Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2023 | Oct. 27, 2023 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2023 | |
Document Transition Report | false | |
Entity File Number | 001-38126 | |
Entity Tax Identification Number | 38-3980194 | |
Entity Registrant Name | Altice USA, Inc. | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | 1 Court Square West | |
Entity Address, City or Town | Long Island City, | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 11101 | |
City Area Code | (516) | |
Local Phone Number | 803-2300 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Title of 12(b) Security | Class A Common Stock, par value $0.01 per share | |
Trading Symbol | ATUS | |
Security Exchange Name | NYSE | |
Entity Common Stock, Shares Outstanding | 454,762,633 | |
Entity Central Index Key | 0001702780 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | FY | |
Amendment Flag | false |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Current Assets: | ||
Cash and cash equivalents | $ 268,379 | $ 305,484 |
Restricted cash | 276 | 267 |
Accounts receivable, trade (less allowance for doubtful accounts of $21,547 and $20,767, respectively) | 333,247 | 365,992 |
Derivative contracts | 0 | 263,873 |
Investment securities pledged as collateral | 0 | 1,502,145 |
Total current assets | 801,071 | 2,568,445 |
Property, plant and equipment, net of accumulated depreciation of $8,114,453 and $7,785,397, respectively | 8,101,182 | 7,500,780 |
Right-of-use operating lease assets | 256,898 | 250,601 |
Other assets | 268,118 | 259,681 |
Amortizable intangibles, net of accumulated amortization of $5,849,212 and $5,549,674, respectively | 1,357,065 | 1,660,331 |
Indefinite-lived cable television franchises | 13,216,355 | 13,216,355 |
Goodwill | 8,207,771 | 8,208,773 |
Total assets | 32,208,460 | 33,664,966 |
Current Liabilities: | ||
Accounts payable | 996,701 | 1,213,806 |
Interest payable | 286,638 | 252,351 |
Accrued employee related costs | 170,974 | 139,328 |
Deferred revenue | 85,856 | 80,559 |
Debt | 1,116,457 | 2,075,077 |
Total current liabilities | 3,128,322 | 4,039,701 |
Other liabilities | 237,270 | 274,623 |
Deferred tax liability | 4,892,280 | 5,081,661 |
Right-of-use operating lease liability | 270,572 | 260,237 |
Long-term debt, net of current maturities | 24,001,357 | 24,512,656 |
Total liabilities | 32,529,801 | 34,168,878 |
Commitments and contingencies (Note 14) | ||
Redeemable noncontrolling interest | 0 | 0 |
Stockholders' Deficiency: | ||
Preferred stock, $0.01 par value, 100,000,000 shares authorized, no shares issued and outstanding | 0 | 0 |
Paid-in capital | 176,140 | 182,701 |
Accumulated deficit | (483,269) | (654,273) |
Total stockholders' equity before accumulated other comprehensive Income and non-controlling interest | (302,582) | (467,010) |
Treasury stock, at cost (18,921 Class A common shares at December 31, 2022) | 0 | 0 |
Accumulated other comprehensive loss | (2,507) | (8,201) |
Total Altice USA stockholders' deficiency | (305,089) | (475,211) |
Noncontrolling interests | (16,252) | (28,701) |
Total stockholders' deficiency | (321,341) | (503,912) |
Total liabilities and stockholders' deficiency | 32,208,460 | 33,664,966 |
Nonrelated Party | ||
Current Assets: | ||
Prepaid expenses and other current assets ($570 and $572 due from affiliates, respectively) | 199,169 | 130,684 |
Current Liabilities: | ||
Other current liabilities ($77,048 and $20,857 due to affiliates, respectively) | 471,696 | 278,580 |
Common Class A | ||
Stockholders' Deficiency: | ||
Common stock | 2,704 | 2,719 |
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 | Sep. 30, 2023 | Dec. 31, 2022 |
ASSETS | ||
Accounts receivable, trade allowance for doubtful accounts | $ 21,547 | $ 20,767 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | (8,114,453) | (7,785,397) |
Finite-Lived Intangible Assets, Accumulated Amortization | $ 5,849,212 | $ 5,549,674 |
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 | 18,921 | |
Related Party | ||
ASSETS | ||
Prepaid Expense and Other Assets, Current | $ 570 | $ 572 |
LIABILITIES AND STOCKHOLDERS' DEFICIENCY | ||
Other current liabilities ($77,048 and $20,857 due to affiliates, respectively) | $ 77,048 | $ 20,857 |
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) | 270,404,133 | 271,851,984 |
Common stock, shares outstanding (in shares) | 271,833,063 | |
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) | 184,328,338 | 184,329,229 |
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 | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Income Statement [Abstract] | ||||
Revenue (including revenue from affiliates of $637, $649, $1,319, and $1,765, respectively) (See Note 13) | $ 2,317,200 | $ 2,393,552 | $ 6,935,452 | $ 7,278,463 |
Operating expenses: | ||||
Programming and other direct costs (including charges from affiliates of $3,615, $4,086, $9,337, and $11,419, respectively) (See Note 13) | 750,538 | 782,121 | 2,284,537 | 2,429,925 |
Other operating expenses (including charges from affiliates of $30,064, $3,111, $39,859, and $9,243, respectively) (See Note 13) | 667,278 | 694,390 | 1,974,651 | 2,009,760 |
Restructuring expense and other operating items | 4,453 | 4,007 | 39,303 | 10,058 |
Depreciation and amortization (including impairments) | 402,366 | 445,769 | 1,237,283 | 1,327,243 |
Total operating expenses | 1,824,635 | 1,926,287 | 5,535,774 | 5,776,986 |
Operating income | 492,565 | 467,265 | 1,399,678 | 1,501,477 |
Other income (expense): | ||||
Interest expense, net | (420,216) | (340,989) | (1,216,203) | (954,564) |
Gain (loss) on investments, net | 0 | (425,686) | 192,010 | (902,060) |
Gain (loss) on derivative contracts, net | 0 | 323,668 | (166,489) | 643,856 |
Gain on interest rate swap contracts, net | 31,972 | 105,945 | 78,708 | 268,960 |
Gain on extinguishment of debt and write-off of deferred financing costs | 0 | 0 | 4,393 | 0 |
Other income (loss), net | (1,470) | 3,245 | 7,165 | 8,196 |
Total other income (expense) | (389,714) | (333,817) | (1,100,416) | (935,612) |
Income before income taxes | 102,851 | 133,448 | 299,262 | 565,865 |
Income tax expense | (27,336) | (35,827) | (106,433) | (152,563) |
Net income | 75,515 | 97,621 | 192,829 | 413,302 |
Net income attributable to noncontrolling interests | (8,676) | (12,670) | (21,825) | (25,626) |
Net income attributable to stockholders | $ 66,839 | $ 84,951 | $ 171,004 | $ 387,676 |
Income per share: | ||||
Basic income per share | $ 0.15 | $ 0.19 | $ 0.38 | $ 0.86 |
Basic weighted average common shares (in thousands) | 454,730 | 453,239 | 454,702 | 453,233 |
Diluted income per share | $ 0.15 | $ 0.19 | $ 0.38 | $ 0.86 |
Diluted weighted average common shares (in thousands) | 455,076 | 453,390 | 455,118 | 453,284 |
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 | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Revenues | $ 2,317,200 | $ 2,393,552 | $ 6,935,452 | $ 7,278,463 |
Cost of Goods and Services Sold | (750,538) | (782,121) | (2,284,537) | (2,429,925) |
Other Cost and Expense, Operating | (667,278) | (694,390) | (1,974,651) | (2,009,760) |
Related Party | ||||
Revenues | 637 | 649 | 1,319 | 1,765 |
Cost of Goods and Services Sold | (3,615) | (4,086) | (9,337) | (11,419) |
Other Cost and Expense, Operating | (30,064) | (3,111) | (39,859) | (9,243) |
CSC Holdings | ||||
Revenues | 2,317,200 | 2,393,552 | 6,935,452 | 7,278,463 |
Cost of Goods and Services Sold | (750,538) | (782,121) | (2,284,537) | (2,429,925) |
Other Cost and Expense, Operating | $ (667,278) | $ (694,390) | $ (1,974,651) | $ (2,009,760) |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||||||
Net income | $ 75,515 | $ 97,621 | $ 192,829 | $ 413,302 | ||||
Defined benefit pension plans | ||||||||
Defined benefit pension plans | 2,417 | 540 | 9,825 | (1,515) | ||||
Applicable income taxes | (653) | (143) | (2,657) | 400 | ||||
Defined benefit pension plans, net of income taxes | 1,764 | 397 | 7,168 | (1,115) | ||||
Foreign currency translation adjustment | (2,026) | 159 | (1,474) | 50 | ||||
Other comprehensive income (loss) | (262) | 556 | 5,694 | (1,065) | ||||
Comprehensive income | 75,253 | 98,177 | 198,523 | 412,237 | ||||
Comprehensive income attributable to noncontrolling interests | (8,676) | $ (7,844) | $ (5,305) | (12,670) | $ (7,366) | $ (5,590) | (21,825) | (25,626) |
Comprehensive income attributable to Altice USA, Inc. stockholders | $ 66,577 | $ 85,507 | $ 176,698 | $ 386,611 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | CSC Holdings | Parent [Member] | Parent [Member] CSC Holdings | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member] CSC Holdings | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | AOCI Attributable to Parent [Member] CSC Holdings | Noncontrolling Interest [Member] | Noncontrolling Interest [Member] CSC Holdings | Treasury Stock, Common | Common Class A Common Stock | Common Class B Common Stock |
Beginning balance at Dec. 31, 2021 | $ (870,902) | $ (819,788) | $ 18,005 | $ (848,836) | $ 6,497 | $ (51,114) | $ 0 | $ 2,703 | $ 1,843 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Net income attributable to stockholders | 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) | ||||||||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | (1,843) | (1,843) | (1,843) | (1,843) | 1,843 | $ (1,843) | ||||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | (170) | (170) | (170) | (170) | (170) | (170) | 0 | |||||||
Share-based compensation expense (equity classified) | 40,512 | 40,512 | 40,512 | 40,512 | 40,512 | 40,512 | ||||||||
Stock Issued During Period, Value, New Issues | 10 | 10 | 10 | |||||||||||
Ending balance at Mar. 31, 2022 | (626,566) | (581,042) | 58,527 | (652,285) | 8,170 | (45,524) | 0 | 2,703 | 1,843 | |||||
Beginning balance at Dec. 31, 2021 | (870,902) | (819,788) | 18,005 | (848,836) | 6,497 | (51,114) | 0 | 2,703 | 1,843 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Net income attributable to stockholders | 387,676 | 387,676 | ||||||||||||
Net income attributable to noncontrolling interests | (25,626) | (25,626) | ||||||||||||
Ending balance at Sep. 30, 2022 | (339,071) | (313,521) | 137,660 | (461,160) | 5,432 | (25,550) | 0 | 2,704 | 1,843 | |||||
Beginning balance at Mar. 31, 2022 | (626,566) | (581,042) | 58,527 | (652,285) | 8,170 | (45,524) | 0 | 2,703 | 1,843 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Net income attributable to stockholders | 106,174 | 106,174 | 106,174 | 106,174 | 106,174 | 106,174 | ||||||||
Net income attributable to noncontrolling interests | (7,366) | (7,366) | (7,366) | (7,366) | ||||||||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | 3,355 | 3,355 | 3,355 | 3,355 | (3,355) | 3,355 | ||||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 61 | 61 | 61 | 61 | 61 | 61 | 0 | |||||||
Share-based compensation expense (equity classified) | 41,680 | 41,680 | 41,680 | 41,680 | 41,680 | 41,680 | ||||||||
Stock Issued During Period, Value, New Issues | 6 | 6 | 6 | |||||||||||
Ending balance at Jun. 30, 2022 | (474,634) | (436,476) | 100,213 | (546,111) | 4,876 | (38,158) | 0 | 2,703 | 1,843 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Net income attributable to stockholders | 84,951 | 84,951 | 84,951 | 84,951 | 84,951 | 84,951 | ||||||||
Net income attributable to noncontrolling interests | (12,670) | (12,670) | (12,670) | (12,670) | ||||||||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | (397) | (397) | (397) | (397) | 397 | (397) | ||||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 159 | 159 | 159 | 159 | 159 | 159 | 0 | |||||||
Share-based compensation expense (equity classified) | 37,527 | 37,527 | 37,527 | 37,527 | 37,527 | 37,527 | ||||||||
Stock Issued During Period, Value, New Issues | (79) | (79) | (80) | 1 | ||||||||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | (62) | (62) | (62) | (62) | ||||||||||
Ending balance at Sep. 30, 2022 | (339,071) | (313,521) | 137,660 | (461,160) | 5,432 | (25,550) | 0 | 2,704 | 1,843 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Accumulated deficit | (654,273) | |||||||||||||
Beginning balance at Dec. 31, 2022 | (503,912) | (475,211) | 182,701 | (654,273) | (8,201) | (28,701) | 0 | 2,719 | 1,843 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Net income attributable to stockholders | 25,865 | 25,865 | 25,865 | 25,865 | 25,865 | 25,865 | ||||||||
Net income attributable to noncontrolling interests | (5,305) | (5,305) | (5,305) | (5,305) | ||||||||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | (1,061) | (1,061) | (1,061) | (1,061) | 1,061 | (1,061) | ||||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | (190) | (190) | (188) | (188) | (188) | (188) | (2) | (2) | ||||||
Share-based compensation expense (equity classified) | (8,718) | (8,718) | (8,718) | (8,718) | (8,718) | (8,718) | ||||||||
Noncontrolling Interest, Change in Redemption Value | (22,193) | (22,193) | (14,166) | (14,166) | (14,166) | (14,166) | (8,027) | (8,027) | ||||||
Other adjustment to equity (deficiency) | (82) | (82) | (67) | (15) | ||||||||||
Ending balance at Mar. 31, 2023 | (502,864) | (471,439) | 159,750 | (628,408) | (7,328) | (31,425) | 0 | 2,704 | 1,843 | |||||
Beginning balance at Dec. 31, 2022 | (503,912) | (475,211) | 182,701 | (654,273) | (8,201) | (28,701) | 0 | 2,719 | 1,843 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Net income attributable to stockholders | 171,004 | 171,004 | ||||||||||||
Net income attributable to noncontrolling interests | (21,825) | (21,825) | ||||||||||||
Ending balance at Sep. 30, 2023 | (321,341) | (305,089) | 176,140 | (483,269) | (2,507) | (16,252) | 0 | 2,704 | 1,843 | |||||
Beginning balance at Mar. 31, 2023 | (502,864) | (471,439) | 159,750 | (628,408) | (7,328) | (31,425) | 0 | 2,704 | 1,843 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Net income attributable to stockholders | 78,300 | 78,300 | 78,300 | 78,300 | 78,300 | 78,300 | ||||||||
Net income attributable to noncontrolling interests | (7,844) | (7,844) | (7,844) | (7,844) | ||||||||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | (4,343) | (4,343) | (4,343) | (4,343) | 4,343 | (4,343) | ||||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 738 | 738 | 740 | 740 | 740 | 740 | (2) | (2) | ||||||
Share-based compensation expense (equity classified) | 9,091 | 9,091 | 9,091 | 9,091 | 9,091 | 9,091 | ||||||||
Noncontrolling Interest, Change in Redemption Value | 575 | (575) | 175 | 175 | 175 | 175 | 400 | 400 | ||||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | (1,077) | (1,077) | (1,077) | (1,077) | ||||||||||
Other adjustment to equity (deficiency) | (83) | (83) | (83) | 0 | ||||||||||
Ending balance at Jun. 30, 2023 | (403,133) | (378,873) | 168,933 | (550,108) | (2,245) | (24,260) | 0 | 2,704 | 1,843 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Net income attributable to stockholders | 66,839 | 66,839 | 66,839 | 66,839 | 66,839 | 66,839 | ||||||||
Net income attributable to noncontrolling interests | (8,676) | (8,676) | (8,676) | (8,676) | ||||||||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | (1,764) | (1,764) | (1,764) | (1,764) | 1,764 | (1,764) | ||||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | (2,030) | (2,030) | (2,026) | (2,026) | (2,026) | $ (2,026) | (4) | (4) | ||||||
Share-based compensation expense (equity classified) | 6,062 | 6,062 | 6,062 | 6,062 | 6,062 | 6,062 | ||||||||
Noncontrolling Interest, Change in Redemption Value | 512 | $ (512) | 1,176 | $ 1,176 | 1,176 | $ 1,176 | (664) | $ (664) | ||||||
Other adjustment to equity (deficiency) | (31) | (31) | (31) | 0 | ||||||||||
Ending balance at Sep. 30, 2023 | (321,341) | $ (305,089) | $ 176,140 | $ (483,269) | $ (2,507) | $ (16,252) | $ 0 | $ 2,704 | $ 1,843 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Accumulated deficit | $ (483,269) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Cash flows from operating activities: | ||
Net income | $ 192,829 | $ 413,302 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization (including impairments) | 1,237,283 | 1,327,243 |
Loss (gain) on investments, net | (192,010) | 902,060 |
Loss (gain) on derivative contracts, net | 166,489 | (643,856) |
Gain on extinguishment of debt and write-off of deferred financing costs | (4,393) | 0 |
Amortization of deferred financing costs and discounts (premiums) on indebtedness | 26,334 | 61,447 |
Share-based compensation | 29,368 | 114,410 |
Deferred income taxes | (187,295) | (89,240) |
Decrease in right-of-use assets | 34,633 | 33,315 |
Provision for doubtful accounts | 62,148 | 65,281 |
Other | 9,406 | (492) |
Change in operating assets and liabilities, net of effects of acquisitions and dispositions: | ||
Accounts receivable, trade | (29,403) | 389 |
Prepaid expenses and other assets | (76,862) | 15,730 |
Amounts due from and due to affiliates | 56,193 | (1,732) |
Accounts payable and accrued liabilities | (2,374) | 17,776 |
Deferred revenue | 9,531 | (5,508) |
Interest rate swap contracts | (1,692) | (304,409) |
Net cash provided by operating activities | 1,330,185 | 1,905,716 |
Cash flows from investing activities: | ||
Capital expenditures | (1,409,561) | (1,371,056) |
Payments for acquisitions, net of cash acquired | 0 | (2,060) |
Other, net | (1,677) | (2,985) |
Net cash used in investing activities | (1,411,238) | (1,376,101) |
Cash flows from financing activities: | ||
Proceeds from long-term debt | 2,350,000 | 1,565,000 |
Repayment of debt | (2,215,112) | (1,942,428) |
Proceeds from derivative contracts in connection with the settlement of collateralized debt | 38,902 | 0 |
Principal payments on finance lease obligations | (112,795) | (97,165) |
Payment to acquire noncontrolling interest | (7,035) | 0 |
Other, net | (8,521) | (207) |
Net cash provided by (used in) financing activities | 45,439 | (474,800) |
Net increase (decrease) in cash and cash equivalents | (35,614) | 54,815 |
Effect of exchange rate changes on cash and cash equivalents | (1,482) | 51 |
Net increase (decrease) in cash and cash equivalents | (37,096) | 54,866 |
Cash, cash equivalents and restricted cash at beginning of year | 305,751 | 195,975 |
Cash, cash equivalents and restricted cash at end of period | $ 268,655 | $ 250,841 |
CSC HOLDINGS - CONSOLIDATED BAL
CSC HOLDINGS - CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Current Assets: | ||
Cash and cash equivalents | $ 268,379 | $ 305,484 |
Restricted cash | 276 | 267 |
Accounts receivable, trade (less allowance for doubtful accounts of $21,547 and $20,767, respectively) | 333,247 | 365,992 |
Derivative contracts | 0 | 263,873 |
Investment securities pledged as collateral | 0 | 1,502,145 |
Total current assets | 801,071 | 2,568,445 |
Property, plant and equipment, net of accumulated depreciation of $8,114,453 and $7,785,397, respectively | 8,101,182 | 7,500,780 |
Right-of-use operating lease assets | 256,898 | 250,601 |
Other assets | 268,118 | 259,681 |
Amortizable intangibles, net of accumulated amortization of $5,849,212 and $5,549,674, respectively | 1,357,065 | 1,660,331 |
Indefinite-lived cable television franchises | 13,216,355 | 13,216,355 |
Goodwill | 8,207,771 | 8,208,773 |
Total assets | 32,208,460 | 33,664,966 |
Current Liabilities: | ||
Accounts payable | 996,701 | 1,213,806 |
Interest payable | 286,638 | 252,351 |
Accrued employee related costs | 170,974 | 139,328 |
Deferred revenue | 85,856 | 80,559 |
Debt | 1,116,457 | 2,075,077 |
Total current liabilities | 3,128,322 | 4,039,701 |
Other liabilities | 237,270 | 274,623 |
Deferred tax liability | 4,892,280 | 5,081,661 |
Right-of-use operating lease liability | 270,572 | 260,237 |
Long-term debt, net of current maturities | 24,001,357 | 24,512,656 |
Total liabilities | 32,529,801 | 34,168,878 |
Commitments and contingencies (Note 14) | ||
Redeemable noncontrolling interest | 0 | 0 |
Limited Liability Company (LLC) Members' Equity [Abstract] | ||
Accumulated other comprehensive income (loss) | (2,507) | (8,201) |
Noncontrolling interests | (16,252) | (28,701) |
Total liabilities and stockholders' deficiency | 32,208,460 | 33,664,966 |
Nonrelated Party | ||
Current Assets: | ||
Prepaid expenses and other current assets ($570 and $572 due from affiliates, respectively) | 199,169 | 130,684 |
Current Liabilities: | ||
Other current liabilities ($77,048 and $20,857 due to affiliates, respectively) | 471,696 | 278,580 |
CSC Holdings | ||
Current Assets: | ||
Cash and cash equivalents | 268,372 | 305,477 |
Restricted cash | 276 | 267 |
Accounts receivable, trade (less allowance for doubtful accounts of $21,547 and $20,767, respectively) | 333,247 | 365,992 |
Derivative contracts | 0 | 263,873 |
Investment securities pledged as collateral | 0 | 1,502,145 |
Total current assets | 801,064 | 2,568,438 |
Property, plant and equipment, net of accumulated depreciation of $8,114,453 and $7,785,397, respectively | 8,101,182 | 7,500,780 |
Right-of-use operating lease assets | 256,898 | 250,601 |
Other assets | 268,118 | 259,681 |
Amortizable intangibles, net of accumulated amortization of $5,849,212 and $5,549,674, respectively | 1,357,065 | 1,660,331 |
Indefinite-lived cable television franchises | 13,216,355 | 13,216,355 |
Goodwill | 8,207,771 | 8,208,773 |
Total assets | 32,208,453 | 33,664,959 |
Current Liabilities: | ||
Accounts payable | 996,701 | 1,213,806 |
Interest payable | 286,638 | 252,351 |
Accrued employee related costs | 170,974 | 139,328 |
Deferred revenue | 85,856 | 80,559 |
Debt | 1,116,457 | 2,075,077 |
Total current liabilities | 3,128,323 | 4,039,701 |
Other liabilities | 237,270 | 274,623 |
Deferred tax liability | 4,900,912 | 5,090,294 |
Right-of-use operating lease liability | 270,572 | 260,237 |
Long-term debt, net of current maturities | 24,001,357 | 24,512,656 |
Total liabilities | 32,538,434 | 34,177,511 |
Commitments and contingencies (Note 14) | ||
Redeemable noncontrolling interest | 0 | 0 |
Limited Liability Company (LLC) Members' Equity [Abstract] | ||
Member's Deficiency | (311,222) | (475,650) |
Accumulated other comprehensive income (loss) | (2,507) | (8,201) |
Total member's deficiency | (313,729) | (483,851) |
Noncontrolling interests | (16,252) | (28,701) |
Limited Liability Company (LLC) Members' Equity, Including Portion Attributable to Noncontrolling Interest, Total | (329,981) | (512,552) |
Total liabilities and stockholders' deficiency | 32,208,453 | 33,664,959 |
CSC Holdings | Nonrelated Party | ||
Current Assets: | ||
Prepaid expenses and other current assets ($570 and $572 due from affiliates, respectively) | 199,169 | 130,684 |
Current Liabilities: | ||
Other current liabilities ($77,048 and $20,857 due to affiliates, respectively) | $ 471,697 | $ 278,580 |
CSC HOLDINGS - CONSOLIDATED B_2
CSC HOLDINGS - CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Accounts Receivable, Allowance for Credit Loss, Current | $ (21,547) | $ (20,767) |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | (8,114,453) | (7,785,397) |
Amortizable intangible assets, accumulated amortization | 5,849,212 | 5,549,674 |
Related Party | ||
Prepaid Expense and Other Assets, Current | 570 | 572 |
CSC Holdings | ||
Accounts Receivable, Allowance for Credit Loss, Current | (21,547) | (20,767) |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | (8,114,453) | (7,785,397) |
Amortizable intangible assets, accumulated amortization | $ 5,849,212 | $ 5,549,674 |
Members' Equity | 100 | 100 |
Common Unit, Outstanding | 100 | 100 |
CSC Holdings | Related Party | ||
Prepaid Expense and Other Assets, Current | $ 570 | $ 572 |
CSC HOLDINGS - CONSOLIDATED STA
CSC HOLDINGS - CONSOLIDATED STATEMENT OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Revenue (including revenue from affiliates of $637, $649, $1,319, and $1,765, respectively) (See Note 13) | $ 2,317,200 | $ 2,393,552 | $ 6,935,452 | $ 7,278,463 |
Operating expenses: | ||||
Programming and other direct costs (including charges from affiliates of $3,615, $4,086, $9,337, and $11,419, respectively) (See Note 13) | 750,538 | 782,121 | 2,284,537 | 2,429,925 |
Other operating expenses (including charges from affiliates of $30,064, $3,111, $39,859, and $9,243, respectively) (See Note 13) | 667,278 | 694,390 | 1,974,651 | 2,009,760 |
Restructuring expense and other operating items | 4,453 | 4,007 | 39,303 | 10,058 |
Depreciation and amortization (including impairments) | 402,366 | 445,769 | 1,237,283 | 1,327,243 |
Total operating expenses | 1,824,635 | 1,926,287 | 5,535,774 | 5,776,986 |
Operating income | 492,565 | 467,265 | 1,399,678 | 1,501,477 |
Other income (expense): | ||||
Interest expense, net | (420,216) | (340,989) | (1,216,203) | (954,564) |
Gain (loss) on investments, net | 0 | (425,686) | 192,010 | (902,060) |
Loss on equity derivative contracts, net | 0 | 323,668 | (166,489) | 643,856 |
Gain on interest rate swap contracts, net | 31,972 | 105,945 | 78,708 | 268,960 |
Gain on extinguishment of debt and write-off of deferred financing costs | 0 | 0 | 4,393 | 0 |
Other income, net | (1,470) | 3,245 | 7,165 | 8,196 |
Total other income (expense) | (389,714) | (333,817) | (1,100,416) | (935,612) |
Income before income taxes | 102,851 | 133,448 | 299,262 | 565,865 |
Income tax expense | (27,336) | (35,827) | (106,433) | (152,563) |
Net income | 75,515 | 97,621 | 192,829 | 413,302 |
Comprehensive income attributable to noncontrolling interests | (8,676) | (12,670) | (21,825) | (25,626) |
Net income attributable to CSC Holdings, LLC sole member | 66,839 | 84,951 | 171,004 | 387,676 |
CSC Holdings | ||||
Revenue (including revenue from affiliates of $637, $649, $1,319, and $1,765, respectively) (See Note 13) | 2,317,200 | 2,393,552 | 6,935,452 | 7,278,463 |
Operating expenses: | ||||
Programming and other direct costs (including charges from affiliates of $3,615, $4,086, $9,337, and $11,419, respectively) (See Note 13) | 750,538 | 782,121 | 2,284,537 | 2,429,925 |
Other operating expenses (including charges from affiliates of $30,064, $3,111, $39,859, and $9,243, respectively) (See Note 13) | 667,278 | 694,390 | 1,974,651 | 2,009,760 |
Restructuring expense and other operating items | 4,453 | 4,007 | 39,303 | 10,058 |
Depreciation and amortization (including impairments) | 402,366 | 445,769 | 1,237,283 | 1,327,243 |
Total operating expenses | 1,824,635 | 1,926,287 | 5,535,774 | 5,776,986 |
Operating income | 492,565 | 467,265 | 1,399,678 | 1,501,477 |
Other income (expense): | ||||
Interest expense, net | (420,216) | (340,989) | (1,216,203) | (954,564) |
Gain (loss) on investments, net | 0 | (425,686) | 192,010 | (902,060) |
Loss on equity derivative contracts, net | 0 | 323,668 | (166,489) | 643,856 |
Gain on interest rate swap contracts, net | 31,972 | 105,945 | 78,708 | 268,960 |
Gain on extinguishment of debt and write-off of deferred financing costs | 0 | 0 | 4,393 | 0 |
Other income, net | (1,470) | 3,245 | 7,165 | 8,196 |
Total other income (expense) | (389,714) | (333,817) | (1,100,416) | (935,612) |
Income before income taxes | 102,851 | 133,448 | 299,262 | 565,865 |
Income tax expense | (27,336) | (35,827) | (106,433) | (152,563) |
Net income | 75,515 | 97,621 | 192,829 | 413,302 |
Comprehensive income attributable to noncontrolling interests | (8,676) | (12,670) | (21,825) | (25,626) |
Net income attributable to CSC Holdings, LLC sole member | $ 66,839 | $ 84,951 | $ 171,004 | $ 387,676 |
CSC HOLDINGS - CONSOLIDATED S_2
CSC HOLDINGS - CONSOLIDATED STATEMENT OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Revenues | $ 2,317,200 | $ 2,393,552 | $ 6,935,452 | $ 7,278,463 |
Cost of Goods and Services Sold | (750,538) | (782,121) | (2,284,537) | (2,429,925) |
Other Cost and Expense, Operating | (667,278) | (694,390) | (1,974,651) | (2,009,760) |
Related Party | ||||
Revenues | 637 | 649 | 1,319 | 1,765 |
Cost of Goods and Services Sold | (3,615) | (4,086) | (9,337) | (11,419) |
Other Cost and Expense, Operating | (30,064) | (3,111) | (39,859) | (9,243) |
CSC Holdings | ||||
Revenues | 2,317,200 | 2,393,552 | 6,935,452 | 7,278,463 |
Cost of Goods and Services Sold | (750,538) | (782,121) | (2,284,537) | (2,429,925) |
Other Cost and Expense, Operating | $ (667,278) | $ (694,390) | $ (1,974,651) | $ (2,009,760) |
CSC HOLDINGS - CONDENSED CONSOL
CSC HOLDINGS - CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Net income | $ 75,515 | $ 97,621 | $ 192,829 | $ 413,302 |
Defined benefit pension and postretirement plans: | ||||
Defined benefit pension plans | 2,417 | 540 | 9,825 | (1,515) |
Applicable income taxes | (653) | (143) | (2,657) | 400 |
Defined benefit pension plans, net of income taxes | 1,764 | 397 | 7,168 | (1,115) |
Foreign currency translation adjustment | (2,026) | 159 | (1,474) | 50 |
Other comprehensive income (loss) | (262) | 556 | 5,694 | (1,065) |
Comprehensive income | 75,253 | 98,177 | 198,523 | 412,237 |
Comprehensive income attributable to noncontrolling interests | (8,676) | (12,670) | (21,825) | (25,626) |
Comprehensive income attributable to Altice USA, Inc. stockholders | 66,577 | 85,507 | 176,698 | 386,611 |
CSC Holdings | ||||
Net income | 75,515 | 97,621 | 192,829 | 413,302 |
Defined benefit pension and postretirement plans: | ||||
Defined benefit pension plans | 2,417 | 540 | 9,825 | (1,515) |
Applicable income taxes | (653) | (143) | (2,657) | 400 |
Defined benefit pension plans, net of income taxes | 1,764 | 397 | 7,168 | (1,115) |
Foreign currency translation adjustment | (2,026) | 159 | (1,474) | 50 |
Other comprehensive income (loss) | (262) | 556 | 5,694 | (1,065) |
Comprehensive income | 75,253 | 98,177 | 198,523 | 412,237 |
Comprehensive income attributable to noncontrolling interests | (8,676) | (12,670) | (21,825) | (25,626) |
Comprehensive income attributable to Altice USA, Inc. stockholders | $ 66,577 | $ 85,507 | $ 176,698 | $ 386,611 |
CSC HOLDINGS - CONSOLIDATED S_3
CSC HOLDINGS - CONSOLIDATED STATEMENT OF MEMBER'S EQUITY - USD ($) $ in Thousands | Total | CSC Holdings | Parent [Member] | Parent [Member] CSC Holdings | Noncontrolling Interest [Member] | Noncontrolling Interest [Member] CSC Holdings | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member] CSC Holdings | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | AOCI Attributable to Parent [Member] CSC Holdings |
Accumulated other comprehensive loss | $ 6,497 | ||||||||||
Membership equity before noncontrolling interest | $ (841,659) | ||||||||||
Noncontrolling interests | $ (51,114) | ||||||||||
Limited Liability Company (LLC) Members' Equity, Including Portion Attributable to Noncontrolling Interest | $ (892,773) | ||||||||||
Member's Deficiency | $ (848,156) | ||||||||||
Net income attributable to CSC Holdings, LLC 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 | |||||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | 1,843 | 1,843 | 1,843 | 1,843 | $ (1,843) | 1,843 | |||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | (170) | (170) | (170) | (170) | 0 | (170) | (170) | ||||
Share-based compensation expense (equity classified) | 40,512 | 40,512 | 40,512 | 40,512 | $ 40,512 | 40,512 | |||||
Intercompany settlement | 11 | 11 | 11 | ||||||||
Net income attributable to CSC Holdings, LLC sole member | 387,676 | 387,676 | |||||||||
Net income attributable to noncontrolling interests | 25,626 | 25,626 | |||||||||
Accumulated other comprehensive loss | 8,170 | ||||||||||
Membership equity before noncontrolling interest | (602,912) | ||||||||||
Noncontrolling interests | (45,524) | ||||||||||
Limited Liability Company (LLC) Members' Equity, Including Portion Attributable to Noncontrolling Interest | (648,436) | ||||||||||
Member's Deficiency | (611,082) | ||||||||||
Net income attributable to CSC Holdings, LLC sole member | 106,174 | 106,174 | 106,174 | 106,174 | 106,174 | 106,174 | |||||
Net income attributable to noncontrolling interests | 7,366 | 7,366 | 7,366 | 7,366 | |||||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | (3,355) | (3,355) | (3,355) | (3,355) | 3,355 | (3,355) | |||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 61 | 61 | 61 | 61 | 0 | 61 | 61 | ||||
Share-based compensation expense (equity classified) | 41,680 | 41,680 | 41,680 | 41,680 | 41,680 | 41,680 | |||||
Intercompany settlement | 5 | 5 | 5 | ||||||||
Accumulated other comprehensive loss | 4,876 | ||||||||||
Membership equity before noncontrolling interest | (458,347) | ||||||||||
Noncontrolling interests | (38,158) | ||||||||||
Limited Liability Company (LLC) Members' Equity, Including Portion Attributable to Noncontrolling Interest | (496,505) | ||||||||||
Member's Deficiency | (463,223) | ||||||||||
Net income attributable to CSC Holdings, LLC sole member | 84,951 | 84,951 | 84,951 | 84,951 | 84,951 | 84,951 | |||||
Net income attributable to noncontrolling interests | 12,670 | 12,670 | 12,670 | 12,670 | |||||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | 397 | 397 | 397 | 397 | (397) | 397 | |||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 159 | 159 | 159 | 159 | 0 | 159 | 159 | ||||
Share-based compensation expense (equity classified) | 37,527 | 37,527 | 37,527 | 37,527 | 37,527 | 37,527 | |||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | (62) | (62) | (62) | (62) | |||||||
Non-cash distributions to parent | (79) | (79) | (79) | ||||||||
Accumulated other comprehensive loss | 5,432 | ||||||||||
Membership equity before noncontrolling interest | (335,392) | ||||||||||
Noncontrolling interests | (25,550) | ||||||||||
Limited Liability Company (LLC) Members' Equity, Including Portion Attributable to Noncontrolling Interest | (360,942) | ||||||||||
Member's Deficiency | (340,824) | ||||||||||
Accumulated other comprehensive loss | (8,201) | (8,201) | (8,201) | ||||||||
Membership equity before noncontrolling interest | (483,851) | (483,851) | |||||||||
Noncontrolling interests | (28,701) | (28,701) | (28,701) | ||||||||
Limited Liability Company (LLC) Members' Equity, Including Portion Attributable to Noncontrolling Interest | (512,552) | ||||||||||
Member's Deficiency | (475,650) | (475,650) | |||||||||
Accumulated deficit | (654,273) | ||||||||||
Net income attributable to CSC Holdings, LLC sole member | 25,865 | 25,865 | 25,865 | 25,865 | 25,865 | 25,865 | |||||
Net income attributable to noncontrolling interests | 5,305 | 5,305 | 5,305 | 5,305 | |||||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | 1,061 | 1,061 | 1,061 | 1,061 | (1,061) | 1,061 | |||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | (190) | (190) | (188) | (188) | (2) | (2) | (188) | (188) | |||
Share-based compensation expense (equity classified) | (8,718) | (8,718) | (8,718) | (8,718) | (8,718) | (8,718) | |||||
Noncontrolling Interest, Change in Redemption Value | 22,193 | 22,193 | 14,166 | 14,166 | 8,027 | 8,027 | 14,166 | 14,166 | |||
Stockholders' Equity, Other | (82) | (82) | 0 | (82) | |||||||
Net income attributable to CSC Holdings, LLC sole member | 171,004 | 171,004 | |||||||||
Net income attributable to noncontrolling interests | 21,825 | 21,825 | |||||||||
Dividends, Cash | (197) | ||||||||||
Accumulated other comprehensive loss | (7,328) | ||||||||||
Membership equity before noncontrolling interest | (480,079) | ||||||||||
Noncontrolling interests | (31,425) | ||||||||||
Limited Liability Company (LLC) Members' Equity, Including Portion Attributable to Noncontrolling Interest | (511,504) | ||||||||||
Member's Deficiency | (472,751) | ||||||||||
Net income attributable to CSC Holdings, LLC sole member | 78,300 | 78,300 | 78,300 | 78,300 | 78,300 | 78,300 | |||||
Net income attributable to noncontrolling interests | 7,844 | 7,844 | 7,844 | 7,844 | |||||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | 4,343 | 4,343 | 4,343 | 4,343 | (4,343) | 4,343 | |||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 738 | 738 | 740 | 740 | (2) | (2) | 740 | 740 | |||
Share-based compensation expense (equity classified) | 9,091 | 9,091 | 9,091 | 9,091 | 9,091 | 9,091 | |||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | (1,077) | (1,077) | (1,077) | (1,077) | |||||||
Noncontrolling Interest, Change in Redemption Value | (575) | 575 | (175) | (175) | (400) | (400) | (175) | (175) | |||
Stockholders' Equity, Other | (83) | (83) | 0 | (83) | |||||||
Accumulated other comprehensive loss | (2,245) | ||||||||||
Membership equity before noncontrolling interest | (387,513) | ||||||||||
Noncontrolling interests | (24,260) | ||||||||||
Limited Liability Company (LLC) Members' Equity, Including Portion Attributable to Noncontrolling Interest | (411,773) | ||||||||||
Member's Deficiency | (385,268) | ||||||||||
Net income attributable to CSC Holdings, LLC sole member | 66,839 | 66,839 | 66,839 | 66,839 | 66,839 | $ 66,839 | |||||
Net income attributable to noncontrolling interests | 8,676 | 8,676 | 8,676 | 8,676 | |||||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | 1,764 | 1,764 | 1,764 | 1,764 | (1,764) | 1,764 | |||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | (2,030) | (2,030) | (2,026) | (2,026) | (4) | (4) | $ (2,026) | (2,026) | |||
Share-based compensation expense (equity classified) | 6,062 | 6,062 | 6,062 | 6,062 | 6,062 | 6,062 | |||||
Noncontrolling Interest, Change in Redemption Value | (512) | 512 | $ (1,176) | (1,176) | $ 664 | 664 | $ (1,176) | (1,176) | |||
Stockholders' Equity, Other | (31) | (31) | 0 | (31) | |||||||
Dividends, Cash | (31) | ||||||||||
Accumulated other comprehensive loss | (2,507) | (2,507) | $ (2,507) | ||||||||
Membership equity before noncontrolling interest | (313,729) | $ (313,729) | |||||||||
Noncontrolling interests | (16,252) | (16,252) | $ (16,252) | ||||||||
Limited Liability Company (LLC) Members' Equity, Including Portion Attributable to Noncontrolling Interest | (329,981) | ||||||||||
Member's Deficiency | $ (311,222) | $ (311,222) | |||||||||
Accumulated deficit | $ (483,269) |
CSC HOLDINGS - CONSOLIDATED S_4
CSC HOLDINGS - CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Cash flows from operating activities: | ||
Net income | $ 192,829 | $ 413,302 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation and amortization (including impairments) | 1,237,283 | 1,327,243 |
Gain (loss) on investments, net | 192,010 | (902,060) |
Loss (gain) on derivative contracts, net | 166,489 | (643,856) |
Gain on extinguishment of debt and write-off of deferred financing costs | (4,393) | 0 |
Amortization of deferred financing costs and discounts (premiums) on indebtedness | 26,334 | 61,447 |
Share-based compensation | 29,368 | 114,410 |
Deferred income taxes | (187,295) | (89,240) |
Decrease in right-of-use assets | 34,633 | 33,315 |
Provision for doubtful accounts | 62,148 | 65,281 |
Other | 9,406 | (492) |
Change in operating assets and liabilities, net of effects of acquisitions and dispositions: | ||
Accounts receivable, trade | (29,403) | 389 |
Prepaid expenses and other assets | (76,862) | 15,730 |
Amounts due from and due to affiliates | 56,193 | (1,732) |
Accounts payable and accrued liabilities | (2,374) | 17,776 |
Deferred revenue | 9,531 | (5,508) |
Interest rate swap contracts | (1,692) | (304,409) |
Net cash provided by operating activities | 1,330,185 | 1,905,716 |
Cash flows from investing activities: | ||
Capital expenditures | (1,409,561) | (1,371,056) |
Other, net | (1,677) | (2,985) |
Payments for acquisitions, net of cash acquired | 0 | (2,060) |
Net cash used in investing activities | (1,411,238) | (1,376,101) |
Cash flows from financing activities: | ||
Proceeds from long-term debt | 2,350,000 | 1,565,000 |
Repayment of debt | (2,215,112) | (1,942,428) |
Proceeds from derivative contracts in connection with the settlement of collateralized debt | 38,902 | 0 |
Principal payments on finance lease obligations | (112,795) | (97,165) |
Payment to acquire noncontrolling interest | (7,035) | 0 |
Other, net | (8,521) | (207) |
Net cash provided by (used in) financing activities | 45,439 | (474,800) |
Net increase (decrease) in cash and cash equivalents | (35,614) | 54,815 |
Effect of exchange rate changes on cash and cash equivalents | (1,482) | 51 |
Net increase (decrease) in cash and cash equivalents | (37,096) | 54,866 |
Cash, cash equivalents and restricted cash at beginning of year | 305,751 | 195,975 |
Cash, cash equivalents and restricted cash at end of period | 268,655 | 250,841 |
CSC Holdings | ||
Cash flows from operating activities: | ||
Net income | 192,829 | 413,302 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation and amortization (including impairments) | 1,237,283 | 1,327,243 |
Gain (loss) on investments, net | 192,010 | (902,060) |
Loss (gain) on derivative contracts, net | 166,489 | (643,856) |
Gain on extinguishment of debt and write-off of deferred financing costs | (4,393) | 0 |
Amortization of deferred financing costs and discounts (premiums) on indebtedness | 26,334 | 61,447 |
Share-based compensation | 29,368 | 114,410 |
Deferred income taxes | (187,295) | (89,240) |
Decrease in right-of-use assets | 34,633 | 33,315 |
Provision for doubtful accounts | 62,148 | 65,281 |
Other | 9,406 | (492) |
Change in operating assets and liabilities, net of effects of acquisitions and dispositions: | ||
Accounts receivable, trade | (29,403) | 389 |
Prepaid expenses and other assets | (76,862) | 15,730 |
Amounts due from and due to affiliates | 56,193 | (1,732) |
Accounts payable and accrued liabilities | (2,374) | 17,776 |
Deferred revenue | 9,531 | (5,508) |
Interest rate swap contracts | (1,692) | (304,409) |
Net cash provided by operating activities | 1,330,185 | 1,905,716 |
Cash flows from investing activities: | ||
Capital expenditures | (1,409,561) | (1,371,056) |
Other, net | (1,677) | |
Payments for acquisitions, net of cash acquired | 0 | (2,060) |
Net cash used in investing activities | (1,411,238) | (1,376,101) |
Cash flows from financing activities: | ||
Proceeds from long-term debt | 2,350,000 | 1,565,000 |
Repayment of debt | (2,215,112) | (1,942,428) |
Proceeds from derivative contracts in connection with the settlement of collateralized debt | 38,902 | 0 |
Principal payments on finance lease obligations | (112,795) | (97,165) |
Payment to acquire noncontrolling interest | (7,035) | 0 |
Other, net | (8,521) | (207) |
Net cash provided by (used in) financing activities | 45,439 | (474,800) |
Net increase (decrease) in cash and cash equivalents | (35,614) | 54,815 |
Effect of exchange rate changes on cash and cash equivalents | (1,482) | 51 |
Net increase (decrease) in cash and cash equivalents | (37,096) | 54,866 |
Cash, cash equivalents and restricted cash at beginning of year | 305,744 | 193,418 |
Cash, cash equivalents and restricted cash at end of period | $ 268,648 | $ 248,284 |
DESCRIPTION OF BUSINESS AND REL
DESCRIPTION OF BUSINESS AND RELATED MATTERS | 9 Months Ended |
Sep. 30, 2023 | |
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.à 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 and its consolidated subsidiaries ("CSC Holdings," and collectively with Altice USA, the "Company"), principally provides broadband communications and video services in the United States. It markets its residential services under the Optimum brand and provides enterprise services under the brands Lightpath and Optimum 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 CSC Holdings has a higher deferred tax liability on their respective consolidated balance sheets. 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 they 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 | 9 Months Ended |
Sep. 30, 2023 | |
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, 2022. 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, 2023. 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 revenues 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 | 9 Months Ended |
Sep. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | REVENUE The following table presents the composition of revenue: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Residential: Broadband $ 961,751 $ 981,842 $ 2,884,661 $ 2,970,039 Video 775,818 816,001 2,321,557 2,499,437 Telephony 73,640 83,097 227,390 252,952 Mobile (a) 20,320 15,216 53,993 47,021 Residential revenue 1,831,529 1,896,156 5,487,601 5,769,449 Business services and wholesale (a) 366,852 366,662 1,095,197 1,105,905 News and advertising 107,484 120,522 319,686 368,447 Other (a) 11,335 10,212 32,968 34,662 Total revenue $ 2,317,200 $ 2,393,552 $ 6,935,452 $ 7,278,463 (a) Beginning in the second quarter of 2023, mobile service revenue previously included in mobile revenue is now separately reported in residential revenue and business services revenue. In addition, mobile equipment revenue previously included in mobile revenue is now included in other revenue. Prior period amounts have been revised to conform with this presentation. The Company is assessed non-income related taxes by governmental authorities, including franchising authorities (generally under multi-year agreements), and collects such taxes from its customers. In instances where the tax is being assessed directly on the Company, amounts paid to the governmental authorities are recorded as programming and other direct costs and amounts received from the customers are recorded as revenue. For the three and nine months ended September 30, 2023, the amount of franchise fees and certain other taxes and fees included as a component of revenue aggregated $53,989 and $165,691, respectively. For the three and nine months ended September 30, 2022, the amount of franchise fees and certain other taxes and fees included as a component of revenue aggregated $59,371 and $177,032, respectively. Customer Contract Costs Deferred enterprise sales commission costs are included in other current and noncurrent assets in the consolidated balance sheets and totaled $18,685 and $17,511 as of September 30, 2023 and December 31, 2022, respectively. |
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 nine months ended September 30, 2023 and 2022 or 10% or more of its consolidated net trade receivables at September 30, 2023 and December 31, 2022, respectively. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2023 | |
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, restricted stock units, and deferred cash-denominated awards. For awards that are performance based, the dilutive 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: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (in thousands) Basic weighted average shares outstanding 454,730 453,239 454,702 453,233 Effect of dilution: Restricted stock 55 151 99 51 Deferred cash-denominated awards (Note 12) 291 — 317 — Diluted weighted average shares outstanding 455,076 453,390 455,118 453,284 Weighted average shares excluded from diluted weighted average shares outstanding: Anti-dilutive shares 44,788 57,538 46,228 57,950 Share-based compensation awards whose performance metrics have not been achieved 25,947 7,298 19,230 7,481 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 | 9 Months Ended |
Sep. 30, 2022 | |
Supplemental Cash Flow Elements [Abstract] | |
SUPPLEMENTAL CASH FLOW INFORMATION | SUPPLEMENTAL CASH FLOW INFORMATION The Company's non-cash investing and financing activities and other supplemental data were as follows: Nine Months Ended September 30, 2023 2022 Non-Cash Investing and Financing Activities: Altice USA and CSC Holdings: Property and equipment accrued but unpaid $ 384,912 $ 380,898 Notes payable issued for the purchase of equipment and other assets 135,272 88,181 Right-of-use assets acquired in exchange for finance lease obligations 102,671 130,861 Payable relating to acquisition of noncontrolling interest 14,071 — Other non-cash investing and financing transactions — 500 Supplemental Data: Altice USA and CSC Holdings: Cash interest paid, net of capitalized interest 1,154,080 913,963 Income taxes paid, net 200,253 203,714 |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 9 Months Ended |
Sep. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
INTANGIBLE ASSETS | INTANGIBLE ASSETS The following table summarizes information relating to the Company's acquired amortizable intangible assets: As of September 30, 2023 As of December 31, 2022 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Estimated Useful Lives Customer relationships $ 6,119,792 $ (4,780,030) $ 1,339,762 $ 6,123,586 $ (4,484,286) $ 1,639,300 3 to 18 years Trade names 1,024,300 (1,019,464) 4,836 1,024,300 (1,018,212) 6,088 4 to 10 years Other amortizable intangibles 62,185 (49,718) 12,467 62,119 (47,176) 14,943 1 to 15 years $ 7,206,277 $ (5,849,212) $ 1,357,065 $ 7,210,005 $ (5,549,674) $ 1,660,331 Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Amortization expense related to amortizable intangible assets $ 90,575 $ 134,709 $ 299,445 $ 427,301 |
DEBT
DEBT | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT The following table provides details of the Company's outstanding debt: Interest Rate September 30, 2023 December 31, 2022 Date Issued Maturity Date Principal Amount Carrying Amount (a) Principal Amount Carrying Amount (a) CSC Holdings Senior Notes: May 23, 2014 June 1, 2024 5.250 % $ 750,000 $ 738,494 $ 750,000 $ 726,343 October 18, 2018 April 1, 2028 7.500 % 4,118 4,114 4,118 4,113 November 27, 2018 April 1, 2028 7.500 % 1,045,882 1,044,886 1,045,882 1,044,752 July 10 and October 7, 2019 January 15, 2030 5.750 % 2,250,000 2,276,832 2,250,000 2,279,483 June 16 and August 17, 2020 December 1, 2030 4.625 % 2,325,000 2,360,107 2,325,000 2,363,082 May 13, 2021 November 15, 2031 5.000 % 500,000 498,486 500,000 498,375 6,875,000 6,922,919 6,875,000 6,916,148 CSC Holdings Senior Guaranteed Notes: September 23, 2016 April 15, 2027 5.500 % 1,310,000 1,307,550 1,310,000 1,307,091 January 29, 2018 February 1, 2028 5.375 % 1,000,000 995,718 1,000,000 995,078 January 24, 2019 February 1, 2029 6.500 % 1,750,000 1,748,020 1,750,000 1,747,795 June 16, 2020 December 1, 2030 4.125 % 1,100,000 1,096,391 1,100,000 1,096,077 August 17, 2020 February 15, 2031 3.375 % 1,000,000 997,480 1,000,000 997,258 May 13, 2021 November 15, 2031 4.500 % 1,500,000 1,495,482 1,500,000 1,495,144 April 25, 2023 May 15, 2028 11.250 % 1,000,000 993,814 — — 8,660,000 8,634,455 7,660,000 7,638,443 CSC Holdings Restricted Group Credit Facility: Revolving Credit Facility (b) (c) 7.682 % 850,000 846,403 1,575,000 1,570,730 Term Loan B (g) July 17, 2025 7.697 % 1,524,323 1,522,053 1,535,842 1,532,644 Incremental Term Loan B-3 (g) January 15, 2026 7.697 % 523,061 522,214 527,014 525,883 Incremental Term Loan B-5 (g) April 15, 2027 7.947 % 2,895,000 2,882,811 2,917,500 2,902,921 Incremental Term Loan B-6 January 15, 2028 9.832 % 1,991,932 1,951,502 2,001,942 1,955,839 7,784,316 7,724,983 8,557,298 8,488,017 Lightpath Senior Notes: September 29, 2020 September 15, 2028 5.625 % 415,000 408,867 415,000 408,090 Lightpath Senior Secured Notes: September 29, 2020 September 15, 2027 3.875 % 450,000 444,061 450,000 443,046 Lightpath Term Loan: November 30, 2027 8.697 % 583,500 572,782 588,000 575,478 Lightpath Revolving Credit Facility (e) — — — — 1,448,500 1,425,710 1,453,000 1,426,614 Collateralized indebtedness (see Note 9) (f) — — 1,759,017 1,746,281 Finance lease obligations 234,471 234,471 244,595 244,595 Notes payable and supply chain financing (d) 175,276 175,276 127,635 127,635 25,177,563 25,117,814 26,676,545 26,587,733 Less: current portion of credit facility debt (76,648) (76,648) (71,643) (71,643) Less: current portion of senior notes (750,000) (738,494) — — Less: current portion of collateralized indebtedness (f) — — (1,759,017) (1,746,281) Less: current portion of finance lease obligations (126,039) (126,039) (129,657) (129,657) Less: current portion of notes payable and supply chain financing (175,276) (175,276) (127,496) (127,496) (1,127,963) (1,116,457) (2,087,813) (2,075,077) Long-term debt $ 24,049,600 $ 24,001,357 $ 24,588,732 $ 24,512,656 (a) The carrying amount is net of the unamortized deferred financing costs and discounts/premiums and with respect to certain notes, a fair value adjustment resulting from the acquisitions of Cequel Corporation and Cablevision Systems Corporation. (b) At September 30, 2023, $133,512 of the revolving credit facility was restricted for certain letters of credit issued on behalf of the Company and $1,491,488 of the facility was undrawn and available, subject to covenant limitations. The revolving credit facility is due on the earlier of (i) July 13, 2027 and (ii) April 17, 2025 if, as of such date, any Term Loan B borrowings are still outstanding, unless the Term Loan B maturity date has been extended to a date falling after July 13, 2027. The CSC Holdings' Incremental Term Loan B-6 that is due on the earlier of (i) January 15, 2028 and (ii) April 15, 2027 if, as of such date, any Incremental Term Loan B-5 borrowings are still outstanding, unless the Incremental Term Loan B-5 maturity date has been extended to a date falling after January 15, 2028. (c) The revolving credit facility provides for commitments in an aggregate principal amount of $2,475,000 and is priced at Secured Overnight Financing Rate ("SOFR") plus 2.25%. (d) Includes $174,998 related to supply chain financing agreements that is required to be repaid within one year from the date of the respective agreement. (e) There were no borrowings outstanding under the Lightpath Revolving Credit Facility which provides for commitments in an aggregate principal amount of $100,000. (f) The indebtedness was collateralized by shares of Comcast common stock. In January 2023, the Company settled this debt by delivering shares of Comcast common stock and the related equity derivative contracts. See Note 9. (g) Pursuant to the term loan agreement, the interest rate on outstanding borrowings subsequent to the phase-out of London Interbank Offered Rate ("LIBOR") as of June 30, 2023, is Synthetic USD LIBOR, calculated as Term SOFR plus the spread adjustment for the corresponding LIBOR setting, being 0.11448% (1 month), 0.26161% (3 month) and 0.42826% (6 month), until September 30, 2024. 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 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. Senior Guaranteed Notes In April 2023, CSC Holdings issued $1,000,000 in aggregate principal amount of senior guaranteed notes that bear interest at a rate of 11.250% and mature on May 15, 2028. The Company used the proceeds to repay outstanding borrowings drawn under the Revolving Credit Facility. As of September 30, 2023, CSC Holdings and 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. Lightpath Credit Facility In June 2023, Lightpath entered into an amendment (the "First Amendment") under its existing credit facility agreement to replace LIBOR-based benchmark rates with SOFR-based benchmark rates. The First Amendment provides for interest on borrowings under its term loan and revolving credit facility to be calculated for any (i) SOFR loan, at a rate per annum equal to the Term SOFR (plus spread adjustments of 0.11448%, 0.26161% and 0.42826% for interest periods of one, three and six months, respectively) or (ii) the alternate base rate loan, at the alternative base rate as applicable, plus the applicable margin in each case, where the applicable margin is 2.25% per annum with respect to any alternate base rate loan and 3.25% per annum with respect to any SOFR loan. Supply Chain Financing Arrangement The Company has a supply chain financing arrangement with a financial institution with credit availability of $175,000 that is used to finance certain of its property and equipment purchases. This arrangement extends the Company's repayment terms beyond a vendor’s original invoice due dates (for up to one year) and as such are classified as debt on our consolidated balance sheets. Amounts outstanding under this arrangement amounted to $174,998 and $123,880 as of September 30, 2023 and December 31, 2022, respectively. Summary of Debt Maturities The future principal payments under the Company's various debt obligations outstanding as of September 30, 2023, including notes payable and supply chain financing, but excluding finance lease obligations, are as follows: 2023 $ 67,657 2024 953,429 2025 (a) 2,416,414 2026 567,223 2027 5,141,519 Thereafter (b) 15,796,850 |
DERIVATIVE CONTRACTS AND COLLAT
DERIVATIVE CONTRACTS AND COLLATERALIZED INDEBTEDNESS | 9 Months Ended |
Sep. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE CONTRACTS AND COLLATERALIZED INDEBTEDNESS | DERIVATIVE CONTRACTS AND COLLATERALIZED INDEBTEDNESS Prepaid Forward Contracts Historically, the Company had entered into various transactions to limit the exposure against equity price risk on shares of Comcast Corporation ("Comcast") common stock it previously owned. The Company 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. The Company received cash proceeds upon execution of the prepaid forward contracts which had been reflected as collateralized indebtedness in the accompanying consolidated balance sheet as of December 31, 2022. In addition, the Company separately accounted for the equity derivative component of the prepaid forward contracts. These equity derivatives were not designated as hedges for accounting purposes, therefore, the net fair values of the equity derivatives had been reflected in the accompanying consolidated balance sheet as an asset at December 31, 2022, and the net increases or decreases in the fair value of the equity derivative component of the prepaid forward contracts were included in gain (loss) on derivative contracts in the accompanying consolidated statements of operations. In January 2023, the Company settled its outstanding collateralized indebtedness by delivering the Comcast shares it held and the related equity derivative contracts. In connection with the settlement, the Company received net cash of approximately $50,500 (including dividends of $11,598) and recorded a gain on the extinguishment of debt of $4,393. As of September 30, 2023, the Company did not hold and has not issued equity derivative instruments for trading or speculative purposes. 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 not designated as hedges for accounting purposes and are carried at their fair market values on our consolidated balance sheets, with changes in fair value reflected in the consolidated statements of operations. The following represents the location of the assets and liabilities associated with the Company's derivative instruments within the consolidated balance sheets: Derivatives Not Designated as Hedging Instruments Balance Sheet Location Fair Value at September 30, 2023 December 31, 2022 Asset Derivatives: Prepaid forward contracts (a) Derivative contracts $ — $ 263,873 Interest rate swap contracts Other assets, long-term 187,313 185,622 $ 187,313 $ 449,495 (a) In January 2023, the Company settled its outstanding collateralized indebtedness by delivering the Comcast shares it held and the related equity derivative contracts. The following table presents certain consolidated statement of operations data related to our derivative contracts and the underlying Comcast common stock: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Gain (loss) on derivative contracts related to change in the value of equity derivative contracts related to Comcast common stock (a) $ — $ 323,668 $ (166,489) $ 643,856 Change in the fair value of Comcast common stock included in gain (loss) on investments (a) — (425,686) 192,010 (902,060) Gain on interest rate swap contracts, net 31,972 105,945 78,708 268,960 (a) In January 2023, the Company settled its outstanding collateralized indebtedness by delivering the Comcast shares it held and the related equity derivative contracts. Interest Rate Swap Contract In connection with the phase-out of LIBOR as of June 30, 2023, the Company entered into amendments to its existing interest rate swap contracts that transitioned the reference rates from LIBOR to SOFR. The following is a summary of the terms of the amended interest rate swap contracts: Notional Amount Prior to Amendments Subsequent to Amendments Maturity Date Company Pays Company Receives Company Pays Company Receives CSC Holdings: January 2025 (a) $ 500,000 Fixed rate of 1.53% Three-month LIBOR Fixed rate of 1.3281% One-month SOFR January 2025 (a) 500,000 Fixed rate of 1.625% Three-month LIBOR Fixed rate of 1.4223% One-month SOFR January 2025 (a) 500,000 Fixed rate of 1.458% Three-month LIBOR Fixed rate of 1.2567% One-month SOFR December 2026 (b) 750,000 Fixed rate of 2.9155% Three-month LIBOR Fixed rate of 2.7129% One-month SOFR December 2026 (b) 750,000 Fixed rate of 2.9025% Three-month LIBOR Fixed rate of 2.6999% One-month SOFR Lightpath: December 2026 (a) 300,000 Fixed rate of 2.161% One-month LIBOR Fixed rate of 2.11% One-month SOFR (a) Amended rates effective June 15, 2023. (b) Amended rates effective July 17, 2023. In April 2023, Lightpath entered into an interest rate swap contract, effective June 2023 on a notional amount of $180,000, whereby Lightpath pays interest of 3.523% through December 2026 and receives interest based on one-month SOFR. 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 | 9 Months Ended |
Sep. 30, 2023 | |
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 September 30, 2023 December 31, 2022 Assets: Money market funds Level I $ 106,976 $ 141,137 Investment securities pledged as collateral (a) Level I — 1,502,145 Prepaid forward contracts (a) Level II — 263,873 Interest rate swap contracts Level II 187,313 185,622 Liabilities: Contingent consideration related to acquisition Level III 1,947 8,383 (a) In January 2023, the Company settled its outstanding collateralized indebtedness by delivering the Comcast shares it held and the related equity derivative contracts. 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. The fair values of the contingent consideration as of September 30, 2023 and December 31, 2022 relate to an acquisition in the third quarter of 2022 and were determined using a probability assessment of the contingent payment for the respective periods. 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: September 30, 2023 December 31, 2022 Fair Value Carrying Estimated Carrying Estimated Credit facility debt Level II $ 8,297,765 $ 8,367,816 $ 9,063,495 $ 9,145,298 Collateralized indebtedness (b) Level II — — 1,746,281 1,731,771 Senior guaranteed notes and senior secured notes Level II 9,078,516 7,307,125 8,081,489 6,154,075 Senior notes Level II 7,331,786 4,475,800 7,324,238 4,531,300 Notes payable and supply chain financing Level II 175,276 175,276 127,635 127,608 $ 24,883,343 $ 20,326,017 $ 26,343,138 $ 21,690,052 (a) Amounts are net of unamortized deferred financing costs and discounts/premiums. (b) In January 2023, the Company settled its outstanding collateralized indebtedness by delivering the Comcast shares it held and the related equity derivative contracts. |
INCOME TAXES
INCOME TAXES | 9 Months Ended |
Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES The Company uses an estimated annual effective tax rate ("AETR") to measure the income tax expense or benefit recognized on a year-to-date basis in an interim period. In addition, certain items included in income tax expense as well as the tax impact of certain items included in pretax income must be treated as discrete items. The income tax expense or benefit associated with these discrete items is fully recognized in the interim period in which the items occur. For the three and nine months ended September 30, 2023, the Company recorded a tax expense of $27,336 and $106,433 on pre-tax income of $102,851 and $299,262, respectively, resulting in an effective tax rate that was higher than the U.S. statutory tax rate. The higher tax rate was primarily due to the impact of certain non-deductible expenses, state tax expense, and tax deficiencies on share-based compensation. For the three and nine months ended September 30, 2022, the Company recorded a tax expense of $35,827 and $152,563 on pre-tax income of $133,448 and $565,865, 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 | 9 Months Ended |
Sep. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
SHARE-BASED COMPENSATION | SHARE-BASED COMPENSATION The following table presents share-based compensation expense (benefit) recognized by the Company and unrecognized compensation cost: Share-Based Compensation Unrecognized Compensation Cost as of September 30, 2023 Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Awards issued pursuant to LTIP: Stock option awards (a) $ 1,103 $ 19,904 $ (5,564) $ 62,311 $ 8,796 Performance stock units (a) (5,232) 1,593 (13,038) 5,220 7,333 Restricted share units 10,403 15,852 23,320 46,879 62,327 Other 9,841 — 24,650 — 47,171 $ 16,115 $ 37,349 $ 29,368 $ 114,410 $ 125,627 (a) The expense (benefit) for the three and nine months ended September 30, 2023 includes credits due to the modification of awards to certain former executive officers and other forfeitures. 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, 2022 51,075,675 $ 20.27 7.73 $ 184 Granted 640 4.69 Forfeited (3,423,188) 17.20 Exchanged and canceled (b) (24,015,508) 20.72 Balance at September 30, 2023 23,637,619 $ 19.52 6.24 $ — Options exercisable at September 30, 2023 13,971,232 $ 22.87 4.91 $ — (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. (b) Options exchanged and canceled in connection with the Company's stock option exchange program discussed below. As of September 30, 2023, the total unrecognized compensation cost related to stock options is expected to be recognized over a weighted-average period of approximately 2.71 years. In January 2023, the Company commenced a stock option exchange program (the "Exchange Offer") pursuant to which eligible employees were provided the opportunity to exchange eligible stock options for a number of restricted stock units (“RSU”) and deferred cash-denominated awards (“DCA”) at the exchange ratio of one RSU and ten dollars of DCAs for every seven eligible options tendered. In connection with the Exchange Offer, the Company canceled 24,015,508 options and granted 3,430,433 restricted stock units and $34,309 of DCAs awards. The exchange of these options was accounted for as a modification of share-based compensation awards. Accordingly, the Company will recognize the unamortized compensation cost related to the canceled options of approximately $33,475, as well as the incremental compensation cost associated with the replacement awards of $34,000 over their two year vesting term. Performance Stock Units The following table summarizes activity related to performance stock units ("PSUs") granted to Company employees: Number of PSUs Balance at December 31, 2022 5,179,359 Forfeited (1,316,408) Balance at September 30, 2023 3,862,951 The PSUs have a weighted average grant date fair value of $5.65 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 2.30 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, 2022 7,495,388 Granted (including 3,430,433 in connection with Exchange Offer) (a) 16,123,126 Vested (167,656) Forfeited (2,366,720) Balance at September 30, 2023 21,084,138 (a) During 2023, the Company granted 12,692,693 RSUs to certain employees and directors pursuant to the 2017 LTIP with an aggregate fair value of $41,146 ($3.24 per share) which are being expensed over the vesting period. Most of these awards vest over three years in 33-1/3 annual increments. Deferred Cash-Denominated Awards Pursuant to the Exchange Offer, the Company granted $34,309 DCAs, which will be settled in shares of the Company's class A common stock, or cash, at the Company's option. The DCAs vest over a two-year period. As of September 30, 2023, $28,995 awards were outstanding. Cash Performance Awards In 2023, the Company granted deferred cash performance awards which cliff vest in three years. The payout of these awards can range from 0% to 200% of the target value based on the Company’s achievement of certain revenue and adjusted EBITDA targets during a three year performance period. These awards will be settled in shares of the Company's class A common stock, or cash, at the Company's option. As of September 30, 2023, $40,403 awards were outstanding. Lightpath Plan Awards As of September 30, 2023, 493,890 Class A-1 management incentive units and 278,897 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 $31,895 as of September 30, 2023 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 | 9 Months Ended |
Sep. 30, 2023 | |
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 September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Revenue $ 637 $ 649 $ 1,319 $ 1,765 Operating expenses: Programming and other direct costs (3,615) (4,086) (9,337) (11,419) Other operating expenses, net (30,064) (3,111) (39,859) (9,243) Operating expenses, net (33,679) (7,197) (49,196) (20,662) Net charges $ (33,042) $ (6,548) $ (47,877) $ (18,897) Capital expenditures $ 41,576 $ 31,228 $ 104,468 $ 71,321 Revenue The Company recognized revenue primarily from the sale of advertising to certain subsidiaries of Altice Europe and other related parties. Programming and other direct costs Programming and other direct costs include costs incurred by the Company for advertising services provided by Teads S.A., a subsidiary of Altice Europe ("Teads"). Other operating expenses, net Other operating expenses primarily include charges for services provided by certain subsidiaries of Altice Europe and other related parties, including costs for customer care services in 2023. 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: September 30, 2023 December 31, 2022 Due from: Altice Europe $ 300 $ 529 Other affiliates and related parties 270 43 $ 570 $ 572 Due to: Altice Europe $ 62,054 $ 19,211 Other affiliates and related parties 14,994 1,646 $ 77,048 $ 20,857 Amounts due from affiliates presented in the table above represent amounts due 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, customer care services, and advertising services, as well as reimbursement for payments made on our behalf. CSC Holdings |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Legal Matters On December 14, 2022, BMG Rights Management (US) LLC, UMG Recordings, Inc., Capitol Records, LLC, Concord Music Group, Inc., and Concord Bicycle Assets, LLC (collectively, “BMG” or “Plaintiffs”) filed a complaint in the U.S. District Court for the Eastern District of Texas, alleging that certain of the Company’s Internet subscribers directly infringed over 7,700 of Plaintiffs’ copyrighted works. Plaintiffs seek to hold the Company liable for claims of contributory infringement of copyright and vicarious copyright infringement. The Company intends to vigorously defend these claims. 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 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, but they could be material to the Company’s consolidated results of operations or cash flows for any one period. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Pay vs Performance Disclosure | ||||||||
Net income attributable to CSC Holdings, LLC sole member | $ 66,839 | $ 78,300 | $ 25,865 | $ 84,951 | $ 106,174 | $ 196,551 | $ 171,004 | $ 387,676 |
Accounting Policies (Policies)
Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Recently Adopted Accounting Pronouncements and Recently Issued But Not Yet Adopted Accounting Pronouncements | ACCOUNTING STANDARDS Accounting Standards Adopted in 2023 ASU No. 2022-04, Liabilities—Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations In September 2022, the FASB issued ASU 2022-04, Liabilities—Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations , to enhance transparency about an entity’s use of supplier finance programs. ASU 2022-04 requires the buyer in a supplier finance program to disclose (a) information about the key terms of the program, (b) the amount outstanding that remains unpaid by the buyer as of the end of the period, (c) a rollforward of such amounts during each annual period, and (d) a description of where in the financial statements outstanding amounts are being presented. The Company adopted ASU 2022-04 on January 1, 2023. See Note 8 for further information. |
Revenue Recognition and Defer_2
Revenue Recognition and Deferred Revenue (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following table presents the composition of revenue: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Residential: Broadband $ 961,751 $ 981,842 $ 2,884,661 $ 2,970,039 Video 775,818 816,001 2,321,557 2,499,437 Telephony 73,640 83,097 227,390 252,952 Mobile (a) 20,320 15,216 53,993 47,021 Residential revenue 1,831,529 1,896,156 5,487,601 5,769,449 Business services and wholesale (a) 366,852 366,662 1,095,197 1,105,905 News and advertising 107,484 120,522 319,686 368,447 Other (a) 11,335 10,212 32,968 34,662 Total revenue $ 2,317,200 $ 2,393,552 $ 6,935,452 $ 7,278,463 (a) Beginning in the second quarter of 2023, mobile service revenue previously included in mobile revenue is now separately reported in residential revenue and business services revenue. In addition, mobile equipment revenue previously included in mobile revenue is now included in other revenue. Prior period amounts have been revised to conform with this presentation. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
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: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (in thousands) Basic weighted average shares outstanding 454,730 453,239 454,702 453,233 Effect of dilution: Restricted stock 55 151 99 51 Deferred cash-denominated awards (Note 12) 291 — 317 — Diluted weighted average shares outstanding 455,076 453,390 455,118 453,284 Weighted average shares excluded from diluted weighted average shares outstanding: Anti-dilutive shares 44,788 57,538 46,228 57,950 Share-based compensation awards whose performance metrics have not been achieved 25,947 7,298 19,230 7,481 |
SUPPLEMENTAL CASH FLOW INFORM_2
SUPPLEMENTAL CASH FLOW INFORMATION (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Supplemental Cash Flow Elements [Abstract] | |
Non-Cash Investing and Financing Activities and Other Supplemental Data | The Company's non-cash investing and financing activities and other supplemental data were as follows: Nine Months Ended September 30, 2023 2022 Non-Cash Investing and Financing Activities: Altice USA and CSC Holdings: Property and equipment accrued but unpaid $ 384,912 $ 380,898 Notes payable issued for the purchase of equipment and other assets 135,272 88,181 Right-of-use assets acquired in exchange for finance lease obligations 102,671 130,861 Payable relating to acquisition of noncontrolling interest 14,071 — Other non-cash investing and financing transactions — 500 Supplemental Data: Altice USA and CSC Holdings: Cash interest paid, net of capitalized interest 1,154,080 913,963 Income taxes paid, net 200,253 203,714 |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Acquired Finite-Lived Intangible Assets by Major Class | The following table summarizes information relating to the Company's acquired amortizable intangible assets: As of September 30, 2023 As of December 31, 2022 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Estimated Useful Lives Customer relationships $ 6,119,792 $ (4,780,030) $ 1,339,762 $ 6,123,586 $ (4,484,286) $ 1,639,300 3 to 18 years Trade names 1,024,300 (1,019,464) 4,836 1,024,300 (1,018,212) 6,088 4 to 10 years Other amortizable intangibles 62,185 (49,718) 12,467 62,119 (47,176) 14,943 1 to 15 years $ 7,206,277 $ (5,849,212) $ 1,357,065 $ 7,210,005 $ (5,549,674) $ 1,660,331 Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Amortization expense related to amortizable intangible assets $ 90,575 $ 134,709 $ 299,445 $ 427,301 |
Finite-Lived Intangible Assets Amortization Expense |
DEBT (Tables)
DEBT (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | The following table provides details of the Company's outstanding debt: Interest Rate September 30, 2023 December 31, 2022 Date Issued Maturity Date Principal Amount Carrying Amount (a) Principal Amount Carrying Amount (a) CSC Holdings Senior Notes: May 23, 2014 June 1, 2024 5.250 % $ 750,000 $ 738,494 $ 750,000 $ 726,343 October 18, 2018 April 1, 2028 7.500 % 4,118 4,114 4,118 4,113 November 27, 2018 April 1, 2028 7.500 % 1,045,882 1,044,886 1,045,882 1,044,752 July 10 and October 7, 2019 January 15, 2030 5.750 % 2,250,000 2,276,832 2,250,000 2,279,483 June 16 and August 17, 2020 December 1, 2030 4.625 % 2,325,000 2,360,107 2,325,000 2,363,082 May 13, 2021 November 15, 2031 5.000 % 500,000 498,486 500,000 498,375 6,875,000 6,922,919 6,875,000 6,916,148 CSC Holdings Senior Guaranteed Notes: September 23, 2016 April 15, 2027 5.500 % 1,310,000 1,307,550 1,310,000 1,307,091 January 29, 2018 February 1, 2028 5.375 % 1,000,000 995,718 1,000,000 995,078 January 24, 2019 February 1, 2029 6.500 % 1,750,000 1,748,020 1,750,000 1,747,795 June 16, 2020 December 1, 2030 4.125 % 1,100,000 1,096,391 1,100,000 1,096,077 August 17, 2020 February 15, 2031 3.375 % 1,000,000 997,480 1,000,000 997,258 May 13, 2021 November 15, 2031 4.500 % 1,500,000 1,495,482 1,500,000 1,495,144 April 25, 2023 May 15, 2028 11.250 % 1,000,000 993,814 — — 8,660,000 8,634,455 7,660,000 7,638,443 CSC Holdings Restricted Group Credit Facility: Revolving Credit Facility (b) (c) 7.682 % 850,000 846,403 1,575,000 1,570,730 Term Loan B (g) July 17, 2025 7.697 % 1,524,323 1,522,053 1,535,842 1,532,644 Incremental Term Loan B-3 (g) January 15, 2026 7.697 % 523,061 522,214 527,014 525,883 Incremental Term Loan B-5 (g) April 15, 2027 7.947 % 2,895,000 2,882,811 2,917,500 2,902,921 Incremental Term Loan B-6 January 15, 2028 9.832 % 1,991,932 1,951,502 2,001,942 1,955,839 7,784,316 7,724,983 8,557,298 8,488,017 Lightpath Senior Notes: September 29, 2020 September 15, 2028 5.625 % 415,000 408,867 415,000 408,090 Lightpath Senior Secured Notes: September 29, 2020 September 15, 2027 3.875 % 450,000 444,061 450,000 443,046 Lightpath Term Loan: November 30, 2027 8.697 % 583,500 572,782 588,000 575,478 Lightpath Revolving Credit Facility (e) — — — — 1,448,500 1,425,710 1,453,000 1,426,614 Collateralized indebtedness (see Note 9) (f) — — 1,759,017 1,746,281 Finance lease obligations 234,471 234,471 244,595 244,595 Notes payable and supply chain financing (d) 175,276 175,276 127,635 127,635 25,177,563 25,117,814 26,676,545 26,587,733 Less: current portion of credit facility debt (76,648) (76,648) (71,643) (71,643) Less: current portion of senior notes (750,000) (738,494) — — Less: current portion of collateralized indebtedness (f) — — (1,759,017) (1,746,281) Less: current portion of finance lease obligations (126,039) (126,039) (129,657) (129,657) Less: current portion of notes payable and supply chain financing (175,276) (175,276) (127,496) (127,496) (1,127,963) (1,116,457) (2,087,813) (2,075,077) Long-term debt $ 24,049,600 $ 24,001,357 $ 24,588,732 $ 24,512,656 (a) The carrying amount is net of the unamortized deferred financing costs and discounts/premiums and with respect to certain notes, a fair value adjustment resulting from the acquisitions of Cequel Corporation and Cablevision Systems Corporation. (b) At September 30, 2023, $133,512 of the revolving credit facility was restricted for certain letters of credit issued on behalf of the Company and $1,491,488 of the facility was undrawn and available, subject to covenant limitations. The revolving credit facility is due on the earlier of (i) July 13, 2027 and (ii) April 17, 2025 if, as of such date, any Term Loan B borrowings are still outstanding, unless the Term Loan B maturity date has been extended to a date falling after July 13, 2027. The CSC Holdings' Incremental Term Loan B-6 that is due on the earlier of (i) January 15, 2028 and (ii) April 15, 2027 if, as of such date, any Incremental Term Loan B-5 borrowings are still outstanding, unless the Incremental Term Loan B-5 maturity date has been extended to a date falling after January 15, 2028. (c) The revolving credit facility provides for commitments in an aggregate principal amount of $2,475,000 and is priced at Secured Overnight Financing Rate ("SOFR") plus 2.25%. (d) Includes $174,998 related to supply chain financing agreements that is required to be repaid within one year from the date of the respective agreement. (e) There were no borrowings outstanding under the Lightpath Revolving Credit Facility which provides for commitments in an aggregate principal amount of $100,000. (f) The indebtedness was collateralized by shares of Comcast common stock. In January 2023, the Company settled this debt by delivering shares of Comcast common stock and the related equity derivative contracts. See Note 9. (g) Pursuant to the term loan agreement, the interest rate on outstanding borrowings subsequent to the phase-out of London Interbank Offered Rate ("LIBOR") as of June 30, 2023, is Synthetic USD LIBOR, calculated as Term SOFR plus the spread adjustment for the corresponding LIBOR setting, being 0.11448% (1 month), 0.26161% (3 month) and 0.42826% (6 month), until September 30, 2024. |
Schedule of Maturities of Long-term Debt | Summary of Debt Maturities The future principal payments under the Company's various debt obligations outstanding as of September 30, 2023, including notes payable and supply chain financing, but excluding finance lease obligations, are as follows: 2023 $ 67,657 2024 953,429 2025 (a) 2,416,414 2026 567,223 2027 5,141,519 Thereafter (b) 15,796,850 |
DERIVATIVE CONTRACTS AND COLL_2
DERIVATIVE CONTRACTS AND COLLATERALIZED INDEBTEDNESS (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Location of Assets and Liabilities Associated With Derivative Instruments Within the Condensed Consolidated Balance Sheets | The following represents the location of the assets and liabilities associated with the Company's derivative instruments within the consolidated balance sheets: Derivatives Not Designated as Hedging Instruments Balance Sheet Location Fair Value at September 30, 2023 December 31, 2022 Asset Derivatives: Prepaid forward contracts (a) Derivative contracts $ — $ 263,873 Interest rate swap contracts Other assets, long-term 187,313 185,622 $ 187,313 $ 449,495 (a) In January 2023, the Company settled its outstanding collateralized indebtedness by delivering the Comcast shares it held and the related equity derivative contracts. |
Schedule of Interest Rate Derivatives | The following table presents certain consolidated statement of operations data related to our derivative contracts and the underlying Comcast common stock: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Gain (loss) on derivative contracts related to change in the value of equity derivative contracts related to Comcast common stock (a) $ — $ 323,668 $ (166,489) $ 643,856 Change in the fair value of Comcast common stock included in gain (loss) on investments (a) — (425,686) 192,010 (902,060) Gain on interest rate swap contracts, net 31,972 105,945 78,708 268,960 (a) In January 2023, the Company settled its outstanding collateralized indebtedness by delivering the Comcast shares it held and the related equity derivative contracts. |
Schedule of Interest rate swaps [Table] | Interest Rate Swap Contract In connection with the phase-out of LIBOR as of June 30, 2023, the Company entered into amendments to its existing interest rate swap contracts that transitioned the reference rates from LIBOR to SOFR. The following is a summary of the terms of the amended interest rate swap contracts: Notional Amount Prior to Amendments Subsequent to Amendments Maturity Date Company Pays Company Receives Company Pays Company Receives CSC Holdings: January 2025 (a) $ 500,000 Fixed rate of 1.53% Three-month LIBOR Fixed rate of 1.3281% One-month SOFR January 2025 (a) 500,000 Fixed rate of 1.625% Three-month LIBOR Fixed rate of 1.4223% One-month SOFR January 2025 (a) 500,000 Fixed rate of 1.458% Three-month LIBOR Fixed rate of 1.2567% One-month SOFR December 2026 (b) 750,000 Fixed rate of 2.9155% Three-month LIBOR Fixed rate of 2.7129% One-month SOFR December 2026 (b) 750,000 Fixed rate of 2.9025% Three-month LIBOR Fixed rate of 2.6999% One-month SOFR Lightpath: December 2026 (a) 300,000 Fixed rate of 2.161% One-month LIBOR Fixed rate of 2.11% One-month SOFR (a) Amended rates effective June 15, 2023. (b) Amended rates effective July 17, 2023. |
FAIR VALUE MEASUREMENT (Tables)
FAIR VALUE MEASUREMENT (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
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 September 30, 2023 December 31, 2022 Assets: Money market funds Level I $ 106,976 $ 141,137 Investment securities pledged as collateral (a) Level I — 1,502,145 Prepaid forward contracts (a) Level II — 263,873 Interest rate swap contracts Level II 187,313 185,622 Liabilities: Contingent consideration related to acquisition Level III 1,947 8,383 |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments | September 30, 2023 December 31, 2022 Fair Value Carrying Estimated Carrying Estimated Credit facility debt Level II $ 8,297,765 $ 8,367,816 $ 9,063,495 $ 9,145,298 Collateralized indebtedness (b) Level II — — 1,746,281 1,731,771 Senior guaranteed notes and senior secured notes Level II 9,078,516 7,307,125 8,081,489 6,154,075 Senior notes Level II 7,331,786 4,475,800 7,324,238 4,531,300 Notes payable and supply chain financing Level II 175,276 175,276 127,635 127,608 $ 24,883,343 $ 20,326,017 $ 26,343,138 $ 21,690,052 (a) Amounts are net of unamortized deferred financing costs and discounts/premiums. (b) In January 2023, the Company settled its outstanding collateralized indebtedness by delivering the Comcast shares it held and the related equity derivative contracts. |
SHARE-BASED COMPENSATION (Table
SHARE-BASED COMPENSATION (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
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 (benefit) recognized by the Company and unrecognized compensation cost: Share-Based Compensation Unrecognized Compensation Cost as of September 30, 2023 Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Awards issued pursuant to LTIP: Stock option awards (a) $ 1,103 $ 19,904 $ (5,564) $ 62,311 $ 8,796 Performance stock units (a) (5,232) 1,593 (13,038) 5,220 7,333 Restricted share units 10,403 15,852 23,320 46,879 62,327 Other 9,841 — 24,650 — 47,171 $ 16,115 $ 37,349 $ 29,368 $ 114,410 $ 125,627 (a) The expense (benefit) for the three and nine months ended September 30, 2023 includes credits due to the modification of awards to certain former executive officers and other forfeitures. |
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, 2022 51,075,675 $ 20.27 7.73 $ 184 Granted 640 4.69 Forfeited (3,423,188) 17.20 Exchanged and canceled (b) (24,015,508) 20.72 Balance at September 30, 2023 23,637,619 $ 19.52 6.24 $ — Options exercisable at September 30, 2023 13,971,232 $ 22.87 4.91 $ — |
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, 2022 5,179,359 Forfeited (1,316,408) Balance at September 30, 2023 3,862,951 |
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, 2022 7,495,388 Granted (including 3,430,433 in connection with Exchange Offer) (a) 16,123,126 Vested (167,656) Forfeited (2,366,720) Balance at September 30, 2023 21,084,138 (a) During 2023, the Company granted 12,692,693 RSUs to certain employees and directors pursuant to the 2017 LTIP with an aggregate fair value of $41,146 ($3.24 per share) which are being expensed over the vesting period. Most of these awards vest over three years in 33-1/3 annual increments. |
AFFILIATE AND RELATED PARTY T_2
AFFILIATE AND RELATED PARTY TRANSACTIONS (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
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 September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Revenue $ 637 $ 649 $ 1,319 $ 1,765 Operating expenses: Programming and other direct costs (3,615) (4,086) (9,337) (11,419) Other operating expenses, net (30,064) (3,111) (39,859) (9,243) Operating expenses, net (33,679) (7,197) (49,196) (20,662) Net charges $ (33,042) $ (6,548) $ (47,877) $ (18,897) Capital expenditures $ 41,576 $ 31,228 $ 104,468 $ 71,321 Aggregate amounts that were due from and due to affiliates and related parties are summarized below: September 30, 2023 December 31, 2022 Due from: Altice Europe $ 300 $ 529 Other affiliates and related parties 270 43 $ 570 $ 572 Due to: Altice Europe $ 62,054 $ 19,211 Other affiliates and related parties 14,994 1,646 $ 77,048 $ 20,857 |
DESCRIPTION OF BUSINESS AND R_2
DESCRIPTION OF BUSINESS AND RELATED MATTERS (Details) | 9 Months Ended |
Sep. 30, 2023 segment | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of segments | 1 |
Revenue Recognition and Defer_3
Revenue Recognition and Deferred Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Contract Assets and Liabilities [Line Items] | |||||
Revenues | $ 2,317,200 | $ 2,393,552 | $ 6,935,452 | $ 7,278,463 | |
Contract assets | $ 18,685 | $ 18,685 | $ 17,511 | ||
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 | 3 years | |||
Customer Contracts | Maximum | |||||
Contract Assets and Liabilities [Line Items] | |||||
Finite-lived intangible asset, useful life | 5 years | 5 years | |||
Broadband | |||||
Contract Assets and Liabilities [Line Items] | |||||
Revenues | $ 961,751 | $ 981,842 | $ 2,884,661 | 2,970,039 | |
Video | |||||
Contract Assets and Liabilities [Line Items] | |||||
Revenues | 775,818 | 816,001 | 2,321,557 | 2,499,437 | |
Telephony | |||||
Contract Assets and Liabilities [Line Items] | |||||
Revenues | 73,640 | 83,097 | 227,390 | 252,952 | |
Mobile Services [Member] | |||||
Contract Assets and Liabilities [Line Items] | |||||
Revenues | 20,320 | 15,216 | 53,993 | 47,021 | |
Total Residential Revenue [Member] | |||||
Contract Assets and Liabilities [Line Items] | |||||
Revenues | 1,831,529 | 1,896,156 | 5,487,601 | 5,769,449 | |
Business Services and Wholesale [Member] | |||||
Contract Assets and Liabilities [Line Items] | |||||
Revenues | 366,852 | 366,662 | 1,095,197 | 1,105,905 | |
News and advertising | |||||
Contract Assets and Liabilities [Line Items] | |||||
Revenues | 107,484 | 120,522 | 319,686 | 368,447 | |
Other (a) | |||||
Contract Assets and Liabilities [Line Items] | |||||
Revenues | 11,335 | 10,212 | 32,968 | 34,662 | |
Franchise [Member] | |||||
Contract Assets and Liabilities [Line Items] | |||||
Franchise fees and other taxes and fees | $ 53,989 | $ 59,371 | $ 165,691 | $ 177,032 |
Earnings Per Share (Details)
Earnings Per Share (Details) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Basic weighted average common shares (in thousands) | 454,730 | 453,239 | 454,702 | 453,233 |
Diluted weighted average common shares (in thousands) | 455,076 | 453,390 | 455,118 | 453,284 |
Anti-dilutive shares | 44,788 | 57,538 | 46,228 | 57,950 |
Share-based compensation awards whose performance metrics have not been achieved | 25,947 | 7,298 | 19,230 | 7,481 |
Restricted Stock Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 99 | 51 | ||
Deferred cash-denominated award | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 291 | 317 | 0 | |
Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 55 | 151 |
SUPPLEMENTAL CASH FLOW INFORM_3
SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Non-Cash Investing and Financing Activities: | ||
Property and equipment accrued but unpaid | $ 384,912 | $ 380,898 |
Notes payable issued for the purchase of equipment and other assets | 135,272 | 88,181 |
Right-of-use assets acquired in exchange for finance lease obligations | 102,671 | 130,861 |
Payable relating to acquisition of noncontrolling interest | 14,071 | 0 |
Other non-cash investing and financing transactions | 0 | 500 |
Supplemental Data: | ||
Cash interest paid, net of capitalized interest | 1,154,080 | 913,963 |
Income taxes paid, net | $ 200,253 | $ 203,714 |
INTANGIBLE ASSETS - Summary of
INTANGIBLE ASSETS - Summary of Acquired Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Gross Carrying Amount | $ 7,206,277 | $ 7,206,277 | $ 7,210,005 | ||
Accumulated Amortization | (5,849,212) | (5,849,212) | (5,549,674) | ||
Net Carrying Amount | 1,357,065 | 1,357,065 | 1,660,331 | ||
Amortization of intangible assets | 90,575 | $ 134,709 | 299,445 | $ 427,301 | |
Customer Relationships [Member] | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Gross Carrying Amount | 6,119,792 | 6,119,792 | 6,123,586 | ||
Accumulated Amortization | (4,780,030) | (4,780,030) | (4,484,286) | ||
Net Carrying Amount | 1,339,762 | 1,339,762 | 1,639,300 | ||
Trade names | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Gross Carrying Amount | 1,024,300 | 1,024,300 | 1,024,300 | ||
Accumulated Amortization | (1,019,464) | (1,019,464) | (1,018,212) | ||
Net Carrying Amount | 4,836 | 4,836 | 6,088 | ||
Other amortizable intangibles | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Gross Carrying Amount | 62,185 | 62,185 | 62,119 | ||
Accumulated Amortization | (49,718) | (49,718) | (47,176) | ||
Net Carrying Amount | $ 12,467 | $ 12,467 | $ 14,943 | ||
Minimum | Customer Relationships [Member] | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Finite-lived intangible asset, useful life | 3 years | 3 years | |||
Minimum | Trade names | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Finite-lived intangible asset, useful life | 4 years | 4 years | |||
Minimum | Other amortizable intangibles | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Finite-lived intangible asset, useful life | 1 year | 1 year | |||
Maximum | Customer Relationships [Member] | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Finite-lived intangible asset, useful life | 18 years | 18 years | |||
Maximum | Trade names | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Finite-lived intangible asset, useful life | 10 years | 10 years | |||
Maximum | Other amortizable intangibles | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Finite-lived intangible asset, useful life | 15 years | 15 years |
INTANGIBLE ASSETS - Narrative (
INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization of intangible assets | $ 90,575 | $ 134,709 | $ 299,445 | $ 427,301 |
INTANGIBLE ASSETS - Indefinite-
INTANGIBLE ASSETS - Indefinite-lived assets (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Cable television franchises | $ 13,216,355 | $ 13,216,355 |
Goodwill | $ 8,207,771 | $ 8,208,773 |
DEBT - Credit Silo Combination
DEBT - Credit Silo Combination (Details) - USD ($) | Sep. 30, 2023 | Apr. 25, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | |||
Principal amount | $ 25,177,563,000 | $ 26,676,545,000 | |
Face Amount of Senior Notes | 6,875,000,000 | 6,875,000,000 | |
Carrying amount of Senior Notes | 6,922,919,000 | 6,916,148,000 | |
Face Amount of Senior Guaranteed Notes | 8,660,000,000 | 7,660,000,000 | |
Carrying amount of Senior Guaranteed Notes | 8,634,455,000 | 7,638,443,000 | |
Face amount of Credit Facility Debt | 7,784,316,000 | 8,557,298,000 | |
Carrying value of Credit Facility Debt | 7,724,983,000 | 8,488,017,000 | |
Long-term debt | 25,117,814,000 | 26,587,733,000 | |
Finance Lease, Liability | 234,471,000 | 244,595,000 | |
Debt | 1,116,457,000 | 2,075,077,000 | |
Finance Lease, Liability, Current | 126,039,000 | 129,657,000 | |
Long-term debt, net of current maturities | 24,001,357,000 | 24,512,656,000 | |
Cablevision Lightpath | |||
Debt Instrument [Line Items] | |||
Carrying amount of Senior Notes and Senior Secured Notes | 1,425,710,000 | 1,426,614,000 | |
Face Amount of Senior Notes and Senior Secured Notes | 1,448,500,000 | 1,453,000,000 | |
Collateralized Debt Obligations [Member] | |||
Debt Instrument [Line Items] | |||
Principal amount | 0 | 1,759,017,000 | |
Debt Instrument, Collateral Amount | 0 | 1,746,281,000 | |
Loans Payable | |||
Debt Instrument [Line Items] | |||
Long-term debt | 175,276,000 | 127,496,000 | |
Senior Notes | |||
Debt Instrument [Line Items] | |||
Principal amount | 750,000,000 | 0 | |
Senior Notes, Current | (738,494,000) | 0 | |
Short-term Debt | |||
Debt Instrument [Line Items] | |||
Principal amount | 1,127,963,000 | 2,087,813,000 | |
Debt | 1,116,457,000 | 2,075,077,000 | |
Credit facility | |||
Debt Instrument [Line Items] | |||
Principal amount | 76,648,000 | 71,643,000 | |
Debt | 71,643,000 | ||
Incremental Term Loan B-3 | Secured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Principal amount | $ 523,061,000 | 527,014,000 | |
Stated interest rate | 7.697% | ||
Credit facility | $ 522,214,000 | 525,883,000 | |
CSC Holdings Revolving Credit Facility | Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Principal amount | $ 850,000,000 | 1,575,000,000 | |
Stated interest rate | 7.682% | ||
Credit facility | $ 846,403,000 | 1,570,730,000 | |
CSC Holdings Term Loan B | Secured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Principal amount | $ 1,524,323,000 | 1,535,842,000 | |
Stated interest rate | 7.697% | ||
Credit facility | $ 1,522,053,000 | 1,532,644,000 | |
Incremental Term Loan B-5 | Secured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Principal amount | $ 2,895,000,000 | 2,917,500,000 | |
Stated interest rate | 7.947% | ||
Credit facility | $ 2,882,811,000 | 2,902,921,000 | |
Loans Payable | |||
Debt Instrument [Line Items] | |||
Principal amount | 175,276,000 | 127,635,000 | |
Long-term debt | 175,276,000 | 127,635,000 | |
Cablevision Lightpath Term B Loan | Secured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Principal amount | $ 583,500,000 | 588,000,000 | |
Stated interest rate | 8.697% | ||
Credit facility | $ 572,782,000 | 575,478,000 | |
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 | 0 | 1,759,017,000 | |
Long-term debt | 0 | 1,746,281,000 | |
Incremental Term Loan B-6 | Secured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Principal amount | $ 1,991,932,000 | 2,001,942,000 | |
Stated interest rate | 9.832% | ||
Credit facility | $ 1,951,502,000 | 1,955,839,000 | |
Senior Notes | 5.25% Notes due June 1, 2024 | |||
Debt Instrument [Line Items] | |||
Principal amount | 750,000,000 | 750,000,000 | |
Outstanding debt | $ 738,494,000 | 726,343,000 | |
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 | $ 4,114,000 | 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 | $ 1,044,886,000 | 1,044,752,000 | |
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 | $ 2,276,832,000 | 2,279,483,000 | |
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 | $ 2,360,107,000 | 2,363,082,000 | |
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 | $ 408,867,000 | 408,090,000 | |
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 | $ 498,486,000 | 498,375,000 | |
Stated interest rate | 5% | ||
Senior Notes | CSC Holdings 11.2500% Senior Guaranteed Notes due May 15, 2028 | |||
Debt Instrument [Line Items] | |||
Principal amount | $ 1,000,000,000 | ||
Stated interest rate | 11.25% | ||
Secured Debt [Member] | 8.0% Notes due April 15, 2020 | |||
Debt Instrument [Line Items] | |||
Principal amount | $ 1,000,000,000 | 1,000,000,000 | |
Outstanding debt | $ 997,480,000 | 997,258,000 | |
Stated interest rate | 3.375% | ||
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 | $ 1,307,550,000 | 1,307,091,000 | |
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 | $ 995,718,000 | 995,078,000 | |
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 | $ 1,748,020,000 | 1,747,795,000 | |
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 | $ 1,096,391,000 | 1,096,077,000 | |
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 | $ 444,061,000 | 443,046,000 | |
Stated interest rate | 3.875% | ||
Secured Debt [Member] | 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 | $ 1,495,482,000 | 1,495,144,000 | |
Stated interest rate | 4.50% | ||
Secured Debt [Member] | CSC Holdings 11.2500% Senior Guaranteed Notes due May 15, 2028 | |||
Debt Instrument [Line Items] | |||
Principal amount | $ 1,000,000,000 | 0 | |
Outstanding debt | $ 993,814,000 | 0 | |
Stated interest rate | 11.25% | ||
Long-term Debt | |||
Debt Instrument [Line Items] | |||
Principal amount | $ 24,049,600,000 | 24,588,732,000 | |
Long-term debt, net of current maturities | $ 24,001,357,000 | $ 24,512,656,000 |
DEBT - Credit Facilities Outsta
DEBT - Credit Facilities Outstanding (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Dec. 31, 2022 | |
Debt Instrument [Line Items] | ||
Supply chain financing to be paid within one year | $ 174,998 | $ 123,880 |
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 | $ 133,512 | |
Line of credit facility, remaining borrowing capacity | 1,491,488 | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 2,475,000 | |
CSC Holdings Revolving Credit Facility | Secured Debt [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 2.25% | |
Cablevision Lightpath Term B Loan | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 100,000 | |
Cablevision Lightpath Term B Loan | Secured Debt [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 3.25% |
DEBT - Senior Guaranteed Notes,
DEBT - Senior Guaranteed Notes, Senior Secured Notes, and Senior Notes and Debentures (Details) - USD ($) | 9 Months Ended | ||
Sep. 30, 2023 | Apr. 25, 2023 | Dec. 31, 2022 | |
Debt Instrument [Line Items] | |||
Principal amount | $ 25,177,563,000 | $ 26,676,545,000 | |
Supply chain financing arrangement credit limit | 175,000,000 | ||
Supply chain financing to be paid within one year | $ 174,998,000 | 123,880,000 | |
Secured Debt [Member] | Synthetic LIBOR Rate (one month) | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 0.11448% | ||
Secured Debt [Member] | Synthetic LIBOR Rate (three months) | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 0.26161% | ||
Secured Debt [Member] | Synthetic LIBOR Rate (six months) | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 0.42826% | ||
Cablevision Lightpath Term B Loan | Secured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Principal amount | $ 583,500,000 | $ 588,000,000 | |
Cablevision Lightpath Term B Loan | Secured Debt [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 3.25% | ||
Cablevision Lightpath Term B Loan | Secured Debt [Member] | Alternate base Rate | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 2.25% | ||
Senior Notes | CSC Holdings 11.2500% Senior Guaranteed Notes due May 15, 2028 | |||
Debt Instrument [Line Items] | |||
Principal amount | $ 1,000,000,000 | ||
Stated interest rate | 11.25% |
DEBT - Summary of Debt Maturiti
DEBT - Summary of Debt Maturities (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
2023 | $ 67,657 | |
2024 | 953,429 | |
2025 (a) | 2,416,414 | |
2026 | 567,223 | |
2027 | 5,141,519 | |
Thereafter (b) | 15,796,850 | |
Principal Amount | 25,177,563 | $ 26,676,545 |
Revolving Credit Facility | CSC Holdings Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Principal Amount | 850,000 | 1,575,000 |
Secured Debt [Member] | Incremental Term Loan B-6 | ||
Debt Instrument [Line Items] | ||
Principal Amount | $ 1,991,932 | $ 2,001,942 |
DERIVATIVE CONTRACTS AND COLL_3
DERIVATIVE CONTRACTS AND COLLATERALIZED INDEBTEDNESS - Location of Assets and Liabilities Within the Consolidated Balance Sheets (Details) - Not Designated as Hedging Instruments - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Derivatives, Fair Value [Line Items] | |||
Derivative Asset, Fair Value, Gross Asset | $ 187,313 | $ 449,495 | |
Interest Rate Swap | Long-term derivative contracts | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset, Fair Value, Gross Asset | 187,313 | $ 185,622 | |
Prepaid forward contracts (a) | Current derivative contracts | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset, Fair Value, Gross Asset | $ 0 | $ 263,873 |
DERIVATIVE CONTRACTS AND COLL_4
DERIVATIVE CONTRACTS AND COLLATERALIZED INDEBTEDNESS - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Derivative [Line Items] | ||||
Gain (loss) on derivative contracts, net | $ 0 | $ 323,668 | $ (166,489) | $ 643,856 |
Change in the fair value of Comcast common stock included in gain (loss) on investments (a) | 0 | (425,686) | 192,010 | (902,060) |
Gain on interest rate swap contracts, net | 31,972 | 105,945 | 78,708 | 268,960 |
Investment Income, Dividend | 11,598 | |||
Cash received from settlement of collateralized indebtedness | 50,500 | 50,500 | ||
Comcast stock | ||||
Derivative [Line Items] | ||||
Change in the fair value of Comcast common stock included in gain (loss) on investments (a) | 0 | (425,686) | 192,010 | (902,060) |
Notes related to derivative contracts | ||||
Derivative [Line Items] | ||||
Gain (loss) on derivative contracts, net | $ 0 | $ 323,668 | $ (166,489) | $ 643,856 |
DERIVATIVE CONTRACTS AND COLL_5
DERIVATIVE CONTRACTS AND COLLATERALIZED INDEBTEDNESS - Schedule of Interest Rate Derivatives (Details) - Interest Rate Swap $ in Thousands | Sep. 30, 2023 USD ($) |
Derivative Instrument Maturity Date 2025, Fixed 1.53% | |
Derivative [Line Items] | |
Derivative, Notional Amount | $ 500,000 |
Company Pays | 1.53% |
Derivative Instrument Maturity Date 2025, Fixed 1.625 | |
Derivative [Line Items] | |
Derivative, Notional Amount | $ 500,000 |
Company Pays | 1.625% |
Derivative Instrument Maturity Date 2025, Fixed 1.458% | |
Derivative [Line Items] | |
Derivative, Notional Amount | $ 500,000 |
Company Pays | 1.458% |
Derivative Instrument Maturity Date 2026, Fixed 2.9155% | |
Derivative [Line Items] | |
Derivative, Notional Amount | $ 750,000 |
Company Pays | 2.9155% |
Derivative Instrument Maturity Date 2026, Fixed 2.9025% | |
Derivative [Line Items] | |
Derivative, Notional Amount | $ 750,000 |
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 |
Derivative Instrument Maturity Date 2026, Fixed 3.523% | Cablevision Lightpath | |
Derivative [Line Items] | |
Derivative, Notional Amount | $ 180,000 |
Company Pays | 3.523% |
Derivative Instrument Maturity Date 2025, Fixed 1.3281% Amended | |
Derivative [Line Items] | |
Company Pays | 1.3281% |
Derivative Instrument Maturity Date 2025, Fixed 1.4223% Amended | |
Derivative [Line Items] | |
Company Pays | 1.4223% |
Derivative Instrument Maturity Date 2025, Fixed 1.2567% Amended | |
Derivative [Line Items] | |
Company Pays | 1.2567% |
Derivative Instrument Maturity Date 2025, Fixed 2.7129% Amended | |
Derivative [Line Items] | |
Company Pays | 2.7129% |
Derivative Instrument Maturity Date 2025, Fixed 2.6999% Amended | |
Derivative [Line Items] | |
Company Pays | 2.6999% |
Derivative Instrument Maturing 2026, Fixed 2.111% | Cablevision Lightpath | |
Derivative [Line Items] | |
Company Pays | 2.11% |
DERIVATIVE CONTRACTS AND COLL_6
DERIVATIVE CONTRACTS AND COLLATERALIZED INDEBTEDNESS - Settlements of Collateralized Indebtedness (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Derivative [Line Items] | ||
Proceeds from Issuance of Secured Debt | $ 38,902 | $ 0 |
FAIR VALUE MEASUREMENT - Assets
FAIR VALUE MEASUREMENT - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Liabilities: | ||
Business Combination, Contingent Consideration, Liability | $ 1,947 | $ 8,383 |
Carrying Amount | ||
Liabilities: | ||
Debt, fair value | 24,883,343 | 26,343,138 |
Estimated Fair Value | ||
Liabilities: | ||
Debt, fair value | 20,326,017 | 21,690,052 |
Fair Value, Inputs, Level 2 [Member] | Carrying Amount | Credit facility debt | CSC Holdings | ||
Liabilities: | ||
Debt, fair value | 8,297,765 | 9,063,495 |
Fair Value, Inputs, Level 2 [Member] | Carrying Amount | Secured Debt [Member] | CSC Holdings | ||
Liabilities: | ||
Debt, fair value | 0 | 1,746,281 |
Fair Value, Inputs, Level 2 [Member] | Carrying Amount | Senior guaranteed notes and senior secured notes | CSC Holdings | ||
Liabilities: | ||
Debt, fair value | 9,078,516 | 8,081,489 |
Fair Value, Inputs, Level 2 [Member] | Carrying Amount | Senior notes | CSC Holdings | ||
Liabilities: | ||
Debt, fair value | 7,331,786 | 7,324,238 |
Fair Value, Inputs, Level 2 [Member] | Carrying Amount | Notes payable and supply chain financing | CSC Holdings | ||
Liabilities: | ||
Debt, fair value | 175,276 | 127,635 |
Fair Value, Inputs, Level 2 [Member] | Estimated Fair Value | Credit facility debt | CSC Holdings | ||
Liabilities: | ||
Debt, fair value | 8,367,816 | 9,145,298 |
Fair Value, Inputs, Level 2 [Member] | Estimated Fair Value | Secured Debt [Member] | CSC Holdings | ||
Liabilities: | ||
Debt, fair value | 0 | 1,731,771 |
Fair Value, Inputs, Level 2 [Member] | Estimated Fair Value | Senior guaranteed notes and senior secured notes | CSC Holdings | ||
Liabilities: | ||
Debt, fair value | 7,307,125 | 6,154,075 |
Fair Value, Inputs, Level 2 [Member] | Estimated Fair Value | Senior notes | CSC Holdings | ||
Liabilities: | ||
Debt, fair value | 4,475,800 | 4,531,300 |
Fair Value, Inputs, Level 2 [Member] | Estimated Fair Value | Notes payable and supply chain financing | CSC Holdings | ||
Liabilities: | ||
Debt, fair value | 175,276 | 127,608 |
Fair Value Measured on a Recurring Basis | Fair Value, Inputs, Level 1 [Member] | ||
Assets: | ||
Investment securities | 1,502,145 | |
Prepaid forward contracts (a) | Fair Value Measured on a Recurring Basis | Fair Value, Inputs, Level 2 [Member] | ||
Assets: | ||
Derivative asset | 0 | 263,873 |
Interest rate swap contracts | Fair Value Measured on a Recurring Basis | Fair Value, Inputs, Level 2 [Member] | ||
Assets: | ||
Derivative asset | 187,313 | 185,622 |
Money market funds | Fair Value Measured on a Recurring Basis | Fair Value, Inputs, Level 1 [Member] | ||
Assets: | ||
Money market funds | $ 106,976 | $ 141,137 |
INCOME TAXES - Income Tax Expen
INCOME TAXES - Income Tax Expense (Benefit) Continuing Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Income Tax Expense (Benefit) | $ 27,336 | $ 35,827 | $ 106,433 | $ 152,563 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 102,851 | 133,448 | 299,262 | 565,865 |
CSC Holdings | ||||
Income Tax Expense (Benefit) | 27,336 | 35,827 | 106,433 | 152,563 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | $ 102,851 | $ 133,448 | $ 299,262 | $ 565,865 |
SHARE-BASED COMPENSATION - Stoc
SHARE-BASED COMPENSATION - Stock Option Activity (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share based compensation expense | $ 16,115,000 | $ 37,349,000 | $ 29,368,000 | $ 114,410,000 | |
Share based compensation - Unrecognized deferred compensation cost | $ 125,627,000 | $ 125,627,000 | |||
2017 LTIP | |||||
Weighted Average Exercise Price Per Share | |||||
Beginning balance (in dollars per share) | $ 20.27 | ||||
Granted (in dollars per share) | 4.69 | ||||
Forfeited (in dollars per share) | 17.20 | ||||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Tendered and Canceled in Period, Weighted Average Exercise Price | 20.72 | ||||
Ending balance (in dollars per share) | $ 19.52 | 19.52 | $ 20.27 | ||
Options exercisable (in dollars per share) | $ 22.87 | $ 22.87 | |||
Options outstanding, Weighted Average Remaining Contractual Term (in years) | 6 years 2 months 26 days | 7 years 8 months 23 days | |||
Options exercisable, Weighted Average Remaining Contractual Term (in years) | 4 years 10 months 28 days | ||||
Options outstanding, Aggregate Intrinsic Value | $ 0 | $ 0 | $ 184,000 | ||
Options exercisable, Aggregate Intrinsic Value | 0 | 0 | |||
2017 LTIP | Share-based Payment Arrangement, Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share based compensation expense | 1,103,000 | 19,904,000 | (5,564,000) | 62,311,000 | |
Share based compensation - Unrecognized deferred compensation cost | $ 8,796,000 | $ 8,796,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||||
Beginning balance (in shares) | 51,075,675 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | 640 | ||||
Forfeited (in shares) | (3,423,188) | ||||
share-based compensation arrangement, number of shares tendered and canceled | 24,015,508 | ||||
Ending balance (in shares) | 23,637,619 | 23,637,619 | 51,075,675 | ||
Options exercisable (in shares) | 13,971,232 | 13,971,232 | |||
Weighted Average Exercise Price Per Share | |||||
Expected time (in years) unrecogized compensation costs relating to share based awards will be recognized | 2 years 8 months 15 days | ||||
2017 LTIP | Performance Shares | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share based compensation expense | $ (5,232,000) | 1,593,000 | $ (13,038,000) | $ 5,220,000 | |
Share based compensation - Unrecognized deferred compensation cost | 7,333,000 | $ 7,333,000 | |||
2017 LTIP | Restricted Stock Units | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | 12,692,693 | 16,123,126 | |||
Forfeited (in shares) | (2,366,720) | ||||
2019 LTIP | Restricted Stock Units | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share based compensation expense | 10,403,000 | 15,852,000 | $ 23,320,000 | $ 46,879,000 | |
Share based compensation - Unrecognized deferred compensation cost | 62,327,000 | 62,327,000 | |||
2019 LTIP | Other awards | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share based compensation expense | 9,841,000 | $ 0 | 24,650,000 | $ 0 | |
Share based compensation - Unrecognized deferred compensation cost | $ 47,171,000 | $ 47,171,000 |
SHARE-BASED COMPENSATION - Perf
SHARE-BASED COMPENSATION - Performance and Restricted Unit Award (Details) - USD ($) | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Jan. 31, 2023 | Dec. 31, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Amount of deferred cash-dominated award in connection with Exchange Offer | $ 10 | |||
Number of options exchanged in connection with Exchange Offer | 24,015,508 | |||
Number of restricted stock units created in connection with Exchange Offer | 3,430,433 | |||
Amount of unamortized compensation cost related to the canceled options recognized | $ 33,475,000 | |||
Incremental compensation cost associated with the replacement awards | 34,000,000 | |||
Amount of deferred cash denominated awards outstanding | 28,995,000 | |||
Amount of deferred cash denominated awards issued in connection with Exchange Offer | 34,309,000 | |||
Amount of Deferred Cash Performance Awards Outstanding | $ 40,403,000 | |||
Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Payout amount based on meeting target values for deferred cash performance awards | 200% | |||
2017 LTIP | Restricted Stock Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Non-option equity instruments, outstanding (shares) | 21,084,138 | 7,495,388 | ||
Vested (in shares) | (167,656) | |||
Forfeited (in shares) | (2,366,720) | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 3.24 | |||
Number of restricted stock units created in connection with Exchange Offer | 3,430,433 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | 12,692,693 | 16,123,126 | ||
Stock Issued During Period, Value, Restricted Stock Award, Gross | $ 41,146,000 | |||
2017 LTIP | Stock options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Forfeited (in shares) | (3,423,188) | |||
Expected time (in years) unrecogized compensation costs relating to share based awards will be recognized | 2 years 8 months 15 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | 640 | |||
2017 LTIP | Stock options | Tranche One | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting percentage | 33% | |||
2017 LTIP | Performance Shares | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Non-option equity instruments, outstanding (shares) | 3,862,951 | 5,179,359 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (1,316,408) | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 5.65 | |||
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 | 2 years 3 months 18 days |
SHARE-BASED COMPENSATION - Ligh
SHARE-BASED COMPENSATION - Lightpath Plan Activity (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2023 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 | $ | $ 31,895 |
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 | 493,890 |
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 | 278,897 |
AFFILIATE AND RELATED PARTY T_3
AFFILIATE AND RELATED PARTY TRANSACTIONS - Revenue and Related Charges (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Operating expenses: | ||||
Revenues | $ 2,317,200 | $ 2,393,552 | $ 6,935,452 | $ 7,278,463 |
Programming and other direct costs (including charges from affiliates of $3,615, $4,086, $9,337, and $11,419, respectively) (See Note 13) | 750,538 | 782,121 | 2,284,537 | 2,429,925 |
Other Cost and Expense, Operating | (667,278) | (694,390) | (1,974,651) | (2,009,760) |
Related Party | ||||
Operating expenses: | ||||
Revenues | 637 | 649 | 1,319 | 1,765 |
Programming and other direct costs (including charges from affiliates of $3,615, $4,086, $9,337, and $11,419, respectively) (See Note 13) | 3,615 | 4,086 | 9,337 | 11,419 |
Other Cost and Expense, Operating | (30,064) | (3,111) | (39,859) | (9,243) |
Related Party Transaction, Cost and Expenses | (33,679) | (7,197) | (49,196) | (20,662) |
Operating Costs and Expenses | (33,042) | (6,548) | (47,877) | (18,897) |
Capital Expenditures | $ 41,576 | $ 31,228 | $ 104,468 | $ 71,321 |
AFFILIATE AND RELATED PARTY T_4
AFFILIATE AND RELATED PARTY TRANSACTIONS - Amounts Due From and Due to Related Parties (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2023 | Dec. 31, 2022 | |
CSC Holdings | |||
Related Party Transaction [Line Items] | |||
Dividends, Cash | $ (31) | $ (197) | |
Related Party | |||
Related Party Transaction [Line Items] | |||
Prepaid Expense and Other Assets, Current | 570 | 570 | $ 572 |
Other current liabilities ($77,048 and $20,857 due to affiliates, respectively) | 77,048 | 77,048 | 20,857 |
Related Party | CSC Holdings | |||
Related Party Transaction [Line Items] | |||
Prepaid Expense and Other Assets, Current | 570 | 570 | 572 |
Other current liabilities ($77,048 and $20,857 due to affiliates, respectively) | 77,048 | 77,048 | 20,857 |
Related Party | Altice Management Americas | |||
Related Party Transaction [Line Items] | |||
Prepaid Expense and Other Assets, Current | 300 | 300 | 529 |
Related Party | Other Related Party | |||
Related Party Transaction [Line Items] | |||
Prepaid Expense and Other Assets, Current | 270 | 270 | 43 |
Other current liabilities ($77,048 and $20,857 due to affiliates, respectively) | 14,994 | 14,994 | 1,646 |
Related Party | Altice Management International | |||
Related Party Transaction [Line Items] | |||
Other current liabilities ($77,048 and $20,857 due to affiliates, respectively) | $ 62,054 | $ 62,054 | $ 19,211 |
Uncategorized Items - atus-2023
Label | Element | Value |
CSC Holdings [Member] | ||
Payments for (Proceeds from) Other Investing Activities | us-gaap_PaymentsForProceedsFromOtherInvestingActivities | $ 2,985,000 |