's consolidated balance sheet as of January 1, 2019 in connection with the Company's adoption of ASC 842 (see Note 8). In addition, for the three and nine months ended September 30, 2019 , the Company recorded restructuring charges of $73 and $8,769 , respectively, related primarily to the impairment of right-of-use operating lease assets, included in the Company's restructuring initiatives, as their carrying amount was not recoverable and exceeded their fair value. Cumulative costs to date relating to the 2016 Restructuring Plan amounted to $428,509 . In May 2019, the Company commenced another restructuring initiative to further simplify the Company's organization structure ("2019 Restructuring Plan"). The following table summarizes the activity for the 2019 Restructuring Plan: Severance and Other Employee Related Costs Restructuring charges $ 16,150 Payments and other (636 ) Accrual balance at September 30, 2019 $ 15,514 |
LEASES (Tables)
LEASES (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Balance Sheet Information | Balance sheet information related to our leases is presented below: Balance Sheet location September 30, 2019 January 1, 2019 December 31, 2018 Operating leases: Right-of-use lease assets Right-of-use operating lease assets $ 282,746 $ 274,292 $ — Right-of-use lease liability, current Other current liabilities 38,104 48,033 — Right-of-use lease liability, long-term Right-of-use operating lease liability 270,564 251,867 — Finance leases: Right-of-use lease assets Property, plant and equipment 49,380 30,891 30,891 Right-of-use lease liability, current Current portion of long-term debt 12,117 5,928 5,928 Right-of-use lease liability, long-term Long-term debt 34,972 19,262 19,262 |
Lease Expense | The following provides details of the Company's lease expense: Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 Operating lease expense, net $ 15,038 $ 45,264 Finance lease expense: Amortization of assets 2,538 5,730 Interest on lease liabilities 520 1,266 Total finance lease expense 3,058 6,996 $ 18,096 $ 52,260 |
Other Lease Information | Other information related to leases is presented below: As of September 30, 2019 Right-of-use assets acquired in exchange for operating lease obligations $ 47,232 Cash Paid For Amounts Included In Measurement of Liabilities: Operating cash flows from finance leases 1,266 Operating cash flows from operating leases 48,550 Weighted Average Remaining Lease Term: Operating leases 9.5 years Finance leases 3.9 years Weighted Average Discount Rate: Operating leases 6.02 % Finance leases 5.39 % |
Finance Lease Future Annual Payments | now in force, are as follows: Financing leases Operating leases 2019 (excluding the nine months ended September 30, 2019) $ 3,069 $ 11,702 2020 15,100 51,110 2021 13,780 46,026 2022 10,796 47,496 2023 5,788 37,376 Thereafter 3,626 219,862 Total future minimum lease payments, undiscounted 52,159 413,572 Less: Imputed interest (5,070 ) (104,904 ) Present value of future minimum lease payments $ 47,089 $ 308,668 The following table presents the Company’s unadjusted lease commitments as of December 31, 2018 as a required disclosure for companies adopting the lease standard prospectively without revising comparative period information. Financing leases Operating leases 2019 $ 5,928 $ 47,905 2020 5,087 50,356 2021 3,969 43,362 2022 4,146 34,882 2023 3,828 25,234 Thereafter 2,232 167,941 |
Operating Lease Lease Future Annual Payments | The minimum future annual payments under non-cancellable leases during the next five years and thereafter, at rates now in force, are as follows: Financing leases Operating leases 2019 (excluding the nine months ended September 30, 2019) $ 3,069 $ 11,702 2020 15,100 51,110 2021 13,780 46,026 2022 10,796 47,496 2023 5,788 37,376 Thereafter 3,626 219,862 Total future minimum lease payments, undiscounted 52,159 413,572 Less: Imputed interest (5,070 ) (104,904 ) Present value of future minimum lease payments $ 47,089 $ 308,668 The following table presents the Company’s unadjusted lease commitments as of December 31, 2018 as a required disclosure for companies adopting the lease standard prospectively without revising comparative period information. Financing leases Operating leases 2019 $ 5,928 $ 47,905 2020 5,087 50,356 2021 3,969 43,362 2022 4,146 34,882 2023 3,828 25,234 Thereafter 2,232 167,941 |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
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: As of September 30, 2019 As of December 31, 2018 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Estimated Useful Lives Customer relationships $ 6,017,524 $ (2,676,816 ) $ 3,340,708 $ 5,970,884 $ (2,162,110 ) $ 3,808,774 8 to 18 years Trade names 1,081,083 (773,716 ) 307,367 1,067,083 (701,998 ) 365,085 2 to 5 years Other amortizable intangibles 53,390 (25,511 ) 27,879 37,644 (18,679 ) 18,965 1 to 15 years $ 7,151,997 $ (3,476,043 ) $ 3,675,954 $ 7,075,611 $ (2,882,787 ) $ 4,192,824 |
Schedule of Goodwill | The carrying amount of goodwill is presented below: Goodwill as of December 31, 2018 $ 8,012,416 Goodwill recorded in connection with the acquisition of Cheddar Inc. 126,241 Adjustments to purchase accounting (146 ) Goodwill as of September 30, 2019 $ 8,138,511 |
DEBT (Tables)
DEBT (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | The following table provides details of the Company's outstanding debt: Interest Rate at Sept. 30, 2019 September 30, 2019 December 31, 2018 Date Issued Maturity Date Principal Amount Carrying Amount (a) Principal Amount Carrying Amount (a) CSC Holdings Senior Notes: February 12, 2009 February 15, 2019 8.625 % $ — $ — $ 526,000 $ 527,749 November 15, 2011 November 15, 2021 6.750 % 1,000,000 976,610 1,000,000 969,285 May 23, 2014 June 1, 2024 5.250 % 750,000 680,800 750,000 671,829 October 9, 2015 January 15, 2023 10.125 % — — 1,800,000 1,781,424 October 9, 2015 October 15, 2025 10.875 % 1,684,221 1,664,657 1,684,221 1,663,027 November 27, 2018 December 15, 2021 (g) 5.125 % 1,240,762 1,175,069 1,240,762 1,155,264 November 27, 2018 July 15, 2025 7.750 % 617,881 605,143 617,881 603,889 November 27, 2018 April 1, 2028 7.500 % 1,045,882 1,044,243 1,045,882 1,044,143 July 10, 2019 January 15, 2030 5.750 % 1,000,000 996,191 — — CSC Holdings Senior Guaranteed Notes: October 9, 2015 October 15, 2025 6.625 % 1,000,000 989,113 1,000,000 988,052 September 23, 2016 April 15, 2027 5.500 % 1,310,000 1,305,303 1,310,000 1,304,936 January 29, 2018 February 1, 2028 5.375 % 1,000,000 992,580 1,000,000 992,064 November 27, 2018 July 15, 2023 5.375 % 1,095,825 1,080,990 1,095,825 1,078,428 November 27, 2018 May 15, 2026 5.500 % 1,498,806 1,485,490 1,498,806 1,484,278 January 24, 2019 February 1, 2029 6.500 % 1,750,000 1,746,936 — — Cablevision Senior Notes (b): April 15, 2010 April 15, 2020 (h) 8.000 % 500,000 497,960 500,000 495,302 September 27, 2012 September 15, 2022 5.875 % 649,024 596,933 649,024 585,817 October 19, 2018 December 15, 2021 (e) 5.125 % — — 8,886 8,274 October 19, 2018 July 15, 2025 7.750 % 1,740 1,694 1,740 1,690 October 19, 2018 April 1, 2028 7.500 % 4,118 4,112 4,118 4,110 16,148,259 15,843,824 15,733,145 15,359,561 CSC Holdings Credit Facility Debt (Restricted Group): Revolving Credit Facility (c) (d) — % — — 250,000 231,425 Term Loan B July 17, 2025 4.278 % 2,932,500 2,918,645 2,955,000 2,939,425 Incremental Term Loan B-2 January 25, 2026 (i) 4.528 % 1,481,250 1,466,136 1,492,500 1,475,778 Incremental Term Loan B-3 January 15, 2026 4.278 % 1,268,625 1,263,177 1,275,000 1,268,931 Incremental Term Loan B-4 April 15, 2027 (i) 5.028 % 997,500 984,372 — — 6,679,875 6,632,330 5,972,500 5,915,559 Collateralized indebtedness (see Note 11) 1,459,638 1,423,519 1,459,638 1,406,182 Finance lease obligations (see Note 8) 47,089 47,089 25,190 25,190 Notes payable and supply chain financing (f) 110,519 110,519 106,108 106,108 24,445,380 24,057,281 23,296,581 22,812,600 Less: current portion of credit facility debt (57,750 ) (57,750 ) (54,563 ) (54,563 ) Less: current portion of notes payable and supply chain financing (91,834 ) (91,834 ) (98,134 ) (98,134 ) Less: current portion of finance lease obligations (12,117 ) (12,117 ) (5,928 ) (5,928 ) (161,701 ) (161,701 ) (158,625 ) (158,625 ) Long-term debt $ 24,283,679 $ 23,895,580 $ 23,137,956 $ 22,653,975 (a) The carrying amount is net of the unamortized deferred financing costs and/or discounts/premiums and with respect to certain notes, a fair value adjustment resulting from the Cequel and Cablevision acquisitions. (b) The issuer of these notes has 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, by the terms of the CSC Holdings credit facilities agreement from paying dividends or distributions to the issuer. (c) At September 30, 2019 , $178,014 of the revolving credit facility was restricted for certain letters of credit issued on behalf of the Company and $2,296,986 of the facility was undrawn and available, subject to covenant limitations. (d) The revolving credit facility matures on January 31, 2024, however $200,000 matures on November 30, 2021. (e) In July 2019, the Company redeemed $8,886 principal amount of these senior notes. (f) Includes $65,854 related to supply chain financing agreements entered into in the second quarter of 2019 that is required to be repaid within one year from the date of the respective agreement. (g) The notes were repaid subsequent to September 30, 2019 with proceeds from the issuance of an additional $1,250,000 aggregate principal amount of CSC Holdings 5.750% senior notes due 2030. See Note 17. (h) The notes were repaid subsequent to September 30, 2019 with proceeds from borrowings under an incremental term loan. See Note 17. As a result of this transaction, the Company has reclassified these notes to long-term as of September 30, 2019. (i) The term loan was repaid subsequent to September 30, 2019 with proceeds from borrowings under an incremental term loan. See Note 17. |
Schedule of Extinguishment of Debt | The following table provides a summary of the loss on extinguishment of debt and the write-off of deferred financing costs recorded by the Company upon the redemption of senior notes and the refinancing of credit facilities: Three Months Ended Nine Months Ended September 30, 2019 Cablevision 5.125% Senior Notes due 2021 $ 503 $ 503 CSC Holdings 10.125% Senior Notes due 2023 — 154,666 Refinancing and subsequent amendment to CSC Holdings credit facility — 4,430 $ 503 $ 159,599 Three Months Ended Nine Months Ended September 30, 2018 Cablevision 7.75% Senior Notes due 2018 $ — $ 4,706 Cequel 6.375% Senior Notes due 2020 — 36,910 $ — $ 41,616 |
Schedule of Maturities of Long-term Debt | The future maturities of debt payable by the Company under its various debt obligations outstanding as of September 30, 2019 , including notes payable and collateralized indebtedness (see Note 11), but excluding finance lease obligations (see Note 8), are as follows: 2019 (excluding the nine months ended September 30, 2019) $ 30,848 2020 645,864 2021 3,775,998 2022 723,667 2023 1,167,190 Thereafter 18,054,724 |
DERIVATIVE CONTRACTS AND COLL_2
DERIVATIVE CONTRACTS AND COLLATERALIZED INDEBTEDNESS (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
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 consolidated balance sheets: Derivatives Not Designated as Hedging Instruments Balance Sheet Location Fair Value at September 30, 2019 December 31, 2018 Asset Derivatives: Interest rate swap contracts Derivative contracts, current $ — $ 1,975 Interest rate swap contracts Derivative contracts, long-term 2,634 — Prepaid forward contracts Derivative contracts, long-term — 109,344 2,634 111,319 Liability Derivatives: Interest rate swap contracts Other current liabilities (674 ) (70 ) Prepaid forward contracts Liabilities under derivative contracts, long-term (194,643 ) — Interest rate swap contracts Liabilities under derivative contracts, long-term (182,970 ) (132,908 ) $ (378,287 ) $ (132,978 ) |
Statement of Operations, Derivative Instrument Data | The following table presents certain statement of operations data related to our derivative contracts and the underlying common stock: Three Months Ended Nine Months Ended Three Months Ended Nine Months Ended September 30, 2019 September 30, 2018 Gain (loss) on derivative contracts (related to change in the value of equity derivative contracts related to Comcast common stock) $ (77,333 ) $ (303,986 ) $ (79,628 ) $ 130,883 Change in fair value of Comcast common stock included in gain (loss) on investments 120,277 473,796 111,684 (199,312 ) Loss on interest rate swap contracts (11,163 ) (61,735 ) (19,554 ) (64,405 ) |
FAIR VALUE MEASUREMENT (Tables)
FAIR VALUE MEASUREMENT (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
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 September 30, 2019 December 31, 2018 Assets: Money market funds Level I $ 44,931 $ 91,852 Investment securities pledged as collateral Level I 1,936,422 1,462,626 Prepaid forward contracts Level II — 109,344 Interest rate swap contracts Level II 2,634 1,975 Liabilities: Prepaid forward contracts Level II 194,643 — Interest rate swap contracts Level II 183,644 132,978 Contingent consideration related to 2017 and 2018 acquisitions Level III 5,142 6,195 |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments | 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 consolidated balance sheets, are summarized as follows: September 30, 2019 December 31, 2018 Fair Value Hierarchy Carrying Amount (a) Estimated Fair Value Carrying Amount (a) Estimated Fair Value CSC Holdings debt instruments: Credit facility debt Level II $ 6,632,330 $ 6,679,875 $ 5,915,559 $ 5,972,500 Collateralized indebtedness Level II 1,423,519 1,423,130 1,406,182 1,374,203 Senior guaranteed notes Level II 7,600,412 8,136,444 5,847,758 5,646,468 Senior notes and debentures Level II 7,142,714 7,912,429 8,416,610 8,972,722 Notes payable and supply chain financing Level II 110,519 110,580 106,108 105,836 Cablevision debt instruments: Senior notes and debentures Level II 1,100,698 1,219,360 1,095,193 1,163,843 $ 24,010,192 $ 25,481,818 $ 22,787,410 $ 23,235,572 (a) Amounts are net of unamortized deferred financing costs and discounts/premiums. |
SHARE-BASED COMPENSATION (Table
SHARE-BASED COMPENSATION (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Activity for Shares | The following table summarizes activity relating to these carry units: Number of Time Vesting Awards Number of Performance Based Vesting Awards Weighted Average Grant Date Fair Value Balance, December 31, 2018 83,575,000 10,000,000 $ 1.14 Vested (24,356,250 ) — 0.75 Forfeited (3,437,500 ) — 0.84 Balance, September 30, 2019 55,781,250 10,000,000 $ 1.34 |
Share-based Compensation, Stock Options, Activity | The following table summarizes activity related to the Company's employee stock options issued pursuant to the Altice USA 2017 Long Term Incentive Plan (the "2017 LTIP"): 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, 2018 11,230,168 73,639 $ 17.50 9.47 $ — Granted 3,091,573 — 23.43 Forfeited (393,670 ) (16,736 ) 17.85 Balance at September 30, 2019 13,928,071 56,903 18.80 8.93 138,194 Options exercisable at September 30, 2019 — — — — — (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. |
AFFILIATE AND RELATED PARTY T_2
AFFILIATE AND RELATED PARTY TRANSACTIONS (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Related Party Transactions [Abstract] | |
Summary of related party transactions | Aggregate amounts that were due from and due to related parties are summarized below: September 30, 2019 December 31, 2018 Due from: CVC 3 B.V. (a) $ — $ 13,100 Newsday (b) 475 490 Altice Europe (b) 67 1,271 Altice Dominican Republic (b) 3,435 2,550 Other Altice Europe subsidiaries (b) 577 146 $ 4,554 $ 17,557 Due to: Newsday (b) $ — $ 22 Altice Europe (c) — 15,235 Altice Labs S.A. (d) 2,418 4,864 Other Altice Europe subsidiaries (d) 4,486 5,975 $ 6,904 $ 26,096 (a) Represents interest on senior notes paid by the Company on behalf of Altice US Finance S.A., which merged into CVC 3 B.V. in 2018. (b) Represents amounts paid by the Company on behalf of or for services provided to the respective related party and for Newsday, the net amounts due from the related party also include charges for certain transition services provided. (c) Includes $13,250 at December 31, 2018 related to the agreement discussed above. (d) Represents amounts due to affiliates for the purchase of equipment and advertising services, as well as reimbursement for payments made on our behalf. The following table summarizes the revenue and charges related to services provided to or received from subsidiaries of Altice Europe and Newsday: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Revenue $ 70 $ 545 $ 1,158 $ 1,397 Operating expenses: Programming and other direct costs $ (3,508 ) $ (1,671 ) $ (7,282 ) $ (6,690 ) Other operating expenses, net (1,602 ) (905 ) (5,868 ) (15,154 ) Operating expenses, net (5,110 ) (2,576 ) (13,150 ) (21,844 ) Other income, net — — — 149 Net charges $ (5,040 ) $ (2,031 ) $ (11,992 ) $ (20,298 ) Capital expenditures $ 3,456 $ 3,945 $ 9,346 $ 6,679 |
DESCRIPTION OF BUSINESS AND R_2
DESCRIPTION OF BUSINESS AND RELATED MATTERS (Details) | Jun. 06, 2018USD ($) | May 22, 2018$ / shares | Jan. 31, 2018USD ($) | Sep. 30, 2019USD ($)$ / sharesshares | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Sep. 30, 2018USD ($)$ / shares | Sep. 30, 2019USD ($)segment$ / sharesshares | Sep. 30, 2018USD ($)$ / shares | Sep. 30, 2019USD ($)shares | Jul. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Jun. 08, 2018 |
Business Acquisition [Line Items] | |||||||||||||
Number of segments | segment | 1 | ||||||||||||
Goodwill | $ 8,138,511,000 | $ 8,138,511,000 | $ 8,138,511,000 | $ 8,012,416,000 | |||||||||
Cash dividends declared per common share (in dollars per share) | $ / shares | $ 2.035 | $ 0 | $ 0 | $ 0 | $ 0 | ||||||||
Dividend paid | $ 1,499,935,000 | ||||||||||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | $ 2,000,000,000 | $ 2,000,000,000 | |||||||||||
Number of shares repurchased (in shares) | shares | 72,668,712 | ||||||||||||
Value of shares repurchased | $ 1,686,873,000 | ||||||||||||
Shares repurchased (in shares) | shares | 100,697,392 | ||||||||||||
Value of shares repurchased | $ 486,920,000 | $ 599,952,000 | $ 600,001,000 | 240,799,000 | $ 2,186,874,000 | ||||||||
Availability remaining under its stock repurchase program | $ 4,813,126,000 | $ 4,813,126,000 | $ 4,813,126,000 | ||||||||||
Common stock, shares outstanding (in shares) | shares | 636,827,486 | 636,827,486 | 636,827,486 | ||||||||||
Altice Technical Services | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Percentage of shares acquired | 70.00% | ||||||||||||
Consideration transfered | $ 1 | ||||||||||||
Interest owned | 100.00% | ||||||||||||
Goodwill | $ 23,101,000 | ||||||||||||
Altice N.V. Distribution | Altice N.V. | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Controlling interest percent | 67.20% | ||||||||||||
Common stock conversion ratio | 0.4163 | ||||||||||||
Retained Earnings | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Decrease in connection with dividends paid | 536,224,000 | ||||||||||||
Additional Paid-in Capital | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Decrease in connection with dividends paid | $ 963,711,000 | ||||||||||||
Value of shares repurchased | $ 486,736,000 | $ 599,703,000 | $ 599,707,000 | $ 240,666,000 | |||||||||
2019 Share Repurchase Authorization [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | $ 5,000,000,000 |
NET LOSS PER SHARE ATTRIBUTAB_3
NET LOSS PER SHARE ATTRIBUTABLE TO STOCKHOLDERS - Schedule of Earnings Per Share, Basic and Diluted (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Basic weighted average common shares (in shares) | 643,797,000 | 732,963,000 | 668,929,000 | 735,685,000 |
Effect of dilution: | ||||
Performance awards | 57,000 | 73,000 | ||
Antidilutive securities (in shares) | 2,018,000 | 5,841,000 | 4,882,000 | |
Diluted weighted average common shares (in shares) | 646,006,000 | 732,963,000 | 669,855,000 | 735,685,000 |
Stock options | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 2,201,000 | 0 | 923,000 | 0 |
Restricted stock | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 8,000 | 0 | 3,000 | 0 |
REVENUE AND CONTRACT ASSETS - D
REVENUE AND CONTRACT ASSETS - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 2,438,662 | $ 2,417,801 | $ 7,286,310 | $ 7,111,668 |
Pay TV | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 993,158 | 1,054,667 | 3,028,914 | 3,122,779 |
Broadband | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 814,328 | 729,907 | 2,396,151 | 2,143,730 |
Telephony | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 148,231 | 161,351 | 452,927 | 490,888 |
Business services and wholesale | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 357,628 | 344,193 | 1,066,123 | 1,014,671 |
Mobile [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 3,174 | 0 | 3,174 | 0 |
Advertising and News [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 118,067 | 123,913 | 327,255 | 323,992 |
Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 4,076 | $ 3,770 | $ 11,766 | $ 15,608 |
REVENUE AND CONTRACT ASSETS - N
REVENUE AND CONTRACT ASSETS - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Franchise | ||||
Product Information [Line Items] | ||||
Franchise fees and other taxes and fees included in revenue | $ 63,539 | $ 63,703 | $ 191,695 | $ 190,895 |
Customer Contracts | Minimum | ||||
Product Information [Line Items] | ||||
Useful life for contracts | 3 years | |||
Customer Contracts | Maximum | ||||
Product Information [Line Items] | ||||
Useful life for contracts | 5 years |
REVENUE AND CONTRACT ASSETS - C
REVENUE AND CONTRACT ASSETS - Contract with Customer, Asset and Liability (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Revenue from Contract with Customer [Abstract] | ||
Contract assets | $ 29,810 | $ 26,405 |
Deferred revenue | $ 162,398 | $ 190,056 |
SUPPLEMENTAL CASH FLOW INFORM_3
SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Non-Cash Investing and Financing Activities: | ||
Property and equipment accrued but unpaid | $ 206,842 | $ 166,800 |
Leasehold improvements paid by landlord | 0 | 350 |
Notes payable issued to vendor for the purchase of equipment and other assets | 35,124 | 49,780 |
Unsettled Treasury Shares | 0 | 13,996 |
Right-of-use assets acquired in exchange for finance lease obligations | 29,957 | 8,162 |
Deferred financing costs accrued but unpaid | 1,236 | 1,006 |
noncash or part noncash acquisition, contingent | 0 | 6,733 |
Noncash or Part Noncash Divestiture, Amount of Consideration Received | 0 | 11,954 |
Supplemental Data: | ||
Interest Paid, Excluding Capitalized Interest, Operating Activities | 1,170,785 | 1,174,154 |
Income taxes paid, net | $ 6,457 | $ 12,148 |
RESTRUCTURING AND OTHER EXPEN_3
RESTRUCTURING AND OTHER EXPENSE (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Restructuring Reserve [Roll Forward] | ||||
Accrual, beginning balance | $ 35,069 | |||
Restructuring charges | 12,214 | |||
Payments and other | (27,724) | |||
Impact of the adoption of ASC 842 | (13,849) | |||
Accrual, ending balance | $ 5,710 | 5,710 | ||
Cumulative restructuring costs | 428,509 | 428,509 | ||
Transaction costs | 987 | $ 1,920 | 1,957 | $ 7,682 |
Employee Severance [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Accrual, beginning balance | 21,454 | |||
Restructuring charges | 6,562 | |||
Payments and other | (24,941) | |||
Impact of the adoption of ASC 842 | 0 | |||
Accrual, ending balance | 3,075 | 3,075 | ||
Facility Realignment and Other Costs [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Accrual, beginning balance | 13,615 | |||
Restructuring charges | 5,652 | |||
Payments and other | (2,783) | |||
Impact of the adoption of ASC 842 | (13,849) | |||
Accrual, ending balance | 2,635 | 2,635 | ||
Accounting Standards Update 2018-20 | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring charge related to asset impairment | 73 | 8,769 | ||
2019 Restructuring [Member] | Employee Severance [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring charges | 16,150 | |||
Payments and other | (636) | |||
Accrual, ending balance | $ 15,514 | $ 15,514 |
LEASES - Narrative (Details)
LEASES - Narrative (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Leases [Abstract] | |||
Right-of-use lease assets | $ 282,746 | $ 274,292 | $ 0 |
Lease liability | $ 299,900 |
LEASES - Balance Sheet Informat
LEASES - Balance Sheet Information (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Leases, Operating [Abstract] | |||
Right-of-use lease assets | $ 282,746 | $ 274,292 | $ 0 |
Right-of-use lease liability, current | 38,104 | 48,033 | 0 |
Right-of-use lease liability, long-term | 270,564 | 251,867 | 0 |
Finance leases: | |||
Right-of-use lease assets | 49,380 | 30,891 | 30,891 |
Right-of-use lease liability, current | 12,117 | 5,928 | 5,928 |
Right-of-use lease liability, long-term | $ 34,972 | $ 19,262 | $ 19,262 |
LEASES - Lease Expense (Details
LEASES - Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2019 | Sep. 30, 2019 | |
Leases [Abstract] | ||
Operating lease expense, net | $ 15,038 | $ 45,264 |
Amortization of assets | 2,538 | 5,730 |
Interest on lease liabilities | 520 | 1,266 |
Total finance lease expense | 3,058 | 6,996 |
Lease expense | $ 18,096 | $ 52,260 |
LEASES - Other Lease Informatio
LEASES - Other Lease Information (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Leases [Abstract] | |
Right-of-use assets acquired in exchange for operating lease obligations | $ 47,232 |
Cash Paid For Amounts Included In Measurement of Liabilities: | |
Operating cash flows from finance leases | 1,266 |
Operating cash flows from operating leases | $ 48,550 |
Weighted Average Remaining Lease Term: | |
Operating leases | 9 years 6 months |
Finance leases | 3 years 10 months 24 days |
Weighted Average Discount Rate: | |
Operating leases | 6.02% |
Finance leases | 5.39% |
LEASES - Lease Future Annual Pa
LEASES - Lease Future Annual Payments (Details) $ in Thousands | Sep. 30, 2019USD ($) |
Finance Lease, Liability, Payment, Due [Abstract] | |
2019 (excluding the nine months ended September 30, 2019) | $ 3,069 |
2020 | 15,100 |
2021 | 13,780 |
2022 | 10,796 |
2023 | 5,788 |
Thereafter | 3,626 |
Total future minimum lease payments | 52,159 |
Less: Imputed interest | (5,070) |
Present value of future minimum lease payments | 47,089 |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | |
2019 (excluding the nine months ended September 30, 2019) | 11,702 |
2020 | 51,110 |
2021 | 46,026 |
2022 | 47,496 |
2023 | 37,376 |
Thereafter | 219,862 |
Total future minimum lease payments | 413,572 |
Less: Imputed interest | (104,904) |
Present value of future minimum lease payments | $ 308,668 |
LEASES - Schedule of Unadjusted
LEASES - Schedule of Unadjusted Leases (Details) $ in Thousands | Sep. 30, 2019USD ($) |
Finance Lease, Liability, Payment, Due [Abstract] | |
2019 | $ 3,069 |
2020 | 15,100 |
2021 | 13,780 |
2022 | 10,796 |
2023 | 5,788 |
Thereafter | 3,626 |
Total future minimum lease payments | 52,159 |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | |
2019 | 11,702 |
2020 | 51,110 |
2021 | 46,026 |
2022 | 47,496 |
2023 | 37,376 |
Thereafter | 219,862 |
Total future minimum lease payments | 413,572 |
Unadjusted Lease Commitment | |
Finance Lease, Liability, Payment, Due [Abstract] | |
2019 | 5,928 |
2020 | 5,087 |
2021 | 3,969 |
2022 | 4,146 |
2023 | 3,828 |
Thereafter | 2,232 |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | |
2019 | 47,905 |
2020 | 50,356 |
2021 | 43,362 |
2022 | 34,882 |
2023 | 25,234 |
Thereafter | $ 167,941 |
INTANGIBLE ASSETS - Summary of
INTANGIBLE ASSETS - Summary of Acquired Intangible Assets (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Dec. 31, 2018 | |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 7,151,997 | $ 7,075,611 |
Accumulated Amortization | (3,476,043) | (2,882,787) |
Net Carrying Amount | 3,675,954 | 4,192,824 |
Customer relationships | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 6,017,524 | 5,970,884 |
Accumulated Amortization | (2,676,816) | (2,162,110) |
Net Carrying Amount | 3,340,708 | 3,808,774 |
Trade names | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 1,081,083 | 1,067,083 |
Accumulated Amortization | (773,716) | (701,998) |
Net Carrying Amount | 307,367 | 365,085 |
Other amortizable intangibles | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 53,390 | 37,644 |
Accumulated Amortization | (25,511) | (18,679) |
Net Carrying Amount | $ 27,879 | $ 18,965 |
Minimum | Customer relationships | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible useful life | 8 years | |
Minimum | Trade names | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible useful life | 2 years | |
Minimum | Other amortizable intangibles | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible useful life | 1 year | |
Maximum | Customer relationships | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible useful life | 18 years | |
Maximum | Trade names | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible useful life | 5 years | |
Maximum | Other amortizable intangibles | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible useful life | 15 years |
INTANGIBLE ASSETS - Narrative (
INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||
Jun. 30, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Business Acquisition [Line Items] | ||||||
Amortization of intangible assets | $ 191,358 | $ 208,172 | $ 593,256 | $ 666,041 | ||
Goodwill | 8,138,511 | 8,138,511 | $ 8,012,416 | |||
Cheddar | ||||||
Business Acquisition [Line Items] | ||||||
Consideration transfered | $ 200,000 | |||||
Identifiable tangible and intangible assets and liabilities | 198,588 | 198,588 | ||||
Goodwill | 126,241 | 126,241 | ||||
Customer relationships | Cheddar | ||||||
Business Acquisition [Line Items] | ||||||
Amortizable intangible assets | 47,110 | 47,110 | ||||
Trade names | Cheddar | ||||||
Business Acquisition [Line Items] | ||||||
Amortizable intangible assets | 14,000 | 14,000 | ||||
Other amortizable intangibles | Cheddar | ||||||
Business Acquisition [Line Items] | ||||||
Amortizable intangible assets | $ 11,900 | $ 11,900 |
INTANGIBLE ASSETS - Schedule of
INTANGIBLE ASSETS - Schedule of Goodwill (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Goodwill [Roll Forward] | |
Goodwill as of December 31, 2018 | $ 8,012,416 |
Goodwill recorded in connection with the acquisition of Cheddar Inc. | 126,241 |
Adjustments to purchase accounting | (146) |
Goodwill as of September 30, 2019 | $ 8,138,511 |
DEBT - Schedule of Debt (Detail
DEBT - Schedule of Debt (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||||
Jul. 31, 2019 | Sep. 30, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | Oct. 07, 2019 | Feb. 28, 2019 | Jan. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | |||||||||
Principal amount | $ 24,445,380,000 | $ 24,445,380,000 | $ 23,296,581,000 | ||||||
Carrying amount | 24,057,281,000 | 24,057,281,000 | 22,812,600,000 | ||||||
Repayments of Lines of Credit | 1,342,625,000 | $ 635,738,000 | |||||||
Finance lease obligation | 47,089,000 | 47,089,000 | 25,190,000 | ||||||
Current portion of finance lease obligations | (12,117,000) | (12,117,000) | $ (5,928,000) | (5,928,000) | |||||
Long-term debt, net of current maturities | 23,895,580,000 | 23,895,580,000 | 22,653,975,000 | ||||||
Supply chain financing agreement | 65,854,000 | 65,854,000 | |||||||
Senior Notes | Cablevision 5.125% Notes due December 15, 2021 | |||||||||
Debt Instrument [Line Items] | |||||||||
Redeemed debt | $ 8,886,000 | ||||||||
Collateralized indebtedness | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal amount | 1,459,638,000 | 1,459,638,000 | 1,459,638,000 | ||||||
Collateralized indebtedness outstanding | 1,423,519,000 | 1,423,519,000 | 1,406,182,000 | ||||||
Loans Payable | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal amount | 110,519,000 | 110,519,000 | 106,108,000 | ||||||
Carrying amount | 110,519,000 | 110,519,000 | 106,108,000 | ||||||
Long-term Debt | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal amount | 24,283,679,000 | 24,283,679,000 | 23,137,956,000 | ||||||
Long-term debt, net of current maturities | 23,895,580,000 | 23,895,580,000 | 22,653,975,000 | ||||||
CSC Holdings | Senior Notes | CSC Holdings 8.625% Notes due February 15, 2019 | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal amount | 0 | 0 | 526,000,000 | ||||||
Carrying amount | $ 0 | $ 0 | 527,749,000 | ||||||
Interest rate | 8.625% | 8.625% | |||||||
CSC Holdings | Senior Notes | CSC Holdings 6.75% Notes due November 15, 2021 | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal amount | $ 1,000,000,000 | $ 1,000,000,000 | 1,000,000,000 | ||||||
Carrying amount | $ 976,610,000 | $ 976,610,000 | 969,285,000 | ||||||
Interest rate | 6.75% | 6.75% | |||||||
CSC Holdings | Senior Notes | CSC Holdings 5.25% Notes due June 1, 2024 | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal amount | $ 750,000,000 | $ 750,000,000 | 750,000,000 | ||||||
Carrying amount | $ 680,800,000 | $ 680,800,000 | 671,829,000 | ||||||
Interest rate | 5.25% | 5.25% | |||||||
CSC Holdings | Senior Notes | CSC Holdings 10.125% Notes due January 15, 2023 | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal amount | $ 0 | $ 0 | 1,800,000,000 | ||||||
Carrying amount | $ 0 | $ 0 | 1,781,424,000 | ||||||
Interest rate | 10.125% | 10.125% | |||||||
CSC Holdings | Senior Notes | 10.875% Notes due October 15, 2025 | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal amount | $ 1,684,221,000 | $ 1,684,221,000 | 1,684,221,000 | ||||||
Carrying amount | $ 1,664,657,000 | $ 1,664,657,000 | 1,663,027,000 | ||||||
Interest rate | 10.875% | 10.875% | |||||||
CSC Holdings | Senior Notes | CSC Holdings 5.125% Notes due December 15, 2021 | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal amount | $ 1,240,762,000 | $ 1,240,762,000 | 1,240,762,000 | ||||||
Carrying amount | 1,175,069,000 | 1,175,069,000 | 1,155,264,000 | ||||||
CSC Holdings | Senior Notes | CSC Holdings Senior Notes due 2025, 7.75% | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal amount | 617,881,000 | 617,881,000 | 617,881,000 | ||||||
Carrying amount | $ 605,143,000 | $ 605,143,000 | 603,889,000 | ||||||
Interest rate | 7.75% | 7.75% | |||||||
CSC Holdings | Senior Notes | CSC Holdings 7.500% Notes due April 1, 2028 | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal amount | $ 1,045,882,000 | $ 1,045,882,000 | 1,045,882,000 | ||||||
Carrying amount | $ 1,044,243,000 | $ 1,044,243,000 | 1,044,143,000 | ||||||
Interest rate | 7.50% | 7.50% | |||||||
CSC Holdings | Senior Notes | CSC Holdings 5.75% Notes due 2030 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal amount | $ 1,000,000,000 | $ 1,000,000,000 | 0 | ||||||
Carrying amount | $ 996,191,000 | $ 996,191,000 | 0 | ||||||
Interest rate | 5.75% | 5.75% | |||||||
CSC Holdings | Senior Notes | Senior Notes Due January 2030 | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal amount | $ 1,000,000,000 | ||||||||
CSC Holdings | Collateralized indebtedness | CSC Holdings 6.625% Notes due October 15, 2025 | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal amount | $ 1,000,000,000 | $ 1,000,000,000 | 1,000,000,000 | ||||||
Carrying amount | $ 989,113,000 | $ 989,113,000 | 988,052,000 | ||||||
Interest rate | 6.625% | 6.625% | |||||||
CSC Holdings | Collateralized indebtedness | CSC Holdings 5.5% Notes due April 15, 2027 | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal amount | $ 1,310,000,000 | $ 1,310,000,000 | 1,310,000,000 | ||||||
Carrying amount | $ 1,305,303,000 | $ 1,305,303,000 | 1,304,936,000 | ||||||
Interest rate | 5.50% | 5.50% | |||||||
CSC Holdings | Collateralized indebtedness | 5.375% Senior Guaranteed Notes Due February 1, 2028 | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal amount | $ 1,000,000,000 | $ 1,000,000,000 | 1,000,000,000 | ||||||
Carrying amount | $ 992,580,000 | $ 992,580,000 | 992,064,000 | ||||||
Interest rate | 5.375% | 5.375% | |||||||
CSC Holdings | Collateralized indebtedness | CSC Holdings 5.375% Senior Guaranteed Notes due July 15, 2023 | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal amount | $ 1,095,825,000 | $ 1,095,825,000 | 1,095,825,000 | ||||||
Carrying amount | $ 1,080,990,000 | $ 1,080,990,000 | 1,078,428,000 | ||||||
Interest rate | 5.375% | 5.375% | |||||||
CSC Holdings | Collateralized indebtedness | CSC Holdings 5.500% Notes due May 15, 2026 | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal amount | $ 1,498,806,000 | $ 1,498,806,000 | 1,498,806,000 | ||||||
Carrying amount | $ 1,485,490,000 | $ 1,485,490,000 | 1,484,278,000 | ||||||
Interest rate | 5.50% | 5.50% | |||||||
CSC Holdings | Collateralized indebtedness | CSC Holdings 6.500% Notes due February 1, 2019 | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal amount | $ 1,750,000,000 | $ 1,750,000,000 | 0 | ||||||
Carrying amount | $ 1,746,936,000 | $ 1,746,936,000 | 0 | ||||||
Interest rate | 6.50% | 6.50% | |||||||
CSC Holdings | Collateralized indebtedness | Incremental Term Loan B-4 | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal amount | $ 1,000,000,000 | ||||||||
Cablevision Systems Corp. | Senior Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal amount | $ 16,148,259,000 | $ 16,148,259,000 | 15,733,145,000 | ||||||
Carrying amount | 15,843,824,000 | 15,843,824,000 | 15,359,561,000 | ||||||
Cablevision Systems Corp. | Senior Notes | Cablevision 8.0% Notes due April 15, 2020 | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal amount | 500,000,000 | 500,000,000 | 500,000,000 | ||||||
Carrying amount | $ 497,960,000 | $ 497,960,000 | 495,302,000 | ||||||
Interest rate | 8.00% | 8.00% | |||||||
Cablevision Systems Corp. | Senior Notes | Cablevision 5.875% Notes due September 15, 2022 | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal amount | $ 649,024,000 | $ 649,024,000 | 649,024,000 | ||||||
Carrying amount | $ 596,933,000 | $ 596,933,000 | 585,817,000 | ||||||
Interest rate | 5.875% | 5.875% | |||||||
Cablevision Systems Corp. | Senior Notes | Cablevision 5.125% Notes due December 15, 2021 | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal amount | $ 0 | $ 0 | 8,886,000 | ||||||
Carrying amount | $ 0 | $ 0 | 8,274,000 | ||||||
Interest rate | 5.125% | 5.125% | |||||||
Cablevision Systems Corp. | Senior Notes | Cablevision 7.750% Notes due July 15, 2025 | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal amount | $ 1,740,000 | $ 1,740,000 | 1,740,000 | ||||||
Carrying amount | $ 1,694,000 | $ 1,694,000 | 1,690,000 | ||||||
Interest rate | 7.75% | 7.75% | |||||||
Cablevision Systems Corp. | Senior Notes | Cablevision 7.500% Notes due April 1, 2028 | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal amount | $ 4,118,000 | $ 4,118,000 | 4,118,000 | ||||||
Carrying amount | $ 4,112,000 | $ 4,112,000 | 4,110,000 | ||||||
Interest rate | 7.50% | 7.50% | |||||||
Revolving Credit Facility | CSC Holdings Revolving Credit Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Letters of credit outstanding | $ 178,014,000 | $ 178,014,000 | |||||||
Facility undrawn and available | 2,296,986,000 | 2,296,986,000 | |||||||
Revolving Credit Facility | CSC Holdings Revolving Credit Facility Due November 30, 2021 | |||||||||
Debt Instrument [Line Items] | |||||||||
Maximum borrowing capacity | 200,000,000 | 200,000,000 | |||||||
Revolving Credit Facility | CSC Holdings | |||||||||
Debt Instrument [Line Items] | |||||||||
Carrying amount | $ 1,050,000,000 | $ 1,050,000,000 | |||||||
Interest rate | 0.00% | 0.00% | |||||||
Repayments of Lines of Credit | $ 622,857,000 | $ 1,300,000,000 | |||||||
Maximum borrowing capacity | 0 | 0 | $ 2,475,000,000 | 250,000,000 | |||||
Debt outstanding | 0 | 0 | 231,425,000 | ||||||
Line of Credit | CSC Holdings | |||||||||
Debt Instrument [Line Items] | |||||||||
Maximum borrowing capacity | 6,679,875,000 | 6,679,875,000 | 5,972,500,000 | ||||||
Debt outstanding | $ 6,632,330,000 | $ 6,632,330,000 | 5,915,559,000 | ||||||
Line of Credit | CSC Holdings | Term B Loan Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate | 4.278% | 4.278% | |||||||
Maximum borrowing capacity | $ 2,932,500,000 | $ 2,932,500,000 | 2,955,000,000 | ||||||
Debt outstanding | $ 2,918,645,000 | $ 2,918,645,000 | 2,939,425,000 | ||||||
Line of Credit | CSC Holdings | Incremental Term Loan B-2 | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate | 4.528% | 4.528% | |||||||
Maximum borrowing capacity | $ 1,481,250,000 | $ 1,481,250,000 | 1,492,500,000 | ||||||
Debt outstanding | $ 1,466,136,000 | $ 1,466,136,000 | 1,475,778,000 | ||||||
Line of Credit | CSC Holdings | Incremental Term Loan B-3 | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate | 4.278% | 4.278% | |||||||
Maximum borrowing capacity | $ 1,268,625,000 | $ 1,268,625,000 | 1,275,000,000 | ||||||
Debt outstanding | $ 1,263,177,000 | $ 1,263,177,000 | 1,268,931,000 | ||||||
Line of Credit | CSC Holdings | Incremental Term Loan B-4 | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate | 5.028% | 5.028% | |||||||
Maximum borrowing capacity | $ 997,500,000 | $ 997,500,000 | 0 | ||||||
Debt outstanding | 984,372,000 | 984,372,000 | 0 | ||||||
Line of Credit | |||||||||
Debt Instrument [Line Items] | |||||||||
Maximum borrowing capacity | 57,750,000 | 57,750,000 | 54,563,000 | ||||||
Current portion of long-term debt | (57,750,000) | (57,750,000) | (54,563,000) | ||||||
Loans Payable | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal amount | 91,834,000 | 91,834,000 | 98,134,000 | ||||||
Current portion of long-term debt | (91,834,000) | (91,834,000) | (98,134,000) | ||||||
Short-term Debt | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal amount | 161,701,000 | 161,701,000 | 158,625,000 | ||||||
Current portion of long-term debt | $ (161,701,000) | $ (161,701,000) | $ (158,625,000) | ||||||
Subsequent Event | CSC Holdings | Senior Notes | CSC Holdings 5.125% Notes due December 15, 2021 | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate | 5.125% | ||||||||
Subsequent Event | CSC Holdings | Senior Notes | CSC Holdings 5.75% Notes due 2030 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal amount | $ 1,250,000,000 | ||||||||
Interest rate | 5.75% | ||||||||
Subsequent Event | CSC Holdings | Collateralized indebtedness | CSC Holdings 5.75% Notes due 2030 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal amount | $ 1,000,000,000 |
DEBT - Schedule of Gain (Loss)
DEBT - Schedule of Gain (Loss) on Debt Extinguishment (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Debt Instrument [Line Items] | ||||
Loss on extinguishment of debt and write-off of deferred financing costs | $ 503 | $ 0 | $ 159,599 | $ 41,616 |
Cablevision Systems Corp. | Senior Notes | Cablevision 5.125% Notes due December 15, 2021 | ||||
Debt Instrument [Line Items] | ||||
Loss on extinguishment of debt and write-off of deferred financing costs | (503) | (503) | ||
CSC Holdings | Senior Notes | Cablevision 7.75% Notes due April 15, 2018 [Member] | ||||
Debt Instrument [Line Items] | ||||
Loss on extinguishment of debt and write-off of deferred financing costs | 0 | 4,706 | ||
CSC Holdings | Senior Notes | 7.75% Notes due April 15, 2018 | ||||
Debt Instrument [Line Items] | ||||
Loss on extinguishment of debt and write-off of deferred financing costs | 0 | 154,666 | ||
Revolving Credit Facility | CSC Holdings | ||||
Debt Instrument [Line Items] | ||||
Loss on extinguishment of debt and write-off of deferred financing costs | $ 0 | $ 4,430 | $ 36,910 | |
5.375% Senior Guaranteed Notes Due February 1, 2028 [Member] | CSC Holdings | ||||
Debt Instrument [Line Items] | ||||
Loss on extinguishment of debt and write-off of deferred financing costs | $ 0 |
DEBT - Summary of Debt Maturiti
DEBT - Summary of Debt Maturities (Details) $ in Thousands | Sep. 30, 2019USD ($) |
Debt Disclosure [Abstract] | |
2019 | $ 30,848 |
2020 | 645,864 |
2021 | 3,775,998 |
2022 | 723,667 |
2023 | 1,167,190 |
Thereafter | $ 18,054,724 |
DEBT - Narrative (Details)
DEBT - Narrative (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||
May 31, 2019 | Feb. 28, 2019 | Jan. 31, 2019 | Sep. 30, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | Jul. 31, 2019 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | ||||||||
Principal amount | $ 24,445,380,000 | $ 24,445,380,000 | $ 23,296,581,000 | |||||
Debt borrowed | 24,057,281,000 | 24,057,281,000 | 22,812,600,000 | |||||
Repayments of debt | 1,342,625,000 | $ 635,738,000 | ||||||
Deferred financing costs | $ 1,195,000 | |||||||
Collateralized indebtedness | ||||||||
Debt Instrument [Line Items] | ||||||||
Principal amount | $ 1,459,638,000 | $ 1,459,638,000 | 1,459,638,000 | |||||
CSC Holdings | Senior Notes | Senior Notes Due January 2030 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Principal amount | $ 1,000,000,000 | |||||||
CSC Holdings | Senior Notes | Senior Guaranteed Notes Due 2029 | ||||||||
Debt Instrument [Line Items] | ||||||||
Principal amount | $ 1,500,000,000 | |||||||
Interest rate | 101.75% | 6.50% | ||||||
Additional debt issued | $ 250,000,000 | |||||||
CSC Holdings | Senior Notes | CSC Holdings 8.625% Notes due February 2019 | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate | 8.625% | |||||||
Redeemed debt | $ 526,000,000 | |||||||
CSC Holdings | Senior Notes | CSC Holdings 10.125% Notes due January 2023 | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate | 10.125% | 10.125% | ||||||
Redeemed debt | $ 894,700,000 | $ 905,300,000 | ||||||
Redemption price percent | 107.594% | |||||||
Short term debt reclassified | 526,000,000 | |||||||
CSC Holdings | Collateralized indebtedness | Incremental Term Loan B-4 | ||||||||
Debt Instrument [Line Items] | ||||||||
Principal amount | $ 1,000,000,000 | |||||||
CSC Holdings | Collateralized indebtedness | Incremental Term Loan B-4 | London Interbank Offered Rate (LIBOR) | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread | 3.00% | |||||||
Original issue discount | 1.00% | |||||||
Revolving Credit Facility | CSC Holdings | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate | 0.00% | 0.00% | ||||||
Debt borrowed | $ 1,050,000,000 | $ 1,050,000,000 | ||||||
Repayments of debt | 622,857,000 | 1,300,000,000 | ||||||
Maximum borrowing capacity | $ 2,475,000,000 | $ 0 | $ 0 | $ 250,000,000 | ||||
Debt Instrument, Redemption, Period One | Revolving Credit Facility | CSC Holdings | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | $ 2,275,000,000 | |||||||
Debt Instrument, Redemption, Period One | Revolving Credit Facility | CSC Holdings | London Interbank Offered Rate (LIBOR) | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread | 2.25% | |||||||
Debt Instrument, Redemption, Period Two | Revolving Credit Facility | CSC Holdings | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | $ 200,000,000 | |||||||
Debt Instrument, Redemption, Period Two | Revolving Credit Facility | CSC Holdings | London Interbank Offered Rate (LIBOR) | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread | 3.25% |
DERIVATIVE CONTRACTS AND COLL_3
DERIVATIVE CONTRACTS AND COLLATERALIZED INDEBTEDNESS - Location of Assets and Liabilities Within the Consolidated Balance Sheets (Details) - Not Designated as Hedging Instruments - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | $ 2,634 | $ 111,319 |
Liability Derivatives | 378,287 | 132,978 |
Interest Rate Swap | Current derivative contracts | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 0 | 1,975 |
Interest Rate Swap | Long-term derivative contracts | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 2,634 | 0 |
Interest Rate Swap | Short-term liabilities under derivative contracts | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 674 | 70 |
Interest Rate Swap | Long-term liabilities under derivative contracts | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | (182,970) | (132,908) |
Prepaid forward contracts | Long-term derivative contracts | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 0 | 109,344 |
Prepaid forward contracts | Long-term liabilities under derivative contracts | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | $ (194,643) | $ 0 |
DERIVATIVE CONTRACTS AND COLL_4
DERIVATIVE CONTRACTS AND COLLATERALIZED INDEBTEDNESS - Statement of Operations, Derivative Instrument Data (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||
Gain (loss) on derivative contracts (related to change in the value of equity derivative contracts related to Comcast common stock) | $ (77,333) | $ (79,628) | $ (303,986) | $ 130,883 |
Change in fair value of Comcast common stock included in gain (loss) on investments | 120,277 | 111,684 | 473,796 | (199,312) |
Loss on interest rate swap contracts | $ (11,163) | $ (19,554) | $ (61,735) | $ (64,405) |
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 | Sep. 30, 2019 | Dec. 31, 2018 |
Level I | ||
Assets: | ||
Investment securities | $ 1,936,422 | $ 1,462,626 |
Level III | ||
Liabilities: | ||
Contingent consideration related to 2017 and 2018 acquisitions | 5,142 | 6,195 |
Prepaid forward contracts | Level II | ||
Assets: | ||
Derivative asset | 0 | 109,344 |
Liabilities: | ||
Derivative liability | 194,643 | 0 |
Interest rate swap contracts | Level II | ||
Assets: | ||
Derivative asset | 2,634 | 1,975 |
Liabilities: | ||
Derivative liability | 183,644 | 132,978 |
Money market funds | Level I | ||
Assets: | ||
Money market funds | $ 44,931 | $ 91,852 |
FAIR VALUE MEASUREMENT - Narrat
FAIR VALUE MEASUREMENT - Narrative (Details) $ in Thousands | Sep. 30, 2019USD ($) |
Fair Value Disclosures [Abstract] | |
Maximum targets paid (approximately) | $ 11,000 |
FAIR VALUE MEASUREMENT - Fair V
FAIR VALUE MEASUREMENT - Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt, fair value | $ 24,010,192 | $ 22,787,410 |
Estimated Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt, fair value | 25,481,818 | 23,235,572 |
CSC Holdings | Credit facility debt | Carrying Amount | Level II | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt, fair value | 6,632,330 | 5,915,559 |
CSC Holdings | Credit facility debt | Estimated Fair Value | Level II | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt, fair value | 6,679,875 | 5,972,500 |
CSC Holdings | Collateralized indebtedness | Carrying Amount | Level II | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt, fair value | 1,423,519 | 1,406,182 |
CSC Holdings | Collateralized indebtedness | Estimated Fair Value | Level II | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt, fair value | 1,423,130 | 1,374,203 |
CSC Holdings | Senior guaranteed notes | Carrying Amount | Level II | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt, fair value | 7,600,412 | 5,847,758 |
CSC Holdings | Senior guaranteed notes | Estimated Fair Value | Level II | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt, fair value | 8,136,444 | 5,646,468 |
CSC Holdings | Senior notes and debentures | Carrying Amount | Level II | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt, fair value | 7,142,714 | 8,416,610 |
CSC Holdings | Senior notes and debentures | Estimated Fair Value | Level II | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt, fair value | 7,912,429 | 8,972,722 |
CSC Holdings | Notes payable and supply chain financing | Carrying Amount | Level II | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt, fair value | 110,519 | 106,108 |
CSC Holdings | Notes payable and supply chain financing | Estimated Fair Value | Level II | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt, fair value | 110,580 | 105,836 |
Cablevision Systems Corp. | Senior notes and debentures | Carrying Amount | Level II | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt, fair value | 1,100,698 | 1,095,193 |
Cablevision Systems Corp. | Senior notes and debentures | Estimated Fair Value | Level II | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt, fair value | $ 1,219,360 | $ 1,163,843 |
INCOME TAXES - Narrative (Detai
INCOME TAXES - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Income Tax Disclosure [Abstract] | ||||
Income tax benefit | $ 37,871 | $ 95,968 | $ 56,445 | $ 29,675 |
Loss before income taxes | $ 115,267 | $ 129,707 | $ 195,053 | (163,539) |
Tax Law change in State of New Jersey | $ 49,052 | |||
Effective tax rate | 33.00% | 36.00% | 29.00% | |
US Federal statutory tax rate | 21.00% |
SHARE-BASED COMPENSATION - Narr
SHARE-BASED COMPENSATION - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Restricted stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share based compensation expense | $ 2,841 | $ 3,698 | |||
Carry Unit Plan | Restricted Stock Units | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Weighted average fair value (in dollars per unit) | $ 3.80 | $ 3.80 | $ 1.95 | ||
Share based compensation expense | $ 7,214 | $ 7,510 | $ 21,548 | $ 33,004 | |
2017 LTIP | Stock options | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share based compensation expense | $ 8,780 | $ 4,817 | $ 23,914 | $ 13,172 |
SHARE-BASED COMPENSATION - Carr
SHARE-BASED COMPENSATION - Carrying Unit Award Activity (Details) - Carry Unit Plan | 9 Months Ended |
Sep. 30, 2019$ / sharesshares | |
Weighted Average Grant Date Fair Value | |
Balance at beginning of period, weighted average grant date fair value (in dollars per share) | $ / shares | $ 1.14 |
Vested weighted average grant date fair value (in dollars per share) | $ / shares | 0.75 |
Forfeited weighted average grant date fair value (in dollars per share) | $ / shares | 0.84 |
Balance at end of period, weighted average grant date fair value (in dollars per share) | $ / shares | $ 1.34 |
Number of 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) | 83,575,000 |
Vested (in shares) | (24,356,250) |
Forfeited (in shares) | (3,437,500) |
Ending balance (in shares) | 55,781,250 |
Number of 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 |
Vested (in shares) | 0 |
Forfeited (in shares) | 0 |
Ending balance (in shares) | 10,000,000 |
SHARE-BASED COMPENSATION - Stoc
SHARE-BASED COMPENSATION - Stock Option Activity (Details) - 2017 LTIP - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Dec. 31, 2018 | |
Weighted Average Exercise Price Per Share | ||
Beginning balance (in dollars per share) | $ 17.50 | |
Granted (in dollars per share) | 23.43 | |
Forfeited (in dollars per share) | 17.85 | |
Ending balance (in dollars per share) | 18.80 | $ 17.50 |
Options exercisable (in dollars per share) | $ 0 | |
Options outstanding, Weighted Average Remaining Contractual Term (in years) | 8 years 11 months 4 days | 9 years 5 months 19 days |
Options exercisable, Weighted Average Remaining Contractual Term (in years) | 0 years | |
Options outstanding, Aggregate Intrinsic Value | $ 0 | |
Options exercisable, Aggregate Intrinsic Value | $ 138,194 | |
Time Vesting | ||
Shares Under Option | ||
Beginning balance (in shares) | 11,230,168 | |
Granted (in shares) | 3,091,573 | |
Forfeited (in shares) | (393,670) | |
Ending balance (in shares) | 13,928,071 | 11,230,168 |
Options exercisable (in shares) | 0 | |
Performance Based Vesting | ||
Shares Under Option | ||
Beginning balance (in shares) | 73,639 | |
Granted (in shares) | 0 | |
Forfeited (in shares) | (16,736) | |
Ending balance (in shares) | 56,903 | 73,639 |
Options exercisable (in shares) | 0 |
SHARE-BASED COMPENSATION Restri
SHARE-BASED COMPENSATION Restricted Stock Activity (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2019 | Sep. 30, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |
Share-based Payment Arrangement, Tranche One [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% | |
Share-based Payment Arrangement, Tranche Three [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | |
Share-based Payment Arrangement, Tranche Two [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | |
Restricted stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares Granted, Value, Share-based Payment Arrangement, after Forfeiture | $ 27,013 | |
Share based compensation expense | $ 2,841 | $ 3,698 |
AFFILIATE AND RELATED PARTY T_3
AFFILIATE AND RELATED PARTY TRANSACTIONS - Narrative (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Apr. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | Jun. 30, 2017 | |
Related Party Transaction [Line Items] | |||||||
Equity in net income (loss) from investment in related party | $ 0 | $ (10,849) | |||||
Related party expense | $ 5,040 | $ 2,031 | $ 11,992 | 20,298 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | ||||||
Related Party Transaction [Domain] | |||||||
Related Party Transaction [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | ||||||
Fees for Executive Services | Affiliates | |||||||
Related Party Transaction [Line Items] | |||||||
Related party expense | 13,250 | $ 13,250 | |||||
Equipment Purchase Costs | Altice Management International | |||||||
Related Party Transaction [Line Items] | |||||||
Capital expenditures | $ 9,346 | ||||||
Equipment Purchase Costs | Altice Labs S.A. | |||||||
Related Party Transaction [Line Items] | |||||||
Capital expenditures | 3,456 | 3,945 | 6,679 | ||||
I24News | |||||||
Related Party Transaction [Line Items] | |||||||
Equity in net income (loss) from investment in related party | (1,130) | ||||||
Ownership percentage | 24.00% | ||||||
Newsday | |||||||
Related Party Transaction [Line Items] | |||||||
Equity in net income (loss) from investment in related party | $ 13,298 | 9,719 | |||||
Ownership percentage | 25.00% | ||||||
Other Operating Expense | Transition Services | Affiliates | |||||||
Related Party Transaction [Line Items] | |||||||
Other operating expenses, charges for related party services | $ 1,602 | $ 905 | $ 5,868 | $ 1,904 | |||
Altice N.V. | Altice N.V. Distribution | |||||||
Related Party Transaction [Line Items] | |||||||
Management advisory and consulting fee | $ 30,000 | ||||||
Share-based Payment Arrangement, Tranche One [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% | ||||||
Share-based Payment Arrangement, Tranche One [Member] | Related Party Transaction [Domain] | |||||||
Related Party Transaction [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% | ||||||
Share-based Payment Arrangement, Tranche Two [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | ||||||
Share-based Payment Arrangement, Tranche Two [Member] | Related Party Transaction [Domain] | |||||||
Related Party Transaction [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | ||||||
Share-based Payment Arrangement, Tranche Three [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | ||||||
Share-based Payment Arrangement, Tranche Three [Member] | Related Party Transaction [Domain] | |||||||
Related Party Transaction [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | ||||||
Equity Option [Member] | Related Party Transaction [Domain] | |||||||
Related Party Transaction [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 370,923 | ||||||
Shares Granted, Value, Share-based Payment Arrangement, after Forfeiture | $ 3,516 |
AFFILIATE AND RELATED PARTY T_4
AFFILIATE AND RELATED PARTY TRANSACTIONS - Revenue and Related Charges (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Related Party Transactions [Abstract] | ||||
Revenue | $ 70 | $ 545 | $ 1,158 | $ 1,397 |
Operating expenses: | ||||
Programming and other direct costs | (3,508) | (1,671) | (7,282) | (6,690) |
Other operating expenses, net | (1,602) | (905) | (5,868) | (15,154) |
Operating expenses, net | (5,110) | (2,576) | (13,150) | (21,844) |
Net charges | (5,040) | (2,031) | (11,992) | (20,298) |
Capital Expenditures | 3,456 | 3,945 | 9,346 | 6,679 |
Related Party Transaction, Other Revenues from Transactions with Related Party | $ 0 | $ 0 | $ 0 | $ 149 |
AFFILIATE AND RELATED PARTY T_5
AFFILIATE AND RELATED PARTY TRANSACTIONS - Amounts Due From and Due to Related Parties (Details) - USD ($) $ in Thousands, shares in Millions | 9 Months Ended | |
Sep. 30, 2019 | Dec. 31, 2018 | |
Related Party Transaction [Line Items] | ||
Shares purchased from a related party | 14.9 | |
Amount paid for shares repurchased from related party | $ 350,000 | |
Affiliates | ||
Related Party Transaction [Line Items] | ||
Due from related parties and affiliates | 4,554 | $ 17,557 |
Due to related parties and affiliates | 6,904 | 26,096 |
Affiliates | CVC 3 | ||
Related Party Transaction [Line Items] | ||
Due from related parties and affiliates | 0 | 13,100 |
Affiliates | Newsday | ||
Related Party Transaction [Line Items] | ||
Due from related parties and affiliates | 475 | 490 |
Due to related parties and affiliates | 0 | 22 |
Affiliates | Altice Europe | ||
Related Party Transaction [Line Items] | ||
Due from related parties and affiliates | 67 | 1,271 |
Due to related parties and affiliates | 0 | 15,235 |
Affiliates | Altice Dominican Republic | ||
Related Party Transaction [Line Items] | ||
Due from related parties and affiliates | 3,435 | 2,550 |
Affiliates | Other Related Party | ||
Related Party Transaction [Line Items] | ||
Due from related parties and affiliates | 577 | 146 |
Due to related parties and affiliates | 4,486 | 5,975 |
Affiliates | Altice Labs S.A. | ||
Related Party Transaction [Line Items] | ||
Due to related parties and affiliates | $ 2,418 | $ 4,864 |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) - USD ($) | Oct. 07, 2019 | Oct. 04, 2019 | Oct. 31, 2019 | May 31, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | Oct. 03, 2019 | Jul. 31, 2019 | Dec. 31, 2018 |
Subsequent Event [Line Items] | |||||||||
Principal amount | $ 24,445,380,000 | $ 23,296,581,000 | |||||||
Repayments of Lines of Credit | 1,342,625,000 | $ 635,738,000 | |||||||
Deferred financing costs | $ 1,195,000 | ||||||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | $ 2,000,000,000 | ||||||||
Secured Debt [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Principal amount | 1,459,638,000 | 1,459,638,000 | |||||||
2019 Share Repurchase Authorization [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | $ 5,000,000,000 | ||||||||
Cablevision Systems Corp. [Member] | Senior Notes | |||||||||
Subsequent Event [Line Items] | |||||||||
Principal amount | 16,148,259,000 | 15,733,145,000 | |||||||
Cablevision Systems Corp. [Member] | Cablevision 8.0% Notes due April 15, 2020 [Member] | Senior Notes | |||||||||
Subsequent Event [Line Items] | |||||||||
Principal amount | $ 500,000,000 | 500,000,000 | |||||||
Interest rate | 8.00% | ||||||||
Cablevision Systems Corp. [Member] | Cablevision 5.875% Notes due September 15, 2022 | Senior Notes | |||||||||
Subsequent Event [Line Items] | |||||||||
Principal amount | $ 649,024,000 | 649,024,000 | |||||||
Interest rate | 5.875% | ||||||||
Cablevision Systems Corp. [Member] | Cablevision 7.750% Notes due July 15, 2025 | Senior Notes | |||||||||
Subsequent Event [Line Items] | |||||||||
Principal amount | $ 1,740,000 | 1,740,000 | |||||||
Interest rate | 7.75% | ||||||||
Cablevision Systems Corp. [Member] | Cablevision 7.500% Notes due April 1, 2028 | Senior Notes | |||||||||
Subsequent Event [Line Items] | |||||||||
Principal amount | $ 4,118,000 | 4,118,000 | |||||||
Interest rate | 7.50% | ||||||||
CSC Holdings [Member] | Subsequent Event | |||||||||
Subsequent Event [Line Items] | |||||||||
Payments of Capital Distribution | $ 500,000,000 | ||||||||
CSC Holdings [Member] | CSC Holdings 5.75% Notes due 2030 [Member] | Senior Notes | |||||||||
Subsequent Event [Line Items] | |||||||||
Principal amount | $ 1,000,000,000 | 0 | |||||||
Interest rate | 5.75% | ||||||||
CSC Holdings [Member] | CSC Holdings 5.75% Notes due 2030 [Member] | Senior Notes | Subsequent Event | |||||||||
Subsequent Event [Line Items] | |||||||||
Principal amount | $ 1,250,000,000 | ||||||||
Interest rate | 5.75% | ||||||||
CSC Holdings [Member] | CSC Holdings 5.75% Notes due 2030 [Member] | Secured Debt [Member] | Subsequent Event | |||||||||
Subsequent Event [Line Items] | |||||||||
Principal amount | $ 1,000,000,000 | ||||||||
Debt instrument, premium received | $ 1.0400 | ||||||||
CSC Holdings [Member] | CSC Holdings 5.125% Notes due December 15, 2021 [Member] | Senior Notes | |||||||||
Subsequent Event [Line Items] | |||||||||
Principal amount | $ 1,240,762,000 | $ 1,240,762,000 | |||||||
CSC Holdings [Member] | CSC Holdings 5.125% Notes due December 15, 2021 [Member] | Senior Notes | Subsequent Event | |||||||||
Subsequent Event [Line Items] | |||||||||
Interest rate | 5.125% | ||||||||
Deferred financing costs | $ 65,000,000 | ||||||||
CSC Holdings [Member] | Senior Notes Due January 2030 | Senior Notes | |||||||||
Subsequent Event [Line Items] | |||||||||
Principal amount | $ 1,000,000,000 | ||||||||
Term Loans B-2 and B-4 [Member] | Subsequent Event | |||||||||
Subsequent Event [Line Items] | |||||||||
Repayments of Lines of Credit | $ 2,500,000,000 | ||||||||
Deferred financing costs | $ 28,000,000 | ||||||||
Credit facility debt | CSC Holdings [Member] | Incremental Term Loan B-5 [Member] | Subsequent Event | |||||||||
Subsequent Event [Line Items] | |||||||||
Interest rate | 300000000000.00% | ||||||||
Debt Instrument, Redemption, Period One [Member] | Incremental Term Loan B-5 [Member] | CSC Holdings [Member] | Subsequent Event | |||||||||
Subsequent Event [Line Items] | |||||||||
Debt Instrument, Call Feature | 1.00% | ||||||||
Debt Instrument, Redemption, Period One [Member] | London Interbank Offered Rate (LIBOR) [Member] | Incremental Term Loan B-5 [Member] | CSC Holdings [Member] | Subsequent Event | |||||||||
Subsequent Event [Line Items] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | ||||||||
Debt Instrument, Redemption, Period One [Member] | Base Rate [Member] | Incremental Term Loan B-5 [Member] | CSC Holdings [Member] | Subsequent Event | |||||||||
Subsequent Event [Line Items] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% |