Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2022 | Jul. 29, 2022 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-38126 | |
Entity Interactive Data Current | Yes | |
Entity Registrant Name | Altice USA, Inc. | |
Entity Filer Category | Large Accelerated Filer | |
Document Fiscal Period Focus | FY | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 454,668,222 | |
Entity Current Reporting Status | Yes | |
Entity Small Business | false | |
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 | |
Title of 12(b) Security | Class A Common Stock, par value $0.01 per share | |
Trading Symbol | ATUS | |
Security Exchange Name | NYSE | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2022 | |
Amendment Flag | false | |
Entity Central Index Key | 0001702780 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Current Assets: | ||
Cash and cash equivalents | $ 232,966 | $ 195,711 |
Restricted cash | 264 | 264 |
Accounts receivable, trade (less allowance for doubtful accounts of $34,870 and $27,931, respectively) | 370,903 | 406,952 |
Prepaid expenses and other current assets ($3,790 and $3,776 due from affiliates, respectively) | 333,112 | 186,707 |
Securities Held as Collateral, at Fair Value | 1,685,563 | 0 |
Total current assets | 2,622,808 | 789,634 |
Property, plant and equipment, net of accumulated depreciation of $7,550,050 and $7,142,852, respectively | 6,780,006 | 6,340,467 |
Operating Lease, Right-of-Use Asset | 229,275 | 222,124 |
Investment securities pledged as collateral | 0 | 2,161,937 |
Other assets | 154,402 | 76,653 |
Amortizable intangibles, net of accumulated amortization of $5,343,741 and $5,051,149, respectively | 1,910,842 | 2,202,001 |
Indefinite-lived cable television franchises | 13,216,355 | 13,216,355 |
Goodwill | 8,205,863 | 8,205,863 |
Total assets | 33,119,551 | 33,215,034 |
Current Liabilities: | ||
Accounts payable | 1,041,996 | 1,023,045 |
Interest payable | 249,974 | 244,934 |
Accrued employee related costs | 124,911 | 124,941 |
Deferred revenue | 92,886 | 94,943 |
Debt | 2,693,690 | 917,313 |
Other current liabilities ($25,767 and $31,810 due to affiliates, respectively) | 320,921 | 329,943 |
Total current liabilities | 4,524,378 | 2,735,119 |
Other liabilities | 158,557 | 159,082 |
Deferred tax liability | 4,990,046 | 5,048,129 |
Liabilities under derivative contracts | 0 | 276,933 |
Operating Lease, Liability, Noncurrent | 241,794 | 237,226 |
Long-term debt, net of current maturities | 23,679,410 | 25,629,447 |
Total liabilities | 33,594,185 | 34,085,936 |
Commitments and contingencies (Note 14) | ||
Stockholders' Deficiency: | ||
Preferred stock, $0.01 par value, 100,000,000 shares authorized, no shares issued and outstanding | 0 | 0 |
Paid-in capital | 100,213 | 18,005 |
Accumulated deficit | (546,111) | (848,836) |
Total stockholders' equity before accumulated other comprehensive Income and non-controlling interest | $ (441,352) | $ (826,285) |
Treasury Stock, Shares | 19,570 | 20,887 |
Treasury stock, at cost (19,570 and 20,887 Class A common shares, respectively) | $ 0 | $ 0 |
Accumulated other comprehensive income | 4,876 | 6,497 |
Total Altice USA stockholders' deficiency | (436,476) | (819,788) |
Noncontrolling interests | (38,158) | (51,114) |
Total stockholders' deficiency | (474,634) | (870,902) |
Total liabilities and stockholders' deficiency | 33,119,551 | 33,215,034 |
Common Class A | ||
Stockholders' Deficiency: | ||
Common stock | 2,703 | 2,703 |
Common Class B | ||
Stockholders' Deficiency: | ||
Common stock | 1,843 | 1,843 |
Common Class C | ||
Stockholders' Deficiency: | ||
Common stock | $ 0 | $ 0 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Assets [Abstract] | ||
Accounts receivable, trade allowance for doubtful accounts | $ 34,870 | $ 27,931 |
Due from Related Parties, Current | 3,790 | 3,776 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | (7,550,050) | (7,142,852) |
Finite-Lived Intangible Assets, Accumulated Amortization | $ 5,343,741 | $ 5,051,149 |
Stockholders' Deficiency: | ||
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 | 19,570 | 20,887 |
CSC Holdings | ||
LIABILITIES AND STOCKHOLDERS' DEFICIENCY | ||
Due to Affiliate, Current | $ 25,767 | $ 31,810 |
Common Class A | ||
Stockholders' Deficiency: | ||
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) | 270,345,124 | 270,341,685 |
Common stock, shares outstanding (in shares) | 270,325,554 | 270,320,798 |
Common Class B | ||
Stockholders' Deficiency: | ||
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 | |
Common stock, shares outstanding (in shares) | 184,329,903 | 184,333,342 |
Common Class C | ||
Stockholders' Deficiency: | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 4,000,000,000 | 4,000,000,000 |
Common stock, shares issued (in shares) | 0 | 0 |
Common stock, shares outstanding (in shares) | 0 | 0 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income Statement [Abstract] | ||||
Revenue (including revenue from affiliates of $478, $3,035, $1,116, and $6,441, respectively) (See Note 13) | $ 2,463,014 | $ 2,516,008 | $ 4,884,911 | $ 4,994,829 |
Operating expenses: | ||||
Programming and other direct costs (including charges from affiliates of $2,715, $4,504, $7,333 and $6,732, respectively) (See Note 13) | 819,011 | 849,872 | 1,647,804 | 1,701,736 |
Other operating expenses (including charges from affiliates of $3,037, $2,696, $6,132 and $5,875, respectively) (See Note 13) | 673,464 | 589,180 | 1,315,370 | 1,169,613 |
Restructuring and other expense | 2,673 | 5,864 | 6,051 | 9,073 |
Depreciation and amortization (including impairments) | 446,125 | 444,327 | 881,474 | 879,184 |
Total operating expenses | 1,941,273 | 1,889,243 | 3,850,699 | 3,759,606 |
Operating income | 521,741 | 626,765 | 1,034,212 | 1,235,223 |
Other income (expense): | ||||
Interest Income (Expense), Net | (310,213) | (319,371) | (613,575) | (635,683) |
Gain (loss) on investments | (325,601) | 125,019 | (476,374) | 198,472 |
Gain (loss) on derivative contracts, net | 219,114 | (98,840) | 320,188 | (152,405) |
Gain (loss) on interest rate swap contracts, net | 39,868 | (21,574) | 163,015 | 54,079 |
Loss on extinguishment of debt and write-off of deferred financing costs | 0 | (51,712) | 0 | (51,712) |
Other income, net | 2,521 | 2,467 | 4,951 | 5,326 |
Total other income (expense) | (374,311) | (364,011) | (601,795) | (581,923) |
Income before income taxes | 147,430 | 262,754 | 432,417 | 653,300 |
Income tax expense | (33,890) | (61,820) | (116,736) | (173,827) |
Net income | 113,540 | 200,934 | 315,681 | 479,473 |
Net Income (Loss) Attributable to Noncontrolling Interest | (7,366) | (3,274) | (12,956) | (7,677) |
Net Income (Loss) Attributable to Parent, Total | $ 106,174 | $ 197,660 | $ 302,725 | $ 471,796 |
Income per share: | ||||
Basic income per share | $ 0.23 | $ 0.43 | $ 0.67 | $ 1.02 |
Basic weighted average shares outstanding | 453,230 | 456,955 | 453,230 | 463,060 |
Diluted income per share | $ 0.23 | $ 0.43 | $ 0.67 | $ 1 |
Diluted weighted average shares outstanding | 453,230 | 463,637 | 453,230 | 469,510 |
Cash dividends declared per common share | $ 0 | $ 0 | $ 0 | $ 0 |
CONSOLIDATED STATEMENTS OF OP_2
CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income Statement [Abstract] | ||||
Revenue from affiliates | $ 478 | $ 3,035 | $ 1,116 | $ 6,441 |
Programming and other direct costs from affiliates | 2,715 | 4,504 | 7,333 | 6,732 |
Other operating expenses from affiliates | $ 3,037 | $ 2,696 | $ 6,132 | $ 5,875 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||||
Net income | $ 113,540 | $ 200,934 | $ 315,681 | $ 479,473 | ||
Defined benefit pension plans | ||||||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, before Tax | (4,559) | 1,492 | (2,055) | 10,140 | ||
Applicable income taxes | 1,204 | (404) | 543 | (2,696) | ||
Defined benefit pension plans, net of income taxes | (3,355) | 1,088 | (1,512) | 7,444 | ||
Applicable income taxes | 0 | 0 | 0 | 0 | ||
Foreign currency translation adjustment | 61 | (140) | (109) | 479 | ||
Foreign currency translation adjustment, net of income taxes | 61 | $ (170) | (140) | $ 619 | (109) | 479 |
Other comprehensive income (loss) | (3,294) | 948 | (1,621) | 7,923 | ||
Comprehensive income | 110,246 | 201,882 | 314,060 | 487,396 | ||
Comprehensive income attributable to noncontrolling interests | (7,366) | $ (5,590) | (3,274) | $ (4,403) | (12,956) | (7,677) |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent, Total | $ 102,880 | $ 198,608 | $ 301,104 | $ 479,719 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Parent [Member] | Member's Deficiency | Accumulated Deficit | Treasury Stock | Accumulated Other Comprehensive Income | Noncontrolling Interests | Common Class A Common Stock | Common Class B Common Stock |
Beginning balance at Dec. 31, 2020 | $ (1,203,139) | $ (1,141,030) | $ 0 | $ (985,641) | $ (163,866) | $ 3,646 | $ (62,109) | $ 2,972 | $ 1,859 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net Income (Loss) Attributable to Parent, Total | 274,136 | 274,136 | 274,136 | ||||||
Net Income (Loss) Attributable to Noncontrolling Interest | (4,403) | ||||||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | (6,356) | (6,356) | 6,356 | ||||||
Foreign currency translation adjustment, net of income taxes | 619 | 619 | 619 | ||||||
Share-based compensation expense (equity classified) | 27,964 | 27,964 | 27,964 | ||||||
Redeemable equity vested | 20,131 | 20,131 | 20,131 | ||||||
Change in redeemable equity | 2,528 | 2,528 | 2,528 | ||||||
Class A shares acquired through share repurchase program and retired | (522,673) | (522,673) | (522,521) | (152) | |||||
Conversion of Class B to Class A shares | 1 | (1) | |||||||
Stock Issued During Period, Value, New Issues | 2,044 | 2,044 | 2,037 | 6 | 1 | ||||
Other | 58 | (4,244) | (4,244) | 4,302 | |||||
Ending balance at Mar. 31, 2021 | (1,387,573) | (1,334,169) | 0 | (1,185,610) | (163,860) | 10,621 | (53,404) | 2,822 | 1,858 |
Beginning balance at Dec. 31, 2020 | (1,203,139) | (1,141,030) | 0 | (985,641) | (163,866) | 3,646 | (62,109) | 2,972 | 1,859 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net Income (Loss) Attributable to Parent, Total | 471,796 | ||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | (7,677) | ||||||||
Foreign currency translation adjustment, net of income taxes | 479 | ||||||||
Ending balance at Jun. 30, 2021 | (1,348,994) | (1,298,940) | 0 | (1,315,080) | 0 | 11,569 | (50,054) | 2,713 | 1,858 |
Beginning balance at Mar. 31, 2021 | (1,387,573) | (1,334,169) | 0 | (1,185,610) | (163,860) | 10,621 | (53,404) | 2,822 | 1,858 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net Income (Loss) Attributable to Parent, Total | 197,660 | 197,660 | 197,660 | ||||||
Net Income (Loss) Attributable to Noncontrolling Interest | (3,274) | (3,274) | |||||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | (1,088) | (1,088) | 1,088 | ||||||
Foreign currency translation adjustment, net of income taxes | (140) | (140) | (140) | ||||||
Share-based compensation expense (equity classified) | 27,385 | 27,385 | 27,385 | ||||||
Redeemable equity vested | 3,618 | 3,618 | 3,618 | ||||||
Change in redeemable equity | (514) | (514) | (514) | ||||||
Class A shares acquired through share repurchase program and retired | (202,845) | (202,845) | (202,787) | (58) | |||||
Conversion of Class B to Class A shares | 0 | ||||||||
Stock Issued During Period, Value, New Issues | 8,885 | 8,885 | (488) | 9,365 | 8 | ||||
Other | 168 | 92 | 92 | 76 | |||||
Ending balance at Jun. 30, 2021 | (1,348,994) | (1,298,940) | 0 | (1,315,080) | 0 | 11,569 | (50,054) | 2,713 | 1,858 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Retirement of Treasury Stock in connection with Neptune Acquisition | (154,436) | 154,495 | (59) | ||||||
Accumulated deficit | (848,836) | ||||||||
Beginning balance at Dec. 31, 2021 | (870,902) | (819,788) | 18,005 | (848,836) | 0 | 6,497 | (51,114) | 2,703 | 1,843 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net Income (Loss) Attributable to Parent, Total | 196,551 | 196,551 | 196,551 | ||||||
Net Income (Loss) Attributable to Noncontrolling Interest | (5,590) | (5,590) | |||||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | (1,843) | (1,843) | 1,843 | ||||||
Foreign currency translation adjustment, net of income taxes | (170) | (170) | (170) | ||||||
Share-based compensation expense (equity classified) | 40,512 | 40,512 | 40,512 | 0 | |||||
Stock Issued During Period, Value, New Issues | 10 | 10 | 10 | 0 | 0 | 0 | |||
Ending balance at Mar. 31, 2022 | (626,566) | (581,042) | 58,527 | (652,285) | 0 | 8,170 | (45,524) | 2,703 | 1,843 |
Beginning balance at Dec. 31, 2021 | (870,902) | (819,788) | 18,005 | (848,836) | 0 | 6,497 | (51,114) | 2,703 | 1,843 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net Income (Loss) Attributable to Parent, Total | 302,725 | ||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | (12,956) | ||||||||
Foreign currency translation adjustment, net of income taxes | (109) | ||||||||
Ending balance at Jun. 30, 2022 | (474,634) | (436,476) | 100,213 | (546,111) | 0 | 4,876 | (38,158) | 2,703 | 1,843 |
Beginning balance at Mar. 31, 2022 | (626,566) | (581,042) | 58,527 | (652,285) | 0 | 8,170 | (45,524) | 2,703 | 1,843 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net Income (Loss) Attributable to Parent, Total | 106,174 | 106,174 | |||||||
Net Income (Loss) Attributable to Noncontrolling Interest | (7,366) | (7,366) | |||||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | 3,355 | 3,355 | (3,355) | ||||||
Foreign currency translation adjustment, net of income taxes | 61 | 61 | 61 | ||||||
Share-based compensation expense (equity classified) | 41,680 | 41,680 | 41,680 | 0 | |||||
Stock Issued During Period, Value, New Issues | 6 | 6 | 6 | 0 | 0 | 0 | |||
Ending balance at Jun. 30, 2022 | (474,634) | $ (436,476) | $ 100,213 | $ (546,111) | $ 0 | $ 4,876 | $ (38,158) | $ 2,703 | $ 1,843 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Accumulated deficit | $ (546,111) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Cash flows from operating activities: | ||
Net income | $ 315,681 | $ 479,473 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization (including impairments) | 881,474 | 879,184 |
Loss (gain) on derivative contracts, net | (320,188) | 152,405 |
Gain (Loss) on Extinguishment of Debt | 0 | 51,712 |
Amortization of deferred financing costs and discounts (premiums) on indebtedness | 41,150 | 45,917 |
Share-based compensation expense | 77,061 | 55,927 |
Deferred income taxes | (57,720) | 98,769 |
Operating Lease, Right-of-Use Asset, Amortization Expense | 22,139 | 21,691 |
Provision for doubtful accounts | 36,839 | 28,154 |
Other | (321) | 4,344 |
Change in assets and liabilities, net of effects of acquisitions and dispositions: | ||
Accounts receivable, trade | (790) | 13,078 |
Prepaid expenses and other assets | 6,689 | 31,631 |
Amounts due from and due to affiliates | (6,057) | 6,505 |
Accounts payable and accrued liabilities | (1,527) | (117,467) |
Deferred revenue | (1,906) | 5,782 |
Liabilities related to interest rate swap contracts | (192,344) | (79,468) |
Net cash provided by operating activities | 1,276,554 | 1,479,165 |
Cash flows from investing activities: | ||
Capital expenditures | (877,497) | (535,895) |
Payments for acquisitions, net of cash acquired | 0 | (340,570) |
Other, net | (610) | (1,074) |
Net cash used in investing activities | (878,107) | (877,539) |
Cash flows from financing activities: | ||
Proceeds from long-term debt | 460,000 | 3,160,000 |
Repayment of long-term debt | (758,861) | (3,057,469) |
Proceeds from collateralized indebtedness and related derivative contracts, net | 0 | 185,105 |
Repayment of collateralized indebtedness and related derivative contracts, net | 0 | (185,105) |
Principal payments on finance lease obligations | (62,221) | (37,560) |
Purchase of shares of Altice USA Class A common stock, pursuant to a share repurchase program | 0 | (725,518) |
Other | 0 | 1,339 |
Net cash used in financing activities | (361,082) | (659,208) |
Net increase (decrease) in cash and cash equivalents | 37,365 | (57,582) |
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | (110) | 479 |
Net increase (decrease) in cash and cash equivalents | 37,255 | (57,103) |
Cash, cash equivalents and restricted cash at beginning of year | 195,975 | 278,686 |
Cash, cash equivalents and restricted cash at end of period | $ 233,230 | $ 221,583 |
CSC HOLDINGS - CONSOLIDATED BAL
CSC HOLDINGS - CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Current Assets: | ||
Cash and cash equivalents | $ 232,966 | $ 195,711 |
Restricted cash | 264 | 264 |
Accounts receivable, trade (less allowance for doubtful accounts of $34,870 and $27,931, respectively) | 370,903 | 406,952 |
Prepaid expenses and other current assets ($3,790 and $3,776 due from affiliates, respectively) | 333,112 | 186,707 |
Securities Held as Collateral, at Fair Value | 1,685,563 | 0 |
Total current assets | 2,622,808 | 789,634 |
Property, plant and equipment, net of accumulated depreciation of $7,550,050 and $7,142,852, respectively | 6,780,006 | 6,340,467 |
Operating Lease, Right-of-Use Asset | 229,275 | 222,124 |
Investment securities pledged as collateral | 0 | 2,161,937 |
Other assets | 154,402 | 76,653 |
Amortizable intangibles, net of accumulated amortization of $5,343,741 and $5,051,149, respectively | 1,910,842 | 2,202,001 |
Indefinite-lived cable television franchises | 13,216,355 | 13,216,355 |
Goodwill | 8,205,863 | 8,205,863 |
Total assets | 33,119,551 | 33,215,034 |
Current Liabilities: | ||
Accounts payable | 1,041,996 | 1,023,045 |
Interest payable | 249,974 | 244,934 |
Accrued employee related costs | 124,911 | 124,941 |
Deferred revenue | 92,886 | 94,943 |
Debt | 2,693,690 | 917,313 |
Other current liabilities ($25,767 and $31,810 due to affiliates, respectively) | 320,921 | 329,943 |
Total current liabilities | 4,524,378 | 2,735,119 |
Other liabilities | 158,557 | 159,082 |
Deferred tax liability | 4,990,046 | 5,048,129 |
Liabilities under derivative contracts | 0 | 276,933 |
Operating Lease, Liability, Noncurrent | 241,794 | 237,226 |
Long-term debt, net of current maturities | 23,679,410 | 25,629,447 |
Total liabilities | 33,594,185 | 34,085,936 |
Commitments and contingencies (Note 14) | ||
Limited Liability Company (LLC) Members' Equity [Abstract] | ||
Accumulated other comprehensive income (loss) | 4,876 | 6,497 |
Noncontrolling interests | (38,158) | (51,114) |
Total liabilities and stockholders' deficiency | 33,119,551 | 33,215,034 |
CSC Holdings | ||
Current Assets: | ||
Cash and cash equivalents | 230,409 | 193,154 |
Restricted cash | 264 | 264 |
Accounts receivable, trade (less allowance for doubtful accounts of $34,870 and $27,931, respectively) | 370,903 | 406,952 |
Prepaid expenses and other current assets ($3,790 and $3,776 due from affiliates, respectively) | 333,112 | 186,707 |
Securities Held as Collateral, at Fair Value | 1,685,563 | 0 |
Total current assets | 2,620,251 | 787,077 |
Property, plant and equipment, net of accumulated depreciation of $7,550,050 and $7,142,852, respectively | 6,780,006 | 6,340,467 |
Operating Lease, Right-of-Use Asset | 229,275 | 222,124 |
Investment securities pledged as collateral | 0 | 2,161,937 |
Other assets | 154,402 | 76,653 |
Amortizable intangibles, net of accumulated amortization of $5,343,741 and $5,051,149, respectively | 1,910,842 | 2,202,001 |
Indefinite-lived cable television franchises | 13,216,355 | 13,216,355 |
Goodwill | 8,205,863 | 8,205,863 |
Total assets | 33,116,994 | 33,212,477 |
Current Liabilities: | ||
Accounts payable | 1,041,996 | 1,023,045 |
Interest payable | 249,974 | 244,934 |
Accrued employee related costs | 124,911 | 124,941 |
Deferred revenue | 92,886 | 94,943 |
Debt | 2,693,690 | 917,313 |
Other current liabilities ($25,767 and $31,810 due to affiliates, respectively) | 320,921 | 329,944 |
Total current liabilities | 4,524,378 | 2,735,120 |
Other liabilities | 158,557 | 159,082 |
Deferred tax liability | 5,009,360 | 5,067,442 |
Liabilities under derivative contracts | 0 | 276,933 |
Operating Lease, Liability, Noncurrent | 241,794 | 237,226 |
Long-term debt, net of current maturities | 23,679,410 | 25,629,447 |
Total liabilities | 33,613,499 | 34,105,250 |
Limited Liability Company (LLC) Members' Equity [Abstract] | ||
Member's Deficiency | (463,223) | (848,156) |
Accumulated other comprehensive income (loss) | 4,876 | 6,497 |
Total member's deficiency | (458,347) | (841,659) |
Noncontrolling interests | (38,158) | (51,114) |
Total Deficiency | (496,505) | (892,773) |
Total liabilities and stockholders' deficiency | $ 33,116,994 | $ 33,212,477 |
CSC HOLDINGS - CONSOLIDATED B_2
CSC HOLDINGS - CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Accounts receivable, trade allowance for doubtful accounts | $ 34,870 | $ 27,931 |
Due from Related Parties, Current | 3,790 | 3,776 |
Property, plant and equipment, accumulated depreciation | 7,550,050 | 7,142,852 |
Amortizable intangible assets, accumulated amortization | 5,343,741 | 5,051,149 |
Other assets | 154,402 | 76,653 |
Securities Held as Collateral, at Fair Value | 1,685,563 | 0 |
CSC Holdings | ||
Due to Affiliate, Current | $ 25,767 | $ 31,810 |
Members' Equity | 100 | 100 |
Common Unit, Outstanding | 100 | 100 |
Other assets | $ 154,402 | $ 76,653 |
Member's Deficiency | (463,223) | (848,156) |
Total Deficiency | (496,505) | (892,773) |
Membership equity before noncontrolling interest | (458,347) | (841,659) |
Securities Held as Collateral, at Fair Value | $ 1,685,563 | $ 0 |
CSC HOLDINGS - CONSOLIDATED STA
CSC HOLDINGS - CONSOLIDATED STATEMENT OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Revenue (including revenue from affiliates of $478, $3,035, $1,116, and $6,441, respectively) (See Note 13) | $ 2,463,014 | $ 2,516,008 | $ 4,884,911 | $ 4,994,829 |
Operating expenses: | ||||
Programming and other direct costs (including charges from affiliates of $2,715, $4,504, $7,333 and $6,732, respectively) (See Note 13) | 819,011 | 849,872 | 1,647,804 | 1,701,736 |
Other operating expenses (including charges from affiliates of $3,037, $2,696, $6,132 and $5,875 respectively) (See Note 13) | 673,464 | 589,180 | 1,315,370 | 1,169,613 |
Restructuring and other expense | 2,673 | 5,864 | 6,051 | 9,073 |
Total operating expenses | 1,941,273 | 1,889,243 | 3,850,699 | 3,759,606 |
Operating income | 521,741 | 626,765 | 1,034,212 | 1,235,223 |
Other income (expense): | ||||
Interest Income (Expense), Net | (310,213) | (319,371) | (613,575) | (635,683) |
Gain (loss) on investments | (325,601) | 125,019 | (476,374) | 198,472 |
Loss on equity derivative contracts, net | 219,114 | (98,840) | 320,188 | (152,405) |
Gain (loss) on interest rate swap contracts, net | 39,868 | (21,574) | 163,015 | 54,079 |
Loss on extinguishment of debt and write-off of deferred financing costs | 0 | (51,712) | 0 | (51,712) |
Other income, net | 2,521 | 2,467 | 4,951 | 5,326 |
Total other income (expense) | (374,311) | (364,011) | (601,795) | (581,923) |
Income before income taxes | 147,430 | 262,754 | 432,417 | 653,300 |
Income tax expense | (33,890) | (61,820) | (116,736) | (173,827) |
Net income | 113,540 | 200,934 | 315,681 | 479,473 |
Comprehensive income attributable to noncontrolling interests | (7,366) | (3,274) | (12,956) | (7,677) |
Net income attributable to CSC Holdings' sole member | 106,174 | 197,660 | 302,725 | 471,796 |
Depreciation and amortization (including impairments) | 446,125 | 444,327 | 881,474 | 879,184 |
CSC Holdings | ||||
Revenue (including revenue from affiliates of $478, $3,035, $1,116, and $6,441, respectively) (See Note 13) | 2,463,014 | 2,516,008 | 4,884,911 | 4,994,829 |
Operating expenses: | ||||
Programming and other direct costs (including charges from affiliates of $2,715, $4,504, $7,333 and $6,732, respectively) (See Note 13) | 819,011 | 849,872 | 1,647,804 | 1,701,736 |
Other operating expenses (including charges from affiliates of $3,037, $2,696, $6,132 and $5,875 respectively) (See Note 13) | 673,464 | 589,180 | 1,315,370 | 1,169,613 |
Restructuring and other expense | 2,673 | 5,864 | 6,051 | 9,073 |
Total operating expenses | 1,941,273 | 1,889,243 | 3,850,699 | 3,759,606 |
Operating income | 521,741 | 626,765 | 1,034,212 | 1,235,223 |
Other income (expense): | ||||
Interest Income (Expense), Net | (310,213) | (319,371) | (613,575) | (635,683) |
Gain (loss) on investments | (325,601) | 125,019 | (476,374) | 198,472 |
Loss on equity derivative contracts, net | 219,114 | (98,840) | 320,188 | (152,405) |
Gain (loss) on interest rate swap contracts, net | 39,868 | (21,574) | 163,015 | 54,079 |
Loss on extinguishment of debt and write-off of deferred financing costs | 0 | (51,712) | 0 | (51,712) |
Other income, net | 2,521 | 2,467 | 4,951 | 5,326 |
Total other income (expense) | (374,311) | (364,011) | (601,795) | (581,923) |
Income before income taxes | 147,430 | 262,754 | 432,417 | 653,300 |
Income tax expense | (33,890) | (59,523) | (116,736) | (171,530) |
Net income | 113,540 | 203,231 | 315,681 | 481,770 |
Comprehensive income attributable to noncontrolling interests | (7,366) | (3,274) | (12,956) | (7,677) |
Net income attributable to CSC Holdings' sole member | 106,174 | 199,957 | 302,725 | 474,093 |
Depreciation and amortization (including impairments) | $ 446,125 | $ 444,327 | $ 881,474 | $ 879,184 |
CSC HOLDINGS - CONSOLIDATED S_2
CSC HOLDINGS - CONSOLIDATED STATEMENT OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income Statement [Abstract] | ||||
Revenue from affiliates | $ 478 | $ 3,035 | $ 1,116 | $ 6,441 |
Programming and other direct costs from affiliates | 2,715 | 4,504 | 7,333 | 6,732 |
Related Party Transaction, Other Operating Expense | $ 3,037 | $ 2,696 | $ 6,132 | $ 5,875 |
CSC HOLDINGS - CONDENSED CONSOL
CSC HOLDINGS - CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Net income | $ 113,540 | $ 200,934 | $ 315,681 | $ 479,473 |
Defined benefit pension and postretirement plans: | ||||
Defined benefit pension plans | (4,559) | 1,492 | (2,055) | 10,140 |
Applicable income taxes | 1,204 | (404) | 543 | (2,696) |
Defined benefit pension plans, net of income taxes | (3,355) | 1,088 | (1,512) | 7,444 |
Foreign currency translation adjustment | 61 | (140) | (109) | 479 |
Applicable income taxes | 0 | 0 | 0 | 0 |
Foreign currency translation adjustment, net | 61 | (140) | (109) | 479 |
Other comprehensive income (loss) | (3,294) | 948 | (1,621) | 7,923 |
Comprehensive income | 110,246 | 201,882 | 314,060 | 487,396 |
Comprehensive income attributable to noncontrolling interests | (7,366) | (3,274) | (12,956) | (7,677) |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent, Total | 102,880 | 198,608 | 301,104 | 479,719 |
CSC Holdings | ||||
Net income | 113,540 | 203,231 | 315,681 | 481,770 |
Defined benefit pension and postretirement plans: | ||||
Defined benefit pension plans | (4,559) | 1,492 | (2,055) | 10,140 |
Applicable income taxes | 1,204 | (404) | 543 | (2,696) |
Defined benefit pension plans, net of income taxes | (3,355) | 1,088 | (1,512) | 7,444 |
Foreign currency translation adjustment | 61 | (140) | (109) | 479 |
Applicable income taxes | 0 | 0 | 0 | 0 |
Foreign currency translation adjustment, net | 61 | (140) | (109) | 479 |
Other comprehensive income (loss) | (3,294) | 948 | (1,621) | 7,923 |
Comprehensive income | 110,246 | 204,179 | 314,060 | 489,693 |
Comprehensive income attributable to noncontrolling interests | (7,366) | (3,274) | (12,956) | (7,677) |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent, Total | $ 102,880 | $ 200,905 | $ 301,104 | $ 482,016 |
CSC HOLDINGS - CONSOLIDATED S_3
CSC HOLDINGS - CONSOLIDATED STATEMENT OF MEMBER'S EQUITY - USD ($) $ in Thousands | Total | CSC Holdings | Total Member's Deficiency | Total Member's Deficiency CSC Holdings | Noncontrolling Interests | Noncontrolling Interests CSC Holdings | Member's Deficiency | Member's Deficiency CSC Holdings | Accumulated Deficit | Accumulated Other Comprehensive Income | Accumulated Other Comprehensive Income CSC Holdings |
Accumulated other comprehensive income | $ 3,646 | ||||||||||
Membership equity before noncontrolling interest | $ (1,168,859) | ||||||||||
Noncontrolling interests | $ (62,109) | ||||||||||
Total Deficiency | $ (1,230,968) | ||||||||||
Member's Deficiency | $ (1,172,505) | ||||||||||
Net income attributable to CSC Holdings' sole member | $ 274,136 | 274,136 | $ 274,136 | 274,136 | 274,136 | $ 274,136 | |||||
Net income attributable to noncontrolling interests | 4,403 | 4,403 | 4,403 | ||||||||
Foreign currency translation adjustment, net of income taxes | 619 | 619 | 619 | 619 | $ 619 | 619 | |||||
Share-based compensation expense (equity classified) | 27,964 | 27,964 | 27,964 | 27,964 | 27,964 | 27,964 | |||||
Redeemable equity vested | 20,131 | 20,131 | 20,131 | 20,131 | 20,131 | 20,131 | |||||
Change in redeemable equity | 2,528 | 2,528 | 2,528 | 2,528 | 2,528 | 2,528 | |||||
Cash distributions to parent | (501,000) | (501,000) | (501,000) | ||||||||
Non-cash distributions to parent | (748) | (748) | (748) | ||||||||
Other | 246 | (4,056) | 4,302 | (4,056) | |||||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | 6,356 | 6,356 | 6,356 | 6,356 | (6,356) | 6,356 | |||||
Net income attributable to CSC Holdings' sole member | 471,796 | 474,093 | |||||||||
Net income attributable to noncontrolling interests | 7,677 | 7,677 | |||||||||
Foreign currency translation adjustment, net of income taxes | 479 | 479 | |||||||||
Cash distributions to parent | (685,478) | ||||||||||
Non-cash distributions to parent | (20,408) | ||||||||||
Distributions to parent | 20,408 | ||||||||||
Accumulated other comprehensive income | 10,621 | ||||||||||
Membership equity before noncontrolling interest | (1,342,929) | ||||||||||
Noncontrolling interests | (53,404) | ||||||||||
Total Deficiency | (1,396,333) | ||||||||||
Member's Deficiency | (1,353,550) | ||||||||||
Net income attributable to CSC Holdings' sole member | 197,660 | 199,957 | 197,660 | 199,957 | 199,957 | 197,660 | |||||
Net income attributable to noncontrolling interests | 3,274 | 3,274 | $ 3,274 | 3,274 | |||||||
Foreign currency translation adjustment, net of income taxes | (140) | (140) | (140) | (140) | (140) | (140) | |||||
Share-based compensation expense (equity classified) | 27,385 | 27,385 | 27,385 | 27,385 | 27,385 | 27,385 | |||||
Redeemable equity vested | 3,618 | 3,618 | 3,618 | 3,618 | 3,618 | 3,618 | |||||
Change in redeemable equity | (514) | (514) | (514) | (514) | (514) | (514) | |||||
Cash distributions to parent | (184,478) | (184,478) | (184,478) | ||||||||
Non-cash distributions to parent | (19,660) | (19,660) | (19,660) | ||||||||
Other | 333 | 257 | 76 | 257 | |||||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | 1,088 | 1,088 | 1,088 | 1,088 | (1,088) | 1,088 | |||||
Accumulated other comprehensive income | 11,569 | ||||||||||
Membership equity before noncontrolling interest | (1,315,416) | ||||||||||
Noncontrolling interests | (50,054) | ||||||||||
Total Deficiency | (1,365,470) | ||||||||||
Member's Deficiency | (1,326,985) | ||||||||||
Accumulated other comprehensive income | 6,497 | 6,497 | 6,497 | ||||||||
Membership equity before noncontrolling interest | (841,659) | (841,659) | |||||||||
Noncontrolling interests | (51,114) | (51,114) | (51,114) | ||||||||
Total Deficiency | (892,773) | ||||||||||
Member's Deficiency | (848,156) | (848,156) | |||||||||
Accumulated deficit | (848,836) | ||||||||||
Net income attributable to CSC Holdings' sole member | 196,551 | 196,551 | 196,551 | 196,551 | 196,551 | 196,551 | |||||
Net income attributable to noncontrolling interests | 5,590 | 5,590 | 5,590 | 5,590 | |||||||
Foreign currency translation adjustment, net of income taxes | (170) | (170) | (170) | (170) | (170) | (170) | |||||
Share-based compensation expense (equity classified) | 40,512 | 40,512 | 40,512 | 40,512 | $ 40,512 | 40,512 | 0 | ||||
Other | 11 | 11 | 0 | 11 | |||||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | 1,843 | 1,843 | 1,843 | 1,843 | (1,843) | 1,843 | |||||
Net income attributable to CSC Holdings' sole member | 302,725 | 302,725 | |||||||||
Net income attributable to noncontrolling interests | 12,956 | 12,956 | |||||||||
Foreign currency translation adjustment, net of income taxes | (109) | (109) | |||||||||
Cash distributions to parent | 0 | ||||||||||
Non-cash distributions to parent | 0 | ||||||||||
Distributions to parent | 0 | ||||||||||
Accumulated other comprehensive income | 8,170 | ||||||||||
Membership equity before noncontrolling interest | (602,912) | ||||||||||
Noncontrolling interests | (45,524) | ||||||||||
Total Deficiency | (648,436) | ||||||||||
Member's Deficiency | (611,082) | ||||||||||
Net income attributable to CSC Holdings' sole member | 106,174 | 106,174 | 106,174 | 106,174 | 106,174 | ||||||
Net income attributable to noncontrolling interests | 7,366 | 7,366 | $ 7,366 | 7,366 | |||||||
Foreign currency translation adjustment, net of income taxes | 61 | 61 | 61 | 61 | 61 | 61 | |||||
Share-based compensation expense (equity classified) | 41,680 | 41,680 | 41,680 | 41,680 | $ 41,680 | 41,680 | $ 0 | ||||
Cash distributions to parent | 0 | ||||||||||
Non-cash distributions to parent | 0 | ||||||||||
Other | 5 | 5 | 0 | 5 | |||||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | (3,355) | (3,355) | $ (3,355) | (3,355) | $ 3,355 | (3,355) | |||||
Accumulated other comprehensive income | 4,876 | 4,876 | $ 4,876 | ||||||||
Membership equity before noncontrolling interest | (458,347) | $ (458,347) | |||||||||
Noncontrolling interests | (38,158) | (38,158) | $ (38,158) | ||||||||
Total Deficiency | (496,505) | ||||||||||
Member's Deficiency | $ (463,223) | $ (463,223) | |||||||||
Accumulated deficit | $ (546,111) |
CSC HOLDINGS - CONSOLIDATED S_4
CSC HOLDINGS - CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Cash flows from operating activities: | ||
Net income | $ 315,681 | $ 479,473 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation and amortization (including impairments) | 881,474 | 879,184 |
Loss (gain) on derivative contracts, net | (320,188) | 152,405 |
Gain (Loss) on Extinguishment of Debt | 0 | 51,712 |
Amortization of deferred financing costs and discounts (premiums) on indebtedness | 41,150 | 45,917 |
Share-based compensation expense | 77,061 | 55,927 |
Deferred income taxes | (57,720) | 98,769 |
Operating Lease, Right-of-Use Asset, Amortization Expense | 22,139 | 21,691 |
Provision for doubtful accounts | 36,839 | 28,154 |
Other | (321) | 4,344 |
Change in assets and liabilities, net of effects of acquisitions and dispositions: | ||
Accounts receivable, trade | (790) | 13,078 |
Prepaid expenses and other assets | 6,689 | 31,631 |
Amounts due from and due to affiliates | (6,057) | 6,505 |
Accounts payable and accrued liabilities | (1,527) | (117,467) |
Deferred revenue | (1,906) | 5,782 |
Liabilities related to interest rate swap contracts | (192,344) | (79,468) |
Net cash provided by operating activities | 1,276,554 | 1,479,165 |
Cash flows from investing activities: | ||
Capital expenditures | (877,497) | (535,895) |
Payments for acquisitions, net of cash acquired | 0 | (340,570) |
Other, net | (610) | (1,074) |
Net cash used in investing activities | (878,107) | (877,539) |
Cash flows from financing activities: | ||
Proceeds from long-term debt | 460,000 | 3,160,000 |
Repayment of long-term debt | (758,861) | (3,057,469) |
Proceeds from collateralized indebtedness and related derivative contracts, net | 0 | 185,105 |
Repayment of collateralized indebtedness and related derivative contracts, net | 0 | (185,105) |
Principal payments on finance lease obligations | (62,221) | (37,560) |
Other | 0 | 1,339 |
Net cash used in financing activities | (361,082) | (659,208) |
Net increase (decrease) in cash and cash equivalents | 37,365 | (57,582) |
Net increase (decrease) in cash and cash equivalents | 37,255 | (57,103) |
Cash, cash equivalents and restricted cash at beginning of year | 195,975 | 278,686 |
Cash, cash equivalents and restricted cash at end of period | 233,230 | 221,583 |
Gain (loss) on investments | (476,374) | 198,472 |
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | (110) | 479 |
CSC Holdings | ||
Cash flows from operating activities: | ||
Net income | 315,681 | 481,770 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation and amortization (including impairments) | 881,474 | 879,184 |
Loss (gain) on derivative contracts, net | (320,188) | 152,405 |
Gain (Loss) on Extinguishment of Debt | 0 | 51,712 |
Amortization of deferred financing costs and discounts (premiums) on indebtedness | 41,150 | 45,917 |
Share-based compensation expense | 77,061 | 55,927 |
Deferred income taxes | (57,720) | 87,021 |
Operating Lease, Right-of-Use Asset, Amortization Expense | 22,139 | 21,691 |
Provision for doubtful accounts | 36,839 | 28,154 |
Other | (321) | 4,344 |
Change in assets and liabilities, net of effects of acquisitions and dispositions: | ||
Accounts receivable, trade | (790) | 13,078 |
Prepaid expenses and other assets | 6,689 | 31,844 |
Amounts due from and due to affiliates | (6,057) | (13,903) |
Accounts payable and accrued liabilities | (1,527) | (117,226) |
Deferred revenue | (1,906) | 5,782 |
Liabilities related to interest rate swap contracts | (192,344) | (79,468) |
Net cash provided by operating activities | 1,276,554 | 1,449,760 |
Cash flows from investing activities: | ||
Capital expenditures | (877,497) | (535,895) |
Payments for acquisitions, net of cash acquired | 0 | (340,570) |
Other, net | (610) | (1,074) |
Net cash used in investing activities | (878,107) | (877,539) |
Cash flows from financing activities: | ||
Proceeds from long-term debt | 460,000 | 3,160,000 |
Repayment of long-term debt | (758,861) | (3,057,469) |
Proceeds from collateralized indebtedness and related derivative contracts, net | 0 | 185,105 |
Repayment of collateralized indebtedness and related derivative contracts, net | 0 | (185,105) |
Distributions to parent | 0 | 685,478 |
Principal payments on finance lease obligations | (62,221) | (37,560) |
Other | 0 | (9,024) |
Net cash used in financing activities | (361,082) | (629,531) |
Net increase (decrease) in cash and cash equivalents | 37,365 | (57,310) |
Net increase (decrease) in cash and cash equivalents | 37,255 | (56,831) |
Cash, cash equivalents and restricted cash at beginning of year | 193,418 | 278,202 |
Cash, cash equivalents and restricted cash at end of period | 230,673 | 221,371 |
Gain (loss) on investments | (476,374) | 198,472 |
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ (110) | $ 479 |
DESCRIPTION OF BUSINESS AND REL
DESCRIPTION OF BUSINESS AND RELATED MATTERS | 6 Months Ended |
Jun. 30, 2022 | |
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. Altice USA is majority-owned by Patrick Drahi through Next Alt. S.a.r.l. ("Next Alt"). Patrick Drahi also controls Altice Group Lux S.à.r.l, formerly Altice Europe N.V. ("Altice Europe") and its subsidiaries and other entities. Altice USA, through CSC Holdings, LLC (a wholly-owned subsidiary of Cablevision Systems Corporation) 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 has marketed 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. On August 1, 2022, the Company began marketing the Suddenlink services under the Optimum brand. It operates enterprise services under the brands Lightpath, Altice Business, Optimum Business and Suddenlink Business. It delivers broadband, video, telephony services, proprietary content and advertising services to residential and business customers. In addition, the Company offers a full service mobile 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 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. Altice USA is a holding company and 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 exceptions: Altice USA has additional cash and deferred taxes on its consolidated balance sheet. 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 or 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 financial statements of CSC Holdings are included herein as supplemental information as CSC Holdings is not an SEC registrant. |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Significant Accounting Policies [Text Block] | BASIS OF PRESENTATION The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") and with the instructions to Form 10-Q and Article 10 of Regulation S-X for interim financial information. Accordingly, these financial statements do not include all the information and notes required for complete annual financial statements. The interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2021. The financial statements presented in this report are unaudited; however, in the opinion of management, such financial statements include all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the results for the periods presented. The results of operations for the interim periods are not necessarily indicative of the results that might be expected for future interim periods or for the full year ending December 31, 2022. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. See Note 10 for a discussion of fair value estimates. |
Revenue Recognition and Deferre
Revenue Recognition and Deferred Revenue | 6 Months Ended |
Jun. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | REVENUE The following table presents the composition of revenue: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Broadband $ 1,002,680 $ 992,155 $ 1,988,197 $ 1,962,726 Video 841,549 892,605 1,683,436 1,798,439 Telephony 84,621 103,374 169,855 210,355 Residential 1,928,850 1,988,134 3,841,488 3,971,520 Business services and wholesale 371,503 372,010 739,025 739,226 News and advertising 133,250 131,767 247,925 236,837 Mobile 26,440 20,664 50,475 39,899 Other 2,971 3,433 5,998 7,347 Total revenue $ 2,463,014 $ 2,516,008 $ 4,884,911 $ 4,994,829 The Company is assessed non-income related taxes by governmental authorities, including franchising authorities (generally under multi-year agreements), and collects such taxes from its customers. In instances where the tax is being assessed directly on the Company, amounts paid to the governmental authorities are recorded as programming and other direct costs and amounts received from the customers are recorded as revenue. For the three and six months ended June 30, 2022, the amount of franchise fees and certain other taxes and fees included as a component of revenue aggregated $58,573 and $117,661, respectively. For the three and six months ended June 30, 2021, the amount of franchise fees and certain other taxes and fees included as a component of revenue aggregated $65,838 and $131,894, respectively. Customer Contract Costs Deferred enterprise sales commission costs are included in other current and noncurrent assets in the consolidated |
Concentration Risk Disclosure | Concentration of Credit Risk The Company did not have a single customer that represented 10% or more of its consolidated revenues for the three and six months ended June 30, 2022 and 2021 or 10% or more of its consolidated net trade receivables at June 30, 2022 and December 31, 2021, respectively. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Earnings 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, restricted stock and restricted stock units. For such awards that are performance based, the diluted effect is reflected upon the achievement of the performance criteria. The following table presents a reconciliation of weighted average shares used in the calculations of the basic and diluted net income per share attributable to Altice USA stockholders for the three and six months ended June 30, 2022 and 2021: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (in thousands) Basic weighted average shares outstanding 453,230 456,955 453,230 463,060 Effect of dilution: Stock options — 6,681 — 6,427 Restricted stock — 1 — 23 Diluted weighted average shares outstanding 453,230 463,637 453,230 469,510 Weighted average shares excluded from diluted weighted average shares outstanding: Anti-dilutive shares 57,921 910 58,160 704 Performance stock units and restricted stock whose performance metrics have not been achieved. 7,445 8,747 7,574 8,748 Net income per membership unit for CSC Holdings is not presented since CSC Holdings is a limited liability company and a wholly-owned subsidiary of Altice USA. |
SUPPLEMENTAL CASH FLOW INFORMAT
SUPPLEMENTAL CASH FLOW INFORMATION | 6 Months Ended |
Jun. 30, 2021 | |
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: Six Months Ended June 30, 2022 2021 Non-Cash Investing and Financing Activities: Altice USA and CSC Holdings: Property and equipment accrued but unpaid and other $ 341,313 $ 244,163 Notes payable issued for the purchase of equipment and other assets 51,501 33,818 Right-of-use assets acquired in exchange for finance lease obligations 94,771 77,715 Other non-cash investing and financing transactions — 2,083 CSC Holdings: Distributions to parent — 20,408 Supplemental Data: Altice USA and CSC Holdings: Cash interest paid, net of capitalized interest 565,542 586,176 Income taxes paid, net 173,317 107,026 |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 6 Months Ended |
Jun. 30, 2022 | |
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 June 30, 2022 As of December 31, 2021 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Estimated Useful Lives Customer relationships $ 6,113,669 $ (4,263,141) $ 1,850,528 $ 6,113,669 $ (4,020,282) $ 2,093,387 3 to 18 years Trade names 1,081,083 (1,035,675) 45,408 1,081,083 (988,563) 92,520 2 to 10 years Other amortizable intangibles 59,831 (44,925) 14,906 58,398 (42,304) 16,094 1 to 15 years $ 7,254,583 $ (5,343,741) $ 1,910,842 $ 7,253,150 $ (5,051,149) $ 2,202,001 |
DEBT
DEBT | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT The following table provides details of the Company's outstanding debt: Interest Rate June 30, 2022 December 31, 2021 Date Issued Maturity Date Principal Amount Carrying Amount (a) Principal Amount Carrying Amount (a) CSC Holdings Senior Notes: September 27, 2012 September 15, 2022 5.875 % $ 649,024 $ 644,839 $ 649,024 $ 635,310 May 23, 2014 June 1, 2024 5.250 % 750,000 718,534 750,000 711,137 October 18, 2018 April 1, 2028 7.500 % 4,118 4,113 4,118 4,113 November 27, 2018 April 1, 2028 7.500 % 1,045,882 1,044,664 1,045,882 1,044,582 July 10 and October 7, 2019 January 15, 2030 5.750 % 2,250,000 2,281,214 2,250,000 2,282,875 June 16 and August 17, 2020 December 1, 2030 4.625 % 2,325,000 2,365,023 2,325,000 2,366,886 May 13, 2021 November 15, 2031 5.000 % 500,000 498,304 500,000 498,234 7,524,024 7,556,691 7,524,024 7,543,137 CSC Holdings Senior Guaranteed Notes: September 23, 2016 April 15, 2027 5.500 % 1,310,000 1,306,793 1,310,000 1,306,508 January 29, 2018 February 1, 2028 5.375 % 1,000,000 994,661 1,000,000 994,262 January 24, 2019 February 1, 2029 6.500 % 1,750,000 1,747,649 1,750,000 1,747,511 June 16, 2020 December 1, 2030 4.125 % 1,100,000 1,095,870 1,100,000 1,095,672 August 17, 2020 February 15, 2031 3.375 % 1,000,000 997,112 1,000,000 996,970 May 13, 2021 November 15, 2031 4.500 % 1,500,000 1,494,923 1,500,000 1,494,710 7,660,000 7,637,008 7,660,000 7,635,633 CSC Holdings Restricted Group Credit Facility: Revolving Credit Facility January 31, 2024 (c) 3.574 % (b) 675,000 670,296 900,000 893,864 Term Loan B July 17, 2025 3.574 % 2,850,000 2,842,600 2,865,000 2,856,421 Incremental Term Loan B-3 January 15, 2026 3.574 % 1,233,563 1,230,444 1,239,938 1,236,394 Incremental Term Loan B-5 April 15, 2027 3.824 % 2,932,500 2,916,342 2,947,500 2,929,813 7,691,063 7,659,682 7,952,438 7,916,492 Lightpath Senior Notes: September 29, 2020 September 15, 2028 5.625 % 415,000 407,586 415,000 407,104 Lightpath Senior Secured Notes: September 29, 2020 September 15, 2027 3.875 % 450,000 442,381 450,000 441,739 Lightpath Term Loan November 30, 2027 4.574 % 591,000 577,282 594,000 579,119 Lightpath Revolving Credit Facility November 30, 2025 (d) — — — — 1,456,000 1,427,249 1,459,000 1,427,962 Collateralized indebtedness (see Note 9) 1,759,017 1,726,366 1,759,017 1,706,997 Finance lease obligations 251,285 251,285 218,735 218,735 Notes payable and supply chain financing (e) 114,819 114,819 97,804 97,804 26,456,208 26,373,100 26,671,018 26,546,760 Less: current portion of credit facility debt (78,750) (78,750) (78,750) (78,750) Less: current portion of senior notes (649,024) (644,839) (649,024) (635,310) Less: current portion of collateralized indebtedness (f) (1,759,017) (1,726,366) — — Less: current portion of finance lease obligations (129,329) (129,329) (109,204) (109,204) Less: current portion of notes payable and supply chain financing (114,406) (114,406) (94,049) (94,049) (2,730,526) (2,693,690) (931,027) (917,313) Long-term debt $ 23,725,682 $ 23,679,410 $ 25,739,991 $ 25,629,447 (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 June 30, 2022, $132,389 of the revolving credit facility was restricted for certain letters of credit issued on behalf of the Company and $1,667,611 of the facility was undrawn and available, subject to covenant limitations. (c) The revolving credit facility of an aggregate principal amount of $2,475,000 is priced at LIBOR plus 2.25%. (d) There were no borrowings outstanding under the Lightpath Revolving Credit Facility which provides for commitments in an aggregate principal amount of $100,000. Borrowings bear interest at a rate per annum equal to the adjusted LIBOR rate or the alternate base rate, as applicable, plus the applicable margin, where the applicable margin is (i) with respect to any alternate base rate loan, 2.25% per annum and (ii) with respect to any eurodollar loan, 3.25% per annum. (e) Includes $107,581 as of June 30, 2022 and $89,898 as of December 30, 2021 related to supply chain financing agreements that are required to be repaid within one year from the date of the respective agreement. (f) This indebtedness is collateralized by shares of Comcast common stock. Our intent is to settle such indebtedness with proceeds from new monetization contracts. To the extent we do not enter into new monetization contracts, we could settle the existing collateralized indebtedness by (i) delivering shares of Comcast common stock or (ii) delivering cash. Because this collateralized debt matures in May 2023, it has been classified as current in the accompanying balance sheet as of June 30, 2022, and because there is no assurance that a financing under new monetization contracts can be completed when this debt matures, the related investments held as collateral have also been classified as current. For financing purposes, the Company has two debt silos: CSC Holdings and Lightpath. The CSC Holdings silo 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 excluding Cablevision Lightpath LLC ("Lightpath"), a 50.01% owned subsidiary of the Company, which became an unrestricted subsidiary in September 2020. These Restricted Group subsidiaries are subject to the covenants and restrictions of the credit facility and indentures governing the notes issued by CSC Holdings. The Lightpath silo includes all of its operating subsidiaries which are subject to the covenants and restrictions of the credit facility and indentures governing the notes issued by Lightpath. Both CSC Holdings and Lightpath's credit facilities agreements contain 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 credit facilities will be entitled to take various actions, including the acceleration of amounts due under the credit facilities and all actions permitted to be taken by a secured creditor. As of June 30, 2022, CSC Holdings and Cablevision Lightpath were in compliance with applicable financial covenants under their respective credit facilities and with applicable financial covenants under each respective indenture by which the senior guaranteed notes, senior secured notes and senior notes were issued. On July 13, 2022, CSC Holdings entered into an amendment (the "Twelfth Amendment") to its senior secured credit facility (the "Credit Agreement"). The Twelfth Amendment provides for, among other things, new revolving credit commitments (the “2022 Revolving Credit Commitments”) in an aggregate principal amount of $2,325,000 with an extended maturity until the date that is the earlier of (i) July 13, 2027 and (ii) April 17, 2025 if, as of such date, any March 2017 Term Loans, as defined in the Credit Agreement are still outstanding, unless the March 2017 Term Loan Maturity Date (as defined in the Credit Agreement) has been extended to a date falling after July 13, 2027. After the effectiveness of the Twelfth Amendment, our existing revolving commitments maturing in January 2024 will equal an aggregate principal amount of $150,000. The loans made pursuant to the 2022 Revolving Credit Commitments may be composed of Term Secured Overnight Financing Rate ("SOFR") borrowings or alternative base rate borrowings, and will bear interest at a rate per annum equal to the Term SOFR rate (plus a Term SOFR credit adjustment spread of 0.10%) 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 Term SOFR loan, 2.25% per annum. Summary of Debt Maturities The future maturities of debt payable by the Company under its various debt obligations outstanding as of June 30, 2022, including notes payable and collateralized indebtedness (see Note 9), but excluding finance lease obligations, are as follows: 2022 $ 756,533 2023 1,884,313 2024 1,503,889 2025 2,823,750 2026 1,224,938 Thereafter 18,011,500 |
DERIVATIVE CONTRACTS AND COLLAT
DERIVATIVE CONTRACTS AND COLLATERALIZED INDEBTEDNESS | 6 Months Ended |
Jun. 30, 2022 | |
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 June 30, 2022, 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 June 30, 2022. In January 2021, the Company settled collateralized indebtedness and an equity derivative contract aggregating $185,105 upon maturity related to 5,337,750 shares of Comcast common stock held by us, with proceeds of $185,105 received in January 2021 pursuant to the synthetic monetization closeout transaction in November 2019. In connection with this transaction the Company recorded (i) a decrease in notes payable of $59,451 and (ii) an increase in collateralized debt of $59,451. 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 sheets, with changes in fair value reflected in the consolidated statements of operations. As of June 30, 2022, 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 June 30, 2022 December 31, 2021 Asset Derivatives: Interest rate swap contracts Prepaid expenses and other current assets $ — $ 2,993 Prepaid forward contracts Prepaid expenses and other current assets 158,246 — Interest rate swap contracts Other asset, long-term 76,905 — 235,151 2,993 Liability Derivatives: Interest rate swap contracts Other current liabilities — (3,441) Prepaid forward contracts Liabilities under derivative contracts, long-term — (161,942) Interest rate swap contracts Liabilities under derivative contracts, long-term — (114,991) $ — $ (280,374) The following table presents certain consolidated statement of operations data related to our derivative contracts and the underlying common stock: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Gain (loss) on derivative contracts related to change in the value of equity derivative contracts related to Comcast common stock $ 219,114 $ (98,840) $ 320,188 $ (152,405) Change in the fair value of Comcast common stock included in gain (loss) on investments (325,601) 125,000 (476,374) 198,453 Gain (loss) on interest rate swap contracts 39,868 (21,574) 163,015 54,079 The following is a summary of interest rate swap contracts outstanding at June 30, 2022: Maturity Date Notional Amount Company Pays Company Receives CSC Holdings: January 2025 $ 500,000 Fixed rate of 1.53% Three-month LIBOR January 2025 500,000 Fixed rate of 1.625% Three-month LIBOR January 2025 500,000 Fixed rate of 1.458% Three-month LIBOR December 2026 750,000 Fixed rate of 2.9155% Three-month LIBOR December 2026 750,000 Fixed rate of 2.9025% Three-month LIBOR Lightpath: December 2026 (a) 300,000 Fixed rate of 2.161% One-month LIBOR (a) Interest rate swap contract was effective April 2022. This swap contract is also not designated as a hedge for accounting purposes. Accordingly, this contract is carried at its fair market value on our consolidated balance sheet, with changes in fair value reflected in the consolidated statements of operations. |
FAIR VALUE MEASUREMENT
FAIR VALUE MEASUREMENT | 6 Months Ended |
Jun. 30, 2022 | |
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 the Company's financial assets and financial liabilities that are measured at fair value on a recurring basis and their classification under the fair value hierarchy: Fair Value June 30, 2022 December 31, 2021 Assets: Money market funds Level I $ 117,940 $ 100,015 Investment securities pledged as collateral Level I 1,685,563 2,161,937 Prepaid forward contracts Level II 158,246 — Interest rate swap contracts Level II 76,905 2,993 Liabilities: Prepaid forward contracts Level II — 161,942 Interest rate swap contracts Level II — 118,432 The Company's money market funds which are classified as cash equivalents 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, Senior Secured 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 their short-term 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 below: June 30, 2022 December 31, 2021 Fair Value Carrying Estimated Carrying Estimated Credit facility debt Level II $ 8,236,964 $ 8,282,063 $ 8,495,611 $ 8,546,438 Collateralized indebtedness Level II 1,726,366 1,715,482 1,706,997 1,741,710 Senior guaranteed notes and senior secured notes Level II 8,079,389 6,728,775 8,077,372 8,180,813 Senior notes Level II 7,964,277 6,073,913 7,950,241 7,883,071 Notes payable and supply chain financing Level II 114,819 114,766 97,804 97,588 $ 26,121,815 $ 22,914,999 $ 26,328,025 $ 26,449,620 (a) Amounts are net of unamortized deferred financing costs and discounts/premiums. |
INCOME TAXES
INCOME TAXES | 6 Months Ended |
Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES In general, the Company is required to use an estimated annual effective tax rate ("AETR") to measure the income tax expense or benefit recognized on a year to date basis in an interim period. In addition, certain items included in income tax expense as well as the tax impact of certain items included in pretax income must be treated as discrete items. The income tax expense or benefit associated with these discrete items is fully recognized in the interim period in which the items occur. For the three and six months ended June 30, 2022, the Company recorded a tax expense of $33,890 and $116,736 on pre-tax income of $147,430 and $432,417, respectively, resulting in an effective tax rate that was higher than the U.S. statutory tax rate. The higher tax rate was due to the impact of certain non-deductible expenses and state tax expense. For the three and six months ended June 30, 2021, the Company recorded a tax expense of $61,820 and $173,827 on pre-tax income of $262,754 and $653,300, respectively, resulting in an effective tax rate that was higher than the U.S. statutory tax rate. The higher tax rate was due to the impact of certain non-deductible expenses and state tax expense. |
SHARE-BASED COMPENSATION
SHARE-BASED COMPENSATION | 6 Months Ended |
Jun. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
SHARE-BASED COMPENSATION | SHARE-BASED COMPENSATION The following table presents share-based compensation expense recognized by the Company and unrecognized compensation cost: Share-Based Compensation Unrecognized Compensation Cost As of June 30, 2022 Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Carry Unit Plan $ — $ 44 $ — $ 803 $ — Awards issued pursuant to LTIP (a): Stock Option Awards 19,910 24,473 42,407 48,696 112,943 Performance Stock Units 1,601 2,868 3,627 5,850 37,133 Restricted Share Units 15,018 261 31,027 578 83,563 $ 36,529 $ 27,646 $ 77,061 $ 55,927 $ 233,639 (a) In June 2022, shareholders of the Company approved an increase to the number of shares authorized for issuance under the 2017 Altice USA Long Term Incentive Plan, as amended, by 35,000,000 shares to 89,879,291 shares. Stock Option Awards The following table summarizes activity related to stock options granted to Company employees: Shares Under Option Weighted Average Weighted Average Remaining Aggregate Intrinsic Balance at December 31, 2021 50,998,816 $ 22.51 8.29 $ 6,801 Granted 3,154,016 13.58 Forfeited (3,855,252) 22.95 Balance at June 30, 2022 50,297,580 $ 21.83 8.12 — Options exercisable at June 30, 2022 18,581,265 $ 24.14 6.88 $ — (a) The aggregate intrinsic value is calculated as the difference between the exercise price and the closing price of Altice USA's Class A common stock at the respective date. The total unrecognized compensation cost related to stock options is expected to be recognized over a weighted-average period of approximately 2.35 years. The weighted-average fair value of stock option awards granted during the six months ended June 30, 2022 was $4.51. The following weighted-average assumptions were used to calculate the fair values of stock option awards granted during the six months ended June 30, 2022: Risk-free interest rate 2.49% Expected life (in years) 6.12 Dividend yield —% Volatility 38.42% Performance Stock Unit Awards The following table summarizes activity related to performance stock units ("PSUs") granted to Company employees: Number of PSUs Balance at December 31, 2021 6,361,894 Forfeited (342,117) Balance at June 30, 2022 6,019,777 The PSUs have a weighted average grant date fair value of $10.65 per unit. The total unrecognized compensation cost related to the outstanding PSUs is expected to be recognized over a weighted-average period of approximatel y 3.58 years. Restricted Share Units The following table summarizes activity related to restricted share units granted to Company employees: Number of Units Balance at December 31, 2021 6,617,837 Granted 1,136,256 Forfeited (213,651) Balance at June 30, 2022 7,540,442 Lightpath Plan Awards As of June 30, 2022, 478,725 Class A-1 management incentive units and 250,075 Class A-2 management incentive units ("Award Units") granted to certain employees of Lightpath were outstanding. Vested units will be redeemed upon a partial exit, a change in control or the completion of an initial public offering, as defined in the Lightpath Holdings LLC agreement. The grant date fair value of the Award Units granted and outstanding aggregated $31,785 and will be expensed in the period in which a partial exit or a liquidity event is consummated. |
AFFILIATE AND RELATED PARTY TRA
AFFILIATE AND RELATED PARTY TRANSACTIONS | 6 Months Ended |
Jun. 30, 2022 | |
Related Party Transactions [Abstract] | |
AFFILIATE AND RELATED PARTY TRANSACTIONS | AFFILIATE AND RELATED PARTY TRANSACTIONS Affiliate and Related Party Transactions Altice USA is controlled by Patrick Drahi through Next Alt who also controls Altice Europe and other entities. As the transactions discussed below were conducted between entities under common control by Mr. Drahi, 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 expenses related to services provided to or received from affiliates and related parties: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Revenue $ 478 $ 3,035 $ 1,116 $ 6,441 Operating expenses: Programming and other direct costs $ (2,715) $ (4,504) $ (7,333) $ (6,732) Other operating expenses, net (3,037) (2,696) (6,132) (5,875) Operating expenses, net (5,752) (7,200) (13,465) (12,607) Net charges $ (5,274) $ (4,165) $ (12,349) $ (6,166) Capital expenditures $ 28,255 $ 9,589 $ 40,093 $ 20,210 Revenue The Company recognized revenue primarily from the sale of advertising to subsidiaries of Altice Europe, including Teads S.A. ("Teads") and in 2021, a foundation controlled by Mr. Drahi. Programming and other direct costs Programming and other direct costs include costs incurred by the Company for advertising services provided by Teads. Other operating expenses, net Other operating expenses primarily include charges for services provided by certain subsidiaries of Altice Europe and other related parties. Capital expenditures Capital expenditures primarily include costs 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: June 30, 2022 December 31, 2021 Due from: Altice Europe $ 385 $ 241 Other affiliates and related parties 3,405 3,535 $ 3,790 $ 3,776 Due to: Altice Europe $ 25,484 $ 30,604 Other affiliates and related parties 283 1,206 $ 25,767 $ 31,810 Amounts due from affiliates presented in the table above and included in prepaid expenses and other current assets in the accompanying balance sheets represent amounts paid by the Company on behalf of or for services provided to the respective related party. Amounts due to affiliates presented in the table above and included in other current liabilities in the accompanying balance sheets relate to the purchase of equipment and advertising services, as well as reimbursement for payments made on our behalf. CSC Holdings During the three and six months ended June 30, 2022 and 2021, CSC Holdings made cash equity distribution payments to its parent. Also, CSC Holdings recorded net non-cash equity contributions (distributions) which represent the non-cash settlement of intercompany balances with Altice USA. These balances primarily include amounts due to/due from Altice USA pursuant to a tax sharing agreement between the entities. See summary below: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Cash distribution payments to Altice USA $ — $ (184,478) $ — $ (685,478) Non-cash equity distributions, net to Altice USA — (19,660) — (20,408) |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Jun. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Legal Matters On June 23, 2020, a purported stockholder of the Company filed a complaint in the Court of Chancery of the State of Delaware, derivatively on behalf of the Company, against Patrick Drahi, Next Alt S.à.r.l., and those directors of the Company who are members of the Compensation Committee (collectively, the “Director Defendants”). The Company is also named as a nominal defendant in the complaint. The complaint alleges that the Director Defendants breached their fiduciary duties to the Company’s stockholders, and wasted corporate assets, by approving certain equity grants for Patrick Drahi. The complaint seeks rescission of the equity awards, monetary damages, and costs and disbursements for the plaintiff. On October 15, 2020, the Director Defendants answered the complaint and the Company filed a general denial of liability. Following negotiations with plaintiff, the parties executed a stipulation and agreement of compromise, settlement, and release on April 27, 2022 to settle the litigation. That settlement remains subject to court approval. 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 by providing Voice over Internet Protocol ("VoIP") services. The lawsuit is part of a pattern of litigation that was initiated as far back as 2005 by Sprint against numerous broadband and telecommunications providers, which has resulted in judgments and settlements of significant value for Sprint. Trial is scheduled to commence on December 12, 2022, at which we expect Sprint to seek as much as $250 million in damages. The Company intends to vigorously defend the lawsuit. The Company has received from UMG Recordings, Inc., Capitol Records, LLC, and BMG Rights Management (US) LLC letters alleging that the Company has not adequately addressed copyright infringement on its networks and is subject to liability and damages for secondary copyright infringement. The Company intends to vigorously defend these claims. Although the outcome of the above matters cannot be predicted and the impact of a final resolution of these matters on the Company’s results of operations or financial position is not known or reasonably estimable at this time, management does not believe that the ultimate resolution of the matters, individually or together, 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 they could be material to the Company’s consolidated results of operations or cash flows for any one period. In addition to the matters discussed above, the Company also receives notices from third parties, and in some cases is named as a defendant in lawsuits, claiming infringement of various patents or copyrights relating to various aspects of the Company's businesses. In certain of these cases other industry participants are also defendants, and in certain of these cases the Company expects that some or all potential liability would be the responsibility of the Company's vendors pursuant to applicable contractual indemnification provisions. In the event that the Company is found to infringe on any patent or other intellectual property 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 is also party to various other lawsuits, disputes and investigations arising in the ordinary course of its business, some of which may involve claims for substantial damages, fines or penalties. Although the outcome of these matters cannot be predicted and the impact of the final resolution of these 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 matters, individually, 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. |
Accounting Policies (Policies)
Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Recently Adopted Accounting Pronouncements and Recently Issued But Not Yet Adopted Accounting Pronouncements | ACCOUNTING STANDARDS Accounting Standards Adopted in 2022 ASU No. 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers In October 2021, the Financial Accounting Standards Board ("FASB") issued ASU No. 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers , which will require companies to apply the definition of a performance obligation under ASC Topic 606, Revenue from Contracts with Customers, to recognize and measure contract assets and contract liabilities relating to contracts with customers that are acquired in a business combination. Under current GAAP, an acquirer generally recognizes assets acquired and liabilities assumed in a business combination, including contract assets and contract liabilities arising from revenue contracts with customers, at fair value on the acquisition date. ASU No. 2021-08 will result in the acquirer recording acquired contract assets and liabilities on the same basis that would have been recorded before the acquisition under ASC Topic 606. ASU No. 2021-08 is effective for the Company on January 1, 2023, however the Company elected to early adopt this ASU on January 1, 2022. The guidance will be applied to any future business combinations. ASU No. 2021-10, Government Assistance (Topic 832) In November 2021, the FASB issued ASU No. 2021-10, Government Assistance (Topic 832) , which requires business entities to disclose information about transactions with a government that are accounted for by applying a grant or contribution model by analogy (for example, IFRS guidance in IAS 20 or guidance on contributions for not-for-profit entities in ASC 958-605). For transactions in the scope of the new standard, business entities will need to provide information about the nature of the transaction, including significant terms and conditions, as well as the amounts and specific financial statement line items affected by the transaction. The Company adopted the new guidance on January 1, 2022, and the Company will provide required disclosures for any future material transactions. |
Revenue Recognition and Defer_2
Revenue Recognition and Deferred Revenue (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following table presents the composition of revenue: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Broadband $ 1,002,680 $ 992,155 $ 1,988,197 $ 1,962,726 Video 841,549 892,605 1,683,436 1,798,439 Telephony 84,621 103,374 169,855 210,355 Residential 1,928,850 1,988,134 3,841,488 3,971,520 Business services and wholesale 371,503 372,010 739,025 739,226 News and advertising 133,250 131,767 247,925 236,837 Mobile 26,440 20,664 50,475 39,899 Other 2,971 3,433 5,998 7,347 Total revenue $ 2,463,014 $ 2,516,008 $ 4,884,911 $ 4,994,829 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Weighted Average Number of Shares [Table Text Block] | The following table presents a reconciliation of weighted average shares used in the calculations of the basic and diluted net income per share attributable to Altice USA stockholders for the three and six months ended June 30, 2022 and 2021: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (in thousands) Basic weighted average shares outstanding 453,230 456,955 453,230 463,060 Effect of dilution: Stock options — 6,681 — 6,427 Restricted stock — 1 — 23 Diluted weighted average shares outstanding 453,230 463,637 453,230 469,510 Weighted average shares excluded from diluted weighted average shares outstanding: Anti-dilutive shares 57,921 910 58,160 704 Performance stock units and restricted stock whose performance metrics have not been achieved. 7,445 8,747 7,574 8,748 |
SUPPLEMENTAL CASH FLOW INFORM_2
SUPPLEMENTAL CASH FLOW INFORMATION (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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: Six Months Ended June 30, 2022 2021 Non-Cash Investing and Financing Activities: Altice USA and CSC Holdings: Property and equipment accrued but unpaid and other $ 341,313 $ 244,163 Notes payable issued for the purchase of equipment and other assets 51,501 33,818 Right-of-use assets acquired in exchange for finance lease obligations 94,771 77,715 Other non-cash investing and financing transactions — 2,083 CSC Holdings: Distributions to parent — 20,408 Supplemental Data: Altice USA and CSC Holdings: Cash interest paid, net of capitalized interest 565,542 586,176 Income taxes paid, net 173,317 107,026 |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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 June 30, 2022 As of December 31, 2021 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Estimated Useful Lives Customer relationships $ 6,113,669 $ (4,263,141) $ 1,850,528 $ 6,113,669 $ (4,020,282) $ 2,093,387 3 to 18 years Trade names 1,081,083 (1,035,675) 45,408 1,081,083 (988,563) 92,520 2 to 10 years Other amortizable intangibles 59,831 (44,925) 14,906 58,398 (42,304) 16,094 1 to 15 years $ 7,254,583 $ (5,343,741) $ 1,910,842 $ 7,253,150 $ (5,051,149) $ 2,202,001 |
DEBT (Tables)
DEBT (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Line of Credit Facilities | The following table provides details of the Company's outstanding debt: Interest Rate June 30, 2022 December 31, 2021 Date Issued Maturity Date Principal Amount Carrying Amount (a) Principal Amount Carrying Amount (a) CSC Holdings Senior Notes: September 27, 2012 September 15, 2022 5.875 % $ 649,024 $ 644,839 $ 649,024 $ 635,310 May 23, 2014 June 1, 2024 5.250 % 750,000 718,534 750,000 711,137 October 18, 2018 April 1, 2028 7.500 % 4,118 4,113 4,118 4,113 November 27, 2018 April 1, 2028 7.500 % 1,045,882 1,044,664 1,045,882 1,044,582 July 10 and October 7, 2019 January 15, 2030 5.750 % 2,250,000 2,281,214 2,250,000 2,282,875 June 16 and August 17, 2020 December 1, 2030 4.625 % 2,325,000 2,365,023 2,325,000 2,366,886 May 13, 2021 November 15, 2031 5.000 % 500,000 498,304 500,000 498,234 7,524,024 7,556,691 7,524,024 7,543,137 CSC Holdings Senior Guaranteed Notes: September 23, 2016 April 15, 2027 5.500 % 1,310,000 1,306,793 1,310,000 1,306,508 January 29, 2018 February 1, 2028 5.375 % 1,000,000 994,661 1,000,000 994,262 January 24, 2019 February 1, 2029 6.500 % 1,750,000 1,747,649 1,750,000 1,747,511 June 16, 2020 December 1, 2030 4.125 % 1,100,000 1,095,870 1,100,000 1,095,672 August 17, 2020 February 15, 2031 3.375 % 1,000,000 997,112 1,000,000 996,970 May 13, 2021 November 15, 2031 4.500 % 1,500,000 1,494,923 1,500,000 1,494,710 7,660,000 7,637,008 7,660,000 7,635,633 CSC Holdings Restricted Group Credit Facility: Revolving Credit Facility January 31, 2024 (c) 3.574 % (b) 675,000 670,296 900,000 893,864 Term Loan B July 17, 2025 3.574 % 2,850,000 2,842,600 2,865,000 2,856,421 Incremental Term Loan B-3 January 15, 2026 3.574 % 1,233,563 1,230,444 1,239,938 1,236,394 Incremental Term Loan B-5 April 15, 2027 3.824 % 2,932,500 2,916,342 2,947,500 2,929,813 7,691,063 7,659,682 7,952,438 7,916,492 Lightpath Senior Notes: September 29, 2020 September 15, 2028 5.625 % 415,000 407,586 415,000 407,104 Lightpath Senior Secured Notes: September 29, 2020 September 15, 2027 3.875 % 450,000 442,381 450,000 441,739 Lightpath Term Loan November 30, 2027 4.574 % 591,000 577,282 594,000 579,119 Lightpath Revolving Credit Facility November 30, 2025 (d) — — — — 1,456,000 1,427,249 1,459,000 1,427,962 Collateralized indebtedness (see Note 9) 1,759,017 1,726,366 1,759,017 1,706,997 Finance lease obligations 251,285 251,285 218,735 218,735 Notes payable and supply chain financing (e) 114,819 114,819 97,804 97,804 26,456,208 26,373,100 26,671,018 26,546,760 Less: current portion of credit facility debt (78,750) (78,750) (78,750) (78,750) Less: current portion of senior notes (649,024) (644,839) (649,024) (635,310) Less: current portion of collateralized indebtedness (f) (1,759,017) (1,726,366) — — Less: current portion of finance lease obligations (129,329) (129,329) (109,204) (109,204) Less: current portion of notes payable and supply chain financing (114,406) (114,406) (94,049) (94,049) (2,730,526) (2,693,690) (931,027) (917,313) Long-term debt $ 23,725,682 $ 23,679,410 $ 25,739,991 $ 25,629,447 (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 June 30, 2022, $132,389 of the revolving credit facility was restricted for certain letters of credit issued on behalf of the Company and $1,667,611 of the facility was undrawn and available, subject to covenant limitations. (c) The revolving credit facility of an aggregate principal amount of $2,475,000 is priced at LIBOR plus 2.25%. (d) There were no borrowings outstanding under the Lightpath Revolving Credit Facility which provides for commitments in an aggregate principal amount of $100,000. Borrowings bear interest at a rate per annum equal to the adjusted LIBOR rate or the alternate base rate, as applicable, plus the applicable margin, where the applicable margin is (i) with respect to any alternate base rate loan, 2.25% per annum and (ii) with respect to any eurodollar loan, 3.25% per annum. (e) Includes $107,581 as of June 30, 2022 and $89,898 as of December 30, 2021 related to supply chain financing agreements that are required to be repaid within one year from the date of the respective agreement. (f) This indebtedness is collateralized by shares of Comcast common stock. Our intent is to settle such indebtedness with proceeds from new monetization contracts. To the extent we do not enter into new monetization contracts, we could settle the existing collateralized indebtedness by (i) delivering shares of Comcast common stock or (ii) delivering cash. Because this collateralized debt matures in May 2023, it has been classified as current in the accompanying balance sheet as of June 30, 2022, and because there is no assurance that a financing under new monetization contracts can be completed when this debt matures, the related investments held as collateral have also been classified as current. |
Schedule of Maturities of Long-term Debt | The future maturities of debt payable by the Company under its various debt obligations outstanding as of June 30, 2022, including notes payable and collateralized indebtedness (see Note 9), but excluding finance lease obligations, are as follows: 2022 $ 756,533 2023 1,884,313 2024 1,503,889 2025 2,823,750 2026 1,224,938 Thereafter 18,011,500 |
DERIVATIVE CONTRACTS AND COLL_2
DERIVATIVE CONTRACTS AND COLLATERALIZED INDEBTEDNESS (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Location of Assets and Liabilities Associated With Derivative Instruments Within the Condensed Consolidated Balance Sheets | The following represents the location of the assets and liabilities associated with the Company's derivative instruments within the consolidated balance sheets: Derivatives Not Designated as Hedging Instruments Balance Sheet Location Fair Value at June 30, 2022 December 31, 2021 Asset Derivatives: Interest rate swap contracts Prepaid expenses and other current assets $ — $ 2,993 Prepaid forward contracts Prepaid expenses and other current assets 158,246 — Interest rate swap contracts Other asset, long-term 76,905 — 235,151 2,993 Liability Derivatives: Interest rate swap contracts Other current liabilities — (3,441) Prepaid forward contracts Liabilities under derivative contracts, long-term — (161,942) Interest rate swap contracts Liabilities under derivative contracts, long-term — (114,991) $ — $ (280,374) |
Schedule of Interest Rate Derivatives | The following table presents certain consolidated statement of operations data related to our derivative contracts and the underlying common stock: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Gain (loss) on derivative contracts related to change in the value of equity derivative contracts related to Comcast common stock $ 219,114 $ (98,840) $ 320,188 $ (152,405) Change in the fair value of Comcast common stock included in gain (loss) on investments (325,601) 125,000 (476,374) 198,453 Gain (loss) on interest rate swap contracts 39,868 (21,574) 163,015 54,079 |
Schedule of Interest rate swaps [Table] | The following is a summary of interest rate swap contracts outstanding at June 30, 2022: Maturity Date Notional Amount Company Pays Company Receives CSC Holdings: January 2025 $ 500,000 Fixed rate of 1.53% Three-month LIBOR January 2025 500,000 Fixed rate of 1.625% Three-month LIBOR January 2025 500,000 Fixed rate of 1.458% Three-month LIBOR December 2026 750,000 Fixed rate of 2.9155% Three-month LIBOR December 2026 750,000 Fixed rate of 2.9025% Three-month LIBOR Lightpath: December 2026 (a) 300,000 Fixed rate of 2.161% One-month LIBOR |
FAIR VALUE MEASUREMENT (Tables)
FAIR VALUE MEASUREMENT (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measured at Fair Value on a Recurring Basis | The following table presents the Company's financial assets and financial liabilities that are measured at fair value on a recurring basis and their classification under the fair value hierarchy: Fair Value June 30, 2022 December 31, 2021 Assets: Money market funds Level I $ 117,940 $ 100,015 Investment securities pledged as collateral Level I 1,685,563 2,161,937 Prepaid forward contracts Level II 158,246 — Interest rate swap contracts Level II 76,905 2,993 Liabilities: Prepaid forward contracts Level II — 161,942 Interest rate swap contracts Level II — 118,432 |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments | June 30, 2022 December 31, 2021 Fair Value Carrying Estimated Carrying Estimated Credit facility debt Level II $ 8,236,964 $ 8,282,063 $ 8,495,611 $ 8,546,438 Collateralized indebtedness Level II 1,726,366 1,715,482 1,706,997 1,741,710 Senior guaranteed notes and senior secured notes Level II 8,079,389 6,728,775 8,077,372 8,180,813 Senior notes Level II 7,964,277 6,073,913 7,950,241 7,883,071 Notes payable and supply chain financing Level II 114,819 114,766 97,804 97,588 $ 26,121,815 $ 22,914,999 $ 26,328,025 $ 26,449,620 (a) Amounts are net of unamortized deferred financing costs and discounts/premiums. |
SHARE-BASED COMPENSATION (Table
SHARE-BASED COMPENSATION (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award | The following table presents share-based compensation expense recognized by the Company and unrecognized compensation cost: Share-Based Compensation Unrecognized Compensation Cost As of June 30, 2022 Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Carry Unit Plan $ — $ 44 $ — $ 803 $ — Awards issued pursuant to LTIP (a): Stock Option Awards 19,910 24,473 42,407 48,696 112,943 Performance Stock Units 1,601 2,868 3,627 5,850 37,133 Restricted Share Units 15,018 261 31,027 578 83,563 $ 36,529 $ 27,646 $ 77,061 $ 55,927 $ 233,639 |
Share-based Compensation, Stock Options, Activity | The following table summarizes activity related to stock options granted to Company employees: Shares Under Option Weighted Average Weighted Average Remaining Aggregate Intrinsic Balance at December 31, 2021 50,998,816 $ 22.51 8.29 $ 6,801 Granted 3,154,016 13.58 Forfeited (3,855,252) 22.95 Balance at June 30, 2022 50,297,580 $ 21.83 8.12 — Options exercisable at June 30, 2022 18,581,265 $ 24.14 6.88 $ — |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | Risk-free interest rate 2.49% Expected life (in years) 6.12 Dividend yield —% Volatility 38.42% |
Share-based Compensation Arrangements by Share-based Payment Award, Performance-Based Units, Vested and Expected to Vest | The following table summarizes activity related to performance stock units ("PSUs") granted to Company employees: Number of PSUs Balance at December 31, 2021 6,361,894 Forfeited (342,117) Balance at June 30, 2022 6,019,777 |
Nonvested Restricted Stock Shares Activity | The following table summarizes activity related to restricted share units granted to Company employees: Number of Units Balance at December 31, 2021 6,617,837 Granted 1,136,256 Forfeited (213,651) Balance at June 30, 2022 7,540,442 |
AFFILIATE AND RELATED PARTY T_2
AFFILIATE AND RELATED PARTY TRANSACTIONS (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Related Party Transactions [Abstract] | |
Summary of related party transactions | The following table summarizes the revenue and expenses related to services provided to or received from affiliates and related parties: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Revenue $ 478 $ 3,035 $ 1,116 $ 6,441 Operating expenses: Programming and other direct costs $ (2,715) $ (4,504) $ (7,333) $ (6,732) Other operating expenses, net (3,037) (2,696) (6,132) (5,875) Operating expenses, net (5,752) (7,200) (13,465) (12,607) Net charges $ (5,274) $ (4,165) $ (12,349) $ (6,166) Capital expenditures $ 28,255 $ 9,589 $ 40,093 $ 20,210 Aggregate amounts that were due from and due to affiliates and related parties are summarized below: June 30, 2022 December 31, 2021 Due from: Altice Europe $ 385 $ 241 Other affiliates and related parties 3,405 3,535 $ 3,790 $ 3,776 Due to: Altice Europe $ 25,484 $ 30,604 Other affiliates and related parties 283 1,206 $ 25,767 $ 31,810 |
DESCRIPTION OF BUSINESS AND R_2
DESCRIPTION OF BUSINESS AND RELATED MATTERS (Details) | 6 Months Ended |
Jun. 30, 2022 segment | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of segments | 1 |
COMMON STOCK (Details)
COMMON STOCK (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2021 | Mar. 31, 2021 | |
Common Stock Outstanding Roll Forward [Roll Forward] | ||
Value of shares repurchased | $ 202,845 | $ 522,673 |
Revenue Recognition and Defer_3
Revenue Recognition and Deferred Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Contract Assets and Liabilities [Line Items] | |||||
Revenues | $ 2,463,014 | $ 2,516,008 | $ 4,884,911 | $ 4,994,829 | |
Contract assets | $ 17,296 | $ 17,296 | $ 17,669 | ||
Concentration Risk, Customer | 10 | 10 | |||
concentration of customer to trade receivables | 10% | 10% | 10% | ||
Customer Contracts | Minimum | |||||
Contract Assets and Liabilities [Line Items] | |||||
Finite-lived intangible asset, useful life | 3 years | ||||
Customer Contracts | Maximum | |||||
Contract Assets and Liabilities [Line Items] | |||||
Finite-lived intangible asset, useful life | 5 years | ||||
Broadband | |||||
Contract Assets and Liabilities [Line Items] | |||||
Revenues | $ 1,002,680 | 992,155 | $ 1,988,197 | 1,962,726 | |
Video | |||||
Contract Assets and Liabilities [Line Items] | |||||
Revenues | 841,549 | 892,605 | 1,683,436 | 1,798,439 | |
Telephony | |||||
Contract Assets and Liabilities [Line Items] | |||||
Revenues | 84,621 | 103,374 | 169,855 | 210,355 | |
Residential | |||||
Contract Assets and Liabilities [Line Items] | |||||
Revenues | 1,928,850 | 1,988,134 | 3,841,488 | 3,971,520 | |
Business Services and Wholesale [Member] | |||||
Contract Assets and Liabilities [Line Items] | |||||
Revenues | 371,503 | 372,010 | 739,025 | 739,226 | |
News and advertising | |||||
Contract Assets and Liabilities [Line Items] | |||||
Revenues | 133,250 | 131,767 | 247,925 | 236,837 | |
Mobile | |||||
Contract Assets and Liabilities [Line Items] | |||||
Revenues | 26,440 | 20,664 | 50,475 | 39,899 | |
Other | |||||
Contract Assets and Liabilities [Line Items] | |||||
Revenues | 2,971 | 3,433 | 5,998 | 7,347 | |
Franchise [Member] | |||||
Contract Assets and Liabilities [Line Items] | |||||
Franchise fees and other taxes and fees | $ 58,573 | $ 65,838 | $ 117,661 | $ 131,894 |
Earnings Per Share (Details)
Earnings Per Share (Details) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Basic weighted average shares outstanding | 453,230 | 456,955 | 453,230 | 463,060 |
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 0 | 6,681 | 0 | 6,427 |
Diluted weighted average shares outstanding | 453,230 | 463,637 | 453,230 | 469,510 |
Anti-dilutive shares | 57,921 | 910 | 58,160 | 704 |
Performance stock units and restricted stock whose performance metrics have not been achieved. | 7,445 | 8,747 | 7,574 | 8,748 |
Restricted Stock Award | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 0 | 1 | 0 | 23 |
SUPPLEMENTAL CASH FLOW INFORM_3
SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Non-Cash Investing and Financing Activities: | ||
Property and equipment accrued but unpaid and other | $ 341,313 | $ 244,163 |
Notes payable issued for the purchase of equipment and other assets | 51,501 | 33,818 |
Right-of-use assets acquired in exchange for finance lease obligations | 94,771 | 77,715 |
Other non-cash investing and financing transactions | 0 | 2,083 |
Supplemental Data: | ||
Cash interest paid, net of capitalized interest | 565,542 | 586,176 |
Income taxes paid, net | 173,317 | 107,026 |
CSC Holdings | ||
Non-Cash Investing and Financing Activities: | ||
Distributions to parent | $ 0 | $ 20,408 |
LEASES - Narrative (Details)
LEASES - Narrative (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Leases [Abstract] | |||
Operating Lease, Right-of-Use Asset | $ 229,275 | $ 222,124 | |
Operating Lease, Liability, Noncurrent | 241,794 | 237,226 | |
Finance Lease, Liability, Current | 129,329 | $ 109,204 | |
Operating Lease, Right-of-Use Asset, Amortization Expense | $ 22,139 | $ 21,691 |
INTANGIBLE ASSETS - Summary of
INTANGIBLE ASSETS - Summary of Acquired Intangible Assets (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Dec. 31, 2021 | |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 7,254,583 | $ 7,253,150 |
Accumulated Amortization | (5,343,741) | (5,051,149) |
Net Carrying Amount | 1,910,842 | 2,202,001 |
Customer Relationships [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 6,113,669 | 6,113,669 |
Accumulated Amortization | (4,263,141) | (4,020,282) |
Net Carrying Amount | 1,850,528 | 2,093,387 |
Trade names | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 1,081,083 | 1,081,083 |
Accumulated Amortization | (1,035,675) | (988,563) |
Net Carrying Amount | 45,408 | 92,520 |
Other amortizable intangibles | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 59,831 | 58,398 |
Accumulated Amortization | (44,925) | (42,304) |
Net Carrying Amount | $ 14,906 | $ 16,094 |
Minimum | Customer Relationships [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible asset, useful life | 3 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 | 10 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 | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization of intangible assets | $ 145,437 | $ 161,994 | $ 292,592 | $ 327,108 |
INTANGIBLE ASSETS - Indefinite-
INTANGIBLE ASSETS - Indefinite-lived assets (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Cable television franchises | $ 13,216,355 | $ 13,216,355 |
Goodwill | $ 8,205,863 | $ 8,205,863 |
DEBT - Credit Silo Combination
DEBT - Credit Silo Combination (Details) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Principal amount | $ 26,456,208,000 | $ 26,671,018,000 |
Face Amount of Senior Notes | 7,524,024,000 | 7,524,024,000 |
Carrying amount of Senior Notes | 7,556,691,000 | 7,543,137,000 |
Face Amount of Senior Notes and Senior Guaranteed Notes | 7,660,000,000 | 7,660,000,000 |
Carrying amount of Senior Notes and Senior Guaranteed Notes | 7,637,008,000 | 7,635,633,000 |
Face amount of Credit Facility Debt | 7,691,063,000 | 7,952,438,000 |
Carrying value of Credit Facility Debt | 7,659,682,000 | 7,916,492,000 |
Senior Notes, Current | (644,839,000) | (635,310,000) |
Long-term debt | 26,373,100,000 | 26,546,760,000 |
Finance Lease, Liability | 251,285,000 | 218,735,000 |
Debt | 2,693,690,000 | 917,313,000 |
Finance Lease, Liability, Current | 129,329,000 | 109,204,000 |
Long-term debt, net of current maturities | 23,679,410,000 | 25,629,447,000 |
Cablevision Lightpath | ||
Debt Instrument [Line Items] | ||
Carrying amount of Senior Notes and Senior Secured Notes | 1,427,249,000 | 1,427,962,000 |
Face Amount of Senior Notes and Senior Secured Notes | 1,456,000,000 | 1,459,000,000 |
Loans Payable | ||
Debt Instrument [Line Items] | ||
Principal amount | 94,049,000 | |
Long-term debt | 114,406,000 | 94,049,000 |
Credit Facility [Domain] | ||
Debt Instrument [Line Items] | ||
Principal amount | 78,750,000 | |
Debt | 78,750,000 | 78,750,000 |
Short-term Debt | ||
Debt Instrument [Line Items] | ||
Principal amount | 2,730,526,000 | 931,027,000 |
Debt | 2,693,690,000 | 917,313,000 |
Senior Notes | ||
Debt Instrument [Line Items] | ||
Principal amount | 649,024,000 | 649,024,000 |
Collateralized Debt Obligations [Member] | ||
Debt Instrument [Line Items] | ||
Principal amount | 1,759,017,000 | 0 |
Debt Instrument, Collateral Amount | 1,726,366,000 | 0 |
Incremental Term Loan B-3 | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Principal amount | $ 1,233,563,000 | 1,239,938,000 |
Stated interest rate | 3.574% | |
Credit facility | $ 1,230,444,000 | 1,236,394,000 |
CSC Holdings Revolving Credit Facility | Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Principal amount | $ 675,000,000 | 900,000,000 |
Stated interest rate | 3.574% | |
Credit facility | $ 670,296,000 | 893,864,000 |
CSC Holdings Term Loan B | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Principal amount | $ 2,850,000,000 | 2,865,000,000 |
Stated interest rate | 3.574% | |
Credit facility | $ 2,842,600,000 | 2,856,421,000 |
Incremental Term Loan B-5 | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Principal amount | $ 2,932,500,000 | 2,947,500,000 |
Stated interest rate | 3.824% | |
Credit facility | $ 2,916,342,000 | 2,929,813,000 |
Loans Payable | ||
Debt Instrument [Line Items] | ||
Principal amount | 114,819,000 | 97,804,000 |
Long-term debt | 114,819,000 | 97,804,000 |
Cablevision Lightpath Term B Loan | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Principal amount | $ 591,000,000 | 594,000,000 |
Stated interest rate | 4.574% | |
Credit facility | $ 577,282,000 | 579,119,000 |
Cablevision Lightpath Revolving Credit Facility | Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Principal amount | 0 | 0 |
Credit facility | 0 | 0 |
Collateralized Debt Obligations [Member] | ||
Debt Instrument [Line Items] | ||
Principal amount | 1,759,017,000 | 1,759,017,000 |
Long-term debt | 1,726,366,000 | 1,706,997,000 |
Senior Notes | 8.0% Notes due April 15, 2020 | ||
Debt Instrument [Line Items] | ||
Principal amount | 1,000,000,000 | 1,000,000,000 |
Outstanding debt | $ 997,112,000 | 996,970,000 |
Stated interest rate | 3.375% | |
Senior Notes | 5.875% Notes due September 15, 2022 | ||
Debt Instrument [Line Items] | ||
Principal amount | $ 649,024,000 | 649,024,000 |
Outstanding debt | $ 644,839,000 | 635,310,000 |
Stated interest rate | 5.875% | |
Senior Notes | 5.25% Notes due June 1, 2024 | ||
Debt Instrument [Line Items] | ||
Principal amount | $ 750,000,000 | 750,000,000 |
Outstanding debt | $ 718,534,000 | 711,137,000 |
Stated interest rate | 5.25% | |
Senior Notes | Cablevision 7.500% Notes due April 1, 2028 | ||
Debt Instrument [Line Items] | ||
Principal amount | $ 4,118,000 | 4,118,000 |
Outstanding debt | $ 4,113,000 | 4,113,000 |
Stated interest rate | 7.50% | |
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 |
Outstanding debt | $ 1,044,664,000 | 1,044,582,000 |
Stated interest rate | 7.50% | |
Senior Notes | CSC Holdings 5.750% Notes due January 15, 2030 | ||
Debt Instrument [Line Items] | ||
Principal amount | $ 2,250,000,000 | 2,250,000,000 |
Outstanding debt | $ 2,281,214,000 | 2,282,875,000 |
Stated interest rate | 5.75% | |
Senior Notes | CSC Holdings 4.625% Notes due December 1, 2030 | ||
Debt Instrument [Line Items] | ||
Principal amount | $ 2,325,000,000 | 2,325,000,000 |
Outstanding debt | $ 2,365,023,000 | 2,366,886,000 |
Stated interest rate | 4.625% | |
Senior Notes | Cablevision Lightpath LLC 5.625% Notes due September 15, 2028 | ||
Debt Instrument [Line Items] | ||
Principal amount | $ 415,000,000 | 415,000,000 |
Outstanding debt | $ 407,586,000 | 407,104,000 |
Stated interest rate | 5.625% | |
Senior Notes | CSC Holdings 5.000% Notes due November 15, 2031 | ||
Debt Instrument [Line Items] | ||
Principal amount | $ 500,000,000 | 500,000,000 |
Outstanding debt | $ 498,304,000 | 498,234,000 |
Stated interest rate | 5% | |
Senior Notes | CSC Holdings 4.500% Senior Guaranteed Notes due November 15, 2021 | ||
Debt Instrument [Line Items] | ||
Principal amount | $ 1,500,000,000 | 1,500,000,000 |
Outstanding debt | $ 1,494,923,000 | 1,494,710,000 |
Stated interest rate | 4.50% | |
Secured Debt [Member] | 5.5% Notes due April 15, 2027 | ||
Debt Instrument [Line Items] | ||
Principal amount | $ 1,310,000,000 | 1,310,000,000 |
Outstanding debt | $ 1,306,793,000 | 1,306,508,000 |
Stated interest rate | 5.50% | |
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 |
Outstanding debt | $ 994,661,000 | 994,262,000 |
Stated interest rate | 5.375% | |
Secured Debt [Member] | CSC Holdings 6.500% Notes due February 1, 2029 | ||
Debt Instrument [Line Items] | ||
Principal amount | $ 1,750,000,000 | 1,750,000,000 |
Outstanding debt | $ 1,747,649,000 | 1,747,511,000 |
Stated interest rate | 6.50% | |
Secured Debt [Member] | CSC Holdings 4.125% Notes due December 1, 2030 | ||
Debt Instrument [Line Items] | ||
Principal amount | $ 1,100,000,000 | 1,100,000,000 |
Outstanding debt | $ 1,095,870,000 | 1,095,672,000 |
Stated interest rate | 4.125% | |
Secured Debt [Member] | Cablevision Lightpath LLC 3.875% Notes due September 15, 2027 | ||
Debt Instrument [Line Items] | ||
Principal amount | $ 450,000,000 | 450,000,000 |
Outstanding debt | $ 442,381,000 | 441,739,000 |
Stated interest rate | 3.875% | |
Long-term Debt | ||
Debt Instrument [Line Items] | ||
Principal amount | $ 23,725,682,000 | 25,739,991,000 |
Long-term debt, net of current maturities | $ 23,679,410,000 | $ 25,629,447,000 |
DEBT - Credit Facilities Outsta
DEBT - Credit Facilities Outstanding (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Supply chain financing to be paid within one year | $ 107,581 | $ 89,898 |
Cablevision Lightpath LLC | Cablevision Lightpath LLC | ||
Debt Instrument [Line Items] | ||
Ownership percentage of noncontrolling interest | 50.01% | |
CSC Holdings Revolving Credit Facility | Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Letters of credit outstanding | $ 132,389 | |
Line of credit facility, remaining borrowing capacity | 1,667,611 | |
Line of Credit Facility, Maximum Borrowing Capacity | 2,475,000 | |
Cablevision Lightpath Term B Loan | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 100,000 |
DEBT - Summary of Debt Maturiti
DEBT - Summary of Debt Maturities (Details) $ in Thousands | Jun. 30, 2022 USD ($) |
Debt Disclosure [Abstract] | |
2022 | $ 756,533 |
2023 | 1,884,313 |
2024 | 1,503,889 |
2025 | 2,823,750 |
2026 | 1,224,938 |
Thereafter | $ 18,011,500 |
DEBT - CSC Holdings Credit Faci
DEBT - CSC Holdings Credit Facilities (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | ||||||
Principal amount | $ 26,456,208,000 | $ 26,456,208,000 | $ 26,671,018,000 | |||
Gain (Loss) on Extinguishment of Debt | 0 | $ 51,712,000 | 0 | $ 51,712,000 | ||
Proceeds from long-term debt | 460,000,000 | 3,160,000,000 | ||||
Repayments of line of credit | 758,861,000 | 3,057,469,000 | ||||
Loss on extinguishment of debt and write-off of deferred financing costs | 0 | (51,712,000) | 0 | (51,712,000) | ||
CSC Holdings | ||||||
Debt Instrument [Line Items] | ||||||
Gain (Loss) on Extinguishment of Debt | 0 | 51,712,000 | 0 | 51,712,000 | ||
Cash distributions to parent | 0 | 184,478,000 | $ 501,000,000 | 0 | 685,478,000 | |
Proceeds from long-term debt | 460,000,000 | 3,160,000,000 | ||||
Repayments of line of credit | 758,861,000 | 3,057,469,000 | ||||
Loss on extinguishment of debt and write-off of deferred financing costs | 0 | $ (51,712,000) | 0 | $ (51,712,000) | ||
5.5% Notes due April 15, 2027 | Secured Debt [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Principal amount | $ 1,310,000,000 | $ 1,310,000,000 | 1,310,000,000 | |||
Stated interest rate | 5.50% | 5.50% | ||||
8.0% Notes due April 15, 2020 | Senior Notes | ||||||
Debt Instrument [Line Items] | ||||||
Principal amount | $ 1,000,000,000 | $ 1,000,000,000 | 1,000,000,000 | |||
Stated interest rate | 3.375% | 3.375% | ||||
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-3 | ||||||
Debt Instrument [Line Items] | ||||||
Principal amount | $ 1,233,563,000 | $ 1,233,563,000 | 1,239,938,000 | |||
Secured Debt [Member] | Incremental Term Loan B-5 | ||||||
Debt Instrument [Line Items] | ||||||
Principal amount | 2,932,500,000 | 2,932,500,000 | 2,947,500,000 | |||
Secured Debt [Member] | Cablevision Lightpath Term B Loan | ||||||
Debt Instrument [Line Items] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | 100,000,000 | 100,000,000 | ||||
Principal amount | 591,000,000 | $ 591,000,000 | 594,000,000 | |||
Secured Debt [Member] | Cablevision Lightpath Term B Loan | Alternate Base Rate | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 2.25% | |||||
Secured Debt [Member] | Cablevision Lightpath Term B Loan | Eurodollar | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 3.25% | |||||
Secured Debt [Member] | Amended and Extended CSC Holdings Revolving Credit Facility | Alternate Base Rate | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 2.25% | |||||
Secured Debt [Member] | Amended and Extended CSC Holdings Revolving Credit Facility | Alternate base Rate | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 1.25% | |||||
Secured Debt [Member] | Amended and Extended CSC Holdings Revolving Credit Facility | Credit Adjustment Spread | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 0.10% | |||||
Revolving Credit Facility | CSC Holdings Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | 2,475,000,000 | $ 2,475,000,000 | ||||
Principal amount | 675,000,000 | 675,000,000 | $ 900,000,000 | |||
Revolving Credit Facility | Amended and Extended CSC Holdings Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | 2,325,000,000 | 2,325,000,000 | ||||
Revolving Credit Facility | Non-Extended CSC Holdings Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 150,000,000 | $ 150,000,000 |
DEBT - Senior Guaranteed Notes
DEBT - Senior Guaranteed Notes and Senior Notes and Debentures (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | |||||
Principal amount | $ 26,456,208,000 | $ 26,456,208,000 | $ 26,671,018,000 | ||
Less: Current portion | 644,839,000 | 644,839,000 | 635,310,000 | ||
Face Amount of Senior Notes and Senior Guaranteed Notes | 7,660,000,000 | 7,660,000,000 | 7,660,000,000 | ||
Carrying amount of Senior Notes and Senior Guaranteed Notes | 7,637,008,000 | 7,637,008,000 | 7,635,633,000 | ||
Face amount of Credit Facility Debt | 7,691,063,000 | 7,691,063,000 | 7,952,438,000 | ||
Carrying value of Credit Facility Debt | 7,659,682,000 | 7,659,682,000 | 7,916,492,000 | ||
Finance Lease, Liability | 251,285,000 | 251,285,000 | 218,735,000 | ||
Long-term debt | 26,373,100,000 | 26,373,100,000 | 26,546,760,000 | ||
Debt | 2,693,690,000 | 2,693,690,000 | 917,313,000 | ||
Finance Lease, Liability, Current | 129,329,000 | 129,329,000 | 109,204,000 | ||
Long-term debt, net of current maturities | 23,679,410,000 | 23,679,410,000 | 25,629,447,000 | ||
Repayments of line of credit | 758,861,000 | $ 3,057,469,000 | |||
Loss on extinguishment of debt and write-off of deferred financing costs | 0 | $ (51,712,000) | 0 | $ (51,712,000) | |
Loans Payable | |||||
Debt Instrument [Line Items] | |||||
Principal amount | 94,049,000 | ||||
Long-term debt | 114,406,000 | 114,406,000 | 94,049,000 | ||
Short-term Debt | |||||
Debt Instrument [Line Items] | |||||
Principal amount | 2,730,526,000 | 2,730,526,000 | 931,027,000 | ||
Debt | 2,693,690,000 | 2,693,690,000 | 917,313,000 | ||
Credit Facility [Domain] | |||||
Debt Instrument [Line Items] | |||||
Principal amount | 78,750,000 | ||||
Debt | 78,750,000 | 78,750,000 | 78,750,000 | ||
Incremental Term Loan B-3 | Secured Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal amount | $ 1,233,563,000 | $ 1,233,563,000 | 1,239,938,000 | ||
Stated interest rate | 3.574% | 3.574% | |||
Credit facility | $ 1,230,444,000 | $ 1,230,444,000 | 1,236,394,000 | ||
Incremental Term Loan B-5 | Secured Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal amount | $ 2,932,500,000 | $ 2,932,500,000 | 2,947,500,000 | ||
Stated interest rate | 3.824% | 3.824% | |||
Credit facility | $ 2,916,342,000 | $ 2,916,342,000 | 2,929,813,000 | ||
Loans Payable | |||||
Debt Instrument [Line Items] | |||||
Principal amount | 114,819,000 | 114,819,000 | 97,804,000 | ||
Long-term debt | 114,819,000 | 114,819,000 | 97,804,000 | ||
CSC Holdings Revolving Credit Facility | Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Principal amount | $ 675,000,000 | $ 675,000,000 | 900,000,000 | ||
Stated interest rate | 3.574% | 3.574% | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 2,475,000,000 | $ 2,475,000,000 | |||
Credit facility | $ 670,296,000 | $ 670,296,000 | 893,864,000 | ||
Secured Debt [Member] | 5.5% Notes due April 15, 2027 | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 5.50% | 5.50% | |||
Principal amount | $ 1,310,000,000 | $ 1,310,000,000 | 1,310,000,000 | ||
Carrying Amount | $ 1,306,793,000 | $ 1,306,793,000 | 1,306,508,000 | ||
Secured Debt [Member] | 5.375% Senior Guaranteed Notes Due February 1, 2028 | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 5.375% | 5.375% | |||
Principal amount | $ 1,000,000,000 | $ 1,000,000,000 | 1,000,000,000 | ||
Carrying Amount | $ 994,661,000 | $ 994,661,000 | 994,262,000 | ||
Secured Debt [Member] | CSC Holdings 6.500% Notes due February 1, 2029 | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 6.50% | 6.50% | |||
Principal amount | $ 1,750,000,000 | $ 1,750,000,000 | 1,750,000,000 | ||
Carrying Amount | 1,747,649,000 | 1,747,649,000 | 1,747,511,000 | ||
Long-term Debt | |||||
Debt Instrument [Line Items] | |||||
Principal amount | 23,725,682,000 | 23,725,682,000 | 25,739,991,000 | ||
Long-term debt, net of current maturities | $ 23,679,410,000 | $ 23,679,410,000 | 25,629,447,000 | ||
Senior Notes | 5.25% Notes due June 1, 2024 | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 5.25% | 5.25% | |||
Principal amount | $ 750,000,000 | $ 750,000,000 | 750,000,000 | ||
Carrying Amount | $ 718,534,000 | $ 718,534,000 | 711,137,000 | ||
Senior Notes | CSC Holdings 7.500% Notes due April 1, 2028 | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 7.50% | 7.50% | |||
Principal amount | $ 1,045,882,000 | $ 1,045,882,000 | 1,045,882,000 | ||
Carrying Amount | $ 1,044,664,000 | $ 1,044,664,000 | 1,044,582,000 | ||
Senior Notes | 8.0% Notes due April 15, 2020 | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 3.375% | 3.375% | |||
Principal amount | $ 1,000,000,000 | $ 1,000,000,000 | 1,000,000,000 | ||
Carrying Amount | $ 997,112,000 | $ 997,112,000 | 996,970,000 | ||
Senior Notes | 5.875% Notes due September 15, 2022 | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 5.875% | 5.875% | |||
Principal amount | $ 649,024,000 | $ 649,024,000 | 649,024,000 | ||
Carrying Amount | $ 644,839,000 | $ 644,839,000 | 635,310,000 | ||
Senior Notes | Cablevision 7.500% Notes due April 1, 2028 | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 7.50% | 7.50% | |||
Principal amount | $ 4,118,000 | $ 4,118,000 | 4,118,000 | ||
Carrying Amount | $ 4,113,000 | $ 4,113,000 | 4,113,000 | ||
Senior Notes | CSC Holdings 5.750% Notes due January 15, 2030 | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 5.75% | 5.75% | |||
Principal amount | $ 2,250,000,000 | $ 2,250,000,000 | 2,250,000,000 | ||
Carrying Amount | $ 2,281,214,000 | $ 2,281,214,000 | $ 2,282,875,000 |
DEBT - Senior Guaranteed Notes,
DEBT - Senior Guaranteed Notes, Senior Secured Notes, and Senior Notes and Debentures (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | |||||||
Principal amount | $ 26,456,208,000 | $ 26,456,208,000 | $ 26,671,018,000 | ||||
Long-term debt | 26,373,100,000 | 26,373,100,000 | 26,546,760,000 | ||||
Gain (Loss) on Extinguishment of Debt | 0 | $ 51,712,000 | 0 | $ 51,712,000 | |||
Stock Issued During Period, Value, New Issues | 6,000 | $ 10,000 | $ 8,885,000 | $ 2,044,000 | |||
Notes Payable that will be reclassed to collateralized debt upon maturity | $ 59,451,000 | ||||||
Supply chain financing to be paid within one year | $ 107,581,000 | $ 107,581,000 | 89,898,000 | ||||
Cablevision Lightpath LLC | Cablevision Lightpath LLC | |||||||
Debt Instrument [Line Items] | |||||||
Ownership percentage of noncontrolling interest | 50.01% | 50.01% | |||||
Cablevision Lightpath Revolving Credit Facility | Revolving Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Principal amount | $ 0 | $ 0 | 0 | ||||
Cablevision Lightpath Term B Loan | Secured Debt [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Principal amount | 591,000,000 | 591,000,000 | 594,000,000 | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 100,000,000 | $ 100,000,000 | |||||
Cablevision Lightpath Term B Loan | Secured Debt [Member] | Alternate Base Rate | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 2.25% | ||||||
Cablevision Lightpath Term B Loan | Secured Debt [Member] | Eurodollar | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 3.25% | ||||||
Senior Notes | CSC Holdings 5.750% Notes due January 15, 2030 | |||||||
Debt Instrument [Line Items] | |||||||
Principal amount | $ 2,250,000,000 | $ 2,250,000,000 | 2,250,000,000 | ||||
Stated interest rate | 5.75% | 5.75% | |||||
Senior Notes | CSC Holdings 4.500% Senior Guaranteed Notes due November 15, 2021 | |||||||
Debt Instrument [Line Items] | |||||||
Principal amount | $ 1,500,000,000 | $ 1,500,000,000 | 1,500,000,000 | ||||
Stated interest rate | 4.50% | 4.50% | |||||
Senior Notes | CSC Holdings 5.000% Notes due November 15, 2031 | |||||||
Debt Instrument [Line Items] | |||||||
Principal amount | $ 500,000,000 | $ 500,000,000 | 500,000,000 | ||||
Stated interest rate | 5% | 5% | |||||
Secured Debt [Member] | 5.5% Notes due April 15, 2027 | |||||||
Debt Instrument [Line Items] | |||||||
Principal amount | $ 1,310,000,000 | $ 1,310,000,000 | 1,310,000,000 | ||||
Stated interest rate | 5.50% | 5.50% | |||||
Long-term Debt | |||||||
Debt Instrument [Line Items] | |||||||
Principal amount | $ 23,725,682,000 | $ 23,725,682,000 | $ 25,739,991,000 |
DEBT - Schedule of Gain (Loss)
DEBT - Schedule of Gain (Loss) on Debt Extinguishment (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Debt Instrument [Line Items] | ||||
Loss on extinguishment of debt and write-off of deferred financing costs | $ 0 | $ 51,712 | $ 0 | $ 51,712 |
Loss on extinguishment of debt and write-off of deferred financing costs | 0 | (51,712) | 0 | (51,712) |
CSC Holdings | ||||
Debt Instrument [Line Items] | ||||
Loss on extinguishment of debt and write-off of deferred financing costs | 0 | 51,712 | 0 | 51,712 |
Loss on extinguishment of debt and write-off of deferred financing costs | $ 0 | $ (51,712) | $ 0 | $ (51,712) |
DERIVATIVE CONTRACTS AND COLL_3
DERIVATIVE CONTRACTS AND COLLATERALIZED INDEBTEDNESS - Location of Assets and Liabilities Within the Consolidated Balance Sheets (Details) - Not Designated as Hedging Instruments - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Derivatives, Fair Value [Line Items] | |||
Derivative Asset, Fair Value, Gross Asset | $ 235,151 | $ 2,993 | |
Liability Derivatives | 0 | 280,374 | |
Interest Rate Swap | Current derivative contracts | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset, Fair Value, Gross Asset | 0 | 2,993 | |
Interest Rate Swap | Long-term derivative contracts | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset, Fair Value, Gross Asset | 76,905 | 0 | |
Interest Rate Swap | Short-term liabilities under derivative contracts | |||
Derivatives, Fair Value [Line Items] | |||
Liability Derivatives | 0 | 3,441 | |
Interest Rate Swap | Long-term liabilities under derivative contracts | |||
Derivatives, Fair Value [Line Items] | |||
Liability Derivatives | 0 | (114,991) | |
Prepaid forward contracts | Current derivative contracts | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset, Fair Value, Gross Asset | 158,246 | $ 0 | |
Prepaid forward contracts | Long-term liabilities under derivative contracts | |||
Derivatives, Fair Value [Line Items] | |||
Liability Derivatives | $ 0 | $ (161,942) |
DERIVATIVE CONTRACTS AND COLL_4
DERIVATIVE CONTRACTS AND COLLATERALIZED INDEBTEDNESS - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Derivative [Line Items] | ||||
Gain (loss) on derivative contracts, net | $ 219,114 | $ (98,840) | $ 320,188 | $ (152,405) |
Change in the fair value of Comcast common stock included in gain (loss) on investments | (325,601) | 125,019 | (476,374) | 198,472 |
Gain (loss) on interest rate swap contracts, net | 39,868 | (21,574) | 163,015 | 54,079 |
Comcast stock | ||||
Derivative [Line Items] | ||||
Change in the fair value of Comcast common stock included in gain (loss) on investments | (325,601) | 125,000 | (476,374) | 198,453 |
Notes related to derivative contracts | ||||
Derivative [Line Items] | ||||
Gain (loss) on derivative contracts, net | $ 219,114 | $ (98,840) | $ 320,188 | $ (152,405) |
DERIVATIVE CONTRACTS AND COLL_5
DERIVATIVE CONTRACTS AND COLLATERALIZED INDEBTEDNESS - Schedule of Interest Rate Derivatives (Details) - Interest Rate Swap | Jun. 30, 2022 USD ($) |
Derivative Instrument Maturity Date 2025, Fixed 1.53% | |
Derivative [Line Items] | |
Derivative, Notional Amount | $ 500,000,000 |
Company Pays | 1.53% |
Derivative Instrument Maturity Date 2025, Fixed 1.625 | |
Derivative [Line Items] | |
Derivative, Notional Amount | $ 500,000,000 |
Company Pays | 1.625% |
Derivative Instrument Maturity Date 2025, Fixed 1.458% | |
Derivative [Line Items] | |
Derivative, Notional Amount | $ 500,000,000 |
Company Pays | 1.458% |
Derivative Instrument Maturity Date 2026, Fixed 2.9155% | |
Derivative [Line Items] | |
Derivative, Notional Amount | $ 750,000,000 |
Company Pays | 2.9155% |
Derivative Instrument Maturity Date 2026, Fixed 2.9025% | |
Derivative [Line Items] | |
Derivative, Notional Amount | $ 750,000,000 |
Derivative Instrument Maturity Date 2026, Fixed 2.9025% | |
Derivative [Line Items] | |
Company Pays | 2.9025% |
Derivative Instrument Maturing 2026, Fixed 2.161% | Cablevision Lightpath | |
Derivative [Line Items] | |
Company Pays | 2.161% |
Derivative Instrument Maturity Date 2026, Fixed 2.161% | Cablevision Lightpath | |
Derivative [Line Items] | |
Derivative, Notional Amount | $ 300,000,000 |
DERIVATIVE CONTRACTS AND COLL_6
DERIVATIVE CONTRACTS AND COLLATERALIZED INDEBTEDNESS - Settlements of Collateralized Indebtedness (Details) - USD ($) $ in Thousands | 1 Months Ended | 6 Months Ended | ||
Jan. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | |
Derivative [Line Items] | ||||
Number of shares (in shares) | 5,337,750 | |||
Notes Payable that will be reclassed to collateralized debt upon maturity | $ 59,451 | |||
Proceeds from Issuance of Secured Debt | $ 0 | $ 185,105 | ||
Comcast Synthetic Monetization Closeout | ||||
Derivative [Line Items] | ||||
Proceeds from Issuance of Secured Debt | $ 185,105 |
FAIR VALUE MEASUREMENT - Assets
FAIR VALUE MEASUREMENT - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Carrying Amount | ||
Liabilities: | ||
Debt, fair value | $ 26,121,815 | $ 26,328,025 |
Estimated Fair Value | ||
Liabilities: | ||
Debt, fair value | 22,914,999 | 26,449,620 |
Fair Value, Inputs, Level 2 [Member] | Carrying Amount | Credit facility debt | CSC Holdings | ||
Liabilities: | ||
Debt, fair value | 8,236,964 | 8,495,611 |
Fair Value, Inputs, Level 2 [Member] | Carrying Amount | Secured Debt [Member] | CSC Holdings | ||
Liabilities: | ||
Debt, fair value | 1,726,366 | 1,706,997 |
Fair Value, Inputs, Level 2 [Member] | Carrying Amount | Senior guaranteed notes and senior secured notes | CSC Holdings | ||
Liabilities: | ||
Debt, fair value | 8,079,389 | 8,077,372 |
Fair Value, Inputs, Level 2 [Member] | Carrying Amount | Senior notes | CSC Holdings | ||
Liabilities: | ||
Debt, fair value | 7,964,277 | 7,950,241 |
Fair Value, Inputs, Level 2 [Member] | Carrying Amount | Notes payable and supply chain financing | CSC Holdings | ||
Liabilities: | ||
Debt, fair value | 114,819 | 97,804 |
Fair Value, Inputs, Level 2 [Member] | Estimated Fair Value | Credit facility debt | CSC Holdings | ||
Liabilities: | ||
Debt, fair value | 8,282,063 | 8,546,438 |
Fair Value, Inputs, Level 2 [Member] | Estimated Fair Value | Secured Debt [Member] | CSC Holdings | ||
Liabilities: | ||
Debt, fair value | 1,715,482 | 1,741,710 |
Fair Value, Inputs, Level 2 [Member] | Estimated Fair Value | Senior guaranteed notes and senior secured notes | CSC Holdings | ||
Liabilities: | ||
Debt, fair value | 6,728,775 | 8,180,813 |
Fair Value, Inputs, Level 2 [Member] | Estimated Fair Value | Senior notes | CSC Holdings | ||
Liabilities: | ||
Debt, fair value | 6,073,913 | 7,883,071 |
Fair Value, Inputs, Level 2 [Member] | Estimated Fair Value | Notes payable and supply chain financing | CSC Holdings | ||
Liabilities: | ||
Debt, fair value | 114,766 | 97,588 |
Fair Value Measured on a Recurring Basis | Fair Value, Inputs, Level 1 [Member] | ||
Assets: | ||
Investment securities | 1,685,563 | 2,161,937 |
Prepaid forward contracts | Fair Value Measured on a Recurring Basis | Fair Value, Inputs, Level 2 [Member] | ||
Assets: | ||
Derivative asset | 158,246 | 0 |
Liabilities: | ||
Derivative liability | 0 | 161,942 |
Interest rate swap contracts | Fair Value Measured on a Recurring Basis | Fair Value, Inputs, Level 2 [Member] | ||
Assets: | ||
Derivative asset | 76,905 | 2,993 |
Liabilities: | ||
Derivative liability | 0 | 118,432 |
Money market funds | Fair Value Measured on a Recurring Basis | Fair Value, Inputs, Level 1 [Member] | ||
Assets: | ||
Money market funds | $ 117,940 | $ 100,015 |
INCOME TAXES - Income Tax Expen
INCOME TAXES - Income Tax Expense (Benefit) Continuing Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income Tax Expense (Benefit) | $ 33,890 | $ 61,820 | $ 116,736 | $ 173,827 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 147,430 | 262,754 | 432,417 | 653,300 |
CSC Holdings | ||||
Income Tax Expense (Benefit) | 33,890 | 59,523 | 116,736 | 171,530 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | $ 147,430 | $ 262,754 | $ 432,417 | $ 653,300 |
SHARE-BASED COMPENSATION - Stoc
SHARE-BASED COMPENSATION - Stock Option Activity (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Weighted Average Exercise Price Per Share | |||||
Share based compensation expense | $ 36,529,000 | $ 27,646,000 | $ 77,061,000 | $ 55,927,000 | |
Share based compensation - Unrecognized deferred compensation cost | 233,639,000 | 233,639,000 | |||
Grant date fair value of award units | $ 31,785,000 | $ 31,785,000 | |||
2017 LTIP | |||||
Weighted Average Exercise Price Per Share | |||||
Beginning balance (in dollars per share) | $ 22.51 | ||||
Granted (in dollars per share) | 13.58 | ||||
Forfeited (in dollars per share) | 22.95 | ||||
Ending balance (in dollars per share) | $ 21.83 | 21.83 | |||
Options exercisable (in dollars per share) | $ 24.14 | $ 24.14 | |||
Options outstanding, Weighted Average Remaining Contractual Term (in years) | 8 years 1 month 13 days | 8 years 3 months 14 days | |||
Options exercisable, Weighted Average Remaining Contractual Term (in years) | 6 years 10 months 17 days | ||||
Options outstanding, Aggregate Intrinsic Value | $ 0 | $ 0 | $ 6,801,000 | ||
Options exercisable, Aggregate Intrinsic Value | $ 0 | $ 0 | |||
Awards authorized (in shares) | 89,879,291 | 89,879,291 | |||
2017 LTIP | Share-based Payment Arrangement, Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||||
Beginning balance (in shares) | 50,998,816 | ||||
Forfeited (in shares) | (3,855,252) | ||||
Ending balance (in shares) | 50,297,580 | 50,297,580 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | 3,154,016 | ||||
Options exercisable (in shares) | 18,581,265 | 18,581,265 | |||
Weighted Average Exercise Price Per Share | |||||
Share based compensation expense | $ 19,910,000 | 24,473,000 | $ 42,407,000 | $ 48,696,000 | |
Share based compensation - Unrecognized deferred compensation cost | 112,943,000 | $ 112,943,000 | |||
Expected time (in years) unrecogized compensation costs relating to share based awards will be recognized | 2 years 4 months 6 days | ||||
2017 LTIP | Performance Shares | |||||
Weighted Average Exercise Price Per Share | |||||
Share based compensation expense | 1,601,000 | 2,868,000 | $ 3,627,000 | 5,850,000 | |
Share based compensation - Unrecognized deferred compensation cost | 37,133,000 | 37,133,000 | |||
2019 LTIP | Restricted Stock | |||||
Weighted Average Exercise Price Per Share | |||||
Share based compensation expense | 15,018,000 | $ 261,000 | 31,027,000 | $ 578,000 | |
Share based compensation - Unrecognized deferred compensation cost | $ 83,563,000 | $ 83,563,000 | |||
2021 Lightpath Incentive Plan | Class A-1 management incentive units | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||||
Granted (in shares) | 478,725 | ||||
2021 Lightpath Incentive Plan | Class A-2 management incentive units | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||||
Granted (in shares) | 250,075 |
SHARE-BASED COMPENSATION - Fair
SHARE-BASED COMPENSATION - Fair Value Assumptions For Stock Options (Details) | 6 Months Ended |
Jun. 30, 2022 $ / shares | |
Share-Based Payment Arrangement [Abstract] | |
Risk-free interest rate | 2.49% |
Expected life (in years) | 6 years 1 month 13 days |
Dividend yield | 0% |
Volatility | 38.42% |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 4.51 |
SHARE-BASED COMPENSATION - Perf
SHARE-BASED COMPENSATION - Performance and Restricted Unit Award (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Document Period End Date | Jun. 30, 2022 | ||||
Share based compensation expense | $ 36,529 | $ 27,646 | $ 77,061 | $ 55,927 | |
Share based compensation - Unrecognized deferred compensation cost | $ 233,639 | $ 233,639 | |||
2017 LTIP | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Awards authorized (in shares) | 89,879,291 | 89,879,291 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Additional Shares Authorized | 35,000,000 | ||||
2017 LTIP | Restricted Stock Units | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Non-option equity instruments, outstanding (shares) | 7,540,442 | 7,540,442 | 6,617,837 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (1,136,256) | ||||
Forfeited (in shares) | (213,651) | ||||
2017 LTIP | Stock options | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Forfeited (in shares) | (3,855,252) | ||||
Expected time (in years) unrecogized compensation costs relating to share based awards will be recognized | 2 years 4 months 6 days | ||||
Share based compensation expense | $ 19,910 | 24,473 | $ 42,407 | 48,696 | |
Share based compensation - Unrecognized deferred compensation cost | $ 112,943 | $ 112,943 | |||
2017 LTIP | Performance Shares | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Non-option equity instruments, outstanding (shares) | 6,019,777 | 6,019,777 | 6,361,894 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (342,117) | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 10.65 | $ 10.65 | |||
Share based compensation expense | $ 1,601 | 2,868 | $ 3,627 | 5,850 | |
Share based compensation - Unrecognized deferred compensation cost | 37,133 | $ 37,133 | |||
2017 LTIP | Performance Units | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Expected time (in years) unrecogized compensation costs relating to share based awards will be recognized | 3 years 6 months 29 days | ||||
2019 LTIP | Restricted Stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share based compensation expense | 15,018 | 261 | $ 31,027 | 578 | |
Share based compensation - Unrecognized deferred compensation cost | 83,563 | 83,563 | |||
Carried Unit Plan | Stock options | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share based compensation expense | 0 | $ 44 | 0 | $ 803 | |
Share based compensation - Unrecognized deferred compensation cost | $ 0 | $ 0 |
SHARE-BASED COMPENSATION - Ligh
SHARE-BASED COMPENSATION - Lightpath Plan Activity (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2022 USD ($) shares | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Grant date fair value of award units | $ | $ 31,785 |
2021 Lightpath Incentive Plan | Class A-1 management incentive units | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 478,725 |
2021 Lightpath Incentive Plan | Class A-2 management incentive units | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 250,075 |
AFFILIATE AND RELATED PARTY T_3
AFFILIATE AND RELATED PARTY TRANSACTIONS - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Related Party Transaction [Line Items] | ||||
Related party expense | $ 5,274 | $ 4,165 | $ 12,349 | $ 6,166 |
AFFILIATE AND RELATED PARTY T_4
AFFILIATE AND RELATED PARTY TRANSACTIONS - Revenue and Related Charges (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Related Party Transaction [Line Items] | ||||
Revenue | $ 478 | $ 3,035 | $ 1,116 | $ 6,441 |
Operating expenses: | ||||
Programming and other direct costs | (2,715) | (4,504) | (7,333) | (6,732) |
Other operating expenses, net | (3,037) | (2,696) | (6,132) | (5,875) |
Operating expenses, net | (5,752) | (7,200) | (13,465) | (12,607) |
Net charges | (5,274) | (4,165) | (12,349) | (6,166) |
Capital Expenditures | $ 28,255 | $ 9,589 | $ 40,093 | $ 20,210 |
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 | 6 Months Ended | ||||
Jun. 30, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Related Party Transaction [Line Items] | ||||||
Payments for Repurchase of Common Stock | $ 0 | $ 725,518 | ||||
Share based compensation expense | $ 36,529 | $ 27,646 | 77,061 | 55,927 | ||
Related party expense | 5,274 | 4,165 | 12,349 | 6,166 | ||
Stock options | 2017 LTIP | ||||||
Related Party Transaction [Line Items] | ||||||
Share based compensation expense | 19,910 | 24,473 | 42,407 | 48,696 | ||
Restricted Stock | 2019 LTIP | ||||||
Related Party Transaction [Line Items] | ||||||
Share based compensation expense | 15,018 | 261 | 31,027 | 578 | ||
CSC Holdings | ||||||
Related Party Transaction [Line Items] | ||||||
Cash distributions to parent | 0 | (184,478) | $ (501,000) | 0 | (685,478) | |
Cash distributions | 0 | 685,478 | ||||
Non-cash distributions to parent | (19,660) | (748) | ||||
CSC Holdings | Member's Deficiency | ||||||
Related Party Transaction [Line Items] | ||||||
Cash distributions to parent | (184,478) | (501,000) | ||||
Non-cash distributions to parent | 0 | $ (19,660) | $ (748) | 0 | $ (20,408) | |
Affiliates | ||||||
Related Party Transaction [Line Items] | ||||||
Due from related parties and affiliates | 3,790 | 3,790 | $ 3,776 | |||
Due to related parties and affiliates | 25,767 | 25,767 | 31,810 | |||
Affiliates | Altice Management Americas | ||||||
Related Party Transaction [Line Items] | ||||||
Due from related parties and affiliates | 385 | 385 | 241 | |||
Affiliates | Other Related Party | ||||||
Related Party Transaction [Line Items] | ||||||
Due from related parties and affiliates | 3,405 | 3,405 | 3,535 | |||
Due to related parties and affiliates | 283 | 283 | 1,206 | |||
Affiliates | Altice Management International | ||||||
Related Party Transaction [Line Items] | ||||||
Due to related parties and affiliates | $ 25,484 | $ 25,484 | $ 30,604 |
Uncategorized Items - atus-2022
Label | Element | Value |
Noncontrolling Interest [Member] | ||
Net Income (Loss) Attributable to Noncontrolling Interest | us-gaap_NetIncomeLossAttributableToNoncontrollingInterest | $ 4,403,000 |