Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 06, 2020 | Jun. 30, 2019 | |
Document and Entity Information [Abstract] | |||
Title of 12(b) Security | Class A Common Stock, par value $0.01 per share | ||
Entity Interactive Data Current | Yes | ||
Entity File Number | 001-38126 | ||
Document Transition Report | false | ||
Document Quarterly Report | true | ||
Document Type | 10-K | ||
Entity Central Index Key | 0001702780 | ||
Entity Registrant Name | Altice USA, Inc. | ||
Document Fiscal Year Focus | 2019 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Document Period End Date | Dec. 31, 2019 | ||
Entity Common Stock, Shares Outstanding | 627,953,994 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Public Float | $ 7,942,908,370 | ||
Documents Incorporated by Reference | Altice USA, Inc. intends to file with the Securities and Exchange Commission, not later than 120 days after the close of its fiscal year, a definitive proxy statement or an amendment to this report filed under cover of Form 10-K/A containing the information required to be disclosed under Part III of Form 10-K. | ||
Entity Small Business | false | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Tax Identification Number | 38-3980194 | ||
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 | ||
Trading Symbol | ATUS | ||
Security Exchange Name | NYSE |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Current Assets: | ||
Cash and cash equivalents | $ 701,898 | $ 298,781 |
Restricted cash | 262 | 257 |
Accounts receivable, trade (less allowance for doubtful accounts of $14,683 and $13,520) | 457,118 | 448,399 |
Prepaid expenses and other current assets | 215,304 | 136,285 |
Amounts due from affiliates | 6,774 | 17,557 |
Derivative contracts | 0 | 1,975 |
Total current assets | 1,381,356 | 903,254 |
Property, plant and equipment, net of accumulated depreciation of $5,276,921 and $4,044,671 | 5,753,401 | 5,828,881 |
Operating Lease, Right-of-Use Asset | 280,340 | 0 |
Investment securities pledged as collateral | 1,931,697 | 1,462,626 |
Derivative contracts | 25,207 | 109,344 |
Other assets | 92,622 | 84,382 |
Amortizable intangibles, net of accumulated amortization of $3,670,679 and $2,882,787 | 3,481,109 | 4,192,824 |
Indefinite-lived cable television franchises | 13,020,081 | 13,020,081 |
Goodwill | 8,142,309 | 8,012,416 |
Total assets | 34,108,122 | 33,613,808 |
Current Liabilities: | ||
Accounts payable | 799,618 | 857,502 |
Amounts due to affiliates | 7,456 | 26,096 |
Deferred revenue | 124,777 | 140,053 |
Accrued employee related costs | 111,337 | 139,806 |
Interest payable | 385,655 | 386,475 |
Long-term Debt, Current Maturities | 170,682 | 158,625 |
Other Accrued Liabilities, Current | 378,954 | 312,634 |
Long-term Debt, Right-Of-Use Financing Obligations, Current Maturities | 269,062 | |
Total current liabilities | 1,978,479 | 2,021,191 |
Defined benefit plan obligations | 57,190 | 96,794 |
Other liabilities | 147,714 | 174,760 |
Deferred tax liability | 4,762,595 | 4,723,937 |
Liabilities under derivative contracts | 255,666 | 132,908 |
Long-term Debt, Right-Of-Use Financing Obligations, Excluding Current Maturities | 0 | |
Long-term Debt, Excluding Current Maturities | 24,249,603 | 22,653,975 |
Total liabilities | 31,720,309 | 29,803,565 |
Commitments and contingencies (Note 17) | ||
Redeemable equity | 108,551 | 130,007 |
Stockholders' Equity: | ||
Preferred stock, $.01 par value, 100,000,000 shares authorized, no shares issued and outstanding | 0 | 0 |
Paid-in capital | 2,039,918 | 3,423,803 |
Retained earnings | 390,766 | 251,830 |
Total stockholders' equity before accumulated other comprehensive Income and non-controlling interest | 2,437,118 | 3,682,724 |
Treasury Stock, Value | 163,904 | 0 |
Accumulated other comprehensive loss | (3,250) | (11,783) |
Total stockholders' equity | 2,269,964 | 3,670,941 |
Noncontrolling interest | 9,298 | 9,295 |
Total stockholders' equity | 2,279,262 | 3,680,236 |
Total liabilities and equity | 34,108,122 | 33,613,808 |
Common Class A | ||
Stockholders' Equity: | ||
Common stock | 4,572 | 4,961 |
Common Class B | ||
Stockholders' Equity: | ||
Common stock | 1,862 | 2,130 |
Common Class C | ||
Stockholders' Equity: | ||
Common stock | 0 | 0 |
CSC Holdings | ||
Current Assets: | ||
Cash and cash equivalents | 697,741 | 298,527 |
Restricted cash | 262 | 257 |
Accounts receivable, trade (less allowance for doubtful accounts of $14,683 and $13,520) | 457,118 | 448,399 |
Prepaid expenses and other current assets | 211,642 | 141,267 |
Amounts due from affiliates | 6,774 | 4,385 |
Derivative contracts | 0 | 1,975 |
Total current assets | 1,373,537 | 894,810 |
Property, plant and equipment, net of accumulated depreciation of $5,276,921 and $4,044,671 | 5,753,401 | 5,828,881 |
Operating Lease, Right-of-Use Asset | 280,340 | 0 |
Investment securities pledged as collateral | 1,931,697 | 1,462,626 |
Derivative contracts | 25,207 | 109,344 |
Other assets | 92,622 | 65,183 |
Amortizable intangibles, net of accumulated amortization of $3,670,679 and $2,882,787 | 3,481,109 | 4,192,824 |
Indefinite-lived cable television franchises | 13,020,081 | 13,020,081 |
Goodwill | 8,142,309 | 8,012,416 |
Total assets | 34,100,303 | 33,586,165 |
Current Liabilities: | ||
Accounts payable | 799,618 | 857,502 |
Amounts due to affiliates | 7,456 | 179,417 |
Deferred revenue | 124,777 | 140,053 |
Accrued employee related costs | 111,337 | 139,806 |
Interest payable | 385,655 | 366,644 |
Long-term Debt, Current Maturities | 170,682 | 158,625 |
Other Accrued Liabilities, Current | 378,948 | 301,783 |
Total current liabilities | 1,978,473 | 2,143,830 |
Defined benefit plan obligations | 57,190 | 96,794 |
Other liabilities | 147,714 | 174,757 |
Deferred tax liability | 4,980,599 | 5,349,947 |
Liabilities under derivative contracts | 255,666 | 132,908 |
Long-term Debt, Right-Of-Use Financing Obligations, Excluding Current Maturities | 269,062 | 0 |
Long-term Debt, Excluding Current Maturities | 24,249,603 | 21,558,782 |
Total liabilities | 31,938,307 | 29,457,018 |
Redeemable equity | 108,551 | 130,007 |
Stockholders' Equity: | ||
Retained earnings | 13,515 | 549,691 |
Accumulated other comprehensive loss | (3,250) | (11,783) |
Noncontrolling interest | 9,298 | 9,295 |
Total liabilities and equity | $ 34,100,303 | $ 33,586,165 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
ASSETS | ||
Property, plant and equipment, accumulated depreciation | $ 4,044,671 | |
Amortizable intangible assets, accumulated amortization | 2,882,787 | |
Accounts receivable, trade allowance for doubtful accounts | $ 13,520 | |
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 |
Treasury Stock, Shares, Acquired | 0 | |
CSC Holdings | ||
ASSETS | ||
Property, plant and equipment, accumulated depreciation | $ 4,044,671 | |
Amortizable intangible assets, accumulated amortization | 2,882,787 | |
Accounts receivable, trade allowance for doubtful accounts | $ 13,520 | |
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) | 496,064,027 | 246,982,292 |
Common stock, shares outstanding (in shares) | 496,064,027 | 246,982,292 |
Common Class B | ||
Stockholders' Equity: | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued (in shares) | 490,086,674 | 490,086,674 |
Common stock, shares outstanding (in shares) | 212,976,259 | 490,086,674 |
Common Class C | ||
Stockholders' Equity: | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 4,000,000,000 | 4,000,000,000 |
Common stock, shares issued (in shares) | 0 | 0 |
Common stock, shares outstanding (in shares) | 0 | 0 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Statement [Abstract] | |||
Revenue (including revenue from affiliates of $3,974, $2,575 and $1,100 respectively) (See Note 16) | $ 9,760,859 | $ 9,566,608 | $ 9,306,950 |
Operating expenses: | |||
Programming and other direct costs | 3,300,528 | 3,173,076 | 3,035,655 |
Other operating expenses (including charges from affiliates of $8,355, $16,307 and $33,140 respectively) (See Note 16) | 2,300,398 | 2,290,266 | 2,347,315 |
Restructuring and other expense | 72,978 | 152,401 | |
Depreciation and amortization (including impairments) | 2,263,144 | 2,382,339 | 2,930,571 |
Total operating expenses | 7,937,048 | 7,884,229 | 8,465,942 |
Operating income | 1,823,811 | 1,682,379 | 841,008 |
Other income (expense): | |||
Interest expense (including interest expense to affiliates and related parties of $600 and $90,405 in 2018 and 2017, respectively) (See Note 16) | (1,536,559) | (1,556,282) | (1,603,132) |
Interest income | 5,709 | 10,856 | 1,921 |
Gain (loss) on investments and sale of affiliate interests, net | 473,406 | (250,877) | 237,354 |
Gain (loss) on derivative contracts, net | (282,713) | 218,848 | (236,330) |
Gain (loss) on interest rate swap contracts | (53,902) | (61,697) | 5,482 |
Loss on extinguishment of debt and write-off of deferred financing costs (including $513,723 related to affiliates and related parties in 2017) (See Note 16) | (243,806) | (48,804) | (600,240) |
Other income (expense), net | 1,183 | (12,484) | (13,651) |
Total other income (expense) | (1,636,682) | (1,700,440) | (2,208,596) |
Loss before income taxes | 187,129 | (18,061) | (1,367,588) |
Income tax benefit | (47,190) | 38,655 | 2,862,352 |
Net income | 139,939 | 20,594 | 1,494,764 |
Net income attributable to noncontrolling interests | (1,003) | (1,761) | (1,587) |
Net income attributable to Altice USA, Inc. stockholders | $ 138,936 | $ 18,833 | $ 1,493,177 |
Income per share: | |||
Earnings Per Share, Basic | $ 0.21 | $ 0.03 | $ 2.15 |
Basic weighted average common shares (in thousands) | 660,384 | 730,088 | 696,055 |
Earnings Per Share, Diluted | $ 0.21 | $ 0.03 | $ 2.15 |
Weighted Average Number of Shares Outstanding, Diluted | 662,541 | 730,088 | 696,055 |
Cash dividends declared per common share (in dollars per share) | $ 0 | $ 2.035 | $ 1.29 |
CONSOLIDATED STATEMENTS OF OP_2
CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Statement [Abstract] | |||
Revenue from affiliates | $ 3,974 | $ 2,575 | $ 1,100 |
Programming and other direct costs from affiliates | 11,580 | 7,261 | 4,176 |
Other operating expenses from affiliates | 8,355 | 16,307 | 33,140 |
Interest expense to related parties and affiliates | 0 | 600 | 90,405 |
Loss on extinguishment of debt and write-off of deferred financing costs related to affiliates and related parties | $ 0 | $ 513,723 | |
Interest Income, Related Party | $ 0 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | |||||||||||
Net income | $ 1,331 | $ 77,396 | $ 86,410 | $ (25,198) | $ 213,808 | $ 33,739 | $ (98,004) | $ (128,949) | $ 139,939 | $ 20,594 | $ 1,494,764 |
Defined benefit pension plans: | |||||||||||
Unrecognized actuarial gain (loss) | 830 | (18,632) | |||||||||
Applicable income taxes | (220) | 7,441 | |||||||||
Unrecognized gain (loss) arising during period, net of income taxes | 8,430 | 610 | (11,191) | ||||||||
Applicable income taxes | 0 | 0 | |||||||||
Amortization of actuarial losses included in other expense, net of tax | 65 | 0 | 0 | ||||||||
Settlement loss included in other expense, net | 1,268 | 1,845 | |||||||||
Applicable income taxes | (342) | (738) | |||||||||
Settlement loss included in other expense, net, net of income taxes | 1,202 | 926 | 1,107 | ||||||||
Curtailment loss | 0 | (3,195) | |||||||||
Applicable income taxes | 0 | 1,278 | |||||||||
Curtailment loss, net of income taxes | 0 | 0 | (1,917) | ||||||||
Foreign currency translation adjustment | 967 | 0 | |||||||||
Applicable income taxes | (261) | 0 | |||||||||
Foreign currency translation adjustment, net of income taxes | (1,164) | 706 | 0 | ||||||||
Other comprehensive income (loss) | 8,533 | 2,242 | (12,001) | ||||||||
Comprehensive income | 148,472 | 22,836 | 1,482,763 | ||||||||
Comprehensive income attributable to noncontrolling interests | (1,761) | (1,587) | |||||||||
Comprehensive income attributable to Altice USA, Inc. stockholders | $ 147,469 | $ 21,075 | $ 1,481,176 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Parent [Member] | Retained Earnings (Accumulated Deficit) | Treasury Stock [Member] | AOCI Attributable to Parent [Member] | Noncontrolling Interests | Additional Paid-in Capital [Member] | Treasury Stock, Common | Common Class ACommon Stock | Common Class BCommon Stock | Organizational Transactions Prior to IPO | Organizational Transactions Prior to IPOParent [Member] | Organizational Transactions Prior to IPOAdditional Paid-in Capital [Member] | Organizational Transactions Prior to IPOCommon Class ACommon Stock | Organizational Transactions Prior to IPOCommon Class BCommon Stock | IPO | IPOParent [Member] | IPOAdditional Paid-in Capital [Member] | IPOCommon Class ACommon Stock |
Beginning balance at Dec. 31, 2016 | $ 2,042,508 | $ 2,042,221 | $ (963,312) | $ 1,979 | $ 287 | $ 3,003,554 | $ 0 | $ 0 | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||
Net income attributable to Altice USA, Inc. stockholders | 1,493,177 | 1,493,177 | 1,493,177 | ||||||||||||||||
Net income attributable to noncontrolling interests | (1,587) | (1,587) | |||||||||||||||||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Plan Amendments, Net Of Tax | 12,001 | 12,001 | 12,001 | ||||||||||||||||
Foreign currency translation adjustment, net of income taxes | 0 | ||||||||||||||||||
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | 57,430 | 57,430 | 57,430 | ||||||||||||||||
Adjustments to Additional Paid in Capital, Increase in Carrying Amount of Redeemable Preferred Stock | (163,142) | (163,142) | (163,142) | ||||||||||||||||
Adjustments to Additional Paid in Capital, Cash Investment in Affiliate | 51,135 | 51,135 | 51,135 | ||||||||||||||||
Receivable from parent | (50,000) | (50,000) | (50,000) | ||||||||||||||||
Distributions to stockholders/non-controlling interest | (840,035) | (839,700) | (335) | (839,700) | |||||||||||||||
Recognition of previously unrealized excess tax benefits related to share-based awards in connection with the adoption of ASU 2016-09 | 310,771 | 310,771 | 310,771 | ||||||||||||||||
Stock Issued During Period, Value, New Issues | $ 2,264,252 | $ 2,264,252 | $ 2,257,002 | $ 2,349 | $ 4,901 | $ 349,071 | $ 349,071 | $ 348,950 | $ 121 | ||||||||||
Ending balance at Dec. 31, 2017 | 5,504,753 | 5,503,214 | 840,636 | (10,022) | 1,539 | 4,665,229 | 2,470 | 4,901 | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||
Net income attributable to Altice USA, Inc. stockholders | 18,833 | 18,833 | 18,833 | ||||||||||||||||
Net income attributable to noncontrolling interests | (1,761) | (1,761) | |||||||||||||||||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Plan Amendments, Net Of Tax | (1,536) | (1,536) | (1,536) | ||||||||||||||||
Foreign currency translation adjustment, net of income taxes | 706 | 706 | 706 | ||||||||||||||||
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | 59,812 | 59,812 | 59,812 | ||||||||||||||||
Redeemable equity vested | 169,452 | 169,452 | 169,452 | ||||||||||||||||
Adjustments to Additional Paid in Capital, Increase in Carrying Amount of Redeemable Preferred Stock | (68,169) | (68,169) | (68,169) | ||||||||||||||||
Dividend payment | (1,499,935) | (1,499,935) | (536,224) | (963,711) | |||||||||||||||
Class A shares acquired through share repurchase program and retired | (500,000) | (500,000) | (499,720) | (280) | |||||||||||||||
Conversion of Class B to Class A shares, including $2,424 in connection with the Distribution | 2,771 | (2,771) | |||||||||||||||||
Distributions to stockholders/non-controlling interest | (1,499,935) | ||||||||||||||||||
Impact of i24 Acquisition | (13,649) | (13,649) | (73,578) | (1,840) | 61,769 | ||||||||||||||
Other changes to equity | (859) | (859) | (859) | ||||||||||||||||
Ending balance at Dec. 31, 2018 | 3,680,236 | 3,670,941 | 251,830 | $ 0 | (11,783) | 9,295 | 3,423,803 | 4,961 | 2,130 | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||
Contributions from noncontrolling interests, net | 5,995 | 5,995 | |||||||||||||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | ASU No. 2018-02 | 2,163 | (2,163) | |||||||||||||||||
Net income attributable to Altice USA, Inc. stockholders | 138,936 | 138,936 | |||||||||||||||||
Net income attributable to noncontrolling interests | (1,003) | (1,003) | |||||||||||||||||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Plan Amendments, Net Of Tax | (9,697) | (9,697) | (9,697) | ||||||||||||||||
Foreign currency translation adjustment, net of income taxes | (1,164) | (1,164) | (1,164) | ||||||||||||||||
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | 99,077 | 99,077 | 99,077 | ||||||||||||||||
Redeemable equity vested | 187,966 | 187,966 | 187,966 | ||||||||||||||||
Adjustments to Additional Paid in Capital, Increase in Carrying Amount of Redeemable Preferred Stock | (166,511) | (166,511) | (166,511) | ||||||||||||||||
Class A shares acquired through share repurchase program and retired | (1,686,873) | (1,686,873) | (1,686,146) | (727) | |||||||||||||||
Conversion of Class B to Class A shares, including $2,424 in connection with the Distribution | 268 | (268) | |||||||||||||||||
Stock Issued During Period, Value, New Issues | 7,122 | 7,122 | 7,099 | $ (42) | 65 | ||||||||||||||
Impact of i24 Acquisition | 10,768 | 5 | |||||||||||||||||
Ending balance at Dec. 31, 2019 | 2,279,262 | $ 2,269,964 | $ 390,766 | $ (163,904) | $ (3,250) | 9,298 | 2,039,918 | $ 4,572 | $ 1,862 | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | $ 1,000 | $ 1,000 | |||||||||||||||||
Stock Issued During Period Relating to Acquisition | $ 163,862 | $ (163,862) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flows from operating activities: | |||
Net income | $ 139,939,000 | $ 20,594,000 | $ 1,494,764,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation, Depletion and Amortization | 2,263,144,000 | 2,382,339,000 | 2,930,571,000 |
Equity in net loss of affiliates | 0 | 10,849,000 | 10,040,000 |
Loss (gain) on investments and sale of affiliate interests, net | (473,406,000) | 250,877,000 | (237,354,000) |
Gain (Loss) on Price Risk Derivative Instruments Not Designated as Hedging Instruments | 282,713,000 | (218,848,000) | 236,330,000 |
Loss on extinguishment of debt and write-off of deferred financing costs | 243,806,000 | 48,804,000 | 600,240,000 |
Amortization of deferred financing costs and discounts (premiums) on indebtedness | 106,214,000 | 85,121,000 | 31,046,000 |
Settlement loss related to pension plan | 1,732,000 | 1,268,000 | 1,845,000 |
Share-based compensation expense related to equity classified awards | 99,078,000 | 59,812,000 | 57,430,000 |
Deferred income taxes | 14,931,000 | (67,603,000) | (2,880,154,000) |
Provision for doubtful accounts | 91,520,000 | 71,426,000 | 74,183,000 |
Change in assets and liabilities, net of effects of acquisitions and dispositions: | |||
Accounts receivable, trade | (91,718,000) | (144,079,000) | (89,683,000) |
Other receivables | (21,755,000) | 4,246,000 | (12,835,000) |
Prepaid expenses and other assets | (100,343,000) | (14,889,000) | (7,426,000) |
Amounts due from and due to affiliates | (7,857,000) | 11,049,000 | (34,326,000) |
Accounts payable | (33,107,000) | 12,455,000 | 73,888,000 |
Accrued liabilities | (44,083,000) | (130,631,000) | (241,701,000) |
Deferred revenue | (10,384,000) | 72,426,000 | 12,310,000 |
Liabilities related to interest rate swap and derivative contracts | 30,338,000 | 53,101,000 | (921,000) |
Net cash provided by operating activities | 2,554,169,000 | 2,508,317,000 | 2,018,247,000 |
Cash flows from investing activities: | |||
Capital expenditures | (1,355,350,000) | (1,153,589,000) | (951,349,000) |
Payment for acquisitions, net of cash acquired | (172,269,000) | (10,753,000) | (46,703,000) |
Sale of affiliate interest | 1,958,000 | 0 | |
Sale of affiliate interest | 3,537,000 | ||
Proceeds related to sale of equipment, including costs of disposal | 3,909,000 | 10,779,000 | 9,743,000 |
Decrease (increase) in other investments | 354,000 | 9,327,000 | (4,773,000) |
Settlement of put call options | 0 | 0 | (97,410,000) |
Additions to other intangible assets | (4,071,000) | (584,000) | (1,707,000) |
Net cash used in investing activities | (1,525,469,000) | (1,148,357,000) | (1,092,199,000) |
Cash flows from financing activities: | |||
Proceeds from credit facility debt, net of discounts | 5,040,000,000 | 3,489,313,000 | 5,593,675,000 |
Repayment of credit facility debt | (3,832,062,000) | (2,221,175,000) | (4,411,581,000) |
Issuance of senior notes, including premiums | 4,054,375,000 | 2,050,000,000 | 0 |
Redemption of senior notes, including premiums and fees | (4,225,786,000) | (2,628,962,000) | (1,729,400,000) |
Proceeds from collateralized indebtedness, net | 93,000,000 | 516,513,000 | 838,794,000 |
Repayment of collateralized indebtedness and related derivative contracts, net | 0 | (516,513,000) | (831,059,000) |
Dividends to stockholders | 0 | (1,499,935,000) | (919,317,000) |
Proceeds from notes payable | 65,854,000 | 15,955,000 | 33,733,000 |
Repayment of notes payable | (102,066,000) | (32,632,000) | 0 |
Principal payments on finance lease obligations | (8,980,000) | (10,228,000) | (15,157,000) |
Purchase of shares of Altice USA, Inc. Class A common stock, pursuant to a share repurchase program | (1,686,873,000) | (500,000,000) | 0 |
Additions to deferred financing costs | (23,583,000) | (28,468,000) | (8,600,000) |
Other | 0 | (859,000) | 0 |
Proceeds from stock option exercises | 3,209,000 | 0 | 0 |
Contingent payment for acquisition | (500,000) | (30,000,000) | 0 |
Proceeds from IPO, net of fees | 0 | 0 | 349,071,000 |
Contributions from stockholders | 0 | 0 | 1,135,000 |
Contributions from (distributions to) noncontrolling interests, net | 1,000,000 | (5,995,000) | 335,000 |
Net cash used in financing activities | (624,412,000) | (1,390,996,000) | (1,099,041,000) |
Net increase (decrease) in cash and cash equivalents | 404,288,000 | (31,036,000) | (172,993,000) |
Effect of exchange rate changes on cash and cash equivalents | (1,166,000) | (26,000) | 0 |
Net increase (decrease) in cash and cash equivalents | 403,122,000 | (31,062,000) | (172,993,000) |
Cash, cash equivalents and restricted cash at beginning of year | 299,038,000 | 330,100,000 | 503,093,000 |
Cash, cash equivalents and restricted cash at end of year | 702,160,000 | 299,038,000 | 330,100,000 |
Restructuring Reserve, Settled without Cash | 16,826,000 | 0 | 0 |
Non-cash lease expense | $ 46,581,000 | $ 0 | $ 0 |
CSC HOLDINGS - CONSOLIDATED BAL
CSC HOLDINGS - CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Current Assets: | ||
Cash and cash equivalents | $ 701,898 | $ 298,781 |
Restricted cash | 262 | 257 |
Accounts receivable, trade (less allowance for doubtful accounts of $13,420 and $11,677) | 457,118 | 448,399 |
Prepaid expenses and other current assets (including a prepayment to an affiliate of $19,563 in 2017) (See Note 14) | 215,304 | 136,285 |
Amounts due from affiliates | 6,774 | 17,557 |
Operating Lease, Right-of-Use Asset | 280,340 | 0 |
Derivative contracts | 0 | 1,975 |
Total current assets | 1,381,356 | 903,254 |
Property, plant and equipment, net | 5,753,401 | 5,828,881 |
Investment securities pledged as collateral | 1,931,697 | 1,462,626 |
Derivative contracts | 25,207 | 109,344 |
Other assets | 92,622 | 84,382 |
Amortizable intangible assets, net of accumulated amortization | 3,481,109 | 4,192,824 |
Indefinite-lived cable television franchises | 13,020,081 | 13,020,081 |
Goodwill | 8,142,309 | 8,012,416 |
Total assets | 34,108,122 | 33,613,808 |
Current Liabilities: | ||
Accounts payable | 799,618 | 857,502 |
Amounts due to affiliates | 7,456 | 26,096 |
Accrued liabilities: | ||
Interest payable | 385,655 | 386,475 |
Accrued employee related costs | 111,337 | 139,806 |
Other Accrued Liabilities, Current | 378,954 | 312,634 |
Contract with Customer, Liability, Current | 124,777 | 140,053 |
Long-term Debt, Right-Of-Use Financing Obligations, Current Maturities | 269,062 | |
Long-term Debt, Current Maturities | 170,682 | 158,625 |
Total current liabilities | 1,978,479 | 2,021,191 |
Long-term defined benefit plan obligations | 57,190 | 96,794 |
Other liabilities | 147,714 | 174,760 |
Deferred tax liability | 4,762,595 | 4,723,937 |
Liabilities under derivative contracts | 255,666 | 132,908 |
Long-term Debt, Right-Of-Use Financing Obligations, Excluding Current Maturities | 0 | |
Long-term Debt, Excluding Current Maturities | 24,249,603 | 22,653,975 |
Total liabilities | 31,720,309 | 29,803,565 |
Commitments and contingencies | ||
Redeemable equity | 108,551 | 130,007 |
Limited Liability Company (LLC) Members' Equity [Abstract] | ||
Retained earnings (accumulated deficit) | 390,766 | 251,830 |
Accumulated other comprehensive income (loss) | (3,250) | (11,783) |
Noncontrolling interest | 9,298 | 9,295 |
Total liabilities and equity | 34,108,122 | 33,613,808 |
Customer Relationships [Member] | ||
Current Assets: | ||
Amortizable intangible assets, net of accumulated amortization | 3,173,963 | 3,808,774 |
Other Intangible Assets [Member] | ||
Current Assets: | ||
Amortizable intangible assets, net of accumulated amortization | 24,547 | 18,965 |
CSC Holdings | ||
Current Assets: | ||
Cash and cash equivalents | 697,741 | 298,527 |
Restricted cash | 262 | 257 |
Accounts receivable, trade (less allowance for doubtful accounts of $13,420 and $11,677) | 457,118 | 448,399 |
Prepaid expenses and other current assets (including a prepayment to an affiliate of $19,563 in 2017) (See Note 14) | 211,642 | 141,267 |
Amounts due from affiliates | 6,774 | 4,385 |
Operating Lease, Right-of-Use Asset | 280,340 | 0 |
Derivative contracts | 0 | 1,975 |
Total current assets | 1,373,537 | 894,810 |
Property, plant and equipment, net | 5,753,401 | 5,828,881 |
Investment securities pledged as collateral | 1,931,697 | 1,462,626 |
Derivative contracts | 25,207 | 109,344 |
Other assets | 92,622 | 65,183 |
Amortizable intangible assets, net of accumulated amortization | 3,481,109 | 4,192,824 |
Indefinite-lived cable television franchises | 13,020,081 | 13,020,081 |
Goodwill | 8,142,309 | 8,012,416 |
Total assets | 34,100,303 | 33,586,165 |
Current Liabilities: | ||
Accounts payable | 799,618 | 857,502 |
Amounts due to affiliates | 7,456 | 179,417 |
Accrued liabilities: | ||
Interest payable | 385,655 | 366,644 |
Accrued employee related costs | 111,337 | 139,806 |
Other Accrued Liabilities, Current | 378,948 | 301,783 |
Contract with Customer, Liability, Current | 124,777 | 140,053 |
Long-term Debt, Current Maturities | 170,682 | 158,625 |
Total current liabilities | 1,978,473 | 2,143,830 |
Long-term defined benefit plan obligations | 57,190 | 96,794 |
Other liabilities | 147,714 | 174,757 |
Deferred tax liability | 4,980,599 | 5,349,947 |
Liabilities under derivative contracts | 255,666 | 132,908 |
Long-term Debt, Right-Of-Use Financing Obligations, Excluding Current Maturities | 269,062 | 0 |
Long-term Debt, Excluding Current Maturities | 24,249,603 | 21,558,782 |
Total liabilities | 31,938,307 | 29,457,018 |
Redeemable equity | 108,551 | 130,007 |
Limited Liability Company (LLC) Members' Equity [Abstract] | ||
Members' Equity | 2,033,882 | 3,451,937 |
Retained earnings (accumulated deficit) | 13,515 | 549,691 |
Membership interest before accumulated comprehensive loss | 2,047,397 | 4,001,628 |
Accumulated other comprehensive income (loss) | (3,250) | (11,783) |
Membership equity before noncontrolling interest | 2,044,147 | 3,989,845 |
Noncontrolling interest | 9,298 | 9,295 |
Limited Liability Company (LLC) Members' Equity, Including Portion Attributable to Noncontrolling Interest | 2,053,445 | 3,999,140 |
Total liabilities and equity | $ 34,100,303 | $ 33,586,165 |
CSC HOLDINGS - CONSOLIDATED B_2
CSC HOLDINGS - CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Accounts receivable, trade allowance for doubtful accounts | $ 14,683 | $ 13,520 |
Property, plant and equipment, accumulated depreciation | 5,276,921 | 4,044,671 |
Amortizable intangible assets, accumulated amortization | 3,670,679 | 2,882,787 |
Customer Relationships [Member] | ||
Amortizable intangible assets, accumulated amortization | 2,843,561 | 2,162,110 |
Other Intangible Assets [Member] | ||
Amortizable intangible assets, accumulated amortization | 28,634 | 18,679 |
CSC Holdings | ||
Accounts receivable, trade allowance for doubtful accounts | 14,683 | 13,520 |
Property, plant and equipment, accumulated depreciation | 5,276,921 | 4,044,671 |
Amortizable intangible assets, accumulated amortization | $ 3,670,679 | $ 2,882,787 |
Members' Equity | 100 | 100 |
Common Unit, Outstanding | 100 | 100 |
CSC HOLDINGS - CONSOLIDATED STA
CSC HOLDINGS - CONSOLIDATED STATEMENT OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenue (including revenue from affiliates of $2,205 and $1,086, respectively) (See Note 14) | $ 9,760,859 | $ 9,566,608 | $ 9,306,950 |
Operating expenses: | |||
Programming and other direct costs | 3,300,528 | 3,173,076 | 3,035,655 |
Other operating expenses | 2,300,398 | 2,290,266 | 2,347,315 |
Restructuring and other expense | 72,978 | 152,401 | |
Depreciation and amortization (including impairments) | 2,263,144 | 2,382,339 | 2,930,571 |
Total operating expenses | 7,937,048 | 7,884,229 | 8,465,942 |
Operating income | 1,823,811 | 1,682,379 | 841,008 |
Other income (expense): | |||
Interest expense | (1,536,559) | (1,556,282) | (1,603,132) |
Interest income | 5,709 | 10,856 | 1,921 |
Gain (loss) on interest rate swap contracts | (53,902) | (61,697) | 5,482 |
Gain (loss) on investments and sale of affiliate interests, net | 473,406 | (250,877) | 237,354 |
Loss on equity derivative contracts, net | (282,713) | 218,848 | (236,330) |
Loss on extinguishment of debt and write-off of deferred financing costs | (243,806) | (48,804) | (600,240) |
Other income, net | 1,183 | (12,484) | (13,651) |
Total other income (expense) | (1,636,682) | (1,700,440) | (2,208,596) |
Loss before income taxes | 187,129 | (18,061) | (1,367,588) |
Income tax benefit | (47,190) | 38,655 | 2,862,352 |
Net income | 139,939 | 20,594 | 1,494,764 |
Net loss (income) attributable to noncontrolling interests | (1,003) | (1,761) | (1,587) |
Net income (loss) attributable to members | 138,936 | 18,833 | 1,493,177 |
CSC Holdings | |||
Revenue (including revenue from affiliates of $2,205 and $1,086, respectively) (See Note 14) | 9,760,859 | 9,566,608 | 9,306,950 |
Operating expenses: | |||
Programming and other direct costs | 3,300,528 | 3,173,076 | 3,035,655 |
Other operating expenses | 2,300,398 | 2,290,266 | 2,347,315 |
Restructuring and other expense | 72,978 | 38,548 | 152,283 |
Depreciation and amortization (including impairments) | 2,263,144 | 2,382,339 | 2,930,571 |
Total operating expenses | 7,937,048 | 7,884,229 | 8,465,824 |
Operating income | 1,823,811 | 1,682,379 | 841,126 |
Other income (expense): | |||
Interest expense | (1,455,302) | (1,253,176) | (1,128,317) |
Interest income | 5,709 | 13,228 | 1,039 |
Gain (loss) on interest rate swap contracts | (53,902) | (61,697) | 5,482 |
Gain (loss) on investments and sale of affiliate interests, net | 473,406 | (261,536) | 237,354 |
Loss on equity derivative contracts, net | (282,713) | 218,848 | (138,920) |
Loss on extinguishment of debt and write-off of deferred financing costs | (228,130) | (7,883) | (53,988) |
Other income, net | 1,181 | (12,274) | (13,651) |
Total other income (expense) | (1,539,751) | (1,364,490) | (1,091,001) |
Loss before income taxes | 284,060 | 317,889 | (249,875) |
Income tax benefit | (71,243) | (57,563) | 2,827,751 |
Net income | 212,817 | 260,326 | 2,577,876 |
Net loss (income) attributable to noncontrolling interests | (1,003) | (1,761) | (1,587) |
Net income (loss) attributable to members | $ 211,814 | $ 258,565 | $ 2,576,289 |
CSC HOLDINGS - CONSOLIDATED S_2
CSC HOLDINGS - CONSOLIDATED STATEMENT OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Statement [Abstract] | |||
Programming and other direct costs from affiliates | $ 11,580 | $ 7,261 | $ 4,176 |
Related Party Transaction, Other Operating Expense | 8,355 | 16,307 | 33,140 |
Revenue from affiliates | $ 3,974 | $ 2,575 | $ 1,100 |
CSC HOLDINGS - CONDENSED CONSOL
CSC HOLDINGS - CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Net income | $ 139,939 | $ 20,594 | $ 1,494,764 |
Defined benefit pension and postretirement plans: | |||
Unrecognized actuarial gain | 830 | (18,632) | |
Applicable income taxes | (220) | 7,441 | |
Unrecognized gain (loss) arising during period, net of income taxes | 8,430 | 610 | (11,191) |
Settlement loss included in other expense, net | 1,268 | 1,845 | |
Applicable income taxes | (342) | (738) | |
Other Comprehensive Income (Loss), Defined Benefit Plan, Settlement Gain (Loss), After Tax | 1,202 | 926 | 1,107 |
Curtailment loss | 0 | (3,195) | |
Applicable income taxes | 0 | 1,278 | |
Other Comprehensive Income (Loss), Defined Benefit Plan, Curtailment Gain (Loss), After Tax | 0 | 0 | (1,917) |
Foreign currency translation adjustment | 967 | 0 | |
Applicable income taxes | (261) | 0 | |
Foreign currency translation adjustment, net of income taxes | (1,164) | 706 | 0 |
Other comprehensive income (loss) | 8,533 | 2,242 | (12,001) |
Comprehensive income | 148,472 | 22,836 | 1,482,763 |
Comprehensive income attributable to noncontrolling interests | (1,761) | (1,587) | |
Comprehensive income attributable to Altice USA, Inc. stockholders | 147,469 | 21,075 | 1,481,176 |
Applicable income taxes | 0 | 0 | |
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | 743 | 9,894 | |
Amortization of actuarial losses included in other expense, net of tax | 65 | 0 | 0 |
CSC Holdings | |||
Net income | 212,817 | 260,326 | 2,577,876 |
Defined benefit pension and postretirement plans: | |||
Unrecognized actuarial gain | 12,074 | 830 | (18,632) |
Applicable income taxes | (3,644) | (220) | 7,441 |
Unrecognized gain (loss) arising during period, net of income taxes | 8,430 | 610 | (11,191) |
Settlement loss included in other expense, net | 1,643 | 1,268 | 1,845 |
Applicable income taxes | (441) | (342) | (738) |
Other Comprehensive Income (Loss), Defined Benefit Plan, Settlement Gain (Loss), After Tax | 1,202 | 926 | 1,107 |
Curtailment loss | 0 | 0 | (3,195) |
Applicable income taxes | 0 | 0 | 1,278 |
Other Comprehensive Income (Loss), Defined Benefit Plan, Curtailment Gain (Loss), After Tax | 0 | 0 | (1,917) |
Foreign currency translation adjustment | (1,164) | 967 | 0 |
Applicable income taxes | 0 | (261) | 0 |
Foreign currency translation adjustment, net of income taxes | (1,164) | 706 | 0 |
Other comprehensive income (loss) | 8,533 | 2,242 | (12,001) |
Comprehensive income | 221,350 | 262,568 | 2,565,875 |
Comprehensive income attributable to noncontrolling interests | (1,003) | (1,761) | (1,587) |
Comprehensive income attributable to Altice USA, Inc. stockholders | 220,347 | 260,807 | 2,564,288 |
Applicable income taxes | (24) | 0 | 0 |
Amortization of actuarial losses included in other expense, net of tax | 65 | 0 | 0 |
Amortization of actuarial losses | $ 89 | $ 0 | $ 0 |
CSC HOLDINGS - CONSOLIDATED S_3
CSC HOLDINGS - CONSOLIDATED STATEMENT OF MEMBER'S EQUITY - USD ($) $ in Thousands | Total | CSC Holdings | Retained Earnings | Retained EarningsCSC Holdings | Other Member's Equity | Other Member's EquityCSC Holdings | Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive LossCSC Holdings | Total Member's Equity | Total Member's EquityCSC Holdings | Noncontrolling Interests | Noncontrolling InterestsCSC Holdings |
Retained earnings | $ (685,576) | |||||||||||
Accumulated other comprehensive loss | $ 1,979 | |||||||||||
Membership equity before noncontrolling interest | $ 8,858,477 | |||||||||||
Noncontrolling interest | $ 287 | |||||||||||
Limited Liability Company (LLC) Members' Equity, Including Portion Attributable to Noncontrolling Interest | $ 8,858,764 | |||||||||||
Members' Equity | $ 9,542,074 | |||||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | $ 1,587 | 1,587 | $ 1,587 | 1,587 | ||||||||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Plan Amendments, Net Of Tax | 12,001 | 12,001 | $ 12,001 | 12,001 | $ 12,001 | 12,001 | ||||||
Proceeds from Contributions from Parent | 761,316 | 761,316 | (761,316) | |||||||||
Adjustments to Additional Paid in Capital, Increase in Carrying Amount of Redeemable Preferred Stock | 163,142 | 163,141 | $ 163,142 | 163,141 | 163,142 | 163,141 | ||||||
Cash distributions to shareholders | 840,035 | 2,777,498 | 839,700 | 2,777,498 | 839,700 | 2,777,498 | 335 | |||||
Recognition of previously unrealized excess tax benefits related to share-based awards in connection with the adoption of ASU 2016-09 | 310,771 | 143,859 | $ 310,771 | 143,859 | 310,771 | 143,859 | ||||||
Net income (loss) attributable to members | 1,493,177 | 2,576,289 | 1,493,177 | 2,576,289 | 1,493,177 | 2,576,289 | ||||||
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | 57,430 | 57,430 | 57,430 | 57,430 | 57,430 | 57,430 | ||||||
Foreign currency translation adjustment, net of income taxes | 0 | 0 | ||||||||||
Noncash contribution from parent | 0 | |||||||||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | 335 | 335 | ||||||||||
Retained earnings | 2,034,572 | |||||||||||
Accumulated other comprehensive loss | (10,022) | |||||||||||
Membership equity before noncontrolling interest | 9,444,731 | |||||||||||
Noncontrolling interest | 1,539 | 1,539 | ||||||||||
Limited Liability Company (LLC) Members' Equity, Including Portion Attributable to Noncontrolling Interest | 9,446,270 | |||||||||||
Members' Equity | 7,420,181 | |||||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | 1,761 | 1,761 | 1,761 | 1,761 | ||||||||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Plan Amendments, Net Of Tax | (1,536) | 1,536 | (1,536) | 1,536 | (1,536) | 1,536 | ||||||
Redeemable equity vested | 169,452 | 169,452 | 169,452 | 169,452 | 169,452 | 169,452 | ||||||
Proceeds from Contributions from Parent | 50,000 | 50,000 | (50,000) | |||||||||
Adjustments to Additional Paid in Capital, Increase in Carrying Amount of Redeemable Preferred Stock | 68,169 | 68,169 | 68,169 | 68,169 | 68,169 | 68,169 | ||||||
Cash distributions to shareholders | 1,499,935 | 3,058,747 | 1,672,031 | 1,386,716 | 3,058,747 | |||||||
Net income (loss) attributable to members | 18,833 | 258,565 | 18,833 | 258,565 | 18,833 | 258,565 | ||||||
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | 59,812 | 59,812 | 59,812 | 59,812 | 59,812 | 59,812 | ||||||
Foreign currency translation adjustment, net of income taxes | 706 | 706 | 706 | 706 | 706 | 706 | ||||||
Impact of i24 Acquisition | (13,649) | (13,649) | (73,578) | (73,578) | 61,769 | 61,769 | (1,840) | (1,840) | (13,649) | (13,649) | ||
Debt exchanged to subsidiary | (2,854,392) | (2,854,392) | (2,854,392) | |||||||||
Distribution Made to Limited Liability Company (LLC) Member, Non-cash Distributions Paid | (3,058,747) | |||||||||||
Noncash contribution from parent | 0 | 151,455 | 151,455 | (151,455) | ||||||||
Contributions from noncontrolling interests, net | 5,995 | 5,995 | 5,995 | 5,995 | ||||||||
Other changes to equity | (859) | (859) | (859) | |||||||||
Retained earnings | 251,830 | 549,691 | 549,691 | |||||||||
Membership interest before accumulated comprehensive loss | 4,001,628 | |||||||||||
Accumulated other comprehensive loss | (11,783) | (11,783) | (11,783) | |||||||||
Membership equity before noncontrolling interest | 3,989,845 | 3,989,845 | ||||||||||
Noncontrolling interest | 9,295 | 9,295 | 9,295 | |||||||||
Limited Liability Company (LLC) Members' Equity, Including Portion Attributable to Noncontrolling Interest | 3,999,140 | |||||||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | ASU No. 2018-02 | $ 2,163 | 2,163 | (2,163) | (2,163) | ||||||||
Members' Equity | 3,451,937 | 3,451,937 | ||||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | 1,003 | 1,003 | 1,003 | 1,003 | ||||||||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Plan Amendments, Net Of Tax | (9,697) | (9,697) | (9,697) | (9,697) | (9,697) | (9,697) | ||||||
Redeemable equity vested | 187,966 | 187,967 | 187,966 | 187,967 | 187,966 | 187,967 | ||||||
Adjustments to Additional Paid in Capital, Increase in Carrying Amount of Redeemable Preferred Stock | 166,511 | 166,511 | 166,511 | 166,511 | 166,511 | 166,511 | ||||||
Net income (loss) attributable to members | 138,936 | 211,814 | 211,814 | 138,936 | 211,814 | |||||||
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | 99,077 | 99,077 | 99,077 | 99,077 | 99,077 | 99,077 | ||||||
Foreign currency translation adjustment, net of income taxes | (1,164) | (1,164) | $ (1,164) | (1,164) | (1,164) | (1,164) | ||||||
Impact of i24 Acquisition | 10,773 | 10,768 | 10,773 | 10,773 | ||||||||
Distribution Made to Limited Liability Company (LLC) Member, Non-cash Distributions Paid | 2,279,472 | 747,990 | 1,531,482 | 2,279,472 | ||||||||
Noncash contribution from parent | 19,697 | |||||||||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | 1,000 | 1,000 | $ 1,000 | 1,000 | ||||||||
Debt exchange between parent and subsidiary | (169,334) | (169,334) | (169,334) | |||||||||
Stock Issued During Period, Value, New Issues | 7,122 | $ 7,099 | $ 7,122 | |||||||||
Retained earnings | 390,766 | 13,515 | $ 13,515 | |||||||||
Membership interest before accumulated comprehensive loss | 2,047,397 | |||||||||||
Accumulated other comprehensive loss | (3,250) | (3,250) | $ (3,250) | |||||||||
Membership equity before noncontrolling interest | 2,044,147 | $ 2,044,147 | ||||||||||
Noncontrolling interest | $ 9,298 | 9,298 | $ 9,298 | |||||||||
Limited Liability Company (LLC) Members' Equity, Including Portion Attributable to Noncontrolling Interest | 2,053,445 | |||||||||||
Members' Equity | $ 2,033,882 | $ 2,033,882 |
CSC HOLDINGS - CONSOLIDATED S_4
CSC HOLDINGS - CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) | 3 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash flows from operating activities: | |||||||||
Net income | $ 1,331,000 | $ (25,198,000) | $ 213,808,000 | $ (128,949,000) | $ 139,939,000 | $ 20,594,000 | $ 1,494,764,000 | ||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||||||||
Depreciation, Depletion and Amortization | 2,263,144,000 | 2,382,339,000 | 2,930,571,000 | ||||||
Equity in net loss of affiliates | 0 | 10,849,000 | 10,040,000 | ||||||
Gain (Loss) on Investments And Sale Of Affiliated Interests | (473,406,000) | 250,877,000 | (237,354,000) | ||||||
Loss (gain) on equity derivative contracts, net | 282,713,000 | (218,848,000) | 236,330,000 | ||||||
Loss on extinguishment of debt and write-off of deferred financing costs | 243,806,000 | 48,804,000 | 600,240,000 | ||||||
Amortization of deferred financing costs and discounts (premiums) on indebtedness | 106,214,000 | 85,121,000 | 31,046,000 | ||||||
Share-based compensation expense related to equity classified awards | 99,078,000 | 59,812,000 | 57,430,000 | ||||||
Deferred income taxes | 14,931,000 | (67,603,000) | (2,880,154,000) | ||||||
Provision for doubtful accounts | 91,520,000 | 71,426,000 | 74,183,000 | ||||||
Change in assets and liabilities, net of effects of acquisitions and dispositions: | |||||||||
Accounts receivable, trade | (91,718,000) | (144,079,000) | (89,683,000) | ||||||
Other receivables | (21,755,000) | 4,246,000 | (12,835,000) | ||||||
Prepaid expenses and other assets | (100,343,000) | (14,889,000) | (7,426,000) | ||||||
Amounts due from and due to affiliates | (7,857,000) | 11,049,000 | (34,326,000) | ||||||
Accounts payable | (33,107,000) | 12,455,000 | 73,888,000 | ||||||
Accrued liabilities | (44,083,000) | (130,631,000) | (241,701,000) | ||||||
Deferred revenue | (10,384,000) | 72,426,000 | 12,310,000 | ||||||
Liabilities related to interest rate swap and derivative contracts | 30,338,000 | 53,101,000 | (921,000) | ||||||
Net cash provided by operating activities | 2,554,169,000 | 2,508,317,000 | 2,018,247,000 | ||||||
Cash flows from investing activities: | |||||||||
Capital expenditures | (1,355,350,000) | (1,153,589,000) | (951,349,000) | ||||||
Payment for acquisitions, net of cash acquired | (172,269,000) | (10,753,000) | (46,703,000) | ||||||
Sale of affiliate interest | 1,958,000 | 0 | |||||||
Sale of affiliate interest | 3,537,000 | ||||||||
Proceeds related to sale of equipment, including costs of disposal | 3,909,000 | 10,779,000 | 9,743,000 | ||||||
Decrease (increase) in other investments | 354,000 | 9,327,000 | (4,773,000) | ||||||
Settlement of put call options | 0 | 0 | 97,410,000 | ||||||
Additions to other intangible assets | (4,071,000) | (584,000) | (1,707,000) | ||||||
Net cash used in investing activities | (1,525,469,000) | (1,148,357,000) | (1,092,199,000) | ||||||
Cash flows from financing activities: | |||||||||
Proceeds from credit facility debt, net of discounts | 5,040,000,000 | 3,489,313,000 | 5,593,675,000 | ||||||
Repayment of credit facility debt | (3,832,062,000) | (2,221,175,000) | (4,411,581,000) | ||||||
Proceeds from issuance of senior notes | 4,054,375,000 | 2,050,000,000 | 0 | ||||||
Redemption of senior notes, including premiums and fees | (4,225,786,000) | (2,628,962,000) | (1,729,400,000) | ||||||
Proceeds from collateralized indebtedness | 93,000,000 | 516,513,000 | 838,794,000 | ||||||
Repayment of collateralized indebtedness and related derivative contracts, net | 0 | (516,513,000) | (831,059,000) | ||||||
Payments of dividends | $ 79,617,000 | 0 | 1,499,935,000 | 919,317,000 | $ 365,559,000 | ||||
Proceeds from Contributed Capital | 0 | 0 | 1,135,000 | ||||||
Proceeds from notes payable | 65,854,000 | 15,955,000 | 33,733,000 | ||||||
Repayment of notes payable | (102,066,000) | (32,632,000) | 0 | ||||||
Principal payments on finance lease obligations | (8,980,000) | (10,228,000) | (15,157,000) | ||||||
Additions to deferred financing costs | (23,583,000) | (28,468,000) | (8,600,000) | ||||||
Contingent payment for acquisition | (500,000) | (30,000,000) | 0 | ||||||
Proceeds from (Payments to) Noncontrolling Interests | (1,000,000) | 5,995,000 | (335,000) | ||||||
Net cash used in financing activities | (624,412,000) | (1,390,996,000) | (1,099,041,000) | ||||||
Net increase (decrease) in cash and cash equivalents | 404,288,000 | (31,036,000) | (172,993,000) | ||||||
Effect of exchange rate changes on cash and cash equivalents | (1,166,000) | (26,000) | 0 | ||||||
Net increase (decrease) in cash and cash equivalents | 403,122,000 | (31,062,000) | (172,993,000) | ||||||
Cash, cash equivalents and restricted cash at beginning of year | 299,038,000 | 330,100,000 | 503,093,000 | 299,038,000 | 330,100,000 | 503,093,000 | |||
Cash, cash equivalents and restricted cash at end of year | 702,160,000 | 299,038,000 | 702,160,000 | 299,038,000 | 330,100,000 | 503,093,000 | |||
Restructuring Reserve, Settled without Cash | 16,826,000 | 0 | 0 | ||||||
Non-cash lease expense | 46,581,000 | 0 | 0 | ||||||
CSC Holdings | |||||||||
Cash flows from operating activities: | |||||||||
Net income | 21,022,000 | (7,864,000) | 242,020,000 | (89,968,000) | 212,817,000 | 260,326,000 | 2,577,876,000 | ||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||||||||
Depreciation, Depletion and Amortization | 2,263,144,000 | 2,382,339,000 | 2,930,571,000 | ||||||
Equity in net loss of affiliates | 0 | 10,849,000 | 10,040,000 | ||||||
Gain (Loss) on Investments And Sale Of Affiliated Interests | (473,406,000) | 261,536,000 | (237,354,000) | ||||||
Loss (gain) on equity derivative contracts, net | 282,713,000 | (218,848,000) | 138,920,000 | ||||||
Loss on extinguishment of debt and write-off of deferred financing costs | 228,130,000 | 7,883,000 | 53,988,000 | ||||||
Amortization of deferred financing costs and discounts (premiums) on indebtedness | 90,706,000 | 43,135,000 | 13,226,000 | ||||||
Settlement loss and amortization of actuarial losses related to pension and postretirement plans | 1,732,000 | 1,268,000 | 1,845,000 | ||||||
Share-based compensation expense related to equity classified awards | 99,078,000 | 59,812,000 | 57,430,000 | ||||||
Deferred income taxes | (238,709,000) | (251,593,000) | (3,026,782,000) | ||||||
Provision for doubtful accounts | 91,520,000 | 71,426,000 | 74,183,000 | ||||||
Change in assets and liabilities, net of effects of acquisitions and dispositions: | |||||||||
Accounts receivable, trade | (91,718,000) | (144,079,000) | (89,683,000) | ||||||
Other receivables | (12,512,000) | 4,048,000 | (12,707,000) | ||||||
Prepaid expenses and other assets | (100,343,000) | (27,986,000) | (12,135,000) | ||||||
Amounts due from and due to affiliates | 247,917,000 | 175,159,000 | (413,930,000) | ||||||
Accounts payable | (33,107,000) | 12,455,000 | 73,888,000 | ||||||
Accrued liabilities | (27,581,000) | (7,182,000) | (97,154,000) | ||||||
Deferred revenue | (10,384,000) | 72,426,000 | 20,634,000 | ||||||
Liabilities related to interest rate swap and derivative contracts | 30,338,000 | 53,101,000 | (921,000) | ||||||
Net cash provided by operating activities | 2,623,742,000 | 2,766,075,000 | 2,061,935,000 | ||||||
Cash flows from investing activities: | |||||||||
Capital expenditures | (1,355,350,000) | (1,153,589,000) | (951,349,000) | ||||||
Payment for acquisitions, net of cash acquired | (172,269,000) | (10,753,000) | (46,703,000) | ||||||
Sale of affiliate interest | 1,958,000 | 0 | |||||||
Sale of affiliate interest | 3,537,000 | ||||||||
Proceeds related to sale of equipment, including costs of disposal | 3,909,000 | 10,779,000 | 9,743,000 | ||||||
Decrease (increase) in other investments | 354,000 | (2,500,000) | (4,773,000) | ||||||
Additions to other intangible assets | (4,071,000) | (584,000) | (1,707,000) | ||||||
Net cash used in investing activities | (1,525,469,000) | (1,160,184,000) | (994,789,000) | ||||||
Cash flows from financing activities: | |||||||||
Proceeds from credit facility debt, net of discounts | 5,040,000,000 | 3,489,313,000 | 5,593,675,000 | ||||||
Repayment of credit facility debt | (3,832,062,000) | (2,221,175,000) | (4,411,581,000) | ||||||
Proceeds from issuance of senior notes | 4,054,375,000 | 1,000,000,000 | 0 | ||||||
Redemption of senior notes, including premiums and fees | (3,703,454,000) | (805,206,000) | (350,120,000) | ||||||
Proceeds from collateralized indebtedness | 93,000,000 | 516,513,000 | 838,794,000 | ||||||
Repayment of collateralized indebtedness and related derivative contracts, net | 0 | (516,513,000) | (831,059,000) | ||||||
Payments of dividends | 2,279,472,000 | 3,058,750,000 | 2,777,497,000 | ||||||
Proceeds from Contributed Capital | 0 | 50,000,000 | 761,316,000 | ||||||
Proceeds from notes payable | 65,854,000 | 15,955,000 | 33,733,000 | ||||||
Repayment of notes payable | (102,066,000) | (32,632,000) | 0 | ||||||
Principal payments on finance lease obligations | (8,980,000) | (10,228,000) | (15,157,000) | ||||||
Additions to deferred financing costs | (23,583,000) | (28,471,000) | (8,171,000) | ||||||
Contingent payment for acquisition | (500,000) | (30,000,000) | 0 | ||||||
Proceeds from (Payments to) Noncontrolling Interests | (1,000,000) | 5,995,000 | (335,000) | ||||||
Net cash used in financing activities | (697,888,000) | (1,625,199,000) | (1,166,402,000) | ||||||
Net increase (decrease) in cash and cash equivalents | 400,385,000 | (19,308,000) | (99,256,000) | ||||||
Effect of exchange rate changes on cash and cash equivalents | (1,166,000) | (26,000) | 0 | ||||||
Net increase (decrease) in cash and cash equivalents | 399,219,000 | (19,334,000) | (99,256,000) | ||||||
Cash, cash equivalents and restricted cash at beginning of year | $ 298,784,000 | $ 318,118,000 | $ 417,374,000 | 298,784,000 | 318,118,000 | 417,374,000 | |||
Cash, cash equivalents and restricted cash at end of year | $ 698,003,000 | $ 298,784,000 | 698,003,000 | 298,784,000 | 318,118,000 | $ 417,374,000 | |||
Restructuring Reserve, Settled without Cash | 16,826,000 | 0 | 0 | ||||||
Non-cash lease expense | $ 46,581,000 | $ 0 | $ 0 |
SUPPLEMENTAL CASH FLOW INFORMAT
SUPPLEMENTAL CASH FLOW INFORMATION | 12 Months Ended |
Dec. 31, 2018 | |
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: Years Ended December 31, 2019 2018 2017 Non-Cash Investing and Financing Activities: Altice USA and CSC Holdings: Conversion of notes payable to affiliates and related parties of $1,750,000 (together with accrued and unpaid interest and applicable premium) to common stock (See Note 11) $ — $ — $ 2,264,252 Property and equipment accrued but unpaid 188,067 213,936 171,604 Leasehold improvements paid by landlord — 350 3,998 Notes payable issued to vendor for the purchase of equipment and other assets 35,124 95,394 40,131 Right-of-use assets acquired in exchange for finance lease obligations 54,532 13,548 9,385 Deferred financing costs accrued but unpaid 8 1,005 — Contingent consideration for acquisitions 1,555 6,195 32,233 Altice USA: Receivable related to the sale of an investment — 4,015 — CSC Holdings: Assumption of Cablevision debt, net of the acquisition of Cablevision assets 169,334 — — Contributions from parent 19,697 — — Supplemental Data: Altice USA: Cash interest paid 1,436,332 1,481,468 1,765,126 Income taxes paid, net 10,263 13,667 29,006 CSC Holdings: Cash interest paid 1,350,756 1,163,942 1,174,003 Income taxes paid, net 10,263 13,667 352,316 |
SUPPLEMENTAL CASH FLOW INFORM_2
SUPPLEMENTAL CASH FLOW INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 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: Years Ended December 31, 2019 2018 2017 Non-Cash Investing and Financing Activities: Altice USA and CSC Holdings: Conversion of notes payable to affiliates and related parties of $1,750,000 (together with accrued and unpaid interest and applicable premium) to common stock (See Note 11) $ — $ — $ 2,264,252 Property and equipment accrued but unpaid 188,067 213,936 171,604 Leasehold improvements paid by landlord — 350 3,998 Notes payable issued to vendor for the purchase of equipment and other assets 35,124 95,394 40,131 Right-of-use assets acquired in exchange for finance lease obligations 54,532 13,548 9,385 Deferred financing costs accrued but unpaid 8 1,005 — Contingent consideration for acquisitions 1,555 6,195 32,233 Altice USA: Receivable related to the sale of an investment — 4,015 — CSC Holdings: Assumption of Cablevision debt, net of the acquisition of Cablevision assets 169,334 — — Contributions from parent 19,697 — — Supplemental Data: Altice USA: Cash interest paid 1,436,332 1,481,468 1,765,126 Income taxes paid, net 10,263 13,667 29,006 CSC Holdings: Cash interest paid 1,350,756 1,163,942 1,174,003 Income taxes paid, net 10,263 13,667 352,316 |
SUPPLEMENTAL CASH FLOW INFORM_3
SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Non-Cash Investing and Financing Activities: | |||
Conversion of notes payable to affiliates and related parties of $1,750,000 (together with accrued and unpaid interest and applicable premium) to common stock (See Note 11) | $ 0 | $ 0 | $ 2,264,252 |
Property and equipment accrued but unpaid | 188,067 | 213,936 | 171,604 |
Leasehold improvements paid by landlord | 0 | 350 | 3,998 |
Notes payable issued to vendor for the purchase of equipment and other assets | 35,124 | 95,394 | 40,131 |
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability | 54,532 | 13,548 | 9,385 |
Deferred financing costs accrued but unpaid | 8 | 1,005 | 0 |
Contingent consideration for acquisitions | 1,555 | 6,195 | 32,233 |
Receivable related to the sale of an investment | 0 | 4,015 | 0 |
Assumption of Debt from Parent | 169,334 | 0 | 0 |
Supplemental Data: | |||
Interest Paid, Excluding Capitalized Interest, Operating Activities | 1,436,332 | 1,481,468 | 1,765,126 |
Income taxes paid, net | 10,263 | 13,667 | 29,006 |
Noncash contribution from parent | 19,697 | 0 | 0 |
CSC Holdings | |||
Supplemental Data: | |||
Interest Paid, Excluding Capitalized Interest, Operating Activities | 1,350,756 | 1,163,942 | 1,174,003 |
Income taxes paid, net | $ 10,263 | 13,667 | $ 352,316 |
Noncash contribution from parent | $ 151,455 |
DESCRIPTION OF BUSINESS AND REL
DESCRIPTION OF BUSINESS AND RELATED MATTERS | 12 Months Ended |
Dec. 31, 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") was incorporated in Delaware on September 14, 2015. Through June 8, 2018, Altice USA 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”). Altice USA is now majority-owned by Patrick Drahi through Next Alt. S.a.r.l. ("Next Alt"). Altice USA is a holding company that does not conduct any business operations of its own. Altice Europe, through a subsidiary, acquired Cequel Corporation ("Cequel" or "Suddenlink") on December 21, 2015 and Cequel was contributed to Altice USA on June 9, 2016. Altice USA acquired Cablevision Systems Corporation ("Cablevision" or "Optimum") on June 21, 2016. Altice USA, through CSC Holdings, LLC (a wholly-owned subsidiary of Cablevision) and its consolidated subsidiaries ("CSC Holdings," and collectively with Altice USA, the "Company"), principally provides broadband communications and video services in the United States. It markets its residential services primarily under two brands: Optimum, in the New York metropolitan area, and Suddenlink, principally in markets in the south-central United States. It operates enterprise services under the brands Lightpath and Altice Business. 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") of Altice USA include the accounts of Altice USA and its majority-owned subsidiaries and the accompanying consolidated financial statements of CSC Holdings include the accounts of CSC Holdings and its majority-owned subsidiaries and gives effect to the ATS Acquisition and the i24 Acquisition discussed below. Altice USA has no business operations independent of its CSC Holdings subsidiary, whose operating results and financial position are consolidated into Altice USA. The consolidated balance sheets and statements of operations of Altice USA are essentially identical to the consolidated balance sheets and statements of operations of CSC Holdings, with the following significant exceptions: Altice USA has additional cash and deferred taxes on its consolidated balance sheet and as of December 31, 2018, Altice USA also had additional senior notes aggregating $1,095,193 issued by Cablevision Systems Corporation, its wholly owned subsidiary, on its consolidated balance sheet. In addition, CSC Holdings and its subsidiaries have certain intercompany receivables from and payables to Altice USA. Differences between Altice USA's results of operations and those of CSC Holdings primarily include incremental interest expense for periods prior to the assumption of Cablevision senior notes by CSC Holdings in November 2019, interest income, loss on extinguishment of debt, the write-off of deferred financing costs, and income tax benefit. The combined notes to the consolidated financial statements relate to the Company, which, except as noted, are essentially identical for Altice USA and CSC Holdings. All significant intercompany transactions and balances between Altice USA and CSC Holdings and their respective consolidated subsidiaries are eliminated in both sets of consolidated financial statements. Intercompany transactions between Altice USA and CSC Holdings are not eliminated in the CSC Holdings consolidated financial statements, but are eliminated in the Altice USA consolidated financial statements. The accompanying consolidated financial statements also reflect the retrospective adoption of Accounting Standards Update ("ASU") No. 2014-09, Revenue from Contracts with Customers and ASU No. 2017‑07 Compensation-Retirement Benefits (Topic 715). See Note 4 for further details of the impact on the Company's historical financial statements. The financial statements of CSC Holdings are included herein as supplemental information as CSC Holdings is not an SEC registrant. Acquisition of Neptune Holding US Limited Partnership In December 2019, Altice USA entered into an agreement with CVC 3 B.V., an indirect subsidiary of Altice Europe ("CVC 3"), whereby CVC 3 assigned all of its interest (the "Partnership Interest") in Neptune Holding US Limited Partnership (“Neptune LP”) to Altice USA in exchange for 6,290,292 shares of Class A common stock of Altice USA with an aggregate value of $163,862. At the time of the assignment, the Partnership Interest represented 6,290,292 shares of Class A common stock of Altice USA held by Neptune LP. As a result of this transaction, Altice USA obtained control of Neptune LP and accordingly, Neptune LP is consolidated within the Altice USA financial statements. The assets of Neptune LP which consisted solely of shares of class A common stock of Altice USA are presented as treasury stock in the consolidated balance sheet of Altice USA at December 31, 2019. 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 portion of the Company's technical workforce became employees of ATS and ATS commenced operations and began to perform services for the Company. Another portion of the Company's 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. See Note 4 for the impact of the ATS Acquisition on the Company's consolidated statement of operations for the year ended December 31, 2017. 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. Initial Public Offering In June 2017, Altice USA completed its initial public offering ("IPO") of 71,724,139 shares of its Class A common stock (12,068,966 shares sold by Altice USA and 59,655,173 shares sold by existing stockholders) at a price to the public of $30.00 per share, including the underwriters full exercise of their option to purchase 7,781,110 shares to cover overallotments. At the date of the IPO, Altice Europe owned approximately 70.2% of Altice USA''s issued and outstanding common stock, which represented approximately 98.2% of the voting power of Altice USA's outstanding common stock. Altice USA’s Class A common stock began trading on June 22, 2017, on the New York Stock Exchange under the symbol "ATUS". In connection with the sale of its Class A common stock, Altice USA received proceeds of approximately $362,069, before deducting the underwriting discount and expenses directly related to the issuance of the securities of $12,998. Altice USA did not receive any proceeds from the sale of shares by the selling stockholders. In July 2017, the Altice USA used approximately $350,120 of the proceeds to fund the redemption of $315,779 principal amount of 10.875% senior notes that matured in 2025 issued by CSC Holdings and the related call premium of approximately $34,341. The following organizational transactions were consummated prior to the IPO: • Altice USA amended and restated its certificate of incorporation to, among other things, provide for Class A common stock, Class B common stock and Class C common stock; • BC Partners LLP ("BCP") and Canada Pension Plan Investment Board ("CPPIB" and together with BCP, the "Sponsors") and Uppernext S.C.S.p. ("Uppernext"), an entity controlled by Mr. Patrick Drahi (founder and controlling stockholder of Altice Europe), exchanged their indirect ownership interest in Altice USA for shares of Altice USA’s common stock; • Neptune Management LP ("Management LP") redeemed its Class B units for shares of Altice USA’s common stock that it received from the redemption of its Class B units in Neptune LP; • Altice USA converted $525,000 aggregate principal amount of notes issued by Altice USA to the Sponsors (together with accrued and unpaid interest and applicable premium) into shares of Altice USA’s common stock at the IPO price (see Note 11 for further details); • $1,225,000 aggregate principal amount of notes issued by Altice USA to a subsidiary of Altice Europe (together with accrued and unpaid interest and applicable premium) was transferred to CVC 3 B.V., and then Altice USA converted such notes into shares of Altice USA’s common stock at the IPO price (see Note 11 for further details); • the Sponsors, Neptune LP, A4 S.A. (an entity controlled by the family of Mr. Drahi), and former Class B unitholders of Management LP (including Uppernext) exchanged shares of Altice USA’s common stock for new shares of Altice USA’s Class A common stock; and • CVC 3 and A4 S.A. exchanged shares of Altice USA’s common stock for new shares of Altice USA’s Class B common stock. Altice Europe Distribution On June 8, 2018, Altice Europe distributed substantially all of its equity interest in Altice USA 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 Altice USA to Altice Europe shareholders. Each shareholder of Altice Europe on May 23, 2018, the Distribution record date, received 0.4163 shares of Altice USA'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 per share 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 from financings completed in January 2018, and cash generated from operations. In connection with the payment of the dividend, Altice USA 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. Immediately following the Distribution, there were 489,384,523 shares of Altice USA Class A common stock and 247,684,443 shares of Altice USA Class B common stock outstanding. 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 16 for further details. Stock Repurchase Plan In June 2018, the Board of Directors of Altice USA 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. For the year ended December 31, 2019, Altice USA repurchased an aggregate of 72,668,712 shares for a total purchase price of approximately $1,686,873. From inception through December 31, 2019, Altice USA 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 of these shares was recorded in paid in capital in Altice USA's consolidated balance sheet. As of December 31, 2019, Altice USA had approximately $4,813,126 of availability remaining under the incremental share repurchase program and had 632,995,139 combined Class A and Class B shares outstanding. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Summary of Significant Accounting Policies Revenue Recognition Residential Services The Company derives revenue through monthly charges to residential customers of its broadband, video, and telephony services, including installation services. In addition, the Company derives revenue from digital video recorder ("DVR"), video-on-demand ("VOD"), pay-per-view, and home shopping commissions which are reflected in "Residential video" revenues. The Company recognizes broadband, video, and telephony revenues as the services are provided to a customer on a monthly basis. Revenue from the sale of bundled services at a discounted rate is allocated to each product based on the standalone selling price of each performance obligation within the bundled offer. The standalone selling price requires judgment and is typically determined based on the current prices at which the separate services are sold by the Company. Installation revenue for the Company's residential services is deferred and recognized over the benefit period, which is estimated to be less than one year. The estimated benefit period takes into account both quantitative and qualitative factors including the significance of average installation fees to total recurring revenue per customer. The Company is assessed non-income related taxes by governmental authorities, including franchising authorities (generally under multi-year agreements), and collects such taxes from its customers. In instances where the tax is being assessed directly on the Company, amounts paid to the governmental authorities are recorded as programming and other direct costs and amounts received from the customers are recorded as revenue. For the years ended December 31, 2019, 2018 and 2017, the amount of franchise fees and certain other taxes and fees included as a component of revenue aggregated $254,227, $257,467 and $259,075, respectively. Business and Wholesale Revenue The Company derives revenue from the sale of products and services to both large enterprise and small and medium-sized business ("SMB") customers, including broadband, telephony, networking, and video services reflected in "Business services and wholesale" revenues. The Company's business services also include Ethernet, data transport, and IP-based virtual private networks. The Company also provides managed services to businesses, including hosted telephony services (cloud based SIP-based private branch exchange), managed WiFi, managed desktop and server backup and managed collaboration services including audio and web conferencing. The Company also offers fiber-to-the-tower services to wireless carriers for cell tower backhaul and enable wireline communications service providers to connect to customers that their own networks do not reach. The Company recognizes revenues for these services as the services are provided to a customer on a monthly basis. Substantially all of our SMB customers are billed monthly and large enterprise customers are billed in accordance with the terms of their contracts which is typically also on a monthly basis. Contracts with large enterprise customers typically range from three years to five years. Installation revenue related to our large enterprise customers is deferred and recognized over the average contract term. Installation revenue related to SMB customers is deferred and recognized over the benefit period, which is less than one year. The estimated benefit period for SMB customers takes into account both quantitative and qualitative factors including the significance of average installation fees to total recurring revenue per customer. News and Advertising Revenue As part of the agreements under which the Company acquires video programming, the Company typically receives an allocation of scheduled advertising time during such programming into which the Company's cable systems can insert commercials. In several of the markets in which the Company operates, it has entered into agreements commonly referred to as interconnects with other cable operators to jointly sell local advertising. In some of these markets, the Company represents the advertising sales efforts of other cable operators; in other markets, other cable operators represent the Company. Advertising revenues are recognized when commercials are aired. Arrangements in which the Company controls the sale of advertising and acts as the principal to the transaction, the Company recognizes revenue earned from the advertising customer on a gross basis and the amount remitted to the distributor as an operating expense. Arrangements in which the Company does not control the sale of advertising and acts as an agent to the transaction, the Company recognizes revenue net of any fee remitted to the distributor. The Company's advanced advertising businesses provide data-driven, audience-based advertising solutions using advanced analytics tools that provide granular measurement of consumer groups, accurate hyper-local ratings and other insights into target audience behavior not available through traditional sample-based measurement services. Revenue earned from the Company's advanced advertising businesses are recognized when services are provided. Affiliation fee revenue derived by our news business is recognized as the programming services are provided. Mobile Revenue In September 2019, the Company commercially launched Altice Mobile, a mobile service providing data, talk and text to consumers in or near our service areas. Customers can purchase or finance a variety of mobile devices. Revenue from the sales of devices is recognized at the time of sale. Customers are billed monthly, in advance, for access to and usage of our mobile services. The Company recognizes mobile service revenue as the services are provided to the customers. Other Revenue Revenues derived from other sources are recognized when services are provided or events occur. Contract Assets Incremental costs incurred in obtaining a contract with a customer are deferred and recorded as a contract asset if the period of benefit is expected to be greater than one year. Sales commissions for enterprise and certain SMB customers are deferred and amortized over the average contract term. For sales commission expenses related to residential and SMB customers with a term of one year or less, the Company is utilizing the practical expedient and is recognizing the costs when incurred. The costs of fulfilling a contract with a customer are deferred and recorded as a contract asset if they generate or enhance resources of the Company that will be used in satisfying future performance obligations and are expected to be recovered. Installation costs related to residential and SMB customers that are not capitalized as part of the initial deployment of new customer premise equipment are expensed as incurred pursuant to industry-specific guidance. The following table provides information about contracts assets and contract liabilities related to contracts with customers: December 31, 2019 2018 Contract assets (a) $ 30,758 $ 26,405 Deferred revenue (b) 182,034 190,056 (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 portion of the Company's deferred revenue represents payments for services for up to one month in advance from residential and SMB customers which is realized within the following month as services are performed and the remaining portion is recognized over the contract period. 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. The following table presents the composition of revenue: Years Ended December 31, 2019 2018 2017 Residential: Broadband $ 3,222,605 $ 2,887,455 $ 2,608,595 Video 3,997,873 4,156,428 4,274,122 Telephony 598,694 652,895 700,765 Business services and wholesale 1,428,532 1,362,758 1,298,213 News and advertising 475,904 487,264 396,187 Mobile 21,264 — — Other 15,987 19,808 29,068 Total revenue $ 9,760,859 $ 9,566,608 $ 9,306,950 Multiple-Element Transactions In the normal course of business, the Company may enter into multiple-element transactions where it is simultaneously both a customer and a vendor with the same counterparty or in which it purchases multiple products and/or services, or settles outstanding items contemporaneously with the purchase of a product or service, from a single counterparty. The Company's policy for accounting for each transaction negotiated contemporaneously is to record each deliverable of the transaction based on its best estimate of selling price in a manner consistent with that used to determine the price to sell each deliverable on a standalone basis. In determining the fair value of the respective deliverable, the Company utilizes historical transactions, quoted market prices (as available), or comparable transactions. Technical and Operating Expenses Costs of revenue related to sales of services and goods are classified as "programming and other direct costs" in the accompanying consolidated statements of operations. Programming Costs Programming expenses related to the Company's video service represent fees paid to programming distributors to license the programming distributed to customers. This programming is acquired generally under multi-year distribution agreements, with rates usually based on the number of customers that receive the programming. If there are periods when an existing distribution agreement has expired and the parties have not finalized negotiations of either a renewal of that agreement or a new agreement for certain periods of time, the Company continues to carry and pay for these services until execution of definitive replacement agreements or renewals. The amount of programming expense recorded during the interim period is based on the Company's estimates of the ultimate contractual agreement expected to be reached, which is based on several factors, including previous contractual rates, customary rate increases and the current status of negotiations. Such estimates are adjusted as negotiations progress until new programming terms are finalized. In addition, the Company has received, or may receive, incentives from programming distributors for carriage of the distributors' programming. The Company generally recognizes these incentives as a reduction of programming costs in "programming and other direct costs", generally over the term of the distribution agreement. Advertising Expenses Advertising costs are charged to expense when incurred and are reflected in "other operating expenses" in the accompanying consolidated statements of operations. Advertising costs amounted to $233,326, $240,273 and $224,120 for the years ended December 31, 2019, 2018 and 2017, respectively. Share-Based Compensation Share-based compensation cost expense which primarily relates to awards of units in a carried unit plan and stock options is based on the fair value of share-based payment awards at the date of grant. For carried interest units, the Company measures share-based compensation cost at the grant date fair value and recognizes the expense over the requisite service period or when it is probable any related performance condition will be met. For carried interest units with graded vesting, compensation cost is recognized on an accelerated method under the graded vesting method over the requisite service period. Share-based compensation cost related to carried interest units that vest entirely at the end of the vesting period are expensed on a straight-line basis. The grant date fair value of carried interest units was estimated using an option pricing model. Key inputs that were used in applying the option pricing method were total equity value, equity volatility, risk free rate and time to liquidity event. The estimate of total equity value was determined using a combination of the income approach, which incorporated cash flow projections that were discounted at an appropriate rate, and the market approach, which involved applying a market multiple to the Company’s projected operating results. The Company estimated volatility based on the historical equity volatility of comparable publicly-traded companies. Subsequent to the IPO, such subjective valuations and estimates were no longer necessary as the Company relied on the market price of the Company’s common stock to determine the fair value of share-based compensation awards. For stock option awards, the Company recognizes compensation expense based on the estimated grant date fair value using the Black-Scholes valuation model and amortizes the fair value to share-based compensation expense over the requisite service period. See Note 15 to the consolidated financial statements for additional information about our share-based compensation. Income Taxes The Company's provision for income taxes is based on current period income, changes in deferred tax assets and liabilities and changes in estimates with regard to uncertain tax positions. Deferred tax assets are subject to an ongoing assessment of realizability. The Company provides deferred taxes for the outside basis difference of its investment in partnerships. Cash and Cash Equivalents The Company's cash investments are placed with money market funds and financial institutions that are investment grade as rated by S&P Global Ratings and Moody's Investors Service. The Company selects money market funds that predominantly invest in marketable, direct obligations issued or guaranteed by the United States government or its agencies, commercial paper, fully collateralized repurchase agreements, certificates of deposit, and time deposits. The Company considers the balance of its investment in funds that substantially hold securities that mature within three months or less from the date the fund purchases these securities to be cash equivalents. The carrying amount of cash and cash equivalents either approximates fair value due to the short-term maturity of these instruments or are at fair value. Accounts Receivable Accounts receivable are recorded at net realizable value. The Company periodically assesses the adequacy of valuation allowances for uncollectible accounts receivable by evaluating the collectability of outstanding receivables and general factors such as historical collection experience, length of time individual receivables are past due, and the economic and competitive environment. Investment Securities Investment securities and investment securities pledged as collateral are carried at fair value with realized and unrealized holding gains and losses included in the consolidated statements of operations. Long-Lived Assets and Amortizable Intangible Assets Property, plant and equipment, including construction materials, are carried at cost, and include all direct costs and certain indirect costs associated with the construction of cable systems, and the costs of new equipment installations. Equipment under finance leases is recorded at the present value of the total minimum lease payments. Depreciation on equipment is calculated on the straight-line basis over the estimated useful lives of the assets or, with respect to equipment under finance lease obligations and leasehold improvements, amortized over the shorter of the lease term or the assets' useful lives and reported in depreciation and amortization (including impairments) in the consolidated statements of operations. The Company capitalizes certain internal and external costs incurred to acquire or develop internal-use software. Capitalized software costs are amortized over the estimated useful life of the software and reported in depreciation and amortization. Customer relationships, trade names and other intangibles established in connection with acquisitions that are finite-lived are amortized in a manner that reflects the pattern in which the projected net cash inflows to the Company are expected to occur, such as the sum of the years' digits method, or when such pattern does not exist, using the straight-line basis over their respective estimated useful lives. The Company reviews its long-lived assets (property, plant and equipment, and intangible assets subject to amortization that arose from acquisitions) for impairment whenever events or circumstances indicate that the carrying amount of an asset may not be recoverable. If the sum of the expected cash flows, undiscounted and without interest, is less than the carrying amount of the asset, an impairment loss is recognized as the amount by which the carrying amount of the asset exceeds its fair value. Goodwill and Indefinite-Lived Intangible Assets Goodwill and the value of franchises acquired in purchase business combinations which have indefinite useful lives are not amortized. Rather, such assets are tested for impairment annually or upon the occurrence of a triggering event. The Company assesses qualitative factors for its reporting units that carry goodwill. If the qualitative assessment results in a conclusion that it is more likely than not that the fair value of a reporting unit exceeds the carrying value, then no further testing is performed for that reporting unit. When the qualitative assessment is not used, or if the qualitative assessment is not conclusive and it is necessary to calculate the fair value of a reporting unit, then the impairment analysis for goodwill is performed at the reporting unit level using a two-step approach. The first step of the goodwill impairment test is used to identify potential impairment by comparing the fair value of the reporting unit with its carrying amount, including goodwill utilizing an enterprise-value based premise approach. If the carrying amount of the reporting unit exceeds its fair value, the second step of the goodwill impairment test is performed to measure the amount of goodwill impairment loss, if any. The second step of the goodwill impairment test compares the implied fair value of the reporting unit's goodwill with the carrying amount of that goodwill. If the carrying amount of the reporting unit's goodwill exceeds the implied fair value of that goodwill, an impairment loss is recognized in an amount equal to that excess. The implied fair value of goodwill is determined in the same manner as the amount of goodwill which would be recognized in a business combination. The Company assesses qualitative factors to determine whether it is necessary to perform the one-step quantitative identifiable indefinite-lived intangible assets impairment test. This quantitative test is required only if the Company concludes that it is more likely than not that a unit of accounting’s fair value is less than its carrying amount. When the qualitative assessment is not used, or if the qualitative assessment is not conclusive, the impairment test for other intangible assets not subject to amortization requires a comparison of the fair value of the intangible asset with its carrying value. If the carrying value of the indefinite-lived intangible asset exceeds its fair value, an impairment loss is recognized in an amount equal to that excess. Deferred Financing Costs Deferred financing costs are being amortized to interest expense using the effective interest method over the terms of the related debt. Derivative Financial Instruments The Company accounts for derivative financial instruments as either assets or liabilities measured at fair value. The Company uses derivative instruments to manage its exposure to market risks from changes in certain equity prices and interest rates and does not hold or issue derivative instruments for speculative or trading purposes. These derivative instruments are not designated as hedges, and changes in the fair values of these derivatives are recognized in the consolidated statements of operations as gain (loss) on derivative contracts or gain (loss) on interest rate swap contracts. Commitments and Contingencies Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties and other sources are recorded when the Company believes it is probable that a liability has been incurred and the amount of the contingency can be reasonably estimated. Foreign Currency Certain of the Company's i24NEWS subsidiaries are located outside the United States. The functional currency for these subsidiaries is determined based on the primary economic environment in which the subsidiary operates. Revenues and expenses for these subsidiaries are translated into U.S. dollars using rates that approximate those in effect during the period while the assets and liabilities are translated into U.S. dollars using exchange rates in effect at the end of each period. The resulting gains and losses from these translations are recognized in cumulative translation adjustment included in accumulated other comprehensive loss in stockholders’ equity on the consolidated balance sheets. Common Stock of Altice USA Each holder of Class A common stock has one vote per share while holders of Class B common stock have twenty-five votes per share. Class B shares can be converted to Class A common stock at anytime with a conversion ratio of one Class A common share for one Class B common share. The following table provides details of Altice USA's shares of common stock outstanding: Shares of Common Stock Outstanding Class A Class B Balance at June 21, 2017 and December 31, 2017 246,982,292 490,086,674 Altice Europe Distribution on June 8, 2018 (see Note 1) 242,402,231 (242,402,231) Conversion of Class B common stock to Class A common stock 34,708,184 (34,708,184) Retirement of Class A common shares in connection with the Company's stock repurchase plan (see Note 1) (28,028,680) — Balance at December 31, 2018 496,064,027 212,976,259 Conversion of Class B common stock to Class A common stock 26,730,427 (26,730,427) Issuance of common shares 6,897,190 — Option exercises 184,147 — Retirement of Class A common shares in connection with the Company's stock repurchase plan (see Note 1) (72,668,712) — Treasury shares (a) (10,457,772) — Balance at December 31, 2019 446,749,307 186,245,832 (a) Primarily represent Altice USA shares held by Neptune LP which are presented as treasury stock in the consolidated balance sheet of Altice USA at December 31, 2019. CSC Holdings Membership Interests As of December 31, 2019 and 2018, CSC Holdings had 100 membership units issued and outstanding, which are all indirectly owned by Altice USA. Dividends and Distributions Altice USA Altice USA may pay dividends on its capital stock only from net profits and surplus as determined under Delaware law. If dividends are paid on the Altice USA common stock, holders of the Altice USA Class A common stock and Altice USA Class B common stock are entitled to receive dividends, and other distributions in cash, stock or property, equally on a per share basis, except that stock dividends with respect to Altice USA Class A common stock may be paid only with shares of Altice USA Class A common stock and stock dividends with respect to Altice USA Class B common stock may be paid only with shares of Altice USA Class B common stock. The Company's indentures restrict the amount of dividends and distributions in respect of any equity interest that can be made. During 2019, there were no dividends paid to shareholders by Altice USA. In 2018, Altice USA paid dividends of $1,499,935 (see discussion in Note 1). Prior to Altice USA's IPO, Altice USA declared and paid cash distributions to stockholders aggregating $839,700 in the second quarter of 2017. In 2016, Altice USA declared cash distributions of $445,176 of which $365,559 were paid in 2016 and $79,617 were paid in the first quarter of 2017. CSC Holdings CSC Holdings may make distributions in the future on its membership interests only if sufficient funds exist as determined under Delaware law. CSC Holdings made cash equity distribution payments to Cablevision aggregating $2,279,472, $3,058,747, and $2,777,498, respectively, during the years ended December 31, 2019, 2018 and 2017. In connection with CSC Holdings' distributions to Cablevision, CSC Holdings recorded a decrease in retained earnings of $747,990, representing the cumulative earnings through the distribution dates, and a decrease in other member's equity of $1,531,482. Net Income Per Share Basic net income per common share attributable to Altice USA stockholders is computed by dividing net income 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. Diluted net loss per common share attributable to Altice USA stockholders excludes the effects of common stock equivalents as they are anti-dilutive. The weighted average shares used in the calculation of the diluted net income per share attributable to Altice USA stockholders for the year ended December 31, 2019 includes weighted average common stock equivalents totaling approximately 2,157,000 shares. Weighted average common stock equivalents aggregating approximately 4,245,000 were anti-dilutive and not included in the calculation for the year ended December 31, 2019. The weighted average shares used in the calculation of the diluted net income per share attributable to Altice USA stockholders for the years ended December 31, 2018 and 2017 is the same as the weighted average shares used in the calculation of basic net income per share as the weighted average common stock equivalents totaling approximately 6,292,000 and 14,000 shares, respectively, were anti-dilutive. Concentrations of Credit Risk Financial instruments that may potentially subject the Company to a concentration of credit risk consist primarily of cash and cash equivalents and trade account receivables. The Company monitors the financial institutions and money market funds where it invests its cash and cash equivalents with diversification among counterparties to mitigate exposure to any single financial institution. The Company's emphasis is primarily on safety of principal and liquidity and secondarily on maximizing the yield on its investments. Management believes that no significant concentration of credit risk exists with respect to its cash and cash equivalents because of its assessment of the creditworthiness and financial viability of the respective financial institutions. The Company did not have a single customer that represented 10% or more of its consolidated revenues for the years ended December 31, 2019, 2018 and 2017 or 10% or more of its consolidated net trade receivables at December 31, 2019, and 2018, respectively. Use of Estimates in Preparation of Financial Statements The preparation of financial statements in conformity with U.S. generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. See Note 13 for a discussion of fair value estimates. Reclassifications Certain reclassifications have been made to the 2018 and 2017 financial statements to conform to the 2019 presentation. |
ACCOUNTING PRONOUNCEMENTS
ACCOUNTING PRONOUNCEMENTS | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
ACCOUNTING PRONOUNCEMENTS | ACCOUNTING PRONOUNCEMENTS Recently Adopted Accounting Pronouncements Accounting Standards Codification ("ASC"), Topic 842, Leases ("ASC 842") On January 1, 2019, the Company adopted Financial Accounting Standards Board ("FASB") 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. See Note 9 for a further information regarding the adoption of ASC 842. Accounting Standards Update ("ASU") No. 2018-02, Income Statement-Reporting Comprehensive Income (Topic 220) Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income ("ASU 2018-02") During the first quarter of 2018, the Company adopted ASU 2018-02. The primary provision of ASU 2018-02 allows for the reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act. ASU 2018-02 also requires certain disclosures about stranded tax effects. The adoption resulted in the reclassification of stranded tax amounts of $2,163 associated with net unrecognized losses from the Company's pension plans from accumulated other comprehensive loss to retained earnings. ASU No. 2017-09, Compensation-Stock Compensation (Topic 718) ("ASU 2017-09") On January 1, 2018, the Company adopted ASU No. 2017-09 which provides clarity and guidance on which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. The adoption of ASU 2017-09 had no impact to the Company's consolidated financial statements. ASU No. 2017-07, Compensation-Retirement Benefits (Topic 715) ("ASU 2017-07") On January 1, 2018, the Company adopted ASU 2017-07 and was applied retrospectively. ASU No. 2017-07 requires that an employer disaggregate the service cost component from the other components of net benefit cost. It also provides guidance on how to present the service cost component and the other components of net benefit cost in the income statement and what component of net benefit cost is eligible for capitalization. As a result of the adoption, the Company reclassified the non-service cost components of the Company's pension expense for the year ended December 2017 and 2016 from other operating expenses to other income (expense), net. The Company elected to apply the practical expedient which allowed it to reclassify amounts disclosed previously in the benefits plan note as the basis for applying retrospective presentation for comparative periods, as the Company determined it was impracticable to disaggregate the cost components for amounts capitalized and amortized in those periods. See Note 4 for information on the impact of the adoption of ASU 2017-07. ASU No. 2017-01, Business Combinations (Topic 805), Clarifying the Definition of a Business ("ASU No. 2017-01") In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805), Clarifying the Definition of a Business, which amends Topic 805 to interpret the definition of a business by adding guidance to assist in evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The Company adopted the new guidance on January 1, 2018 and it had no impact to the Company's consolidated financial statements. ASU No. 2016-20, Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers ("ASU No. 2016-20") In December 2016, the FASB issued ASU No. 2016-20, Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers, in order to clarify the Codification and to correct any unintended application of the guidance. The amendments in this update affected the guidance in ASC 606. ASC 606 was adopted by the Company on January 1, 2018 on a full retrospective basis, which required the Company to reflect the impact of the updated guidance for all periods presented. The adoption of ASC 606 did not have a material impact on the Company’s financial position or results of operations. See Note 4 for information on the impact of the adoption of ASC 606. ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash ("ASU 2016-18") In November 2016, the FASB issued ASU No. 2016-18 which requires that the statement of cash flows disclose the change during the period in the total of cash, cash equivalents, restricted cash and restricted cash equivalents. Restricted cash should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of period total amounts shown on the statement of cash flows. ASU 2016-18 provides specific guidance on the presentation of restricted cash in the statement of cash flows. ASU 2016-18 was adopted by the Company on January 1, 2018 and was applied retrospectively for all periods presented. ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments ("ASU 2016-15") In August 2016, the FASB issued ASU No. 2016-15 which clarifies how entities should classify certain cash receipts and cash payments on the statement of cash flows. ASU 2016-15 also clarifies how the predominance principle should be applied when cash receipts and cash payments have aspects of more than one class of cash flows. The Company adopted the new guidance on January 1, 2018 and it had no impact to the Company's consolidated financial statements. ASU No. 2016-01, Financial Instruments - Overall (Subtopic 825-10), Recognition and Measurement of Financial Assets and Financial Liabilities ("ASU 2016-01") In January 2016, the FASB issued ASU 2016-01 which modifies how entities measure certain equity investments and also modifies the recognition of changes in the fair value of financial liabilities measured under the fair value option. Entities will be required to measure equity investments that do not result in consolidation and are not accounted for under the equity method at fair value and recognize any changes in fair value in net income. For financial liabilities measured using the fair value option, entities will be required to record changes in fair value caused by a change in instrument-specific credit risk (own credit risk) separately in other comprehensive income. ASU 2016-01 was adopted by the Company on January 1, 2018 and it had no impact to the Company's consolidated financial statements. ASU No. 2014-09, Revenue from Contracts with Customers ("ASC 606") In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers ("ASC 606"), requiring an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. ASC 606 replaced most existing revenue recognition guidance in GAAP. The Company adopted the guidance pursuant to ASC 606 on January 1, 2018. See Note 4 for information on the impact of the adoption of ASC 606. Recently Issued But Not Yet Adopted Accounting Pronouncements ASU No. 2019-12, Simplifying the Accounting for Income Taxes ("ASU 2019-12") In December 2019, the FASB issued ASU 2019-12 which provides amendments to simplify the accounting for income taxes by removing certain exceptions to the general principles in ASC Topic 740, Income Taxes. The amendments also improve consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance. ASU 2019-12 becomes effective for the Company on January 1, 2021. Early adoption of the amendments is permitted, including adoption in any interim period for public business entities for periods for which financial statements have not yet been issued. The Company is currently in the process of evaluating the impact that the adoption of ASU 2019-12 will have 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 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 became effective for the Company on January 1, 2020 and will be applied prospectively. ASU No. 2018-14, Changes to the Disclosure Requirements for Defined Benefit Plans ("ASU 2018-14") In August 2018, the FASB issued ASU 2018-14 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 for its annual and interim reporting periods beginning December 31, 2020, 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. 2017-04, Intangibles-Goodwill and Other (Topic 350) ("ASU 2017-04") In January 2017, the FASB issued ASU 2017-04 which 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 became effective for the Company on January 1, 2020 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 2016-13 which requires a financial asset (or a group of financial assets) measured at amortized cost 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 become effective for the Company on January 1, 2020 and will be applied prospectively. Adoption of ASC 606 - Revenue from Contracts with Customers On January 1, 2018, the Company adopted the guidance pursuant to ASC 606. The Company elected to apply the guidance on a full retrospective basis, which required the Company to reflect the impact of the updated guidance for all periods presented. The adoption of the guidance resulted in the deferral of certain installation revenue, the deferral of certain commission expenses, and a reduction of revenue due to the reclassification of certain third-party giveaways and incentives from operating expense. Additionally, the Company made changes in the composition of revenue resulting from the allocation of value related to bundled services sold to residential customers at a discount. Installation Services Revenue Pursuant to ASC 606, the Company's installation services revenue is deferred and recognized over the benefit period. For residential customers, the benefit period is less than one year. For business and wholesale customers, the benefit period is the contract term. Prior to the adoption of ASC 606, the Company recognized installation services revenue for residential and SMB customers when installations were completed. As a result of the deferral of installation services revenue for residential and SMB customers, the Company recognized contract liabilities of $6,978 and recorded a cumulative effect adjustment of $5,093 (net of tax of $1,885) to retained earnings. The accounting for installation services revenue related to business and wholesale customers has not changed. Commission Expenses Pursuant to ASC 606, the Company defers commission expenses related to obtaining a contract with a customer when the expected amortization is greater than one year and amortizes these costs over the average contract term. For commission expenses related to customer contracts with a term of one year or less, the Company is utilizing the practical expedient and is recognizing the costs when incurred. Prior to the adoption of ASC 606, the Company recognized commission expenses related to the sale of its services when incurred. As a result of the change in the timing of recognition of these commission expenses, the Company recognized contract assets of $24,329 and recorded a cumulative effect adjustment of $17,759 (net of tax of $6,570) to retained earnings. Third-Party Product Giveaways and Incentives When the Company acts as the agent in providing certain product giveaways or incentives, revenue is recorded net of the costs of the giveaways and incentives. For the periods prior to January 1, 2018, costs for the giveaways and incentives recorded in other operating expense have been reclassified as a reduction to revenue. Bundled Services The Company provides bundled services at a discounted rate to its customers. Under ASC 606, revenue should be allocated to separate performance obligations within a bundled offering based on the relative stand-alone selling price of each service within the bundle. In connection with the adoption of ASC 606, the Company revised the amounts allocated to each performance obligation within its bundled offerings which reduced previously reported revenue for telephony services and increased previously reported revenue allocated to video and broadband services. Adoption of ASU No. 2017-07 - Compensation-Retirement Benefits (Topic 715) On January 1, 2018, the Company adopted the guidance pursuant to ASU No. 2017-07. ASU No. 2017-07 requires that an employer disaggregate the service cost component from the other components of net benefit cost. In connection with the adoption of ASU No. 2017-07, the Company retroactively reclassified certain pension costs from other operating expenses to other income (expense), net. The adoption of ASU No. 2017-07 had no impact on the Company's consolidated balance sheet. Acquisition of Altice Technical Services US Corp As discussed in Note 1, the Company completed the ATS Acquisition in the first quarter of 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 the formation of ATS, including goodwill of $23,101, representing the amount previously transferred to ATS. Cequel Communications Holdings II, LLC Merger into CSC Holdings In November 2018, in connection with the credit silo combination described in Note 11, (i) Cequel Communications Holdings I, LLC ("CCHI") merged into Cablevision, with Cablevision as the surviving entity (the "Holdco Merger"), and (ii) Cequel Communications Holdings II, LLC ("CCHII") merged into CSC Holdings, with CSC Holdings as the surviving entity (the "CCHII Merger"). As a result of the Holdco Merger, the balance sheet and operating results of CCHI have been presented on a combined basis with Cablevision beginning January 1, 2016 as these entities were under common control. In addition, as a result of the CCHII Merger, the balance sheet and operating results of CCHII have been presented on a combined basis with CSC Holdings beginning January 1, 2016 as these entities were under common control. The following table summarizes the impact of adopting ASC 606 and ASU No. 2017-07 and the impact of the ATS Acquisition on Altice USA's consolidated statements of operations: Altice USA Year Ended December 31, 2017 As Reported Impact of ASC 606 Impact of ASU No. 2017-07 Impact of ATS Acquisition As Adjusted Residential: Broadband $ 2,563,772 $ 45,192 $ — $ (369) $ 2,608,595 Video 4,214,745 59,878 — (501) 4,274,122 Telephony 823,981 (122,981) — (235) 700,765 Business services and wholesale 1,298,817 (604) — — 1,298,213 News and advertising (a) 396,187 — — — 396,187 Other (a) 29,068 — — — 29,068 Total revenue 9,326,570 (18,515) — (1,105) 9,306,950 Programming and other direct costs 3,035,655 — — — 3,035,655 Other operating expenses 2,342,655 (18,515) (11,863) 35,038 2,347,315 Restructuring and other expense 152,401 — — — 152,401 Depreciation and amortization 2,930,475 — — 96 2,930,571 Operating income 865,384 — 11,863 (36,239) 841,008 Other expense, net (2,196,733) — (11,863) — (2,208,596) Loss before income taxes (1,331,349) — — (36,239) (1,367,588) Income tax benefit 2,852,967 — — 9,385 2,862,352 Net income $ 1,521,618 $ — $ — $ (26,854) $ 1,494,764 (a) Certain reclassifications were made between revenue categories to conform to the 2019 presentation. The following table summarizes the impact of adopting ASC 606 and ASU No. 2017-07, the impact of the ATS acquisition and the impact of the CCHII Merger on CSC Holdings' consolidated statements of operations: CSC Holdings Year Ended December 31, 2017 As Reported Impact of CCHII Merger Impact of ASC 606 Impact of ASU No. 2017-07 Impact of ATS Acquisition As Adjusted Residential: Broadband $ 1,603,015 $ 960,757 $ 45,192 $ — $ (369) $ 2,608,595 Video 3,113,238 1,101,507 59,878 — (501) 4,274,122 Telephony 693,478 130,503 (122,981) — (235) 700,765 Business services and wholesale 923,161 375,656 (604) — — 1,298,213 Advertising (a) 325,470 70,717 — — — 396,187 Other (a) 6,426 22,642 — — — 29,068 Total revenue 6,664,788 2,661,782 (18,515) — (1,105) 9,306,950 Programming and other direct costs 2,280,062 755,593 — — — 3,035,655 Other operating expenses 1,675,665 666,990 (18,515) (11,863) 35,038 2,347,315 Restructuring and other expense 112,384 39,899 — — — 152,283 Depreciation and amortization 2,251,614 678,861 — — 96 2,930,571 Operating income 345,063 520,439 — 11,863 (36,239) 841,126 Other expense, net (898,612) (180,526) — (11,863) — (1,091,001) Loss before income taxes (553,549) 339,913 — — (36,239) (249,875) Income tax benefit 2,233,716 584,062 — — 9,973 2,827,751 Net income $ 1,680,167 $ 923,975 $ — $ — $ (26,266) $ 2,577,876 (a) Certain reclassifications were made between revenue categories to conform to the 2019 presentation. |
CHANGE IN ACCOUNTING POLICIES A
CHANGE IN ACCOUNTING POLICIES AND ATS ACQUISITION | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Changes and Error Corrections [Abstract] | |
CHANGE IN ACCOUNTING POLICIES AND ATS ACQUISITION | ACCOUNTING PRONOUNCEMENTS Recently Adopted Accounting Pronouncements Accounting Standards Codification ("ASC"), Topic 842, Leases ("ASC 842") On January 1, 2019, the Company adopted Financial Accounting Standards Board ("FASB") 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. See Note 9 for a further information regarding the adoption of ASC 842. Accounting Standards Update ("ASU") No. 2018-02, Income Statement-Reporting Comprehensive Income (Topic 220) Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income ("ASU 2018-02") During the first quarter of 2018, the Company adopted ASU 2018-02. The primary provision of ASU 2018-02 allows for the reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act. ASU 2018-02 also requires certain disclosures about stranded tax effects. The adoption resulted in the reclassification of stranded tax amounts of $2,163 associated with net unrecognized losses from the Company's pension plans from accumulated other comprehensive loss to retained earnings. ASU No. 2017-09, Compensation-Stock Compensation (Topic 718) ("ASU 2017-09") On January 1, 2018, the Company adopted ASU No. 2017-09 which provides clarity and guidance on which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. The adoption of ASU 2017-09 had no impact to the Company's consolidated financial statements. ASU No. 2017-07, Compensation-Retirement Benefits (Topic 715) ("ASU 2017-07") On January 1, 2018, the Company adopted ASU 2017-07 and was applied retrospectively. ASU No. 2017-07 requires that an employer disaggregate the service cost component from the other components of net benefit cost. It also provides guidance on how to present the service cost component and the other components of net benefit cost in the income statement and what component of net benefit cost is eligible for capitalization. As a result of the adoption, the Company reclassified the non-service cost components of the Company's pension expense for the year ended December 2017 and 2016 from other operating expenses to other income (expense), net. The Company elected to apply the practical expedient which allowed it to reclassify amounts disclosed previously in the benefits plan note as the basis for applying retrospective presentation for comparative periods, as the Company determined it was impracticable to disaggregate the cost components for amounts capitalized and amortized in those periods. See Note 4 for information on the impact of the adoption of ASU 2017-07. ASU No. 2017-01, Business Combinations (Topic 805), Clarifying the Definition of a Business ("ASU No. 2017-01") In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805), Clarifying the Definition of a Business, which amends Topic 805 to interpret the definition of a business by adding guidance to assist in evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The Company adopted the new guidance on January 1, 2018 and it had no impact to the Company's consolidated financial statements. ASU No. 2016-20, Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers ("ASU No. 2016-20") In December 2016, the FASB issued ASU No. 2016-20, Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers, in order to clarify the Codification and to correct any unintended application of the guidance. The amendments in this update affected the guidance in ASC 606. ASC 606 was adopted by the Company on January 1, 2018 on a full retrospective basis, which required the Company to reflect the impact of the updated guidance for all periods presented. The adoption of ASC 606 did not have a material impact on the Company’s financial position or results of operations. See Note 4 for information on the impact of the adoption of ASC 606. ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash ("ASU 2016-18") In November 2016, the FASB issued ASU No. 2016-18 which requires that the statement of cash flows disclose the change during the period in the total of cash, cash equivalents, restricted cash and restricted cash equivalents. Restricted cash should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of period total amounts shown on the statement of cash flows. ASU 2016-18 provides specific guidance on the presentation of restricted cash in the statement of cash flows. ASU 2016-18 was adopted by the Company on January 1, 2018 and was applied retrospectively for all periods presented. ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments ("ASU 2016-15") In August 2016, the FASB issued ASU No. 2016-15 which clarifies how entities should classify certain cash receipts and cash payments on the statement of cash flows. ASU 2016-15 also clarifies how the predominance principle should be applied when cash receipts and cash payments have aspects of more than one class of cash flows. The Company adopted the new guidance on January 1, 2018 and it had no impact to the Company's consolidated financial statements. ASU No. 2016-01, Financial Instruments - Overall (Subtopic 825-10), Recognition and Measurement of Financial Assets and Financial Liabilities ("ASU 2016-01") In January 2016, the FASB issued ASU 2016-01 which modifies how entities measure certain equity investments and also modifies the recognition of changes in the fair value of financial liabilities measured under the fair value option. Entities will be required to measure equity investments that do not result in consolidation and are not accounted for under the equity method at fair value and recognize any changes in fair value in net income. For financial liabilities measured using the fair value option, entities will be required to record changes in fair value caused by a change in instrument-specific credit risk (own credit risk) separately in other comprehensive income. ASU 2016-01 was adopted by the Company on January 1, 2018 and it had no impact to the Company's consolidated financial statements. ASU No. 2014-09, Revenue from Contracts with Customers ("ASC 606") In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers ("ASC 606"), requiring an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. ASC 606 replaced most existing revenue recognition guidance in GAAP. The Company adopted the guidance pursuant to ASC 606 on January 1, 2018. See Note 4 for information on the impact of the adoption of ASC 606. Recently Issued But Not Yet Adopted Accounting Pronouncements ASU No. 2019-12, Simplifying the Accounting for Income Taxes ("ASU 2019-12") In December 2019, the FASB issued ASU 2019-12 which provides amendments to simplify the accounting for income taxes by removing certain exceptions to the general principles in ASC Topic 740, Income Taxes. The amendments also improve consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance. ASU 2019-12 becomes effective for the Company on January 1, 2021. Early adoption of the amendments is permitted, including adoption in any interim period for public business entities for periods for which financial statements have not yet been issued. The Company is currently in the process of evaluating the impact that the adoption of ASU 2019-12 will have 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 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 became effective for the Company on January 1, 2020 and will be applied prospectively. ASU No. 2018-14, Changes to the Disclosure Requirements for Defined Benefit Plans ("ASU 2018-14") In August 2018, the FASB issued ASU 2018-14 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 for its annual and interim reporting periods beginning December 31, 2020, 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. 2017-04, Intangibles-Goodwill and Other (Topic 350) ("ASU 2017-04") In January 2017, the FASB issued ASU 2017-04 which 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 became effective for the Company on January 1, 2020 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 2016-13 which requires a financial asset (or a group of financial assets) measured at amortized cost 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 become effective for the Company on January 1, 2020 and will be applied prospectively. Adoption of ASC 606 - Revenue from Contracts with Customers On January 1, 2018, the Company adopted the guidance pursuant to ASC 606. The Company elected to apply the guidance on a full retrospective basis, which required the Company to reflect the impact of the updated guidance for all periods presented. The adoption of the guidance resulted in the deferral of certain installation revenue, the deferral of certain commission expenses, and a reduction of revenue due to the reclassification of certain third-party giveaways and incentives from operating expense. Additionally, the Company made changes in the composition of revenue resulting from the allocation of value related to bundled services sold to residential customers at a discount. Installation Services Revenue Pursuant to ASC 606, the Company's installation services revenue is deferred and recognized over the benefit period. For residential customers, the benefit period is less than one year. For business and wholesale customers, the benefit period is the contract term. Prior to the adoption of ASC 606, the Company recognized installation services revenue for residential and SMB customers when installations were completed. As a result of the deferral of installation services revenue for residential and SMB customers, the Company recognized contract liabilities of $6,978 and recorded a cumulative effect adjustment of $5,093 (net of tax of $1,885) to retained earnings. The accounting for installation services revenue related to business and wholesale customers has not changed. Commission Expenses Pursuant to ASC 606, the Company defers commission expenses related to obtaining a contract with a customer when the expected amortization is greater than one year and amortizes these costs over the average contract term. For commission expenses related to customer contracts with a term of one year or less, the Company is utilizing the practical expedient and is recognizing the costs when incurred. Prior to the adoption of ASC 606, the Company recognized commission expenses related to the sale of its services when incurred. As a result of the change in the timing of recognition of these commission expenses, the Company recognized contract assets of $24,329 and recorded a cumulative effect adjustment of $17,759 (net of tax of $6,570) to retained earnings. Third-Party Product Giveaways and Incentives When the Company acts as the agent in providing certain product giveaways or incentives, revenue is recorded net of the costs of the giveaways and incentives. For the periods prior to January 1, 2018, costs for the giveaways and incentives recorded in other operating expense have been reclassified as a reduction to revenue. Bundled Services The Company provides bundled services at a discounted rate to its customers. Under ASC 606, revenue should be allocated to separate performance obligations within a bundled offering based on the relative stand-alone selling price of each service within the bundle. In connection with the adoption of ASC 606, the Company revised the amounts allocated to each performance obligation within its bundled offerings which reduced previously reported revenue for telephony services and increased previously reported revenue allocated to video and broadband services. Adoption of ASU No. 2017-07 - Compensation-Retirement Benefits (Topic 715) On January 1, 2018, the Company adopted the guidance pursuant to ASU No. 2017-07. ASU No. 2017-07 requires that an employer disaggregate the service cost component from the other components of net benefit cost. In connection with the adoption of ASU No. 2017-07, the Company retroactively reclassified certain pension costs from other operating expenses to other income (expense), net. The adoption of ASU No. 2017-07 had no impact on the Company's consolidated balance sheet. Acquisition of Altice Technical Services US Corp As discussed in Note 1, the Company completed the ATS Acquisition in the first quarter of 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 the formation of ATS, including goodwill of $23,101, representing the amount previously transferred to ATS. Cequel Communications Holdings II, LLC Merger into CSC Holdings In November 2018, in connection with the credit silo combination described in Note 11, (i) Cequel Communications Holdings I, LLC ("CCHI") merged into Cablevision, with Cablevision as the surviving entity (the "Holdco Merger"), and (ii) Cequel Communications Holdings II, LLC ("CCHII") merged into CSC Holdings, with CSC Holdings as the surviving entity (the "CCHII Merger"). As a result of the Holdco Merger, the balance sheet and operating results of CCHI have been presented on a combined basis with Cablevision beginning January 1, 2016 as these entities were under common control. In addition, as a result of the CCHII Merger, the balance sheet and operating results of CCHII have been presented on a combined basis with CSC Holdings beginning January 1, 2016 as these entities were under common control. The following table summarizes the impact of adopting ASC 606 and ASU No. 2017-07 and the impact of the ATS Acquisition on Altice USA's consolidated statements of operations: Altice USA Year Ended December 31, 2017 As Reported Impact of ASC 606 Impact of ASU No. 2017-07 Impact of ATS Acquisition As Adjusted Residential: Broadband $ 2,563,772 $ 45,192 $ — $ (369) $ 2,608,595 Video 4,214,745 59,878 — (501) 4,274,122 Telephony 823,981 (122,981) — (235) 700,765 Business services and wholesale 1,298,817 (604) — — 1,298,213 News and advertising (a) 396,187 — — — 396,187 Other (a) 29,068 — — — 29,068 Total revenue 9,326,570 (18,515) — (1,105) 9,306,950 Programming and other direct costs 3,035,655 — — — 3,035,655 Other operating expenses 2,342,655 (18,515) (11,863) 35,038 2,347,315 Restructuring and other expense 152,401 — — — 152,401 Depreciation and amortization 2,930,475 — — 96 2,930,571 Operating income 865,384 — 11,863 (36,239) 841,008 Other expense, net (2,196,733) — (11,863) — (2,208,596) Loss before income taxes (1,331,349) — — (36,239) (1,367,588) Income tax benefit 2,852,967 — — 9,385 2,862,352 Net income $ 1,521,618 $ — $ — $ (26,854) $ 1,494,764 (a) Certain reclassifications were made between revenue categories to conform to the 2019 presentation. The following table summarizes the impact of adopting ASC 606 and ASU No. 2017-07, the impact of the ATS acquisition and the impact of the CCHII Merger on CSC Holdings' consolidated statements of operations: CSC Holdings Year Ended December 31, 2017 As Reported Impact of CCHII Merger Impact of ASC 606 Impact of ASU No. 2017-07 Impact of ATS Acquisition As Adjusted Residential: Broadband $ 1,603,015 $ 960,757 $ 45,192 $ — $ (369) $ 2,608,595 Video 3,113,238 1,101,507 59,878 — (501) 4,274,122 Telephony 693,478 130,503 (122,981) — (235) 700,765 Business services and wholesale 923,161 375,656 (604) — — 1,298,213 Advertising (a) 325,470 70,717 — — — 396,187 Other (a) 6,426 22,642 — — — 29,068 Total revenue 6,664,788 2,661,782 (18,515) — (1,105) 9,306,950 Programming and other direct costs 2,280,062 755,593 — — — 3,035,655 Other operating expenses 1,675,665 666,990 (18,515) (11,863) 35,038 2,347,315 Restructuring and other expense 112,384 39,899 — — — 152,283 Depreciation and amortization 2,251,614 678,861 — — 96 2,930,571 Operating income 345,063 520,439 — 11,863 (36,239) 841,126 Other expense, net (898,612) (180,526) — (11,863) — (1,091,001) Loss before income taxes (553,549) 339,913 — — (36,239) (249,875) Income tax benefit 2,233,716 584,062 — — 9,973 2,827,751 Net income $ 1,680,167 $ 923,975 $ — $ — $ (26,266) $ 2,577,876 (a) Certain reclassifications were made between revenue categories to conform to the 2019 presentation. |
ALLOWANCE FOR DOUBTFUL ACCOUNTS
ALLOWANCE FOR DOUBTFUL ACCOUNTS | 12 Months Ended |
Dec. 31, 2018 | |
Receivables [Abstract] | |
ALLOWANCE FOR DOUBTFUL ACCOUNTS | ALLOWANCE FOR DOUBTFUL ACCOUNTS Activity related to the Company's allowance for doubtful accounts is presented below: Balance at Beginning of Period Provision for Bad Debt Deductions/ Write-Offs and Other Charges Balance at End of Period Year Ended December 31, 2019 Allowance for doubtful accounts $ 13,520 $ 91,520 $ (90,357) $ 14,683 Year Ended December 31, 2018 Allowance for doubtful accounts $ 13,420 $ 71,426 $ (71,326) $ 13,520 Year Ended December 31, 2017 Allowance for doubtful accounts $ 11,677 $ 74,183 $ (72,440) $ 13,420 |
RESTRUCTURING AND OTHER EXPENSE
RESTRUCTURING AND OTHER EXPENSE | 12 Months Ended |
Dec. 31, 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, 2016 $ 102,119 $ 8,397 $ 110,516 Restructuring charges 142,679 7,243 149,922 Payments and other (131,324) (6,014) (137,338) Accrual balance at December 31, 2017 113,474 9,626 123,100 Restructuring charges 15,580 15,447 31,027 Payments and other (107,600) (11,458) (119,058) Accrual balance at December 31, 2018 21,454 13,615 35,069 Restructuring charges 6,606 6,317 12,923 Payments and other (26,384) (3,751) (30,135) Impact of the adoption of ASC 842 (a) — (13,849) (13,849) Accrual balance at December 31, 2019 $ 1,676 $ 2,332 $ 4,008 (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 9). In May 2019, the Company commenced another restructuring initiative to further simplify the Company's organization structure ("2019 Restructuring Plan"). In addition, for the year ended December 31, 2019, the Company recorded restructuring charges of $12,160 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 these initiatives amounted to $432,609. The following table summarizes the activity for the 2019 Restructuring Plan: Severance and Other Employee Related Costs Restructuring charges $ 42,715 Payments and other (4,769) Accrual balance at December 31, 2019 $ 37,946 Transaction Costs For the year ended December 31, 2019, the Company incurred transaction costs of $5,180 primarily related to certain transactions not related to the Company's operations. For the year ended December 31, 2018, the Company incurred transaction costs of $7,521 relating to the Distribution discussed in Note 1. For the year ended December 31, 2017, the Company incurred transaction costs of $2,479, of which $2,361 related to CSC Holdings, primarily for the acquisition of a business during the first quarter of 2017 and other transactions. |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY, PLANT AND EQUIPMENT | PROPERTY, PLANT AND EQUIPMENTCosts incurred in the construction of the Company's cable systems, including line extensions to, and upgrade of, the Company's hybrid fiber/coaxial infrastructure and construction of the parallel fiber to the home ("FTTH") infrastructure, are capitalized. This includes initial placement of the feeder cable to connect a customer that had not been previously connected, and headend facilities. These costs consist of materials, subcontractor labor, direct consulting fees, and internal labor and related costs associated with the construction activities. The internal costs that are capitalized consist of salaries and benefits of the Company's employees and the portion of facility costs, including rent, taxes, insurance and utilities, that supports the construction activities. These costs are depreciated over the estimated life of the plant (10 to 25 years) and headend facilities (5 to 25 years). Costs of operating the plant and the technical facilities, including repairs and maintenance, are expensed as incurred. Installation costs associated with the initial deployment of new customer premise equipment ("CPE") necessary to provide broadband, video or telephony services are also capitalized. These costs include materials, subcontractor labor, internal labor, and other related costs associated with the connection activities. The departmental activities supporting the connection process are tracked through specific metrics, and the portion of departmental costs that is capitalized is determined through a time weighted activity allocation of costs incurred based on time studies used to estimate the average time spent on each activity. These installation costs are amortized over the estimated useful lives of the CPE necessary to provide broadband, video or telephony services. The portion of departmental costs related to disconnecting services and removing CPE from a customer, costs related to connecting CPE that has been previously connected to the network and repair and maintenance are expensed as incurred. The estimated useful lives assigned to our property, plant and equipment are reviewed on an annual basis or more frequently if circumstances warrant and such lives are revised to the extent necessary due to changing facts and circumstances. Any changes in estimated useful lives are reflected prospectively. Property, plant and equipment (including equipment under finance leases) consist of the following assets, which are depreciated or amortized on a straight-line basis over the estimated useful lives shown below: December 31, 2019 December 31, 2018 Estimated Customer premise equipment $ 1,563,729 $ 1,354,510 3 to 5 years Headends and related equipment 2,023,684 1,852,105 5 to 25 years Infrastructure 5,314,322 4,595,143 5 to 25 years Equipment and software 1,111,577 1,083,166 3 to 10 years Construction in progress (including materials and supplies) 192,571 215,684 Furniture and fixtures 63,478 57,448 5 to 8 years Transportation equipment 151,627 146,387 5 to 10 years Buildings and building improvements 457,174 411,573 10 to 40 years Leasehold improvements 103,734 109,110 Term of lease Land 48,426 48,426 11,030,322 9,873,552 Less accumulated depreciation and amortization (5,276,921) (4,044,671) $ 5,753,401 $ 5,828,881 For the years ended December 31, 2019, 2018 and 2017, the Company capitalized certain costs aggregating $132,966, $134,265 and $151,646, respectively, related to the acquisition and development of internal use software, which are included in the table above. Depreciation expense on property, plant and equipment (including finance leases) for the years ended December 31, 2019, 2018 and 2017 amounted to $1,475,251, $1,508,125 and $1,588,764, respectively. |
LEASES
LEASES | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
OPERATING LEASES | NOTE 9. LEASES On January 1, 2019, the Company adopted 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 and equipment leases. Balance sheet information related to our leases is presented below: Balance Sheet location December 31, 2019 January 1, 2019 December 31, 2018 Operating leases: Right-of-use lease assets Right-of-use operating lease assets $ 280,340 $ 274,292 $ — Right-of-use lease liability, current Other current liabilities 38,836 48,033 — Right-of-use lease liability, long-term Right-of-use operating lease liability 269,062 251,867 — Finance leases: Right-of-use lease assets Property, plant and equipment 70,339 30,891 30,891 Right-of-use lease liability, current Current portion of long-term debt 22,017 5,928 5,928 Right-of-use lease liability, long-term Long-term debt 47,403 19,262 19,262 The following provides details of the Company's lease expense: Year Ended Operating lease expense, net $ 60,364 Finance lease expense: Amortization of assets 9,347 Interest on lease liabilities 2,106 Total finance lease expense 11,453 $ 71,817 Other information related to leases is presented below: As of Right-of-use assets acquired in exchange for operating lease obligations $ 61,244 Cash Paid For Amounts Included In Measurement of Liabilities: Operating cash flows from finance leases 2,106 Operating cash flows from operating leases 65,352 Weighted Average Remaining Lease Term: Operating leases 9.4 years Finance leases 3.4 years Weighted Average Discount Rate: Operating leases 5.96 % Finance leases 5.49 % The minimum future annual payments under non-cancellable leases during the next five years and thereafter, at rates now in force, are as follows: Finance leases Operating leases 2020 $ 25,500 $ 48,899 2021 22,516 47,894 2022 18,271 48,509 2023 5,788 38,500 2024 3,343 34,055 Thereafter 283 193,018 Total future minimum lease payments, undiscounted 75,701 410,875 Less: Imputed interest (6,281) (102,977) Present value of future minimum lease payments $ 69,420 $ 307,898 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. Finance leases Operating leases 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 | 12 Months Ended |
Dec. 31, 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 December 31, 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 $ (2,843,561) $ 3,173,963 $ 5,970,884 $ (2,162,110) $ 3,808,774 8 to 18 years Trade names 1,081,083 (798,484) 282,599 1,067,083 (701,998) 365,085 2 to 5 years Other amortizable intangibles 53,181 (28,634) 24,547 37,644 (18,679) 18,965 1 to 15 years $ 7,151,788 $ (3,670,679) $ 3,481,109 $ 7,075,611 $ (2,882,787) $ 4,192,824 Amortization expense for the years ended December 31, 2019, 2018 and 2017 aggregated $787,893, $874,214 and $1,341,807, respectively. The following table sets forth the estimated amortization expense on intangible assets for the periods presented: Estimated amortization expense Year Ending December 31, 2020 $ 710,537 Year Ending December 31, 2021 629,095 Year Ending December 31, 2022 542,371 Year Ending December 31, 2023 378,643 Year Ending December 31, 2024 300,387 The carrying amount of goodwill is presented below: Goodwill as of December 31, 2017 $ 8,019,861 Reclassification of goodwill to property, plant and equipment related to Cequel (15,041) Goodwill recorded in connection with an acquisition 7,608 Adjustment to purchase accounting relating to business acquired (12) Goodwill as of December 31, 2018 8,012,416 Goodwill recorded in connection with an acquisition of Cheddar Inc. ("Cheddar") 130,039 Adjustments to purchase accounting relating to business acquired (146) Goodwill as of December 31, 2019 $ 8,142,309 In June 2019, the Company completed the acquisition of Cheddar, a digital-first news company, for approximately $198,754 in cash and stock. The acquisition was accounted for as a business combination in accordance with ASC Topic 805. The purchase price was allocated to the identifiable tangible and intangible assets and liabilities of Cheddar based on their fair values. The Company recorded goodwill of $130,039, customer relationships of $46,640, trade names of $14,000 and other amortizable intangible assets of $11,780. |
DEBT
DEBT | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT The following details the Company's outstanding debt: Interest Rate December 31, 2019 December 31, 2018 Date Issued Maturity Date Principal Amount Carrying Amount (a) Principal Amount Carrying Amount (a) Senior Notes: February 12, 2009 February 15, 2019 8.625 % $ — $ — $ 526,000 $ 527,749 April 15, 2010 April 15, 2020 8.000 % (g)(h) — — 500,000 495,302 November 15, 2011 November 15, 2021 6.750 % 1,000,000 979,178 1,000,000 969,285 September 27, 2012 September 15, 2022 5.875 % (h) 649,024 600,849 649,024 585,817 May 23, 2014 June 1, 2024 5.250 % 750,000 683,940 750,000 671,829 October 18, 2018 July 15, 2025 7.750 % (h) 1,740 1,695 1,740 1,690 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 1,665,237 1,684,221 1,663,027 October 18, 2018 April 1, 2028 7.500 % (h) 4,118 4,112 4,118 4,110 October 18, 2018 December 15, 2021 5.125 % (d)(h) — — 8,886 8,274 November 27, 2018 December 15, 2021 5.125 % (f) — — 1,240,762 1,155,264 November 27, 2018 July 15, 2025 7.750 % 617,881 605,583 617,881 603,889 November 27, 2018 April 1, 2028 7.500 % 1,045,882 1,044,278 1,045,882 1,044,143 July 10 and October 7, 2019 January 15, 2030 5.750 % 2,250,000 2,289,168 — — Senior Guaranteed Notes: October 9, 2015 October 15, 2025 6.625 % 1,000,000 989,483 1,000,000 988,052 September 23, 2016 April 15, 2027 5.500 % 1,310,000 1,305,430 1,310,000 1,304,936 January 29, 2018 February 1, 2028 5.375 % 1,000,000 992,757 1,000,000 992,064 November 27, 2018 July 15, 2023 5.375 % 1,095,825 1,081,879 1,095,825 1,078,428 November 27, 2018 May 15, 2026 5.500 % 1,498,806 1,485,911 1,498,806 1,484,278 January 24, 2019 February 1, 2029 6.500 % 1,750,000 1,746,996 — — 15,657,497 15,476,496 15,733,145 15,359,561 CSC Holdings Restricted Group: Revolving Credit Facility (c) (c) (b) — — 250,000 231,425 Term Loan B July 17, 2025 3.99% 2,925,000 2,911,729 2,955,000 2,939,425 Incremental Term Loan B-2 January 25, 2026 —% (g) — — 1,492,500 1,475,778 Incremental Term Loan B-3 January 15, 2026 3.99% 1,265,438 1,260,200 1,275,000 1,268,931 Incremental Term Loan B-5 April 15, 2027 4.24% 3,000,000 2,976,358 — — 7,190,438 7,148,287 5,972,500 5,915,559 Collateralized indebtedness (see Note 12) 1,759,017 1,585,088 1,459,638 1,406,182 Finance lease obligations (see Note 9) 69,420 69,420 25,190 25,190 Notes payable and supply chain financing (e) 140,994 140,994 106,108 106,108 24,817,366 24,420,285 23,296,581 22,812,600 Less: current portion of credit facility debt (65,250) (65,250) (54,563) (54,563) Less: current portion of finance lease obligations (22,017) (22,017) (5,928) (5,928) Less: current portion of notes payable and supply chain financing (83,415) (83,415) (98,134) (98,134) (170,682) (170,682) (158,625) (158,625) Long-term debt $ 24,646,684 $ 24,249,603 $ 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) At December 31, 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. (c) The revolving credit facility of an aggregate principal amount of $2,275,000 matures in January 2024 and priced at LIBOR plus 2.25%. The remaining revolving credit facility of an aggregate principal amount of $200,000 matures in November 2021 and priced at LIBOR plus 3.25%. (d) In July 2019, the Company redeemed $8,886 principal amount of these senior notes. (e) 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. (f) The notes were repaid with proceeds from the issuance of an additional $1,250,000 aggregate principal amount of CSC Holdings 5.750% senior notes due 2030 issued in October 2019. (g) Outstanding amounts were repaid with proceeds from borrowings under the Incremental Term Loan B-5. (h) Prior to the Assumption of Cablevision Senior Notes in November 2019 described below, these notes were obligations of Cablevision. Credit Silo Combination In October 2018, the Company combined its Suddenlink and Optimum businesses under a single credit silo (the "Combination"). The integration of the Suddenlink and Optimum businesses was aimed at aligning Altice USA’s debt capital structure and to simplify Altice USA’s financing strategy and financial reporting requirements. The Combination was effected mainly by the following transactions: • In October 2018, Altice US Finance, Cequel Capital Corporation and Cequel Communications Holdings I, LLC ("CCHI") commenced an offer to exchange (the "Exchange Offer") any and all outstanding senior notes and senior secured notes issued by them (the "Original Cequel Notes") for up to $5,520,000 aggregate principal amount of new notes (the "New Cequel Notes") and, in the case of the 5.375% senior secured notes due 2023 and 5.500% senior secured notes due 2026, and cash of $6,500 The Exchange Offer was accompanied by a consent solicitation to amend the terms of each series of the notes subject to the Exchange Offer (except the 5.125% senior notes due 2021) and the indentures governing such notes. Approximately $5,500,050 of the outstanding notes subject to the Exchange Offer were exchanged into corresponding series of New Cequel Notes. The proposed amendments in the consent solicitation, which have become operative effective November 27, 2018 (the "Combination Date"), eliminated or waived substantially all of the restrictive covenants, eliminated certain events of default, and modified or eliminated certain other provisions governing the Original Cequel Notes (except the 5.125% senior notes due 2021) to the extent that they remain outstanding. • In October 2018, CSC Holdings entered into a Sixth Amendment to the CSC Credit Facilities Agreement (the "Combination Incremental Term Loan Agreement"). The Combination Incremental Term Loan Agreement provided for, among other things, new incremental term loan commitments in an aggregate principal amount of $1,275,000. On or following the Combination Date the following transactions were completed: • The Company redeemed $5,206 principal amount of the Original Cequel Notes that were outstanding after the consummation of the Exchange Offer. • New Cequel Notes with an aggregate principal balance of $5,500,050 were converted into $5,499,156 principal amount of CSC Holdings senior note (see detail below). • Pursuant to the Combination Incremental Term Loan Agreement, on the Combination Date, CSC Holdings entered into a $1,275,000 ($1,265,438 outstanding at December 31, 2019) incremental term loan facility (the "Incremental Term Loan B-3") under its existing credit facilities agreement. The proceeds from the Incremental Term Loan B-3 were used to repay the entire principal amount of loans under Cequel’s then existing term loan facility and other transaction costs related to the Combination. The Incremental Term Loan B-3 is comprised of eurodollar borrowings or alternative base rate borrowings, and will bear interest at a rate per annum equal to the Adjusted LIBOR 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, 1.25% per annum and (ii) with respect to any eurodollar loan, 2.25% per annum. The Company is required to make scheduled quarterly payments equal to 0.25% (or $3,188) of the principal amount of the Incremental Term Loan B-3, beginning with the fiscal quarter ended June 30, 2019, with the remaining balance scheduled to be paid on January 15, 2026. • The Combination was implemented by a series of corporate transactions, including: (i) CCHI merging into Cablevision, with Cablevision as the surviving entity (the "Holdco Merger"), and (ii) Cequel Communications Holdings II, LLC (the direct parent of Cequel) merging into CSC Holdings, with CSC Holdings as the surviving entity. In connection with the Holdco Merger, Cablevision assumed all of the obligations of CCHI that remained outstanding after giving effect to the Exchange Offer under the indentures governing the outstanding Original Cequel Notes. In July 2019, the Company redeemed in full the aggregate principal amount of the outstanding 5.125% senior notes due 2021 that were not exchanged in connection with the Exchange Offer. Pursuant to the Assumption of Cablevision Senior Notes as described below, the remaining original Cequel Notes that were assumed by Cablevision under the Combination became obligations of CSC Holdings. The following is a summary of the results of the Exchange Offer: Original Cequel Notes Remaining Original Cequel Notes Notes Redeemed in Cash Principal of New CSC Holdings Notes at December 31, 2018 5.375% Senior Secured Notes due 2023 $ 1,100,000 $ — $ 4,157 $ 1,095,825 5.5% Senior Secured Notes due 2026 1,500,000 — 1,049 1,498,806 5.125% Senior Notes due 2021 1,250,000 8,886 — 1,240,762 7.75% Senior Notes due 2025 620,000 1,740 — 617,881 7.5% Senior Notes due 2028 1,050,000 4,118 — 1,045,882 $ 5,520,000 $ 14,744 $ 5,206 $ 5,499,156 CSC Holdings Credit Facilities For financing purposes, the Company is structured as a restricted group (the “Restricted Group”) and an unrestricted group, which includes certain designated subsidiaries and investments (the “Unrestricted Group”). The Restricted Group is comprised of CSC Holdings and substantially all of its wholly-owned operating subsidiaries. These subsidiaries are subject to the covenants and restrictions of the credit facility and indentures governing the notes issued by CSC Holdings. In October 2015, a wholly-owned subsidiary of Altice USA, which merged with and into CSC Holdings on June 21, 2016, entered into a senior secured credit facility, which currently provides U.S. dollar term loans currently in an aggregate principal amount of $3,000,000 ( $2,925,000 outstanding at December 31, 2019) (the "CSC Term Loan Facility", and the term loans extended under the CSC Term Loan Facility, the "CSC Term Loans") and U.S. dollar revolving loan commitments in an aggregate principal amount of $2,475,000 at December 31, 2019 (the "CSC Revolving Credit Facility" and, together with the CSC Term Loan Facility, the "CSC Credit Facilities"), which are governed by a credit facilities agreement entered into by, inter alios, CSC Holdings certain lenders party thereto and JPMorgan Chase Bank, N.A. as administrative agent and security agent (as amended, restated, supplemented or otherwise modified on June 20, 2016, June 21, 2016, July 21, 2016, September 9, 2016, December 9, 2016, March 15, 2017, January 12, 2018, October 15, 2018, January 24, 2019, February 7, 2019, May 14, 2019 and October 3, 2019, respectively, and as further amended, restated, supplemented or otherwise modified from time to time, the "CSC Credit Facilities Agreement"). The amendment to the CSC Credit Facilities Agreement entered into on March 15, 2017 ("Extension Amendment") increased the Term Loan by $500,000 to $3,000,000 and the maturity date for this facility was extended to July 17, 2025 ('Term Loan B"). The closing of the Extension Amendment occurred in April 2017 and the proceeds were used to refinance the entire $2,493,750 principal amount of the then existing CSC Term Loans and redeem $500,000 of the 8.625% senior notes due September 2017 issued by Cablevision. In connection with the Extension Amendment and the redemption of the senior notes, the Company recorded a loss on extinguishment of debt and write-off of deferred financing costs aggregating $18,976. The Term Loan B is comprised of eurodollar borrowings or alternate base rate borrowings, and bears interest at a rate per annum equal to the adjusted LIBOR 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, 1.25% per annum and (ii) with respect to any eurodollar loan, 2.25% per annum. The Company is required to make scheduled quarterly payments equal to 0.25% (or $7,500) of the principal amount of the Term Loan B, beginning with the fiscal quarter ended September 30, 2017, with the remaining balance scheduled to be paid on July 17, 2025. The Company recorded deferred financing costs and an original issue discount of $4,390 and $15,000, respectively, which are both being amortized to interest expense over the term of the Term Loan. In January 2018, CSC Holdings entered into a $1,500,000 incremental term loan facility (the "Incremental Term Loan B-2") under its existing credit facilities agreement. The Incremental Term Loan B-2 was priced at 99.5% and was due to mature on January 25, 2026. The Incremental Term Loan B-2 was comprised of eurodollar borrowings or alternate base rate borrowings, and bore interest at a rate per annum equal to the adjusted LIBOR or the alternate base rate, as applicable, plus the applicable margin, where the applicable margin was (i) with respect to any alternate base rate loan, 1.50% per annum and (ii) with respect to any eurodollar loan, 2.50% per annum. The Company was required to make scheduled quarterly payments equal to 0.25% (or $3,750) of the principal amount of the Incremental Term Loan B-2, beginning with the fiscal quarter ended September 30, 2018, with the remaining balance scheduled to be paid on January 25, 2026. The Incremental Term Loan B-2 was repaid in full in October 2019 with proceeds from the Incremental Term Loan B-5 discussed below. In February 2019, CSC Holdings entered into a $1,000,000 incremental term loan facility ("Incremental Term Loan B-4") under its existing credit facilities agreement. The proceeds from the Incremental Term Loan B-4 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 was due to mature on April 15, 2027 and was issued with an original issue discount of 1.0%. The Incremental Term Loan B-4 was comprised of eurodollar borrowings or alternative base rate borrowings and bore interest at a rate per annum equal to the adjusted LIBOR or the alternate base rate, as applicable, plus the applicable margin, where the applicable margin was (i) with respect to any alternate base rate loan, 2.00% per annum and (ii) with respect to any eurodollar loan, 3.0%. The Incrementa l Term Loan B-4 was repaid in full in October 2019 with proceeds from Incremental Term Loan B-5 discussed below. In October 2019, CSC Holdings entered into a $3,000,000, incremental term loan facility ("Incremental Term Loan B-5") under its existing credit facilities agreement, out of which $500,000 was available on a delayed draw basis. The Incremental Term Loan B-5 matures on April 15, 2027 and was issued at par. The Incremental Term Loan B-5 may be comprised of eurodollar borrowings or alternative base rate borrowings, and will bear interest at a rate per annum equal to the Adjusted LIBOR or the alternate base rate, as applicable, plus the applicable margin, where the applicable margin is (i) with respect to any alternate base rate loan, 1.50% per annum and (ii) with respect to any eurodollar loan, 2.50% per annum. The Company is required to make scheduled quarterly payments equal to 0.25% (or $7,500) of the principal amount of the Incremental Term Loan B-5, beginning with the fiscal quarter ended June 30, 2020. Voluntary prepayments of the Incremental Term Loan B-5 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 Loan B-5 were used to repay approximately $2,500,000 of the outstanding term loans (Incremental Term Loan B-2 and Incremental Term Loan B-4) under the credit agreement, and the proceeds of the delayed draw tranche of the Incremental Term Loan B-5 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 was written-off and recorded as a loss on extinguishment of debt in the fourth quarter of 2019 (see table below). During the year ended December 31, 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. The CSC Credit Facilities Agreement requires the prepayment of outstanding CSC Term Loans, subject to certain exceptions and deductions, with (i) 100% of the net cash proceeds of certain asset sales, subject to reinvestment rights and certain other exceptions; and (ii) on a pari ratable share (based on the outstanding principal amount of the Term Loans divided by the sum of the outstanding principal amount of all pari passu indebtedness and the Term Loans) of 50% of annual excess cash flow, which will be reduced to 0% if the consolidated net senior secured leverage ratio of CSC Holdings is less than or equal to 4.5 to 1. The obligations under the CSC Credit Facilities are guaranteed by each restricted subsidiary of CSC Holdings (other than CSC TKR, LLC and its subsidiaries and certain excluded subsidiaries) (the "Initial Guarantors") and, subject to certain limitations, will be guaranteed by each future material wholly-owned restricted subsidiary of CSC Holdings. The obligations under the CSC Credit Facilities (including any guarantees thereof) are secured on a first priority basis, subject to any liens permitted by the Credit Facilities, by capital stock held by CSC Holdings or any guarantor in certain subsidiaries of CSC Holdings, subject to certain exclusions and limitations. The CSC Credit Facilities Agreement includes certain negative covenants which, among other things and subject to certain significant exceptions and qualifications, limit CSC Holdings' ability and the ability of its restricted subsidiaries to: (i) incur or guarantee additional indebtedness, (ii) make investments, (iii) create liens, (iv) sell assets and subsidiary stock, (v) pay dividends or make other distributions or repurchase or redeem our capital stock or subordinated debt, (vi) engage in certain transactions with affiliates, (vii) enter into agreements that restrict the payment of dividends by subsidiaries or the repayment of intercompany loans and advances; and (viii) engage in mergers or consolidations. In addition, the CSC Revolving Credit Facility includes a financial maintenance covenant solely for the benefit of the lenders under the CSC Revolving Credit Facility consisting of a maximum consolidated net senior secured leverage ratio of CSC Holdings and its restricted subsidiaries of 5.0 to 1.0. The financial covenant will be tested on the last day of any fiscal quarter, but only if on such day there are outstanding borrowings under the CSC Revolving Credit Facility (including swingline loans but excluding any cash collateralized letters of credit and undrawn letters of credit not to exceed the letter of credit sublimit). The CSC Credit Facilities Agreement also 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. CSC Holdings was in compliance with all of its financial covenants under the CSC Credit Facilities as of December 31, 2019. Cequel Credit Facilities In October 2018, in connection with the Combination described above, amounts outstanding pursuant to the Cequel Credit Facilities, defined below, aggregating $1,249,188 were repaid from the proceeds of the Incremental Term Loan B-3 described above and all commitments pursuant to the Cequel Credit Facilities were cancelled. Prior to the Combination, an indirect wholly-owned subsidiary of Cequel had entered into a senior secured credit facility which provided term loans in an aggregate principal amount of $1,265,000 (the "Cequel Term Loan Facility") and revolving loan commitments in an aggregate principal amount of $350,000 (the "Cequel Revolving Credit Facility" and, together with the Cequel Term Loan Facility, the "Cequel Credit Facilities"). The Company was required to make scheduled quarterly payments equal to 0.25% (or $3,163) of the principal amount of the outstanding Cequel term loan, beginning with the fiscal quarter ended September 30, 2017, with the remaining balance scheduled to be paid on July 28, 2025. In April 2017, Cequel used proceeds from the term loan facility to refinance the entire $812,963 principal amount of loans under the then outstanding term loan and redeem $450,000 of the 6.375% Senior Notes due September 15, 2020. In connection with the redemption of the senior notes, the Company recorded a loss on extinguishment of debt and write-off of deferred financing costs aggregating $28,684. Loans comprising each eurodollar borrowing or alternate base rate borrowing, as applicable, bore interest at a rate per annum equal to the adjusted LIBOR or the alternate base rate, as applicable, plus the applicable margin, where the applicable margin was: • in respect of the Cequel term loans, (i) with respect to any alternate base rate loan, 1.25% per annum and (ii) with respect to any eurodollar loan, 2.25% per annum, and • in respect of Cequel Revolving Credit Facility loans (i) with respect to any alternate base rate loan, 2.25% per annum and (ii) with respect to any eurodollar loan, 3.25% per annum. Senior Guaranteed Notes, Senior Secured Notes, and Senior Notes In January 2018, CSC Holdings issued $1,000,000 aggregate principal amount of 5.375% senior guaranteed notes due February 1, 2028 (the "2028 Guaranteed Notes"). The 2028 Guaranteed Notes are senior unsecured obligations and rank pari passu in right of payment with all of the existing and future senior indebtedness, including the existing senior notes and the CSC Credit Facilities and rank senior in right of payment to all of existing and future subordinated indebtedness. The proceeds from the 2028 Guaranteed Notes, together with proceeds from the Incremental Term Loan B-2 (discussed above), borrowings under the CSC revolving credit facility and cash on hand, were used in February 2018 to repay $300,000 principal amount of CSC Holdings' senior notes due in February 2018 and $750,000 principal amount of Cablevision senior notes due in April 2018 and a portion was used to fund the dividend of $1,499,935 to the Company's stockholders immediately prior to and in connection with the Distribution discussed in Note 1. In connection with the redemption of Cablevision senior notes, the Company paid a call premium of approximately $7,019, which was recorded as a loss on extinguishment of debt and also recorded a write-off of the unamortized premium of $2,314. In April 2018, CCHI and Cequel Capital Corporation each an indirect, wholly owned subsidiary of the Company, issued $1,050,000 aggregate principal amount of 7.50% senior notes due April 1, 2028 (the "2028 Senior Notes"). The proceeds of these notes were used in April 2018 to redeem the $1,050,000 aggregate principal amount 6.375% senior notes due September 15, 2020. In connection with the redemption of these notes, the Company paid a call premium of approximately $16,737, which was recorded as a loss on extinguishment of debt and also recorded a write-off of deferred financing costs aggregating $20,173. See discussion above regarding the exchange of these notes as a result of the Combination. 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 6.50% 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 February 2019, CSC Holdings issued an additional $250,000 CSC Holdings 2029 Guaranteed Notes at a price of 101.75% of the principal amount, plus accrued interest from January 31, 2019. The proceeds of these notes were used to repay the outstanding balance under the CSC 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 the CSC 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. In October 2019, CSC Holdings issued an additional $1,250,000 aggregate principal amount of its 2030 Senior Notes at a price of 104.00% of the principal amount plus accrued interest from July 10, 2019 until October 7, 2019. The proceeds of these notes were used to redeem $1,240,762 aggregate outstanding principal amount of CSC Holdings 5.125% senior notes due 2021 in full and to pay accrued interest, fees, costs and expenses associated with these transactions. In connection with the redemption, the Company recorded a loss on extinguishment of debt of $65,151, representing the unamortized discount and deferred financing costs as of the redemption date. The indentures under which the Senior Guaranteed Notes and Senior Notes were issued contain certain customary covenants and agreements, including limitations on the ability of CSC Holdings and its restricted subsidiaries to (i) incur or guarantee additional indebtedness, (ii) make investments or other restricted payments, (iii) create liens, (iv) sell assets and subsidiary stock, (v) pay dividends or make other distributions or repurchase or redeem our capital stock or subordinated debt, (vi) engage in certain transactions with affiliates, (vii) enter into agreements that restrict the payment of dividends by subsidiaries or the repayment of intercompany loans and advances, and (viii) engage in mergers or consolidations, in each case subject to certain exceptions. The indentures also contain certain customary events of default. If an event of default occurs, the obligations under the notes may be accelerated. Subject to customary conditions, the Company may redeem some or all of the notes at the redemption price set forth in the relevant indenture, plus accrued and unpaid interest, plus a specified "make-whole" premium (in the event the notes are redeemed prior to a certain specified time set forth in the indentures). The Company was in compliance with all of its financial covenants under these indentures as of December 31, 2019. Assumption of Cablevision Senior Notes In November 2019, pursuant to an asset contribution agreement (the "Asset Contribution"), Cablevision contributed to CSC Holdings substantially all of its assets and CSC Holdings assumed all of Cablevision’s liabilities, including Cablevision’s 5.875% senior notes due September 2022 with an aggregate outstanding principal amount of $649,024, Cablevision’s 7.750% senior notes due July 2025 with an aggregate outstanding principal amount of $1,740, and Cablevision's 7.500% senior notes due April 2028 with an aggregate outstanding principal amount of $4,118 (the "Assumption of Cablevision Senior Notes"). Notes Payable to Affiliates and Related Parties On June 21, 2016, in connection with the Cablevision Acquisition, Altice USA issued notes payable to affiliates and related parties aggregating $1,750,000, of which $875,000 bore interest at 10.75% and matured on December 20, 2023 and $875,000 bore interest at 11% and matured on December 20, 2024. In connection with Altice USA's IPO in June 2017, Altice USA converted the notes payable to affiliates and related parties (together with accrued and unpaid interest of $529 and applicable premium of $513,723) into shares of Altice USA’s common stock at the IPO price. The premium was recorded as a loss on extinguishment of debt on Altice USA's consolidated statement of operations for the year ended December 31, 2017. In connection with the conversion of the notes, Altice USA recorded a credit to paid in capital of $2,264,252 for the year ended December 31, 2017. For the year ended December 31, 2017, Altice USA recognized interest expense of $90,405 related to these notes prior to their conversion. The following table provides a summary of the loss (gain) 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: For the Year Ended December 31, 2019: CSC Holdings 5.125% Senior Notes due 2021 $ 65,151 CSC Holdings 10.125% Senior Notes due 2023 154,666 Refinancing and subsequent amendment to CSC Holdings credit facility 8,313 Subtotal - CSC Holdings 228,130 Cablevision 5.125% Senior Notes due 2021 500 Cablevision 8.000% Senior Notes due 2020 15,176 $ 243,806 For the Year Ended December 31, 2018: Cequel Credit Facility $ 7,733 Cequel senior and senior secured notes pursuant to the Exchange Offer discussed above 150 Subtotal - CSC Holdings 7,883 Cequel 6.375% Senior Notes due 2020 36,910 Cequel senior and senior secured notes pursuant to the Exchange Offer discussed above (695) Cablevision 7.75% Senior Notes due 2018 4,706 $ 48,804 For the Year Ended December 31, 2017: CSC Holdings Term Loan B $ 12,675 CSC Holdings 10.875% Senior Notes due 2025 38,858 Cequel Term Loan Facility 2,455 Subtotal - CSC Holdings 53,988 Cablevision 8.625% Senior Notes due 2017 6,300 Cequel 6.375% Senior Notes due 2020 26,229 Altice USA notes payable to affiliates and related parties 513,723 $ 600,240 Summary of Debt Maturities The future maturities of debt payable by the Company under its various debt obligations outstanding as of December 31, 2019, including notes payable and collateralized indebtedness (see Note 12), but excluding finance lease obligations (see Note 9), are as follows: Years Ending December 31, 2020 $ 148,665 2021 1,078,499 2022 728,785 2023 2,928,347 2024 822,888 Thereafter 18,996,836 |
DERIVATIVE CONTRACTS AND COLLAT
DERIVATIVE CONTRACTS AND COLLATERALIZED INDEBTEDNESS | 12 Months Ended |
Dec. 31, 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 was 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 December 31, 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 December 31, 2019. Put/Call Options In the third quarter of 2017, Altice USA entered into a put-call contract that expired in the third quarter of 2018 whereby Altice USA sold a put option and purchased a call option with the same strike price. These put-call options were settled as of December 31, 2017 and Altice USA recorded a loss on investments of $97,410 for the year ended December 31, 2017, which represents the difference between the strike price and the closing price of the underlying shares. 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 market values on our consolidated balance sheet, with changes in fair value reflected in the consolidated statement of operations. The following is a summary of interest rate swap contracts outstanding at December 31, 2019: Trade Date Maturity Date Notional Amount Company Pays Company Receives May 2016 May 2026 $ 750,000 Six- month LIBOR Fixed rate of 1.665% June 2016 May 2026 750,000 Six- month LIBOR Fixed rate of 1.68% December 2018 January 2022 500,000 Fixed rate of 2.7177% Three-month LIBOR December 2018 January 2022 500,000 Fixed rate of 2.733% Three-month LIBOR December 2018 January 2022 500,000 Fixed rate of 2.722% Three-month LIBOR December 2018 December 2026 750,000 Fixed rate of 2.9155% Three-month LIBOR December 2018 December 2026 750,000 Fixed rate of 2.9025% Three-month LIBOR April 2019 April 2020 1,255,513 Three- month LIBOR minus 0.1075% One- month LIBOR As of December 31, 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 December 31, 2019 2018 Asset Derivatives: Interest rate swap contracts Derivative contracts, current $ — $ 1,975 Prepaid forward contracts Derivative contracts, long-term 25,207 109,344 25,207 111,319 Liability Derivatives: Prepaid forward contracts Other current liabilities — — Interest rate swap contracts Other current liabilities (469) (70) Prepaid forward contracts Liabilities under derivative contracts, long-term (94,795) — Interest rate swap contracts Liabilities under derivative contracts, long-term (160,871) (132,908) $ (256,135) $ (132,978) The following table presents certain statement of operations data related to our derivative contracts and the underlying common stock: Years Ended December 31, 2019 2018 2017 Gain (loss) on derivative contracts related to change in the value of equity derivative contracts related to Comcast common stock $ (282,713) $ 218,848 $ (138,920) Gain (loss) on derivative contracts related to put/call options - Altice USA — — (97,410) Change in fair value of Comcast common stock included in gain (loss) on investments 469,071 (261,993) 237,328 Gain (loss) on interest rate swap contracts (53,902) (61,697) 5,482 The following table summarizes the settlement of the Company's collateralized indebtedness relating to Comcast shares that were settled by delivering cash equal to the collateralized loan value, net of the value of the related equity derivative contracts during the years presented: Years Ended December 31, 2019 2018 Number of shares — 16,139,868 Collateralized indebtedness settled $ — $ (516,537) Derivatives contracts settled — 24 — (516,513) Proceeds from monetization contracts 93,000 516,513 Net cash proceeds $ 93,000 $ — The cash to settle the collateralized indebtedness was obtained from the proceeds of new monetization contracts covering an equivalent number of Comcast shares. The terms of the new contracts allow the Company to retain upside participation in Comcast shares up to each respective contract's upside appreciation limit with downside exposure limited to the respective hedge price. In April 2017, the Company entered into monetization contracts related to 32,153,118 shares of Comcast common stock held by us, which synthetically reversed the then existing contracts related to these shares (the "Synthetic Monetization Closeout"). As the then existing collateralized debt matured, the Company settled the contracts with proceeds received from the new monetization contracts. The monetization contracts mature on April 28, 2021. The monetization contracts provide the Company with downside protection below the hedge price of $35.47 and upside benefit of stock price appreciation up to $44.72 per share. In connection with the execution of these contracts, the Company recorded (i) the fair value of the equity derivative contracts of $53,316 (in a net asset position), (ii) notes payable of $111,657, representing the fair value of the existing equity derivative contracts, in a liability position, and (iii) a discount on notes payable of $58,341. In November 2019, the Company entered into a new monetization contract related to 5,337,750 shares of Comcast common stock held by us, which synthetically reversed the existing contract related to these shares. In addition, the Company entered into amendments to monetization contracts related to 37,617,486 shares of Comcast common stock held by us. The new and amended monetization contracts extended the maturity date to April 28, 2023 and provide the Company with downside protection below the hedge price of $40.95 per share and upside benefit of stock price appreciation up to $49.55 per share. In connection with the execution of these contracts, the Company received cash of $93,000 and recorded (i) an increase in the fair value of the equity derivative contracts of $103,781, ii) an increase in notes payable, net of discount, of $36,587, and (iii) an increase in collateralized debt, net of discount, of $160,194. |
FAIR VALUE MEASUREMENT
FAIR VALUE MEASUREMENT | 12 Months Ended |
Dec. 31, 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 December 31, 2019 December 31, 2018 Assets: Money market funds Level I $ 563,704 $ 91,852 Investment securities pledged as collateral Level I 1,931,697 1,462,626 Prepaid forward contracts Level II 25,207 109,344 Interest rate swap contracts Level II — 1,975 Liabilities: Prepaid forward contracts Level II 94,795 — Interest rate swap contracts Level II 161,340 132,978 Contingent consideration related to 2017 and 2018 acquisitions Level III 7,250 6,195 The Company's cash equivalents (money market funds) 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. 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, 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: December 31, 2019 December 31, 2018 Fair Value Carrying Estimated Carrying Estimated CSC Holdings debt instruments: Credit facility debt Level II $ 7,148,287 $ 7,190,438 $ 5,915,559 $ 5,972,500 Collateralized indebtedness Level II 1,585,088 1,611,095 1,406,182 1,374,203 Senior guaranteed notes Level II 7,602,456 8,220,518 5,847,758 5,646,468 Senior notes Level II 7,874,040 8,728,870 8,416,610 8,972,722 Notes payable and supply chain financing Level II 140,994 141,713 106,108 105,836 Cablevision debt instruments: Senior notes Level II — — 1,095,193 1,163,843 $ 24,350,865 $ 25,892,634 $ 22,787,410 $ 23,235,572 (a) Amounts are net of unamortized deferred financing costs and discounts/premiums. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES Altice USA files a federal consolidated and certain state combined income tax returns with its 80% or more owned subsidiaries. CSC Holdings and its subsidiaries are included in the consolidated federal income tax returns of Altice USA. The income tax provision for CSC Holdings is determined on a stand-alone basis for all periods presented as if CSC Holdings filed separate consolidated income tax returns. In accordance with a tax sharing agreement between CSC Holdings and Altice USA, CSC Holdings has an obligation to Altice USA for its stand-alone current tax liability as if it filed separate income tax returns. Income tax expense (benefit) for the years ended December 31, 2019, 2018 and 2017 consist of the following components: Altice USA CSC Holdings Years Ended December 31, Years Ended December 31, 2019 2018 2017 2019 2018 2017 Current expense (benefit): Federal $ — $ (1,865) $ 5,261 $ 240,229 $ 186,035 $ 151,120 State 33,103 32,347 12,530 70,567 124,106 47,900 33,103 30,482 17,791 310,796 310,141 199,020 Deferred expense (benefit): Federal 43,105 26,141 (2,095,930) (176,591) (102,872) (2,154,344) State (28,174) (93,744) (784,224) (62,118) (148,721) (872,438) 14,931 (67,603) (2,880,154) (238,709) (251,593) (3,026,782) Tax expense (benefit) relating to uncertain tax positions (844) (1,534) 11 (844) (985) 11 Income tax expense (benefit) $ 47,190 $ (38,655) $ (2,862,352) $ 71,243 $ 57,563 $ (2,827,751) The income tax expense (benefit) attributable to Altice USA's operations differs from the amount derived by applying the statutory federal rate to pretax loss principally due to the effect of the following items: Altice USA CSC Holdings Years Ended December 31, Years Ended December 31, 2019 2018 2017 2019 2018 2017 Federal tax expense (benefit) at statutory rate $ 39,297 $ (3,793) $ (478,656) $ 59,653 $ 66,757 $ (83,507) State income taxes, net of federal impact (6,256) (8,103) (61,698) (9,060) 33,249 (23,720) Changes in the valuation allowance 4,079 15,987 (111) 4,307 — — Impact of Federal Tax Reform — — (2,332,677) — — (2,731,324) Changes in the state rates used to measure deferred taxes, net of federal impact (1,046) (52,915) (12,896) 6,532 (53,493) (12,999) Tax benefit relating to uncertain tax positions (847) (514) (253) (847) (514) (253) Non-deductible share-based compensation related to the carried unit plan 15,642 8,677 20,101 15,642 8,677 20,101 Other non-deductible expenses 1,334 2,200 3,405 1,334 2,011 3,383 Other, net (5,013) (194) 433 (6,318) 876 568 Income tax expense (benefit) $ 47,190 $ (38,655) $ (2,862,352) $ 71,243 $ 57,563 $ (2,827,751) In late 2017, the United States enacted the Tax Cuts and Jobs Act of 2017 (the "Tax Reform") which significantly changed the existing U.S. tax law by implementing a reduction in the corporate tax rate to 21%, moving from a worldwide tax system to a territorial system and imposing new or additional limitations on the deductibility of interest expense and executive compensation. For the year ended December 31, 2017, Altice USA recorded a non-cash deferred tax benefit of $2,332,677 and CSC Holdings recorded a non-cash deferred tax benefit of $2,731,324, resulting primarily from a decrease in the deferred tax liabilities with regard to fixed assets and intangibles, partially offset by a decrease in the deferred tax asset for the federal net operating loss carry forward ("NOL"). During 2018, the Company determined that it met the definition of a Qualified Technology Company for New York State tax purposes and thereby was eligible for the reduced tax rate. Additionally, during 2018, the state of New Jersey enacted significant tax law changes imposing a 2.5% surtax for tax years beginning January 1, 2018 and mandating combined return filing requirements for unitary corporations for tax years beginning January 1, 2019. Accordingly, Altice USA and CSC Holdings recorded a net non-cash deferred tax benefit of $52,915 and $53,493, respectively, based on a remeasurement of the net deferred tax liability. The tax effects of temporary differences which give rise to significant portions of deferred tax assets or liabilities and the corresponding valuation allowance are as follows: Altice USA CSC Holdings December 31, December 31, 2019 2018 2019 2018 Noncurrent NOLs and tax credit carry forwards $ 309,924 $ 571,413 $ 74,300 $ 16,465 Compensation and benefit plans 25,227 42,484 25,227 45,138 Partnership investments 49,956 60,413 49,956 60,413 Restructuring liability 11,280 9,364 11,280 9,364 Other liabilities 42,339 38,473 42,339 36,833 Liabilities under derivative contracts 43,175 20,846 43,175 20,847 Interest deferred for tax purposes 333,856 166,668 333,856 34,843 Operating lease Liability 82,393 — 82,393 — Other 12,428 11,531 12,428 9,867 Deferred tax asset 910,578 921,192 674,954 233,770 Valuation allowance (29,479) (25,400) (11,859) (8,225) Net deferred tax asset, noncurrent 881,099 895,792 663,095 225,545 Fixed assets and intangibles (5,384,320) (5,496,103) (5,384,320) (5,473,397) Operating lease Asset (75,019) — (75,019) — Investments (116,702) (71,167) (116,702) (71,168) Prepaid expenses (10,978) (7,543) (10,978) (7,543) Fair value adjustments related to debt and deferred financing costs (56,675) (40,083) (56,675) (18,111) Other — (4,833) — (5,273) Deferred tax liability, noncurrent (5,643,694) (5,619,729) (5,643,694) (5,575,492) Total net deferred tax liability $ (4,762,595) $ (4,723,937) $ (4,980,599) $ (5,349,947) As of December 31, 2019, Altice USA's federal NOLs were approximately $840,576. The utilization of certain pre-merger NOLs of Cablevision and Cequel are limited pursuant to Internal Revenue Code Section 382. The Company does not expect such limitations to impact the ability to utilize the NOLs prior to their expiration. As of December 31, 2019, Altice USA has $12,161 of alternative minimum tax credits which do not expire and $17,824 of research credits, expiring in varying amounts from 2023 through 2035. Pursuant to the Tax Reform elimination of the AMT liability, Altice USA has submitted a refund request for 75% of the prior year’s AMT. Deferred tax assets have resulted primarily from the Company's future deductible temporary differences and NOLs. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax asset will not be realized. In evaluating the need for a valuation allowance, management takes into account various factors, including the expected level of future taxable income, available tax planning strategies and reversals of existing taxable temporary differences. If such estimates and related assumptions change in the future, the Company may be required to record additional valuation allowances against its deferred tax assets, resulting in additional income tax expense in the Company's consolidated statements of operations. Management evaluates the realizability of the deferred tax assets and the need for additional valuation allowances quarterly. Pursuant to the Cablevision Acquisition and Cequel Acquisition, deferred tax liabilities resulting from the book fair value adjustment increased significantly and future taxable income that will result from the reversal of existing taxable temporary differences for which deferred tax liabilities are recognized is sufficient to conclude it is more likely than not that the Company will realize all of its gross deferred tax assets, except those deferred tax assets against which a valuation allowance has been recorded which relate to certain state NOLs and the Israeli NOL in i24NEWS. In the normal course of business, the Company engages in transactions in which the income tax consequences may be uncertain. The Company's income tax returns are filed based on interpretation of tax laws and regulations. Such income tax returns are subject to examination by taxing authorities. For financial statement purposes, the Company only recognizes tax positions that it believes are more likely than not of being sustained. There is considerable judgment involved in determining whether positions taken or expected to be taken on the tax return are more likely than not of being sustained. As of December 31, 2019, if all uncertain tax positions were sustained at the amounts reported or expected to be reported in the Company's tax returns, the elimination of the Company's unrecognized tax benefits, net of the deferred tax impact, would decrease income tax expense by $1,720. The most significant jurisdictions in which the Company is required to file income tax returns include the states of New York, New Jersey, Connecticut, the City of New York, Texas and West Virginia. The State and City of New York are presently auditing income tax returns for years 2012 through 2014. The States of New Jersey and Connecticut are presently auditing income tax returns for years 2014 through 2017 and 2016 and 2017, respectively. Management does not believe that the resolution of the ongoing income tax examination described above will have a material adverse impact on the financial position of the Company. Changes in the liabilities for uncertain tax positions will be recognized in the interim period in which the positions are effectively settled or there is a change in factual circumstances. |
SHARE-BASED COMPENSATION
SHARE-BASED COMPENSATION | 12 Months Ended |
Dec. 31, 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 Neptune LP. The awards generally vest as follows: 50% on the second anniversary of June 21, 2016 or December 21, 2015 ("Base Date"), 25% on the third anniversary of the Base Date, and 25% on the fourth anniversary of the Base Date. Neptune Holding US GP LLC, the general partner of Neptune Management LP, has the right to repurchase (or to assign to an affiliate, including the Company, the right to repurchase) vested awards held by employees for sixty days following their termination. For performance-based awards under the plan, vesting occurs upon achievement or satisfaction of a specified performance condition. The Company considered the probability of achieving the established performance targets in determining the share-based compensation with respect to these awards at the end of each reporting period. Beginning on the fourth anniversary of the Base Date, the holders of carry units have an annual opportunity (a sixty days period determined by the administrator of the plan) to sell their units back to Neptune Holding US GP LLC (or affiliate, including the Company, designated by Neptune Holding US GP LLC). Accordingly, the carry units are presented as temporary equity on the consolidated balance sheets at fair value. Adjustments to fair value at each reporting period are recorded in paid-in capital. The right of Neptune Holding US GP LLC to assign to an affiliate, including the Company, the right to repurchase an employee’s vested units during the sixty-day period following termination, or to satisfy its obligation to repurchase an employee’s vested units during annual 60 day periods following the fourth anniversary of the Base Date, may be exercised by Neptune Holding US GP LLC in its discretion at the time a repurchase right or obligation arises. The carry unit plan requires the purchase price payable to the employee or former employee, as the case may be, to be paid in cash, a promissory note (with a term of not more than 3 years and bearing interest at the long-term applicable federal rate under Section 1274(d) of the Internal Revenue Code) or combination thereof, in each case as determined by Neptune Holding US GP LLC in its discretion at the time of the repurchase. Neptune Holding US GP LLC expects that vested units will be redeemed for shares of the Altice USA Class A common stock upon vesting. The Company measures the cost of employee services received in exchange for carry units based on the fair value of the award at grant date. In addition these units are presented as temporary equity in our consolidated balance sheet at fair value. For carry unit awards granted in 2016, an option pricing model was used which requires subjective assumptions for which changes in these assumptions could materially affect the fair value of the carry units outstanding. The time to liquidity event assumption was based on management’s judgment. The equity volatility assumption was estimated using the historical weekly volatility of publicly traded comparable companies. The risk-free rate assumed was based on the U.S. Constant Maturity Treasury Rates for a period matching the expected time to liquidity event. The discount for lack of marketability was based on Finnerty's (2012) average-strike put option model. For carry unit awards granted in the first and second quarter of 2017, the Company estimated the grant date fair value based on the value established in Altice USA's IPO. The following table summarizes activity relating to these carry units: Number of Time Number of Performance Weighted Average Grant Date Fair Value Balance, December 31, 2016 192,800,000 10,000,000 $ 0.37 Granted 28,025,000 — 3.14 Vested (44,420,833) — 0.41 Forfeited (7,854,166) — 0.37 Balance, December 31, 2017 168,550,001 10,000,000 0.71 Vested (68,037,500) — 0.37 Forfeited (16,937,501) — 0.62 Balance, December 31, 2018 83,575,000 10,000,000 1.14 Vested (42,618,750) — 0.83 Converted to restricted shares — (10,000,000) 0.37 Forfeited (3,437,500) — 0.84 Balance, December 31, 2019 37,518,750 — 2.35 The weighted average fair value per unit was $3.25, $1.95, and $2.50 as of December 31, 2019, 2018 and 2017, respectively. For the years ended December 31, 2019, 2018 and 2017 the Company recognized share-based compensation expense of $54,614, $41,321 and $57,430, respectively, related to the carry unit plan. Stock Option Plan In connection with Altice USA's IPO, the Company adopted the Altice USA 2017 Long Term Incentive Plan (the "2017 LTIP"). Under the 2017 LTIP, the Company may grant awards of options, restricted shares, restricted share units, stock appreciation rights, performance stock, performance stock units and other awards. Under the 2017 LTIP, awards may be granted to officers, employees and consultants of the Company or any of its affiliates. The 2017 LTIP is administered by Altice USA's Board of Directors (the "Board"), subject to the provision of the stockholders' agreement. The Board has delegated its authority to the Company's Compensation Committee. The Compensation Committee has the full power and authority to, among other things, select eligible participants, to grant awards in accordance with the 2017 LTIP, to determine the number of shares subject to each award or the cash amount payable in connection with an award and determine the terms and conditions of each award. In November 2018, the Board and the Company's stockholders holding a majority of the voting power of its capital stock approved an amendment to the 2017 LTIP, which increased the maximum aggregate number of shares that may be issued for all purposes under the Plan to 19,879,291. The Board has the authority to amend, suspend, or terminate the 2017 LTIP. No amendment, suspension or termination will be effective without the approval of the Company's stockholders if such approval is required under applicable laws, rules and regulations. Options outstanding under the 2017 LTIP Plan either cliff vest on the third anniversary of the date of grant or 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 option awards generally are subject to continued employment with the Company, and expire 10 years from the date of grant. Performance based option awards vest upon achievement of performance criteria. The following table summarizes activity related to employee stock options: Shares Under Option Weighted Average Weighted Average Remaining Time Performance Aggregate Intrinsic Balance at December 31, 2017 5,110,747 — $ 17.45 9.97 $ 8,331 Granted 6,753,659 95,953 17.58 Forfeited (634,238) (22,314) 17.92 Balance at December 31, 2018 11,230,168 73,639 17.50 9.47 $ — Granted 3,677,076 — 23.88 Exercised (184,147) — 17.43 Forfeited (639,356) (73,639) 18.42 Balance at December 31, 2019 14,083,741 — 19.12 8.74 112,915 Options exercisable at December 31, 2019 878,225 — 17.65 8.08 8,512 (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 years ended December 31, 2019, 2018 and 2017 of $44,464, $18,491 and $0. The Company calculated the fair value of each option award on the date of grant using the Black-Scholes valuation model. The Company's computation of expected life was determined based on the simplified method (the average of the vesting period and option term) due to the Company's lack of recent historical data for similar awards. The interest rate for periods within the contractual life of the stock option was based on interest yields for U.S. Treasury instruments in effect at the time of grant. The Company's computation of expected volatility was based on historical volatility of its common stock and the expected volatility of comparable publicly-traded companies who granted options that had similar expected lives. The following weighted-average assumptions were used to calculate the fair values of stock option awards granted during the years ended December 31, 2019, 2018 and 2017: Year Ended December 31, 2019 2018 2017 Risk-free interest rate 2.05% 2.74% 2.30% Expected life (in years) 6.47 6.49 6.44 Dividend yield —% —% —% Volatility 28.22% 35.72% 33.95% Grant date fair value $7.93 $6.91 $8.77 Restricted Awards |
AFFILIATE AND RELATED PARTY TRA
AFFILIATE AND RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
AFFILIATE AND RELATED PARTY TRANSACTIONS | AFFILIATE AND RELATED PARTY TRANSACTIONS Equity Method Investments The Company's equity in the net losses of i24NEWS prior to April 1, 2018 of $1,130 and $2,821 for the years ended December 31, 2018 and 2017 were recorded using the equity method and reflected in other expense, net in the Company's consolidated statements of operations. As discussed in Note 1, the Company combined the results of operations and related assets and liabilities of i24NEWS as of April 1, 2018. 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, net in the Company's consolidated statements of operations. For the year ended December 31, 2018 and 2017, the Company recorded equity in the net loss of Newsday of $9,719 and $7,219, respectively, reflected in other expense, net in the Company's consolidated 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 and other entities. 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 affiliates and related parties: Years Ended December 31, 2019 2018 2017 Revenue $ 3,974 $ 2,575 $ 1,100 Operating expenses: Programming and other direct costs $ (11,580) $ (7,261) $ (4,176) Other operating expenses, net (8,355) (16,307) (33,140) Operating expenses, net (19,935) (23,568) (37,316) Interest expense — (600) — Interest income — 2,429 6,496 Net charges - CSC Holdings (15,961) (19,164) (29,720) Interest expense — (2,429) (96,901) Other income, net — 149 — Loss on extinguishment of debt and write-off of deferred financing costs (see Note 11) — — (513,723) Net charges - Altice USA $ (15,961) $ (21,444) $ (640,344) Capital Expenditures $ 12,167 $ 14,951 $ 22,012 Revenue The Company recognized revenue primarily from the sale of advertising to a subsidiary of Altice Europe and a foundation controlled by Patrick Drahi. 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 IPO, 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 and $30,000 for the years ended December 31, 2018 and 2017, respectively. As of June 20, 2017, the CEO, CFO and COO became employees of the Company and the agreement was assigned to Altice Europe by a subsidiary of Altice Europe. 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 $8,355, $3,057 and $4,057, for the years ended December 31, 2019, 2018 and 2017, respectively, net of a credit of $917 related to transition services provided to Newsday for the year ended December 31, 2017. 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 for the year ended December 31, 2019, 2018 and 2017 include $12,167 and $14,951, and $22,012, respectively, for equipment purchased and software development services provided by subsidiaries of Altice Europe. Aggregate amounts that were due from and due to affiliates and related parties are summarized below: Altice USA CSC Holdings December 31, December 31, 2019 2018 2019 2018 Due from: Altice Europe (a) $ 4,076 $ 16,995 $ 4,076 $ 3,821 Other affiliates and related parties (a) 2,698 562 2,698 564 $ 6,774 $ 17,557 $ 6,774 $ 4,385 Due to: Altice Europe (a) $ — $ 26,074 $ — $ 12,419 Other affiliates and related parties (a) 7,456 22 7,456 22 Altice USA (b) — — — 26,578 Cablevision (c) — — — 140,398 $ 7,456 $ 26,096 $ 7,456 $ 179,417 (a) Amounts due from affiliates represent amounts paid by the Company on behalf of or for services provided to the respective related party. Amounts due to affiliates relate to the purchase of equipment and advertising services, as well as reimbursement for payments made on our behalf. For Altice USA, the 2018 receivable amount includes interest on senior notes paid by Altice USA on behalf of an affiliate aggregating $13,100 and the payable amount includes $13,250 related to the consulting, advisory and other services agreement discussed above. (b) Includes amounts due to affiliate for services provide by the affiliate and for cash collected on its behalf. (c) Includes amounts due to/ due from affiliate pursuant to a historical tax allocation policy and tax sharing agreements between the entities. Also includes amounts related to services provided to/ or received from the respective affiliate and amounts related to payments made on behalf of the respective affiliate. In the second quarter of 2017, prior to Altice USA's IPO, Altice USA declared and paid cash distributions aggregating $839,700 to stockholders, $500,000 of which were funded with proceeds from borrowings under CSC Holdings' revolving credit facility. In 2016, Altice USA declared cash distributions of $445,176, of which $365,559 were paid in 2016 and $79,617 were paid in the first quarter of 2017. Pursuant to our share repurchase program, Altice USA purchased approximately 14.9 million Altice USA Class A shares for total consideration of approximately $350,000 during the year ended December 31, 2019 from Suddenvision S.A.R.L., an entity controlled by BC Partners LLP. In addition, see Note 1 for a discussion of the acquisition of Neptune LP from CVC 3. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Commitments Future cash payments and commitments required under arrangements pursuant to contracts entered into by the Company in the normal course of business as of December 31, 2019 are as follows: Payments Due by Period Total Year 1 Years 2-3 Years 4-5 More than Off balance sheet arrangements: Purchase obligations (a) $ 8,238,465 $ 3,547,239 $ 3,685,145 $ 837,711 $ 168,370 Guarantees (b) 37,930 37,870 60 — — Letters of credit (c) 178,014 1,620 7,360 169,034 — Total $ 8,454,409 $ 3,586,729 $ 3,692,565 $ 1,006,745 $ 168,370 (a) Purchase obligations primarily include contractual commitments with various programming vendors to provide video services to customers and minimum purchase obligations to purchase goods or services, including contracts to acquire handsets and other equipment. Future fees payable under contracts with programming vendors are based on numerous factors, including the number of customers receiving the programming. Amounts reflected above related to programming agreements are based on the number of customers receiving the programming as of December 31, 2019 multiplied by the per customer rates or the stated annual fee, as applicable, contained in the executed agreements in effect as of December 31, 2019. (b) Includes franchise and performance surety bonds primarily for the Company's cable television systems. (c) Represent letters of credit guaranteeing performance to municipalities and public utilities and payment of insurance premiums. Payments due by period for these arrangements represent the year in which the commitment expires although payments under these arrangements are required only in the event of nonperformance. The table above does not include obligations for payments required to be made under multi-year franchise agreements based on a percentage of revenues generated from video service per year. Many of the Company's franchise agreements and utility pole leases require the Company to remove its cable wires and other equipment upon termination of the respective agreements. The Company has concluded that the fair value of these asset retirement obligations cannot be reasonably estimated since the range of potential settlement dates is not determinable. The table above does not include obligations for rent related to utility poles used in our operations. The Company's pole rental agreements are for varying terms, and management anticipates renewals as they expire. Rent expense incurred for pole rental attachments for the years ended December 31, 2019, 2018 and 2017 was $31,903, $33,082, and $31,308, respectively. 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 Altice USA'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 Altice USA, Altice Europe, and Altice USA'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 ("34 Act"), Rule 10b-5 promulgated thereunder, and Section 20 of the 34 Act against Altice USA, 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, which has resulted in judgments and settlements of significant value for Sprint. 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. In addition to the matters discussed above, the Company is party to various lawsuits, disputes and investigations, some of which may involve claims for substantial damages, fines or penalties. Although the outcome of these other matters cannot be predicted and the impact of the final resolution of these other matters on the Company's results of operations in a particular subsequent reporting period is not known, management does not believe that the resolution of these other lawsuits will have a material adverse effect on the financial position of the Company or the ability of the Company to meet its financial obligations as they become due. |
BENEFIT PLANS
BENEFIT PLANS | 12 Months Ended |
Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |
Benefit Plans | BENEFIT PLANS Qualified and Non-qualified Defined Benefit Plans Retirement Plans (collectively, the "Defined Benefit Plans") The Company sponsors a non-contributory qualified defined benefit cash balance retirement plan (the "Pension Plan") for the benefit of certain non-union employees, as well as certain employees covered by a collective bargaining agreement in Brooklyn. The Company maintains an unfunded non-contributory non-qualified defined benefit excess cash balance plan ("Excess Cash Balance Plan") covering certain current and former employees who participate in the Pension Plan. Cablevision's Pension Plan and the Excess Cash Balance Plan are frozen and no employee who was not already a participant could participate in the plans and no further annual Pay Credits (a certain percentage of employees' eligible pay) are made. Existing account balances under the plans continue to be credited with monthly interest in accordance with the terms of the plans. Plan Results for Defined Benefit Plans Summarized below is the funded status and the amounts recorded on the Company's consolidated balance sheets for all of the Company's Defined Benefit Plans at December 31, 2019 and 2018: December 31, 2019 2018 Change in projected benefit obligation: Projected benefit obligation at beginning of year $ 264,515 $ 299,066 Interest cost 9,227 9,248 Actuarial gain (743) (9,894) Settlements/curtailments 1,875 2,373 Benefits paid (27,112) (36,278) Projected benefit obligation at end of year 247,762 264,515 Change in plan assets: Fair value of plan assets at beginning of year 167,510 195,768 Actual gain (loss) on plan assets, net 15,892 (5,705) Employer contributions 34,107 13,725 Benefits paid (27,112) (36,278) Fair value of plan assets at end of year 190,397 167,510 Unfunded status at end of year $ (57,365) $ (97,005) The accumulated benefit obligation for the Company's Defined Benefit Plans aggregated $247,762 and $264,515 at December 31, 2019 and 2018, respectively. The Company's net funded status relating to its Defined Benefit Plans at December 31, 2019 and 2018, is as follows: December 31, 2019 2018 Defined Benefit Plans $ (57,365) $ (97,005) Less: Current portion related to nonqualified plans 175 211 Long-term defined benefit plan obligations $ (57,190) $ (96,794) Components of the benefit costs, recorded in other income (expense), net, for the Defined Benefit Plans for the years ended December 31, 2019, 2018 and 2017, is as follows: Years Ended December 31, 2019 2018 2017 Interest cost $ 9,227 $ 9,248 $ 11,786 Expected return on plan assets, net (2,685) (987) (4,905) Curtailment loss — — 3,137 Amortization of actuarial loss (reclassified from accumulated other comprehensive loss) 89 — — Settlement loss (reclassified from accumulated other comprehensive loss) (a) 1,643 1,268 1,845 Non-operating pension costs $ 8,274 $ 9,529 $ 11,863 (a) As a result of benefit payments to terminated or retired individuals exceeding the service and interest costs for the Pension Plan and the Excess Cash Balance Pension Plan during the years ended December 31, 2019, 2018 and 2017, the Company recognized non-cash settlement losses that represent the acceleration of the recognition of a portion of the previously unrecognized actuarial losses recorded in accumulated other comprehensive loss on the Company’s consolidated balance sheets relating to these plans. Plan Assumptions for Defined Benefit Plans Weighted-average assumptions used to determine pension costs (made at the beginning of the year) and benefit obligations (made at the end of the year) for the Defined Benefit Plans are as follows: Benefit Costs Benefit Obligations at December 31, For the Year Ended December 31, 2019 For the Year Ended December 31, 2018 For the Year Ended December 31, 2017 2019 2018 Discount rate (a) 3.70 % 3.87 % 3.69 % 3.10 % 4.20 % Rate of increase in future compensation levels — % — % — % — % — % Expected rate of return on plan assets (Pension Plan only) 3.97 % 3.67 % 3.90 % N/A N/A (a) The discount rates of 3.70%, 3.87% and 3.69% for the years ended December 31, 2019, 2018 and 2017, represent the average of the quarterly discount rates used to remeasure the Company's projected benefit obligation and benefit costs in connection with the recognition of settlement losses discussed above. The discount rate used by the Company in calculating the benefit costs for the Cash Balance Plan and the Excess Cash Balance Plan was determined based on the expected future benefit payments for the plans and from the Willis Towers Watson U.S. Rate Link: 40-90 Discount Rate Model. The model was developed by examining the yields on selected highly rated corporate bonds. The Company's expected long-term return on Pension Plan assets is based on a periodic review and modeling of the plan's asset allocation structure over a long-term horizon. Expectations of returns and risk for each asset class are the most important of the assumptions used in the review and modeling and are based on comprehensive reviews of historical data, forward looking economic outlook, and economic/financial market theory. The expected long-term rate of return was chosen as a best estimate and was determined by (a) historical real returns, net of inflation, for the asset classes covered by the investment policy, and (b) projections of inflation over the long-term period during which benefits are payable to plan participants. Pension Plan Assets and Investment Policy The weighted average asset allocations of the Pension Plan at December 31, 2019 and 2018 were as follows: Plan Assets at December 31, 2019 2018 Asset Class: Mutual funds- fixed income 28 % 29 % Common collective trust- equities 27 — Fixed income securities 44 65 Cash equivalents and other 1 6 100 % 100 % The Pension Plan's investment objectives include an allocation to stocks and bonds. This allocation allows for the Pension Plan to invest in asset classes that are expected to provide a rate of return throughout economic cycles, commensurate with the investment risk and cash flow needs of the Pension Plan. The investments held in the Pension Plan are readily marketable and can be sold to fund benefit payment obligations of the plan as they become payable. Investment allocation decisions are formally made by the Company's Benefit Committee, which takes into account investment advice provided by its external investment consultant. The investment consultant takes into account expected long-term risk, return, correlation, and other prudent investment assumptions when recommending asset classes and investment managers to the Company's Benefit Committee. The major categories of the Pension Plan assets are bonds and equity funds which are marked-to-market on a daily basis. Due to the Pension Plan's holdings in intermediate and long-term government and non-government fixed income securities, the Pension Plan's assets are subjected to interest rate risk; specifically, during a rising interest rate environment the prices of bond holdings will decline. An increase in interest rates may cause a decrease to the overall liability of the Pension Plan thus creating a partial hedge against rising interest rates. In addition, a portion of the Pension Plan's equity and bond portfolio are invested in foreign equity and debt securities in developed and emerging markets where there could be foreign currency risks associated with them; non-government debt securities may be subject to credit risk of the bond issuer defaulting on interest and/or principal payments as well. Investments at Estimated Fair Value The fair values of the assets of the Pension Plan at December 31, 2019 by asset class are as follows: Asset Class Level I Level II Level III Total Mutual funds- fixed income $ 52,976 $ — $ — $ 52,976 Common collective trust- equities — 52,214 — 52,214 Fixed income securities held in a portfolio: Foreign issued corporate debt — 7,472 — 7,472 U.S. corporate debt — 30,267 — 30,267 Government debt — 2,836 — 2,836 U.S. Treasury securities — 32,902 — 32,902 Asset-backed securities — 9,375 — 9,375 Other — 840 — 840 Cash equivalents (a) 2,188 3,278 — 5,466 Total (b) $ 55,164 $ 139,184 $ — $ 194,348 (a) A significant portion represents an investment in a short-term investment fund that invests primarily in securities of high quality and low risk. (b) Excludes cash and net receivables relating to the sale of securities that were not settled as of December 31, 2019. The fair values of the assets of the Pension Plan at December 31, 2018 by asset class are as follows: Asset Class Level I Level II Level III Total Mutual funds- fixed income $ 49,140 $ — $ — $ 49,140 Fixed income securities held in a portfolio: Foreign issued corporate debt — 14,002 — 14,002 U.S. corporate debt — 43,190 — 43,190 Government debt — 3,988 — 3,988 U.S. Treasury securities — 38,657 — 38,657 Asset-backed securities — 8,907 — 8,907 Other — 205 — 205 Cash equivalents (a) 4,343 3,187 — 7,530 Total (b) $ 53,483 $ 112,136 $ — $ 165,619 (a) A significant portion represents an investment in a short-term investment fund that invests primarily in securities of high quality and low risk. (b) Excludes cash and net payables relating to the purchase of securities that were not settled as of December 31, 2018. The fair values of mutual funds and cash equivalents were derived from quoted market prices that the Pension Plan administrator has the ability to access. The fair values of corporate and government debt, treasury securities and asset-back securities were derived from bids received from a vendor or broker not available in an active market that the Pension Plan administrator has the ability to access. Benefit Payments and Contributions for Defined Benefit Plans The following benefit payments are expected to be paid during the periods indicated: 2020 $ 16,500 2021 16,023 2022 16,349 2023 18,209 2024 17,706 2025-2029 83,159 The Company currently expects to contribute approximately $13,300 to the Pension Plan in 2020. Defined Contribution Plans The Company maintains the Altice USA 401(k) Savings Plan, a contributory qualified defined contribution plan for the benefit of certain non-union employees. Participants can contribute a percentage of eligible annual compensation and the Company will make a matching cash contribution or discretionary contribution, as defined in the plan. In addition, the Company maintains an unfunded non-qualified Excess Savings Plan which was frozen on January 1, 2017 for which the Company provided a matching contribution similar to the Altice USA 401(k) Savings Plan. Applicable employees of the Company are also eligible for an enhanced employer matching contribution to the Cablevision 401(k) Savings Plan. The cost associated with these plans, was $28,540, $28,232 and $27,577 for the years ended December 31, 2019, 2018 and 2017, respectively. |
INTERIM FINANCIAL INFORMATION
INTERIM FINANCIAL INFORMATION | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
INTERIM FINANCIAL INFORMATION | INTERIM FINANCIAL INFORMATION (Unaudited) The following is a summary of Altice USA's selected quarterly financial data: Altice USA Three Months Ended March 31, June 30, September 30, December 31, Total Residential: Broadband $ 775,573 $ 806,250 $ 814,328 $ 826,454 $ 3,222,605 Video 1,017,330 1,018,426 993,158 968,959 3,997,873 Telephony 154,464 150,232 148,231 145,767 598,694 Business services and wholesale 350,689 357,806 357,628 362,409 1,428,532 News and advertising 94,738 114,450 118,067 148,649 475,904 Mobile — — 3,174 18,090 21,264 Other 3,773 3,917 4,076 4,221 15,987 Revenue 2,396,567 2,451,081 2,438,662 2,474,549 9,760,859 Operating expenses (1,954,089) (1,968,538) (1,967,147) (2,047,274) (7,937,048) Operating income $ 442,478 $ 482,543 $ 471,515 $ 427,275 $ 1,823,811 Net income (loss) $ (25,198) $ 86,410 $ 77,396 $ 1,331 $ 139,939 Net loss (income) attributable to noncontrolling interests 199 (43) (157) (1,002) (1,003) Net income (loss) attributable to Altice USA Inc.'s stockholders $ (24,999) $ 86,367 $ 77,239 $ 329 $ 138,936 Basic and diluted net income (loss) per share attributable to Altice USA Inc.'s stockholders $ (0.04) $ 0.13 $ 0.12 $ — $ 0.21 Altice USA Three Months Ended March 31, June 30, September 30, December 31, Total Residential: Broadband $ 701,621 $ 712,202 $ 729,907 $ 743,725 $ 2,887,455 Video 1,033,708 1,034,404 1,054,667 1,033,649 4,156,428 Telephony 166,038 163,499 161,351 162,007 652,895 Business services and wholesale 333,090 337,388 344,193 348,087 1,362,758 News and advertising 88,737 111,342 123,913 163,272 487,264 Other 6,520 5,318 3,770 4,200 19,808 Revenue 2,329,714 2,364,153 2,417,801 2,454,940 9,566,608 Operating expenses (2,016,676) (2,029,094) (1,912,243) (1,926,216) (7,884,229) Operating income $ 313,038 $ 335,059 $ 505,558 $ 528,724 $ 1,682,379 Net income (loss) $ (128,949) $ (98,004) $ 33,739 $ 213,808 $ 20,594 Net loss (income) attributable to noncontrolling interests (2) 149 (1,186) (722) (1,761) Net income (loss) attributable to Altice USA, Inc. stockholders $ (128,951) $ (97,855) $ 32,553 $ 213,086 $ 18,833 Basic and diluted net income (loss) per share attributable to Altice USA Inc.'s stockholders $ (0.17) $ (0.13) $ 0.04 $ 0.30 $ 0.03 (a) In the fourth quarter of 2018, the Company recorded a non-cash deferred tax benefit of $52,915 based on a remeasurement of the Company's net deferred tax liability. See Note 14 to the consolidated financial statements for further details. The following is a summary of CSC Holdings' selected quarterly financial data: CSC Holdings Three Months Ended March 31, June 30, September 30, December 31, Total Residential: Broadband $ 775,573 $ 806,250 $ 814,328 $ 826,454 $ 3,222,605 Video 1,017,330 1,018,426 993,158 968,959 3,997,873 Telephony 154,464 150,232 148,231 145,767 598,694 Business services and wholesale 350,689 357,806 357,628 362,409 1,428,532 News and advertising 94,738 114,450 118,067 148,649 475,904 Mobile — — 3,174 18,090 21,264 Other 3,773 3,917 4,076 4,221 15,987 Revenue 2,396,567 2,451,081 2,438,662 2,474,549 9,760,859 Operating expenses (1,954,089) (1,968,538) (1,967,147) (2,047,274) (7,937,048) Operating income $ 442,478 $ 482,543 $ 471,515 $ 427,275 $ 1,823,811 Net income (loss) $ (7,864) $ 104,142 $ 95,517 $ 21,022 $ 212,817 Net loss (income) attributable to noncontrolling interests 199 (43) (157) (1,002) (1,003) Net income (loss) attributable to CSC Holdings, LLC's sole member $ (7,665) $ 104,099 $ 95,360 $ 20,020 $ 211,814 CSC Holdings Three Months Ended March 31, June 30, September 30, December 31, Total Residential: Broadband $ 701,621 $ 712,202 $ 729,907 $ 743,725 $ 2,887,455 Video 1,033,708 1,034,404 1,054,667 1,033,649 4,156,428 Telephony 166,038 163,499 161,351 162,007 652,895 Business services and wholesale 333,090 337,388 344,193 348,087 1,362,758 News and advertising 88,737 111,342 123,913 163,272 487,264 Other 6,520 5,318 3,770 4,200 19,808 Revenue 2,329,714 2,364,153 2,417,801 2,454,940 9,566,608 Operating expenses (2,016,676) (2,029,094) (1,912,243) (1,926,216) (7,884,229) Operating income $ 313,038 $ 335,059 $ 505,558 $ 528,724 $ 1,682,379 Net income (loss) $ (89,968) $ 21,527 $ 86,747 $ 242,020 $ 260,326 Net loss (income) attributable to noncontrolling interests (2) 149 (1,186) (722) (1,761) Net income (loss) attributable to CSC $ (89,970) $ 21,676 $ 85,561 $ 241,298 $ 258,565 (a) In the fourth quarter of 2018, the Company recorded a non-cash deferred tax benefit of $53,493 based on a remeasurement of the Company's net deferred tax liability. See Note 14 to the consolidated financial statements for further details. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTIn February 2020, the Company entered into a definitive asset purchase agreement to acquire certain cable assets in New Jersey for approximately $150,000 subject to certain closing adjustments as set forth in the asset purchase agreement. The transaction is expected to close upon receipt of regulatory approval. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Entity Information [Line Items] | |
Revenue Recognition | Revenue Recognition Residential Services The Company derives revenue through monthly charges to residential customers of its broadband, video, and telephony services, including installation services. In addition, the Company derives revenue from digital video recorder ("DVR"), video-on-demand ("VOD"), pay-per-view, and home shopping commissions which are reflected in "Residential video" revenues. The Company recognizes broadband, video, and telephony revenues as the services are provided to a customer on a monthly basis. Revenue from the sale of bundled services at a discounted rate is allocated to each product based on the standalone selling price of each performance obligation within the bundled offer. The standalone selling price requires judgment and is typically determined based on the current prices at which the separate services are sold by the Company. Installation revenue for the Company's residential services is deferred and recognized over the benefit period, which is estimated to be less than one year. The estimated benefit period takes into account both quantitative and qualitative factors including the significance of average installation fees to total recurring revenue per customer. The Company is assessed non-income related taxes by governmental authorities, including franchising authorities (generally under multi-year agreements), and collects such taxes from its customers. In instances where the tax is being assessed directly on the Company, amounts paid to the governmental authorities are recorded as programming and other direct costs and amounts received from the customers are recorded as revenue. For the years ended December 31, 2019, 2018 and 2017, the amount of franchise fees and certain other taxes and fees included as a component of revenue aggregated $254,227, $257,467 and $259,075, respectively. Business and Wholesale Revenue The Company derives revenue from the sale of products and services to both large enterprise and small and medium-sized business ("SMB") customers, including broadband, telephony, networking, and video services reflected in "Business services and wholesale" revenues. The Company's business services also include Ethernet, data transport, and IP-based virtual private networks. The Company also provides managed services to businesses, including hosted telephony services (cloud based SIP-based private branch exchange), managed WiFi, managed desktop and server backup and managed collaboration services including audio and web conferencing. The Company also offers fiber-to-the-tower services to wireless carriers for cell tower backhaul and enable wireline communications service providers to connect to customers that their own networks do not reach. The Company recognizes revenues for these services as the services are provided to a customer on a monthly basis. Substantially all of our SMB customers are billed monthly and large enterprise customers are billed in accordance with the terms of their contracts which is typically also on a monthly basis. Contracts with large enterprise customers typically range from three years to five years. Installation revenue related to our large enterprise customers is deferred and recognized over the average contract term. Installation revenue related to SMB customers is deferred and recognized over the benefit period, which is less than one year. The estimated benefit period for SMB customers takes into account both quantitative and qualitative factors including the significance of average installation fees to total recurring revenue per customer. News and Advertising Revenue As part of the agreements under which the Company acquires video programming, the Company typically receives an allocation of scheduled advertising time during such programming into which the Company's cable systems can insert commercials. In several of the markets in which the Company operates, it has entered into agreements commonly referred to as interconnects with other cable operators to jointly sell local advertising. In some of these markets, the Company represents the advertising sales efforts of other cable operators; in other markets, other cable operators represent the Company. Advertising revenues are recognized when commercials are aired. Arrangements in which the Company controls the sale of advertising and acts as the principal to the transaction, the Company recognizes revenue earned from the advertising customer on a gross basis and the amount remitted to the distributor as an operating expense. Arrangements in which the Company does not control the sale of advertising and acts as an agent to the transaction, the Company recognizes revenue net of any fee remitted to the distributor. The Company's advanced advertising businesses provide data-driven, audience-based advertising solutions using advanced analytics tools that provide granular measurement of consumer groups, accurate hyper-local ratings and other insights into target audience behavior not available through traditional sample-based measurement services. Revenue earned from the Company's advanced advertising businesses are recognized when services are provided. Affiliation fee revenue derived by our news business is recognized as the programming services are provided. Mobile Revenue In September 2019, the Company commercially launched Altice Mobile, a mobile service providing data, talk and text to consumers in or near our service areas. Customers can purchase or finance a variety of mobile devices. Revenue from the sales of devices is recognized at the time of sale. Customers are billed monthly, in advance, for access to and usage of our mobile services. The Company recognizes mobile service revenue as the services are provided to the customers. Other Revenue Revenues derived from other sources are recognized when services are provided or events occur. Contract Assets Incremental costs incurred in obtaining a contract with a customer are deferred and recorded as a contract asset if the period of benefit is expected to be greater than one year. Sales commissions for enterprise and certain SMB customers are deferred and amortized over the average contract term. For sales commission expenses related to residential and SMB customers with a term of one year or less, the Company is utilizing the practical expedient and is recognizing the costs when incurred. The costs of fulfilling a contract with a customer are deferred and recorded as a contract asset if they generate or enhance resources of the Company that will be used in satisfying future performance obligations and are expected to be recovered. Installation costs related to residential and SMB customers that are not capitalized as part of the initial deployment of new customer premise equipment are expensed as incurred pursuant to industry-specific guidance. The following table provides information about contracts assets and contract liabilities related to contracts with customers: December 31, 2019 2018 Contract assets (a) $ 30,758 $ 26,405 Deferred revenue (b) 182,034 190,056 (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 portion of the Company's deferred revenue represents payments for services for up to one month in advance from residential and SMB customers which is realized within the following month as services are performed and the remaining portion is recognized over the contract period. 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. Multiple-Element Transactions In the normal course of business, the Company may enter into multiple-element transactions where it is simultaneously both a customer and a vendor with the same counterparty or in which it purchases multiple products and/or services, or settles outstanding items contemporaneously with the purchase of a product or service, from a single counterparty. The Company's policy for accounting for each transaction negotiated contemporaneously is to record each deliverable of the transaction based on its best estimate of selling price in a manner consistent with that used to determine the price to sell each deliverable on a standalone basis. In determining the fair value of the respective deliverable, the Company utilizes historical transactions, quoted market prices (as available), or comparable transactions. |
Technical and Operating Expenses and Programming Costs | Technical and Operating Expenses Costs of revenue related to sales of services and goods are classified as "programming and other direct costs" in the accompanying consolidated statements of operations. Programming Costs Programming expenses related to the Company's video service represent fees paid to programming distributors to license the programming distributed to customers. This programming is acquired generally under multi-year distribution agreements, with rates usually based on the number of customers that receive the programming. If there are periods when an existing distribution agreement has expired and the parties have not finalized negotiations of either a renewal of that agreement or a new agreement for certain periods of time, the Company continues to carry and pay for these services until execution of definitive replacement agreements or renewals. The amount of programming expense recorded during the interim period is based on the Company's estimates of the ultimate contractual agreement expected to be reached, which is based on several factors, including previous contractual rates, customary rate increases and the current status of negotiations. Such estimates are adjusted as negotiations progress until new programming terms are finalized. In addition, the Company has received, or may receive, incentives from programming distributors for carriage of the distributors' programming. The Company generally recognizes these incentives as a reduction of programming costs in "programming and other direct costs", generally over the term of the distribution agreement. |
Advertising Expenses | Advertising ExpensesAdvertising costs are charged to expense when incurred and are reflected in "other operating expenses" in the accompanying consolidated statements of operations. |
Share-based Compensation | Share-Based Compensation Share-based compensation cost expense which primarily relates to awards of units in a carried unit plan and stock options is based on the fair value of share-based payment awards at the date of grant. For carried interest units, the Company measures share-based compensation cost at the grant date fair value and recognizes the expense over the requisite service period or when it is probable any related performance condition will be met. For carried interest units with graded vesting, compensation cost is recognized on an accelerated method under the graded vesting method over the requisite service period. Share-based compensation cost related to carried interest units that vest entirely at the end of the vesting period are expensed on a straight-line basis. The grant date fair value of carried interest units was estimated using an option pricing model. Key inputs that were used in applying the option pricing method were total equity value, equity volatility, risk free rate and time to liquidity event. The estimate of total equity value was determined using a combination of the income approach, which incorporated cash flow projections that were discounted at an appropriate rate, and the market approach, which involved applying a market multiple to the Company’s projected operating results. The Company estimated volatility based on the historical equity volatility of comparable publicly-traded companies. Subsequent to the IPO, such subjective valuations and estimates were no longer necessary as the Company relied on the market price of the Company’s common stock to determine the fair value of share-based compensation awards. For stock option awards, the Company recognizes compensation expense based on the estimated grant date fair value using the Black-Scholes valuation model and amortizes the fair value to share-based compensation expense over the requisite service period. |
Income Taxes | Income TaxesThe Company's provision for income taxes is based on current period income, changes in deferred tax assets and liabilities and changes in estimates with regard to uncertain tax positions. Deferred tax assets are subject to an ongoing assessment of realizability. The Company provides deferred taxes for the outside basis difference of its investment in partnerships. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company's cash investments are placed with money market funds and financial institutions that are investment grade as rated by S&P Global Ratings and Moody's Investors Service. The Company selects money market funds that predominantly invest in marketable, direct obligations issued or guaranteed by the United States government or its agencies, commercial paper, fully collateralized repurchase agreements, certificates of deposit, and time deposits. The Company considers the balance of its investment in funds that substantially hold securities that mature within three months or less from the date the fund purchases these securities to be cash equivalents. The carrying amount of cash and cash equivalents either approximates fair value due to the short-term maturity of these instruments or are at fair value. |
Accounts Receivable | Accounts Receivable Accounts receivable are recorded at net realizable value. The Company periodically assesses the adequacy of valuation allowances for uncollectible accounts receivable by evaluating the collectability of outstanding receivables and general factors such as historical collection experience, length of time individual receivables are past due, and the economic and competitive environment. |
Investments | Investment SecuritiesInvestment securities and investment securities pledged as collateral are carried at fair value with realized and unrealized holding gains and losses included in the consolidated statements of operations. |
Long-Lived Assets and Amortizable Intangible Assets | Long-Lived Assets and Amortizable Intangible Assets Property, plant and equipment, including construction materials, are carried at cost, and include all direct costs and certain indirect costs associated with the construction of cable systems, and the costs of new equipment installations. Equipment under finance leases is recorded at the present value of the total minimum lease payments. Depreciation on equipment is calculated on the straight-line basis over the estimated useful lives of the assets or, with respect to equipment under finance lease obligations and leasehold improvements, amortized over the shorter of the lease term or the assets' useful lives and reported in depreciation and amortization (including impairments) in the consolidated statements of operations. |
Internal Use Software | The Company capitalizes certain internal and external costs incurred to acquire or develop internal-use software. Capitalized software costs are amortized over the estimated useful life of the software and reported in depreciation and amortization. |
Amortizable Intangible Assets | Customer relationships, trade names and other intangibles established in connection with acquisitions that are finite-lived are amortized in a manner that reflects the pattern in which the projected net cash inflows to the Company are expected to occur, such as the sum of the years' digits method, or when such pattern does not exist, using the straight-line basis over their respective estimated useful lives. |
Asset Impairment | The Company reviews its long-lived assets (property, plant and equipment, and intangible assets subject to amortization that arose from acquisitions) for impairment whenever events or circumstances indicate that the carrying amount of an asset may not be recoverable. If the sum of the expected cash flows, undiscounted and without interest, is less than the carrying amount of the asset, an impairment loss is recognized as the amount by which the carrying amount of the asset exceeds its fair value. |
Goodwill and Indefinite-Lived Intangible Assets | Goodwill and Indefinite-Lived Intangible Assets Goodwill and the value of franchises acquired in purchase business combinations which have indefinite useful lives are not amortized. Rather, such assets are tested for impairment annually or upon the occurrence of a triggering event. The Company assesses qualitative factors for its reporting units that carry goodwill. If the qualitative assessment results in a conclusion that it is more likely than not that the fair value of a reporting unit exceeds the carrying value, then no further testing is performed for that reporting unit. When the qualitative assessment is not used, or if the qualitative assessment is not conclusive and it is necessary to calculate the fair value of a reporting unit, then the impairment analysis for goodwill is performed at the reporting unit level using a two-step approach. The first step of the goodwill impairment test is used to identify potential impairment by comparing the fair value of the reporting unit with its carrying amount, including goodwill utilizing an enterprise-value based premise approach. If the carrying amount of the reporting unit exceeds its fair value, the second step of the goodwill impairment test is performed to measure the amount of goodwill impairment loss, if any. The second step of the goodwill impairment test compares the implied fair value of the reporting unit's goodwill with the carrying amount of that goodwill. If the carrying amount of the reporting unit's goodwill exceeds the implied fair value of that goodwill, an impairment loss is recognized in an amount equal to that excess. The implied fair value of goodwill is determined in the same manner as the amount of goodwill which would be recognized in a business combination. The Company assesses qualitative factors to determine whether it is necessary to perform the one-step quantitative identifiable indefinite-lived intangible assets impairment test. This quantitative test is required only if the Company concludes that it is more likely than not that a unit of accounting’s fair value is less than its carrying amount. When the qualitative assessment is not used, or if the qualitative assessment is not conclusive, the impairment test for other intangible assets not subject to amortization requires a comparison of the fair value of the intangible asset with its carrying value. If the carrying value of the indefinite-lived intangible asset exceeds its fair value, an impairment loss is recognized in an amount equal to that excess. |
Deferred Financing Costs | Deferred Financing Costs Deferred financing costs are being amortized to interest expense using the effective interest method over the terms of the related debt. |
Derivative Financial Instruments | Derivative Financial InstrumentsThe Company accounts for derivative financial instruments as either assets or liabilities measured at fair value. The Company uses derivative instruments to manage its exposure to market risks from changes in certain equity prices and interest rates and does not hold or issue derivative instruments for speculative or trading purposes. These derivative instruments are not designated as hedges, and changes in the fair values of these derivatives are recognized in the consolidated statements of operations as gain (loss) on derivative contracts or gain (loss) on interest rate swap contracts. |
Commitments and Contingencies | Commitments and Contingencies Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties and other sources are recorded when the Company believes it is probable that a liability has been incurred and the amount of the contingency can be reasonably estimated. |
Foreign Currency | Foreign CurrencyCertain of the Company's i24NEWS subsidiaries are located outside the United States. The functional currency for these subsidiaries is determined based on the primary economic environment in which the subsidiary operates. Revenues and expenses for these subsidiaries are translated into U.S. dollars using rates that approximate those in effect during the period while the assets and liabilities are translated into U.S. dollars using exchange rates in effect at the end of each period. The resulting gains and losses from these translations are recognized in cumulative translation adjustment included in accumulated other comprehensive loss in stockholders’ equity on the consolidated balance sheets. |
Net Income (Loss) Per Share | Net Income Per Share Basic net income per common share attributable to Altice USA stockholders is computed by dividing net income 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. Diluted net loss per common share attributable to Altice USA stockholders excludes the effects of common stock equivalents as they are anti-dilutive. |
Concentrations of Credit Risk | Concentrations of Credit Risk Financial instruments that may potentially subject the Company to a concentration of credit risk consist primarily of cash and cash equivalents and trade account receivables. The Company monitors the financial institutions and money market funds where it invests its cash and cash equivalents with diversification among counterparties to mitigate exposure to any single financial institution. The Company's emphasis is primarily on safety of principal and liquidity and secondarily on maximizing the yield on its investments. Management believes that no significant concentration of credit risk exists with respect to its cash and cash equivalents because of its assessment of the creditworthiness and financial viability of the respective financial institutions. |
Use of Estimates in Preparation of Financial Statements | Use of Estimates in Preparation of Financial Statements The preparation of financial statements in conformity with U.S. generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. See Note 13 for a discussion of fair value estimates. |
Reclassifications | Reclassifications Certain reclassifications have been made to the 2018 and 2017 financial statements to conform to the 2019 presentation. |
Recently Adopted Accounting Pronouncements and Recently Issued But Not Yet Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements Accounting Standards Codification ("ASC"), Topic 842, Leases ("ASC 842") On January 1, 2019, the Company adopted Financial Accounting Standards Board ("FASB") 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. See Note 9 for a further information regarding the adoption of ASC 842. Accounting Standards Update ("ASU") No. 2018-02, Income Statement-Reporting Comprehensive Income (Topic 220) Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income ("ASU 2018-02") During the first quarter of 2018, the Company adopted ASU 2018-02. The primary provision of ASU 2018-02 allows for the reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act. ASU 2018-02 also requires certain disclosures about stranded tax effects. The adoption resulted in the reclassification of stranded tax amounts of $2,163 associated with net unrecognized losses from the Company's pension plans from accumulated other comprehensive loss to retained earnings. ASU No. 2017-09, Compensation-Stock Compensation (Topic 718) ("ASU 2017-09") On January 1, 2018, the Company adopted ASU No. 2017-09 which provides clarity and guidance on which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. The adoption of ASU 2017-09 had no impact to the Company's consolidated financial statements. ASU No. 2017-07, Compensation-Retirement Benefits (Topic 715) ("ASU 2017-07") On January 1, 2018, the Company adopted ASU 2017-07 and was applied retrospectively. ASU No. 2017-07 requires that an employer disaggregate the service cost component from the other components of net benefit cost. It also provides guidance on how to present the service cost component and the other components of net benefit cost in the income statement and what component of net benefit cost is eligible for capitalization. As a result of the adoption, the Company reclassified the non-service cost components of the Company's pension expense for the year ended December 2017 and 2016 from other operating expenses to other income (expense), net. The Company elected to apply the practical expedient which allowed it to reclassify amounts disclosed previously in the benefits plan note as the basis for applying retrospective presentation for comparative periods, as the Company determined it was impracticable to disaggregate the cost components for amounts capitalized and amortized in those periods. See Note 4 for information on the impact of the adoption of ASU 2017-07. ASU No. 2017-01, Business Combinations (Topic 805), Clarifying the Definition of a Business ("ASU No. 2017-01") In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805), Clarifying the Definition of a Business, which amends Topic 805 to interpret the definition of a business by adding guidance to assist in evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The Company adopted the new guidance on January 1, 2018 and it had no impact to the Company's consolidated financial statements. ASU No. 2016-20, Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers ("ASU No. 2016-20") In December 2016, the FASB issued ASU No. 2016-20, Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers, in order to clarify the Codification and to correct any unintended application of the guidance. The amendments in this update affected the guidance in ASC 606. ASC 606 was adopted by the Company on January 1, 2018 on a full retrospective basis, which required the Company to reflect the impact of the updated guidance for all periods presented. The adoption of ASC 606 did not have a material impact on the Company’s financial position or results of operations. See Note 4 for information on the impact of the adoption of ASC 606. ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash ("ASU 2016-18") In November 2016, the FASB issued ASU No. 2016-18 which requires that the statement of cash flows disclose the change during the period in the total of cash, cash equivalents, restricted cash and restricted cash equivalents. Restricted cash should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of period total amounts shown on the statement of cash flows. ASU 2016-18 provides specific guidance on the presentation of restricted cash in the statement of cash flows. ASU 2016-18 was adopted by the Company on January 1, 2018 and was applied retrospectively for all periods presented. ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments ("ASU 2016-15") In August 2016, the FASB issued ASU No. 2016-15 which clarifies how entities should classify certain cash receipts and cash payments on the statement of cash flows. ASU 2016-15 also clarifies how the predominance principle should be applied when cash receipts and cash payments have aspects of more than one class of cash flows. The Company adopted the new guidance on January 1, 2018 and it had no impact to the Company's consolidated financial statements. ASU No. 2016-01, Financial Instruments - Overall (Subtopic 825-10), Recognition and Measurement of Financial Assets and Financial Liabilities ("ASU 2016-01") In January 2016, the FASB issued ASU 2016-01 which modifies how entities measure certain equity investments and also modifies the recognition of changes in the fair value of financial liabilities measured under the fair value option. Entities will be required to measure equity investments that do not result in consolidation and are not accounted for under the equity method at fair value and recognize any changes in fair value in net income. For financial liabilities measured using the fair value option, entities will be required to record changes in fair value caused by a change in instrument-specific credit risk (own credit risk) separately in other comprehensive income. ASU 2016-01 was adopted by the Company on January 1, 2018 and it had no impact to the Company's consolidated financial statements. ASU No. 2014-09, Revenue from Contracts with Customers ("ASC 606") In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers ("ASC 606"), requiring an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. ASC 606 replaced most existing revenue recognition guidance in GAAP. The Company adopted the guidance pursuant to ASC 606 on January 1, 2018. See Note 4 for information on the impact of the adoption of ASC 606. Recently Issued But Not Yet Adopted Accounting Pronouncements ASU No. 2019-12, Simplifying the Accounting for Income Taxes ("ASU 2019-12") In December 2019, the FASB issued ASU 2019-12 which provides amendments to simplify the accounting for income taxes by removing certain exceptions to the general principles in ASC Topic 740, Income Taxes. The amendments also improve consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance. ASU 2019-12 becomes effective for the Company on January 1, 2021. Early adoption of the amendments is permitted, including adoption in any interim period for public business entities for periods for which financial statements have not yet been issued. The Company is currently in the process of evaluating the impact that the adoption of ASU 2019-12 will have 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 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 became effective for the Company on January 1, 2020 and will be applied prospectively. ASU No. 2018-14, Changes to the Disclosure Requirements for Defined Benefit Plans ("ASU 2018-14") In August 2018, the FASB issued ASU 2018-14 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 for its annual and interim reporting periods beginning December 31, 2020, 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. 2017-04, Intangibles-Goodwill and Other (Topic 350) ("ASU 2017-04") In January 2017, the FASB issued ASU 2017-04 which 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 became effective for the Company on January 1, 2020 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 2016-13 which requires a financial asset (or a group of financial assets) measured at amortized cost 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 become effective for the Company on January 1, 2020 and will be applied prospectively. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Contract with Customer, Asset and Liability | The following table provides information about contracts assets and contract liabilities related to contracts with customers: December 31, 2019 2018 Contract assets (a) $ 30,758 $ 26,405 Deferred revenue (b) 182,034 190,056 (a) Contract assets include primarily sales commissions for enterprise customers that are deferred and amortized over the average contract term. |
Disaggregation of Revenue | The following table presents the composition of revenue: Years Ended December 31, 2019 2018 2017 Residential: Broadband $ 3,222,605 $ 2,887,455 $ 2,608,595 Video 3,997,873 4,156,428 4,274,122 Telephony 598,694 652,895 700,765 Business services and wholesale 1,428,532 1,362,758 1,298,213 News and advertising 475,904 487,264 396,187 Mobile 21,264 — — Other 15,987 19,808 29,068 Total revenue $ 9,760,859 $ 9,566,608 $ 9,306,950 |
Schedule of Stock by Class | The following table provides details of Altice USA's shares of common stock outstanding: Shares of Common Stock Outstanding Class A Class B Balance at June 21, 2017 and December 31, 2017 246,982,292 490,086,674 Altice Europe Distribution on June 8, 2018 (see Note 1) 242,402,231 (242,402,231) Conversion of Class B common stock to Class A common stock 34,708,184 (34,708,184) Retirement of Class A common shares in connection with the Company's stock repurchase plan (see Note 1) (28,028,680) — Balance at December 31, 2018 496,064,027 212,976,259 Conversion of Class B common stock to Class A common stock 26,730,427 (26,730,427) Issuance of common shares 6,897,190 — Option exercises 184,147 — Retirement of Class A common shares in connection with the Company's stock repurchase plan (see Note 1) (72,668,712) — Treasury shares (a) (10,457,772) — Balance at December 31, 2019 446,749,307 186,245,832 |
CHANGE IN ACCOUNTING POLICIES_2
CHANGE IN ACCOUNTING POLICIES AND ATS ACQUISITION (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Changes and Error Corrections [Abstract] | |
Schedule of New Accounting Pronouncements | The following table summarizes the impact of adopting ASC 606 and ASU No. 2017-07 and the impact of the ATS Acquisition on Altice USA's consolidated statements of operations: Altice USA Year Ended December 31, 2017 As Reported Impact of ASC 606 Impact of ASU No. 2017-07 Impact of ATS Acquisition As Adjusted Residential: Broadband $ 2,563,772 $ 45,192 $ — $ (369) $ 2,608,595 Video 4,214,745 59,878 — (501) 4,274,122 Telephony 823,981 (122,981) — (235) 700,765 Business services and wholesale 1,298,817 (604) — — 1,298,213 News and advertising (a) 396,187 — — — 396,187 Other (a) 29,068 — — — 29,068 Total revenue 9,326,570 (18,515) — (1,105) 9,306,950 Programming and other direct costs 3,035,655 — — — 3,035,655 Other operating expenses 2,342,655 (18,515) (11,863) 35,038 2,347,315 Restructuring and other expense 152,401 — — — 152,401 Depreciation and amortization 2,930,475 — — 96 2,930,571 Operating income 865,384 — 11,863 (36,239) 841,008 Other expense, net (2,196,733) — (11,863) — (2,208,596) Loss before income taxes (1,331,349) — — (36,239) (1,367,588) Income tax benefit 2,852,967 — — 9,385 2,862,352 Net income $ 1,521,618 $ — $ — $ (26,854) $ 1,494,764 |
ALLOWANCE FOR DOUBTFUL ACCOUN_2
ALLOWANCE FOR DOUBTFUL ACCOUNTS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Receivables [Abstract] | |
Allowance for Credit Losses on Financing Receivables | Activity related to the Company's allowance for doubtful accounts is presented below: Balance at Beginning of Period Provision for Bad Debt Deductions/ Write-Offs and Other Charges Balance at End of Period Year Ended December 31, 2019 Allowance for doubtful accounts $ 13,520 $ 91,520 $ (90,357) $ 14,683 Year Ended December 31, 2018 Allowance for doubtful accounts $ 13,420 $ 71,426 $ (71,326) $ 13,520 Year Ended December 31, 2017 Allowance for doubtful accounts $ 11,677 $ 74,183 $ (72,440) $ 13,420 |
RESTRUCTURING AND OTHER EXPEN_2
RESTRUCTURING AND OTHER EXPENSE (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Restructuring and Related Activities [Abstract] | |
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, 2016 $ 102,119 $ 8,397 $ 110,516 Restructuring charges 142,679 7,243 149,922 Payments and other (131,324) (6,014) (137,338) Accrual balance at December 31, 2017 113,474 9,626 123,100 Restructuring charges 15,580 15,447 31,027 Payments and other (107,600) (11,458) (119,058) Accrual balance at December 31, 2018 21,454 13,615 35,069 Restructuring charges 6,606 6,317 12,923 Payments and other (26,384) (3,751) (30,135) Impact of the adoption of ASC 842 (a) — (13,849) (13,849) Accrual balance at December 31, 2019 $ 1,676 $ 2,332 $ 4,008 |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, plant and equipment (including equipment under finance leases) consist of the following assets, which are depreciated or amortized on a straight-line basis over the estimated useful lives shown below: December 31, 2019 December 31, 2018 Estimated Customer premise equipment $ 1,563,729 $ 1,354,510 3 to 5 years Headends and related equipment 2,023,684 1,852,105 5 to 25 years Infrastructure 5,314,322 4,595,143 5 to 25 years Equipment and software 1,111,577 1,083,166 3 to 10 years Construction in progress (including materials and supplies) 192,571 215,684 Furniture and fixtures 63,478 57,448 5 to 8 years Transportation equipment 151,627 146,387 5 to 10 years Buildings and building improvements 457,174 411,573 10 to 40 years Leasehold improvements 103,734 109,110 Term of lease Land 48,426 48,426 11,030,322 9,873,552 Less accumulated depreciation and amortization (5,276,921) (4,044,671) $ 5,753,401 $ 5,828,881 |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Lessee, Topic 842, Other Lease Information | Other information related to leases is presented below: As of Right-of-use assets acquired in exchange for operating lease obligations $ 61,244 Cash Paid For Amounts Included In Measurement of Liabilities: Operating cash flows from finance leases 2,106 Operating cash flows from operating leases 65,352 Weighted Average Remaining Lease Term: Operating leases 9.4 years Finance leases 3.4 years Weighted Average Discount Rate: Operating leases 5.96 % Finance leases 5.49 % |
Finance Lease, Liability, Maturity | The minimum future annual payments under non-cancellable leases during the next five years and thereafter, at rates now in force, are as follows: Finance leases Operating leases 2020 $ 25,500 $ 48,899 2021 22,516 47,894 2022 18,271 48,509 2023 5,788 38,500 2024 3,343 34,055 Thereafter 283 193,018 Total future minimum lease payments, undiscounted 75,701 410,875 Less: Imputed interest (6,281) (102,977) Present value of future minimum lease payments $ 69,420 $ 307,898 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. Finance leases Operating leases 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 |
Lessee, Operating Lease, Liability, Maturity | The minimum future annual payments under non-cancellable leases during the next five years and thereafter, at rates now in force, are as follows: Finance leases Operating leases 2020 $ 25,500 $ 48,899 2021 22,516 47,894 2022 18,271 48,509 2023 5,788 38,500 2024 3,343 34,055 Thereafter 283 193,018 Total future minimum lease payments, undiscounted 75,701 410,875 Less: Imputed interest (6,281) (102,977) Present value of future minimum lease payments $ 69,420 $ 307,898 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. Finance leases Operating leases 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 |
Lease, Cost | The following provides details of the Company's lease expense: Year Ended Operating lease expense, net $ 60,364 Finance lease expense: Amortization of assets 9,347 Interest on lease liabilities 2,106 Total finance lease expense 11,453 $ 71,817 |
Lesee, Operating Lease And Finance Lease, Liability | Balance sheet information related to our leases is presented below: Balance Sheet location December 31, 2019 January 1, 2019 December 31, 2018 Operating leases: Right-of-use lease assets Right-of-use operating lease assets $ 280,340 $ 274,292 $ — Right-of-use lease liability, current Other current liabilities 38,836 48,033 — Right-of-use lease liability, long-term Right-of-use operating lease liability 269,062 251,867 — Finance leases: Right-of-use lease assets Property, plant and equipment 70,339 30,891 30,891 Right-of-use lease liability, current Current portion of long-term debt 22,017 5,928 5,928 Right-of-use lease liability, long-term Long-term debt 47,403 19,262 19,262 |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 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 $ (2,843,561) $ 3,173,963 $ 5,970,884 $ (2,162,110) $ 3,808,774 8 to 18 years Trade names 1,081,083 (798,484) 282,599 1,067,083 (701,998) 365,085 2 to 5 years Other amortizable intangibles 53,181 (28,634) 24,547 37,644 (18,679) 18,965 1 to 15 years $ 7,151,788 $ (3,670,679) $ 3,481,109 $ 7,075,611 $ (2,882,787) $ 4,192,824 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | The following table sets forth the estimated amortization expense on intangible assets for the periods presented: Estimated amortization expense Year Ending December 31, 2020 $ 710,537 Year Ending December 31, 2021 629,095 Year Ending December 31, 2022 542,371 Year Ending December 31, 2023 378,643 Year Ending December 31, 2024 300,387 |
Schedule of Goodwill | The carrying amount of goodwill is presented below: Goodwill as of December 31, 2017 $ 8,019,861 Reclassification of goodwill to property, plant and equipment related to Cequel (15,041) Goodwill recorded in connection with an acquisition 7,608 Adjustment to purchase accounting relating to business acquired (12) Goodwill as of December 31, 2018 8,012,416 Goodwill recorded in connection with an acquisition of Cheddar Inc. ("Cheddar") 130,039 Adjustments to purchase accounting relating to business acquired (146) Goodwill as of December 31, 2019 $ 8,142,309 |
DEBT (Tables)
DEBT (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Extinguishment of Debt | The following table provides a summary of the loss (gain) 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: For the Year Ended December 31, 2019: CSC Holdings 5.125% Senior Notes due 2021 $ 65,151 CSC Holdings 10.125% Senior Notes due 2023 154,666 Refinancing and subsequent amendment to CSC Holdings credit facility 8,313 Subtotal - CSC Holdings 228,130 Cablevision 5.125% Senior Notes due 2021 500 Cablevision 8.000% Senior Notes due 2020 15,176 $ 243,806 |
Schedule of Maturities of Long-term Debt | The future maturities of debt payable by the Company under its various debt obligations outstanding as of December 31, 2019, including notes payable and collateralized indebtedness (see Note 12), but excluding finance lease obligations (see Note 9), are as follows: Years Ending December 31, 2020 $ 148,665 2021 1,078,499 2022 728,785 2023 2,928,347 2024 822,888 Thereafter 18,996,836 |
DERIVATIVE CONTRACTS AND COLL_2
DERIVATIVE CONTRACTS AND COLLATERALIZED INDEBTEDNESS (Tables) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Schedule of Interest Rate Derivatives | The following is a summary of interest rate swap contracts outstanding at December 31, 2019: Trade Date Maturity Date Notional Amount Company Pays Company Receives May 2016 May 2026 $ 750,000 Six- month LIBOR Fixed rate of 1.665% June 2016 May 2026 750,000 Six- month LIBOR Fixed rate of 1.68% December 2018 January 2022 500,000 Fixed rate of 2.7177% Three-month LIBOR December 2018 January 2022 500,000 Fixed rate of 2.733% Three-month LIBOR December 2018 January 2022 500,000 Fixed rate of 2.722% Three-month LIBOR December 2018 December 2026 750,000 Fixed rate of 2.9155% Three-month LIBOR December 2018 December 2026 750,000 Fixed rate of 2.9025% Three-month LIBOR April 2019 April 2020 1,255,513 Three- month LIBOR minus 0.1075% One- month LIBOR | |
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: | |
Schedule of Collateralized Debt Settlement | The following table summarizes the settlement of the Company's collateralized indebtedness relating to Comcast shares that were settled by delivering cash equal to the collateralized loan value, net of the value of the related equity derivative contracts during the years presented: Years Ended December 31, 2019 2018 Number of shares — 16,139,868 Collateralized indebtedness settled $ — $ (516,537) Derivatives contracts settled — 24 — (516,513) Proceeds from monetization contracts 93,000 516,513 Net cash proceeds $ 93,000 $ — |
FAIR VALUE MEASUREMENT (Tables)
FAIR VALUE MEASUREMENT (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2019 December 31, 2018 Assets: Money market funds Level I $ 563,704 $ 91,852 Investment securities pledged as collateral Level I 1,931,697 1,462,626 Prepaid forward contracts Level II 25,207 109,344 Interest rate swap contracts Level II — 1,975 Liabilities: Prepaid forward contracts Level II 94,795 — Interest rate swap contracts Level II 161,340 132,978 Contingent consideration related to 2017 and 2018 acquisitions Level III 7,250 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: December 31, 2019 December 31, 2018 Fair Value Carrying Estimated Carrying Estimated CSC Holdings debt instruments: Credit facility debt Level II $ 7,148,287 $ 7,190,438 $ 5,915,559 $ 5,972,500 Collateralized indebtedness Level II 1,585,088 1,611,095 1,406,182 1,374,203 Senior guaranteed notes Level II 7,602,456 8,220,518 5,847,758 5,646,468 Senior notes Level II 7,874,040 8,728,870 8,416,610 8,972,722 Notes payable and supply chain financing Level II 140,994 141,713 106,108 105,836 Cablevision debt instruments: Senior notes Level II — — 1,095,193 1,163,843 $ 24,350,865 $ 25,892,634 $ 22,787,410 $ 23,235,572 (a) Amounts are net of unamortized deferred financing costs and discounts/premiums. |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | Income tax expense (benefit) for the years ended December 31, 2019, 2018 and 2017 consist of the following components: Altice USA CSC Holdings Years Ended December 31, Years Ended December 31, 2019 2018 2017 2019 2018 2017 Current expense (benefit): Federal $ — $ (1,865) $ 5,261 $ 240,229 $ 186,035 $ 151,120 State 33,103 32,347 12,530 70,567 124,106 47,900 33,103 30,482 17,791 310,796 310,141 199,020 Deferred expense (benefit): Federal 43,105 26,141 (2,095,930) (176,591) (102,872) (2,154,344) State (28,174) (93,744) (784,224) (62,118) (148,721) (872,438) 14,931 (67,603) (2,880,154) (238,709) (251,593) (3,026,782) Tax expense (benefit) relating to uncertain tax positions (844) (1,534) 11 (844) (985) 11 Income tax expense (benefit) $ 47,190 $ (38,655) $ (2,862,352) $ 71,243 $ 57,563 $ (2,827,751) |
Schedule of Effective Income Tax Rate Reconciliation | The income tax expense (benefit) attributable to Altice USA's operations differs from the amount derived by applying the statutory federal rate to pretax loss principally due to the effect of the following items: Altice USA CSC Holdings Years Ended December 31, Years Ended December 31, 2019 2018 2017 2019 2018 2017 Federal tax expense (benefit) at statutory rate $ 39,297 $ (3,793) $ (478,656) $ 59,653 $ 66,757 $ (83,507) State income taxes, net of federal impact (6,256) (8,103) (61,698) (9,060) 33,249 (23,720) Changes in the valuation allowance 4,079 15,987 (111) 4,307 — — Impact of Federal Tax Reform — — (2,332,677) — — (2,731,324) Changes in the state rates used to measure deferred taxes, net of federal impact (1,046) (52,915) (12,896) 6,532 (53,493) (12,999) Tax benefit relating to uncertain tax positions (847) (514) (253) (847) (514) (253) Non-deductible share-based compensation related to the carried unit plan 15,642 8,677 20,101 15,642 8,677 20,101 Other non-deductible expenses 1,334 2,200 3,405 1,334 2,011 3,383 Other, net (5,013) (194) 433 (6,318) 876 568 Income tax expense (benefit) $ 47,190 $ (38,655) $ (2,862,352) $ 71,243 $ 57,563 $ (2,827,751) |
Schedule of Deferred Tax Assets and Liabilities | The tax effects of temporary differences which give rise to significant portions of deferred tax assets or liabilities and the corresponding valuation allowance are as follows: Altice USA CSC Holdings December 31, December 31, 2019 2018 2019 2018 Noncurrent NOLs and tax credit carry forwards $ 309,924 $ 571,413 $ 74,300 $ 16,465 Compensation and benefit plans 25,227 42,484 25,227 45,138 Partnership investments 49,956 60,413 49,956 60,413 Restructuring liability 11,280 9,364 11,280 9,364 Other liabilities 42,339 38,473 42,339 36,833 Liabilities under derivative contracts 43,175 20,846 43,175 20,847 Interest deferred for tax purposes 333,856 166,668 333,856 34,843 Operating lease Liability 82,393 — 82,393 — Other 12,428 11,531 12,428 9,867 Deferred tax asset 910,578 921,192 674,954 233,770 Valuation allowance (29,479) (25,400) (11,859) (8,225) Net deferred tax asset, noncurrent 881,099 895,792 663,095 225,545 Fixed assets and intangibles (5,384,320) (5,496,103) (5,384,320) (5,473,397) Operating lease Asset (75,019) — (75,019) — Investments (116,702) (71,167) (116,702) (71,168) Prepaid expenses (10,978) (7,543) (10,978) (7,543) Fair value adjustments related to debt and deferred financing costs (56,675) (40,083) (56,675) (18,111) Other — (4,833) — (5,273) Deferred tax liability, noncurrent (5,643,694) (5,619,729) (5,643,694) (5,575,492) Total net deferred tax liability $ (4,762,595) $ (4,723,937) $ (4,980,599) $ (5,349,947) |
SHARE-BASED COMPENSATION (Table
SHARE-BASED COMPENSATION (Tables) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Payment Arrangement [Abstract] | ||
Activity for Shares | The following table summarizes activity relating to these carry units: Number of Time Number of Performance Weighted Average Grant Date Fair Value Balance, December 31, 2016 192,800,000 10,000,000 $ 0.37 Granted 28,025,000 — 3.14 Vested (44,420,833) — 0.41 Forfeited (7,854,166) — 0.37 Balance, December 31, 2017 168,550,001 10,000,000 0.71 Vested (68,037,500) — 0.37 Forfeited (16,937,501) — 0.62 Balance, December 31, 2018 83,575,000 10,000,000 1.14 Vested (42,618,750) — 0.83 Converted to restricted shares — (10,000,000) 0.37 Forfeited (3,437,500) — 0.84 Balance, December 31, 2019 37,518,750 — 2.35 | |
Share-based Compensation, Stock Options, Activity | The following table summarizes activity related to employee stock options: Shares Under Option Weighted Average Weighted Average Remaining Time Performance Aggregate Intrinsic Balance at December 31, 2017 5,110,747 — $ 17.45 9.97 $ 8,331 Granted 6,753,659 95,953 17.58 Forfeited (634,238) (22,314) 17.92 Balance at December 31, 2018 11,230,168 73,639 17.50 9.47 $ — Granted 3,677,076 — 23.88 Exercised (184,147) — 17.43 Forfeited (639,356) (73,639) 18.42 Balance at December 31, 2019 14,083,741 — 19.12 8.74 112,915 Options exercisable at December 31, 2019 878,225 — 17.65 8.08 8,512 (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. | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | Year Ended December 31, 2019 2018 2017 Risk-free interest rate 2.05% 2.74% 2.30% Expected life (in years) 6.47 6.49 6.44 Dividend yield —% —% —% Volatility 28.22% 35.72% 33.95% Grant date fair value $7.93 $6.91 $8.77 |
AFFILIATE AND RELATED PARTY T_2
AFFILIATE AND RELATED PARTY TRANSACTIONS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Summary of related party transactions | The following table summarizes the revenue and charges related to services provided to or received from affiliates and related parties: Years Ended December 31, 2019 2018 2017 Revenue $ 3,974 $ 2,575 $ 1,100 Operating expenses: Programming and other direct costs $ (11,580) $ (7,261) $ (4,176) Other operating expenses, net (8,355) (16,307) (33,140) Operating expenses, net (19,935) (23,568) (37,316) Interest expense — (600) — Interest income — 2,429 6,496 Net charges - CSC Holdings (15,961) (19,164) (29,720) Interest expense — (2,429) (96,901) Other income, net — 149 — Loss on extinguishment of debt and write-off of deferred financing costs (see Note 11) — — (513,723) Net charges - Altice USA $ (15,961) $ (21,444) $ (640,344) Capital Expenditures $ 12,167 $ 14,951 $ 22,012 Aggregate amounts that were due from and due to affiliates and related parties are summarized below: Altice USA CSC Holdings December 31, December 31, 2019 2018 2019 2018 Due from: Altice Europe (a) $ 4,076 $ 16,995 $ 4,076 $ 3,821 Other affiliates and related parties (a) 2,698 562 2,698 564 $ 6,774 $ 17,557 $ 6,774 $ 4,385 Due to: Altice Europe (a) $ — $ 26,074 $ — $ 12,419 Other affiliates and related parties (a) 7,456 22 7,456 22 Altice USA (b) — — — 26,578 Cablevision (c) — — — 140,398 $ 7,456 $ 26,096 $ 7,456 $ 179,417 (a) Amounts due from affiliates represent amounts paid by the Company on behalf of or for services provided to the respective related party. Amounts due to affiliates relate to the purchase of equipment and advertising services, as well as reimbursement for payments made on our behalf. For Altice USA, the 2018 receivable amount includes interest on senior notes paid by Altice USA on behalf of an affiliate aggregating $13,100 and the payable amount includes $13,250 related to the consulting, advisory and other services agreement discussed above. (b) Includes amounts due to affiliate for services provide by the affiliate and for cash collected on its behalf. |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contractual Obligation, Fiscal Year Maturity Schedule | Future cash payments and commitments required under arrangements pursuant to contracts entered into by the Company in the normal course of business as of December 31, 2019 are as follows: Payments Due by Period Total Year 1 Years 2-3 Years 4-5 More than Off balance sheet arrangements: Purchase obligations (a) $ 8,238,465 $ 3,547,239 $ 3,685,145 $ 837,711 $ 168,370 Guarantees (b) 37,930 37,870 60 — — Letters of credit (c) 178,014 1,620 7,360 169,034 — Total $ 8,454,409 $ 3,586,729 $ 3,692,565 $ 1,006,745 $ 168,370 (a) Purchase obligations primarily include contractual commitments with various programming vendors to provide video services to customers and minimum purchase obligations to purchase goods or services, including contracts to acquire handsets and other equipment. Future fees payable under contracts with programming vendors are based on numerous factors, including the number of customers receiving the programming. Amounts reflected above related to programming agreements are based on the number of customers receiving the programming as of December 31, 2019 multiplied by the per customer rates or the stated annual fee, as applicable, contained in the executed agreements in effect as of December 31, 2019. (b) Includes franchise and performance surety bonds primarily for the Company's cable television systems. (c) Represent letters of credit guaranteeing performance to municipalities and public utilities and payment of insurance premiums. Payments due by period for these arrangements represent the year in which the commitment expires although payments under these arrangements are required only in the event of nonperformance. |
BENEFIT PLANS (Tables)
BENEFIT PLANS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |
Schedule of Net Funded Status | Summarized below is the funded status and the amounts recorded on the Company's consolidated balance sheets for all of the Company's Defined Benefit Plans at December 31, 2019 and 2018: December 31, 2019 2018 Change in projected benefit obligation: Projected benefit obligation at beginning of year $ 264,515 $ 299,066 Interest cost 9,227 9,248 Actuarial gain (743) (9,894) Settlements/curtailments 1,875 2,373 Benefits paid (27,112) (36,278) Projected benefit obligation at end of year 247,762 264,515 Change in plan assets: Fair value of plan assets at beginning of year 167,510 195,768 Actual gain (loss) on plan assets, net 15,892 (5,705) Employer contributions 34,107 13,725 Benefits paid (27,112) (36,278) Fair value of plan assets at end of year 190,397 167,510 Unfunded status at end of year $ (57,365) $ (97,005) |
Schedule of Amounts Recognized in Balance Sheet | The Company's net funded status relating to its Defined Benefit Plans at December 31, 2019 and 2018, is as follows: December 31, 2019 2018 Defined Benefit Plans $ (57,365) $ (97,005) Less: Current portion related to nonqualified plans 175 211 Long-term defined benefit plan obligations $ (57,190) $ (96,794) |
Schedule of Net Benefit Costs | Components of the benefit costs, recorded in other income (expense), net, for the Defined Benefit Plans for the years ended December 31, 2019, 2018 and 2017, is as follows: Years Ended December 31, 2019 2018 2017 Interest cost $ 9,227 $ 9,248 $ 11,786 Expected return on plan assets, net (2,685) (987) (4,905) Curtailment loss — — 3,137 Amortization of actuarial loss (reclassified from accumulated other comprehensive loss) 89 — — Settlement loss (reclassified from accumulated other comprehensive loss) (a) 1,643 1,268 1,845 Non-operating pension costs $ 8,274 $ 9,529 $ 11,863 |
Schedule of Assumptions Used | Weighted-average assumptions used to determine pension costs (made at the beginning of the year) and benefit obligations (made at the end of the year) for the Defined Benefit Plans are as follows: Benefit Costs Benefit Obligations at December 31, For the Year Ended December 31, 2019 For the Year Ended December 31, 2018 For the Year Ended December 31, 2017 2019 2018 Discount rate (a) 3.70 % 3.87 % 3.69 % 3.10 % 4.20 % Rate of increase in future compensation levels — % — % — % — % — % Expected rate of return on plan assets (Pension Plan only) 3.97 % 3.67 % 3.90 % N/A N/A (a) The discount rates of 3.70%, 3.87% and 3.69% for the years ended December 31, 2019, 2018 and 2017, represent the average of the quarterly discount rates used to remeasure the Company's projected benefit obligation and benefit costs in connection with the recognition of settlement losses discussed above. |
Schedule of Allocation of Plan Assets | The weighted average asset allocations of the Pension Plan at December 31, 2019 and 2018 were as follows: Plan Assets at December 31, 2019 2018 Asset Class: Mutual funds- fixed income 28 % 29 % Common collective trust- equities 27 — Fixed income securities 44 65 Cash equivalents and other 1 6 100 % 100 % |
Schedule of Expected Benefit Payments | The following benefit payments are expected to be paid during the periods indicated: 2020 $ 16,500 2021 16,023 2022 16,349 2023 18,209 2024 17,706 2025-2029 83,159 |
Schedule of Changes in Fair Value of Plan Assets | The fair values of the assets of the Pension Plan at December 31, 2019 by asset class are as follows: Asset Class Level I Level II Level III Total Mutual funds- fixed income $ 52,976 $ — $ — $ 52,976 Common collective trust- equities — 52,214 — 52,214 Fixed income securities held in a portfolio: Foreign issued corporate debt — 7,472 — 7,472 U.S. corporate debt — 30,267 — 30,267 Government debt — 2,836 — 2,836 U.S. Treasury securities — 32,902 — 32,902 Asset-backed securities — 9,375 — 9,375 Other — 840 — 840 Cash equivalents (a) 2,188 3,278 — 5,466 Total (b) $ 55,164 $ 139,184 $ — $ 194,348 (a) A significant portion represents an investment in a short-term investment fund that invests primarily in securities of high quality and low risk. (b) Excludes cash and net receivables relating to the sale of securities that were not settled as of December 31, 2019. The fair values of the assets of the Pension Plan at December 31, 2018 by asset class are as follows: Asset Class Level I Level II Level III Total Mutual funds- fixed income $ 49,140 $ — $ — $ 49,140 Fixed income securities held in a portfolio: Foreign issued corporate debt — 14,002 — 14,002 U.S. corporate debt — 43,190 — 43,190 Government debt — 3,988 — 3,988 U.S. Treasury securities — 38,657 — 38,657 Asset-backed securities — 8,907 — 8,907 Other — 205 — 205 Cash equivalents (a) 4,343 3,187 — 7,530 Total (b) $ 53,483 $ 112,136 $ — $ 165,619 (a) A significant portion represents an investment in a short-term investment fund that invests primarily in securities of high quality and low risk. (b) Excludes cash and net payables relating to the purchase of securities that were not settled as of December 31, 2018. |
INTERIM FINANCIAL INFORMATION (
INTERIM FINANCIAL INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information | The following is a summary of Altice USA's selected quarterly financial data: Altice USA Three Months Ended March 31, June 30, September 30, December 31, Total Residential: Broadband $ 775,573 $ 806,250 $ 814,328 $ 826,454 $ 3,222,605 Video 1,017,330 1,018,426 993,158 968,959 3,997,873 Telephony 154,464 150,232 148,231 145,767 598,694 Business services and wholesale 350,689 357,806 357,628 362,409 1,428,532 News and advertising 94,738 114,450 118,067 148,649 475,904 Mobile — — 3,174 18,090 21,264 Other 3,773 3,917 4,076 4,221 15,987 Revenue 2,396,567 2,451,081 2,438,662 2,474,549 9,760,859 Operating expenses (1,954,089) (1,968,538) (1,967,147) (2,047,274) (7,937,048) Operating income $ 442,478 $ 482,543 $ 471,515 $ 427,275 $ 1,823,811 Net income (loss) $ (25,198) $ 86,410 $ 77,396 $ 1,331 $ 139,939 Net loss (income) attributable to noncontrolling interests 199 (43) (157) (1,002) (1,003) Net income (loss) attributable to Altice USA Inc.'s stockholders $ (24,999) $ 86,367 $ 77,239 $ 329 $ 138,936 Basic and diluted net income (loss) per share attributable to Altice USA Inc.'s stockholders $ (0.04) $ 0.13 $ 0.12 $ — $ 0.21 Altice USA Three Months Ended March 31, June 30, September 30, December 31, Total Residential: Broadband $ 701,621 $ 712,202 $ 729,907 $ 743,725 $ 2,887,455 Video 1,033,708 1,034,404 1,054,667 1,033,649 4,156,428 Telephony 166,038 163,499 161,351 162,007 652,895 Business services and wholesale 333,090 337,388 344,193 348,087 1,362,758 News and advertising 88,737 111,342 123,913 163,272 487,264 Other 6,520 5,318 3,770 4,200 19,808 Revenue 2,329,714 2,364,153 2,417,801 2,454,940 9,566,608 Operating expenses (2,016,676) (2,029,094) (1,912,243) (1,926,216) (7,884,229) Operating income $ 313,038 $ 335,059 $ 505,558 $ 528,724 $ 1,682,379 Net income (loss) $ (128,949) $ (98,004) $ 33,739 $ 213,808 $ 20,594 Net loss (income) attributable to noncontrolling interests (2) 149 (1,186) (722) (1,761) Net income (loss) attributable to Altice USA, Inc. stockholders $ (128,951) $ (97,855) $ 32,553 $ 213,086 $ 18,833 Basic and diluted net income (loss) per share attributable to Altice USA Inc.'s stockholders $ (0.17) $ (0.13) $ 0.04 $ 0.30 $ 0.03 (a) In the fourth quarter of 2018, the Company recorded a non-cash deferred tax benefit of $52,915 based on a remeasurement of the Company's net deferred tax liability. See Note 14 to the consolidated financial statements for further details. The following is a summary of CSC Holdings' selected quarterly financial data: CSC Holdings Three Months Ended March 31, June 30, September 30, December 31, Total Residential: Broadband $ 775,573 $ 806,250 $ 814,328 $ 826,454 $ 3,222,605 Video 1,017,330 1,018,426 993,158 968,959 3,997,873 Telephony 154,464 150,232 148,231 145,767 598,694 Business services and wholesale 350,689 357,806 357,628 362,409 1,428,532 News and advertising 94,738 114,450 118,067 148,649 475,904 Mobile — — 3,174 18,090 21,264 Other 3,773 3,917 4,076 4,221 15,987 Revenue 2,396,567 2,451,081 2,438,662 2,474,549 9,760,859 Operating expenses (1,954,089) (1,968,538) (1,967,147) (2,047,274) (7,937,048) Operating income $ 442,478 $ 482,543 $ 471,515 $ 427,275 $ 1,823,811 Net income (loss) $ (7,864) $ 104,142 $ 95,517 $ 21,022 $ 212,817 Net loss (income) attributable to noncontrolling interests 199 (43) (157) (1,002) (1,003) Net income (loss) attributable to CSC Holdings, LLC's sole member $ (7,665) $ 104,099 $ 95,360 $ 20,020 $ 211,814 CSC Holdings Three Months Ended March 31, June 30, September 30, December 31, Total Residential: Broadband $ 701,621 $ 712,202 $ 729,907 $ 743,725 $ 2,887,455 Video 1,033,708 1,034,404 1,054,667 1,033,649 4,156,428 Telephony 166,038 163,499 161,351 162,007 652,895 Business services and wholesale 333,090 337,388 344,193 348,087 1,362,758 News and advertising 88,737 111,342 123,913 163,272 487,264 Other 6,520 5,318 3,770 4,200 19,808 Revenue 2,329,714 2,364,153 2,417,801 2,454,940 9,566,608 Operating expenses (2,016,676) (2,029,094) (1,912,243) (1,926,216) (7,884,229) Operating income $ 313,038 $ 335,059 $ 505,558 $ 528,724 $ 1,682,379 Net income (loss) $ (89,968) $ 21,527 $ 86,747 $ 242,020 $ 260,326 Net loss (income) attributable to noncontrolling interests (2) 149 (1,186) (722) (1,761) Net income (loss) attributable to CSC $ (89,970) $ 21,676 $ 85,561 $ 241,298 $ 258,565 (a) In the fourth quarter of 2018, the Company recorded a non-cash deferred tax benefit of $53,493 based on a remeasurement of the Company's net deferred tax liability. See Note 14 to the consolidated financial statements for further details. |
DESCRIPTION OF BUSINESS AND R_2
DESCRIPTION OF BUSINESS AND RELATED MATTERS (Details) | Jun. 06, 2018USD ($) | May 22, 2018$ / shares | May 31, 2017USD ($) | Dec. 31, 2019USD ($)shares | Jan. 31, 2018USD ($) | Jul. 31, 2017USD ($) | Jun. 30, 2017USD ($)$ / sharesshares | Dec. 31, 2019USD ($)segment$ / sharesshares | Dec. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2019USD ($)shares | Jul. 31, 2019USD ($) | Jun. 08, 2018USD ($)shares | Jun. 21, 2016USD ($) |
Business Acquisition [Line Items] | ||||||||||||||
Number of segments | segment | 1 | |||||||||||||
Goodwill | $ 8,142,309,000 | $ 8,142,309,000 | $ 8,012,416,000 | $ 8,019,861,000 | $ 8,142,309,000 | |||||||||
Conversion of debt | $ 0 | $ 0 | $ 2,264,252,000 | |||||||||||
Cash dividends declared per common share (in dollars per share) | $ / shares | $ 2.035 | $ 0 | $ 2.035 | $ 1.29 | ||||||||||
Dividend paid | $ 1,499,935,000 | |||||||||||||
Common stock, shares outstanding (in shares) | shares | 632,995,139 | 632,995,139 | 632,995,139 | |||||||||||
Share repurchase authorized | $ 2,000,000,000 | |||||||||||||
Value of shares repurchased | $ 1,686,873,000 | $ 500,000,000 | $ 2,186,874,000 | |||||||||||
Shares repurchased (in shares) | shares | 72,668,712 | 100,697,392 | ||||||||||||
Availability remaining under its stock repurchase program | $ 4,813,126,000 | $ 4,813,126,000 | $ 4,813,126,000 | |||||||||||
Principal Amount | $ 24,817,366,000 | $ 24,817,366,000 | $ 23,296,581,000 | $ 24,817,366,000 | ||||||||||
Altice Technical Services | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Percentage of shares acquired | 70.00% | |||||||||||||
Consideration transfered | $ 1 | |||||||||||||
Consolidation, Wholly Owned Subsidiary, Parent Ownership Interest, Percent | 100.00% | |||||||||||||
Goodwill | $ (23,101,000) | |||||||||||||
Common Class A | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Common stock, shares outstanding (in shares) | shares | 446,749,307 | 446,749,307 | 496,064,027 | 246,982,292 | 446,749,307 | |||||||||
Shares repurchased (in shares) | shares | 28,028,680 | |||||||||||||
Common Class B | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Common stock conversion ratio | 1 | 1 | 1 | |||||||||||
Common stock, shares outstanding (in shares) | shares | 186,245,832 | 186,245,832 | 212,976,259 | 490,086,674 | 186,245,832 | |||||||||
Shares repurchased (in shares) | shares | 0 | |||||||||||||
IPO | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Percentage of ownership | 98.20% | |||||||||||||
IPO | Common Class A | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Number of shares issued (in shares) | shares | 71,724,139 | |||||||||||||
Price per share (in dollars per share) | $ / shares | $ 30 | |||||||||||||
Percentage of ownership | 70.20% | |||||||||||||
Proceeds form issuance of shares | $ 362,069,000 | |||||||||||||
Underwriting discount and expenses | $ 12,998,000 | |||||||||||||
Consideration received on transaction, used to repay long term debt | $ 350,120,000 | |||||||||||||
Over-Allotment Option | Common Class A | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Number of shares issued (in shares) | shares | 7,781,110 | |||||||||||||
Neptune Holdings LP Acquisition [Member] | Common Class A | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Number of shares issued (in shares) | shares | 6,290,292 | |||||||||||||
Altice USA | IPO | Common Class A | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Number of shares issued (in shares) | shares | 12,068,966 | |||||||||||||
Existing Shareholders | IPO | Common Class A | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Number of shares issued (in shares) | shares | 59,655,173 | |||||||||||||
Co-investor | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Conversion of debt | $ 525,000,000 | |||||||||||||
Subsidiary of Common Parent | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Conversion of debt | $ 1,225,000,000 | |||||||||||||
Notes payable and supply chain financing | Cablevision Systems Corp. | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Principal Amount | $ 1,750,000,000 | |||||||||||||
2019 Share Repurchase Authorization [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Share repurchase authorized | $ 5,000,000,000 | |||||||||||||
10.875% Notes due October 15, 2025 | Senior Notes | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Outstanding debt | $ 1,665,237,000 | 315,779,000 | $ 1,665,237,000 | $ 1,663,027,000 | $ 1,665,237,000 | |||||||||
Stated interest rate | 10.875% | 10.875% | 10.875% | |||||||||||
Gain (loss) on extinguishment of debt | $ (34,341,000) | |||||||||||||
Principal Amount | $ 1,684,221,000 | $ 1,684,221,000 | 1,684,221,000 | $ 1,684,221,000 | ||||||||||
10.125% Notes due January 15, 2023 | Senior Notes | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Outstanding debt | $ 0 | $ 0 | 1,781,424,000 | $ 0 | ||||||||||
Stated interest rate | 10.125% | 10.125% | 10.125% | |||||||||||
Principal Amount | $ 0 | $ 0 | 1,800,000,000 | $ 0 | ||||||||||
6.625% Notes due October 15, 2025 | Secured Debt [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Outstanding debt | $ 989,483,000 | $ 989,483,000 | 988,052,000 | $ 989,483,000 | ||||||||||
Stated interest rate | 6.625% | 6.625% | 6.625% | |||||||||||
Principal Amount | $ 1,000,000,000 | $ 1,000,000,000 | 1,000,000,000 | $ 1,000,000,000 | ||||||||||
Notes Payable at 10.75% | Notes payable and supply chain financing | Cablevision Systems Corp. | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Stated interest rate | 10.75% | |||||||||||||
Principal Amount | $ 875,000,000 | |||||||||||||
Notes Payable at 11% | Notes payable and supply chain financing | Cablevision Systems Corp. | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Stated interest rate | 11.00% | |||||||||||||
Principal Amount | $ 875,000,000 | |||||||||||||
Debt issued by Cablevision [Member] | Secured Debt [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Outstanding debt | 1,095,193,000 | 1,095,193,000 | 1,095,193,000 | |||||||||||
Altice N.V. Distribution | Altice N.V. | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Controlling interest percent | 67.20% | |||||||||||||
Common stock conversion ratio | 0.4163 | |||||||||||||
Altice N.V. Distribution | Altice N.V. | Common Class A | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Common stock, shares outstanding (in shares) | shares | 489,384,523 | |||||||||||||
Altice N.V. Distribution | Altice N.V. | Common Class B | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Common stock, shares outstanding (in shares) | shares | 247,684,443 | |||||||||||||
CSC Holdings | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Goodwill | $ 8,142,309,000 | 8,142,309,000 | 8,012,416,000 | $ 8,142,309,000 | ||||||||||
Distribution Made to Limited Liability Company (LLC) Member, Non-cash Distributions Paid | 2,279,472,000 | (3,058,747,000) | ||||||||||||
Retained Earnings (Accumulated Deficit) | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Decrease in connection with dividends paid | 536,224,000 | |||||||||||||
Retained Earnings (Accumulated Deficit) | CSC Holdings | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Distribution Made to Limited Liability Company (LLC) Member, Non-cash Distributions Paid | 747,990,000 | |||||||||||||
Additional Paid-in Capital [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Stock Issued During Period Relating to Acquisition | 163,862,000 | |||||||||||||
Decrease in connection with dividends paid | $ 963,711,000 | |||||||||||||
Value of shares repurchased | 1,686,146,000 | $ 499,720,000 | ||||||||||||
Additional Paid-in Capital [Member] | CSC Holdings | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Distribution Made to Limited Liability Company (LLC) Member, Non-cash Distributions Paid | $ 1,531,482,000 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2019USD ($)voteshares | Dec. 31, 2018USD ($)shares | Dec. 31, 2017USD ($)shares | Dec. 31, 2016USD ($) | |
Class of Stock [Line Items] | ||||||
Advertising costs | $ 233,326 | $ 240,273 | $ 224,120 | |||
Cash distributions to shareholders | $ 839,700 | 1,499,935 | 840,035 | $ 445,176 | ||
Payments of dividends | $ 79,617 | $ 0 | $ 1,499,935 | $ 919,317 | $ 365,559 | |
Antidilutive securities | shares | 4,245,000 | 6,292,000 | 14,000 | |||
Concentration Risk, Customer | 10 | |||||
Document Period End Date | Dec. 31, 2019 | |||||
concentration of customer to trade receivables | 10.00% | |||||
CSC Holdings | ||||||
Class of Stock [Line Items] | ||||||
Membership units outstanding | shares | 100 | |||||
Cash distributions to shareholders | $ 3,058,747 | $ 2,777,498 | ||||
Payments of dividends | $ 2,279,472 | 3,058,750 | 2,777,497 | |||
Distribution Made to Limited Liability Company (LLC) Member, Non-cash Distributions Paid | $ 2,279,472 | (3,058,747) | ||||
Common Class A | ||||||
Class of Stock [Line Items] | ||||||
Common stock number of votes per share | vote | 1 | |||||
Common Class B | ||||||
Class of Stock [Line Items] | ||||||
Common stock number of votes per share | vote | 25 | |||||
Common stock conversion ratio | 1 | |||||
Minimum | Customer Contracts | ||||||
Class of Stock [Line Items] | ||||||
Finite-lived intangible asset, useful life | 3 years | |||||
Maximum | Customer Contracts | ||||||
Class of Stock [Line Items] | ||||||
Finite-lived intangible asset, useful life | 5 years | |||||
Franchise | ||||||
Class of Stock [Line Items] | ||||||
Franchise fees and other taxes and fees | $ 254,227 | $ 257,467 | $ 259,075 |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Contract Asset and Liability (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Accounting Policies [Abstract] | ||
Contract assets | $ 30,758 | $ 26,405 |
Deferred revenue | $ 182,034 | $ 190,056 |
SUMMARY OF SIGNIFICANT ACCOUN_6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenue | $ 2,474,549 | $ 2,438,662 | $ 2,451,081 | $ 2,396,567 | $ 2,454,940 | $ 2,417,801 | $ 2,364,153 | $ 2,329,714 | $ 9,760,859 | $ 9,566,608 | $ 9,306,950 |
Video | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenue | 993,158 | 1,018,426 | 1,017,330 | 1,033,649 | 1,054,667 | 1,034,404 | 1,033,708 | 3,997,873 | 4,156,428 | 4,274,122 | |
Broadband | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenue | 814,328 | 806,250 | 775,573 | 743,725 | 729,907 | 712,202 | 701,621 | 3,222,605 | 2,887,455 | 2,608,595 | |
Telephony | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenue | 148,231 | 150,232 | 154,464 | 162,007 | 161,351 | 163,499 | 166,038 | 598,694 | 652,895 | 700,765 | |
Business services and wholesale | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenue | 357,628 | 357,806 | 350,689 | 348,087 | 344,193 | 337,388 | 333,090 | 1,428,532 | 1,362,758 | 1,298,213 | |
Advertising and News [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenue | 118,067 | 114,450 | 94,738 | $ 163,272 | $ 123,913 | $ 111,342 | $ 88,737 | 475,904 | 487,264 | 396,187 | |
Mobile [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenue | $ 3,174 | $ 0 | $ 0 | 21,264 | 0 | 0 | |||||
Other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenue | $ 15,987 | $ 19,808 | $ 29,068 |
SUMMARY OF SIGNIFICANT ACCOUN_7
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Stock by Class (Details) - shares | 12 Months Ended | 19 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2017 | |
Common Stock Outstanding Roll Forward [Roll Forward] | ||||
Retirement of Class A common shares in connection with the Company's stock repurchase plan (in shares) | (72,668,712) | (100,697,392) | ||
Treasury Stock, Shares, Acquired | 10,457,772 | 0 | ||
Ending balance common stock, shares outstanding (in shares) | 632,995,139 | 632,995,139 | ||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 2,157,000 | |||
Common Class A | ||||
Common Stock Outstanding Roll Forward [Roll Forward] | ||||
Beginning balance common stock, shares outstanding (in shares) | 496,064,027 | 246,982,292 | ||
Altice Europe Distribution on June 8, 2018 (in shares) | 242,402,231 | |||
Conversion of Class B common stock to Class A common stock (in shares) | 26,730,427 | 34,708,184 | ||
Retirement of Class A common shares in connection with the Company's stock repurchase plan (in shares) | (28,028,680) | |||
Stock Issued During Period, Shares, New Issues | 6,897,190 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 184,147 | |||
Ending balance common stock, shares outstanding (in shares) | 446,749,307 | 496,064,027 | 446,749,307 | |
Common stock, shares issued (in shares) | 496,064,027 | 496,064,027 | 496,064,027 | 246,982,292 |
Common Class B | ||||
Common Stock Outstanding Roll Forward [Roll Forward] | ||||
Beginning balance common stock, shares outstanding (in shares) | 212,976,259 | 490,086,674 | ||
Altice Europe Distribution on June 8, 2018 (in shares) | (242,402,231) | |||
Conversion of Class B common stock to Class A common stock (in shares) | (26,730,427) | (34,708,184) | ||
Retirement of Class A common shares in connection with the Company's stock repurchase plan (in shares) | 0 | |||
Stock Issued During Period, Shares, New Issues | 0 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 0 | |||
Ending balance common stock, shares outstanding (in shares) | 186,245,832 | 212,976,259 | 186,245,832 | |
Common stock, shares issued (in shares) | 490,086,674 | 490,086,674 |
ACCOUNTING PRONOUNCEMENTS (Deta
ACCOUNTING PRONOUNCEMENTS (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2018USD ($) | |
Accounting Standards Update 2016-09 | |
Investments, Owned, Federal Income Tax Note [Line Items] | |
Unrealized excess tax benefits recognized with the adoption of ASU 2016-09 | $ 2,163 |
CHANGE IN ACCOUNTING POLICIES_3
CHANGE IN ACCOUNTING POLICIES AND ATS ACQUISITION - Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Cash and cash equivalents | $ 701,898 | $ 298,781 | ||
Property, Plant and Equipment, Net | 5,753,401 | 5,828,881 | ||
Goodwill | 8,142,309 | 8,012,416 | $ 8,019,861 | |
Assets | 34,108,122 | 33,613,808 | ||
Liabilities, Current | 1,978,479 | 2,021,191 | ||
Liabilities | 31,720,309 | 29,803,565 | ||
Redeemable equity | 108,551 | 130,007 | ||
Paid-in capital | 2,039,918 | 3,423,803 | ||
Retained earnings | 390,766 | 251,830 | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 2,279,262 | 3,680,236 | $ 5,504,753 | $ 2,042,508 |
Liabilities and Equity | $ 34,108,122 | $ 33,613,808 |
CHANGE IN ACCOUNTING POLICIES_4
CHANGE IN ACCOUNTING POLICIES AND ATS ACQUISITION - Income Statement (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Total revenue | $ 2,474,549 | $ 2,438,662 | $ 2,451,081 | $ 2,396,567 | $ 2,454,940 | $ 2,417,801 | $ 2,364,153 | $ 2,329,714 | $ 9,760,859 | $ 9,566,608 | $ 9,306,950 | |
Programming and other direct costs | 3,300,528 | 3,173,076 | 3,035,655 | |||||||||
Other operating expenses | 2,300,398 | 2,290,266 | 2,347,315 | |||||||||
Restructuring and other expense | 72,978 | 152,401 | $ 38,548 | |||||||||
Depreciation and amortization (including impairments) | 2,263,144 | 2,382,339 | 2,930,571 | |||||||||
Operating income | 427,275 | 471,515 | 482,543 | 442,478 | 528,724 | 505,558 | 335,059 | 313,038 | 1,823,811 | 1,682,379 | 841,008 | |
Total other income (expense) | (1,636,682) | (1,700,440) | (2,208,596) | |||||||||
Loss before income taxes | 187,129 | (18,061) | (1,367,588) | |||||||||
Income tax benefit | (47,190) | 38,655 | 2,862,352 | |||||||||
Net income | 1,331 | 77,396 | 86,410 | (25,198) | 213,808 | 33,739 | (98,004) | (128,949) | 139,939 | 20,594 | 1,494,764 | |
CSC Holdings | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Total revenue | 2,474,549 | 2,438,662 | 2,451,081 | 2,396,567 | 2,454,940 | 2,417,801 | 2,364,153 | 2,329,714 | 9,760,859 | 9,566,608 | 9,306,950 | |
Programming and other direct costs | 3,300,528 | 3,173,076 | 3,035,655 | |||||||||
Other operating expenses | 2,300,398 | 2,290,266 | 2,347,315 | |||||||||
Restructuring and other expense | 72,978 | 38,548 | 152,283 | |||||||||
Depreciation and amortization (including impairments) | 2,263,144 | 2,382,339 | 2,930,571 | |||||||||
Operating income | 427,275 | 471,515 | 482,543 | 442,478 | 528,724 | 505,558 | 335,059 | 313,038 | 1,823,811 | 1,682,379 | 841,126 | |
Total other income (expense) | (1,539,751) | (1,364,490) | (1,091,001) | |||||||||
Loss before income taxes | 284,060 | 317,889 | (249,875) | |||||||||
Income tax benefit | (71,243) | (57,563) | 2,827,751 | |||||||||
Net income | 21,022 | 95,517 | 104,142 | (7,864) | 242,020 | 86,747 | 21,527 | (89,968) | 212,817 | 260,326 | 2,577,876 | |
Video | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Total revenue | 993,158 | 1,018,426 | 1,017,330 | 1,033,649 | 1,054,667 | 1,034,404 | 1,033,708 | 3,997,873 | 4,156,428 | 4,274,122 | ||
Video | CSC Holdings | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Total revenue | 968,959 | 993,158 | 1,018,426 | 1,017,330 | 1,033,649 | 1,054,667 | 1,034,404 | 1,033,708 | 3,997,873 | 4,156,428 | 4,274,122 | |
Broadband | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Total revenue | 814,328 | 806,250 | 775,573 | 743,725 | 729,907 | 712,202 | 701,621 | 3,222,605 | 2,887,455 | 2,608,595 | ||
Broadband | CSC Holdings | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Total revenue | 826,454 | 814,328 | 806,250 | 775,573 | 743,725 | 729,907 | 712,202 | 701,621 | 3,222,605 | 2,887,455 | 2,608,595 | |
Telephony | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Total revenue | 148,231 | 150,232 | 154,464 | 162,007 | 161,351 | 163,499 | 166,038 | 598,694 | 652,895 | 700,765 | ||
Telephony | CSC Holdings | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Total revenue | 145,767 | 148,231 | 150,232 | 154,464 | 162,007 | 161,351 | 163,499 | 166,038 | 598,694 | 652,895 | 700,765 | |
Business services and wholesale | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Total revenue | 357,628 | 357,806 | 350,689 | 348,087 | 344,193 | 337,388 | 333,090 | 1,428,532 | 1,362,758 | 1,298,213 | ||
Business services and wholesale | CSC Holdings | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Total revenue | 362,409 | 357,628 | 357,806 | 350,689 | 348,087 | 344,193 | 337,388 | 333,090 | 1,428,532 | 1,362,758 | 1,298,213 | |
News and advertising (a) | CSC Holdings | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Total revenue | 396,187 | |||||||||||
Other (a) | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Total revenue | 4,076 | 3,917 | 3,773 | 4,200 | 3,770 | 5,318 | 6,520 | 15,987 | 19,808 | 29,068 | ||
Other (a) | CSC Holdings | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Total revenue | 4,221 | 4,076 | 3,917 | 3,773 | 4,200 | 3,770 | 5,318 | 6,520 | 15,987 | 19,808 | 29,068 | |
Advertising and News [Member] | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Total revenue | 118,067 | 114,450 | 94,738 | 163,272 | 123,913 | 111,342 | 88,737 | 475,904 | 487,264 | 396,187 | ||
Advertising and News [Member] | CSC Holdings | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Total revenue | $ 148,649 | $ 118,067 | $ 114,450 | $ 94,738 | $ 163,272 | $ 123,913 | $ 111,342 | $ 88,737 | $ 475,904 | $ 487,264 | ||
Previously Reported [Member] | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Total revenue | 9,326,570 | |||||||||||
Programming and other direct costs | 3,035,655 | |||||||||||
Other operating expenses | 2,342,655 | |||||||||||
Restructuring and other expense | 152,401 | |||||||||||
Depreciation and amortization (including impairments) | 2,930,475 | |||||||||||
Operating income | 865,384 | |||||||||||
Total other income (expense) | (2,196,733) | |||||||||||
Loss before income taxes | (1,331,349) | |||||||||||
Income tax benefit | 2,852,967 | |||||||||||
Net income | 1,521,618 | |||||||||||
Previously Reported [Member] | CSC Holdings | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Total revenue | 6,664,788 | |||||||||||
Programming and other direct costs | 2,280,062 | |||||||||||
Other operating expenses | 1,675,665 | |||||||||||
Restructuring and other expense | 112,384 | |||||||||||
Depreciation and amortization (including impairments) | 2,251,614 | |||||||||||
Operating income | 345,063 | |||||||||||
Total other income (expense) | (898,612) | |||||||||||
Loss before income taxes | (553,549) | |||||||||||
Income tax benefit | 2,233,716 | |||||||||||
Net income | 1,680,167 | |||||||||||
Previously Reported [Member] | Video | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Total revenue | 4,214,745 | |||||||||||
Previously Reported [Member] | Video | CSC Holdings | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Total revenue | 3,113,238 | |||||||||||
Previously Reported [Member] | Broadband | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Total revenue | 2,563,772 | |||||||||||
Previously Reported [Member] | Broadband | CSC Holdings | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Total revenue | 1,603,015 | |||||||||||
Previously Reported [Member] | Telephony | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Total revenue | 823,981 | |||||||||||
Previously Reported [Member] | Telephony | CSC Holdings | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Total revenue | 693,478 | |||||||||||
Previously Reported [Member] | Business services and wholesale | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Total revenue | 1,298,817 | |||||||||||
Previously Reported [Member] | Business services and wholesale | CSC Holdings | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Total revenue | 923,161 | |||||||||||
Previously Reported [Member] | News and advertising (a) | CSC Holdings | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Total revenue | 325,470 | |||||||||||
Previously Reported [Member] | Other (a) | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Total revenue | 29,068 | |||||||||||
Previously Reported [Member] | Other (a) | CSC Holdings | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Total revenue | 6,426 | |||||||||||
Previously Reported [Member] | Advertising and News [Member] | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Total revenue | 396,187 | |||||||||||
Restatement Adjustment | Impact of ASC 606 | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Total revenue | (18,515) | |||||||||||
Programming and other direct costs | 0 | |||||||||||
Other operating expenses | (18,515) | |||||||||||
Restructuring and other expense | 0 | |||||||||||
Depreciation and amortization (including impairments) | 0 | |||||||||||
Operating income | 0 | |||||||||||
Total other income (expense) | 0 | |||||||||||
Loss before income taxes | 0 | |||||||||||
Income tax benefit | 0 | |||||||||||
Net income | 0 | |||||||||||
Restatement Adjustment | Impact of ASU No. 2017-07 | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Total revenue | 0 | |||||||||||
Programming and other direct costs | 0 | |||||||||||
Other operating expenses | (11,863) | |||||||||||
Restructuring and other expense | 0 | |||||||||||
Depreciation and amortization (including impairments) | 0 | |||||||||||
Operating income | 11,863 | |||||||||||
Total other income (expense) | (11,863) | |||||||||||
Loss before income taxes | 0 | |||||||||||
Income tax benefit | 0 | |||||||||||
Net income | 0 | |||||||||||
Restatement Adjustment | Video | Impact of ASC 606 | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Total revenue | 59,878 | |||||||||||
Restatement Adjustment | Video | Impact of ASU No. 2017-07 | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Total revenue | 0 | |||||||||||
Restatement Adjustment | Broadband | Impact of ASC 606 | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Total revenue | 45,192 | |||||||||||
Restatement Adjustment | Broadband | Impact of ASU No. 2017-07 | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Total revenue | 0 | |||||||||||
Restatement Adjustment | Telephony | Impact of ASC 606 | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Total revenue | (122,981) | |||||||||||
Restatement Adjustment | Telephony | Impact of ASU No. 2017-07 | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Total revenue | 0 | |||||||||||
Restatement Adjustment | Business services and wholesale | Impact of ASC 606 | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Total revenue | (604) | |||||||||||
Restatement Adjustment | Business services and wholesale | Impact of ASU No. 2017-07 | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Total revenue | 0 | |||||||||||
Restatement Adjustment | News and advertising (a) | Impact of ASC 606 | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Total revenue | 0 | |||||||||||
Restatement Adjustment | News and advertising (a) | Impact of ASU No. 2017-07 | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Total revenue | 0 | |||||||||||
Restatement Adjustment | Other (a) | Impact of ASC 606 | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Total revenue | 0 | |||||||||||
Restatement Adjustment | Other (a) | Impact of ASU No. 2017-07 | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Total revenue | 0 | |||||||||||
Restatement Adjustment | Advertising and News [Member] | Impact of ASC 606 | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Total revenue | 0 | |||||||||||
Restatement Adjustment | Advertising and News [Member] | Impact of ASU No. 2017-07 | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Total revenue | 0 | |||||||||||
Altice Technical Services | Restatement Adjustment | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Total revenue | (1,105) | |||||||||||
Programming and other direct costs | 0 | |||||||||||
Other operating expenses | 35,038 | |||||||||||
Restructuring and other expense | 0 | |||||||||||
Depreciation and amortization (including impairments) | 96 | |||||||||||
Operating income | (36,239) | |||||||||||
Total other income (expense) | 0 | |||||||||||
Loss before income taxes | (36,239) | |||||||||||
Income tax benefit | 9,385 | |||||||||||
Net income | (26,854) | |||||||||||
Altice Technical Services | Restatement Adjustment | CSC Holdings | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Income tax benefit | 9,973 | |||||||||||
Net income | (26,266) | |||||||||||
Altice Technical Services | Restatement Adjustment | Video | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Total revenue | (501) | |||||||||||
Altice Technical Services | Restatement Adjustment | Broadband | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Total revenue | (369) | |||||||||||
Altice Technical Services | Restatement Adjustment | Telephony | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Total revenue | (235) | |||||||||||
Altice Technical Services | Restatement Adjustment | Business services and wholesale | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Total revenue | 0 | |||||||||||
Altice Technical Services | Restatement Adjustment | News and advertising (a) | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Total revenue | 0 | |||||||||||
Altice Technical Services | Restatement Adjustment | Other (a) | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Total revenue | 0 | |||||||||||
Altice Technical Services | Restatement Adjustment | Advertising and News [Member] | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Total revenue | 0 | |||||||||||
Cequel Corp. | Restatement Adjustment | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Total revenue | 2,661,782 | |||||||||||
Programming and other direct costs | 755,593 | |||||||||||
Other operating expenses | 666,990 | |||||||||||
Restructuring and other expense | 39,899 | |||||||||||
Depreciation and amortization (including impairments) | 678,861 | |||||||||||
Operating income | 520,439 | |||||||||||
Total other income (expense) | (180,526) | |||||||||||
Loss before income taxes | 339,913 | |||||||||||
Income tax benefit | 584,062 | |||||||||||
Net income | 923,975 | |||||||||||
Cequel Corp. | Restatement Adjustment | Video | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Total revenue | 1,101,507 | |||||||||||
Cequel Corp. | Restatement Adjustment | Broadband | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Total revenue | 960,757 | |||||||||||
Cequel Corp. | Restatement Adjustment | Telephony | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Total revenue | 130,503 | |||||||||||
Cequel Corp. | Restatement Adjustment | Business services and wholesale | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Total revenue | 375,656 | |||||||||||
Cequel Corp. | Restatement Adjustment | News and advertising (a) | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Total revenue | 70,717 | |||||||||||
Cequel Corp. | Restatement Adjustment | Other (a) | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Total revenue | $ 22,642 |
CHANGE IN ACCOUNTING POLICIES_5
CHANGE IN ACCOUNTING POLICIES AND ATS ACQUISITION - Narrative (Details) - USD ($) $ in Thousands | Jan. 01, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 31, 2018 | Dec. 31, 2017 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Deferred revenue | $ 182,034 | $ 190,056 | |||
Contract assets | 30,758 | 26,405 | |||
Goodwill | 8,142,309 | 8,012,416 | $ 8,019,861 | ||
Altice Technical Services | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Goodwill | $ (23,101) | ||||
Restatement Adjustment | Impact of ASC 606 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Deferred revenue | $ 6,978 | ||||
Cumulative effect on retained earnings, net of tax | 17,759 | ||||
Cumulative effect on retained earnings, tax | 6,570 | ||||
Contract assets | 24,329 | ||||
Restatement Adjustment | Installation Services | Impact of ASC 606 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Cumulative effect on retained earnings, net of tax | 5,093 | ||||
Cumulative effect on retained earnings, tax | $ 1,885 | ||||
Restatement Adjustment | Altice Technical Services | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Goodwill | (23,101) | ||||
CSC Holdings | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Goodwill | $ 8,142,309 | $ 8,012,416 |
ALLOWANCE FOR DOUBTFUL ACCOUN_3
ALLOWANCE FOR DOUBTFUL ACCOUNTS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance at Beginning of Period | $ 13,520 | $ 13,420 | $ 11,677 |
Provision for doubtful accounts | 91,520 | 71,426 | 74,183 |
Deductions/ Write-Offs and Other Charges | (90,357) | (71,326) | (72,440) |
Balance at End of Period | $ 14,683 | $ 13,520 | $ 13,420 |
RESTRUCTURING AND OTHER EXPEN_3
RESTRUCTURING AND OTHER EXPENSE (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2019 | |
Restructuring Reserve [Roll Forward] | ||||
Restructuring Charges | $ 12,923 | $ 31,027 | $ 149,922 | |
Payments and other | (30,135) | (119,058) | (137,338) | |
Accrual, beginning balance | 35,069 | 123,100 | 110,516 | |
Accrual, ending balance | 4,008 | 35,069 | 123,100 | |
Cumulative restructuring costs | $ 432,609 | |||
Payments for Restructuring | 30,135 | 119,058 | 137,338 | |
Restructuring Reserve | 4,008 | 35,069 | 123,100 | 4,008 |
Transaction costs | 5,180 | 7,521 | 2,479 | |
Restructuring Reserve, Accrual Adjustment | (13,849) | |||
Restructuring expense relating to right of use operating leases | 12,160 | |||
CSC Holdings | ||||
Restructuring Reserve [Roll Forward] | ||||
Transaction costs | 2,361 | |||
Employee Severance [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Charges | 6,606 | 15,580 | 142,679 | |
Payments and other | (26,384) | (107,600) | (131,324) | |
Accrual, beginning balance | 21,454 | 113,474 | 102,119 | |
Accrual, ending balance | 1,676 | 21,454 | 113,474 | |
Payments for Restructuring | 26,384 | 107,600 | 131,324 | |
Restructuring Reserve | 1,676 | 21,454 | 113,474 | 1,676 |
Restructuring Reserve, Accrual Adjustment | 0 | |||
Employee Severance [Member] | 2019 Restructuring | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Charges | 42,715 | |||
Payments and other | (4,769) | |||
Accrual, ending balance | 37,946 | |||
Payments for Restructuring | 4,769 | |||
Restructuring Reserve | 37,946 | 37,946 | ||
Facility Realignment and Other Costs [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Charges | 6,317 | 15,447 | 7,243 | |
Payments and other | (3,751) | (11,458) | (6,014) | |
Accrual, beginning balance | 13,615 | 9,626 | 8,397 | |
Accrual, ending balance | 2,332 | 13,615 | 9,626 | |
Payments for Restructuring | 3,751 | 11,458 | 6,014 | |
Restructuring Reserve | 2,332 | $ 13,615 | $ 9,626 | $ 2,332 |
Restructuring Reserve, Accrual Adjustment | $ (13,849) |
PROPERTY, PLANT AND EQUIPMENT -
PROPERTY, PLANT AND EQUIPMENT - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation | $ 1,475,251 | $ 1,508,125 | $ 1,588,764 |
Plant | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life | 10 years | ||
Plant | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life | 25 years | ||
Headends and related equipment | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life | 5 years | 5 years | |
Headends and related equipment | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life | 25 years | 25 years | |
Customer premise equipment | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life | 3 years | ||
Customer premise equipment | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life | 5 years | ||
Acquisition and development of internal use software | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment capitalized | $ 132,966 | $ 134,265 | $ 151,646 |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT - Summary (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 11,030,322 | $ 9,873,552 |
Less accumulated depreciation and amortization | (5,276,921) | (4,044,671) |
Property, plant and equipment, net | 5,753,401 | 5,828,881 |
Customer premise equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 1,563,729 | $ 1,354,510 |
Customer premise equipment | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 3 years | |
Customer premise equipment | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 5 years | |
Headends and related equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 2,023,684 | $ 1,852,105 |
Headends and related equipment | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 5 years | 5 years |
Headends and related equipment | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 25 years | 25 years |
Infrastructure | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 5,314,322 | $ 4,595,143 |
Infrastructure | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 5 years | |
Infrastructure | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 25 years | |
Equipment and software | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 1,111,577 | $ 1,083,166 |
Equipment and software | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 3 years | |
Equipment and software | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 10 years | |
Construction in progress (including materials and supplies) | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 192,571 | $ 215,684 |
Furniture and fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 63,478 | $ 57,448 |
Furniture and fixtures | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 5 years | |
Furniture and fixtures | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 8 years | |
Transportation equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 151,627 | $ 146,387 |
Transportation equipment | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 5 years | |
Transportation equipment | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 10 years | |
Buildings and building improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 457,174 | $ 411,573 |
Buildings and building improvements | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 10 years | |
Buildings and building improvements | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 40 years | |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 103,734 | $ 109,110 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 48,426 | $ 48,426 |
LEASES - Narrative (Details)
LEASES - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | |
Operating Lease, Liability | $ 299,900 | ||
Operating Lease, Right-of-Use Asset | $ 280,340 | 274,292 | $ 0 |
Operating Lease, Liability, Current | 38,836 | 48,033 | 0 |
Operating Lease, Liability, Noncurrent | 269,062 | 251,867 | 0 |
Finance Lease, Right-of-Use Asset | 70,339 | 30,891 | 30,891 |
Finance Lease, Liability, Current | 22,017 | 5,928 | 5,928 |
Finance Lease, Liability, Noncurrent | 47,403 | $ 19,262 | $ 19,262 |
Operating Lease Expense, Net | 60,364 | ||
Finance Lease, Right-of-Use Asset, Amortization | 9,347 | ||
Finance Lease, Interest Expense | 2,106 | ||
Finance Lease, Cost | 11,453 | ||
Finance And Operating Lease, Lessee Expense | 71,817 | ||
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | 61,244 | ||
Finance Lease, Interest Payment on Liability | 2,106 | ||
Operating Lease, Payments | $ 65,352 | ||
Operating Lease, Weighted Average Remaining Lease Term | 9 years 4 months 24 days | ||
Finance Lease, Weighted Average Remaining Lease Term | 3 years 4 months 24 days | ||
Operating Lease, Weighted Average Discount Rate, Percent | 5.96% | ||
Finance Lease, Weighted Average Discount Rate, Percent | 5.49% |
LEASES - Future Minimum Lease P
LEASES - Future Minimum Lease Payments (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Finance Lease, Liability, Payments, Due Next Twelve Months | $ 25,500 |
Finance Lease, Liability, Payments, Due Year Two | 22,516 |
Finance Lease, Liability, Payments, Due Year Three | 18,271 |
Finance Lease, Liability, Payments, Due Year Four | 5,788 |
Finance Lease, Liability, Payments, Due Year Five | 3,343 |
Finance Lease, Liability, Payments, Due after Year Five | 283 |
Finance Lease, Liability, Payment, Due, Total | 75,701 |
Finance Leases, Future Minimum Payments, Interest Included in Payments | 6,281 |
Finance Leases, Future Minimum Payments, Present Value of Net Minimum Payments | 69,420 |
Lessee, Operating Lease, Liability, Payments, Due Next Twelve Months | 48,899 |
Lessee, Operating Lease, Liability, Payments, Due Year Two | 47,894 |
Lessee, Operating Lease, Liability, Payments, Due Year Three | 48,509 |
Lessee, Operating Lease, Liability, Payments, Due Year Four | 38,500 |
Lessee, Operating Lease, Liability, Payments, Due Year Five | 34,055 |
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 193,018 |
Lessee, Operating Lease, Liability, Payments, Due, Total | 410,875 |
Operating Leases, Future Minimum Payments, Interest Included in Payments | 102,977 |
Operating Leases, Future Minimum Payments, Present Value of Net Minimum Payments | 307,898 |
Unadjusted Lease Commitment [Member] | |
Finance Lease, Liability, Payments, Due Year Two | 5,087 |
Finance Lease, Liability, Payments, Due Year Three | 3,969 |
Finance Lease, Liability, Payments, Due Year Four | 4,146 |
Finance Lease, Liability, Payments, Due Year Five | 3,828 |
Finance Lease, Liability, Payments, Due after Year Five | 2,232 |
Lessee, Operating Lease, Liability, Payments, Due Year Two | 50,356 |
Lessee, Operating Lease, Liability, Payments, Due Year Three | 43,362 |
Lessee, Operating Lease, Liability, Payments, Due Year Four | 34,882 |
Lessee, Operating Lease, Liability, Payments, Due Year Five | 25,234 |
Lessee, Operating Lease, Liability, Payments, Due after Year Five | $ 167,941 |
INTANGIBLE ASSETS - Summary of
INTANGIBLE ASSETS - Summary of Acquired Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 7,151,788 | $ 7,075,611 |
Accumulated Amortization | (3,670,679) | (2,882,787) |
Net Carrying Amount | 3,481,109 | 4,192,824 |
Customer Relationships [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 6,017,524 | 5,970,884 |
Accumulated Amortization | (2,843,561) | (2,162,110) |
Net Carrying Amount | 3,173,963 | 3,808,774 |
Trade names | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 1,081,083 | 1,067,083 |
Accumulated Amortization | (798,484) | (701,998) |
Net Carrying Amount | 282,599 | 365,085 |
Other amortizable intangibles | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 53,181 | 37,644 |
Accumulated Amortization | (28,634) | (18,679) |
Net Carrying Amount | $ 24,547 | $ 18,965 |
Minimum | Customer Relationships [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible asset, useful life | 8 years | |
Minimum | Trade names | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible asset, useful life | 2 years | |
Minimum | Other amortizable intangibles | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible asset, useful life | 1 year | |
Maximum | Customer Relationships [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible asset, useful life | 18 years | |
Maximum | Trade names | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible asset, useful life | 5 years | |
Maximum | Other amortizable intangibles | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible asset, useful life | 15 years |
INTANGIBLE ASSETS - Narrative (
INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization of intangible assets | $ 787,893 | $ 874,214 | $ 1,341,807 |
INTANGIBLE ASSETS - Schedule of
INTANGIBLE ASSETS - Schedule of Finite-Lived Intangible Assets, Future Amortization Expense (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2020 | $ 710,537 |
2021 | 629,095 |
2022 | 542,371 |
2023 | 378,643 |
2024 | $ 300,387 |
INTANGIBLE ASSETS - Goodwill (D
INTANGIBLE ASSETS - Goodwill (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Jun. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | |
Goodwill [Roll Forward] | ||||
Goodwill, beginning balance | $ 8,012,416 | $ 8,019,861 | ||
Reclassification of goodwill | (15,041) | |||
Goodwill acquired | 130,039 | 7,608 | ||
Adjustments to purchase accounting relating to acquisitions | (146) | (12) | ||
Goodwill, ending balance | 8,142,309 | 8,012,416 | ||
Goodwill | 8,142,309 | $ 8,019,861 | $ 8,142,309 | |
Cheddar [Member] | ||||
Goodwill [Roll Forward] | ||||
Goodwill, ending balance | 130,039 | |||
Consideration transfered | $ 198,754 | |||
Goodwill | 130,039 | 130,039 | ||
Cheddar [Member] | Customer Relationships [Member] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Excluding Receivables | 46,640 | |||
Cheddar [Member] | Trade names | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Excluding Receivables | 14,000 | |||
Cheddar [Member] | Other Intangible Assets [Member] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Excluding Receivables | 11,780 | |||
Other acquisitions [Member] | ||||
Goodwill [Roll Forward] | ||||
Goodwill, ending balance | 7,462 | |||
Consideration transfered | 9,888 | |||
Goodwill | $ 7,462 | $ 7,462 |
DEBT - Credit Silo Combination
DEBT - Credit Silo Combination (Details) - USD ($) | Mar. 15, 2017 | Oct. 31, 2019 | Apr. 30, 2018 | Jan. 31, 2018 | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | Nov. 30, 2018 | Nov. 27, 2018 | Jul. 31, 2017 | Jun. 21, 2016 |
Debt Instrument [Line Items] | |||||||||||
Principal amount | $ 24,817,366,000 | $ 23,296,581,000 | |||||||||
Redeemed debt | 8,886,000 | ||||||||||
Long-term debt | 24,420,285,000 | 22,812,600,000 | |||||||||
Face Amount of Senior Notes and Senior Guaranteed Notes | 15,657,497,000 | 15,733,145,000 | |||||||||
Carrying amount of Senior Notes and Senior Guaranteed Notes | 15,476,496,000 | 15,359,561,000 | |||||||||
Face amount of Credit Facility Debt | 7,190,438,000 | 5,972,500,000 | |||||||||
Carrying value of Credit Facility Debt | 7,148,287,000 | 5,915,559,000 | |||||||||
Finance Lease, Liability | 69,420,000 | 25,190,000 | |||||||||
Long-term Debt, Current Maturities | 170,682,000 | 158,625,000 | |||||||||
Finance Lease, Liability, Current | 22,017,000 | $ 5,928,000 | 5,928,000 | ||||||||
Long-term Debt, Excluding Current Maturities | 24,249,603,000 | 22,653,975,000 | |||||||||
Principal Amount | 24,817,366,000 | 23,296,581,000 | |||||||||
Original Value of Senior Note | 5,520,000,000 | ||||||||||
Debt Instrument, Premium Paid In Connection With Early Tender Of Notes | $ 6,500,000 | $ 6,500,000 | |||||||||
Debt Instrument, Remaining Debt Post Exchange | $ 5,500,050,000 | ||||||||||
Loans Payable | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Principal amount | 83,415,000 | 98,134,000 | |||||||||
Long-term debt | 83,415,000 | 98,134,000 | |||||||||
Principal Amount | 83,415,000 | 98,134,000 | |||||||||
Credit Facility [Domain] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Principal amount | 65,250,000 | 54,563,000 | |||||||||
Long-term Debt, Current Maturities | 65,250,000 | 54,563,000 | |||||||||
Principal Amount | 65,250,000 | 54,563,000 | |||||||||
Short-term Debt | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Principal amount | 170,682,000 | 158,625,000 | |||||||||
Long-term Debt, Current Maturities | 170,682,000 | 158,625,000 | |||||||||
Principal Amount | 170,682,000 | 158,625,000 | |||||||||
Cequel and Cequel Capital 5.5% Senior Notes due May 15, 2026 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Stated interest rate | 5.50% | ||||||||||
5.125% Senior Notes due December 15, 2021 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Stated interest rate | 5.125% | ||||||||||
Original Cequel Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Remaining Debt Post Exchange | $ 5,206,000 | ||||||||||
Incremental Term Loan B-3 | Secured Debt [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Principal amount | $ 1,265,438,000 | 1,275,000,000 | |||||||||
Stated interest rate | 3.99% | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 1,275,000,000 | ||||||||||
Credit facility | $ 1,260,200,000 | 1,268,931,000 | |||||||||
Principal Amount | 1,265,438,000 | 1,275,000,000 | |||||||||
Line of credit facility periodic payment, percentage of principal | 0.25% | ||||||||||
Line of credit facility, periodic payment amount | $ 3,188,000 | ||||||||||
New CSC Holdings Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Principal amount | 5,520,000,000 | 5,520,000,000 | |||||||||
Principal Amount | 5,520,000,000 | $ 5,520,000,000 | |||||||||
Debt Instrument, Remaining Debt Post Exchange | $ 5,499,156,000 | ||||||||||
CSC Holdings Revolving Credit Facility | Revolving Credit Facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Principal amount | 0 | 250,000,000 | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 2,275,000,000 | $ 2,475,000,000 | |||||||||
Credit facility | 0 | 231,425,000 | |||||||||
Principal Amount | 0 | 250,000,000 | |||||||||
CSC Holdings Revolving Credit Facility | Secured Debt [Member] | LIBOR | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Basis spread on variable rate | 2.25% | ||||||||||
CSC Holdings Term Loan B | Secured Debt [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Principal amount | $ 2,925,000,000 | 2,955,000,000 | |||||||||
Stated interest rate | 3.99% | ||||||||||
Credit facility | $ 2,911,729,000 | 2,939,425,000 | |||||||||
Principal Amount | 2,925,000,000 | 2,955,000,000 | |||||||||
Incremental Term Loan B-2 | Secured Debt [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Principal amount | $ 0 | 1,492,500,000 | |||||||||
Stated interest rate | 0.00% | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,500,000,000 | ||||||||||
Credit facility | $ 0 | 1,475,778,000 | |||||||||
Principal Amount | 0 | 1,492,500,000 | |||||||||
Line of credit facility periodic payment, percentage of principal | 0.25% | ||||||||||
Line of credit facility, periodic payment amount | $ 3,750,000 | ||||||||||
Incremental Term Loan B-2 | Secured Debt [Member] | Eurodollar | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Basis spread on variable rate | 2.50% | ||||||||||
Incremental Term Loan B-5 | Secured Debt [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Principal amount | $ 3,000,000,000 | 0 | |||||||||
Stated interest rate | 4.24% | ||||||||||
Credit facility | $ 2,976,358,000 | 0 | |||||||||
Principal Amount | 3,000,000,000 | 0 | |||||||||
Line of credit facility, periodic payment amount | $ 7,500 | ||||||||||
Incremental Term Loan B-5 | Secured Debt [Member] | Eurodollar | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Basis spread on variable rate | 2.50% | ||||||||||
Secured Debt [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Principal amount | 1,759,017,000 | 1,459,638,000 | |||||||||
Long-term debt | 1,585,088,000 | 1,406,182,000 | |||||||||
Principal Amount | 1,759,017,000 | 1,459,638,000 | |||||||||
Loans Payable | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Principal amount | 140,994,000 | 106,108,000 | |||||||||
Long-term debt | 140,994,000 | 106,108,000 | |||||||||
Principal Amount | 140,994,000 | 106,108,000 | |||||||||
Senior Secured Notes due 2023, 5.375% [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Stated interest rate | 5.375% | ||||||||||
Senior Notes due 2021, 5.125% [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Stated interest rate | 5.125% | ||||||||||
CSC Holdings Term Loan Facility | Secured Debt [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Principal amount | 3,000,000,000 | 2,925,000,000 | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 3,000,000,000 | ||||||||||
Principal Amount | $ 3,000,000,000 | 2,925,000,000 | |||||||||
Line of credit facility periodic payment, percentage of principal | 0.25% | ||||||||||
Line of credit facility, periodic payment amount | $ 7,500,000 | ||||||||||
CSC Holdings Term Loan Facility | Secured Debt [Member] | Eurodollar | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Basis spread on variable rate | 2.25% | ||||||||||
Senior Notes | Original Cequel Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Principal amount | 14,744,000 | ||||||||||
Principal Amount | 14,744,000 | ||||||||||
Senior Notes | 8.625% Notes due February 15, 2019 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Principal amount | $ 0 | 526,000,000 | |||||||||
Stated interest rate | 8.625% | ||||||||||
Outstanding debt | $ 0 | 527,749,000 | |||||||||
Principal Amount | 0 | 526,000,000 | |||||||||
Senior Notes | 8.0% Notes due April 15, 2020 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Principal amount | $ 0 | 500,000,000 | |||||||||
Stated interest rate | 8.00% | ||||||||||
Outstanding debt | $ 0 | 495,302,000 | |||||||||
Principal Amount | 0 | 500,000,000 | |||||||||
Senior Notes | 6.75% Notes due November 15, 2021 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Principal amount | $ 1,000,000,000 | 1,000,000,000 | |||||||||
Stated interest rate | 6.75% | ||||||||||
Outstanding debt | $ 979,178,000 | 969,285,000 | |||||||||
Principal Amount | 1,000,000,000 | 1,000,000,000 | |||||||||
Senior Notes | 5.875% Notes due September 15, 2022 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Principal amount | $ 649,024,000 | 649,024,000 | |||||||||
Stated interest rate | 5.875% | ||||||||||
Outstanding debt | $ 600,849,000 | 585,817,000 | |||||||||
Principal Amount | 649,024,000 | 649,024,000 | |||||||||
Senior Notes | 5.25% Notes due June 1, 2024 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Principal amount | $ 750,000,000 | 750,000,000 | |||||||||
Stated interest rate | 5.25% | ||||||||||
Outstanding debt | $ 683,940,000 | 671,829,000 | |||||||||
Principal Amount | 750,000,000 | 750,000,000 | |||||||||
Senior Notes | Cablevision 7.750% Notes due July 15, 2025 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Principal amount | $ 1,740,000 | 1,740,000 | |||||||||
Stated interest rate | 7.75% | ||||||||||
Outstanding debt | $ 1,695,000 | 1,690,000 | |||||||||
Principal Amount | 1,740,000 | 1,740,000 | |||||||||
Senior Notes | 10.125% Notes due January 15, 2023 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Principal amount | $ 0 | 1,800,000,000 | |||||||||
Stated interest rate | 10.125% | ||||||||||
Outstanding debt | $ 0 | 1,781,424,000 | |||||||||
Principal Amount | 0 | 1,800,000,000 | |||||||||
Senior Notes | 10.875% Notes due October 15, 2025 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Principal amount | $ 1,684,221,000 | 1,684,221,000 | |||||||||
Stated interest rate | 10.875% | ||||||||||
Outstanding debt | $ 1,665,237,000 | 1,663,027,000 | $ 315,779,000 | ||||||||
Principal Amount | 1,684,221,000 | 1,684,221,000 | |||||||||
Senior Notes | Cablevision 7.500% Notes due April 1, 2028 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Principal amount | $ 4,118,000 | 4,118,000 | |||||||||
Stated interest rate | 7.50% | ||||||||||
Outstanding debt | $ 4,112,000 | 4,110,000 | |||||||||
Principal Amount | 4,118,000 | 4,118,000 | |||||||||
Senior Notes | Cablevision 5.125% Notes due December 15, 2021 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Principal amount | 0 | 8,886,000 | |||||||||
Redeemed debt | $ 8,886,000 | ||||||||||
Stated interest rate | 5.125% | ||||||||||
Outstanding debt | $ 0 | 8,274,000 | |||||||||
Principal Amount | 0 | 8,886,000 | |||||||||
Senior Notes | CSC Holdings 5.125% Notes due December 15, 2021 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Principal amount | $ 0 | 1,240,762,000 | |||||||||
Stated interest rate | 5.125% | ||||||||||
Outstanding debt | $ 0 | 1,155,264,000 | |||||||||
Principal Amount | 0 | 1,240,762,000 | |||||||||
Senior Notes | CSC Holdings 7.750% Notes due July 15, 2025 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Principal amount | $ 617,881,000 | 617,881,000 | |||||||||
Stated interest rate | 7.75% | ||||||||||
Outstanding debt | $ 605,583,000 | 603,889,000 | |||||||||
Principal Amount | 617,881,000 | 617,881,000 | |||||||||
Original Value of Senior Note | 620,000,000 | ||||||||||
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 | |||||||||
Stated interest rate | 7.50% | ||||||||||
Outstanding debt | $ 1,044,278,000 | 1,044,143,000 | |||||||||
Principal Amount | 1,045,882,000 | 1,045,882,000 | |||||||||
Original Value of Senior Note | 1,050,000,000 | ||||||||||
Senior Notes | CSC Holdings 5.750% Notes due January 15, 2030 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Principal amount | $ 2,250,000,000 | 0 | |||||||||
Stated interest rate | 5.75% | ||||||||||
Outstanding debt | $ 2,289,168,000 | ||||||||||
Principal Amount | 2,250,000,000 | 0 | |||||||||
Senior Notes | Remaining Cequel Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Principal amount | 5,499,156,000 | ||||||||||
Principal Amount | 5,499,156,000 | ||||||||||
Senior Notes | 6.375% Senior Notes due September 15, 2020 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Redeemed debt | $ 450,000,000 | $ 1,050,000,000 | |||||||||
Stated interest rate | 6.375% | ||||||||||
Write-off of deferred financings costs | $ 20,173,000 | ||||||||||
Secured Debt [Member] | 5.125% Senior Notes due December 15, 2021 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Principal amount | 1,240,762,000 | ||||||||||
Principal Amount | 1,240,762,000 | ||||||||||
Original Value of Senior Note | 1,250,000,000 | ||||||||||
Secured Debt [Member] | 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 | |||||||||
Stated interest rate | 5.375% | ||||||||||
Outstanding debt | $ 1,081,879,000 | 1,078,428,000 | |||||||||
Principal Amount | 1,095,825,000 | 1,095,825,000 | |||||||||
Redemption Premium | 4,157,000 | ||||||||||
Original Value of Senior Note | 1,100,000,000 | ||||||||||
Secured Debt [Member] | CSC Holdings 5.500% Notes due May 15, 2026 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Principal amount | $ 1,498,806,000 | 1,498,806,000 | |||||||||
Stated interest rate | 5.50% | ||||||||||
Outstanding debt | $ 1,485,911,000 | 1,484,278,000 | |||||||||
Principal Amount | 1,498,806,000 | 1,498,806,000 | |||||||||
Redemption Premium | 1,049,000 | ||||||||||
Original Value of Senior Note | 1,500,000,000 | ||||||||||
Secured Debt [Member] | 6.625% Notes due October 15, 2025 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Principal amount | $ 1,000,000,000 | 1,000,000,000 | |||||||||
Stated interest rate | 6.625% | ||||||||||
Outstanding debt | $ 989,483,000 | 988,052,000 | |||||||||
Principal Amount | 1,000,000,000 | 1,000,000,000 | |||||||||
Secured Debt [Member] | 5.5% Notes due April 15, 2027 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Principal amount | $ 1,310,000,000 | 1,310,000,000 | |||||||||
Stated interest rate | 5.50% | ||||||||||
Outstanding debt | $ 1,305,430,000 | 1,304,936,000 | |||||||||
Principal Amount | 1,310,000,000 | 1,310,000,000 | |||||||||
Secured Debt [Member] | 5.375% Senior Guaranteed Notes Due February 1, 2028 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Principal amount | $ 1,000,000,000 | 1,000,000,000 | |||||||||
Stated interest rate | 5.375% | ||||||||||
Outstanding debt | $ 992,757,000 | 992,064,000 | |||||||||
Principal Amount | 1,000,000,000 | 1,000,000,000 | |||||||||
Secured Debt [Member] | CSC Holdings 6.500% Notes due February 1, 2029 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Principal amount | $ 1,750,000,000 | 0 | |||||||||
Stated interest rate | 6.50% | ||||||||||
Outstanding debt | $ 1,746,996,000 | 0 | |||||||||
Principal Amount | 1,750,000,000 | 0 | |||||||||
Secured Debt [Member] | Remaining Cequel Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Redemption Premium | 5,206,000 | ||||||||||
Long-term Debt | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Principal amount | 24,646,684,000 | 23,137,956,000 | |||||||||
Long-term Debt, Excluding Current Maturities | 24,249,603,000 | 22,653,975,000 | |||||||||
Principal Amount | $ 24,646,684,000 | $ 23,137,956,000 |
DEBT - Schedule of Exchange Agr
DEBT - Schedule of Exchange Agreement (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 | Nov. 30, 2018 | Nov. 27, 2018 |
Debt Instrument [Line Items] | ||||
Principal amount | $ 24,817,366,000 | $ 23,296,581,000 | ||
Debt Instrument, Remaining Debt Post Exchange | $ 5,500,050,000 | |||
Debt Instrument, Premium Paid In Connection With Early Tender Of Notes | 6,500,000 | $ 6,500,000 | ||
Original Cequel Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Remaining Debt Post Exchange | $ 5,206,000 |
DEBT - CSC Holdings Credit Faci
DEBT - CSC Holdings Credit Facilities (Details) - USD ($) | Mar. 15, 2017 | Oct. 31, 2019 | Jul. 31, 2019 | Feb. 28, 2019 | Jan. 31, 2018 | Apr. 30, 2017 | Jun. 30, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jun. 21, 2016 |
Debt Instrument [Line Items] | ||||||||||||
Principal amount | $ 24,817,366,000 | $ 23,296,581,000 | ||||||||||
Redeemed debt | 8,886,000 | |||||||||||
Redemption of debt amount | 4,225,786,000 | 2,628,962,000 | $ 1,729,400,000 | |||||||||
Loss on extinguishment of debt and write-off of deferred financing costs | $ 18,976,000 | 243,806,000 | 48,804,000 | 600,240,000 | ||||||||
Cash distributions to shareholders | $ 839,700,000 | 1,499,935,000 | 840,035,000 | $ 445,176,000 | ||||||||
Proceeds from credit facility debt, net of discounts | 5,040,000,000 | 3,489,313,000 | 5,593,675,000 | |||||||||
Repayments of line of credit | 3,832,062,000 | 2,221,175,000 | 4,411,581,000 | |||||||||
Loss on extinguishment of debt and write-off of deferred financing costs (including $513,723 related to affiliates and related parties in 2017) (See Note 16) | (18,976,000) | (243,806,000) | (48,804,000) | (600,240,000) | ||||||||
CSC Holdings | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Redemption of debt amount | 3,703,454,000 | 805,206,000 | 350,120,000 | |||||||||
Loss on extinguishment of debt and write-off of deferred financing costs | 228,130,000 | 7,883,000 | 53,988,000 | |||||||||
Cash distributions to shareholders | 3,058,747,000 | 2,777,498,000 | ||||||||||
Proceeds from credit facility debt, net of discounts | 5,040,000,000 | 3,489,313,000 | 5,593,675,000 | |||||||||
Repayments of line of credit | 3,832,062,000 | 2,221,175,000 | 4,411,581,000 | |||||||||
Loss on extinguishment of debt and write-off of deferred financing costs (including $513,723 related to affiliates and related parties in 2017) (See Note 16) | (228,130,000) | (7,883,000) | (53,988,000) | |||||||||
Retained Earnings (Accumulated Deficit) | CSC Holdings | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Cash distributions to shareholders | 1,672,031,000 | |||||||||||
CSC Holdings Term Loan Facility | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Loss on extinguishment of debt and write-off of deferred financing costs | 8,313,000 | |||||||||||
Loss on extinguishment of debt and write-off of deferred financing costs (including $513,723 related to affiliates and related parties in 2017) (See Note 16) | (8,313,000) | |||||||||||
5.5% Notes due April 15, 2027 | Secured Debt [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Principal amount | $ 1,310,000,000 | $ 1,310,000,000 | ||||||||||
Stated interest rate | 5.50% | |||||||||||
CSC Holdings 8.625% Notes due September 15, 2017 | Senior Notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Redeemed debt | $ 500,000,000 | |||||||||||
8.625% Notes due September 15, 2017 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Loss on extinguishment of debt and write-off of deferred financing costs | 6,300,000 | |||||||||||
Loss on extinguishment of debt and write-off of deferred financing costs (including $513,723 related to affiliates and related parties in 2017) (See Note 16) | $ (6,300,000) | |||||||||||
8.625% Notes due September 15, 2017 | Senior Notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stated interest rate | 8.625% | |||||||||||
CSC Credit Facilities | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Percentage of proceeds from asset sales required to pay down term loans | 100.00% | |||||||||||
Percentage of excess cash flow required when minimum leverage ratio is not met | 50.00% | |||||||||||
Percentage of excess cash flow required to pay down term loans when minimum leverage ratio is fulfilled | 0.00% | |||||||||||
Minimum debt leverage ratio required for zero percent of excess cash flow obligation to prepay debt | 4.5 | |||||||||||
Line of credit facility, covenant, leverage ratio | 5 | |||||||||||
Cablevision 5.125% Notes due December 15, 2021 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Loss on extinguishment of debt and write-off of deferred financing costs | $ 500,000 | |||||||||||
Loss on extinguishment of debt and write-off of deferred financing costs (including $513,723 related to affiliates and related parties in 2017) (See Note 16) | (500,000) | |||||||||||
Cablevision 5.125% Notes due December 15, 2021 | Senior Notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Principal amount | $ 0 | $ 8,886,000 | ||||||||||
Stated interest rate | 5.125% | |||||||||||
Redeemed debt | $ 8,886,000 | |||||||||||
Term Loan B-2 and Term Loan B-4 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Redeemed debt | 2,500,000 | |||||||||||
Cash distributions to shareholders | 500,000,000 | |||||||||||
8.0% Notes due April 15, 2020 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Loss on extinguishment of debt and write-off of deferred financing costs | 15,176,000 | |||||||||||
Loss on extinguishment of debt and write-off of deferred financing costs (including $513,723 related to affiliates and related parties in 2017) (See Note 16) | (15,176,000) | |||||||||||
8.0% Notes due April 15, 2020 | Senior Notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Principal amount | $ 0 | 500,000,000 | ||||||||||
Stated interest rate | 8.00% | |||||||||||
Secured Debt [Member] | CSC Holdings Term Loan Facility | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 3,000,000,000 | |||||||||||
Principal amount | 3,000,000,000 | 2,925,000,000 | ||||||||||
Deferred financing costs | 4,390,000 | |||||||||||
Issue discount | 15,000,000 | |||||||||||
Line of credit facility, increase in borrowing capacity | $ 500,000,000 | |||||||||||
Repayments of lines of credit | $ 2,493,750,000 | |||||||||||
Line of credit facility periodic payment, percentage of principal | 0.25% | |||||||||||
Line of credit facility, periodic payment amount | $ 7,500,000 | |||||||||||
Secured Debt [Member] | CSC Holdings Term Loan Facility | Alternate Base Rate | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Basis spread on variable rate | 1.25% | |||||||||||
Secured Debt [Member] | CSC Holdings Term Loan Facility | Eurodollar | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Basis spread on variable rate | 2.25% | |||||||||||
Secured Debt [Member] | CSC Holdings Revolving Credit Facility | LIBOR | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Basis spread on variable rate | 2.25% | |||||||||||
Secured Debt [Member] | Incremental Term Loan B-2 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,500,000,000 | |||||||||||
Principal amount | $ 0 | 1,492,500,000 | ||||||||||
Price percent | 99.50% | |||||||||||
Line of credit facility periodic payment, percentage of principal | 0.25% | |||||||||||
Line of credit facility, periodic payment amount | $ 3,750,000 | |||||||||||
Secured Debt [Member] | Incremental Term Loan B-2 | Alternate Base Rate | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Basis spread on variable rate | 1.50% | |||||||||||
Secured Debt [Member] | Incremental Term Loan B-2 | Eurodollar | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Basis spread on variable rate | 2.50% | |||||||||||
Secured Debt [Member] | Incremental Term Loan B-3 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 1,275,000,000 | |||||||||||
Principal amount | 1,265,438,000 | 1,275,000,000 | ||||||||||
Line of credit facility periodic payment, percentage of principal | 0.25% | |||||||||||
Line of credit facility, periodic payment amount | $ 3,188,000 | |||||||||||
Secured Debt [Member] | Incremental Term Loan B-4 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Principal amount | 1,000,000,000 | |||||||||||
Debt discount rate | 1.00% | |||||||||||
Secured Debt [Member] | Incremental Term Loan B-4 | Alternate Base Rate | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Basis spread on variable rate | 3.00% | |||||||||||
Secured Debt [Member] | Incremental Term Loan B-5 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Principal amount | 3,000,000,000 | 0 | ||||||||||
Line of credit facility, periodic payment amount | $ 7,500 | |||||||||||
Debt Instrument, Premium Percentage | 1.00% | |||||||||||
Secured Debt [Member] | Incremental Term Loan B-5 | Alternate Base Rate | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Basis spread on variable rate | 1.50% | |||||||||||
Secured Debt [Member] | Incremental Term Loan B-5 | Eurodollar | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Basis spread on variable rate | 2.50% | |||||||||||
Revolving Credit Facility | CSC Holdings Revolving Credit Facility | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 2,275,000,000 | $ 2,475,000,000 | ||||||||||
Principal amount | 0 | $ 250,000,000 | ||||||||||
Proceeds from credit facility debt, net of discounts | 1,050,000,000 | |||||||||||
Repayments of line of credit | $ 622,857,000 | $ 1,300,000 |
DEBT - Cequel Credit Facilities
DEBT - Cequel Credit Facilities (Details) - USD ($) | Sep. 30, 2018 | Mar. 15, 2017 | Oct. 31, 2018 | Apr. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Line of Credit Facility [Line Items] | |||||||
Redeemed debt | $ 8,886,000 | ||||||
Redemption of debt amount | 4,225,786,000 | $ 2,628,962,000 | $ 1,729,400,000 | ||||
Loss on extinguishment of debt and write-off of deferred financing costs | $ 18,976,000 | 243,806,000 | 48,804,000 | 600,240,000 | |||
Principal amount | $ 24,817,366,000 | 23,296,581,000 | |||||
Cequel Credit Facilities | |||||||
Line of Credit Facility [Line Items] | |||||||
Loss on extinguishment of debt and write-off of deferred financing costs | $ 7,733,000 | $ 2,455,000 | |||||
Cequel Credit Facilities | Line of Credit | |||||||
Line of Credit Facility [Line Items] | |||||||
Extinguishment of debt | $ 1,249,188,000 | ||||||
Cequel Term Loan Facility | Secured Debt [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,265,000,000 | ||||||
Line of credit facility periodic payment, percentage of principal | 0.25% | ||||||
Line of credit facility, periodic payment amount | $ 3,163,000 | ||||||
Credit facility | 812,963,000 | ||||||
Loss on extinguishment of debt and write-off of deferred financing costs | 28,684,000 | ||||||
Cequel Term Loan Facility | Secured Debt [Member] | Alternate Base Rate | |||||||
Line of Credit Facility [Line Items] | |||||||
Basis spread on variable rate | 1.25% | ||||||
Cequel Term Loan Facility | Secured Debt [Member] | Eurodollar | |||||||
Line of Credit Facility [Line Items] | |||||||
Basis spread on variable rate | 2.25% | ||||||
Cequel Revolving Credit Facility | Revolving Credit Facility | |||||||
Line of Credit Facility [Line Items] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 350,000,000 | ||||||
Cequel Revolving Credit Facility | Revolving Credit Facility | Alternate Base Rate | |||||||
Line of Credit Facility [Line Items] | |||||||
Basis spread on variable rate | 2.25% | ||||||
Cequel Revolving Credit Facility | Revolving Credit Facility | Eurodollar | |||||||
Line of Credit Facility [Line Items] | |||||||
Basis spread on variable rate | 3.25% | ||||||
6.375% Senior Notes due September 15, 2020 | Senior Notes | |||||||
Line of Credit Facility [Line Items] | |||||||
Redeemed debt | $ 450,000,000 | $ 1,050,000,000 | |||||
Stated interest rate | 6.375% | ||||||
Loss on extinguishment of debt and write-off of deferred financing costs | $ 16,737,000 |
DEBT - Credit Facilities Outsta
DEBT - Credit Facilities Outstanding (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jan. 31, 2018 | Mar. 15, 2017 | Jun. 21, 2016 |
Debt Instrument [Line Items] | ||||||
Long-term debt | $ 24,420,285,000 | $ 22,812,600,000 | ||||
CSC Holdings Revolving Credit Facility, Portion Due October 9, 2020 | Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | 200,000 | |||||
CSC Holdings Revolving Credit Facility | Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | 2,275,000,000 | $ 2,475,000,000 | ||||
Credit facility, Carrying Value | 0 | 231,425,000 | ||||
Letters of credit outstanding | 178,014,000 | |||||
Line of credit facility, remaining borrowing capacity | $ 2,296,986,000 | |||||
CSC Holdings Term Loan B | Secured Debt [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Stated interest rate | 3.99% | |||||
Credit facility, Carrying Value | $ 2,911,729,000 | 2,939,425,000 | ||||
Incremental Term Loan B-2 | Secured Debt [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Stated interest rate | 0.00% | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,500,000,000 | |||||
Credit facility, Carrying Value | $ 0 | 1,475,778,000 | ||||
Incremental Term Loan B-3 | Secured Debt [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Stated interest rate | 3.99% | |||||
Line of Credit Facility, Maximum Borrowing Capacity | 1,275,000,000 | |||||
Credit facility, Carrying Value | $ 1,260,200,000 | 1,268,931,000 | ||||
Cequel Term Loan Facility | Secured Debt [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,265,000,000 | |||||
Credit facility, Carrying Value | $ 812,963,000 | |||||
Secured Debt [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt | $ 1,585,088,000 | $ 1,406,182,000 |
DEBT - Senior Guaranteed Notes
DEBT - Senior Guaranteed Notes and Senior Notes and Debentures (Details) - USD ($) | Mar. 15, 2017 | Jul. 31, 2019 | Apr. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2019 | Nov. 30, 2018 | Jul. 31, 2017 | Jun. 21, 2016 |
Debt Instrument [Line Items] | ||||||||||
Principal amount | $ 24,817,366,000 | $ 23,296,581,000 | ||||||||
Face Amount of Senior Notes and Senior Guaranteed Notes | 15,657,497,000 | 15,733,145,000 | ||||||||
Carrying amount of Senior Notes and Senior Guaranteed Notes | 15,476,496,000 | 15,359,561,000 | ||||||||
Face amount of Credit Facility Debt | 7,190,438,000 | 5,972,500,000 | ||||||||
Carrying value of Credit Facility Debt | 7,148,287,000 | 5,915,559,000 | ||||||||
Finance Lease, Liability | 69,420,000 | 25,190,000 | ||||||||
Long-term debt | 24,420,285,000 | 22,812,600,000 | ||||||||
Long-term Debt, Current Maturities | 170,682,000 | 158,625,000 | ||||||||
Finance Lease, Liability, Current | 22,017,000 | 5,928,000 | $ 5,928,000 | |||||||
Long-term Debt, Excluding Current Maturities | 24,249,603,000 | 22,653,975,000 | ||||||||
Redeemed debt | 8,886,000 | |||||||||
Repayments of line of credit | 3,832,062,000 | 2,221,175,000 | $ 4,411,581,000 | |||||||
Loss on extinguishment of debt and write-off of deferred financing costs (including $513,723 related to affiliates and related parties in 2017) (See Note 16) | $ (18,976,000) | (243,806,000) | (48,804,000) | (600,240,000) | ||||||
Loans Payable | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal amount | 83,415,000 | 98,134,000 | ||||||||
Long-term debt | 83,415,000 | 98,134,000 | ||||||||
Short-term Debt | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal amount | 170,682,000 | 158,625,000 | ||||||||
Long-term Debt, Current Maturities | 170,682,000 | 158,625,000 | ||||||||
Credit Facility [Domain] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal amount | 65,250,000 | 54,563,000 | ||||||||
Long-term Debt, Current Maturities | 65,250,000 | 54,563,000 | ||||||||
10.875% Notes due October 15, 2025 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Loss on extinguishment of debt and write-off of deferred financing costs (including $513,723 related to affiliates and related parties in 2017) (See Note 16) | $ (38,858,000) | |||||||||
CSC Holdings 5.125% Notes due December 15, 2021 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Loss on extinguishment of debt and write-off of deferred financing costs (including $513,723 related to affiliates and related parties in 2017) (See Note 16) | (65,151,000) | |||||||||
7.75% Notes due April 15, 2018 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Loss on extinguishment of debt and write-off of deferred financing costs (including $513,723 related to affiliates and related parties in 2017) (See Note 16) | (4,706,000) | |||||||||
8.0% Notes due April 15, 2020 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Loss on extinguishment of debt and write-off of deferred financing costs (including $513,723 related to affiliates and related parties in 2017) (See Note 16) | (15,176,000) | |||||||||
Cablevision 5.125% Notes due December 15, 2021 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Loss on extinguishment of debt and write-off of deferred financing costs (including $513,723 related to affiliates and related parties in 2017) (See Note 16) | (500,000) | |||||||||
5.125% Senior Notes due December 15, 2021 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.125% | |||||||||
Incremental Term Loan B-3 | Secured Debt [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal amount | $ 1,265,438,000 | 1,275,000,000 | ||||||||
Stated interest rate | 3.99% | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 1,275,000,000 | |||||||||
Credit facility | $ 1,260,200,000 | 1,268,931,000 | ||||||||
Incremental Term Loan B-5 | Secured Debt [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal amount | $ 3,000,000,000 | 0 | ||||||||
Stated interest rate | 4.24% | |||||||||
Credit facility | $ 2,976,358,000 | 0 | ||||||||
Loans Payable | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal amount | 140,994,000 | 106,108,000 | ||||||||
Long-term debt | 140,994,000 | 106,108,000 | ||||||||
Secured Debt [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal amount | 1,759,017,000 | 1,459,638,000 | ||||||||
Long-term debt | 1,585,088,000 | 1,406,182,000 | ||||||||
CSC Holdings Revolving Credit Facility | Revolving Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal amount | 0 | 250,000,000 | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 2,275,000,000 | $ 2,475,000,000 | ||||||||
Credit facility | 0 | 231,425,000 | ||||||||
Repayments of line of credit | $ 622,857,000 | $ 1,300,000 | ||||||||
Secured Debt [Member] | 6.625% Notes due October 15, 2025 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.625% | |||||||||
Principal amount | $ 1,000,000,000 | 1,000,000,000 | ||||||||
Carrying Amount | $ 989,483,000 | 988,052,000 | ||||||||
Secured Debt [Member] | 5.5% Notes due April 15, 2027 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.50% | |||||||||
Principal amount | $ 1,310,000,000 | 1,310,000,000 | ||||||||
Carrying Amount | $ 1,305,430,000 | 1,304,936,000 | ||||||||
Secured Debt [Member] | 5.375% Senior Guaranteed Notes Due February 1, 2028 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.375% | |||||||||
Principal amount | $ 1,000,000,000 | 1,000,000,000 | ||||||||
Carrying Amount | $ 992,757,000 | 992,064,000 | ||||||||
Secured Debt [Member] | CSC Holdings 5.375% Senior Guaranteed Notes due July 15, 2023 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.375% | |||||||||
Principal amount | $ 1,095,825,000 | 1,095,825,000 | ||||||||
Carrying Amount | $ 1,081,879,000 | 1,078,428,000 | ||||||||
Secured Debt [Member] | CSC Holdings 5.500% Notes due May 15, 2026 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.50% | |||||||||
Principal amount | $ 1,498,806,000 | 1,498,806,000 | ||||||||
Carrying Amount | 1,485,911,000 | 1,484,278,000 | ||||||||
Secured Debt [Member] | 5.125% Senior Notes due December 15, 2021 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal amount | $ 1,240,762,000 | |||||||||
Secured Debt [Member] | CSC Holdings 6.500% Notes due February 1, 2029 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.50% | |||||||||
Principal amount | $ 1,750,000,000 | 0 | ||||||||
Carrying Amount | 1,746,996,000 | 0 | ||||||||
Secured Debt [Member] | CSC Holdings 6.500% Notes due February 1, 2029 Tranche 1 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal amount | 1,500,000,000 | |||||||||
Secured Debt [Member] | CSC Holdings 6.500% Notes due February 1, 2029 Tranche 2 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal amount | 250,000,000 | |||||||||
Redeemed debt | 905,300,000 | |||||||||
Long-term Debt | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal amount | 24,646,684,000 | 23,137,956,000 | ||||||||
Long-term Debt, Excluding Current Maturities | $ 24,249,603,000 | 22,653,975,000 | ||||||||
Senior Notes | 8.625% Notes due February 15, 2019 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.625% | |||||||||
Principal amount | $ 0 | 526,000,000 | ||||||||
Carrying Amount | $ 0 | 527,749,000 | ||||||||
Senior Notes | 6.75% Notes due November 15, 2021 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.75% | |||||||||
Principal amount | $ 1,000,000,000 | 1,000,000,000 | ||||||||
Carrying Amount | $ 979,178,000 | 969,285,000 | ||||||||
Senior Notes | 5.25% Notes due June 1, 2024 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.25% | |||||||||
Principal amount | $ 750,000,000 | 750,000,000 | ||||||||
Carrying Amount | $ 683,940,000 | 671,829,000 | ||||||||
Senior Notes | 10.125% Notes due January 15, 2023 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 10.125% | |||||||||
Principal amount | $ 0 | 1,800,000,000 | ||||||||
Carrying Amount | $ 0 | 1,781,424,000 | ||||||||
Debt Instrument, Redemption Price, Percentage | 107.594% | |||||||||
Senior Notes | 10.875% Notes due October 15, 2025 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 10.875% | |||||||||
Principal amount | $ 1,684,221,000 | 1,684,221,000 | ||||||||
Carrying Amount | $ 1,665,237,000 | 1,663,027,000 | $ 315,779,000 | |||||||
Senior Notes | CSC Holdings 5.125% Notes due December 15, 2021 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.125% | |||||||||
Principal amount | $ 0 | 1,240,762,000 | ||||||||
Carrying Amount | $ 0 | 1,155,264,000 | ||||||||
Loss on extinguishment of debt and write-off of deferred financing costs (including $513,723 related to affiliates and related parties in 2017) (See Note 16) | 65,151,000 | |||||||||
Senior Notes | CSC Holdings 7.750% Notes due July 15, 2025 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.75% | |||||||||
Principal amount | $ 617,881,000 | 617,881,000 | ||||||||
Carrying Amount | $ 605,583,000 | 603,889,000 | ||||||||
Senior Notes | CSC Holdings 7.500% Notes due April 1, 2028 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.50% | |||||||||
Principal amount | $ 1,045,882,000 | 1,045,882,000 | ||||||||
Carrying Amount | $ 1,044,278,000 | 1,044,143,000 | ||||||||
Senior Notes | 8.0% Notes due April 15, 2020 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | |||||||||
Principal amount | $ 0 | 500,000,000 | ||||||||
Carrying Amount | $ 0 | 495,302,000 | ||||||||
Senior Notes | 5.875% Notes due September 15, 2022 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.875% | |||||||||
Principal amount | $ 649,024,000 | 649,024,000 | ||||||||
Carrying Amount | $ 600,849,000 | 585,817,000 | ||||||||
Senior Notes | Cablevision 5.125% Notes due December 15, 2021 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.125% | |||||||||
Principal amount | $ 0 | 8,886,000 | ||||||||
Carrying Amount | 0 | 8,274,000 | ||||||||
Redeemed debt | $ 8,886,000 | |||||||||
Senior Notes | Cablevision 7.750% Notes due July 15, 2025 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.75% | |||||||||
Principal amount | $ 1,740,000 | 1,740,000 | ||||||||
Carrying Amount | $ 1,695,000 | 1,690,000 | ||||||||
Senior Notes | Cablevision 7.500% Notes due April 1, 2028 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.50% | |||||||||
Principal amount | $ 4,118,000 | 4,118,000 | ||||||||
Carrying Amount | $ 4,112,000 | 4,110,000 | ||||||||
Senior Notes | 6.375% Senior Notes due September 15, 2020 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.375% | |||||||||
Redeemed debt | $ 450,000,000 | $ 1,050,000,000 | ||||||||
Loss on extinguishment of debt and write-off of deferred financing costs (including $513,723 related to affiliates and related parties in 2017) (See Note 16) | $ (16,737,000) | |||||||||
Senior Notes | CSC Holdings 5.750% Notes due January 15, 2030 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.75% | |||||||||
Principal amount | $ 2,250,000,000 | $ 0 | ||||||||
Carrying Amount | $ 2,289,168,000 | |||||||||
Debt Instrument, Redemption Price, Percentage | 104.00% | |||||||||
Senior Notes | CSC Holdings 5.750% Notes due January 15, 2030 Tranche 1 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal amount | $ 1,000,000,000 | |||||||||
Senior Notes | CSC Holdings 5.750% Notes due January 15, 2030 Tranche 2 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal amount | $ 1,250,000,000 |
DEBT - Senior Guaranteed Notes,
DEBT - Senior Guaranteed Notes, Senior Secured Notes, and Senior Notes and Debentures (Details) - USD ($) | Jun. 06, 2018 | Mar. 15, 2017 | Apr. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Feb. 28, 2018 | Jan. 01, 2018 | Jun. 21, 2016 |
Debt Instrument [Line Items] | |||||||||
Principal amount | $ 24,817,366,000 | $ 23,296,581,000 | |||||||
Long-term debt | 24,420,285,000 | 22,812,600,000 | |||||||
Dividends | $ 1,499,935,000 | ||||||||
Loss on extinguishment of debt and write-off of deferred financing costs | $ 18,976,000 | 243,806,000 | 48,804,000 | $ 600,240,000 | |||||
Redemption of debt amount | 8,886,000 | ||||||||
Stock Issued During Period, Value, New Issues | 7,122,000 | ||||||||
Collateralized Agreements | 65,854,000 | ||||||||
Cablevision 5.125% Notes due December 15, 2021 | |||||||||
Debt Instrument [Line Items] | |||||||||
Loss on extinguishment of debt and write-off of deferred financing costs | 500,000 | ||||||||
CSC Holdings Revolving Credit Facility, Portion Due October 9, 2020 | Revolving Credit Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 200,000 | ||||||||
CSC Holdings 5.125% Notes due December 15, 2021 | |||||||||
Debt Instrument [Line Items] | |||||||||
Loss on extinguishment of debt and write-off of deferred financing costs | 65,151,000 | ||||||||
Senior Notes | 2028 Guaranteed Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal amount | $ 1,050,000,000 | ||||||||
Stated interest rate | 7.50% | ||||||||
Senior Notes | CSC Holdings' Senior Notes Due February 2018 | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt | $ 300,000,000 | ||||||||
Senior Notes | Cablevision Senior Notes Due April 2018 | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt | $ 750,000,000 | ||||||||
Loss on extinguishment of debt and write-off of deferred financing costs | 7,019,000 | ||||||||
Debt premium | 2,314,000 | ||||||||
Senior Notes | 6.375% Senior Notes due September 15, 2020 | |||||||||
Debt Instrument [Line Items] | |||||||||
Stated interest rate | 6.375% | ||||||||
Loss on extinguishment of debt and write-off of deferred financing costs | 16,737,000 | ||||||||
Redemption of debt amount | $ 450,000,000 | $ 1,050,000,000 | |||||||
Senior Notes | Cablevision 5.125% Notes due December 15, 2021 | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal amount | $ 0 | 8,886,000 | |||||||
Stated interest rate | 5.125% | ||||||||
Redemption of debt amount | $ 8,886,000 | ||||||||
Senior Notes | CSC Holdings 5.750% Notes due January 15, 2030 | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal amount | $ 2,250,000,000 | 0 | |||||||
Stated interest rate | 5.75% | ||||||||
Debt Instrument, Redemption Price, Percentage | 104.00% | ||||||||
Senior Notes | Incremental CSC Holdings 5.750% Notes due January 15, 2030 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal amount | $ 1,250,000,000 | ||||||||
Senior Notes | 10.125% Notes due January 15, 2023 | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal amount | $ 0 | 1,800,000,000 | |||||||
Stated interest rate | 10.125% | ||||||||
Debt Instrument, Redemption Price, Percentage | 107.594% | ||||||||
Senior Notes | CSC Holdings 5.750% Notes due January 15, 2030 Tranche 1 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal amount | $ 1,000,000,000 | ||||||||
Senior Notes | CSC Holdings 5.750% Notes due January 15, 2030 Tranche 2 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal amount | 1,250,000,000 | ||||||||
Senior Notes | CSC Holdings 5.125% Notes due December 15, 2021 | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal amount | $ 0 | 1,240,762,000 | |||||||
Stated interest rate | 5.125% | ||||||||
Loss on extinguishment of debt and write-off of deferred financing costs | (65,151,000) | ||||||||
Secured Debt [Member] | 5.5% Notes due April 15, 2027 | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal amount | $ 1,310,000,000 | 1,310,000,000 | |||||||
Stated interest rate | 5.50% | ||||||||
Secured Debt [Member] | 2028 Guaranteed Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal amount | $ 1,000,000,000 | ||||||||
Stated interest rate | 5.375% | ||||||||
Secured Debt [Member] | CSC Holdings 6.500% Notes due February 1, 2029 Tranche 2 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal amount | $ 250,000,000 | ||||||||
Redemption of debt amount | $ 905,300,000 | ||||||||
Premium on notes | 101.75% | ||||||||
Secured Debt [Member] | CSC Holdings 6.500% Notes due February 1, 2029 Tranche 1 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal amount | $ 1,500,000,000 | ||||||||
Long-term Debt | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal amount | $ 24,646,684,000 | $ 23,137,956,000 | |||||||
Cablevision Systems Corp. | Notes payable and supply chain financing | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal amount | $ 1,750,000,000 | ||||||||
Cablevision Systems Corp. | Notes payable and supply chain financing | Notes Payable at 10.75% | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal amount | $ 875,000,000 | ||||||||
Stated interest rate | 10.75% | ||||||||
Cablevision Systems Corp. | Notes payable and supply chain financing | Notes Payable at 11% | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal amount | $ 875,000,000 | ||||||||
Stated interest rate | 11.00% | ||||||||
Affiliates | Notes payable and supply chain financing | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal amount | 1,750,000 | ||||||||
Affiliates | Cablevision Systems Corp. | Notes payable and supply chain financing | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt premium | $ 513,723,000 | ||||||||
Interest payable | $ 529,000 | ||||||||
Interest expense | $ 90,405,000 |
DEBT - Schedule of Gain (Loss)
DEBT - Schedule of Gain (Loss) on Debt Extinguishment (Details) - USD ($) $ in Thousands | Mar. 15, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||||
Loss on extinguishment of debt and write-off of deferred financing costs | $ 18,976 | $ 243,806 | $ 48,804 | $ 600,240 |
Loss on extinguishment of debt and write-off of deferred financing costs (including $513,723 related to affiliates and related parties in 2017) (See Note 16) | $ (18,976) | (243,806) | (48,804) | (600,240) |
CSC Holdings | ||||
Debt Instrument [Line Items] | ||||
Loss on extinguishment of debt and write-off of deferred financing costs | 228,130 | 7,883 | 53,988 | |
Loss on extinguishment of debt and write-off of deferred financing costs (including $513,723 related to affiliates and related parties in 2017) (See Note 16) | (228,130) | (7,883) | (53,988) | |
Altice USA | ||||
Debt Instrument [Line Items] | ||||
Loss on extinguishment of debt and write-off of deferred financing costs | 513,723 | |||
Loss on extinguishment of debt and write-off of deferred financing costs (including $513,723 related to affiliates and related parties in 2017) (See Note 16) | (513,723) | |||
7.75% Notes due April 15, 2018 | ||||
Debt Instrument [Line Items] | ||||
Loss on extinguishment of debt and write-off of deferred financing costs | 4,706 | |||
Loss on extinguishment of debt and write-off of deferred financing costs (including $513,723 related to affiliates and related parties in 2017) (See Note 16) | (4,706) | |||
Cequel Credit Facilities | ||||
Debt Instrument [Line Items] | ||||
Loss on extinguishment of debt and write-off of deferred financing costs | 7,733 | 2,455 | ||
Loss on extinguishment of debt and write-off of deferred financing costs (including $513,723 related to affiliates and related parties in 2017) (See Note 16) | (7,733) | (2,455) | ||
CSC Holdings Term Loan B | ||||
Debt Instrument [Line Items] | ||||
Loss on extinguishment of debt and write-off of deferred financing costs | 12,675 | |||
Loss on extinguishment of debt and write-off of deferred financing costs (including $513,723 related to affiliates and related parties in 2017) (See Note 16) | (12,675) | |||
10.875% Notes due October 15, 2025 | ||||
Debt Instrument [Line Items] | ||||
Loss on extinguishment of debt and write-off of deferred financing costs | 38,858 | |||
Loss on extinguishment of debt and write-off of deferred financing costs (including $513,723 related to affiliates and related parties in 2017) (See Note 16) | (38,858) | |||
Cequel 6.375% Senior Notes due 2020 | ||||
Debt Instrument [Line Items] | ||||
Loss on extinguishment of debt and write-off of deferred financing costs | 36,910 | 26,229 | ||
Loss on extinguishment of debt and write-off of deferred financing costs (including $513,723 related to affiliates and related parties in 2017) (See Note 16) | (36,910) | (26,229) | ||
8.0% Notes due April 15, 2020 | ||||
Debt Instrument [Line Items] | ||||
Loss on extinguishment of debt and write-off of deferred financing costs | 15,176 | |||
Loss on extinguishment of debt and write-off of deferred financing costs (including $513,723 related to affiliates and related parties in 2017) (See Note 16) | (15,176) | |||
Cablevision 5.125% Notes due December 15, 2021 | ||||
Debt Instrument [Line Items] | ||||
Loss on extinguishment of debt and write-off of deferred financing costs | 500 | |||
Loss on extinguishment of debt and write-off of deferred financing costs (including $513,723 related to affiliates and related parties in 2017) (See Note 16) | (500) | |||
CSC Holdings 5.125% Notes due December 15, 2021 | ||||
Debt Instrument [Line Items] | ||||
Loss on extinguishment of debt and write-off of deferred financing costs | 65,151 | |||
Loss on extinguishment of debt and write-off of deferred financing costs (including $513,723 related to affiliates and related parties in 2017) (See Note 16) | (65,151) | |||
10.125% Notes due January 15, 2023 | ||||
Debt Instrument [Line Items] | ||||
Loss on extinguishment of debt and write-off of deferred financing costs | 154,666 | |||
Loss on extinguishment of debt and write-off of deferred financing costs (including $513,723 related to affiliates and related parties in 2017) (See Note 16) | (154,666) | |||
CSC Holdings Term Loan Facility | ||||
Debt Instrument [Line Items] | ||||
Loss on extinguishment of debt and write-off of deferred financing costs | 8,313 | |||
Loss on extinguishment of debt and write-off of deferred financing costs (including $513,723 related to affiliates and related parties in 2017) (See Note 16) | $ (8,313) | |||
Cequel Notes relating to Debt Exchange | ||||
Debt Instrument [Line Items] | ||||
Loss on extinguishment of debt and write-off of deferred financing costs | (695) | |||
Loss on extinguishment of debt and write-off of deferred financing costs (including $513,723 related to affiliates and related parties in 2017) (See Note 16) | 695 | |||
Cequel Notes relating to Debt Exchange | CSC Holdings | ||||
Debt Instrument [Line Items] | ||||
Loss on extinguishment of debt and write-off of deferred financing costs | 150 | |||
Loss on extinguishment of debt and write-off of deferred financing costs (including $513,723 related to affiliates and related parties in 2017) (See Note 16) | $ (150) | |||
8.625% Notes due September 15, 2017 | ||||
Debt Instrument [Line Items] | ||||
Loss on extinguishment of debt and write-off of deferred financing costs | 6,300 | |||
Loss on extinguishment of debt and write-off of deferred financing costs (including $513,723 related to affiliates and related parties in 2017) (See Note 16) | $ (6,300) |
DEBT - Summary of Debt Maturiti
DEBT - Summary of Debt Maturities (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Debt Disclosure [Abstract] | |
2019 | $ 148,665 |
2020 | 1,078,499 |
2021 | 728,785 |
2022 | 2,928,347 |
2023 | 822,888 |
Thereafter | $ 18,996,836 |
DERIVATIVE CONTRACTS AND COLL_3
DERIVATIVE CONTRACTS AND COLLATERALIZED INDEBTEDNESS - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Apr. 30, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Derivative [Line Items] | ||||
Gain (loss) on derivative contracts, net | $ (282,713) | $ 218,848 | $ (236,330) | |
Gain (loss) on investments and sale of affiliate interests, net | 469,071 | (261,993) | 237,328 | |
Gain (loss) on interest rate swap contracts | $ (53,902) | $ (61,697) | 5,482 | |
Shares related to monetization contracts (in shares) | 0 | 16,139,868 | ||
Long-term debt | $ 24,420,285 | $ 22,812,600 | ||
Notes related to derivative contracts | ||||
Derivative [Line Items] | ||||
Gain (loss) on derivative contracts, net | $ (282,713) | $ 218,848 | (138,920) | |
Notes payable and supply chain financing | Notes related to derivative contracts | ||||
Derivative [Line Items] | ||||
Long-term debt | $ 111,657 | |||
Discount on notes | $ 58,341 | |||
Put-Call Options | ||||
Derivative [Line Items] | ||||
Loss on settlement of derivative | $ 97,410 | |||
Monetization contract | ||||
Derivative [Line Items] | ||||
Shares related to monetization contracts (in shares) | 32,153,118 | |||
Maximum hedge price at which downside protection is provided (in dollars per share) | $ 35.47 | |||
Maximum hedge price at which upside benefit is provided (in dollars per share) | $ 44.72 | |||
Fair value of derivative contracts, net | $ 53,316 |
DERIVATIVE CONTRACTS AND COLL_4
DERIVATIVE CONTRACTS AND COLLATERALIZED INDEBTEDNESS - Schedule of Interest Rate Derivatives (Details) - Interest Rate Swap - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Derivative Instrument Maturity Date 2026, Fixed 1.665% | ||
Derivative [Line Items] | ||
Notional Amount | $ 750,000,000 | |
Fixed interest rate | 1.665% | |
Derivative Instrument Maturity Date 2026, Fixed 1.68% | ||
Derivative [Line Items] | ||
Notional Amount | 750,000,000 | |
Fixed interest rate | 1.68% | |
Derivative Instrument Notional Amount 2,970,000, 0.226% Basis Spread | LIBOR | ||
Derivative [Line Items] | ||
Basis spread | 0.226% | |
Derivative Instrument Notional Amount 1,496,250, 0.226% Basis Spread | LIBOR | ||
Derivative [Line Items] | ||
Basis spread | 0.226% | |
Derivative Instrument Notional Amount 1,255,513, 0.225% Basis Spread | LIBOR | ||
Derivative [Line Items] | ||
Basis spread | 0.225% | |
Derivative Instrument Maturity Date 2022, Fixed 2.7177% | ||
Derivative [Line Items] | ||
Notional Amount | 500,000,000 | |
Fixed interest rate | 2.7177% | |
Derivative Instrument Maturity Date 2022, Fixed 2.733% | ||
Derivative [Line Items] | ||
Notional Amount | 500,000,000 | |
Fixed interest rate | 2.733% | |
Derivative Instrument Maturity Date 2022, Fixed 2.722% | ||
Derivative [Line Items] | ||
Notional Amount | 500,000,000 | |
Fixed interest rate | 2.722% | |
Derivative Instrument Maturity Date 2026, Fixed 2.9155% | ||
Derivative [Line Items] | ||
Notional Amount | 750,000,000 | |
Fixed interest rate | 2.9155% | |
Derivative Instrument Maturity Date 2026, Fixed 2.9025% | ||
Derivative [Line Items] | ||
Notional Amount | 750,000,000 | |
Fixed interest rate | 2.9025% | |
Derivative Instrument Maturity Date 2020, 3 Month LIBOR minus 0.1075% | ||
Derivative [Line Items] | ||
Notional Amount | $ 1,255,513,000 |
DERIVATIVE CONTRACTS AND COLL_5
DERIVATIVE CONTRACTS AND COLLATERALIZED INDEBTEDNESS - Location of Assets and Liabilities Within the Consolidated Balance Sheets (Details) - Not Designated as Hedging Instruments - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | $ 25,207 | $ 111,319 |
Liability Derivatives | 256,135 | 132,978 |
Interest Rate Swap | Current derivative contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 1,975 |
Interest Rate Swap | Short-term liabilities under derivative contracts | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 469 | 70 |
Interest Rate Swap | Long-term liabilities under derivative contracts | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | (160,871) | (132,908) |
Prepaid forward contracts | Long-term derivative contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 25,207 | 109,344 |
Prepaid forward contracts | Short-term liabilities under derivative contracts | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 0 | 0 |
Prepaid forward contracts | Long-term liabilities under derivative contracts | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | $ (94,795) | $ 0 |
DERIVATIVE CONTRACTS AND COLL_6
DERIVATIVE CONTRACTS AND COLLATERALIZED INDEBTEDNESS - Settlements of Collateralized Indebtedness (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Nov. 30, 2019 | Apr. 30, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||
Number of shares (in shares) | 0 | 16,139,868 | |||
Collateralized indebtedness settled | $ 0 | $ (516,537) | |||
Derivatives contracts settled | 0 | 24 | |||
Repayment of collateralized indebtedness and related derivative contracts | 0 | (516,513) | $ (831,059) | ||
Proceeds from monetization contracts | 93,000 | 516,513 | 838,794 | ||
Net cash proceeds | $ 93,000 | $ 0 | |||
Derivative [Line Items] | |||||
Number of shares (in shares) | 0 | 16,139,868 | |||
Proceeds from monetization contracts | $ 93,000 | $ 516,513 | $ 838,794 | ||
Long-term debt | $ 24,420,285 | $ 22,812,600 | |||
Notes related to derivative contracts | Notes payable and supply chain financing | |||||
Derivative [Line Items] | |||||
Long-term debt | $ 111,657 | ||||
Forward Contracts, November 2019 Monetization Contract [Member] | Notes payable and supply chain financing | |||||
Derivative [Line Items] | |||||
Long-term debt | 36,587 | ||||
Forward Contracts, November 2019 Monetization Contract [Member] | Collateralized Debt Obligations [Member] | |||||
Derivative [Line Items] | |||||
Long-term debt | $ 160,194 | ||||
Monetization contract | |||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||
Number of shares (in shares) | 32,153,118 | ||||
Derivative [Line Items] | |||||
Number of shares (in shares) | 32,153,118 | ||||
Maximum hedge price at which downside protection is provided (in dollars per share) | $ 35.47 | ||||
Maximum hedge price at which upside benefit is provided (in dollars per share) | $ 44.72 | ||||
Forward Contracts, November 2019 Monetization Contract [Member] | |||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||
Number of shares (in shares) | 5,337,750 | ||||
Derivative [Line Items] | |||||
Number of shares (in shares) | 5,337,750 | ||||
Maximum hedge price at which downside protection is provided (in dollars per share) | $ 40.95 | ||||
Maximum hedge price at which upside benefit is provided (in dollars per share) | $ 49.55 | ||||
Forward Contracts, November 2019 Monetization Amendment Contract [Member] | |||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||
Number of shares (in shares) | 37,617,486 | ||||
Derivative [Line Items] | |||||
Number of shares (in shares) | 37,617,486 |
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 | Dec. 31, 2019 | Dec. 31, 2018 |
Level I | ||
Assets: | ||
Investment securities | $ 1,931,697 | $ 1,462,626 |
Level III | ||
Liabilities: | ||
Contingent consideration related to 2017 and 2018 acquisitions | 7,250 | 6,195 |
Prepaid forward contracts | Level II | ||
Assets: | ||
Derivative asset | 25,207 | 109,344 |
Liabilities: | ||
Derivative liability | 94,795 | 0 |
Interest rate swap contracts | Level II | ||
Assets: | ||
Derivative asset | 0 | 1,975 |
Liabilities: | ||
Derivative liability | 161,340 | 132,978 |
Money market funds | Level I | ||
Assets: | ||
Money market funds | $ 563,704 | $ 91,852 |
FAIR VALUE MEASUREMENT - Fair V
FAIR VALUE MEASUREMENT - Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt, fair value | $ 24,350,865 | $ 22,787,410 |
Estimated Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt, fair value | 25,892,634 | 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 | 7,148,287 | 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 | 7,190,438 | 5,972,500 |
CSC Holdings | Collateralized indebtedness | Carrying Amount | Level II | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt, fair value | 1,585,088 | 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 | 1,611,095 | 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 | 7,602,456 | 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 | 8,220,518 | 5,646,468 |
CSC Holdings | Senior notes | Carrying Amount | Level II | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt, fair value | 7,874,040 | 8,416,610 |
CSC Holdings | Senior notes | Estimated Fair Value | Level II | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt, fair value | 8,728,870 | 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 | 140,994 | 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 | 141,713 | 105,836 |
Cablevision Systems Corp. | Senior notes | Carrying Amount | Level II | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt, fair value | 0 | 1,095,193 |
Cablevision Systems Corp. | Senior notes | Estimated Fair Value | Level II | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt, fair value | $ 0 | $ 1,163,843 |
INCOME TAXES - Income Tax Expen
INCOME TAXES - Income Tax Expense (Benefit) Continuing Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Deferred expense (benefit): | |||
Federal | $ 43,105 | $ 26,141 | $ (2,095,930) |
State | (28,174) | (93,744) | (784,224) |
Total deferred benefit | 14,931 | (67,603) | (2,880,154) |
Tax expense (benefit) relating to uncertain tax positions | (844) | (1,534) | 11 |
Income Tax Expense (Benefit) | 47,190 | (38,655) | (2,862,352) |
Current expense (benefit): | |||
Federal | 0 | (1,865) | 5,261 |
State | 33,103 | 32,347 | 12,530 |
Total current expense (benefit) | 33,103 | 30,482 | 17,791 |
CSC Holdings | |||
Deferred expense (benefit): | |||
Federal | (176,591) | (102,872) | (2,154,344) |
State | (62,118) | (148,721) | (872,438) |
Total deferred benefit | (238,709) | (251,593) | (3,026,782) |
Tax expense (benefit) relating to uncertain tax positions | (844) | (985) | 11 |
Income Tax Expense (Benefit) | 71,243 | 57,563 | (2,827,751) |
Current expense (benefit): | |||
Federal | 240,229 | 186,035 | 151,120 |
State | 70,567 | 124,106 | 47,900 |
Total current expense (benefit) | $ 310,796 | $ 310,141 | $ 199,020 |
INCOME TAXES - Effective Tax Ra
INCOME TAXES - Effective Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Federal tax expense (benefit) at statutory rate | $ 39,297 | $ (3,793) | $ (478,656) |
State income taxes, net of federal impact | (6,256) | (8,103) | (61,698) |
Changes in the valuation allowance | 4,079 | 15,987 | (111) |
Impact of Federal Tax Reform | 0 | 0 | (2,332,677) |
Changes in the state rates used to measure deferred taxes, net of federal impact | (1,046) | (52,915) | (12,896) |
Tax benefit relating to uncertain tax positions | (847) | (514) | (253) |
Non-deductible share-based compensation related to the carried unit plan | 15,642 | 8,677 | 20,101 |
Other non-deductible expenses | 1,334 | 2,200 | 3,405 |
Other, net | (5,013) | (194) | 433 |
Income tax expense (benefit) | $ 47,190 | (38,655) | (2,862,352) |
Percentage request for prior year AMT | 75.00% | ||
CSC Holdings | |||
Federal tax expense (benefit) at statutory rate | $ 59,653 | 66,757 | (83,507) |
State income taxes, net of federal impact | (9,060) | 33,249 | (23,720) |
Changes in the valuation allowance | 4,307 | 0 | 0 |
Impact of Federal Tax Reform | 0 | 0 | (2,731,324) |
Changes in the state rates used to measure deferred taxes, net of federal impact | 6,532 | (53,493) | (12,999) |
Tax benefit relating to uncertain tax positions | (847) | (514) | (253) |
Non-deductible share-based compensation related to the carried unit plan | 15,642 | 8,677 | 20,101 |
Other non-deductible expenses | 1,334 | 2,011 | 3,383 |
Other, net | (6,318) | 876 | 568 |
Income tax expense (benefit) | $ 71,243 | $ 57,563 | $ (2,827,751) |
INCOME TAXES - Narrative (Detai
INCOME TAXES - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Business Acquisition [Line Items] | ||||
Impact from changes in tax rates, benefit | $ 1,046 | $ 52,915 | $ 12,896 | |
Deferred income taxes | $ 14,931 | (67,603) | (2,880,154) | |
Net operating loss carryforward | 840,576 | |||
Alternative minimum tax credits | 12,161 | |||
Research credits | 17,824 | |||
Unrecognized tax benefits that would impact effective tax rate | 1,720 | |||
Percentage of subsidiaries that file tax return | 80.00% | |||
Accounting Standards Update 2016-09 | ||||
Business Acquisition [Line Items] | ||||
Noncash deferred tax benefit | 2,332,677 | |||
Unrealized excess tax benefits recognized with the adoption of ASU 2016-09 | $ 2,163 | |||
Noncash Deferred Tax Expense (Benefit) | (2,332,677) | |||
New Jersey | ||||
Business Acquisition [Line Items] | ||||
Noncash deferred tax benefit | $ 52,915 | |||
Surtax | 2.50% | |||
Noncash Deferred Tax Expense (Benefit) | $ (52,915) | |||
CSC Holdings | ||||
Business Acquisition [Line Items] | ||||
Impact from changes in tax rates, benefit | $ (6,532) | 53,493 | 12,999 | |
Deferred income taxes | $ (238,709) | (251,593) | (3,026,782) | |
CSC Holdings | Accounting Standards Update 2016-09 | ||||
Business Acquisition [Line Items] | ||||
Noncash deferred tax benefit | 2,731,324 | |||
Noncash Deferred Tax Expense (Benefit) | $ (2,731,324) | |||
CSC Holdings | New Jersey | ||||
Business Acquisition [Line Items] | ||||
Noncash deferred tax benefit | 53,493 | |||
Noncash Deferred Tax Expense (Benefit) | $ (53,493) |
INCOME TAXES - Deferred Tax Ass
INCOME TAXES - Deferred Tax Assets (Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
NOLs and tax credit carry forwards | $ 309,924 | $ 571,413 |
Compensation and benefit plans | 25,227 | 42,484 |
Partnership investments | 49,956 | 60,413 |
Restructuring liability | 11,280 | 9,364 |
Other liabilities | 42,339 | 38,473 |
Liabilities under derivative contracts | 43,175 | 20,846 |
Interest deferred for tax purposes | 333,856 | 166,668 |
Operating lease Liability | 82,393 | 0 |
Other | 12,428 | 11,531 |
Deferred tax asset | 910,578 | 921,192 |
Valuation allowance | (29,479) | (25,400) |
Net deferred tax asset, noncurrent | 881,099 | 895,792 |
Fixed assets and intangibles | (5,384,320) | (5,496,103) |
Operating lease Asset | (75,019) | 0 |
Investments | (116,702) | (71,167) |
Prepaid expenses | (10,978) | (7,543) |
Fair value adjustments related to debt and deferred financing costs | (56,675) | (40,083) |
Other | 0 | (4,833) |
Deferred tax liability, noncurrent | (5,643,694) | (5,619,729) |
Total net deferred tax liability | (4,762,595) | (4,723,937) |
CSC Holdings | ||
NOLs and tax credit carry forwards | 74,300 | 16,465 |
Compensation and benefit plans | 25,227 | 45,138 |
Partnership investments | 49,956 | 60,413 |
Restructuring liability | 11,280 | 9,364 |
Other liabilities | 42,339 | 36,833 |
Liabilities under derivative contracts | 43,175 | 20,847 |
Interest deferred for tax purposes | 333,856 | 34,843 |
Operating lease Liability | 82,393 | 0 |
Other | 12,428 | 9,867 |
Deferred tax asset | 674,954 | 233,770 |
Valuation allowance | (11,859) | (8,225) |
Net deferred tax asset, noncurrent | 663,095 | 225,545 |
Fixed assets and intangibles | (5,384,320) | (5,473,397) |
Operating lease Asset | (75,019) | 0 |
Investments | (116,702) | (71,168) |
Prepaid expenses | (10,978) | (7,543) |
Fair value adjustments related to debt and deferred financing costs | (56,675) | (18,111) |
Other | 0 | (5,273) |
Deferred tax liability, noncurrent | (5,643,694) | (5,575,492) |
Total net deferred tax liability | $ (4,980,599) | $ (5,349,947) |
SHARE-BASED COMPENSATION - Narr
SHARE-BASED COMPENSATION - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Nov. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Document Period End Date | Dec. 31, 2019 | |||
Carry Unit Plan | Restricted Stock Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expiration period | 60 days | |||
Repurchase period following fourth anniversary | 60 days | |||
Carry unit plan, written promissory note period | 3 years | |||
Weighted average fair value (in dollars per unit) | $ 3.25 | $ 1.95 | $ 2.50 | |
Share based compensation expense | $ 54,614 | $ 41,321 | $ 57,430 | |
Carry Unit Plan | Restricted Stock Units | Tranche One | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting percentage | 50.00% | |||
Carry Unit Plan | Restricted Stock Units | Tranche Two | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting percentage | 25.00% | |||
Carry Unit Plan | Restricted Stock Units | Tranche Three | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting percentage | 25.00% | |||
2017 LTIP | Stock options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expiration period | 10 years | |||
Share based compensation expense | $ 44,464 | $ 18,491 | $ 0 | |
Awards authorized (in shares) | 19,879,291 | |||
Vesting period | 4 years | |||
2017 LTIP | Stock options | Tranche One | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting percentage | 50.00% | |||
2017 LTIP | Stock options | Tranche Two | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting percentage | 25.00% | |||
2017 LTIP | Stock options | Tranche Three | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting percentage | 25.00% | |||
2019 LTIP [Member] | Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share based compensation expense | $ 6,459 | |||
Vesting period | 4 years | |||
Deferred Compensation Arrangement with Individual, Fair Value of Shares Issued | $ 27,013 | |||
2019 LTIP [Member] | Restricted Stock | Tranche One | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting percentage | 50.00% | |||
2019 LTIP [Member] | Restricted Stock | Tranche Two | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting percentage | 25.00% | |||
2019 LTIP [Member] | Restricted Stock | Tranche Three | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting percentage | 25.00% |
SHARE-BASED COMPENSATION - Carr
SHARE-BASED COMPENSATION - Carrying Unit Award Activity (Details) - Carry Unit Plan - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Weighted Average Grant Date Fair Value | |||
Balance at beginning of period, weighted average grant date fair value (in dollars per share) | $ 1.14 | $ 0.71 | $ 0.37 |
Vested weighted average grant date fair value (in dollars per share) | 0.83 | 0.37 | 0.41 |
Granted weighted average grant date fair value (in dollars per share) | 3.14 | ||
Forfeited weighted average grant date fair value (in dollars per share) | 0.84 | 0.62 | 0.37 |
Balance at end of period, weighted average grant date fair value (in dollars per share) | 2.35 | $ 1.14 | $ 0.71 |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Converted to Restricted Shares Weighted Average Fair Value | $ 0.37 | ||
Restricted Stock Units | |||
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 | 168,550,001 | 192,800,000 |
Vested (in shares) | (42,618,750) | (68,037,500) | (44,420,833) |
Forfeited (in shares) | (3,437,500) | (16,937,501) | (7,854,166) |
Granted (in shares) | 28,025,000 | ||
Ending balance (in shares) | 37,518,750 | 83,575,000 | 168,550,001 |
Performance Shares | |||
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 | 10,000,000 | 10,000,000 |
Converted to restricted shares | 10,000,000 | ||
Ending balance (in shares) | 0 | 10,000,000 | 10,000,000 |
SHARE-BASED COMPENSATION - Stoc
SHARE-BASED COMPENSATION - Stock Option Activity (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Weighted Average Exercise Price Per Share | |||
Exercised, weighted average exercise price per share (in dollars per share) | $ 17.43 | ||
2017 LTIP | |||
Weighted Average Exercise Price Per Share | |||
Beginning balance (in dollars per share) | 17.50 | $ 17.45 | |
Granted (in dollars per share) | 23.88 | 17.58 | |
Forfeited (in dollars per share) | 18.42 | 17.92 | |
Ending balance (in dollars per share) | 19.12 | $ 17.50 | $ 17.45 |
Options exercisable (in dollars per share) | $ 17.65 | ||
Options outstanding, Weighted Average Remaining Contractual Term (in years) | 8 years 8 months 26 days | 9 years 5 months 19 days | 9 years 11 months 19 days |
Options exercisable, Weighted Average Remaining Contractual Term (in years) | 8 years 29 days | 0 years | |
Options outstanding, Aggregate Intrinsic Value | $ 112,915,000 | $ 8,331,000 | |
Options exercisable, Aggregate Intrinsic Value | $ 8,512 | ||
2017 LTIP | Time Vesting | |||
Shares Under Option | |||
Beginning balance (in shares) | 11,230,168 | 5,110,747 | |
Granted (in shares) | 3,677,076 | 6,753,659 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 184,147 | ||
Forfeited (in shares) | (639,356) | (634,238) | |
Ending balance (in shares) | 14,083,741 | 11,230,168 | 5,110,747 |
Options exercisable (in shares) | 878,225 | ||
Weighted Average Exercise Price Per Share | |||
Share based compensation expense | $ 44,464,000 | $ 18,491,000 | $ 0 |
2017 LTIP | Performance Based Vesting | |||
Shares Under Option | |||
Beginning balance (in shares) | 73,639 | 0 | |
Granted (in shares) | 0 | 95,953 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 0 | ||
Forfeited (in shares) | (73,639) | (22,314) | |
Ending balance (in shares) | 0 | 73,639 | 0 |
Options exercisable (in shares) | 0 |
SHARE-BASED COMPENSATION - Fair
SHARE-BASED COMPENSATION - Fair Value Assumptions For Stock Options (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Payment Arrangement [Abstract] | |||
Risk-free interest rate | 2.05% | 2.74% | 2.30% |
Expected life (in years) | 6 years 5 months 19 days | 6 years 5 months 26 days | 6 years 5 months 8 days |
Dividend yield | 0.00% | 0.00% | 0.00% |
Volatility | 28.22% | 35.72% | 33.95% |
Grant date fair value | $ 7.93 | $ 6.91 | $ 8.77 |
AFFILIATE AND RELATED PARTY T_3
AFFILIATE AND RELATED PARTY TRANSACTIONS - Narrative (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||
Apr. 30, 2018 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jul. 06, 2016 | |
Related Party Transaction [Line Items] | ||||||||
Equity in net income (loss) from investment in related party | $ 0 | $ (10,849) | $ (10,040) | |||||
Related party expense | 15,961 | 21,444 | 640,344 | |||||
Cash distributions to shareholders | $ 839,700 | 1,499,935 | 840,035 | $ 445,176 | ||||
Cash distributions | $ 79,617 | $ 0 | 1,499,935 | 919,317 | $ 365,559 | |||
Fees for Executive Services | Affiliates | ||||||||
Related Party Transaction [Line Items] | ||||||||
Related party expense | 13,250 | |||||||
Equipment Purchase Costs | Altice Management International | ||||||||
Related Party Transaction [Line Items] | ||||||||
Capital expenditures | 22,012 | |||||||
I24News | ||||||||
Related Party Transaction [Line Items] | ||||||||
Equity in net income (loss) from investment in related party | $ 13,298 | (1,130) | (2,821) | |||||
Ownership percentage | 24.00% | |||||||
Newsday | ||||||||
Related Party Transaction [Line Items] | ||||||||
Equity in net income (loss) from investment in related party | $ 9,719 | 7,219 | ||||||
Ownership percentage | 25.00% | |||||||
Altice N.V. | ||||||||
Related Party Transaction [Line Items] | ||||||||
Management advisory and consulting fee | $ 30,000 |
AFFILIATE AND RELATED PARTY T_4
AFFILIATE AND RELATED PARTY TRANSACTIONS - Revenue and Related Charges (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Related Party Transaction [Line Items] | |||
Revenue | $ 3,974 | $ 2,575 | $ 1,100 |
Operating expenses: | |||
Programming and other direct costs | (11,580) | (7,261) | (4,176) |
Other operating expenses, net | (8,355) | (16,307) | (33,140) |
Operating expenses, net | (19,935) | (23,568) | (37,316) |
Interest expense | 0 | (600) | (90,405) |
Interest Income, Related Party | 0 | ||
Loss on extinguishment of debt and write-off of deferred financing costs | 0 | (513,723) | |
Net charges | (15,961) | (21,444) | (640,344) |
Capital Expenditures | 12,167 | 14,951 | 22,012 |
Related party, loss on extinguishment of debt | (513,723) | ||
CSC Holdings | |||
Operating expenses: | |||
Net charges | $ (15,961) | (19,164) | (29,720) |
Altice USA | |||
Operating expenses: | |||
Interest expense | (2,429) | (96,901) | |
Other income. net | 149 | ||
New CSC Holdings Notes | |||
Operating expenses: | |||
Interest expense | (600) | ||
Interest Income, Related Party | $ 2,429 | $ 6,496 |
AFFILIATE AND RELATED PARTY T_5
AFFILIATE AND RELATED PARTY TRANSACTIONS - Amounts Due From and Due to Related Parties (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Related Party Transaction [Line Items] | ||||||
Treasury Stock, Shares, Acquired | 10,457,772 | 0 | ||||
Payments for Repurchase of Common Stock | $ 1,686,873 | $ 500,000 | $ 0 | |||
Related party expense | 15,961 | 21,444 | 640,344 | |||
Cash distributions to shareholders | $ 839,700 | 1,499,935 | 840,035 | $ 445,176 | ||
Cash distributions | $ 79,617 | $ 0 | $ 1,499,935 | 919,317 | $ 365,559 | |
Stock options | 2017 LTIP | ||||||
Related Party Transaction [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 3,677,076 | 6,753,659 | ||||
Vesting period | 4 years | |||||
Share based compensation expense | $ 44,464 | $ 18,491 | 0 | |||
Stock options | 2017 LTIP | Tranche One | ||||||
Related Party Transaction [Line Items] | ||||||
Award vesting percentage | 50.00% | |||||
Stock options | 2017 LTIP | Tranche Two | ||||||
Related Party Transaction [Line Items] | ||||||
Award vesting percentage | 25.00% | |||||
Stock options | 2017 LTIP | Tranche Three | ||||||
Related Party Transaction [Line Items] | ||||||
Award vesting percentage | 25.00% | |||||
Restricted Stock | 2019 LTIP [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Vesting period | 4 years | |||||
Deferred Compensation Arrangement with Individual, Fair Value of Shares Issued | $ 27,013 | |||||
Share based compensation expense | $ 6,459 | |||||
Restricted Stock | 2019 LTIP [Member] | Tranche One | ||||||
Related Party Transaction [Line Items] | ||||||
Award vesting percentage | 50.00% | |||||
Restricted Stock | 2019 LTIP [Member] | Tranche Two | ||||||
Related Party Transaction [Line Items] | ||||||
Award vesting percentage | 25.00% | |||||
Restricted Stock | 2019 LTIP [Member] | Tranche Three | ||||||
Related Party Transaction [Line Items] | ||||||
Award vesting percentage | 25.00% | |||||
CSC Holdings | ||||||
Related Party Transaction [Line Items] | ||||||
Related party expense | $ 15,961 | 19,164 | 29,720 | |||
Cash distributions to shareholders | 3,058,747 | 2,777,498 | ||||
Cash distributions | 2,279,472 | 3,058,750 | 2,777,497 | |||
Altice N.V. | ||||||
Related Party Transaction [Line Items] | ||||||
Management advisory and consulting fee | 30,000 | |||||
Affiliates | ||||||
Related Party Transaction [Line Items] | ||||||
Due from related parties and affiliates | 6,774 | 17,557 | ||||
Due to related parties and affiliates | 7,456 | 26,096 | ||||
Affiliates | CSC Holdings | ||||||
Related Party Transaction [Line Items] | ||||||
Due from related parties and affiliates | 6,774 | 4,385 | ||||
Due to related parties and affiliates | 7,456 | 179,417 | ||||
Affiliates | Altice Management Americas | ||||||
Related Party Transaction [Line Items] | ||||||
Due from related parties and affiliates | 4,076 | 16,995 | ||||
Affiliates | Altice Management Americas | CSC Holdings | ||||||
Related Party Transaction [Line Items] | ||||||
Due from related parties and affiliates | 4,076 | 3,821 | ||||
Affiliates | Other Related Party | ||||||
Related Party Transaction [Line Items] | ||||||
Due from related parties and affiliates | 2,698 | 562 | ||||
Affiliates | Other Related Party | CSC Holdings | ||||||
Related Party Transaction [Line Items] | ||||||
Due from related parties and affiliates | 2,698 | 564 | ||||
Due to related parties and affiliates | 7,456 | 22 | ||||
Affiliates | Altice Management International | ||||||
Related Party Transaction [Line Items] | ||||||
Due to related parties and affiliates | 0 | 26,074 | ||||
Affiliates | Altice Management International | CSC Holdings | ||||||
Related Party Transaction [Line Items] | ||||||
Due to related parties and affiliates | 0 | 12,419 | ||||
Affiliates | Altice USA | CSC Holdings | ||||||
Related Party Transaction [Line Items] | ||||||
Due to related parties and affiliates | 0 | 26,578 | ||||
Affiliates | Cablevision Systems Corp. | CSC Holdings | ||||||
Related Party Transaction [Line Items] | ||||||
Due to related parties and affiliates | $ 0 | 140,398 | ||||
Altice Management International | Equipment Purchase Costs | ||||||
Related Party Transaction [Line Items] | ||||||
Capital expenditures | 22,012 | |||||
Related Party performing advisory services [Member] | Stock options | 2017 LTIP | ||||||
Related Party Transaction [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 370,923 | |||||
Deferred Compensation Arrangement with Individual, Fair Value of Shares Issued | $ 3,516 | |||||
Suddenvision S.A.R.L. [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Treasury Stock, Shares, Acquired | 14,900,000 | |||||
Payments for Repurchase of Common Stock | $ 350,000 | |||||
Fees for Executive Services | ||||||
Related Party Transaction [Line Items] | ||||||
Related party expense | 13,250 | 30,000 | ||||
Transition Services | ||||||
Related Party Transaction [Line Items] | ||||||
Other operating expenses, charges for related party services | $ 8,355 | $ 3,057 | 4,057 | |||
Newsday | ||||||
Related Party Transaction [Line Items] | ||||||
Other operating expenses, charges for related party services | $ 917 |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Loss Contingencies [Line Items] | |||
Rent expense | $ 31,903 | $ 33,082 | $ 31,308 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES - Future Cash Payments and Commitments (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Purchase obligation | $ 8,238,465 |
Purchase obligation, due in year 1 | 3,547,239 |
Purchase obligation, due in years 2 and 3 | 3,685,145 |
Purchase obligation, due in years 4 and 5 | 837,711 |
Purchase obligation, due after year 5 | 168,370 |
Guarantees | 37,930 |
Guarantees, due in year 1 | 37,870 |
Guarantees, due in years 2 and 3 | 60 |
Guarantees, due in years 4 and 5 | 0 |
Guarantees, due after year 5 | 0 |
Letters of credit | 178,014 |
Letters of credit, due in year 1 | 1,620 |
Letters of credit, due in years 2 and 3 | 7,360 |
Letters of credit, due in years 4 and 5 | 169,034 |
Letters of credit, due after year 5 | 0 |
Total contractual obligation | 8,454,409 |
Total contractual obligation, due in year 1 | 3,586,729 |
Total contractual obligation, due in years 2 and 3 | 3,692,565 |
Total contractual obligation, due in years 4 and 5 | 1,006,745 |
Total contractual obligation, due after year 5 | $ 168,370 |
BENEFIT PLANS - Funded Status (
BENEFIT PLANS - Funded Status (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Change in projected benefit obligation: | |||
Benefit obligation, beginning of year | $ 264,515 | $ 299,066 | |
Interest cost | 9,227 | 9,248 | $ 11,786 |
Actuarial gain | (743) | (9,894) | |
Settlements/curtailments | 1,875 | 2,373 | |
Benefits paid | (27,112) | (36,278) | |
Benefit obligation, end of year | 247,762 | 264,515 | 299,066 |
Change in plan assets: | |||
Fair value of plan assets, beginning of year | 167,510 | 195,768 | |
Actual gain (loss) on plan assets, net | 15,892 | (5,705) | |
Employer contributions | 34,107 | 13,725 | |
Benefits paid | (27,112) | (36,278) | |
Fair value of plan assets, end of year | 190,397 | 167,510 | $ 195,768 |
Unfunded status at end of year | $ (57,365) | $ (97,005) |
BENEFIT PLANS - Narrative (Deta
BENEFIT PLANS - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Retirement Benefits [Abstract] | |||
Accumulated benefit obligation | $ 247,762 | $ 264,515 | |
Expected future employer contributions, next fiscal year | $ 13,300 | ||
Defined contribution plan cost | $ 28,540 | $ 28,232 | $ 27,577 |
BENEFIT PLANS - Net Funded Stat
BENEFIT PLANS - Net Funded Status (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Retirement Benefits [Abstract] | ||
Defined Benefit Plans | $ (57,365) | $ (97,005) |
Less: Current portion related to nonqualified plans | 175 | 211 |
Long-term defined benefit plan obligations | $ (57,190) | $ (96,794) |
BENEFIT PLANS - Components of N
BENEFIT PLANS - Components of Net Periodic Benefit Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Retirement Benefits [Abstract] | |||
Interest cost | $ 9,227 | $ 9,248 | $ 11,786 |
Expected return on plan assets, net | (2,685) | (987) | (4,905) |
Curtailment loss | 0 | 0 | 3,137 |
Settlement loss (income) (reclassified from accumulated other comprehensive loss) | 1,643 | 1,268 | 1,845 |
Non-operating pension costs | 8,274 | 9,529 | 11,863 |
Settlement loss related to pension plan | 1,732 | $ 1,268 | $ 1,845 |
Amortization of Actuarial Gains (Losses) and Settlement Gains (Losses) | $ (89) |
BENEFIT PLANS - Weighted Averag
BENEFIT PLANS - Weighted Average Assumptions Used to Determine Benefit Obligation and Cost (Details) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Benefit Costs | |||
Discount rate | 3.70% | 3.87% | 3.69% |
Rate of increase in future compensation levels | 0.00% | 0.00% | 0.00% |
Expected rate of return on plan assets (Pension Plan only) | 3.97% | 3.67% | 3.90% |
Benefit Obligations | |||
Discount rate | 3.10% | 4.20% | |
Rate of increase in future compensation levels | 0.00% | 0.00% |
BENEFIT PLANS - Weighted Aver_2
BENEFIT PLANS - Weighted Average Asset Allocations (Details) | Dec. 31, 2019 | Dec. 31, 2018 |
Defined Benefit Plan Disclosure [Line Items] | ||
Asset allocation | 100.00% | 100.00% |
Fixed income securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Asset allocation | 44.00% | 65.00% |
Cash equivalents and other | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Asset allocation | 1.00% | 6.00% |
Mutual Fund - Fixed Income | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Asset allocation | 28.00% | 29.00% |
Common collective trust- equities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Asset allocation | 27.00% | 0.00% |
BENEFIT PLANS - Fair Value of P
BENEFIT PLANS - Fair Value of Plan Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 190,397 | $ 167,510 | $ 195,768 |
Plan Assets, Excluding Cash And Net Payables | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 194,348 | 165,619 | |
Plan Assets, Excluding Cash And Net Payables | Level I | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 55,164 | 53,483 | |
Plan Assets, Excluding Cash And Net Payables | Level II | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 139,184 | 112,136 | |
Plan Assets, Excluding Cash And Net Payables | Level III | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Mutual funds- fixed income | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 52,976 | 49,140 | |
Mutual funds- fixed income | Level I | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 52,976 | 49,140 | |
Mutual funds- fixed income | Level II | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Mutual funds- fixed income | Level III | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Common collective trust- equities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 52,214 | ||
Common collective trust- equities | Level I | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Common collective trust- equities | Level II | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 52,214 | ||
Common collective trust- equities | Level III | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Foreign issued corporate debt | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 7,472 | 14,002 | |
Foreign issued corporate debt | Level I | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Foreign issued corporate debt | Level II | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 7,472 | 14,002 | |
Foreign issued corporate debt | Level III | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
U.S. corporate debt | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 30,267 | 43,190 | |
U.S. corporate debt | Level I | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
U.S. corporate debt | Level II | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 30,267 | 43,190 | |
U.S. corporate debt | Level III | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Government debt | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 2,836 | 3,988 | |
Government debt | Level I | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Government debt | Level II | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 2,836 | 3,988 | |
Government debt | Level III | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
U.S. Treasury securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 32,902 | 38,657 | |
U.S. Treasury securities | Level I | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
U.S. Treasury securities | Level II | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 32,902 | 38,657 | |
U.S. Treasury securities | Level III | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Asset-backed securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 9,375 | 8,907 | |
Asset-backed securities | Level I | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Asset-backed securities | Level II | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 9,375 | 8,907 | |
Asset-backed securities | Level III | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 840 | 205 | |
Other | Level I | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Other | Level II | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 840 | 205 | |
Other | Level III | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Cash equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 5,466 | 7,530 | |
Cash equivalents | Level I | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 2,188 | 4,343 | |
Cash equivalents | Level II | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 3,278 | 3,187 | |
Cash equivalents | Level III | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 0 | $ 0 |
BENEFIT PLANS - Expected Benefi
BENEFIT PLANS - Expected Benefit Payments (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Retirement Benefits [Abstract] | |
2019 | $ 16,500 |
2020 | 16,023 |
2021 | 16,349 |
2022 | 18,209 |
2023 | 17,706 |
2024-2028 | $ 83,159 |
INTERIM FINANCIAL INFORMATION_2
INTERIM FINANCIAL INFORMATION (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Quarterly Financial Information [Line Items] | |||||||||||||
Total revenue | $ 2,474,549 | $ 2,438,662 | $ 2,451,081 | $ 2,396,567 | $ 2,454,940 | $ 2,417,801 | $ 2,364,153 | $ 2,329,714 | $ 9,760,859 | $ 9,566,608 | $ 9,306,950 | ||
Operating expenses | (1,967,147) | (1,968,538) | (1,954,089) | (1,926,216) | (1,912,243) | (2,029,094) | (2,016,676) | (7,937,048) | (7,884,229) | (8,465,942) | |||
Operating income | 427,275 | 471,515 | 482,543 | 442,478 | 528,724 | 505,558 | 335,059 | 313,038 | 1,823,811 | 1,682,379 | 841,008 | ||
Net income | 1,331 | 77,396 | 86,410 | (25,198) | 213,808 | 33,739 | (98,004) | (128,949) | 139,939 | 20,594 | 1,494,764 | ||
Net loss (income) attributable to noncontrolling interests | (1,002) | (157) | (43) | 199 | (722) | (1,186) | 149 | (2) | (1,003) | (1,761) | (1,587) | ||
Net income attributable to Altice USA, Inc. stockholders | $ 329 | $ 77,239 | $ 86,367 | $ (24,999) | $ 213,086 | $ 32,553 | $ (97,855) | $ (128,951) | $ 138,936 | $ 18,833 | 1,493,177 | ||
Basic and diluted income (loss) per share attributable to Altice USA Inc.'s stockholders (in dollars per share) | $ 0 | $ 0.12 | $ 0.13 | $ (0.04) | $ 0.30 | $ 0.04 | $ (0.13) | $ (0.17) | $ 0.21 | $ 0.03 | |||
Impact from changes in tax rates | $ (1,046) | $ (52,915) | (12,896) | ||||||||||
Payments of dividends | $ 79,617 | 0 | 1,499,935 | 919,317 | $ 365,559 | ||||||||
Operating Income (Loss) | $ 427,275 | $ 471,515 | $ 482,543 | $ 442,478 | $ 528,724 | $ 505,558 | $ 335,059 | $ 313,038 | 1,823,811 | 1,682,379 | 841,008 | ||
Net Income (Loss) Attributable to Noncontrolling Interest | 1,002 | 157 | 43 | (199) | 722 | 1,186 | (149) | 2 | 1,003 | 1,761 | 1,587 | ||
Net income (loss) attributable to members | 329 | 77,239 | 86,367 | (24,999) | 213,086 | 32,553 | (97,855) | (128,951) | 138,936 | 18,833 | 1,493,177 | ||
Changes in the state rates used to measure deferred taxes, net of federal impact | (1,046) | (52,915) | (12,896) | ||||||||||
CSC Holdings | |||||||||||||
Quarterly Financial Information [Line Items] | |||||||||||||
Total revenue | 2,474,549 | 2,438,662 | 2,451,081 | 2,396,567 | 2,454,940 | 2,417,801 | 2,364,153 | 2,329,714 | 9,760,859 | 9,566,608 | 9,306,950 | ||
Operating expenses | (2,047,274) | (1,967,147) | (1,968,538) | (1,954,089) | (1,926,216) | (1,912,243) | (2,029,094) | (2,016,676) | (7,937,048) | (7,884,229) | (8,465,824) | ||
Operating income | 427,275 | 471,515 | 482,543 | 442,478 | 528,724 | 505,558 | 335,059 | 313,038 | 1,823,811 | 1,682,379 | 841,126 | ||
Net income | 21,022 | 95,517 | 104,142 | (7,864) | 242,020 | 86,747 | 21,527 | (89,968) | 212,817 | 260,326 | 2,577,876 | ||
Net loss (income) attributable to noncontrolling interests | (1,002) | (157) | (43) | 199 | (722) | (1,186) | 149 | (2) | (1,003) | (1,761) | (1,587) | ||
Net income attributable to Altice USA, Inc. stockholders | 20,020 | 95,360 | 104,099 | (7,665) | 241,298 | 85,561 | 21,676 | (89,970) | 211,814 | 258,565 | 2,576,289 | ||
Impact from changes in tax rates | 6,532 | (53,493) | (12,999) | ||||||||||
Payments of dividends | 2,279,472 | 3,058,750 | 2,777,497 | ||||||||||
Operating Income (Loss) | 427,275 | 471,515 | 482,543 | 442,478 | 528,724 | 505,558 | 335,059 | 313,038 | 1,823,811 | 1,682,379 | 841,126 | ||
Net Income (Loss) Attributable to Noncontrolling Interest | 1,002 | 157 | 43 | (199) | 722 | 1,186 | (149) | 2 | 1,003 | 1,761 | 1,587 | ||
Net income (loss) attributable to members | 20,020 | 95,360 | 104,099 | (7,665) | 241,298 | 85,561 | 21,676 | (89,970) | 211,814 | 258,565 | 2,576,289 | ||
Changes in the state rates used to measure deferred taxes, net of federal impact | 6,532 | (53,493) | (12,999) | ||||||||||
Video | |||||||||||||
Quarterly Financial Information [Line Items] | |||||||||||||
Total revenue | 993,158 | 1,018,426 | 1,017,330 | 1,033,649 | 1,054,667 | 1,034,404 | 1,033,708 | 3,997,873 | 4,156,428 | 4,274,122 | |||
Video | CSC Holdings | |||||||||||||
Quarterly Financial Information [Line Items] | |||||||||||||
Total revenue | 968,959 | 993,158 | 1,018,426 | 1,017,330 | 1,033,649 | 1,054,667 | 1,034,404 | 1,033,708 | 3,997,873 | 4,156,428 | 4,274,122 | ||
Broadband | |||||||||||||
Quarterly Financial Information [Line Items] | |||||||||||||
Total revenue | 814,328 | 806,250 | 775,573 | 743,725 | 729,907 | 712,202 | 701,621 | 3,222,605 | 2,887,455 | 2,608,595 | |||
Broadband | CSC Holdings | |||||||||||||
Quarterly Financial Information [Line Items] | |||||||||||||
Total revenue | 826,454 | 814,328 | 806,250 | 775,573 | 743,725 | 729,907 | 712,202 | 701,621 | 3,222,605 | 2,887,455 | 2,608,595 | ||
Telephony | |||||||||||||
Quarterly Financial Information [Line Items] | |||||||||||||
Total revenue | 148,231 | 150,232 | 154,464 | 162,007 | 161,351 | 163,499 | 166,038 | 598,694 | 652,895 | 700,765 | |||
Telephony | CSC Holdings | |||||||||||||
Quarterly Financial Information [Line Items] | |||||||||||||
Total revenue | 145,767 | 148,231 | 150,232 | 154,464 | 162,007 | 161,351 | 163,499 | 166,038 | 598,694 | 652,895 | 700,765 | ||
Business services and wholesale | |||||||||||||
Quarterly Financial Information [Line Items] | |||||||||||||
Total revenue | 357,628 | 357,806 | 350,689 | 348,087 | 344,193 | 337,388 | 333,090 | 1,428,532 | 1,362,758 | 1,298,213 | |||
Business services and wholesale | CSC Holdings | |||||||||||||
Quarterly Financial Information [Line Items] | |||||||||||||
Total revenue | 362,409 | 357,628 | 357,806 | 350,689 | 348,087 | 344,193 | 337,388 | 333,090 | 1,428,532 | 1,362,758 | 1,298,213 | ||
News and advertising (a) | CSC Holdings | |||||||||||||
Quarterly Financial Information [Line Items] | |||||||||||||
Total revenue | 396,187 | ||||||||||||
Other (a) | |||||||||||||
Quarterly Financial Information [Line Items] | |||||||||||||
Total revenue | 4,076 | 3,917 | 3,773 | 4,200 | 3,770 | 5,318 | 6,520 | 15,987 | 19,808 | 29,068 | |||
Other (a) | CSC Holdings | |||||||||||||
Quarterly Financial Information [Line Items] | |||||||||||||
Total revenue | 4,221 | 4,076 | 3,917 | 3,773 | 4,200 | 3,770 | 5,318 | 6,520 | 15,987 | 19,808 | 29,068 | ||
Mobile [Member] | |||||||||||||
Quarterly Financial Information [Line Items] | |||||||||||||
Total revenue | 3,174 | 0 | 0 | 21,264 | 0 | 0 | |||||||
Mobile [Member] | CSC Holdings | |||||||||||||
Quarterly Financial Information [Line Items] | |||||||||||||
Total revenue | 18,090 | 3,174 | 0 | 0 | 21,264 | ||||||||
Advertising and News [Member] | |||||||||||||
Quarterly Financial Information [Line Items] | |||||||||||||
Total revenue | 118,067 | 114,450 | 94,738 | 163,272 | 123,913 | 111,342 | 88,737 | 475,904 | 487,264 | $ 396,187 | |||
Advertising and News [Member] | CSC Holdings | |||||||||||||
Quarterly Financial Information [Line Items] | |||||||||||||
Total revenue | $ 148,649 | $ 118,067 | $ 114,450 | $ 94,738 | $ 163,272 | $ 123,913 | $ 111,342 | $ 88,737 | $ 475,904 | $ 487,264 |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) $ in Thousands | 1 Months Ended |
Feb. 29, 2020USD ($) | |
New Jersey cable assets [Member] | Subsequent Event | |
Consideration transfered | $ 150,000 |
Uncategorized Items - atus-2019
Label | Element | Value |
Temporary Equity, Interest in Subsidiary Earnings | us-gaap_TemporaryEquityInterestInSubsidiaryEarnings | $ 10,773,000 |
Parent [Member] | ||
Temporary Equity, Interest in Subsidiary Earnings | us-gaap_TemporaryEquityInterestInSubsidiaryEarnings | $ 10,773,000 |