Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Jun. 30, 2014 | Feb. 19, 2015 | |
Entity Information [Line Items] | |||
Entity Registrant Name | CABLEVISION SYSTEMS CORP /NY | ||
Entity Central Index Key | 1053112 | ||
Current Fiscal Year End Date | -19 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | FALSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $3,648,276,512 | ||
CNYG Class A Common Stock | |||
Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 220,077,601 | ||
CNYG Class B Common Stock | |||
Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 54,137,673 | ||
CSC Holdings, LLC | |||
Entity Information [Line Items] | |||
Entity Registrant Name | CSC HOLDINGS LLC | ||
Current Fiscal Year End Date | -19 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 17,631,479 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Current Assets: | ||
Cash and cash equivalents | $850,413,000 | $702,224,000 |
Accounts receivable, trade (less allowance for doubtful accounts of $12,112 and $14,614) | 277,526,000 | 283,079,000 |
Prepaid expenses and other current assets | 140,094,000 | 158,433,000 |
Amounts due from affiliates | 1,732,000 | 1,520,000 |
Deferred tax asset | 37,943,000 | 159,824,000 |
Investment securities pledged as collateral | 622,958,000 | 419,354,000 |
Total current assets | 1,930,666,000 | 1,724,434,000 |
Property, plant and equipment, net of accumulated depreciation of $9,454,315 and $9,264,848 | 3,025,747,000 | 2,978,353,000 |
Other receivables | 854,000 | 1,683,000 |
Investment securities pledged as collateral | 622,958,000 | 696,730,000 |
Derivative contracts | 7,317,000 | 3,385,000 |
Other assets | 43,651,000 | 29,184,000 |
Amortizable intangible assets, net of accumulated amortization of $60,018 and $78,047 | 36,781,000 | 49,952,000 |
Indefinite-lived cable television franchises | 731,848,000 | 731,848,000 |
Trademarks and other indefinite-lived intangible assets | 7,250,000 | 7,450,000 |
Goodwill | 264,690,000 | 264,690,000 |
Deferred financing costs, net of accumulated amortization of $58,651 and $42,602 | 93,409,000 | 103,367,000 |
Total assets | 6,765,171,000 | 6,591,076,000 |
Current Liabilities: | ||
Accounts payable | 431,761,000 | 422,929,000 |
Accrued liabilities: | ||
Interest | 117,354,000 | 114,569,000 |
Employee related costs | 306,270,000 | 211,682,000 |
Other accrued expenses | 160,822,000 | 174,674,000 |
Amounts due to affiliates | 29,651,000 | 30,941,000 |
Deferred revenue | 52,932,000 | 47,229,000 |
Liabilities under derivative contracts | 93,010,000 | 99,577,000 |
Credit facility debt | 61,849,000 | 47,463,000 |
Collateralized indebtedness | 466,335,000 | 248,388,000 |
Capital lease obligations | 17,216,000 | 12,025,000 |
Notes payable | 12,968,000 | 3,744,000 |
Senior notes | 0 | 27,831,000 |
Total current liabilities | 1,750,168,000 | 1,441,052,000 |
Defined benefit plan obligations | 120,644,000 | 162,812,000 |
Deferred revenue | 4,701,000 | 5,235,000 |
Liabilities under derivative contracts | 9,207,000 | 47,370,000 |
Other liabilities | 166,723,000 | 219,018,000 |
Deferred tax liability | 611,088,000 | 570,056,000 |
Credit facility debt | 2,718,800,000 | 3,718,682,000 |
Collateralized indebtedness | 519,848,000 | 569,562,000 |
Capital lease obligations | 29,196,000 | 19,265,000 |
Notes payable | 10,943,000 | 1,590,000 |
Senior notes and debentures | 5,855,867,000 | 5,110,684,000 |
Total liabilities | 11,797,185,000 | 11,865,326,000 |
Commitments and contingencies | ||
Redeemable noncontrolling interest | 8,676,000 | 9,294,000 |
Stockholders' Deficiency: | ||
Preferred Stock, $.01 par value, 50,000,000 shares authorized, none issued | 0 | 0 |
Paid-in capital | 823,103,000 | 885,601,000 |
Accumulated deficit | -4,234,860,000 | -4,546,299,000 |
Total stockholders'/member's deficiency before treasury stock, accumulated other comprehensive loss and noncontrolling interest | -3,408,213,000 | -3,657,232,000 |
Treasury stock, at cost (80,122,914 and 78,890,427 CNYG Class A common shares) | -1,591,021,000 | -1,584,404,000 |
Accumulated other comprehensive loss | -42,235,000 | -42,694,000 |
Total stockholders' deficiency | -5,041,469,000 | -5,284,330,000 |
Noncontrolling interests | 779,000 | 786,000 |
Total deficiency | -5,040,690,000 | -5,283,544,000 |
Total liabilities and stockholders'/member's deficiency | 6,765,171,000 | 6,591,076,000 |
CNYG Class A Common Stock | ||
Stockholders' Deficiency: | ||
Common stock | 3,003,000 | 2,925,000 |
CNYG Class B Common Stock | ||
Stockholders' Deficiency: | ||
Common stock | 541,000 | 541,000 |
RMG Class A Common Stock | ||
Stockholders' Deficiency: | ||
Common stock | 0 | 0 |
RMG Class B Common Stock | ||
Stockholders' Deficiency: | ||
Common stock | 0 | 0 |
CSC Holdings, LLC | ||
Current Assets: | ||
Cash and cash equivalents | 813,396,000 | 651,058,000 |
Accounts receivable, trade (less allowance for doubtful accounts of $12,112 and $14,614) | 277,526,000 | 283,079,000 |
Prepaid expenses and other current assets | 131,891,000 | 154,876,000 |
Amounts due from affiliates | 1,694,000 | 115,538,000 |
Investment securities pledged as collateral | 622,958,000 | 419,354,000 |
Total current assets | 1,847,465,000 | 1,623,905,000 |
Property, plant and equipment, net of accumulated depreciation of $9,454,315 and $9,264,848 | 3,025,747,000 | 2,978,353,000 |
Other receivables | 854,000 | 1,683,000 |
Investment securities pledged as collateral | 622,958,000 | 696,730,000 |
Derivative contracts | 7,317,000 | 3,385,000 |
Other assets | 43,651,000 | 29,184,000 |
Amortizable intangible assets, net of accumulated amortization of $60,018 and $78,047 | 36,781,000 | 49,952,000 |
Indefinite-lived cable television franchises | 731,848,000 | 731,848,000 |
Trademarks and other indefinite-lived intangible assets | 7,250,000 | 7,450,000 |
Goodwill | 264,690,000 | 264,690,000 |
Deferred financing costs, net of accumulated amortization of $58,651 and $42,602 | 59,470,000 | 61,367,000 |
Total assets | 6,648,031,000 | 6,448,547,000 |
Current Liabilities: | ||
Accounts payable | 431,761,000 | 422,929,000 |
Accrued liabilities: | ||
Interest | 62,555,000 | 59,130,000 |
Employee related costs | 302,397,000 | 210,233,000 |
Other accrued expenses | 160,822,000 | 174,187,000 |
Amounts due to affiliates | 135,636,000 | 30,887,000 |
Deferred tax liability | 105,285,000 | 60,582,000 |
Deferred revenue | 52,932,000 | 47,229,000 |
Liabilities under derivative contracts | 93,010,000 | 99,577,000 |
Credit facility debt | 61,849,000 | 47,463,000 |
Collateralized indebtedness | 466,335,000 | 248,388,000 |
Capital lease obligations | 17,216,000 | 12,025,000 |
Notes payable | 12,968,000 | 3,744,000 |
Total current liabilities | 1,902,766,000 | 1,416,374,000 |
Defined benefit plan obligations | 120,644,000 | 162,812,000 |
Deferred revenue | 4,701,000 | 5,235,000 |
Liabilities under derivative contracts | 9,207,000 | 47,370,000 |
Other liabilities | 162,276,000 | 214,409,000 |
Deferred tax liability | 626,367,000 | 617,837,000 |
Credit facility debt | 2,718,800,000 | 3,718,682,000 |
Collateralized indebtedness | 519,848,000 | 569,562,000 |
Capital lease obligations | 29,196,000 | 19,265,000 |
Notes payable | 10,943,000 | 1,590,000 |
Senior notes and debentures | 3,062,126,000 | 2,309,403,000 |
Total liabilities | 9,166,874,000 | 9,082,539,000 |
Commitments and contingencies | ||
Redeemable noncontrolling interest | 8,676,000 | 9,294,000 |
Stockholders' Deficiency: | ||
Accumulated deficit | -2,024,065,000 | -2,486,073,000 |
Senior notes due from Cablevision | -611,455,000 | -611,455,000 |
Other member's equity (17,631,479 membership units issued and outstanding) | 149,457,000 | 496,150,000 |
Total stockholders'/member's deficiency before treasury stock, accumulated other comprehensive loss and noncontrolling interest | -2,486,063,000 | -2,601,378,000 |
Accumulated other comprehensive loss | -42,235,000 | -42,694,000 |
Total stockholders' deficiency | -2,528,298,000 | -2,644,072,000 |
Noncontrolling interests | 779,000 | 786,000 |
Total deficiency | -2,527,519,000 | -2,643,286,000 |
Total liabilities and stockholders'/member's deficiency | $6,648,031,000 | $6,448,547,000 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Current Assets: | ||
Accounts receivable, trade allowance for doubtful accounts | $12,112 | $14,614 |
Property, plant, and equipment, accumulated depreciation | 9,454,315 | 9,264,848 |
Amortizable intangible assets, accumulated amortization | 60,018 | 78,047 |
Deferred financing costs, accumulated amortization | 58,651 | 42,602 |
Stockholders' Deficiency: | ||
Preferred stock, par value (in dollars per share) | $0.01 | $0.01 |
Preferred stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
CSC Holdings, LLC | ||
Current Assets: | ||
Accounts receivable, trade allowance for doubtful accounts | 12,112 | 14,614 |
Property, plant, and equipment, accumulated depreciation | 9,454,315 | 9,264,848 |
Amortizable intangible assets, accumulated amortization | 60,018 | 78,047 |
Deferred financing costs, accumulated amortization | $32,983 | $23,376 |
Stockholders' Deficiency: | ||
Other member's equity, membership units issued (in shares) | 17,631,479 | 17,631,479 |
Other member's equity, membership units outstanding (in shares) | 17,631,479 | 17,631,479 |
CNYG Class A Common Stock | ||
Stockholders' Deficiency: | ||
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized (in shares) | 800,000,000 | 800,000,000 |
Common stock, shares issued (in shares) | 300,342,849 | 292,489,017 |
Common stock, shares outstanding (in shares) | 220,219,935 | 213,598,590 |
Treasury stock (in shares) | 80,122,914 | 78,890,427 |
CNYG Class B Common Stock | ||
Stockholders' Deficiency: | ||
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized (in shares) | 320,000,000 | 320,000,000 |
Common stock, shares issued (in shares) | 54,137,673 | 54,137,673 |
Common stock, shares outstanding (in shares) | 54,137,673 | 54,137,673 |
RMG Class A Common Stock | ||
Stockholders' Deficiency: | ||
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized (in shares) | 600,000,000 | 600,000,000 |
Common stock, shares issued (in shares) | 0 | 0 |
RMG Class B Common Stock | ||
Stockholders' Deficiency: | ||
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized (in shares) | 160,000,000 | 160,000,000 |
Common stock, shares issued (in shares) | 0 | 0 |
CONSOLIDATED_STATEMENTS_OF_INC
CONSOLIDATED STATEMENTS OF INCOME (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenues, net (including revenues, net from affiliates) | $6,460,946 | $6,232,152 | $6,131,675 |
Operating expenses: | |||
Technical and operating (excluding depreciation, amortization and impairments shown below and including charges from affiliates) | 3,136,808 | 3,079,226 | 3,001,577 |
Selling, general and administrative (net of charges from (to) affiliates) | 1,533,898 | 1,521,005 | 1,454,045 |
Restructuring expense (credits) | 2,480 | 23,550 | -770 |
Depreciation and amortization (including impairments) | 866,502 | 909,147 | 907,775 |
Total operating expenses | 5,539,688 | 5,532,928 | 5,362,627 |
Operating income | 921,258 | 699,224 | 769,048 |
Other income (expense): | |||
Interest expense | -576,000 | -601,102 | -661,052 |
Interest income | 420 | 465 | 978 |
Gain on sale of affiliate interests | 0 | 0 | 716 |
Gain on investments, net | 129,659 | 313,167 | 294,235 |
Loss on equity derivative contracts, net | -45,055 | -198,688 | -211,335 |
Loss on interest rate swap contracts, net | 0 | 0 | -1,828 |
Loss on extinguishment of debt and write-off of deferred financing costs | -10,120 | -22,542 | -66,213 |
Miscellaneous, net | 4,988 | 2,436 | 1,770 |
Total other income (expense) | -496,108 | -506,264 | -642,729 |
Income from continuing operations before income taxes | 425,150 | 192,960 | 126,319 |
Income tax expense | -115,768 | -65,635 | -51,994 |
Income from continuing operations, net of income taxes | 309,382 | 127,325 | 74,325 |
Income from discontinued operations, net of income taxes | 2,822 | 338,316 | 159,288 |
Net income | 312,204 | 465,641 | 233,613 |
Net loss (income) attributable to noncontrolling interests | -765 | 20 | -90 |
Net income attributable to Cablevision Systems Corporation stockholders/CSC Holdings, LLC's sole member | 311,439 | 465,661 | 233,523 |
Basic income per share attributable to Cablevision Systems Corporation stockholders: | |||
Income from continuing operations (in dollars per share) | $1.17 | $0.49 | $0.28 |
Income from discontinued operations (in dollars per share) | $0.01 | $1.30 | $0.61 |
Net income (in dollars per share) | $1.18 | $1.79 | $0.89 |
Basic weighted average common shares (in thousands) | 264,623 | 260,763 | 262,258 |
Diluted income per share attributable to Cablevision Systems Corporation stockholders: | |||
Income from continuing operations (in dollars per share) | $1.14 | $0.48 | $0.28 |
Income from discontinued operations (in dollars per share) | $0.01 | $1.27 | $0.60 |
Net income (in dollars per share) | $1.15 | $1.75 | $0.87 |
Diluted weighted average common shares (in thousands) | 270,703 | 265,935 | 267,330 |
Amounts attributable to Cablevision Systems Corporation stockholders/CSC Holdings, LLC sole member: | |||
Income from continuing operations, net of income taxes | 308,617 | 127,345 | 74,235 |
Income from discontinued operations, net of income taxes | 2,822 | 338,316 | 159,288 |
Net income attributable to Cablevision Systems Corporation stockholders/CSC Holdings, LLC's sole member | 311,439 | 465,661 | 233,523 |
Cash dividends declared and paid per share of common stock (in dollars per share) | $0.60 | $0.60 | $0.60 |
CSC Holdings, LLC | |||
Revenues, net (including revenues, net from affiliates) | 6,460,946 | 6,232,152 | 6,131,675 |
Operating expenses: | |||
Technical and operating (excluding depreciation, amortization and impairments shown below and including charges from affiliates) | 3,136,808 | 3,079,226 | 3,001,577 |
Selling, general and administrative (net of charges from (to) affiliates) | 1,533,898 | 1,521,005 | 1,454,045 |
Restructuring expense (credits) | 2,480 | 23,550 | -770 |
Depreciation and amortization (including impairments) | 866,502 | 909,147 | 907,775 |
Total operating expenses | 5,539,688 | 5,532,928 | 5,362,627 |
Operating income | 921,258 | 699,224 | 769,048 |
Other income (expense): | |||
Interest expense | -353,288 | -374,430 | -466,776 |
Interest income | 48,457 | 58,858 | 59,993 |
Gain on sale of affiliate interests | 0 | 0 | 716 |
Gain on investments, net | 129,659 | 313,167 | 294,235 |
Loss on equity derivative contracts, net | -45,055 | -198,688 | -211,335 |
Loss on interest rate swap contracts, net | 0 | 0 | -1,828 |
Loss on extinguishment of debt and write-off of deferred financing costs | -9,618 | -23,144 | -66,213 |
Miscellaneous, net | 4,988 | 2,436 | 1,770 |
Total other income (expense) | -224,857 | -221,801 | -389,438 |
Income from continuing operations before income taxes | 696,401 | 477,423 | 379,610 |
Income tax expense | -236,450 | -188,079 | -152,547 |
Income from continuing operations, net of income taxes | 459,951 | 289,344 | 227,063 |
Income from discontinued operations, net of income taxes | 2,822 | 330,711 | 159,288 |
Net income | 462,773 | 620,055 | 386,351 |
Net loss (income) attributable to noncontrolling interests | -765 | 20 | -90 |
Net income attributable to Cablevision Systems Corporation stockholders/CSC Holdings, LLC's sole member | 462,008 | 620,075 | 386,261 |
Amounts attributable to Cablevision Systems Corporation stockholders/CSC Holdings, LLC sole member: | |||
Income from continuing operations, net of income taxes | 459,186 | 289,364 | 226,973 |
Income from discontinued operations, net of income taxes | 2,822 | 330,711 | 159,288 |
Net income attributable to Cablevision Systems Corporation stockholders/CSC Holdings, LLC's sole member | $462,008 | $620,075 | $386,261 |
CONSOLIDATED_STATEMENTS_OF_INC1
CONSOLIDATED STATEMENTS OF INCOME (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenues, net from affiliates | $5,075 | $5,586 | $5,784 |
Operating expenses: | |||
Technical and operating charges from affiliates | 179,144 | 178,991 | 181,373 |
Selling, general and administrative charges from (to) affiliates | 3,878 | 2,986 | 3,614 |
CSC Holdings, LLC | |||
Revenues, net from affiliates | 5,075 | 5,586 | 5,784 |
Operating expenses: | |||
Technical and operating charges from affiliates | 179,144 | 178,991 | 181,373 |
Selling, general and administrative charges from (to) affiliates | $3,878 | $2,986 | $3,614 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Net Income | $312,204 | $465,641 | $233,613 |
Defined benefit pension and postretirement plans: | |||
Unrecognized loss arising during period | -4,051 | -12,858 | -9,884 |
Amortization of actuarial losses, net included in net periodic benefit cost | 1,355 | 927 | 589 |
Settlement loss included in net periodic benefit cost | 3,155 | 0 | 0 |
Other comprehensive income (loss) | 459 | -11,931 | -9,295 |
Comprehensive income | 312,663 | 453,710 | 224,318 |
Comprehensive loss (income) attributable to noncontrolling interests | -765 | 20 | -90 |
Comprehensive income attributable to Cablevision Systems Corporation stockholders/CSC Holdings, LLC's sole member | 311,898 | 453,730 | 224,228 |
CSC Holdings, LLC | |||
Net Income | 462,773 | 620,055 | 386,351 |
Defined benefit pension and postretirement plans: | |||
Unrecognized loss arising during period | -4,051 | -12,858 | -9,884 |
Amortization of actuarial losses, net included in net periodic benefit cost | 1,355 | 927 | 589 |
Settlement loss included in net periodic benefit cost | 3,155 | 0 | 0 |
Other comprehensive income (loss) | 459 | -11,931 | -9,295 |
Comprehensive income | 463,232 | 608,124 | 377,056 |
Comprehensive loss (income) attributable to noncontrolling interests | -765 | 20 | -90 |
Comprehensive income attributable to Cablevision Systems Corporation stockholders/CSC Holdings, LLC's sole member | $462,467 | $608,144 | $376,966 |
CONSOLIDATED_STATEMENTS_OF_STO
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' DEFICIENCY (USD $) | 3 Months Ended | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Balance | ($5,283,544) | ($5,638,006) | ($5,283,544) | ($5,638,006) | ($5,574,064) | ||
Net income attributable to Cablevision Systems Corporation stockholders/CSC Holdings, LLC's sole member | 55,975 | 89,763 | 51,842 | -16,141 | 311,439 | 465,661 | 233,523 |
Net income attributable to noncontrolling interests | 1,007 | 1,052 | 1,638 | ||||
Pension and postretirement plan liability adjustments, net of income taxes | 459 | -11,931 | -9,295 | ||||
Proceeds from exercise of options and issuance of restricted shares | 55,330 | 18,196 | 18,722 | ||||
Recognition of equity-based stock compensation arrangements | 44,335 | 52,777 | 62,039 | ||||
Treasury stock acquired from forfeiture and acquisition of restricted shares | -6,608 | -12,262 | -19,831 | ||||
Treasury stock acquired through share repurchase program | -188,600 | ||||||
Tax withholding associated with shares issued for equity-based compensation | -644 | ||||||
Excess tax benefit on share-based awards | 336 | 1,280 | |||||
Dividends on CNYG Class A and CNYG Class B common stock | -162,806 | -160,083 | -161,004 | ||||
Adjustments to noncontrolling interests | -638 | 416 | -1,374 | ||||
Balance | -5,040,690 | -5,283,544 | -5,040,690 | -5,283,544 | -5,638,006 | ||
AMC Networks | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Deferred tax adjustments relating to distribution of AMC Networks | 240 | ||||||
Common Stock | CNYG Class A Common Stock | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Balance | 2,925 | 2,878 | 2,925 | 2,878 | 2,818 | ||
Net income attributable to Cablevision Systems Corporation stockholders/CSC Holdings, LLC's sole member | 0 | 0 | 0 | ||||
Net income attributable to noncontrolling interests | 0 | 0 | 0 | ||||
Pension and postretirement plan liability adjustments, net of income taxes | 0 | 0 | 0 | ||||
Proceeds from exercise of options and issuance of restricted shares | 78 | 47 | 60 | ||||
Recognition of equity-based stock compensation arrangements | 0 | 0 | 0 | ||||
Treasury stock acquired from forfeiture and acquisition of restricted shares | 0 | 0 | 0 | ||||
Treasury stock acquired through share repurchase program | 0 | ||||||
Tax withholding associated with shares issued for equity-based compensation | 0 | ||||||
Excess tax benefit on share-based awards | 0 | 0 | |||||
Dividends on CNYG Class A and CNYG Class B common stock | 0 | 0 | 0 | ||||
Adjustments to noncontrolling interests | 0 | 0 | 0 | ||||
Balance | 3,003 | 2,925 | 3,003 | 2,925 | 2,878 | ||
Common Stock | CNYG Class A Common Stock | AMC Networks | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Deferred tax adjustments relating to distribution of AMC Networks | 0 | ||||||
Common Stock | CNYG Class B Common Stock | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Balance | 541 | 541 | 541 | 541 | 541 | ||
Net income attributable to Cablevision Systems Corporation stockholders/CSC Holdings, LLC's sole member | 0 | 0 | 0 | ||||
Net income attributable to noncontrolling interests | 0 | 0 | 0 | ||||
Pension and postretirement plan liability adjustments, net of income taxes | 0 | 0 | 0 | ||||
Proceeds from exercise of options and issuance of restricted shares | 0 | 0 | 0 | ||||
Recognition of equity-based stock compensation arrangements | 0 | 0 | 0 | ||||
Treasury stock acquired from forfeiture and acquisition of restricted shares | 0 | 0 | 0 | ||||
Treasury stock acquired through share repurchase program | 0 | ||||||
Tax withholding associated with shares issued for equity-based compensation | 0 | ||||||
Excess tax benefit on share-based awards | 0 | 0 | |||||
Dividends on CNYG Class A and CNYG Class B common stock | 0 | 0 | 0 | ||||
Adjustments to noncontrolling interests | 0 | 0 | 0 | ||||
Balance | 541 | 541 | 541 | 541 | 541 | ||
Common Stock | CNYG Class B Common Stock | AMC Networks | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Deferred tax adjustments relating to distribution of AMC Networks | 0 | ||||||
Paid-in Capital | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Balance | 885,601 | 972,274 | 885,601 | 972,274 | 1,051,435 | ||
Net income attributable to Cablevision Systems Corporation stockholders/CSC Holdings, LLC's sole member | 0 | 0 | 0 | ||||
Net income attributable to noncontrolling interests | 0 | 0 | 0 | ||||
Pension and postretirement plan liability adjustments, net of income taxes | 0 | 0 | 0 | ||||
Proceeds from exercise of options and issuance of restricted shares | 55,252 | 18,149 | 18,662 | ||||
Recognition of equity-based stock compensation arrangements | 44,335 | 52,777 | 62,039 | ||||
Treasury stock acquired from forfeiture and acquisition of restricted shares | 9 | 8 | 5 | ||||
Treasury stock acquired through share repurchase program | 0 | ||||||
Tax withholding associated with shares issued for equity-based compensation | -644 | ||||||
Excess tax benefit on share-based awards | 336 | 1,280 | |||||
Dividends on CNYG Class A and CNYG Class B common stock | -162,806 | -160,083 | -161,004 | ||||
Adjustments to noncontrolling interests | 376 | 1,840 | 897 | ||||
Balance | 823,103 | 885,601 | 823,103 | 885,601 | 972,274 | ||
Paid-in Capital | AMC Networks | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Deferred tax adjustments relating to distribution of AMC Networks | 240 | ||||||
Accumulated Deficit | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Balance | -4,546,299 | -5,011,960 | -4,546,299 | -5,011,960 | -5,245,483 | ||
Net income attributable to Cablevision Systems Corporation stockholders/CSC Holdings, LLC's sole member | 311,439 | 465,661 | 233,523 | ||||
Net income attributable to noncontrolling interests | 0 | 0 | 0 | ||||
Pension and postretirement plan liability adjustments, net of income taxes | 0 | 0 | 0 | ||||
Proceeds from exercise of options and issuance of restricted shares | 0 | 0 | 0 | ||||
Recognition of equity-based stock compensation arrangements | 0 | 0 | 0 | ||||
Treasury stock acquired from forfeiture and acquisition of restricted shares | 0 | 0 | 0 | ||||
Treasury stock acquired through share repurchase program | 0 | ||||||
Tax withholding associated with shares issued for equity-based compensation | 0 | ||||||
Excess tax benefit on share-based awards | 0 | 0 | |||||
Dividends on CNYG Class A and CNYG Class B common stock | 0 | 0 | 0 | ||||
Adjustments to noncontrolling interests | 0 | 0 | 0 | ||||
Balance | -4,234,860 | -4,546,299 | -4,234,860 | -4,546,299 | -5,011,960 | ||
Accumulated Deficit | AMC Networks | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Deferred tax adjustments relating to distribution of AMC Networks | 0 | ||||||
Treasury Stock | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Balance | -1,584,404 | -1,572,134 | -1,584,404 | -1,572,134 | -1,363,698 | ||
Net income attributable to Cablevision Systems Corporation stockholders/CSC Holdings, LLC's sole member | 0 | 0 | 0 | ||||
Net income attributable to noncontrolling interests | 0 | 0 | 0 | ||||
Pension and postretirement plan liability adjustments, net of income taxes | 0 | 0 | 0 | ||||
Proceeds from exercise of options and issuance of restricted shares | 0 | 0 | 0 | ||||
Recognition of equity-based stock compensation arrangements | 0 | 0 | 0 | ||||
Treasury stock acquired from forfeiture and acquisition of restricted shares | -6,617 | -12,270 | -19,836 | ||||
Treasury stock acquired through share repurchase program | -188,600 | ||||||
Tax withholding associated with shares issued for equity-based compensation | 0 | ||||||
Excess tax benefit on share-based awards | 0 | 0 | |||||
Dividends on CNYG Class A and CNYG Class B common stock | 0 | 0 | 0 | ||||
Adjustments to noncontrolling interests | 0 | 0 | 0 | ||||
Balance | -1,591,021 | -1,584,404 | -1,591,021 | -1,584,404 | -1,572,134 | ||
Treasury Stock | AMC Networks | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Deferred tax adjustments relating to distribution of AMC Networks | 0 | ||||||
Accumulated Other Comprehensive Loss | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Balance | -42,694 | -30,763 | -42,694 | -30,763 | -21,468 | ||
Net income attributable to Cablevision Systems Corporation stockholders/CSC Holdings, LLC's sole member | 0 | 0 | 0 | ||||
Net income attributable to noncontrolling interests | 0 | 0 | 0 | ||||
Pension and postretirement plan liability adjustments, net of income taxes | 459 | -11,931 | -9,295 | ||||
Proceeds from exercise of options and issuance of restricted shares | 0 | 0 | 0 | ||||
Recognition of equity-based stock compensation arrangements | 0 | 0 | 0 | ||||
Treasury stock acquired from forfeiture and acquisition of restricted shares | 0 | 0 | 0 | ||||
Treasury stock acquired through share repurchase program | 0 | ||||||
Tax withholding associated with shares issued for equity-based compensation | 0 | ||||||
Excess tax benefit on share-based awards | 0 | 0 | |||||
Dividends on CNYG Class A and CNYG Class B common stock | 0 | 0 | 0 | ||||
Adjustments to noncontrolling interests | 0 | 0 | 0 | ||||
Balance | -42,235 | -42,694 | -42,235 | -42,694 | -30,763 | ||
Accumulated Other Comprehensive Loss | AMC Networks | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Deferred tax adjustments relating to distribution of AMC Networks | 0 | ||||||
Total Stockholders'/Member's Deficiency | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Balance | -5,284,330 | -5,639,164 | -5,284,330 | -5,639,164 | -5,575,855 | ||
Net income attributable to Cablevision Systems Corporation stockholders/CSC Holdings, LLC's sole member | 311,439 | 465,661 | 233,523 | ||||
Net income attributable to noncontrolling interests | 0 | 0 | 0 | ||||
Pension and postretirement plan liability adjustments, net of income taxes | 459 | -11,931 | -9,295 | ||||
Proceeds from exercise of options and issuance of restricted shares | 55,330 | 18,196 | 18,722 | ||||
Recognition of equity-based stock compensation arrangements | 44,335 | 52,777 | 62,039 | ||||
Treasury stock acquired from forfeiture and acquisition of restricted shares | -6,608 | -12,262 | -19,831 | ||||
Treasury stock acquired through share repurchase program | -188,600 | ||||||
Tax withholding associated with shares issued for equity-based compensation | -644 | ||||||
Excess tax benefit on share-based awards | 336 | 1,280 | |||||
Dividends on CNYG Class A and CNYG Class B common stock | -162,806 | -160,083 | -161,004 | ||||
Adjustments to noncontrolling interests | 376 | 1,840 | 897 | ||||
Balance | -5,041,469 | -5,284,330 | -5,041,469 | -5,284,330 | -5,639,164 | ||
Total Stockholders'/Member's Deficiency | AMC Networks | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Deferred tax adjustments relating to distribution of AMC Networks | 240 | ||||||
Noncontrolling Interest | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Balance | 786 | 1,158 | 786 | 1,158 | 1,791 | ||
Net income attributable to Cablevision Systems Corporation stockholders/CSC Holdings, LLC's sole member | 0 | 0 | 0 | ||||
Net income attributable to noncontrolling interests | 1,007 | 1,052 | 1,638 | ||||
Pension and postretirement plan liability adjustments, net of income taxes | 0 | 0 | 0 | ||||
Proceeds from exercise of options and issuance of restricted shares | 0 | 0 | 0 | ||||
Recognition of equity-based stock compensation arrangements | 0 | 0 | 0 | ||||
Treasury stock acquired from forfeiture and acquisition of restricted shares | 0 | 0 | 0 | ||||
Treasury stock acquired through share repurchase program | 0 | ||||||
Tax withholding associated with shares issued for equity-based compensation | 0 | ||||||
Excess tax benefit on share-based awards | 0 | 0 | |||||
Dividends on CNYG Class A and CNYG Class B common stock | 0 | 0 | 0 | ||||
Adjustments to noncontrolling interests | -1,014 | -1,424 | -2,271 | ||||
Balance | 779 | 786 | 779 | 786 | 1,158 | ||
Noncontrolling Interest | AMC Networks | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Deferred tax adjustments relating to distribution of AMC Networks | 0 | ||||||
CSC Holdings, LLC | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Balance | -2,643,286 | -2,850,615 | -2,643,286 | -2,850,615 | -3,413,152 | ||
Net income attributable to Cablevision Systems Corporation stockholders/CSC Holdings, LLC's sole member | 91,132 | 129,384 | 85,645 | 24,947 | 462,008 | 620,075 | 386,261 |
Net income attributable to noncontrolling interests | 1,007 | 1,052 | 1,638 | ||||
Pension and postretirement plan liability adjustments, net of income taxes | 459 | -11,931 | -9,295 | ||||
Recognition of equity-based stock compensation arrangements | 44,335 | 52,777 | 62,039 | ||||
Distributions to Cablevision | -396,382 | -501,224 | -671,809 | ||||
Contributions from Cablevision | 735,000 | ||||||
Excess tax benefit on share-based awards | 4,978 | 46,164 | 65,420 | ||||
Impact of purchase of Cablevision senior notes held by Newsday Holdings | -296 | ||||||
Adjustments to noncontrolling interests | -638 | 712 | -1,374 | ||||
Balance | -2,527,519 | -2,643,286 | -2,527,519 | -2,643,286 | -2,850,615 | ||
CSC Holdings, LLC | AMC Networks | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Deferred tax adjustments relating to distribution of AMC Networks | -5,343 | ||||||
CSC Holdings, LLC | Accumulated Deficit | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Balance | -2,486,073 | -3,106,148 | -2,486,073 | -3,106,148 | -3,492,409 | ||
Net income attributable to Cablevision Systems Corporation stockholders/CSC Holdings, LLC's sole member | 462,008 | 620,075 | 386,261 | ||||
Net income attributable to noncontrolling interests | 0 | 0 | 0 | ||||
Pension and postretirement plan liability adjustments, net of income taxes | 0 | 0 | 0 | ||||
Recognition of equity-based stock compensation arrangements | 0 | 0 | 0 | ||||
Distributions to Cablevision | 0 | 0 | 0 | ||||
Contributions from Cablevision | 0 | ||||||
Excess tax benefit on share-based awards | 0 | 0 | 0 | ||||
Impact of purchase of Cablevision senior notes held by Newsday Holdings | 0 | ||||||
Adjustments to noncontrolling interests | 0 | 0 | 0 | ||||
Balance | -2,024,065 | -2,486,073 | -2,024,065 | -2,486,073 | -3,106,148 | ||
CSC Holdings, LLC | Accumulated Deficit | AMC Networks | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Deferred tax adjustments relating to distribution of AMC Networks | 0 | ||||||
CSC Holdings, LLC | Senior Notes due from Cablevision | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Balance | -611,455 | -753,717 | -611,455 | -753,717 | -753,717 | ||
Net income attributable to Cablevision Systems Corporation stockholders/CSC Holdings, LLC's sole member | 0 | 0 | 0 | ||||
Net income attributable to noncontrolling interests | 0 | 0 | 0 | ||||
Pension and postretirement plan liability adjustments, net of income taxes | 0 | 0 | 0 | ||||
Recognition of equity-based stock compensation arrangements | 0 | 0 | 0 | ||||
Distributions to Cablevision | 0 | 0 | 0 | ||||
Contributions from Cablevision | 0 | ||||||
Excess tax benefit on share-based awards | 0 | 0 | 0 | ||||
Impact of purchase of Cablevision senior notes held by Newsday Holdings | 142,262 | ||||||
Adjustments to noncontrolling interests | 0 | 0 | 0 | ||||
Balance | -611,455 | -611,455 | -611,455 | -611,455 | -753,717 | ||
CSC Holdings, LLC | Senior Notes due from Cablevision | AMC Networks | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Deferred tax adjustments relating to distribution of AMC Networks | 0 | ||||||
CSC Holdings, LLC | Other Member's Equity | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Balance | 496,150 | 1,038,855 | 496,150 | 1,038,855 | 852,651 | ||
Net income attributable to Cablevision Systems Corporation stockholders/CSC Holdings, LLC's sole member | 0 | 0 | 0 | ||||
Net income attributable to noncontrolling interests | 0 | 0 | 0 | ||||
Pension and postretirement plan liability adjustments, net of income taxes | 0 | 0 | 0 | ||||
Recognition of equity-based stock compensation arrangements | 44,335 | 52,777 | 62,039 | ||||
Distributions to Cablevision | -396,382 | -501,224 | -671,809 | ||||
Contributions from Cablevision | 735,000 | ||||||
Excess tax benefit on share-based awards | 4,978 | 46,164 | 65,420 | ||||
Impact of purchase of Cablevision senior notes held by Newsday Holdings | -142,558 | ||||||
Adjustments to noncontrolling interests | 376 | 2,136 | 897 | ||||
Balance | 149,457 | 496,150 | 149,457 | 496,150 | 1,038,855 | ||
CSC Holdings, LLC | Other Member's Equity | AMC Networks | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Deferred tax adjustments relating to distribution of AMC Networks | -5,343 | ||||||
CSC Holdings, LLC | Accumulated Other Comprehensive Loss | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Balance | -42,694 | -30,763 | -42,694 | -30,763 | -21,468 | ||
Net income attributable to Cablevision Systems Corporation stockholders/CSC Holdings, LLC's sole member | 0 | 0 | 0 | ||||
Net income attributable to noncontrolling interests | 0 | 0 | 0 | ||||
Pension and postretirement plan liability adjustments, net of income taxes | 459 | -11,931 | -9,295 | ||||
Recognition of equity-based stock compensation arrangements | 0 | 0 | 0 | ||||
Distributions to Cablevision | 0 | 0 | 0 | ||||
Contributions from Cablevision | 0 | ||||||
Excess tax benefit on share-based awards | 0 | 0 | 0 | ||||
Impact of purchase of Cablevision senior notes held by Newsday Holdings | 0 | ||||||
Adjustments to noncontrolling interests | 0 | 0 | 0 | ||||
Balance | -42,235 | -42,694 | -42,235 | -42,694 | -30,763 | ||
CSC Holdings, LLC | Accumulated Other Comprehensive Loss | AMC Networks | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Deferred tax adjustments relating to distribution of AMC Networks | 0 | ||||||
CSC Holdings, LLC | Total Stockholders'/Member's Deficiency | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Balance | -2,644,072 | -2,851,773 | -2,644,072 | -2,851,773 | -3,414,943 | ||
Net income attributable to Cablevision Systems Corporation stockholders/CSC Holdings, LLC's sole member | 462,008 | 620,075 | 386,261 | ||||
Net income attributable to noncontrolling interests | 0 | 0 | 0 | ||||
Pension and postretirement plan liability adjustments, net of income taxes | 459 | -11,931 | -9,295 | ||||
Recognition of equity-based stock compensation arrangements | 44,335 | 52,777 | 62,039 | ||||
Distributions to Cablevision | -396,382 | -501,224 | -671,809 | ||||
Contributions from Cablevision | 735,000 | ||||||
Excess tax benefit on share-based awards | 4,978 | 46,164 | 65,420 | ||||
Impact of purchase of Cablevision senior notes held by Newsday Holdings | -296 | ||||||
Adjustments to noncontrolling interests | 376 | 2,136 | 897 | ||||
Balance | -2,528,298 | -2,644,072 | -2,528,298 | -2,644,072 | -2,851,773 | ||
CSC Holdings, LLC | Total Stockholders'/Member's Deficiency | AMC Networks | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Deferred tax adjustments relating to distribution of AMC Networks | -5,343 | ||||||
CSC Holdings, LLC | Noncontrolling Interest | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Balance | 786 | 1,158 | 786 | 1,158 | 1,791 | ||
Net income attributable to Cablevision Systems Corporation stockholders/CSC Holdings, LLC's sole member | 0 | 0 | 0 | ||||
Net income attributable to noncontrolling interests | 1,007 | 1,052 | 1,638 | ||||
Pension and postretirement plan liability adjustments, net of income taxes | 0 | 0 | 0 | ||||
Recognition of equity-based stock compensation arrangements | 0 | 0 | 0 | ||||
Distributions to Cablevision | 0 | 0 | 0 | ||||
Contributions from Cablevision | 0 | ||||||
Excess tax benefit on share-based awards | 0 | 0 | 0 | ||||
Impact of purchase of Cablevision senior notes held by Newsday Holdings | 0 | ||||||
Adjustments to noncontrolling interests | -1,014 | -1,424 | -2,271 | ||||
Balance | 779 | 786 | 779 | 786 | 1,158 | ||
CSC Holdings, LLC | Noncontrolling Interest | AMC Networks | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Deferred tax adjustments relating to distribution of AMC Networks | $0 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash flows from operating activities: | |||
Net Income | $312,204 | $465,641 | $233,613 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Income from discontinued operations, net of income taxes | -2,822 | -338,316 | -159,288 |
Depreciation and amortization (including impairments) | 866,502 | 909,147 | 907,775 |
Gain on sale of affiliate interests | 0 | 0 | -716 |
Gain on investments, net | -129,659 | -313,167 | -294,235 |
Loss on equity derivative contracts, net | 45,055 | 198,688 | 211,335 |
Loss on extinguishment of debt and write-off of deferred financing costs | 10,120 | 22,542 | 66,213 |
Amortization of deferred financing costs and discounts on indebtedness | 22,887 | 25,936 | 36,106 |
Share-based compensation expense related to equity classified awards | 43,984 | 52,715 | 60,646 |
Settlement loss and amortization of actuarial losses related to pension and postretirement plans | 7,643 | 1,575 | 997 |
Deferred income taxes | 159,779 | 69,456 | 42,330 |
Provision for doubtful accounts | 47,611 | 55,231 | 49,002 |
Excess tax benefits related to share-based awards | -336 | -1,280 | 0 |
Change in assets and liabilities, net of effects of acquisitions and dispositions: | |||
Accounts receivable, trade | -42,446 | -25,673 | -76,955 |
Other receivables | 16,685 | -6,465 | -10,489 |
Prepaid expenses and other assets | 27,803 | -2,176 | 47,560 |
Advances/payables to affiliates | -1,463 | -1,637 | 12,970 |
Accounts payable | 25,486 | -1,715 | 16,172 |
Accrued liabilities | -35,931 | 33,982 | -26,443 |
Deferred revenue | 5,169 | -9,507 | -2 |
Liabilities related to interest rate swap contracts | 0 | 0 | -55,383 |
Net cash provided by operating activities | 1,378,271 | 1,134,977 | 1,061,208 |
Cash flows from investing activities: | |||
Capital expenditures | -891,678 | -951,679 | -991,586 |
Proceeds related to sale of equipment, including costs of disposal | 6,178 | 7,884 | 364 |
Proceeds from sale of affiliate interests | 0 | 0 | 750 |
Decrease (increase) in other investments | -1,369 | -1,178 | 955 |
Decrease in restricted cash | 0 | 0 | 1,149 |
Additions to other intangible assets | -1,193 | -3,685 | -4,704 |
Net cash used in investing activities | -888,062 | -948,658 | -993,072 |
Cash flows from financing activities: | |||
Proceeds from credit facility debt, net of discount | 0 | 3,296,760 | 0 |
Repayment of credit facility debt | -990,785 | -3,445,751 | -519,458 |
Proceeds from issuance of senior notes | 750,000 | 0 | 750,000 |
Redemption and repurchase of senior notes, including premiums and fees | -36,097 | -371,498 | -531,326 |
Repayment of notes payable | -2,306 | -570 | 0 |
Proceeds from collateralized indebtedness | 416,621 | 569,561 | 248,388 |
Repayment of collateralized indebtedness and related derivative contracts | -342,105 | -508,009 | -218,754 |
Dividend distributions to common stockholders | -160,545 | -159,709 | -163,872 |
Proceeds from stock option exercises | 55,355 | 18,120 | 18,722 |
Tax withholding associated with shares issued for equity-based compensation | 0 | -644 | 0 |
Principal payments on capital lease obligations | -15,481 | -13,828 | -13,729 |
Deemed repurchases of restricted stock | -6,608 | -12,262 | -19,831 |
Purchase of shares of CNYG Class A common stock, pursuant to a share repurchase program, held as treasury shares | 0 | 0 | -188,600 |
Excess tax benefit related to share-based awards | 336 | 1,280 | 0 |
Additions to deferred financing costs | -14,273 | -27,080 | -21,491 |
Distributions to noncontrolling interests, net | -1,014 | -1,424 | -1,588 |
Net cash used in financing activities | -346,902 | -655,054 | -661,539 |
Net increase (decrease) in cash and cash equivalents from continuing operations | 143,307 | -468,735 | -593,403 |
Cash flows of discontinued operations: | |||
Net cash provided by (used in) operating activities | -1,199 | 199,006 | 437,280 |
Net cash provided by (used in) investing activities | 6,081 | 646,185 | -83,671 |
Net cash used in financing activities | 0 | -38,735 | -7,650 |
Effect of change in cash related to discontinued operations | 0 | 31,893 | -9,250 |
Net increase in cash and cash equivalents from discontinued operations | 4,882 | 838,349 | 336,709 |
Cash and cash equivalents at beginning of year | 702,224 | 332,610 | 589,304 |
Cash and cash equivalents at end of year | 850,413 | 702,224 | 332,610 |
CSC Holdings, LLC | |||
Cash flows from operating activities: | |||
Net Income | 462,773 | 620,055 | 386,351 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Income from discontinued operations, net of income taxes | -2,822 | -330,711 | -159,288 |
Depreciation and amortization (including impairments) | 866,502 | 909,147 | 907,775 |
Gain on sale of affiliate interests | 0 | 0 | -716 |
Gain on investments, net | -129,659 | -313,167 | -294,235 |
Loss on equity derivative contracts, net | 45,055 | 198,688 | 211,335 |
Loss on extinguishment of debt and write-off of deferred financing costs | 9,618 | 23,144 | 66,213 |
Amortization of deferred financing costs and discounts on indebtedness | 14,602 | 18,167 | 29,727 |
Share-based compensation expense related to equity classified awards | 43,984 | 52,715 | 60,646 |
Settlement loss and amortization of actuarial losses related to pension and postretirement plans | 7,643 | 1,575 | 997 |
Deferred income taxes | 53,189 | 99,867 | 72,379 |
Provision for doubtful accounts | 47,611 | 55,231 | 49,002 |
Excess tax benefits related to share-based awards | -4,978 | -46,164 | -61,434 |
Change in assets and liabilities, net of effects of acquisitions and dispositions: | |||
Accounts receivable, trade | -42,446 | -25,673 | -76,955 |
Other receivables | 14,131 | -13,905 | -2,649 |
Prepaid expenses and other assets | 27,803 | -2,176 | 47,402 |
Advances/payables to affiliates | 222,212 | 121,128 | 43,159 |
Accounts payable | 25,486 | -1,715 | 16,172 |
Accrued liabilities | -29,608 | 41,998 | -25,487 |
Deferred revenue | 5,169 | -9,507 | -2 |
Liabilities related to interest rate swap contracts | 0 | 0 | -55,383 |
Net cash provided by operating activities | 1,636,265 | 1,398,697 | 1,215,009 |
Cash flows from investing activities: | |||
Capital expenditures | -891,678 | -951,679 | -991,586 |
Proceeds related to sale of equipment, including costs of disposal | 6,178 | 7,884 | 364 |
Proceeds from sale of affiliate interests | 0 | 0 | 750 |
Decrease (increase) in other investments | -1,369 | -1,178 | 955 |
Decrease in restricted cash | 0 | 0 | 1,149 |
Additions to other intangible assets | -1,193 | -3,685 | -4,704 |
Net cash used in investing activities | -888,062 | -948,658 | -993,072 |
Cash flows from financing activities: | |||
Proceeds from credit facility debt, net of discount | 0 | 3,296,760 | 0 |
Repayment of credit facility debt | -990,785 | -3,445,751 | -519,458 |
Proceeds from issuance of senior notes | 750,000 | 0 | 0 |
Redemption and repurchase of senior notes, including premiums and fees | 0 | -308,673 | -504,501 |
Repayment of notes payable | -2,306 | -570 | 0 |
Proceeds from collateralized indebtedness | 416,621 | 569,561 | 248,388 |
Repayment of collateralized indebtedness and related derivative contracts | -342,105 | -508,009 | -218,754 |
Principal payments on capital lease obligations | -15,481 | -13,828 | -13,729 |
Capital contributions from Cablevision | 0 | 0 | 735,000 |
Distributions to Cablevision | -396,382 | -501,224 | -671,809 |
Excess tax benefit related to share-based awards | 4,978 | 46,164 | 61,434 |
Additions to deferred financing costs | -14,273 | -27,080 | -5,296 |
Distributions to noncontrolling interests, net | -1,014 | -1,424 | -1,588 |
Net cash used in financing activities | -590,747 | -894,074 | -890,313 |
Net increase (decrease) in cash and cash equivalents from continuing operations | 157,456 | -444,035 | -668,376 |
Cash flows of discontinued operations: | |||
Net cash provided by (used in) operating activities | -1,199 | 199,006 | 437,280 |
Net cash provided by (used in) investing activities | 6,081 | 646,185 | -83,671 |
Net cash used in financing activities | 0 | -38,735 | -7,650 |
Effect of change in cash related to discontinued operations | 0 | 31,893 | -9,250 |
Net increase in cash and cash equivalents from discontinued operations | 4,882 | 838,349 | 336,709 |
Cash and cash equivalents at beginning of year | 651,058 | 256,744 | 588,411 |
Cash and cash equivalents at end of year | $813,396 | $651,058 | $256,744 |
DESCRIPTION_OF_BUSINESS_RELATE
DESCRIPTION OF BUSINESS, RELATED MATTERS AND BASIS OF PRESENTATION | 12 Months Ended |
Dec. 31, 2014 | |
DESCRIPTION OF BUSINESS, RELATED MATTERS AND BASIS OF PRESENTATION [Abstract] | |
DESCRIPTION OF BUSINESS, RELATED MATTERS AND BASIS OF PRESENTATION | DESCRIPTION OF BUSINESS, RELATED MATTERS AND BASIS OF PRESENTATION |
The Company and Related Matters | |
Cablevision Systems Corporation ("Cablevision"), through its wholly-owned subsidiary CSC Holdings, LLC ("CSC Holdings," and collectively with Cablevision, the "Company"), owns and operates cable systems and owns companies that provide regional news, local programming and advertising sales services for the cable television industry, provide Ethernet-based data, Internet, voice and video transport and managed services to the business market, and operate a newspaper publishing business. The Company classifies its operations into three reportable segments: (1) Cable, consisting principally of its video, high-speed data, and Voice over Internet Protocol ("VoIP") operations, (2) Lightpath, which provides Ethernet-based data, Internet, voice and video transport and managed services to the business market in the New York metropolitan area; and (3) Other, consisting principally of (i) Newsday, which includes the Newsday daily newspaper, amNew York, Star Community Publishing Group, and online websites, (ii) the News 12 Networks, which provide regional news programming services, (iii) Cablevision Media Sales Corporation ("Cablevision Media Sales"), a cable television advertising company, and (iv) certain other businesses and unallocated corporate costs. | |
On June 27, 2013, the Company completed the sale of substantially all of its Clearview Cinemas' theaters ("Clearview Cinemas") pursuant to the asset purchase agreement entered into in April 2013 (the "Clearview Sale"). On July 1, 2013, the Company completed the sale of its Bresnan Broadband Holdings, LLC subsidiary ("Bresnan Cable") pursuant to the purchase agreement entered into in February 2013, for $1,625,000 (the "Bresnan Sale"). The Company received net cash of approximately $675,000, which reflects certain adjustments, including an approximate $962,000 reduction for certain funded indebtedness of Bresnan Cable, and transaction costs. The Company recorded a pre-tax gain of approximately $408,000 for the year ended December 31, 2013 relating to the Bresnan Sale. During 2014, the Company recorded a pre-tax gain of $5,848 relating primarily to the settlement of a contingency related to Montana property taxes associated with Bresnan Cable. | |
Effective as of the closing dates of the Clearview Sale and the Bresnan Sale, the Company no longer consolidates the financial results of Clearview Cinemas and Bresnan Cable. Accordingly, the historical financial results of Clearview Cinemas and Bresnan Cable have been reflected in the Company's consolidated financial statements as discontinued operations for all periods presented. | |
Basis of Presentation | |
Principles of Consolidation | |
The accompanying consolidated financial statements of Cablevision include the accounts of Cablevision 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. Cablevision has no business operations independent of its CSC Holdings subsidiary, whose operating results and financial position are consolidated into Cablevision. The consolidated balance sheets and statements of income of Cablevision are essentially identical to the consolidated balance sheets and statements of income of CSC Holdings, with the following significant exceptions: Cablevision has $2,793,741 of senior notes outstanding at December 31, 2014 (excluding the $611,455 aggregate principal amount of Cablevision notes held by its subsidiary Newsday Holdings LLC ("Newsday Holdings")) that were issued to third party investors, cash, deferred financing costs and accrued interest related to its senior notes, deferred taxes and accrued dividends on its balance sheet. In addition, CSC Holdings and its subsidiaries have certain intercompany receivables from and payables to Cablevision. Differences between Cablevision's results of operations and those of CSC Holdings primarily include incremental interest expense, interest income, the write-off of deferred financing costs, net of gain on extinguishment of debt, and income tax expense or benefit. CSC Holdings' results of operations include incremental interest income from the Cablevision senior notes held by Newsday Holdings, which is eliminated in Cablevision's results of operations. | |
The combined notes to the consolidated financial statements relate to the Company, which, except as noted, are essentially identical for Cablevision and CSC Holdings. All significant intercompany transactions and balances between Cablevision and CSC Holdings and their respective consolidated subsidiaries are eliminated in both sets of consolidated financial statements. Intercompany transactions between Cablevision and CSC Holdings are not eliminated in the CSC Holdings consolidated financial statements, but are eliminated in the Cablevision consolidated financial statements. | |
Use of Estimates in Preparation of Financial Statements | |
The preparation of financial statements in conformity with U.S. generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. See Note 11 for a discussion of fair value estimates. | |
Reclassifications | |
Certain reclassifications have been made to the 2012 and 2013 financial statements to conform to the 2014 presentation. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Accounting Policies [Abstract] | |||||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||||||||
Summary of Significant Accounting Policies | |||||||||
Revenue Recognition | |||||||||
The Company recognizes video, high-speed data, and voice services revenues as the services are provided to subscribers. Installation revenue for the Company's video, consumer high-speed data and VoIP services is recognized as installations are completed, as direct selling costs have exceeded this revenue in all periods reported. Advertising revenues are recognized when commercials are aired. | |||||||||
The Company's Newsday business recognizes publication advertising revenue when advertisements are published. Newsday recognizes circulation revenue for single copy sales as newspapers are distributed, net of returns. Proceeds from advance billings for home-delivery subscriptions are recorded as deferred revenue and are recognized as revenue on a pro-rata basis over the term of the subscriptions. | |||||||||
Revenues derived from other sources are recognized when services are provided or events occur. | |||||||||
Multiple-Element Transactions | |||||||||
In the normal course of business, the Company may enter into multiple-element transactions where it is simultaneously both a customer and a vendor with the same counterparty or in which it purchases multiple products and/or services, or settles outstanding items contemporaneous with the purchase of a product or service from a single counterparty. The Company's policy for accounting for each transaction negotiated contemporaneously is to record each deliverable of the transaction based on its best estimate of selling price in a manner consistent with that used to determine the price to sell each deliverable on a standalone basis. In determining the fair value of the respective deliverable, the Company will utilize quoted market prices (as available), historical transactions or comparable cash transactions. | |||||||||
Gross Versus Net Revenue Recognition | |||||||||
In the normal course of business, 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. The Company's policy is that, in instances where the tax is being assessed directly on the Company, amounts paid to the governmental authorities and amounts received from the customers are recorded on a gross basis. That is, amounts paid to the governmental authorities are recorded as technical and operating expenses and amounts received from the customer are recorded as revenues. For the years ended December 31, 2014, 2013 and 2012, the amount of franchise fees and certain other taxes and fees included as a component of net revenue aggregated $178,630, $157,818 and $150,695, respectively. | |||||||||
Technical and Operating Expenses | |||||||||
Costs of revenue related to sales of services are classified as "technical and operating" expenses in the accompanying statements of income. | |||||||||
Programming Costs | |||||||||
Programming expenses related to the Company's video service included in the Cable segment represent fees paid to programming distributors to license the programming distributed to subscribers. This programming is acquired generally under multi-year distribution agreements, with rates usually based on the number of subscribers that receive the programming. There have been periods when an existing distribution agreement has expired and the parties have not finalized negotiations of either a renewal of that agreement or a new agreement for certain periods of time. In substantially all these instances, the Company continues to carry and pay for these services until execution of definitive replacement agreements or renewals. The amount of programming expense recorded during the interim period is based on the Company's estimates of the ultimate contractual agreement expected to be reached, which is based on several factors, including previous contractual rates, customary rate increases and the current status of negotiations. Such estimates are adjusted as negotiations progress until new programming terms are finalized. | |||||||||
In addition, the Company has received, or may receive, incentives from programming distributors for carriage of the distributors' programming. The Company generally recognizes these incentives as a reduction of programming costs in technical and operating expense, generally over the term of the distribution agreement. | |||||||||
Advertising Expenses | |||||||||
Advertising costs are charged to expense when incurred and are recorded to "selling, general and administrative" expenses in the accompanying statements of income. Advertising costs amounted to $156,228, $140,779, and $157,783 for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||
Share-Based Compensation | |||||||||
Share-based compensation expense is based on the fair value of the portion of share-based payment awards that are ultimately expected to vest. | |||||||||
For options and performance based option awards, Cablevision recognizes compensation expense based on the estimated grant date fair value using the Black-Scholes valuation model. For options not subject to performance based vesting conditions, Cablevision recognizes the compensation expense using a straight-line amortization method. For options subject to performance based vesting conditions, Cablevision recognizes compensation expense based on the probable outcome of the performance criteria and requisite service period for each tranche of awards subject to performance based vesting conditions. For restricted shares and restricted stock units, Cablevision recognizes compensation expense using a straight-line amortization method based on the grant date price of CNYG Class A common stock over the vesting period, except for restricted stock units granted to non-employee directors which vest 100% and are expensed at the date of grant. For stock appreciation rights, Cablevision recognizes compensation expense based on the estimated fair value at each reporting period using the Black-Scholes valuation model. | |||||||||
For CSC Holdings, share-based compensation expense is recognized in its statements of income based on allocations from Cablevision. | |||||||||
Income Taxes | |||||||||
The Company's provision for income taxes is based on current period income, changes in deferred tax assets and liabilities and changes in estimates with regard to uncertain tax positions. Deferred tax assets are subject to an ongoing assessment of realizability. The Company provides deferred taxes for the outside basis difference of its investment in partnerships. Interest and penalties, if any, associated with uncertain tax positions are included in income tax expense. | |||||||||
Cash and Cash Equivalents | |||||||||
The Company's cash investments are placed with money market funds and financial institutions that are investment grade as rated by Standard & Poor's and Moody's Investors Service. The Company selects money market funds that predominantly invest in marketable, direct obligations issued or guaranteed by the United States government or its agencies, commercial paper, fully collateralized repurchase agreements, certificates of deposit, and time deposits. | |||||||||
The Company considers the balance of its investment in funds that substantially hold securities that mature within three months or less from the date the fund purchases these securities to be cash equivalents. The carrying amount of cash and cash equivalents either approximates fair value due to the short-term maturity of these instruments or are at fair value. | |||||||||
Accounts Receivable | |||||||||
Accounts receivable are recorded at net realizable value. The Company periodically assesses the adequacy of valuation allowances for uncollectible accounts receivable by evaluating the collectability of outstanding receivables and general factors such as historical collection experience, length of time individual receivables are past due, and the economic and competitive environment. | |||||||||
Investments | |||||||||
Investment securities and investment securities pledged as collateral are classified as trading securities and are stated at fair value with realized and unrealized holding gains and losses included in net income. | |||||||||
Long-Lived Assets and Amortizable Intangible Assets | |||||||||
Property, plant and equipment, including construction materials, are carried at cost, and include all direct costs and certain indirect costs associated with the construction of cable systems, and the costs of new product and subscriber installations. Equipment under capital leases is recorded at the present value of the total minimum lease payments. Depreciation on equipment is calculated on the straight-line basis over the estimated useful lives of the assets or, with respect to equipment under capital leases and leasehold improvements, amortized over the shorter of the lease term or the assets' useful lives and reported in depreciation and amortization (including impairments) in the consolidated statements of income. | |||||||||
The Company capitalizes certain internal and external costs incurred to acquire or develop internal-use software. Capitalized software costs are amortized over the estimated useful life of the software and reported in depreciation and amortization. | |||||||||
Customer relationships and other intangibles established in connection with acquisitions that are finite-lived are amortized in a manner that reflects the pattern in which the projected net cash inflows to the Company are expected to occur, such as the sum of the years' digits method, or when such pattern does not exist, using the straight-line basis over their respective estimated useful lives. | |||||||||
The Company reviews its long-lived assets (property, plant and equipment, and intangible assets subject to amortization that arose from acquisitions) for impairment whenever events or circumstances indicate that the carrying amount of an asset may not be recoverable. If the sum of the expected cash flows, undiscounted and without interest, is less than the carrying amount of the asset, an impairment loss is recognized as the amount by which the carrying amount of the asset exceeds its fair value. | |||||||||
Goodwill and Indefinite-Lived Intangible Assets | |||||||||
Goodwill and the value of franchises, trademarks, and certain other intangibles acquired in purchase business combinations which have indefinite useful lives are not amortized. Rather, such assets are tested for impairment annually or upon the occurrence of a triggering event. | |||||||||
The Company assesses qualitative factors for its reporting units that carry goodwill. If the qualitative assessment results in a conclusion that it is more likely than not that the fair value of a reporting unit exceeds the carrying value, then no further testing is performed for that reporting unit. | |||||||||
When the qualitative assessment is not used, or if the qualitative assessment is not conclusive and it is necessary to calculate the fair value of a reporting unit, then the impairment analysis for goodwill is performed at the reporting unit level using a two-step approach. The first step of the goodwill impairment test is used to identify potential impairment by comparing the fair value of a reporting unit with its carrying amount, including goodwill utilizing an enterprise-value based premise approach. If the carrying amount of a reporting unit exceeds its fair value, the second step of the goodwill impairment test is performed to measure the amount of goodwill impairment loss, if any. The second step of the goodwill impairment test compares the implied fair value of the reporting unit's goodwill with the carrying amount of that goodwill. If the carrying amount of the reporting unit's goodwill exceeds the implied fair value of that goodwill, an impairment loss is recognized in an amount equal to that excess. The implied fair value of goodwill is determined in the same manner as the amount of goodwill which would be recognized in a business combination. | |||||||||
The Company assesses qualitative factors to determine whether it is necessary to perform the one-step quantitative identifiable indefinite-lived intangible assets impairment test. This quantitative test is required only if the Company concludes that it is more likely than not that a unit of accounting’s fair value is less than its carrying amount. When the qualitative assessment is not used, or if the qualitative assessment is not conclusive, the impairment test for other intangible assets not subject to amortization requires a comparison of the fair value of the intangible asset with its carrying value. If the carrying value of the indefinite-lived intangible asset exceeds its fair value, an impairment loss is recognized in an amount equal to that excess. | |||||||||
Deferred Financing Costs | |||||||||
Costs incurred to obtain debt are deferred and amortized to interest expense over the life of the related debt. | |||||||||
Derivative Financial Instruments | |||||||||
The Company accounts for derivative financial instruments as either assets or liabilities measured at fair value. The Company uses derivative instruments to manage its exposure to market risks from changes in certain equity prices and interest rates and does not hold or issue derivative instruments for speculative or trading purposes. These derivative instruments are not designated as hedges, and changes in the fair values of these derivatives are recognized in the statements of income as gains (losses) on derivative contracts. | |||||||||
Commitments and Contingencies | |||||||||
Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties and other sources are recorded when the Company believes it is probable that a liability has been incurred and the amount of the contingency can be reasonably estimated. | |||||||||
Recently Adopted Accounting Pronouncement | |||||||||
In July 2013, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. ASU No. 2013-11 eliminates the diversity in practice in the presentation of unrecognized tax benefits either where an entity may present unrecognized tax benefits as a liability or by presenting unrecognized tax benefits as a reduction of a deferred tax asset for a net operating loss or tax credit carryforward in certain circumstances. ASU No. 2013-11 was adopted by the Company on January 1, 2014. The adoption of ASU No. 2013-11 did not have any impact on the Company's consolidated financial statements. | |||||||||
Recently Issued But Not Yet Adopted Accounting Pronouncement | |||||||||
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, requiring an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. ASU No. 2014-09 will replace most existing revenue recognition guidance in GAAP when it becomes effective and allows the use of either the retrospective or cumulative effect transition method. Early adoption is not permitted. ASU No. 2014-09 becomes effective for us on January 1, 2017. We have not yet completed our evaluation of the effect that ASU No. 2014-09 will have on our consolidated financial statements and related disclosures. | |||||||||
Common Stock of Cablevision | |||||||||
Each holder of Cablevision NY Group ("CNYG") Class A common stock has one vote per share while holders of CNYG Class B common stock have ten votes per share. CNYG Class B shares can be converted to CNYG Class A common stock at anytime with a conversion ratio of one CNYG Class A common share for one CNYG Class B common share. CNYG Class A stockholders are entitled to elect 25% of Cablevision's Board of Directors. CNYG Class B stockholders have the right to elect the remaining members of Cablevision's Board of Directors. In addition, CNYG Class B stockholders are parties to an agreement which has the effect of causing the voting power of these CNYG Class B stockholders to be cast as a block. The following table provides details of Cablevision's shares of common stock outstanding: | |||||||||
Shares of Common Stock Outstanding | |||||||||
Class A | Class B | ||||||||
Common Stock | Common Stock | ||||||||
Balance at December 31, 2011 | 220,170,261 | 54,137,673 | |||||||
Employee and non-employee director stock transactions (a) | 3,987,544 | — | |||||||
Share repurchases (see Note 20) | (13,596,687 | ) | — | ||||||
Balance at December 31, 2012 | 210,561,118 | 54,137,673 | |||||||
Employee and non-employee director stock transactions (a) | 3,037,472 | — | |||||||
Balance at December 31, 2013 | 213,598,590 | 54,137,673 | |||||||
Employee and non-employee director stock transactions (a) | 6,621,345 | — | |||||||
Balance at December 31, 2014 | 220,219,935 | 54,137,673 | |||||||
(a) | Primarily includes issuances of common stock in connection with employee and non-employee director exercises of stock options and restricted shares granted to employees, offset by shares acquired by the Company in connection with the fulfillment of employees' statutory tax withholding obligation for applicable income and other employment taxes and forfeited employee restricted shares. | ||||||||
CSC Holdings Membership Interests | |||||||||
CSC Holdings has 17,631,479 membership units issued and outstanding as of December 31, 2014 and 2013, respectively, which are all owned by Cablevision, its sole owner. | |||||||||
In September 2012, CSC Holdings issued 3,198,729 membership interests to Cablevision in connection with Cablevision's $735,000 cash contribution to CSC Holdings. Such contribution was funded by the net proceeds from Cablevision's senior notes issued in September 2012. | |||||||||
Dividends | |||||||||
Cablevision may pay dividends on its capital stock only from net profits and surplus as determined under Delaware law. If dividends are paid on CNYG common stock, holders of CNYG Class A common stock and CNYG Class B common stock are entitled to receive dividends, and other distributions in cash, stock or property, equally on a per share basis, except that stock dividends with respect to CNYG Class A common stock may be paid only with shares of CNYG Class A common stock and stock dividends with respect to CNYG Class B common stock may be paid only with shares of CNYG Class B common stock. | |||||||||
CSC Holdings may make distributions on its membership interests only if sufficient funds exist as determined under Delaware law. | |||||||||
Cablevision's and CSC Holdings' indentures and CSC Holdings credit agreement restrict the amount of dividends and distributions in respect of any equity interest that can be made. | |||||||||
The Board of Directors of Cablevision declared the following cash dividends to stockholders of record on both its CNYG Class A common stock and CNYG Class B common stock: | |||||||||
Declaration Date | Dividend per Share | Record Date | Payment Date | ||||||
November 5, 2014 | $0.15 | November 21, 2014 | December 12, 2014 | ||||||
July 29, 2014 | $0.15 | August 15, 2014 | September 5, 2014 | ||||||
May 6, 2014 | $0.15 | May 23, 2014 | June 13, 2014 | ||||||
February 25, 2014 | $0.15 | March 14, 2014 | April 3, 2014 | ||||||
November 6, 2013 | $0.15 | November 22, 2013 | December 13, 2013 | ||||||
July 30, 2013 | $0.15 | August 15, 2013 | September 5, 2013 | ||||||
May 7, 2013 | $0.15 | May 24, 2013 | June 14, 2013 | ||||||
February 26, 2013 | $0.15 | March 15, 2013 | April 3, 2013 | ||||||
October 24, 2012 | $0.15 | November 7, 2012 | November 28, 2012 | ||||||
August 1, 2012 | $0.15 | August 14, 2012 | September 4, 2012 | ||||||
May 1, 2012 | $0.15 | May 17, 2012 | June 1, 2012 | ||||||
February 22, 2012 | $0.15 | March 9, 2012 | March 30, 2012 | ||||||
Cablevision paid dividends aggregating $160,545, $159,709 and $163,872 in 2014, 2013 and 2012, respectively, including accrued dividends on vested restricted shares of $1,548, $3,092, and $5,987, respectively, primarily from the proceeds of equity distribution payments from CSC Holdings. In addition, as of December 31, 2014, up to approximately $8,319 will be paid when, and if, restrictions lapse on restricted shares outstanding. | |||||||||
During the years ended December 31, 2014, 2013 and 2012, CSC Holdings made cash equity distribution payments to Cablevision aggregating $396,382, $501,224 and $671,809, respectively. These distribution payments were funded from cash on hand. The proceeds were used to fund: | |||||||||
• | Cablevision's dividends paid; | ||||||||
• | Cablevision's interest on its senior notes; | ||||||||
• | Cablevision's repurchases of certain outstanding senior notes in 2014 and 2013; | ||||||||
• | Cablevision's payments for the acquisition of treasury shares related to statutory minimum tax withholding obligations upon the vesting of certain restricted shares; and | ||||||||
• | the repurchase of CNYG Class A common stock under Cablevision's share repurchase program in 2012 (see Note 19). | ||||||||
Income Per Common Share | |||||||||
Cablevision | |||||||||
Basic income per common share attributable to Cablevision stockholders is computed by dividing net income attributable to Cablevision stockholders by the weighted average number of common shares outstanding during the period. Diluted income per common share attributable to Cablevision stockholders reflects the dilutive effects of stock options (including options held by employees of AMC Networks Inc. ("AMC Networks") and The Madison Square Garden Company ("Madison Square Garden")) and restricted stock. | |||||||||
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 Cablevision stockholders: | |||||||||
December 31, | |||||||||
2014 | 2013 | 2012 | |||||||
(in thousands) | |||||||||
Basic weighted average shares outstanding | 264,623 | 260,763 | 262,258 | ||||||
Effect of dilution: | |||||||||
Stock options | 3,247 | 3,026 | 2,588 | ||||||
Restricted stock awards | 2,833 | 2,146 | 2,484 | ||||||
Diluted weighted average shares outstanding | 270,703 | 265,935 | 267,330 | ||||||
Anti-dilutive shares (options whose exercise price exceeds the average market price of Cablevision's common stock during the period and certain restricted shares) totaling approximately 1,760,000, 1,336,000 and 1,257,000 shares (including certain options held by AMC Networks and Madison Square Garden employees), have been excluded from diluted weighted average shares outstanding for the years ended December 31, 2014, 2013 and 2012, respectively. In addition, approximately 45,000 and 1,298,000 restricted shares issued pursuant to the Company's employee stock plan have also been excluded from the diluted weighted average shares outstanding for the year ended December 31, 2014 and 2013, respectively, as the performance criteria on these awards have not yet been satisfied. | |||||||||
CSC Holdings | |||||||||
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 Cablevision. | |||||||||
Concentrations of Credit Risk | |||||||||
Financial instruments that may potentially subject the Company to a concentration of credit risk consist primarily of cash and cash equivalents and trade account receivables. The Company monitors the financial institutions and money market funds where it invests its cash and cash equivalents with diversification among counterparties to mitigate exposure to any single financial institution. The Company's emphasis is primarily on safety of principal and liquidity and secondarily on maximizing the yield on its investments. Management believes that no significant concentration of credit risk exists with respect to its cash and cash equivalents balances because of its assessment of the creditworthiness and financial viability of the respective financial institutions. | |||||||||
The Company did not have a single customer that represented 10% or more of its consolidated net revenues for the years ended December 31, 2014, 2013 and 2012, or 10% or more of its consolidated net trade receivables at December 31, 2014 and 2013. |
SUPPLEMENTAL_CASH_FLOW_INFORMA
SUPPLEMENTAL CASH FLOW INFORMATION | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Supplemental Cash Flow Elements [Abstract] | ||||||||||||
SUPPLEMENTAL CASH FLOW INFORMATION | SUPPLEMENTAL CASH FLOW INFORMATION | |||||||||||
During 2014, 2013 and 2012, the Company's non-cash investing and financing activities and other supplemental data were as follows: | ||||||||||||
Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Non-Cash Investing and Financing Activities of Cablevision and CSC Holdings: | ||||||||||||
Continuing Operations: | ||||||||||||
Property and equipment accrued but unpaid | $ | 48,824 | $ | 65,391 | $ | 93,760 | ||||||
Capital lease obligations | 30,603 | 11,499 | 27,535 | |||||||||
Intangible asset obligations | 525 | 2,498 | 1,435 | |||||||||
Notes payable to vendor | 34,522 | 1,202 | — | |||||||||
Reduction in capital lease obligation as a result of not exercising a bargain purchase option | — | 22,950 | — | |||||||||
Non-Cash Investing and Financing Activities of Cablevision: | ||||||||||||
Dividends payable on unvested restricted share awards | 3,809 | 3,466 | 3,119 | |||||||||
Non-Cash Investing and Financing Activities of CSC Holdings: | ||||||||||||
Distribution of Cablevision senior notes to Cablevision | — | 142,262 | — | |||||||||
Supplemental Data: | ||||||||||||
Continuing Operations - Cablevision: | ||||||||||||
Cash interest paid | 550,241 | 580,906 | 646,346 | |||||||||
Income taxes paid, net | 10,598 | 16,470 | 13,418 | |||||||||
Continuing Operations - CSC Holdings: | ||||||||||||
Cash interest paid | 335,175 | 362,365 | 469,502 | |||||||||
Income taxes paid, net | 10,598 | 16,470 | 13,437 | |||||||||
Discontinued operations - Cablevision and CSC Holdings: | ||||||||||||
Cash interest paid | — | 26,606 | 61,927 | |||||||||
RESTRUCTURING_AND_IMPAIRMENT_C
RESTRUCTURING AND IMPAIRMENT CHARGES | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Restructuring Costs and Asset Impairment Charges [Abstract] | ||||||||||||||||
RESTRUCTURING AND IMPAIRMENT CHARGES | RESTRUCTURING AND IMPAIRMENT CHARGES | |||||||||||||||
Restructuring | ||||||||||||||||
In the fourth quarter of 2013, as a result of a strategic evaluation of the Company's operations, the Company recorded restructuring charges associated primarily with the elimination of 234 positions in the Cable segment, 191 positions in the Other segment, and 16 positions in the Lightpath segment. Additionally, the Company expensed $1,205 in connection with an early lease termination in the Other segment. The following table summarizes the restructuring charges and accrued restructuring liability related to the 2013 restructuring plan: | ||||||||||||||||
Cable | Lightpath | Other | Total | |||||||||||||
Segment | Segment | Segment | ||||||||||||||
Restructuring charges relating to severance, net | $ | 11,283 | $ | 1,558 | $ | 10,038 | $ | 22,879 | ||||||||
Restructuring charges relating to an early lease termination | — | — | 1,205 | 1,205 | ||||||||||||
Total restructuring expense | 11,283 | 1,558 | 11,243 | 24,084 | ||||||||||||
Payments and other | (8,556 | ) | (628 | ) | (158 | ) | (9,342 | ) | ||||||||
Accrual balance at December 31, 2013 | 2,727 | 930 | 11,085 | 14,742 | ||||||||||||
Payments and other, net | (2,722 | ) | (311 | ) | (10,415 | ) | (13,448 | ) | ||||||||
Accrued balance at December 31, 2014 | $ | 5 | $ | 619 | $ | 670 | $ | 1,294 | ||||||||
In addition to the charges included in the table above, the Company recorded net restructuring charges (credits) of $1,984, $(534), and $(770), in 2014, 2013 and 2012, respectively. The 2014 restructuring expense included a $3,280 charge relating to the elimination of 59 positions at Newsday. The 2013 and 2012 restructuring credits primarily related to changes to the Company's previous estimates recorded in connection with the Company's prior restructuring plans. | ||||||||||||||||
Impairment Charges | ||||||||||||||||
Goodwill and indefinite-lived intangible assets are tested annually for impairment during the first quarter of each year or earlier upon the occurrence of certain events or substantive changes in circumstances. As a result of the continuing deterioration of values in the newspaper industry and competition from other media and its current and anticipated impact on Newsday's advertising business, the Company determined that a triggering event had occurred at the Newsday reporting unit and the Company tested Newsday's indefinite-lived intangibles and goodwill for impairment at December 31, 2014, 2013 and 2012 (the "interim testing dates"). | ||||||||||||||||
The estimated fair values of the Newsday business indefinite-lived intangibles, which relate primarily to the trademarks associated with its mastheads, were based on discounted future cash flows calculated utilizing the relief-from-royalty method. Changes in such estimates or the application of alternative assumptions could produce significantly different results. The Company's impairment analysis as of December 31, 2014, 2013 and 2012 resulted in pre-tax impairment charges of $200, $25,100 and $13,000, respectively, related to the excess of the carrying value over the estimated fair value of the Company's trademarks. | ||||||||||||||||
Additionally, in 2014 and 2013, the Company recorded an impairment charge of $5,631 and $12,358, respectively, relating to the excess of the carrying value over the estimated fair values of Newsday's amortizing subscriber relationships and advertiser relationships, respectively. The decrease in fair values, which were determined based on discounted cash flows, resulted primarily from the decline in projected cash flows related to these assets. These pre-tax impairment charges are included in depreciation and amortization (including impairments) in the Other segment. No goodwill impairments were recorded for the years ended December 31, 2014, 2013 and 2012. | ||||||||||||||||
In addition, the Company recorded impairment charges of $425, $10,997 and $829 in 2014, 2013 and 2012, respectively, included in depreciation and amortization related primarily to certain other long-lived assets of businesses included in the Other segment. |
DISCONTINUED_OPERATIONS
DISCONTINUED OPERATIONS | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ||||||||||||||||
DISCONTINUED OPERATIONS | DISCONTINUED OPERATIONS | |||||||||||||||
In connection with the Bresnan Sale and Clearview Sale discussed above, the operating results of Bresnan Cable (previously included in the Company's Cable segment) and Clearview Cinemas (previously included in the Company's Other segment) have been reflected in the Company's consolidated financial statements as discontinued operations for all periods presented. | ||||||||||||||||
The proceeds related to the settlement of litigation with DISH Network, LLC (see discussion below) and related costs have been classified in discontinued operations for the years ended December 31, 2013 and 2012. | ||||||||||||||||
Operating results of discontinued operations for the years ended December 31, 2014, 2013 and 2012 are summarized below: | ||||||||||||||||
Year Ended December 31, 2014 | ||||||||||||||||
Bresnan | Clearview Cinemas | Total | ||||||||||||||
Cable (a) | ||||||||||||||||
Revenues, net | $ | — | $ | — | $ | — | ||||||||||
Income (loss) before income taxes | $ | 5,848 | $ | (820 | ) | $ | 5,028 | |||||||||
Income tax benefit (expense) | (2,542 | ) | 336 | (2,206 | ) | |||||||||||
Income (loss) from discontinued operations, net of income taxes | $ | 3,306 | $ | (484 | ) | $ | 2,822 | |||||||||
(a) | Represents primarily a gain recognized upon the settlement of a contingency related to Montana property taxes. | |||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||
Bresnan Cable (a) | Clearview Cinemas (b) (c) | Litigation Settlement (d) | Total | |||||||||||||
Revenues, net | $ | 262,323 | $ | 27,307 | $ | — | $ | 289,630 | ||||||||
Income (loss) before income taxes | $ | 439,870 | $ | (42,437 | ) | $ | 173,690 | $ | 571,123 | |||||||
Income tax benefit (expense) (e) | (180,178 | ) | 17,425 | (70,054 | ) | (232,807 | ) | |||||||||
Income (loss) from discontinued operations, net of taxes- Cablevision | 259,692 | (25,012 | ) | 103,636 | 338,316 | |||||||||||
Income tax benefit recognized at Cablevision, not applicable to CSC Holdings | (6,602 | ) | — | (1,003 | ) | (7,605 | ) | |||||||||
Income (loss) from discontinued operations, net of income taxes- CSC Holdings | $ | 253,090 | $ | (25,012 | ) | $ | 102,633 | $ | 330,711 | |||||||
(a) | Includes the pretax gain recognized in connection with the Bresnan Sale of approximately $408,000. | |||||||||||||||
(b) | Includes the pretax loss recognized in connection with the Clearview Sale of approximately $19,300. | |||||||||||||||
(c) | As a result of the Company's annual impairment test in the first quarter of 2013, the Company recorded an impairment charge of $10,347, relating to goodwill of the Company's Clearview business which reduced the carrying value to zero. The Company determined the fair value of the Clearview business, which was a single reporting unit, assuming highest and best use, based on either an income or market approach on a theater by theater basis. | |||||||||||||||
(d) | Represents primarily the proceeds from the final allocation of the DISH Network, LLC litigation settlement. See discussion below for additional information. | |||||||||||||||
(e) | Includes tax benefit of $7,605 resulting from a decrease in the valuation allowance for certain state net operating loss carry forwards. | |||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||
Bresnan Cable | Clearview Cinemas | Litigation Settlement (a) | Total | |||||||||||||
Revenues, net | $ | 508,710 | $ | 65,076 | $ | — | $ | 573,786 | ||||||||
Income (loss) before income taxes | $ | (49,452 | ) | $ | (19,683 | ) | $ | 339,004 | $ | 269,869 | ||||||
Income tax benefit (expense) | 20,157 | 8,016 | (138,754 | ) | (110,581 | ) | ||||||||||
Income (loss) from discontinued operations, net of income taxes | $ | (29,295 | ) | $ | (11,667 | ) | $ | 200,250 | $ | 159,288 | ||||||
(a) | Represents primarily the gain relating to the settlement of litigation with DISH Network, LLC. See discussion below for additional information. | |||||||||||||||
Litigation Settlement | ||||||||||||||||
In connection with the AMC Networks Distribution in June 2011 (whereby Cablevision distributed to its stockholders all of the outstanding common stock of AMC Networks, a company which consisted principally of national programming networks, including AMC, WE tv, IFC and Sundance Channel, previously owned and operated by the Company's Rainbow segment), CSC Holdings and AMC Networks and its subsidiary, Rainbow Programming Holdings, LLC (the "AMC Parties") entered into an agreement (the "VOOM Litigation Agreement") which provided that CSC Holdings and the AMC Parties would share equally in the proceeds (including in the value of any non-cash consideration) of any settlement or final judgment in the litigation with DISH Network, LLC ("DISH Network") that were received by subsidiaries of AMC Networks from VOOM HD Holdings LLC. | ||||||||||||||||
In October 2012, the Company and AMC Networks settled the litigation with DISH Network. Pursuant to the settlement agreement, DISH Network paid $700,000 to a joint escrow account for the benefit of the Company and AMC Networks. On April 8, 2013, the Company and AMC Networks reached agreement, pursuant to the VOOM Litigation Agreement, on the final allocation of the proceeds of the settlement. The parties agreed that (a) the Company would be allocated a total of $525,000 of the cash settlement payment; and (b) AMC Networks would retain $175,000 of the cash settlement payment (in addition to the long-term affiliation agreements entered into with DISH Network as part of the settlement). The final allocation was approved by independent committees of the Boards of Directors of the Company and AMC Networks. On April 9, 2013, the Company received $175,000 from AMC Networks (in addition to the $350,000 initially distributed to the Company from the joint escrow account in December 2012). The proceeds of $175,000 and $350,000 was recorded as a gain in discontinued operations for the years ended December 31, 2013 and 2012, respectively. |
PROPERTY_PLANT_AND_EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Property, Plant and Equipment [Abstract] | ||||||||||
PROPERTY, PLANT AND EQUIPMENT | PROPERTY, PLANT AND EQUIPMENT | |||||||||
Costs incurred in the construction of the Company's cable systems, including line extensions to, and upgrade of, the Company's hybrid fiber/coaxial infrastructure and headend facilities are capitalized. These costs consist of materials, subcontractor labor, direct consulting fees, and internal labor and related costs associated with the construction activities. The internal costs that are capitalized consist of salaries and benefits of the Company's employees and the portion of facility costs, including rent, taxes, insurance and utilities, that supports the construction activities. These costs are depreciated over the estimated life of the plant (10 to 25 years), and headend facilities (4 to 25 years). Costs of operating the plant and the technical facilities, including repairs and maintenance, are expensed as incurred. | ||||||||||
Costs incurred to connect businesses or residences that have not been previously connected to the infrastructure or digital platform are also capitalized. These costs include materials, subcontractor labor, internal labor, and other related costs associated with the connection activities. In addition, on-site and remote technical assistance during the provisioning process for new digital product offerings are capitalized. The departmental activities supporting the connection process are tracked through specific metrics, and the portion of departmental costs that is capitalized is determined through a time weighted activity allocation of costs incurred based on time studies used to estimate the average time spent on each activity. New connections are amortized over the estimated useful lives of 5 years or 12 years for residence wiring and feeder cable to the home, respectively. The portion of departmental costs related to reconnection, programming service up-grade and down-grade, repair and maintenance, and disconnection activities are expensed as incurred. | ||||||||||
Property, plant and equipment (including equipment under capital leases) consist of the following assets, which are depreciated or amortized on a straight-line basis over the estimated useful lives shown below: | ||||||||||
December 31, | Estimated | |||||||||
2014 | 2013 | Useful Lives | ||||||||
Customer equipment | $ | 1,954,512 | $ | 2,104,305 | 3 to 5 years | |||||
Headends and related equipment | 1,437,681 | 1,276,819 | 4 to 25 years | |||||||
Central office equipment | 811,320 | 758,691 | 5 to 10 years | |||||||
Infrastructure | 5,695,519 | 5,651,633 | 3 to 25 years | |||||||
Equipment and software | 1,507,500 | 1,386,848 | 3 to 10 years | |||||||
Construction in progress (including materials and supplies) | 97,955 | 113,260 | ||||||||
Furniture and fixtures | 94,265 | 92,631 | 5 to 12 years | |||||||
Transportation equipment | 217,486 | 201,806 | 5 to 18 years | |||||||
Buildings and building improvements | 303,344 | 279,614 | 10 to 40 years | |||||||
Leasehold improvements | 345,942 | 362,932 | Term of lease | |||||||
Land | 14,538 | 14,662 | ||||||||
12,480,062 | 12,243,201 | |||||||||
Less accumulated depreciation and amortization | (9,454,315 | ) | (9,264,848 | ) | ||||||
$ | 3,025,747 | $ | 2,978,353 | |||||||
During the years ended December 31, 2014 and 2013, the Company capitalized certain costs aggregating $153,675 and $127,390, respectively, related to the acquisition and development of internal use software, which are included in the table above. | ||||||||||
Depreciation expense on property, plant and equipment (including capital leases) for the years ended December 31, 2014, 2013 and 2012 amounted to $852,451, $858,899 and $879,242 (including impairment charges of $425, $10,997 and $829 in 2014, 2013 and 2012), respectively. | ||||||||||
At December 31, 2014 and 2013, the gross amount of equipment and related accumulated amortization recorded under capital leases were as follows: | ||||||||||
December 31, | ||||||||||
2014 | 2013 | |||||||||
Equipment | $ | 95,719 | $ | 65,454 | ||||||
Less accumulated amortization | (39,951 | ) | (31,138 | ) | ||||||
$ | 55,768 | $ | 34,316 | |||||||
OPERATING_LEASES
OPERATING LEASES | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Leases, Operating [Abstract] | ||||
OPERATING LEASES | OPERATING LEASES | |||
The Company leases certain office, production, and transmission facilities under terms of leases expiring at various dates through 2034. The leases generally provide for escalating rentals over the term of the lease plus certain real estate taxes and other costs or credits. Costs associated with such operating leases are recognized on a straight-line basis over the initial lease term. The difference between rent expense and rent paid is recorded as deferred rent. In addition, the Company rents space on utility poles for its operations. The Company's pole rental agreements are for varying terms, and management anticipates renewals as they expire. Rent expense, including pole rentals, for the years ended December 31, 2014, 2013 and 2012 amounted to $77,769, $75,553 and $78,472, respectively. | ||||
The minimum future annual payments for all operating leases (with initial or remaining terms in excess of one year) during the next five years and thereafter, including pole rentals from January 1, 2015 through December 31, 2019, at rates now in force are as follows: | ||||
2015 | $ | 66,289 | ||
2016 | 70,277 | |||
2017 | 62,511 | |||
2018 | 51,246 | |||
2019 | 37,778 | |||
Thereafter | 168,737 | |||
INTANGIBLE_ASSETS
INTANGIBLE ASSETS | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||
INTANGIBLE ASSETS | INTANGIBLE ASSETS | |||||||||||||||
The following table summarizes information relating to the Company's acquired intangible assets at December 31, 2014 and 2013: | ||||||||||||||||
December 31, | Estimated | |||||||||||||||
2014 | 2013 | Useful Lives | ||||||||||||||
Gross carrying amount of amortizable intangible assets | ||||||||||||||||
Customer relationships | $ | 45,828 | $ | 46,258 | 7 to 18 years | |||||||||||
Other amortizable intangibles | 50,971 | 81,741 | 3 to 28 years | |||||||||||||
96,799 | 127,999 | |||||||||||||||
Accumulated amortization | ||||||||||||||||
Customer relationships | (31,407 | ) | (28,099 | ) | ||||||||||||
Other amortizable intangibles | (28,611 | ) | (49,948 | ) | ||||||||||||
(60,018 | ) | (78,047 | ) | |||||||||||||
Amortizable intangible assets, net of accumulated amortization | $ | 36,781 | $ | 49,952 | ||||||||||||
Amortizable intangible assets, net of accumulated amortization | $ | 36,781 | $ | 49,952 | ||||||||||||
Indefinite-lived cable television franchises | 731,848 | 731,848 | ||||||||||||||
Trademarks and other indefinite-lived intangible assets | 7,250 | 7,450 | ||||||||||||||
Goodwill | 264,690 | 264,690 | ||||||||||||||
Total intangible assets, net | $ | 1,040,569 | $ | 1,053,940 | ||||||||||||
Aggregate amortization expense | ||||||||||||||||
Years ended December 31, 2014 and 2013 (excluding impairment charges of $5,831 and $37,458, respectively) | $ | 8,220 | $ | 12,790 | ||||||||||||
Estimated amortization expense | ||||||||||||||||
Year Ended December 31, 2015 | $ | 7,013 | ||||||||||||||
Year Ended December 31, 2016 | 6,016 | |||||||||||||||
Year Ended December 31, 2017 | 5,559 | |||||||||||||||
Year Ended December 31, 2018 | 4,549 | |||||||||||||||
Year Ended December 31, 2019 | 3,907 | |||||||||||||||
The carrying amount of goodwill as of December 31, 2014 and 2013 is as follows: | ||||||||||||||||
Cable | Lightpath | Other | Total | |||||||||||||
Gross goodwill as of December 31, 2014 and 2013 | $ | 234,290 | $ | 21,487 | $ | 342,971 | $ | 598,748 | ||||||||
Accumulated impairment losses as of December 31, 2014 and 2013 | — | — | (334,058 | ) | (334,058 | ) | ||||||||||
$ | 234,290 | $ | 21,487 | $ | 8,913 | $ | 264,690 | |||||||||
DEBT
DEBT | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||
DEBT | DEBT | ||||||||||||||||||
Credit Facility Debt | |||||||||||||||||||
The following table provides details of the Company's outstanding credit facility debt: | |||||||||||||||||||
Interest | Amounts Payable | Carrying Value at | |||||||||||||||||
Rate at | on or prior to | ||||||||||||||||||
Maturity | December 31, 2014 | 31-Dec-15 | 31-Dec-14 | December 31, 2013 | |||||||||||||||
Date | |||||||||||||||||||
Restricted Group: | |||||||||||||||||||
Revolving loan facility (a) | April 17, 2018 | — | $ | — | $ | — | $ | — | |||||||||||
Term A loan facility | April 17, 2018 | 1.92% | 47,926 | 934,547 | 958,510 | ||||||||||||||
Term B loan facility (b) | April 17, 2020 | 2.67% | 13,923 | 1,366,102 | 2,327,635 | ||||||||||||||
Restricted Group credit facility debt | 61,849 | 2,300,649 | 3,286,145 | ||||||||||||||||
Newsday: | |||||||||||||||||||
Floating rate term loan facility | October 12, 2016 | 3.67% | — | 480,000 | 480,000 | ||||||||||||||
Total credit facility debt | $ | 61,849 | $ | 2,780,649 | $ | 3,766,145 | |||||||||||||
(a) | At December 31, 2014, $71,661 of the revolving loan facility was restricted for certain letters of credit issued on behalf of CSC Holdings and $1,428,339 of the revolving loan facility was undrawn and available, subject to covenant limitations, to be drawn to meet the net funding and investment requirements of the Restricted Group. | ||||||||||||||||||
(b) | The unamortized discount related to the Term B loan facility amounted to $5,326 and $10,615 at December 31, 2014 and 2013, respectively. | ||||||||||||||||||
Restricted Group Credit Facility | |||||||||||||||||||
On April 17, 2013, CSC Holdings and certain of its subsidiaries (the "Restricted Subsidiaries") refinanced its Restricted Group credit facility. The Restricted Group credit agreement provides for (1) a revolving credit facility of $1,500,000, (2) a Term A facility of $958,510, and (3) a Term B facility of $1,400,000 (net of $750,000 and $200,000 repayments in May 2014 and September 2014, respectively, discussed below), each subject to adjustment from time to time in accordance with the terms of the credit agreement (the "Credit Agreement"). The proceeds from the Term A loans and the Term B loans were used to repay all amounts outstanding under CSC Holdings' previous Restricted Group credit facility and to pay fees and expenses in connection therewith. As of December 31, 2014, no amounts were drawn under the revolving credit facility. | |||||||||||||||||||
The Credit Agreement provides for extended facilities and additional facilities, subject to an aggregate maximum facilities limit on all facilities (including the revolving credit facility, the Term A facility and the Term B facility and any extended facilities and additional facilities) equal to the greater of (1) $4,808,510 and (2) an amount such that the senior secured leverage ratio, as defined in the Credit Agreement, would not exceed 3.50 to 1.00. | |||||||||||||||||||
Under the Credit Agreement, commitments under the revolving credit facility expire on April 17, 2018. The Term A loans are subject to quarterly repayments of $11,981 that began on September 30, 2014 and continue through June 30, 2016, $23,963 beginning on September 30, 2016 through March 31, 2018 and a final payment of $694,919 at maturity on April 17, 2018. The Term B loans are subject to quarterly repayments that began in September 2013 and are currently $3,481 per quarter through December 31, 2019 with a final repayment of $1,301,812 at maturity on April 17, 2020. Unless terminated early in accordance with the terms of the Credit Agreement, all the facilities terminate on their final maturity dates, other than any additional facilities or extended facilities that may be entered into in the future under the terms of the Credit Agreement and which will terminate on the date specified in the respective supplements or agreements establishing such facilities. The Credit Agreement provides for issuance of letters of credit in an aggregate amount of up to $150,000. | |||||||||||||||||||
Loans under the Credit Agreement are direct obligations of CSC Holdings, guaranteed by most of the Restricted Subsidiaries (as defined in the Credit Agreement) and secured by the pledge of the stock and other security interests of most of the Restricted Subsidiaries. | |||||||||||||||||||
Loans under the Credit Agreement bear interest as follows: | |||||||||||||||||||
• | Revolving credit loans and Term A loans, either (i) the Eurodollar rate (as defined) plus a spread ranging from 1.50% to 2.25% based on the cash flow ratio (as defined), or (ii) the base rate (as defined) plus a spread ranging from 0.50% to 1.25% based on the cash flow ratio; | ||||||||||||||||||
• | Term B loans, either (i) the Eurodollar rate plus a spread of 2.50% or (ii) the base rate plus a spread of 1.50%. | ||||||||||||||||||
The Restricted Group credit facility has two financial maintenance covenants applicable to the revolving credit facility and the Term A loans: (1) a maximum ratio of total net indebtedness to cash flow of 5.0 to 1 and (2) a maximum ratio of senior secured net indebtedness to cash flow of 4.0 to 1. The financial maintenance covenants do not apply to the Term B loans. | |||||||||||||||||||
These covenants and restrictions on the permitted use of borrowed funds in the revolving loan facility may limit the Restricted Group's ability to utilize all of the undrawn revolver funds. Additional covenants include limitations on liens and the issuance of additional debt. | |||||||||||||||||||
Under the Restricted Group credit facility there are generally no restrictions on investments that the Restricted Group may make, provided it is not in default; however, the Restricted Group must also remain in compliance with the maximum ratio of total net indebtedness to cash flow and the maximum ratio of senior secured net indebtedness to cash flow. | |||||||||||||||||||
There is a commitment fee of 0.30% on undrawn amounts under the revolving credit facility. | |||||||||||||||||||
For the year ended December 31, 2013, the Company wrote-off deferred financing costs of $6,602 related to the repaid credit facility. The Term B loans were issued at a discount of $11,750 and the Company recorded deferred financing costs of $27,080 related to the current credit facility. The original issue discount and the deferred financing costs are both being amortized to interest expense over the term of the respective loans. | |||||||||||||||||||
In May 2014, CSC Holdings used the net proceeds from the issuance of the 2024 Notes (discussed below), as well as cash on hand, to make a $750,000 repayment on its outstanding Term B loan facility. In September 2014, CSC Holdings made a repayment of $200,000 on its outstanding Term B loan facility with cash on hand. In connection with these repayments, the Company recognized a loss on extinguishment of debt of approximately $4,054 and wrote-off unamortized deferred financing costs related to this loan facility of approximately $5,564 for the year ended December 31, 2014. | |||||||||||||||||||
The Restricted Group was in compliance with all of its financial covenants under the Restricted Group Credit Agreement as of December 31, 2014. | |||||||||||||||||||
Newsday LLC Credit Facility | |||||||||||||||||||
On October 12, 2012, Newsday LLC ("Newsday") entered into a new senior secured credit agreement (the "Newsday Credit Agreement"), the proceeds of which were used to repay all amounts outstanding under its previous credit agreement dated as of July 29, 2008. The Newsday Credit Agreement consists of a $480,000 floating rate term loan which matures on October 12, 2016 (net of the $160,000 repayment in December 2013, discussed below). Interest under the Newsday Credit Agreement is calculated, at the election of Newsday, at either the eurodollar rate or the base rate, plus 3.50% or 2.50%, respectively, as specified in the Newsday Credit Agreement. Borrowings by Newsday under the Newsday Credit Agreement are guaranteed by CSC Holdings on a senior unsecured basis and certain of its subsidiaries that own interests in Newsday on a senior secured basis. The Newsday Credit Agreement is secured by a lien on the assets of Newsday and Cablevision senior notes with an aggregate principal amount of $611,455 (after the sale of Cablevision senior notes in December 2013 discussed below) owned by Newsday Holdings. In connection with the Newsday Credit Agreement, the Company incurred deferred financing costs of approximately $4,558, which are being amortized to interest expense over the term of the Newsday Credit Agreement. | |||||||||||||||||||
On December 10, 2013, Newsday made a voluntary repayment of $160,000 on its term loan with the proceeds it received from CSC Holdings in connection with CSC Holdings' purchase of Cablevision senior notes with an aggregate principal amount of $142,262 held by Newsday Holdings. The senior notes were subsequently distributed by CSC Holdings to Cablevision and were canceled. | |||||||||||||||||||
The principal financial covenant for the Newsday Credit Agreement is a minimum liquidity test of $25,000 which is tested bi-annually on June 30 and December 31. The Newsday Credit Agreement also contains customary affirmative and negative covenants, subject to certain exceptions, including limitations on indebtedness, investments and restricted payments. Certain of the covenants applicable to CSC Holdings under the Newsday Credit Agreement are similar to the covenants applicable to CSC Holdings under its outstanding senior notes. | |||||||||||||||||||
Prior to the Newsday Credit Agreement, Newsday had a $650,000 senior secured loan facility comprised of two components: a $525,000 10.50% fixed rate term loan facility and a $125,000 floating rate term loan facility. Unamortized deferred financing costs related to this senior secured loan facility aggregating approximately $5,083 were written-off in 2012. | |||||||||||||||||||
Newsday was in compliance with all of its financial covenants under its Newsday Credit Agreement as of December 31, 2014. | |||||||||||||||||||
Senior Notes and Debentures | |||||||||||||||||||
The following table summarizes the Company's senior notes and debentures: | |||||||||||||||||||
Date | Maturity | Interest | Issue | Carrying Amount at | |||||||||||||||
December 31, | |||||||||||||||||||
Issuer | Issued | Date | Rate | Amount | 2014 | 2013 | |||||||||||||
CSC Holdings (a)(c) | February 6, 1998 | February 15, 2018 | 7.875 | % | 300,000 | $ | 299,464 | $ | 299,293 | ||||||||||
CSC Holdings (a)(c) | July 21, 1998 | July 15, 2018 | 7.625 | % | 500,000 | 499,912 | 499,887 | ||||||||||||
CSC Holdings (b)(c) | February 12, 2009 | February 15, 2019 | 8.625 | % | 526,000 | 512,750 | 510,223 | ||||||||||||
CSC Holdings (b) | November 15, 2011 | November 15, 2021 | 6.75 | % | 1,000,000 | 1,000,000 | 1,000,000 | ||||||||||||
CSC Holdings (b) | May 23, 2014 | June 1, 2024 | 5.25 | % | 750,000 | 750,000 | — | ||||||||||||
3,062,126 | 2,309,403 | ||||||||||||||||||
Cablevision (b)(c) | September 23, 2009 | September 15, 2017 | 8.625 | % | 900,000 | 894,717 | 893,057 | ||||||||||||
Cablevision (b) | April 15, 2010 | April 15, 2018 | 7.75 | % | 750,000 | 750,000 | 750,000 | ||||||||||||
Cablevision (b) | April 15, 2010 | April 15, 2020 | 8 | % | 500,000 | 500,000 | 500,000 | ||||||||||||
Cablevision (b) | September 27, 2012 | September 15, 2022 | 5.875 | % | 750,000 | 649,024 | 686,055 | ||||||||||||
$ | 5,855,867 | $ | 5,138,515 | ||||||||||||||||
(a) | The debentures are not redeemable by the Company prior to maturity. | ||||||||||||||||||
(b) | The Company may redeem some or all of the notes at any time at a specified "make-whole" price plus accrued and unpaid interest to the redemption date. | ||||||||||||||||||
(c) | The carrying amount of the senior notes is net of the unamortized original issue discount. | ||||||||||||||||||
The table above also excludes the principal amount of Cablevision 7.75% senior notes due 2018 of $345,238 and the principal amount of Cablevision 8.00% senior notes due 2020 of $266,217 held by Newsday at December 31, 2014 and 2013 which are eliminated in the consolidated balance sheets of Cablevision. | |||||||||||||||||||
The indentures under which the senior notes and debentures were issued contain various covenants, which are generally less restrictive than those contained in the credit agreement of the issuer. The Company was in compliance with all of its financial covenants under these indentures as of December 31, 2014. | |||||||||||||||||||
Issuance of Debt Securities | |||||||||||||||||||
CSC Holdings 5.25% Senior Notes Due 2024 | |||||||||||||||||||
In May 2014, CSC Holdings issued $750,000 aggregate principal amount of 5.25% senior notes due June 1, 2024 (the "2024 Notes"). The 2024 Notes are senior unsecured obligations and rank equally in right of payment with all of CSC Holdings' other existing and future unsecured and unsubordinated indebtedness. CSC Holdings may redeem all or a portion of the 2024 Notes at any time at a price equal to 100% of the principal amount of the 2024 Notes redeemed plus accrued and unpaid interest to the redemption date plus a "make whole" premium. CSC Holdings used the net proceeds from the issuance of the 2024 Notes, as well as cash on hand, to make a $750,000 repayment on its outstanding Term B loan facility. In connection with the issuance of the 2024 Notes, the Company incurred deferred financing costs of approximately $14,273, which are being amortized to interest expense over the term of the 2024 Notes. | |||||||||||||||||||
Cablevision 5.875% Senior Notes Due 2022 | |||||||||||||||||||
In September 2012, Cablevision issued $750,000 aggregate principal amount of 5.875% senior notes due September 15, 2022 (the "2022 Notes") in a registered public offering. The 2022 Notes are senior unsecured obligations and rank equally in right of payment with all of Cablevision's other existing and future unsecured and unsubordinated indebtedness. Cablevision may redeem all or a portion of the 2022 Notes at any time at a price equal to 100% of the principal amount of the 2022 Notes redeemed plus accrued and unpaid interest to the redemption date plus a "make whole" premium. Cablevision contributed the net proceeds of approximately $735,000 from the issuance of the 2022 Notes to CSC Holdings, and CSC Holdings used those proceeds to (i) repurchase a portion of 8.50% CSC Holdings Senior Notes Due June 2015 (the "2015 Notes") and a portion of the 8.50% CSC Holdings Senior Notes Due April 2014 (the "2014 Notes") in the tender offers commenced in September 2012 discussed below, (ii) make a $150,000 repayment on the then outstanding CSC Holdings Term B-2 extended loan facility, and (iii) for general corporate purposes. In connection with the issuance of the 2022 Notes, the Company incurred deferred financing costs of approximately $16,195, which are being amortized to interest expense over the term of the 2022 Notes. See discussion below regarding the repurchase of a portion of these notes in 2013. | |||||||||||||||||||
Repurchases of Cablevision Senior Notes | |||||||||||||||||||
In January 2014, Cablevision repurchased with cash on hand $27,831 aggregate principal amount of its outstanding 2022 Notes. In October 2014, Cablevision repurchased with cash on hand an additional $9,200 aggregate principal amount of the 2022 Notes. In connection with these repurchases, Cablevision recorded a gain from the extinguishment of debt of $934, net of fees, and a write-off approximately $1,436 of unamortized deferred financing costs associated with these notes. The notes repurchased in January 2014 were classified as a current liability on Cablevision's balance sheet at December 31, 2013. | |||||||||||||||||||
In 2013, Cablevision repurchased with cash on hand $63,945 aggregate principal amount of its outstanding 2022 Notes. In connection with these repurchases, Cablevision recorded a gain from the extinguishment of debt of $1,119 and a write-off approximately $517 of unamortized deferred financing costs associated with these notes. | |||||||||||||||||||
Redemptions and Repurchases of CSC Holdings Senior Notes (tender prices per note in dollars) | |||||||||||||||||||
In 2013, CSC Holdings redeemed (1) $204,937 aggregate principal amount of its outstanding 2014 Notes and (2) $91,543 aggregate principal amount of its outstanding 2015 Notes with cash on hand. In connection with these redemptions, the Company recorded a loss on extinguishment of debt of $12,192, primarily representing the payments in excess of the principal amount thereof and a write-off of the unamortized deferred financing costs and discounts associated with these notes of approximately $4,350 for the year ended December 31, 2013. | |||||||||||||||||||
In September 2012, CSC Holdings commenced a cash tender offer for: (1) its outstanding $120,543 aggregate principal amount of 2015 Notes for total consideration of $1,046.25 per $1,000 principal amount of notes tendered for purchase, consisting of tender offer consideration of $1,016.25 per $1,000 principal amount of notes plus an early tender premium of $30 per $1,000 principal amount of notes, and (2) its outstanding $575,633 aggregate principal amount of 2014 Notes for total consideration of $1,113 per $1,000 principal amount of notes tendered for purchase, consisting of tender offer consideration of $1,083 per $1,000 principal amount of notes plus an early tender premium of $30 per $1,000 principal amount of notes. Holders that tendered their securities by September 26, 2012 ("Early Tender Date") received the total consideration. Holders who tendered their securities after such time and by the October 11, 2012 expiration date ("Tender Expiration Date") received the tender offer consideration, which is the total consideration less the early tender premium. | |||||||||||||||||||
The aggregate principal amount of the 2015 Notes and 2014 Notes that were tendered and repurchased on September 27, 2012 amounted to $29,000 and $370,696, respectively. There were no additional securities tendered between the Early Tender Date and the Tender Expiration Date. The tender premiums associated with the repurchase of the 2015 Notes and 2014 Notes of approximately $43,231, along with other transaction costs of $577, have been recorded in loss on extinguishment of debt for the year ended December 31, 2012. In addition, unamortized deferred financing costs and discounts related to these notes aggregating approximately $16,997 were written-off in 2012. | |||||||||||||||||||
Summary of Debt Maturities | |||||||||||||||||||
Total amounts payable by the Company under its various debt obligations outstanding as of December 31, 2014, including notes payable, collateralized indebtedness (see Note 10), and capital leases, during the next five years and thereafter, are as follows: | |||||||||||||||||||
Years Ending December 31, | Cablevision (a) | CSC Holdings | |||||||||||||||||
2015 | $ | 558,368 | $ | 558,368 | |||||||||||||||
2016 | 1,007,576 | 1,007,576 | |||||||||||||||||
2017 | 1,120,556 | 220,556 | |||||||||||||||||
2018 | 2,286,755 | 1,536,755 | |||||||||||||||||
2019 | 542,099 | 542,099 | |||||||||||||||||
Thereafter | 4,202,151 | 3,053,127 | |||||||||||||||||
(a) | Excludes the Cablevision senior notes held by Newsday Holdings. |
DERIVATIVE_CONTRACTS_AND_COLLA
DERIVATIVE CONTRACTS AND COLLATERALIZED INDEBTEDNESS | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||
DERIVATIVE CONTRACTS AND COLLATERALIZED INDEBTEDNESS | DERIVATIVE CONTRACTS AND COLLATERALIZED INDEBTEDNESS | ||||||||||||||||||
To manage interest rate risk, the Company has historically entered into interest rate swap contracts to adjust the proportion of total debt that is subject to variable interest rates. Such contracts effectively fix the borrowing rates on floating rate debt to limit the exposure against the risk of rising rates. The Company does not enter into interest rate swap contracts for speculative or trading purposes. | |||||||||||||||||||
The Company has entered into various transactions to limit the exposure against equity price risk on its shares of Comcast Corporation ("Comcast") common stock. The Company has monetized all of its stock holdings in Comcast through the execution of prepaid forward contracts, collateralized by an equivalent amount of the respective underlying stock. At maturity, the contracts provide for the option to deliver cash or shares of Comcast stock with a value determined by reference to the applicable stock price at maturity. These contracts, at maturity, are expected to offset declines in the fair value of these securities below the hedge price per share while allowing the Company to retain upside appreciation from the hedge price per share to the relevant cap price. | |||||||||||||||||||
The Company received cash proceeds upon execution of the prepaid forward contracts discussed above which has been reflected as collateralized indebtedness in the accompanying consolidated balance sheets. In addition, the Company separately accounts for the equity derivative component of the prepaid forward contracts. These equity derivatives have not been designated as hedges for accounting purposes. Therefore, the net fair values of the equity derivatives have been reflected in the accompanying consolidated balance sheets as an asset or liability and the net increases or decreases in the fair value of the equity derivative component of the prepaid forward contracts are included in gain (loss) on derivative contracts in the accompanying consolidated statements of income. | |||||||||||||||||||
All of the Company's monetization transactions are obligations of its wholly-owned subsidiaries that are not part of the Restricted Group; however, CSC Holdings has provided guarantees of the subsidiaries' ongoing contract payment expense obligations and potential payments that could be due as a result of an early termination event (as defined in the agreements). If any one of these contracts were terminated prior to its scheduled maturity date, the Company would be obligated to repay the fair value of the collateralized indebtedness less the sum of the fair values of the underlying stock and equity collar, calculated at the termination date. As of December 31, 2014, the Company did not have an early termination shortfall relating to any of these contracts. | |||||||||||||||||||
The Company monitors the financial institutions that are counterparties to its equity derivative contracts and it diversifies its equity derivative contracts among various counterparties to mitigate exposure to any single financial institution. All of the counterparties to such transactions carry investment grade credit ratings as of December 31, 2014. | |||||||||||||||||||
The following represents the location of the assets and liabilities associated with the Company's derivative instruments within the consolidated balance sheets at December 31, 2014 and December 31, 2013: | |||||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||||
Derivatives Not | Balance | Fair Value at December 31, 2014 | Fair Value at December 31, 2013 | Fair Value at December 31, 2014 | Fair Value at December 31, 2013 | ||||||||||||||
Designated as | Sheet | ||||||||||||||||||
Hedging | Location | ||||||||||||||||||
Instruments | |||||||||||||||||||
Prepaid forward contracts | Current derivative contracts | $ | — | $ | — | $ | 93,010 | $ | 99,577 | ||||||||||
Prepaid forward contracts | Long-term derivative contracts | 7,317 | 3,385 | 9,207 | 47,370 | ||||||||||||||
$ | 7,317 | $ | 3,385 | $ | 102,217 | $ | 146,947 | ||||||||||||
The following represents the impact of the Company's derivative instruments and location within the consolidated statements of income for the years ended December 31, 2014, 2013 and 2012: | |||||||||||||||||||
Derivatives Not | Amount of Loss Recognized | ||||||||||||||||||
Designated as Hedging | Location of Loss | Years Ended December 31, | |||||||||||||||||
Instruments | Recognized | 2014 | 2013 | 2012 | |||||||||||||||
Interest rate swap contracts | Loss on interest rate swap contracts, net | $ | — | $ | — | $ | (1,828 | ) | |||||||||||
Prepaid forward contracts | Loss on equity derivative contracts, net | (45,055 | ) | (198,688 | ) | (211,335 | ) | ||||||||||||
$ | (45,055 | ) | $ | (198,688 | ) | $ | (213,163 | ) | |||||||||||
For the years ended December 31, 2014, 2013 and 2012, the Company recorded a gain on investments of $129,832, $313,251 and $293,599, respectively, representing the net increase in the fair values of all investment securities pledged as collateral for the period. | |||||||||||||||||||
Settlements of Collateralized Indebtedness | |||||||||||||||||||
The following table summarizes the settlement of the Company's collateralized indebtedness relating to Comcast shares that were settled by delivering cash equal to the collateralized loan value, net of the value of the related equity derivative contracts for the years ended December 31, 2014 and 2013. The cash was obtained from the proceeds of new monetization contracts covering an equivalent number of Comcast shares. The terms of the new contracts allow the Company to retain upside participation in Comcast shares up to each respective contract's upside appreciation limit with downside exposure limited to the respective hedge price. | |||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Number of shares | 8,069,934 | 13,407,684 | |||||||||||||||||
Collateralized indebtedness settled | $ | (248,388 | ) | $ | (307,763 | ) | |||||||||||||
Derivative contracts settled | (93,717 | ) | (200,246 | ) | |||||||||||||||
(342,105 | ) | (508,009 | ) | ||||||||||||||||
Proceeds from new monetization contracts | 416,621 | 569,561 | |||||||||||||||||
Net cash receipt | $ | 74,516 | $ | 61,552 | |||||||||||||||
In January 2015, the Company settled collateralized indebtedness relating to 2,668,875 Comcast shares by delivering cash equal to the collateralized loan value obtained from the proceeds of a new monetization contract covering an equivalent number of Comcast shares. Accordingly, the consolidated balance sheets of Cablevision and CSC Holdings as of December 31, 2014 reflect the reclassification of $154,821 of investment securities pledged as collateral from a current asset to a long-term asset and $103,227 of collateralized indebtedness from a current liability to a long-term liability. |
FAIR_VALUE_MEASUREMENT
FAIR VALUE MEASUREMENT | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
FAIR VALUE MEASUREMENT | FAIR VALUE MEASUREMENT | |||||||||||||||
The fair value hierarchy is based on inputs to valuation techniques that are used to measure fair value that are either observable or unobservable. Observable inputs reflect assumptions market participants would use in pricing an asset or liability based on market data obtained from independent sources while unobservable inputs reflect a reporting entity's pricing based upon their own market assumptions. The fair value hierarchy consists of the following three levels: | ||||||||||||||||
• | Level I - Quoted prices for identical instruments in active markets. | |||||||||||||||
• | Level II - Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable. | |||||||||||||||
• | Level III - Instruments whose significant value drivers are unobservable. | |||||||||||||||
The following table presents for each of these hierarchy levels, the Company's financial assets and financial liabilities that are measured at fair value on a recurring basis at December 31, 2014 and December 31, 2013: | ||||||||||||||||
At December 31, 2014 | ||||||||||||||||
Level I | Level II | Level III | Total | |||||||||||||
Assets: | ||||||||||||||||
Money market funds | $ | 736,330 | $ | — | $ | — | $ | 736,330 | ||||||||
Investment securities | 132 | — | — | 132 | ||||||||||||
Investment securities pledged as collateral | 1,245,916 | — | — | 1,245,916 | ||||||||||||
Prepaid forward contracts | — | 7,317 | — | 7,317 | ||||||||||||
Liabilities: | ||||||||||||||||
Liabilities under derivative contracts: | ||||||||||||||||
Prepaid forward contracts | — | 102,217 | — | 102,217 | ||||||||||||
At December 31, 2013 | ||||||||||||||||
Level I | Level II | Level III | Total | |||||||||||||
Assets: | ||||||||||||||||
Money market funds | $ | 608,225 | $ | — | $ | — | $ | 608,225 | ||||||||
Investment securities | 138 | — | — | 138 | ||||||||||||
Investment securities pledged as collateral | 1,116,084 | — | — | 1,116,084 | ||||||||||||
Prepaid forward contracts | — | 3,385 | — | 3,385 | ||||||||||||
Liabilities: | ||||||||||||||||
Liabilities under derivative contracts: | ||||||||||||||||
Prepaid forward contracts | — | 146,947 | — | 146,947 | ||||||||||||
The Company's cash equivalents, investment securities and investment securities pledged as collateral are classified within Level I of the fair value hierarchy because they are valued using quoted market prices. | ||||||||||||||||
The Company's prepaid forward contracts reflected as derivative contracts and liabilities under derivative contracts on the Company's balance sheets are valued using market-based inputs to valuation models. These valuation models require a variety of inputs, including contractual terms, market prices, yield curves, and measures of volatility. When appropriate, valuations are adjusted for various factors such as liquidity, bid/offer spreads and credit risk considerations. Such adjustments are generally based on available market evidence. Since model inputs can generally be verified and do not involve significant management judgment, the Company has concluded that these instruments should be classified within Level II of the fair value hierarchy. | ||||||||||||||||
The Company considers the impact of credit risk when measuring the fair value of its derivative asset and/or liability positions, as applicable. | ||||||||||||||||
In addition, see Note 4 for a discussion of impairment charges related to nonfinancial assets not measured at fair value on a recurring basis. | ||||||||||||||||
Fair Value of Financial Instruments | ||||||||||||||||
The following methods and assumptions were used to estimate fair value of each class of financial instruments for which it is practicable to estimate: | ||||||||||||||||
Credit Facility Debt, Collateralized Indebtedness, Senior Notes and Debentures and Notes Payable | ||||||||||||||||
The fair values of each of the Company's debt instruments are based on quoted market prices for the same or similar issues or on the current rates offered to the Company for instruments of the same remaining maturities. The fair value of notes payable is based primarily on the present value of the remaining payments discounted at the borrowing cost. | ||||||||||||||||
The carrying values, estimated fair values, and classification under the fair value hierarchy of the Company's financial instruments, excluding those that are carried at fair value in the accompanying consolidated balance sheets, are summarized as follows: | ||||||||||||||||
December 31, 2014 | ||||||||||||||||
Fair Value | Carrying | Estimated | ||||||||||||||
Hierarchy | Amount | Fair Value | ||||||||||||||
CSC Holdings notes receivable: | ||||||||||||||||
Cablevision senior notes held by Newsday Holdings (a) | Level II | $ | 611,455 | $ | 680,587 | |||||||||||
Debt instruments: | ||||||||||||||||
Credit facility debt (b) | Level II | $ | 2,780,649 | $ | 2,785,975 | |||||||||||
Collateralized indebtedness | Level II | 986,183 | 957,803 | |||||||||||||
Senior notes and debentures | Level II | 3,062,126 | 3,368,875 | |||||||||||||
Notes payable | Level II | 23,911 | 23,682 | |||||||||||||
CSC Holdings total debt instruments | 6,852,869 | 7,136,335 | ||||||||||||||
Cablevision senior notes | Level II | 2,793,741 | 3,048,387 | |||||||||||||
Cablevision total debt instruments | $ | 9,646,610 | $ | 10,184,722 | ||||||||||||
December 31, 2013 | ||||||||||||||||
Fair Value | Carrying | Estimated | ||||||||||||||
Hierarchy | Amount | Fair Value | ||||||||||||||
CSC Holdings notes receivable: | ||||||||||||||||
Cablevision senior notes held by Newsday Holdings (a) | Level II | $ | 611,455 | $ | 682,887 | |||||||||||
Debt instruments: | ||||||||||||||||
Credit facility debt (b) | Level II | $ | 3,766,145 | $ | 3,776,760 | |||||||||||
Collateralized indebtedness | Level II | 817,950 | 809,105 | |||||||||||||
Senior notes and debentures | Level II | 2,309,403 | 2,608,885 | |||||||||||||
Notes payable | Level II | 5,334 | 5,334 | |||||||||||||
CSC Holdings total debt instruments | 6,898,832 | 7,200,084 | ||||||||||||||
Cablevision senior notes | Level II | 2,829,112 | 3,101,373 | |||||||||||||
Cablevision total debt instruments | $ | 9,727,944 | $ | 10,301,457 | ||||||||||||
(a) | These notes are eliminated at the consolidated Cablevision level. | |||||||||||||||
(b) | The principal amount of the Company's credit facility debt, which bears interest at variable rates, approximates its fair value. | |||||||||||||||
Fair value estimates related to the Company's debt instruments and senior notes receivable presented above are made at a specific point in time, based on relevant market information and information about the financial instrument. These estimates are subjective in nature and involve uncertainties and matters of significant judgments and therefore cannot be determined with precision. Changes in assumptions could significantly affect the estimates. |
INCOME_TAXES
INCOME TAXES | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||
INCOME TAXES | INCOME TAXES | |||||||||||
Cablevision | ||||||||||||
Cablevision files a consolidated federal income tax return with its 80% or more owned subsidiaries. | ||||||||||||
Income tax expense (benefit) attributable to Cablevision's continuing operations consists of the following components: | ||||||||||||
Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Current expense (benefit): | ||||||||||||
Federal | $ | 6,122 | $ | (144 | ) | $ | (3,493 | ) | ||||
State | 2,788 | (3,510 | ) | 19,800 | ||||||||
8,910 | (3,654 | ) | 16,307 | |||||||||
Deferred expense (benefit): | ||||||||||||
Federal | 135,873 | 69,258 | 48,441 | |||||||||
State | 23,906 | 198 | (6,111 | ) | ||||||||
159,779 | 69,456 | 42,330 | ||||||||||
Tax benefit relating to uncertain tax positions, including accrued interest | (52,921 | ) | (167 | ) | (6,643 | ) | ||||||
Income tax expense | $ | 115,768 | $ | 65,635 | $ | 51,994 | ||||||
In January 2014, the Internal Revenue Service informed the Company that the consolidated federal income tax returns for 2009 and 2010 are no longer under examination. Accordingly, in the first quarter of 2014, the Company recorded an income tax benefit of $53,132 associated with the reversal of a noncurrent liability relating to an uncertain tax position from 2009. The statute of limitations with regard to 2009 expired on March 31, 2014. | ||||||||||||
Income tax expense attributable to discontinued operations for the year ended December 31, 2014 of $2,206 is comprised of current and deferred income tax expense of $108 and $2,098, respectively. Income tax expense attributable to discontinued operations for the year ended December 31, 2013 of $232,807 is comprised of current and deferred income tax expense of $18,120 and $214,687, respectively. Income tax expense attributable to discontinued operations for the year ended December 31, 2012 of $110,581 is comprised of current and deferred income tax expense of $5,340 and $105,241, respectively. | ||||||||||||
The income tax expense attributable to Cablevision's continuing operations differs from the amount derived by applying the statutory federal rate to pretax income principally due to the effect of the following items: | ||||||||||||
Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Federal tax expense at statutory rate | $ | 148,803 | $ | 67,536 | $ | 44,212 | ||||||
State income taxes, net of federal benefit | 19,059 | 3,607 | 4,763 | |||||||||
Changes in the valuation allowance | (344 | ) | 5,631 | 5,480 | ||||||||
Changes in the state apportionment rates used to measure deferred taxes, net of federal benefit | (322 | ) | (11,228 | ) | 2,273 | |||||||
Tax benefit relating to uncertain tax positions, including accrued interest, net of deferred tax benefits | (52,914 | ) | (124 | ) | (2,659 | ) | ||||||
Impact of New York State tax reform enacted on March 31, 2014 | (2,050 | ) | — | — | ||||||||
Impact of non-deductible officers' compensation | 1,532 | 796 | 470 | |||||||||
Other non-deductible expenses | 3,697 | 3,628 | 3,363 | |||||||||
Increase in the deferred tax asset for certain state tax loss carry forwards pursuant to LLC conversions of certain subsidiaries | — | — | (3,935 | ) | ||||||||
Research credit | (2,634 | ) | (3,739 | ) | — | |||||||
Tax benefit from exclusion of pretax income of an entity that is not consolidated for income tax purposes | — | — | (2,605 | ) | ||||||||
Other, net | 941 | (472 | ) | 632 | ||||||||
Income tax expense | $ | 115,768 | $ | 65,635 | $ | 51,994 | ||||||
For Cablevision, the tax effects of temporary differences which give rise to significant portions of deferred tax assets or liabilities and the corresponding valuation allowance at December 31, 2014 and 2013 are as follows: | ||||||||||||
December 31, | ||||||||||||
2014 | 2013 | |||||||||||
Deferred Tax Asset (Liability) | ||||||||||||
Current | ||||||||||||
NOLs and tax credit carry forwards | $ | 144,833 | $ | 224,968 | ||||||||
Compensation and benefit plans | 74,220 | 44,629 | ||||||||||
Allowance for doubtful accounts | 4,557 | 5,502 | ||||||||||
Other liabilities | 4,909 | 13,389 | ||||||||||
Deferred tax asset | 228,519 | 288,488 | ||||||||||
Valuation allowance | (3,496 | ) | (6,988 | ) | ||||||||
Net deferred tax asset, current | 225,023 | 281,500 | ||||||||||
Investments | (159,475 | ) | (97,565 | ) | ||||||||
Prepaid expenses | (27,605 | ) | (24,111 | ) | ||||||||
Deferred tax liability, current | (187,080 | ) | (121,676 | ) | ||||||||
Net deferred tax asset, current | 37,943 | 159,824 | ||||||||||
Noncurrent | ||||||||||||
NOLs and tax credit carry forwards | 25,427 | 65,322 | ||||||||||
Compensation and benefit plans | 99,076 | 106,595 | ||||||||||
Newsday Holdings and other partnership investments | 123,243 | 132,384 | ||||||||||
Investments | 22,294 | — | ||||||||||
Other | 7,345 | 4,896 | ||||||||||
Deferred tax asset | 277,385 | 309,197 | ||||||||||
Valuation allowance | (3,901 | ) | (7,488 | ) | ||||||||
Net deferred tax asset, noncurrent | 273,484 | 301,709 | ||||||||||
Fixed assets and intangibles | (884,120 | ) | (840,375 | ) | ||||||||
Investments | — | (29,563 | ) | |||||||||
Other | (452 | ) | (1,827 | ) | ||||||||
Deferred tax liability, noncurrent | (884,572 | ) | (871,765 | ) | ||||||||
Net deferred tax liability, noncurrent | (611,088 | ) | (570,056 | ) | ||||||||
Total net deferred tax liability | $ | (573,145 | ) | $ | (410,232 | ) | ||||||
At December 31, 2014, Cablevision had consolidated federal net operating loss carry forwards ("NOLs") of $619,955 expiring on various dates from 2024 through 2031. Cablevision has recorded a deferred tax asset related to $241,005 of such NOLs. A deferred tax asset has not been recorded for the remaining NOL of $378,950 as this portion relates to 'windfall' deductions on share-based awards that have not yet been realized. Cablevision uses the 'with-and-without' approach to determine whether an excess tax benefit has been realized. Upon realization, such excess tax benefits are recorded as an increase to paid-in capital. Cablevision realized excess tax benefit of $336 and $1,280 during the years ended December 31, 2014 and 2013, respectively, resulting in an increase to paid-in capital. | ||||||||||||
As of December 31, 2014, Cablevision has $39,919 of federal alternative minimum tax credit carry forwards which do not expire. | ||||||||||||
As of December 31, 2014, Cablevision has $14,818 of research credits, expiring in varying amounts from 2023 through 2034. | ||||||||||||
Subsequent to the utilization of Cablevision's NOLs and tax credit carry forwards, payments for income taxes are expected to increase significantly. | ||||||||||||
CSC Holdings | ||||||||||||
CSC Holdings and its 80% or more owned subsidiaries are included in the consolidated federal income tax returns of Cablevision. The income tax provision for CSC Holdings is determined on a stand-alone basis for all periods presented as if CSC Holdings filed separate consolidated income tax returns. | ||||||||||||
Income tax expense (benefit) attributable to continuing operations consists of the following components: | ||||||||||||
Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Current expense: | ||||||||||||
Federal | $ | 189,609 | $ | 66,800 | $ | 47,250 | ||||||
State | 46,573 | 21,579 | 39,561 | |||||||||
236,182 | 88,379 | 86,811 | ||||||||||
Deferred expense (benefit): | ||||||||||||
Federal | 35,445 | 89,832 | 79,731 | |||||||||
State | 17,744 | 10,035 | (7,352 | ) | ||||||||
53,189 | 99,867 | 72,379 | ||||||||||
Tax benefit relating to uncertain tax positions, including accrued interest | (52,921 | ) | (167 | ) | (6,643 | ) | ||||||
Income tax expense | $ | 236,450 | $ | 188,079 | $ | 152,547 | ||||||
Income tax expense attributable to discontinued operations for the year ended December 31, 2014 of $2,206 is comprised of current income tax expense and deferred income tax benefit of $2,479 and $(273), respectively. Income tax expense attributable to discontinued operations for the year ended December 31, 2013 of $240,412 is comprised of current income tax expense and deferred income tax benefit of $299,353 and $(58,941), respectively. Income tax expense attributable to discontinued operations for the year ended December 31, 2012 of $110,581 is comprised of current and deferred income tax expense of $28,242 and $82,339, respectively. | ||||||||||||
In connection with the tax allocation policy between CSC Holdings and Cablevision, CSC Holdings decreased the affiliate receivable due from Cablevision and increased the affiliate payable due to Cablevision by $230,786 in the aggregate, representing the estimated current income tax liability of CSC Holdings for the year ended December 31, 2014 as determined on a stand-alone basis, partially offset by an excess tax benefit realized of $4,978 and current income tax liabilities that are payable by CSC Holdings of $2,897. | ||||||||||||
The income tax expense attributable to CSC Holdings' continuing operations differs from the amount derived by applying the statutory federal rate to pretax income principally due to the effect of the following items: | ||||||||||||
Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Federal tax expense at statutory rate | $ | 243,740 | $ | 167,098 | $ | 132,864 | ||||||
State income taxes, net of federal benefit | 42,769 | 27,177 | 22,542 | |||||||||
Changes in the valuation allowance | (382 | ) | (101 | ) | 1,038 | |||||||
Changes in the state apportionment rates used to measure deferred taxes, net of federal benefit | 379 | (6,484 | ) | 1,188 | ||||||||
Tax benefit relating to uncertain tax positions, including accrued interest, net of deferred tax benefits | (52,914 | ) | (124 | ) | (2,659 | ) | ||||||
Impact of New York State tax reform enacted on March 31, 2014 | (1,502 | ) | — | — | ||||||||
Impact of non-deductible officers' compensation, net | 1,532 | 796 | 470 | |||||||||
Other non-deductible expenses | 3,697 | 3,628 | 3,363 | |||||||||
Increase in the deferred tax asset for certain state tax loss carry forwards pursuant to LLC conversions of certain subsidiaries | — | — | (3,935 | ) | ||||||||
Research credit | (2,634 | ) | (3,739 | ) | — | |||||||
Tax benefit from exclusion of pretax income of an entity that is not consolidated for income tax purposes | — | — | (2,605 | ) | ||||||||
Other, net | 1,765 | (172 | ) | 281 | ||||||||
Income tax expense | $ | 236,450 | $ | 188,079 | $ | 152,547 | ||||||
For CSC Holdings, the tax effects of temporary differences which give rise to significant portions of deferred tax assets or liabilities and the corresponding valuation allowance at December 31, 2014 and 2013 are as follows: | ||||||||||||
December 31, | ||||||||||||
2014 | 2013 | |||||||||||
Deferred Tax Asset (Liability) | ||||||||||||
Current | ||||||||||||
Compensation and benefit plans | $ | 74,220 | $ | 44,629 | ||||||||
Allowance for doubtful accounts | 4,557 | 5,502 | ||||||||||
Other liabilities | 4,909 | 13,389 | ||||||||||
Deferred tax asset | 83,686 | 63,520 | ||||||||||
Valuation allowance | (1,891 | ) | (2,426 | ) | ||||||||
Net deferred tax asset, current | 81,795 | 61,094 | ||||||||||
Investments | (159,475 | ) | (97,565 | ) | ||||||||
Prepaid expenses | (27,605 | ) | (24,111 | ) | ||||||||
Deferred tax liability, current | (187,080 | ) | (121,676 | ) | ||||||||
Net deferred tax liability, current | (105,285 | ) | (60,582 | ) | ||||||||
Noncurrent | ||||||||||||
Tax credit carry forwards | 11,702 | 20,137 | ||||||||||
Compensation and benefit plans | 99,076 | 106,595 | ||||||||||
Newsday Holdings and other partnership investments | 123,243 | 132,384 | ||||||||||
Investments | 22,294 | — | ||||||||||
Other | 7,345 | 4,896 | ||||||||||
Deferred tax asset | 263,660 | 264,012 | ||||||||||
Valuation allowance | (5,454 | ) | (10,084 | ) | ||||||||
Net deferred tax asset, noncurrent | 258,206 | 253,928 | ||||||||||
Fixed assets and intangibles | (884,120 | ) | (840,375 | ) | ||||||||
Investments | — | (29,563 | ) | |||||||||
Other | (453 | ) | (1,827 | ) | ||||||||
Deferred tax liability, noncurrent | (884,573 | ) | (871,765 | ) | ||||||||
Net deferred tax liability, noncurrent | (626,367 | ) | (617,837 | ) | ||||||||
Total net deferred tax liability | $ | (731,652 | ) | $ | (678,419 | ) | ||||||
CSC Holdings uses the 'with-and-without' approach to determine whether an excess tax benefit has been realized with regard to 'windfall' deductions on share-based payment awards. Upon realization, the excess tax benefits are recorded as an increase to member's equity. On a stand-alone basis, CSC Holdings realized federal and state excess tax benefit of $4,978, $46,164 and $61,434 during the years ended December 31, 2014, 2013 and 2012, respectively. Such excess tax benefit resulted in an increase to member's equity. | ||||||||||||
The Company | ||||||||||||
Deferred tax assets have resulted primarily from the Company's future deductible temporary differences and NOLs. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax asset will not be realized. The Company's ability to realize its deferred tax assets depends upon the generation of sufficient future taxable income and tax planning strategies to allow for the utilization of its NOLs and deductible temporary differences. If such estimates and related assumptions change in the future, the Company may be required to record additional valuation allowances against its deferred tax assets, resulting in additional income tax expense in the Company's consolidated statements of income. Management evaluates the realizability of the deferred tax assets and the need for additional valuation allowances quarterly. At this time, based on current facts and circumstances, management believes that it is more likely than not that the Company will realize benefit for its gross deferred tax assets, except those deferred tax assets against which a valuation allowance has been recorded which relate to certain state NOLs. | ||||||||||||
In the normal course of business, the Company engages in transactions in which the income tax consequences may be uncertain. The Company's income tax returns are filed based on interpretation of tax laws and regulations. Such income tax returns are subject to examination by taxing authorities. For financial statement purposes, the Company only recognizes tax positions that it believes are more likely than not of being sustained. There is considerable judgment involved in determining whether positions taken or expected to be taken on the tax return are more likely than not of being sustained. | ||||||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits associated with uncertain tax positions, excluding associated deferred tax benefits and accrued interest, is as follows: | ||||||||||||
Balance at December 31, 2013 | $ | 57,407 | ||||||||||
Increases related to prior year tax positions | 58 | |||||||||||
Decreases related to prior year tax positions | (53,460 | ) | ||||||||||
Increases related to current year tax positions | 6 | |||||||||||
Balance at December 31, 2014 | $ | 4,011 | ||||||||||
As of December 31, 2014, if all uncertain tax positions were sustained at the amounts reported or expected to be reported in the Company's tax returns, the elimination of the Company's unrecognized tax benefits, net of the deferred tax impact, would decrease income tax expense by $2,608. | ||||||||||||
Interest expense related to uncertain tax positions is included in income tax expense, consistent with the Company's historical policy. After considering the associated deferred tax benefit, interest expense (income) of $284, $107 and $(377) has been included in income tax expense attributable to continuing operations in the consolidated statements of income for 2014, 2013 and 2012, respectively. At December 31, 2014, accrued interest on uncertain tax positions of $268 and $2,975 was included in accrued liabilities and other noncurrent liabilities, respectively, in the consolidated balance sheet. | ||||||||||||
The most significant jurisdictions in which the Company is required to file income tax returns include the states of New York, New Jersey and Connecticut and the City of New York. The State of New York is presently auditing income tax returns for years 2006 through 2011. | ||||||||||||
Management does not believe that the resolution of the ongoing income tax examination described above will have a material adverse impact on the financial position of the Company. Changes in the liabilities for uncertain tax positions will be recognized in the interim period in which the positions are effectively settled or there is a change in factual circumstances. |
BENEFIT_PLANS
BENEFIT PLANS | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | ||||||||||||||||
BENEFIT PLANS | BENEFIT PLANS | |||||||||||||||
Qualified and Non-qualified Defined Benefit Plans | ||||||||||||||||
Cablevision Retirement Plans (collectively, the "Defined Benefit Plans") | ||||||||||||||||
The Company sponsors a non-contributory qualified defined benefit cash balance retirement plan (the "Pension Plan") for the benefit of non-union employees other than those of Newsday, as well as certain employees covered by a collective bargaining relationship in Brooklyn. Under the Pension Plan, the Company credits a certain percentage of eligible pay (“Pay Credits”) into an account established for each participant which is credited with a monthly market based rate of return. | ||||||||||||||||
The Company maintains an unfunded non-contributory non-qualified defined benefit excess cash balance plan ("Excess Cash Balance Plan") covering certain employees of the Company who participate in the Pension Plan, as well as an additional unfunded non-contributory, non-qualified defined benefit plan ("CSC Supplemental Benefit Plan") for the benefit of certain officers and employees of the Company which provides that, upon retiring on or after normal retirement age, a participant will receive a benefit equal to a specified percentage of the participant's average compensation, as defined. All participants are 100% vested in the CSC Supplemental Benefit Plan. | ||||||||||||||||
The Company amended the Pension Plan and the Excess Cash Balance Plan to freeze participation and future benefit accruals effective December 31, 2013 for all Company employees except those covered by a collective bargaining relationship in Brooklyn. Therefore, after December 31, 2013, no employee of the Company who was not already a participant became a participant in the plans and no further annual Pay Credits were made, except for employees covered by a collective bargaining relationship in Brooklyn. Existing account balances under the plans continue to be credited with monthly interest in accordance with the terms of the plans. | ||||||||||||||||
Plan Results for Defined Benefit Plans | ||||||||||||||||
Summarized below is the funded status and the amounts recorded on the Company's consolidated balance sheets for all of the Company's Defined Benefit Plans at December 31, 2014 and 2013: | ||||||||||||||||
December 31, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Change in projected benefit obligation: | ||||||||||||||||
Projected benefit obligation at beginning of year | $ | 433,916 | $ | 392,312 | ||||||||||||
Service cost | 774 | 45,346 | ||||||||||||||
Interest cost | 18,040 | 14,128 | ||||||||||||||
Actuarial loss | 9,006 | 5,282 | ||||||||||||||
Transfer of liabilities | — | (208 | ) | |||||||||||||
Benefits paid | (30,890 | ) | (22,944 | ) | ||||||||||||
Projected benefit obligation at end of year | 430,846 | 433,916 | ||||||||||||||
Change in plan assets: | ||||||||||||||||
Fair value of plan assets at beginning of year | 268,610 | 290,836 | ||||||||||||||
Actual return (loss) on plan assets, net | 11,687 | (8,694 | ) | |||||||||||||
Employer contributions | 54,269 | 9,620 | ||||||||||||||
Transfer of assets | — | (208 | ) | |||||||||||||
Benefits paid | (30,890 | ) | (22,944 | ) | ||||||||||||
Fair value of plan assets at end of year | 303,676 | 268,610 | ||||||||||||||
Unfunded status at end of year | $ | (127,170 | ) | $ | (165,306 | ) | ||||||||||
Other changes in plan assets and benefit obligations recorded in accumulated other comprehensive loss for the years ended December 31, 2014 and 2013 are as follows: | ||||||||||||||||
Defined Benefit Plans | ||||||||||||||||
Changes in plan assets and benefit obligations, before taxes: | 2014 | 2013 | 2012 | |||||||||||||
Unrecognized actuarial loss | $ | 6,866 | $ | 21,842 | $ | 16,732 | ||||||||||
Tax expense (benefit) | (2,815 | ) | (8,984 | ) | (6,848 | ) | ||||||||||
4,051 | 12,858 | 9,884 | ||||||||||||||
Amortization of actuarial losses, net included in net periodic benefit cost | (2,364 | ) | (1,645 | ) | (1,067 | ) | ||||||||||
Tax expense (benefit) | 969 | 677 | 437 | |||||||||||||
(1,395 | ) | (968 | ) | (630 | ) | |||||||||||
Settlement loss included in net periodic benefit cost | (5,348 | ) | — | — | ||||||||||||
Tax expense (benefit) | 2,193 | — | — | |||||||||||||
(3,155 | ) | — | — | |||||||||||||
Changes in plan assets and benefit obligations, net of taxes | $ | (499 | ) | $ | 11,890 | $ | 9,254 | |||||||||
The accumulated benefit obligation for the Company's Defined Benefit Plans aggregated $430,846 and $433,916 at December 31, 2014 and 2013, respectively. | ||||||||||||||||
Approximately $2,239 of unrecognized actuarial losses recorded in accumulated other comprehensive loss is expected to be recognized as a component of net periodic benefit cost during 2015 relating to the Defined Benefit Plans. | ||||||||||||||||
The Company's net funded status relating to its defined benefit plans at December 31, 2014 and 2013 are as follows: | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Defined Benefit Plans | $ | (127,170 | ) | $ | (165,306 | ) | ||||||||||
Less: Current portion | 6,526 | 2,494 | ||||||||||||||
Long-term defined benefit plan obligations | $ | (120,644 | ) | $ | (162,812 | ) | ||||||||||
Components of the net periodic benefit cost, recorded primarily in selling, general and administrative expenses, for the Defined Benefit Plans for the years ended December 31, 2014, 2013 and 2012, are as follows: | ||||||||||||||||
Years Ended December 31, | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Service cost | $ | 774 | $ | 45,346 | $ | 39,789 | ||||||||||
Interest cost | 18,040 | 14,128 | 14,570 | |||||||||||||
Expected return on plan assets, net | (9,548 | ) | (7,866 | ) | (9,127 | ) | ||||||||||
Recognized actuarial loss (reclassified from accumulated other comprehensive loss) | 2,364 | 1,645 | 752 | |||||||||||||
Settlement loss (reclassified from accumulated other comprehensive loss) (a) | 5,348 | — | 315 | |||||||||||||
Net periodic benefit cost | $ | 16,978 | $ | 53,253 | $ | 46,299 | ||||||||||
(a) | As a result of benefit payments to terminated or retired individuals exceeding the service and interest costs for the Pension Plan and the Excess Cash Balance Pension Plan during 2014, the Company recognized a non-cash settlement loss that represented the acceleration of the recognition of a portion of the previously unrecognized actuarial losses recorded in accumulated other comprehensive loss on the Company’s consolidated balance sheets relating to these plans. | |||||||||||||||
Plan Assumptions for Defined Benefit Plans | ||||||||||||||||
Weighted-average assumptions used to determine net periodic cost (made at the beginning of the year) and benefit obligations (made at the end of the year) for the Defined Benefit Plans are as follows: | ||||||||||||||||
Weighted-Average Assumptions | ||||||||||||||||
Net Periodic Benefit Cost for the | Benefit Obligations | |||||||||||||||
Years Ended December 31, | at December 31, | |||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | ||||||||||||
Discount rate (a) | 4.24 | % | 3.67 | % | 4.32 | % | 3.7 | % | 4.56 | % | ||||||
Rate of increase in future compensation levels | 3.5 | % | 3.5 | % | 3.5 | % | 3.5 | % | 3.5 | % | ||||||
Expected rate of return on plan assets (Pension Plan only) | 4.53 | % | 3.6 | % | 3.76 | % | N/A | N/A | ||||||||
(a) | The discount rate of 4.24% in 2014 represents the average of the quarterly discount rates used to remeasure the Company's projected benefit obligation and net periodic benefit cost in connection with the recognition of settlement losses discussed above. | |||||||||||||||
The discount rate used by the Company in calculating the net periodic benefit cost for the Cash Balance Plan and the Excess Cash Balance Plan was determined based on the expected future benefit payments for the plans and from the Towers Watson U.S. Rate Link: 40-90 Discount Rate Model. The model was developed by examining the yields on selected highly rated corporate bonds. | ||||||||||||||||
The Company's expected long-term return on Pension Plan assets is based on a periodic review and modeling of the plan's asset allocation structure over a long-term horizon. Expectations of returns for each asset class are the most important of the assumptions used in the review and modeling and are based on comprehensive reviews of historical data, forward looking economic outlook, and economic/financial market theory. The expected long-term rate of returns were selected from within the reasonable range of rates determined by (a) historical real returns, net of inflation, for the asset classes covered by the investment policy, and (b) projections of inflation over the long-term period during which benefits are payable to plan participants. | ||||||||||||||||
Pension Plan Assets and Investment Policy | ||||||||||||||||
The weighted average asset allocations of the Pension Plan at December 31, 2014 and 2013 were as follows: | ||||||||||||||||
Plan Assets at | ||||||||||||||||
December 31, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Asset Class: | ||||||||||||||||
Mutual funds | 39 | % | — | % | ||||||||||||
Fixed income securities | 58 | 88 | ||||||||||||||
Cash equivalents and other | 3 | 12 | ||||||||||||||
100 | % | 100 | % | |||||||||||||
The Pension Plan's investment objectives reflect an overall low risk tolerance to stock market volatility. This strategy allows for the Pension Plan to invest in portfolios that would obtain a rate of return throughout economic cycles, commensurate with the investment risk and cash flow needs of the Pension Plan. The investments held in the Pension Plan are readily marketable and can be sold to fund benefit payment obligations of the plan as they become payable. | ||||||||||||||||
Investment allocation decisions are formally made by the Company's Investment and Benefit Committee, which takes into account investment advice provided by its external investment consultant. The investment consultant takes into account expected long-term risk, return, correlation, and other prudent investment assumptions when recommending asset classes and investment managers to the Company's Investment and Benefit Committee. The Committee considers recommendations based on asset/liability studies conducted by the external investment consultant who combines actuarial considerations, Pension Plan liabilities and strategic investment advice. The major categories of the Pension Plan assets are cash equivalents and bonds which are marked-to-market on a daily basis. Due to the Pension Plan's significant holdings in long-term government and non-government fixed income securities, the Pension Plan's assets are subjected to interest rate risk; specifically, a rising interest rate environment. However, these assets are structured in an asset/liability framework. Consequently, an increase in interest rates causes a corresponding decrease to the overall liability of the Pension Plan thus creating a hedge against rising interest rates. Additional risks involving the asset/liability framework include earning insufficient returns to cover future liabilities and imperfect hedging of the liability. In addition, a portion of the Pension Plan's bond portfolio is invested in foreign debt securities where there could be foreign currency risks associated with them, as well as in non-government securities which are subject to credit risk of the bond issuer defaulting on interest and/or principal payments. | ||||||||||||||||
Investments at Estimated Fair Value | ||||||||||||||||
The fair values of the assets of the Pension Plan at December 31, 2014 by asset class are as follows: | ||||||||||||||||
Asset Class | Level I | Level II | Level III | Total | ||||||||||||
Mutual funds | $ | 119,543 | $ | — | $ | — | $ | 119,543 | ||||||||
Fixed income securities held in a portfolio: | ||||||||||||||||
Foreign issued corporate debt | — | 17,778 | — | 17,778 | ||||||||||||
U.S. corporate debt | — | 50,155 | — | 50,155 | ||||||||||||
Government debt | — | 10,239 | — | 10,239 | ||||||||||||
U.S. Treasury securities | — | 81,552 | — | 81,552 | ||||||||||||
Asset-backed securities | — | 17,610 | — | 17,610 | ||||||||||||
Cash equivalents (a) | 3,580 | — | — | 3,580 | ||||||||||||
Total (b) | $ | 123,123 | $ | 177,334 | $ | — | $ | 300,457 | ||||||||
(a) | Represents an investment in a money market fund. | |||||||||||||||
(b) | Excludes cash and net receivables relating to the sale of securities that were not settled as of December 31, 2014. | |||||||||||||||
The fair values of the assets of the Pension Plan at December 31, 2013 by asset class are as follows: | ||||||||||||||||
Asset Class | Level I | Level II | Level III | Total | ||||||||||||
Fixed income securities held in a portfolio: | ||||||||||||||||
Foreign issued corporate debt | $ | — | $ | 26,998 | $ | — | $ | 26,998 | ||||||||
U.S. corporate debt | — | 75,068 | — | 75,068 | ||||||||||||
Government debt | — | 11,993 | — | 11,993 | ||||||||||||
U.S. Treasury securities | — | 121,895 | — | 121,895 | ||||||||||||
Cash equivalents (a) | 8,444 | 29,019 | — | 37,463 | ||||||||||||
Total (b) | $ | 8,444 | $ | 264,973 | $ | — | $ | 273,417 | ||||||||
(a) | A significant portion represents an investment in a short-term investment fund that invests primarily in securities of high quality and low risk. | |||||||||||||||
(b) | Excludes net payables relating to the purchase of securities that were not settled as of December 31, 2013. | |||||||||||||||
Benefit Payments and Contributions for Defined Benefit Plans | ||||||||||||||||
The following benefit payments are expected to be paid: | ||||||||||||||||
2015 | $ | 41,115 | ||||||||||||||
2016 | 31,440 | |||||||||||||||
2017 | 28,690 | |||||||||||||||
2018 | 28,540 | |||||||||||||||
2019 | 27,820 | |||||||||||||||
2020-2024 | 132,360 | |||||||||||||||
Of the amounts expected to be paid in 2015, the Company has recorded approximately $6,500 as a current liability in its consolidated balance sheets at December 31, 2014, since this amount represents the aggregate benefit payment obligation payable in the next twelve months for the Company's nonqualified Excess Cash Balance Plan and CSC Supplemental Benefit Plan at December 31, 2014. | ||||||||||||||||
The Company currently expects to contribute approximately $25,000 to the Pension Plan in 2015. | ||||||||||||||||
Defined Contribution Plans | ||||||||||||||||
The Company also maintains the Cablevision 401(k) Savings Plan, a contributory qualified defined contribution plan for the benefit of non-union employees of the Company. Employees can contribute a percentage of eligible annual compensation and the Company will make a matching cash contribution or discretionary contribution, as defined in the plan. In addition, the Company maintains an unfunded non-qualified excess savings plan for which the Company provides a matching contribution similar to the Cablevision 401(k) Savings Plan. | ||||||||||||||||
Effective January 1, 2014, applicable employees of the Company are eligible for an enhanced employer matching contribution, as well as a year-end employer discretionary contribution to the Cablevision 401(k) Savings Plan and the Cablevision Excess Savings Plan. | ||||||||||||||||
The cost associated with these plans (including the enhanced employer matching and the discretionary contributions in 2014) was $65,725, $26,757 and $24,160 for the years ended December 31, 2014, 2013 and 2012, respectively. |
EQUITY_AND_LONGTERM_INCENTIVE_
EQUITY AND LONG-TERM INCENTIVE PLANS | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||
EQUITY AND LONG-TERM INCENTIVE PLANS | EQUITY AND LONG-TERM INCENTIVE PLANS | |||||||||||||||
Cablevision's Equity Plans | ||||||||||||||||
In April 2006, Cablevision's Board of Directors approved the Cablevision Systems Corporation 2006 Employee Stock Plan and the Cablevision Systems Corporation 2006 Stock Plan for Non-Employee Directors, which was approved by Cablevision's stockholders at its annual stockholders meeting on May 18, 2006. | ||||||||||||||||
Under the 2006 Employee Stock Plan, Cablevision is authorized to grant incentive stock options, nonqualified stock options, restricted shares, restricted stock units, stock appreciation rights and other equity-based awards. Cablevision may grant awards for up to 46,000,000 shares of CNYG Class A common stock (subject to certain adjustments). Options (including performance based options) and stock appreciation rights under the 2006 Employee Stock Plan must be granted with an exercise price of not less than the fair market value of a share of CNYG Class A common stock on the date of grant and must expire no later than 10 years from the date of grant (or up to one additional year in the case of the death of a holder). The terms and conditions of awards granted under the 2006 Employee Stock Plan, including vesting and exercisability, are determined by the compensation committee of the Board of Directors and may be based upon performance criteria. | ||||||||||||||||
Under the 2006 Stock Plan for Non-Employee Directors, Cablevision is authorized to grant nonqualified stock options, restricted stock units and other equity-based awards. Cablevision may grant awards for up to 1,000,000 shares of CNYG Class A common stock (subject to certain adjustments) under this plan. Options under this plan must be granted with an exercise price of not less than the fair market value of a share of CNYG Class A common stock on the date of grant and must expire no later than 10 years from the date of grant (or up to one additional year in the case of the death of a holder). The terms and conditions of awards granted under the 2006 Stock Plan for Non-Employee Directors, including vesting and exercisability, are determined by the compensation committee. Unless otherwise provided in an applicable award agreement, options granted under this plan will be fully vested and exercisable, and restricted stock units granted under this plan will be fully vested, upon the date of grant. Unless otherwise determined by the compensation committee, on the date of each annual meeting of Cablevision's stockholders, each non-employee director will receive a number of restricted stock units for the number of shares of common stock equal to $150 divided by the fair value of a share of CNYG Class A stock based on the closing price on the date of grant. In 2014 and 2013, Cablevision granted its non-employee directors an aggregate of 66,421 and 71,200 restricted stock units, respectively, which vested on the date of grant. Total non-employee director restricted stock units outstanding as of December 31, 2014 were 434,596. | ||||||||||||||||
Previously, Cablevision had an employee stock plan ("1996 Employee Stock Plan") under which it was authorized to grant incentive stock options, nonqualified stock options, restricted shares, restricted stock units, stock appreciation rights, and bonus awards and a non-employee director stock plan ("1996 Non-Employee Director Stock Plan") under which it was authorized to grant options and restricted stock units. The 1996 Employee Stock Plan expired in February 2006 and the 1996 Non-Employee Director Stock Plan expired in May 2006. Outstanding options issued pursuant to these plans have expiration dates through 2015. | ||||||||||||||||
Options and stock appreciation rights have typically been scheduled to vest over three years in 33-1/3% annual increments and expire 10 years from the grant date. Restricted shares have typically been subject to three or four year cliff vesting. Performance based options granted in 2012 vested over a two year period in 50% annual increments and expire 10 years from the date of grant. Performance based restricted stock awards are subject to three year cliff vesting subject to achievement of performance criteria. Cablevision does not have any stock appreciation rights outstanding at December 31, 2014 and 2013. | ||||||||||||||||
Since share-based compensation expense is based on awards that are ultimately expected to vest, such compensation (which includes options, restricted stock, and stock appreciation rights) for the years ended December 31, 2014, 2013 and 2012 has been reduced for estimated forfeitures. Forfeitures were estimated based primarily on historical experience. | ||||||||||||||||
The following table presents the share-based compensation expense including expenses related to AMC Networks share-based awards held by Company employees, recognized by the Company as selling, general and administrative expense for the years ended December 31, 2014, 2013 and 2012: | ||||||||||||||||
Years Ended December 31, | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Stock options (including performance based options) | $ | 7,573 | $ | 17,560 | $ | 29,849 | ||||||||||
Restricted shares | 36,411 | 35,155 | 30,797 | |||||||||||||
Share-based compensation related to equity classified awards | 43,984 | 52,715 | 60,646 | |||||||||||||
Stock appreciation rights | — | — | 59 | |||||||||||||
Total share-based compensation | $ | 43,984 | $ | 52,715 | $ | 60,705 | ||||||||||
An income tax benefit of $17,801, $21,682 and $24,747 was recognized in continuing operations resulting from share-based compensation expense for the years ended December 31, 2014, 2013 and 2012, respectively. | ||||||||||||||||
Cablevision uses the 'with-and-without' approach to determine the recognition and measurement of excess tax benefits. Cash flows resulting from excess tax benefits are classified as cash flows from financing activities. Excess tax benefits are realized tax benefits from tax deductions for options exercised and restricted shares issued in excess of the deferred tax asset attributable to share-based compensation expense for such awards. Cablevision realized an excess tax benefit of $336 and $1,280 for the years ended December 31, 2014 and 2013, respectively, and did not realize excess tax benefit for the year ended December 31, 2012. CSC Holdings recorded an excess tax benefit of $4,978, $46,164 and $61,434 for the years ended December 31, 2014, 2013 and 2012, respectively. | ||||||||||||||||
Cash received from stock option exercises for the years ended December 31, 2014, 2013 and 2012 was $55,355, $18,120 and $18,722, respectively. | ||||||||||||||||
Valuation Assumptions - Stock Options | ||||||||||||||||
Cablevision calculates the fair value of each option award on the date of grant. Cablevision's computation of expected life was determined based on historical experience of similar awards, giving consideration to the contractual terms of the share-based awards and vesting schedules, or by using the simplified method (the average of the vesting period and option term), if applicable. The interest rate for periods within the contractual life of the stock option is based on interest yields for U.S. Treasury instruments in effect at the time of grant. Cablevision's computation of expected volatility is based on historical volatility of its common stock. | ||||||||||||||||
In the first quarter of 2014 and 2013, Cablevision granted options that are scheduled to cliff vest in three years and expire 10 years from the date of grant. In the first quarter of 2012, Cablevision granted options that vested over a two year period in 50% annual increments based on the achievement of certain performance criteria and expire 10 years from the date of grant. Cablevision calculated the fair value of the option award on the date of grant using the Black-Scholes option pricing model. Cablevision's computation of expected life was determined based on the simplified method (the average of the vesting period and option term) due to the Company's lack of recent historical data for similar awards. Additionally, these options were issued subsequent to a change in Cablevision's structure in connection with the AMC Networks Distribution and the MSG Distribution (whereby Cablevision distributed to its stockholders all of the outstanding common stock of The Madison Square Garden Company ("Madison Square Garden"), a company which owns the sports, entertainment and media businesses previously owned and operated by the Company's Madison Square Garden segment). Cablevision's computation of expected volatility is based on historical volatility of its common stock. | ||||||||||||||||
The following assumptions were used to calculate the fair values of stock option awards granted in the first quarter of 2014, 2013 and 2012: | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Risk-free interest rate | 2.12 | % | 1.25 | % | 1.14 | % | ||||||||||
Expected life (in years) | 6.5 | 6.5 | 5.75 | |||||||||||||
Dividend yield | 3.79 | % | 3.86 | % | 3.52 | % | ||||||||||
Volatility | 42.8 | % | 42.31 | % | 43.2 | % | ||||||||||
Grant date fair value | $ | 5.27 | $ | 3.96 | $ | 4.06 | ||||||||||
Share-Based Payment Award Activity | ||||||||||||||||
The following table summarizes activity relating to Company employees who held Cablevision stock options for the year ended December 31, 2014: | ||||||||||||||||
Shares | ||||||||||||||||
Under Option | ||||||||||||||||
Time | Performance | Weighted | Weighted | Aggregate | ||||||||||||
Vesting | Based Vesting | Average | Average | Intrinsic | ||||||||||||
Options | Options | Exercise | Remaining | Value (a) | ||||||||||||
Price Per | Contractual | |||||||||||||||
Share | Term | |||||||||||||||
(in years) | ||||||||||||||||
Balance, December 31, 2013 | 4,514,479 | 10,639,125 | $ | 13.2 | 7.21 | $ | 71,823 | |||||||||
Granted | 2,000,000 | — | 17.64 | |||||||||||||
Exercised | (1,416,813 | ) | (3,005,625 | ) | 11.74 | |||||||||||
Balance, December 31, 2014 | 5,097,666 | 7,633,500 | $ | 14.41 | 7.17 | $ | 79,347 | |||||||||
Options exercisable at December 31, 2014 | 1,097,666 | 7,633,500 | $ | 13.76 | 6.48 | $ | 60,027 | |||||||||
Options expected to vest in the future | 4,000,000 | — | $ | 15.81 | 8.68 | $ | 19,320 | |||||||||
(a) | The aggregate intrinsic value is calculated as the difference between (i) the exercise price of the underlying award and (ii) the quoted price of CNYG Class A common stock on December 31, 2014 or December 31, 2013, as indicated, and December 31, 2014 in the case of the options exercisable and options expected to vest in the future. | |||||||||||||||
In addition, as of December 31, 2014, AMC Networks and Madison Square Garden employees held a total of 143,666 Cablevision stock options. These stock options are not expensed by the Company, however such stock options may have a dilutive effect on net income per share attributable to Cablevision stockholders. | ||||||||||||||||
For the year ended December 31, 2014, the aggregate intrinsic value of options exercised under Cablevision's stock option plans was $34,409 determined as of the date of option exercise, as applicable. When an option is exercised, Cablevision issues new shares of stock. | ||||||||||||||||
The following table summarizes activity relating to Company employees who held Cablevision restricted shares for the year ended December 31, 2014: | ||||||||||||||||
Number of Restricted Shares | Number of Performance Restricted Shares | Weighted Average Fair Value Per Share at Date of Grant | ||||||||||||||
Unvested award balance, December 31, 2013 | 4,670,513 | 1,534,700 | $ | 15.89 | ||||||||||||
Granted | 2,164,270 | 737,200 | 17.66 | |||||||||||||
Vested | (652,556 | ) | (236,600 | ) | 25.94 | |||||||||||
Awards forfeited | (867,357 | ) | — | 15.16 | ||||||||||||
Unvested award balance, December 31, 2014 | 5,314,870 | 2,035,300 | 15.46 | |||||||||||||
During the year ended December 31, 2014, 889,156 Cablevision restricted shares issued to employees of the Company vested. To fulfill the employees' statutory minimum tax withholding obligations for the applicable income and other employment taxes, 365,130 of these shares, with an aggregate value of $6,608, were surrendered to the Company. During the year ended December 31, 2013, 2,073,066 Cablevision restricted shares issued to employees of the Company, AMC Networks and Madison Square Garden vested. To fulfill the employees' statutory minimum tax withholding obligations for the applicable income and other employment taxes 865,307 of these shares, with an aggregate value of $12,262 were surrendered to the Company. These acquired shares have been classified as treasury stock. | ||||||||||||||||
As of December 31, 2014, there was $55,529 of total unrecognized compensation cost related to Cablevision's unvested options and restricted shares granted under Cablevision's stock plans. The unrecognized compensation cost is expected to be recognized over a weighted-average period of approximately 1 year. | ||||||||||||||||
Long-Term Incentive Plans | ||||||||||||||||
In April 2006, Cablevision's Board of Directors approved the Cablevision Systems Corporation 2006 Cash Incentive Plan, which was approved by Cablevision's stockholders at its annual stockholders meeting in May 2006. | ||||||||||||||||
In connection with the long-term incentive awards outstanding, the Company has recorded expenses of $43,892, $24,596 and $10,167 for the years ended December 31, 2014, 2013 and 2012, respectively. At December 31, 2014, the Company had accrued $42,653 for performance based awards for which the performance criteria had not yet been met as of December 31, 2014 as such awards are based on achievement of certain performance criteria through December 31, 2016. The Company has accrued the amount that it currently believes will ultimately be paid based upon the performance criteria established for these performance based awards. In 2012, the Company reversed certain accruals related to awards with performance criteria through 2013 that was not expected to be achieved. |
RELATED_PARTY_TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Related Party Transactions [Abstract] | ||||||||||||
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS | |||||||||||
Cablevision is controlled by Charles F. Dolan, certain members of his immediate family and certain family related entities (collectively the “Dolan Family”). Members of the Dolan Family are also the controlling stockholders of both AMC Networks and Madison Square Garden. | ||||||||||||
The following table summarizes the revenue and charges (credits) related to services provided to or received from AMC Networks not discussed elsewhere in the accompanying combined notes to the consolidated financial statements: | ||||||||||||
Years Ending December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Revenues, net | $ | 1,841 | $ | 2,483 | $ | 3,246 | ||||||
Operating expenses: | ||||||||||||
Technical expenses, net of credits | $ | 21,785 | $ | 22,963 | $ | 22,751 | ||||||
Selling, general and administrative expenses (credits): | ||||||||||||
General and administrative expense allocations | (584 | ) | (1,458 | ) | 1,777 | |||||||
Other | — | (407 | ) | (454 | ) | |||||||
Selling, general and administrative expenses (credits), subtotal | (584 | ) | (1,865 | ) | 1,323 | |||||||
Operating expenses, net | 21,201 | 21,098 | 24,074 | |||||||||
Net charges | $ | 19,360 | $ | 18,615 | $ | 20,828 | ||||||
The following table summarizes the revenue and charges (credits) related to services provided to or received from Madison Square Garden not discussed elsewhere in the accompanying combined notes to the consolidated financial statements: | ||||||||||||
Years Ending December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Revenues, net | $ | 3,234 | $ | 3,103 | $ | 2,538 | ||||||
Operating expenses: | ||||||||||||
Technical expenses, net of credits | $ | 157,359 | $ | 156,028 | $ | 158,622 | ||||||
Selling, general and administrative expenses (credits): | ||||||||||||
General and administrative expense allocations | (3,176 | ) | (2,282 | ) | (2,755 | ) | ||||||
Other | 7,638 | 7,133 | 5,046 | |||||||||
Selling, general and administrative expenses, subtotal | 4,462 | 4,851 | 2,291 | |||||||||
Operating expenses, net | 161,821 | 160,879 | 160,913 | |||||||||
Net charges | $ | 158,587 | $ | 157,776 | $ | 158,375 | ||||||
Revenues, net | ||||||||||||
The Company recognizes revenue in connection with television advertisements and print advertising, as well as certain telecommunication services charged by its subsidiaries to AMC Networks and Madison Square Garden. The Company and its subsidiaries, together with AMC Networks and Madison Square Garden, may enter into agreements with third parties in which the amounts paid/received by AMC Networks and Madison Square Garden, their subsidiaries, or the Company may differ from the amounts that would have been paid/received if such arrangements were negotiated separately. Where subsidiaries of the Company have incurred a cost incremental to fair value and Madison Square Garden or AMC Networks have received a benefit incremental to fair value from these negotiations, the Company and its subsidiaries will charge Madison Square Garden or AMC Networks for the incremental amount. | ||||||||||||
Technical Expenses | ||||||||||||
Technical expenses include costs incurred by the Company for the carriage of the MSG networks and Fuse program services (through June 30, 2014), as well as for AMC, WE tv, IFC, Sundance Channel and BBC America (beginning in the fourth quarter of 2014) on Cablevision's cable systems. The Company also purchases certain programming signal transmission and production services from AMC Networks. | ||||||||||||
Selling, General and Administrative Expenses (Credits) | ||||||||||||
General and Administrative Expense Allocations | ||||||||||||
Amounts included in the tables above represent allocations to Madison Square Garden and AMC Networks for services performed by the Company on their behalf. Amounts also include charges to the Company for services performed or paid by the affiliate on the Company's behalf. | ||||||||||||
Other | ||||||||||||
The Company, AMC Networks and Madison Square Garden routinely enter into transactions with each other in the ordinary course of business. Such transactions may include, but are not limited to, sponsorship agreements and cross-promotion arrangements. | ||||||||||||
As the transactions discussed above are conducted between subsidiaries under common control, amounts charged for certain services may not represent amounts that might have been received or incurred if the transactions were based upon arm's length negotiations. | ||||||||||||
Transactions with Other Affiliates | ||||||||||||
During 2014, 2013 and 2012, the Company provided services to or incurred costs on behalf of certain related parties, including from time to time, the Dolan Family. All costs incurred on behalf of these related parties are reimbursed to the Company. | ||||||||||||
Aggregate amounts due from and due to AMC Networks, Madison Square Garden and other affiliates at December 31, 2014 and 2013 are summarized below: | ||||||||||||
Cablevision | December 31, | |||||||||||
2014 | 2013 | |||||||||||
Amounts due from affiliates | $ | 1,732 | $ | 1,520 | ||||||||
Amounts due to affiliates | 29,651 | 30,941 | ||||||||||
CSC Holdings | December 31, | |||||||||||
2014 | 2013 | |||||||||||
Amounts due from affiliates (principally Cablevision) | $ | 1,694 | $ | 115,538 | ||||||||
Amounts due to affiliates (principally Cablevision) | 135,636 | 30,887 | ||||||||||
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||||||||||||||
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES | |||||||||||||||||||
Commitments | ||||||||||||||||||||
Future cash payments and commitments required under arrangements pursuant to contracts entered into by the Company in the normal course of business as of December 31, 2014 are as follows: | ||||||||||||||||||||
Payments Due by Period | ||||||||||||||||||||
Total | Year 1 | Years 2-3 | Years 4-5 | More than | ||||||||||||||||
5 years | ||||||||||||||||||||
Off balance sheet arrangements: | ||||||||||||||||||||
Purchase obligations (a) | $ | 6,713,424 | $ | 1,929,472 | $ | 3,241,297 | $ | 1,407,306 | $ | 135,349 | ||||||||||
Guarantees (b) | 22,252 | 18,652 | 3,590 | 10 | — | |||||||||||||||
Letters of credit (c) | 71,661 | 10,080 | 2,086 | 59,495 | — | |||||||||||||||
Total | $ | 6,807,337 | $ | 1,958,204 | $ | 3,246,973 | $ | 1,466,811 | $ | 135,349 | ||||||||||
(a) | Purchase obligations primarily include contractual commitments with various programming vendors to provide video services to the Company's subscribers and minimum purchase obligations to purchase goods or services. Future fees payable under contracts with programming vendors are based on numerous factors, including the number of subscribers receiving the programming. Amounts reflected above related to programming agreements are based on the number of subscribers receiving the programming as of December 2014 multiplied by the per subscriber rates or the stated annual fee, as applicable, contained in the executed agreements in effect as of December 31, 2014. | |||||||||||||||||||
(b) | Includes franchise and performance surety bonds primarily for the Company's Cable segment. Also includes outstanding guarantees primarily by CSC Holdings in favor of certain financial institutions in respect of ongoing interest expense obligations in connection with the monetization of the Company's holdings of shares of Comcast common stock. Does not include CSC Holdings' guarantee of Newsday's obligations under its $480,000 senior secured loan facility. Payments due by period for these arrangements represent the year in which the commitment expires. | |||||||||||||||||||
(c) | Consists primarily of letters of credit obtained by CSC Holdings in favor of insurance providers and certain governmental authorities for the Cable segment. Payments due by period for these arrangements represent the year in which the commitment expires. | |||||||||||||||||||
At any time after the thirteenth anniversary of the closing (which occurred on July 29, 2008) of the Newsday acquisition and on or prior to the date that is six months after such anniversary, Tribune Company will have the right to require CSC Holdings to purchase Tribune Company's entire interest in Newsday Holdings at the fair value of the interest at that time. The table above does not include any future payments that would be required upon the exercise of this put right. | ||||||||||||||||||||
Many of the Company's franchise agreements and utility pole leases require the Company to remove its cable wires and other equipment upon termination of the respective agreements. The Company has concluded that the fair value of these asset retirement obligations cannot be reasonably estimated since the range of potential settlement dates is not determinable. | ||||||||||||||||||||
Legal Matters | ||||||||||||||||||||
Cable Operations Litigation | ||||||||||||||||||||
Marchese, et al. v. Cablevision Systems Corporation and CSC Holdings, LLC: The Company is a defendant in a lawsuit filed in the U.S. District Court for the District of New Jersey by several present and former Cablevision subscribers, purportedly on behalf of a class of iO video subscribers in New Jersey, Connecticut and New York. After three versions of the complaint were dismissed without prejudice by the District Court, plaintiffs filed their third amended complaint on August 22, 2011, alleging that the Company violated Section 1 of the Sherman Antitrust Act by allegedly tying the sale of interactive services offered as part of iO television packages to the rental and use of set-top boxes distributed by Cablevision, and violated Section 2 of the Sherman Antitrust Act by allegedly seeking to monopolize the distribution of Cablevision compatible set-top boxes. Plaintiffs seek unspecified treble monetary damages, attorney's fees, as well as injunctive and declaratory relief. On September 23, 2011, the Company filed a motion to dismiss the third amended complaint. On January 10, 2012, the District Court issued a decision dismissing with prejudice the Section 2 monopolization claim, but allowing the Section 1 tying claim and related state common law claims to proceed. Cablevision's answer to the third amended complaint was filed on February 13, 2012. Discovery is proceeding. On January 9, 2015, plaintiffs filed a motion for class certification. The return date for the motion is May 15, 2015. The Company believes that these claims are without merit and intends to defend this lawsuit vigorously, but is unable to predict the outcome of the lawsuit or reasonably estimate a range of possible loss. | ||||||||||||||||||||
In re Cablevision Consumer Litigation: Following expiration of the affiliation agreements for carriage of certain Fox broadcast stations and cable networks on October 16, 2010, News Corporation terminated delivery of the programming feeds to the Company, and as a result, those stations and networks were unavailable on the Company's cable television systems. On October 30, 2010, the Company and Fox reached an agreement on new affiliation agreements for these stations and networks, and carriage was restored. Several purported class action lawsuits were subsequently filed on behalf of the Company's customers seeking recovery for the lack of Fox programming. Those lawsuits were consolidated in an action before the U. S. District Court for the Eastern District of New York, and a consolidated complaint was filed in that court on February 22, 2011. Plaintiffs asserted claims for breach of contract, unjust enrichment, and consumer fraud, seeking unspecified compensatory damages, punitive damages and attorneys' fees. On March 28, 2012, the Court ruled on the Company's motion to dismiss, denying the motion with regard to plaintiffs' breach of contract claim, but granting it with regard to the remaining claims, which were dismissed. On April 16, 2012, plaintiffs filed a second consolidated amended complaint, which asserts a claim only for breach of contract. The Company's answer was filed on May 2, 2012. On October 10, 2012, plaintiffs filed a motion for class certification and on December 13, 2012, a motion for partial summary judgment. On March 31, 2014, the Court granted plaintiffs' motion for class certification, and denied without prejudice plaintiffs' motion for summary judgment. On May 5, 2014, the Court directed that expert discovery commence. Expert discovery is proceeding. On May 30, 2014, the Court approved the form of class notice, and on October 7, 2014, approved the class notice distribution plan. The class notice distribution has been completed, and the opt-out period expires on February 27, 2015. The Company believes that this claim is without merit and intends to defend these lawsuits vigorously, but is unable to predict the outcome of these lawsuits or reasonably estimate a range of possible loss. | ||||||||||||||||||||
Patent Litigation | ||||||||||||||||||||
Cablevision is named as a defendant in certain lawsuits claiming infringement of various patents relating to various aspects of the Company's businesses. In certain of these cases other industry participants are also defendants. In certain of these cases the Company expects that any potential liability would be the responsibility of the Company's equipment vendors pursuant to applicable contractual indemnification provisions. The Company believes that the claims are without merit and intends to defend the actions vigorously, but is unable to predict the outcome of these lawsuits or reasonably estimate a range of possible loss. | ||||||||||||||||||||
Other Litigation | ||||||||||||||||||||
Friedman v. Charles Dolan, et al.: On March 7, 2014, a shareholder derivative lawsuit was filed in Delaware Chancery Court purportedly on behalf of the nominal defendant Cablevision against the Chief Executive Officer ("CEO"), the Chairman of the Board, and certain other members of Cablevision's Board of Directors, including the members of the Compensation Committee. The complaint alleges that the individual defendants violated their fiduciary duties to preserve corporate assets by allegedly causing or allowing Cablevision to grant excessive compensation packages to the CEO, the Chairman of the Board, and/or other members of the Board of Directors in the time period 2010 to 2012. The complaint seeks unspecified monetary damages, disgorgement, costs, and attorneys' fees. Cablevision filed a pro forma answer on April 14, 2014, and on April 21, 2014 the individual defendants filed notices of motions to dismiss in lieu of an answer. The motions to dismiss filed by the individual defendants have been fully briefed. Oral argument took place on January 23, 2015. A decision by the Court is pending. On February 10, 2015, the Court approved a stipulation of the parties agreeing to the substitution of Julie Friedman as plaintiff in place of Livingston who sold his shares in the Company and therefore no longer has standing. The Company does not believe that this lawsuit will have a material adverse effect on results of operations or the financial position of the Company. | ||||||||||||||||||||
On April 15, 2011, Thomas C. Dolan, a director and Executive Vice President, Strategy and Development, in the Office of the Chairman at Cablevision, filed a lawsuit against Cablevision and Rainbow Media Holdings in New York Supreme Court. The lawsuit raises compensation-related claims (seeking approximately $11,000) related to events in 2005. The matter is being handled under the direction of an independent committee of the Board of Directors of Cablevision. Based on the Company's assessment of this possible loss contingency, no provision has been made for this matter in the accompanying consolidated financial statements. | ||||||||||||||||||||
In addition to the matters discussed above, the Company is party to various lawsuits, some involving claims for substantial damages. Although the outcome of these other matters cannot be predicted and the impact of the final resolution of these other matters on the Company's results of operations in a particular subsequent reporting period is not known, management does not believe that the resolution of these other lawsuits will have a material adverse effect on the financial position of the Company or the ability of the Company to meet its financial obligations as they become due. |
SEGMENT_INFORMATION
SEGMENT INFORMATION | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Segment Reporting [Abstract] | ||||||||||||
SEGMENT INFORMATION | SEGMENT INFORMATION | |||||||||||
The Company classifies its operations into three reportable segments: (1) Cable, (2) Lightpath, and (3) Other, consisting principally of (i) Newsday, (ii) the News 12 Networks, (iii) Cablevision Media Sales, and (iv) certain other businesses and unallocated corporate costs. | ||||||||||||
The Company's reportable segments are strategic business units that are managed separately. The Company evaluates segment performance based on several factors, of which the primary financial measure is business segment adjusted operating cash flow ("AOCF") (defined as operating income (loss) excluding depreciation and amortization (including impairments), share-based compensation expense or benefit and restructuring expense or credits), a non-GAAP measure. The Company has presented the components that reconcile AOCF to operating income (loss), an accepted GAAP measure. | ||||||||||||
Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Revenues, net from continuing operations | ||||||||||||
Cable | $ | 5,784,945 | $ | 5,576,011 | $ | 5,479,108 | ||||||
Lightpath | 352,964 | 332,609 | 323,776 | |||||||||
Other | 361,305 | 362,020 | 369,290 | |||||||||
Inter-segment eliminations (a) | (38,268 | ) | (38,488 | ) | (40,499 | ) | ||||||
$ | 6,460,946 | $ | 6,232,152 | $ | 6,131,675 | |||||||
Inter-segment revenues | ||||||||||||
Cable | $ | 1,883 | $ | 1,788 | $ | 1,728 | ||||||
Lightpath | 17,818 | 18,014 | 19,794 | |||||||||
Other | 18,567 | 18,686 | 18,977 | |||||||||
$ | 38,268 | $ | 38,488 | $ | 40,499 | |||||||
Adjusted operating cash flow (deficit) from continuing operations | ||||||||||||
Cable | $ | 1,833,577 | $ | 1,739,529 | $ | 1,798,041 | ||||||
Lightpath | 157,516 | 146,208 | 135,409 | |||||||||
Other | (156,869 | ) | (201,101 | ) | (196,692 | ) | ||||||
$ | 1,834,224 | $ | 1,684,636 | $ | 1,736,758 | |||||||
Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Depreciation and amortization (including impairments) included in continuing operations | ||||||||||||
Cable (b) | $ | (739,559 | ) | $ | (743,431 | ) | $ | (742,681 | ) | |||
Lightpath (b) | (83,589 | ) | (82,208 | ) | (87,768 | ) | ||||||
Other (c) | (43,354 | ) | (83,508 | ) | (77,326 | ) | ||||||
$ | (866,502 | ) | $ | (909,147 | ) | $ | (907,775 | ) | ||||
Share-based compensation expense included in continuing operations | ||||||||||||
Cable | $ | (29,895 | ) | $ | (32,353 | ) | $ | (38,357 | ) | |||
Lightpath | (5,347 | ) | (6,757 | ) | (7,188 | ) | ||||||
Other | (8,742 | ) | (13,605 | ) | (15,160 | ) | ||||||
$ | (43,984 | ) | $ | (52,715 | ) | $ | (60,705 | ) | ||||
Restructuring credits (expense) included in continuing operations | ||||||||||||
Cable | $ | 19 | $ | (11,283 | ) | $ | — | |||||
Lightpath | (285 | ) | (1,558 | ) | — | |||||||
Other | (2,214 | ) | (10,709 | ) | 770 | |||||||
$ | (2,480 | ) | $ | (23,550 | ) | $ | 770 | |||||
Operating income (loss) from continuing operations | ||||||||||||
Cable | $ | 1,064,142 | $ | 952,462 | $ | 1,017,003 | ||||||
Lightpath | 68,295 | 55,685 | 40,453 | |||||||||
Other | (211,179 | ) | (308,923 | ) | (288,408 | ) | ||||||
$ | 921,258 | $ | 699,224 | $ | 769,048 | |||||||
(a) | Inter-segment eliminations relate primarily to revenues recognized from the sale of local programming services and voice services to the Company's Cable segment. | |||||||||||
(b) | The Cable and Lightpath segments share portions of each other's network infrastructure. Depreciation charges are recorded by the segment that acquired the respective asset. | |||||||||||
(c) | The 2013 amount includes a reduction of depreciation expense related to prior years of $10,690. | |||||||||||
For the years ended December 31, 2014, 2013 and 2012, Cable segment revenue was derived from the following sources: | ||||||||||||
Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Video (including equipment rental, DVR, franchise fees, video-on-demand, and pay-per-view) | $ | 3,187,245 | $ | 3,149,702 | $ | 3,166,486 | ||||||
High-speed data | 1,416,328 | 1,342,627 | 1,222,266 | |||||||||
Voice | 910,653 | 841,048 | 841,701 | |||||||||
Advertising | 163,596 | 147,875 | 151,847 | |||||||||
Other (including installation, advertising sales commissions, home shopping, and other products) | 107,123 | 94,759 | 96,808 | |||||||||
$ | 5,784,945 | $ | 5,576,011 | $ | 5,479,108 | |||||||
A reconciliation of reportable segment amounts to Cablevision's and CSC Holdings' consolidated balances is as follows: | ||||||||||||
Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Operating income for reportable segments | $ | 921,258 | $ | 699,224 | $ | 769,048 | ||||||
Items excluded from operating income: | ||||||||||||
CSC Holdings interest expense | (353,288 | ) | (374,430 | ) | (466,776 | ) | ||||||
CSC Holdings interest income | 403 | 423 | 914 | |||||||||
CSC Holdings intercompany interest income | 48,054 | 58,435 | 59,079 | |||||||||
Gain on sale of affiliate interests | — | — | 716 | |||||||||
Gain on investments, net | 129,659 | 313,167 | 294,235 | |||||||||
Loss on equity derivative contracts, net | (45,055 | ) | (198,688 | ) | (211,335 | ) | ||||||
Loss on interest rate swap contracts, net | — | — | (1,828 | ) | ||||||||
Loss on extinguishment of debt and write-off of deferred financing costs | (9,618 | ) | (23,144 | ) | (66,213 | ) | ||||||
Miscellaneous, net | 4,988 | 2,436 | 1,770 | |||||||||
CSC Holdings income from continuing operations before income taxes | 696,401 | 477,423 | 379,610 | |||||||||
Cablevision interest expense | (222,712 | ) | (226,672 | ) | (194,276 | ) | ||||||
Intercompany interest expense | (48,054 | ) | (58,435 | ) | (59,079 | ) | ||||||
Cablevision interest income | 17 | 42 | 64 | |||||||||
Write-off of deferred financing costs, net of gain on extinguishment of debt | (502 | ) | 602 | — | ||||||||
Cablevision income from continuing operations before income taxes | $ | 425,150 | $ | 192,960 | $ | 126,319 | ||||||
The following table summarizes the Company's capital expenditures by reportable segment for the years ended December 31, 2014, 2013 and 2012: | ||||||||||||
Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Capital Expenditures | ||||||||||||
Cable | $ | 743,524 | $ | 806,678 | $ | 850,061 | ||||||
Lightpath | 109,749 | 111,830 | 93,460 | |||||||||
Other | 38,405 | 33,171 | 48,065 | |||||||||
$ | 891,678 | $ | 951,679 | $ | 991,586 | |||||||
All revenues and assets of the Company's reportable segments are attributed to or located in the United States primarily concentrated in the New York metropolitan area. |
INTERIM_FINANCIAL_INFORMATION_
INTERIM FINANCIAL INFORMATION (Unaudited) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Quarterly Financial Data [Abstract] | ||||||||||||||||||||
INTERIM FINANCIAL INFORMATION (Unaudited) | INTERIM FINANCIAL INFORMATION (Unaudited) | |||||||||||||||||||
The following is a summary of the Company's selected quarterly financial data for the years ended December 31, 2014 and 2013: | ||||||||||||||||||||
Cablevision | ||||||||||||||||||||
2014:00:00 | March 31, | June 30, | September 30, | December 31, | Total | |||||||||||||||
2014 | 2014 | 2014 | 2014 | 2014 | ||||||||||||||||
Revenues, net | $ | 1,575,586 | $ | 1,628,137 | $ | 1,626,187 | $ | 1,631,036 | $ | 6,460,946 | ||||||||||
Operating expenses | (1,368,503 | ) | (1,372,244 | ) | (1,373,741 | ) | (1,425,200 | ) | (5,539,688 | ) | ||||||||||
Operating income | $ | 207,083 | $ | 255,893 | $ | 252,446 | $ | 205,836 | $ | 921,258 | ||||||||||
Income from continuing operations, net of income taxes | $ | 90,134 | $ | 91,028 | $ | 71,901 | $ | 56,319 | $ | 309,382 | ||||||||||
Income (loss) from discontinued operations, net of income taxes | (434 | ) | 3,510 | (79 | ) | (175 | ) | 2,822 | ||||||||||||
Net income | 89,700 | 94,538 | 71,822 | 56,144 | 312,204 | |||||||||||||||
Net loss (income) attributable to noncontrolling interests | 63 | (328 | ) | (331 | ) | (169 | ) | (765 | ) | |||||||||||
Net income attributable to Cablevision Systems Corporation stockholders | $ | 89,763 | $ | 94,210 | $ | 71,491 | $ | 55,975 | $ | 311,439 | ||||||||||
Basic income (loss) per share attributable to Cablevision Systems Corporation stockholders: | ||||||||||||||||||||
Income from continuing operations, net of income taxes | $ | 0.34 | $ | 0.34 | $ | 0.27 | $ | 0.21 | $ | 1.17 | ||||||||||
Income (loss) from discontinued operations, net of income taxes | $ | — | $ | 0.01 | $ | — | $ | — | $ | 0.01 | ||||||||||
Net income | $ | 0.34 | $ | 0.36 | $ | 0.27 | $ | 0.21 | $ | 1.18 | ||||||||||
Diluted income (loss) per share attributable to Cablevision Systems Corporation stockholders: | ||||||||||||||||||||
Income from continuing operations, net of income taxes | $ | 0.34 | $ | 0.34 | $ | 0.26 | $ | 0.2 | $ | 1.14 | ||||||||||
Income (loss) from discontinued operations, net of income taxes | $ | — | $ | 0.01 | $ | — | $ | — | $ | 0.01 | ||||||||||
Net income | $ | 0.33 | $ | 0.35 | $ | 0.26 | $ | 0.2 | $ | 1.15 | ||||||||||
Amounts attributable to Cablevision Systems Corporation stockholders: | ||||||||||||||||||||
Income from continuing operations, net of income taxes | $ | 90,197 | $ | 90,700 | $ | 71,570 | $ | 56,150 | $ | 308,617 | ||||||||||
Income (loss) from discontinued operations, net of income taxes | (434 | ) | 3,510 | (79 | ) | (175 | ) | 2,822 | ||||||||||||
Net income | $ | 89,763 | $ | 94,210 | $ | 71,491 | $ | 55,975 | $ | 311,439 | ||||||||||
Cablevision | ||||||||||||||||||||
2013:00:00 | March 31, | June 30, | September 30, | December 31, | Total | |||||||||||||||
2013 | 2013 | 2013 | 2013 | 2013 | ||||||||||||||||
Revenues, net | $ | 1,511,228 | $ | 1,569,619 | $ | 1,567,837 | $ | 1,583,468 | $ | 6,232,152 | ||||||||||
Operating expenses | (1,403,841 | ) | (1,371,856 | ) | (1,342,410 | ) | (1,414,821 | ) | (5,532,928 | ) | ||||||||||
Operating income | $ | 107,387 | $ | 197,763 | $ | 225,427 | $ | 168,647 | $ | 699,224 | ||||||||||
Income (loss) from continuing operations, net of income taxes | $ | (7,133 | ) | $ | 28,222 | $ | 59,748 | $ | 46,488 | $ | 127,325 | |||||||||
Income (loss) from discontinued operations, net of income taxes | (9,265 | ) | 107,495 | 235,286 | 4,800 | 338,316 | ||||||||||||||
Net income (loss) | (16,398 | ) | 135,717 | 295,034 | 51,288 | 465,641 | ||||||||||||||
Net loss (income) attributable to noncontrolling interests | 257 | (358 | ) | (433 | ) | 554 | 20 | |||||||||||||
Net income (loss) attributable to Cablevision Systems Corporation stockholders | $ | (16,141 | ) | $ | 135,359 | $ | 294,601 | $ | 51,842 | $ | 465,661 | |||||||||
Basic income (loss) per share attributable to Cablevision Systems Corporation | ||||||||||||||||||||
stockholders (a): | ||||||||||||||||||||
Income (loss) from continuing operations, net of income taxes | $ | (0.03 | ) | $ | 0.11 | $ | 0.23 | $ | 0.18 | $ | 0.49 | |||||||||
Income (loss) from discontinued operations, net of income taxes | $ | (0.04 | ) | $ | 0.41 | $ | 0.9 | $ | 0.02 | $ | 1.3 | |||||||||
Net income (loss) | $ | (0.06 | ) | $ | 0.52 | $ | 1.13 | $ | 0.2 | $ | 1.79 | |||||||||
Diluted income (loss) per share attributable to Cablevision Systems Corporation | ||||||||||||||||||||
stockholders (a): | ||||||||||||||||||||
Income (loss) from continuing operations, net of income taxes | $ | (0.03 | ) | $ | 0.11 | $ | 0.22 | $ | 0.18 | $ | 0.48 | |||||||||
Income (loss) from discontinued operations, net of income taxes | $ | (0.04 | ) | $ | 0.41 | $ | 0.88 | $ | 0.02 | $ | 1.27 | |||||||||
Net income (loss) | $ | (0.06 | ) | $ | 0.51 | $ | 1.1 | $ | 0.19 | $ | 1.75 | |||||||||
Amounts attributable to Cablevision Systems Corporation stockholders: | ||||||||||||||||||||
Income (loss) from continuing operations, net of income taxes | $ | (6,876 | ) | $ | 27,864 | $ | 59,315 | $ | 47,042 | $ | 127,345 | |||||||||
Income (loss) from discontinued operations, net of income taxes | (9,265 | ) | 107,495 | 235,286 | 4,800 | 338,316 | ||||||||||||||
Net income (loss) | $ | (16,141 | ) | $ | 135,359 | $ | 294,601 | $ | 51,842 | $ | 465,661 | |||||||||
(a) | Since Cablevision generated a loss from continuing operations for the three months ended March 31, 2013, the outstanding common stock equivalents were excluded from the computation of net loss per share for the respective period as the impact would be anti-dilutive. | |||||||||||||||||||
CSC Holdings | ||||||||||||||||||||
2014:00:00 | March 31, | June 30, | September 30, | December 31, | Total | |||||||||||||||
2014 | 2014 | 2014 | 2014 | 2014 | ||||||||||||||||
Revenues, net | $ | 1,575,586 | $ | 1,628,137 | $ | 1,626,187 | $ | 1,631,036 | $ | 6,460,946 | ||||||||||
Operating expenses | (1,368,503 | ) | (1,372,244 | ) | (1,373,741 | ) | (1,425,200 | ) | (5,539,688 | ) | ||||||||||
Operating income | $ | 207,083 | $ | 255,893 | $ | 252,446 | $ | 205,836 | $ | 921,258 | ||||||||||
Income from continuing operations, net of income taxes | $ | 129,755 | $ | 129,321 | $ | 109,399 | $ | 91,476 | $ | 459,951 | ||||||||||
Income (loss) from discontinued operations, net of income taxes | (434 | ) | 3,510 | (79 | ) | (175 | ) | 2,822 | ||||||||||||
Net income | 129,321 | 132,831 | 109,320 | 91,301 | 462,773 | |||||||||||||||
Net loss (income) attributable to noncontrolling interests | 63 | (328 | ) | (331 | ) | (169 | ) | (765 | ) | |||||||||||
Net income attributable to CSC Holdings, LLC sole member | $ | 129,384 | $ | 132,503 | $ | 108,989 | $ | 91,132 | $ | 462,008 | ||||||||||
Amounts attributable to CSC Holdings, LLC sole member: | ||||||||||||||||||||
Income from continuing operations, net of income taxes | $ | 129,818 | $ | 128,993 | $ | 109,068 | $ | 91,307 | $ | 459,186 | ||||||||||
Income (loss) from discontinued operations, net of income taxes | (434 | ) | 3,510 | (79 | ) | (175 | ) | 2,822 | ||||||||||||
Net income | $ | 129,384 | $ | 132,503 | $ | 108,989 | $ | 91,132 | $ | 462,008 | ||||||||||
CSC Holdings | ||||||||||||||||||||
2013:00:00 | March 31, | June 30, | September 30, | December 31, | Total | |||||||||||||||
2013 | 2013 | 2013 | 2013 | 2013 | ||||||||||||||||
Revenues, net | $ | 1,511,228 | $ | 1,569,619 | $ | 1,567,837 | $ | 1,583,468 | $ | 6,232,152 | ||||||||||
Operating expenses | (1,403,841 | ) | (1,371,856 | ) | (1,342,410 | ) | (1,414,821 | ) | (5,532,928 | ) | ||||||||||
Operating income | $ | 107,387 | $ | 197,763 | $ | 225,427 | $ | 168,647 | $ | 699,224 | ||||||||||
Income from continuing operations, net of income taxes | $ | 33,955 | $ | 70,049 | $ | 98,051 | $ | 87,289 | $ | 289,344 | ||||||||||
Income (loss) from discontinued operations, net of income taxes | (9,265 | ) | 106,492 | 235,682 | (2,198 | ) | 330,711 | |||||||||||||
Net income | 24,690 | 176,541 | 333,733 | 85,091 | 620,055 | |||||||||||||||
Net loss (income) attributable to noncontrolling interests | 257 | (358 | ) | (433 | ) | 554 | 20 | |||||||||||||
Net income attributable to CSC Holdings, LLC sole member | $ | 24,947 | $ | 176,183 | $ | 333,300 | $ | 85,645 | $ | 620,075 | ||||||||||
Amounts attributable to CSC Holdings, LLC sole member: | ||||||||||||||||||||
Income from continuing operations, net of income taxes | $ | 34,212 | $ | 69,691 | $ | 97,618 | $ | 87,843 | $ | 289,364 | ||||||||||
Income (loss) from discontinued operations, net of income taxes | (9,265 | ) | 106,492 | 235,682 | (2,198 | ) | 330,711 | |||||||||||||
Net income | $ | 24,947 | $ | 176,183 | $ | 333,300 | $ | 85,645 | $ | 620,075 | ||||||||||
OTHER_MATTERS
OTHER MATTERS | 12 Months Ended | |||
Dec. 31, 2014 | ||||
OTHER MATTERS [Abstract] | ||||
OTHER MATTERS | OTHER MATTERS | |||
Superstorm Sandy | ||||
On October 29, 2012, Superstorm Sandy made landfall in our service area, resulting in widespread power outages and service disruptions for almost 60% of the Cable segment's customers, as well as damage to certain portions of the Company's cable network. | ||||
The following table summarizes service outage credits which reduced revenues, net, incremental costs, depreciation and capital expenditures related to Superstorm Sandy for the year ended December 31, 2012 for our Cable segment: | ||||
Revenues, net | $ | 33,156 | ||
Operating expenses: | ||||
Technical and operating expenses | 57,252 | |||
Selling, general and administrative expenses | 15,118 | |||
Impact to AOCF | 105,526 | |||
Depreciation | 1,462 | |||
Impact to operating income | $ | 106,988 | ||
Capital expenditures | $ | 5,639 | ||
Revenues, net | ||||
Following the storm, the Company offered a credit to all customers who were without service (including cases where the loss of service was due to a loss of electric power) and who contacted the Company to request a credit. The Company recorded a reduction to revenue of approximately $33,156, which primarily relates to these customer credits for service outages in 2012 (including credits the Company expected to issue to customers who had yet to contact the Company as of December 31, 2012). | ||||
Technical and Operating Expenses | ||||
For the year ended December 31, 2012, technical and operating expenses incurred as a result of Superstorm Sandy included salaries resulting from incremental overtime and premium pay, payroll taxes and benefits of approximately $26,683, repairs and maintenance costs of approximately $40,883, and other costs of $2,266, partially offset by a reduction of programming and other costs of approximately $12,580. For the year ended December 31, 2013, the Cable segment incurred expenses of $7,484 which represented primarily repairs and maintenance costs. | ||||
Selling, General and Administrative Expenses | ||||
Selling, general and administrative expenses incurred as a result of Superstorm Sandy included primarily salaries resulting from incremental overtime and premium pay, payroll taxes and benefits of approximately $13,536 and other costs of approximately $1,582. | ||||
Depreciation | ||||
Depreciation included charges related to assets that were damaged beyond repair as a result of Superstorm Sandy. | ||||
Capital Expenditures | ||||
Capital expenditures of $5,639 related to Superstorm Sandy included replacement of various segments of the Company's network and the purchase of equipment necessary to expedite restoration of service. | ||||
The table above summarizes incremental costs and service outage credits and therefore does not include various other negative financial impacts to the Company's business resulting from Superstorm Sandy, including lower revenue related to customers for whom we decided to temporarily suspend billing during the restoration of their homes, displaced homes and advertising cancellations. | ||||
Common Stock Repurchases | ||||
Cablevision's Board of Directors has authorized the repurchase of up to a total of $1,500,000 of CNYG Class A common stock since inception of the program. Under the repurchase program, shares of CNYG Class A common stock may be purchased from time to time in the open market. Size and timing of these purchases will be determined based on market conditions and other factors. Funding for the repurchase program will be met with cash on hand, cash from operations, and/or borrowings under CSC Holdings' revolving loan facility, which would be distributed to Cablevision. | ||||
During the years ended December 31, 2014 and 2013, Cablevision did not repurchase any shares of CNYG Class A common stock. Since inception through December 31, 2014, Cablevision repurchased an aggregate of 45,282,687 shares for a total cost of $1,044,678, including commissions of $453. These acquired shares have been classified as treasury stock in Cablevision's consolidated balance sheets. As of December 31, 2014, Cablevision had $455,322 of availability remaining under its stock repurchase authorizations. |
SUBSEQUENT_EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS |
On February 24, 2015, the Board of Directors of Cablevision declared a cash dividend of $0.15 per share payable on April 3, 2015 to stockholders of record on both its CNYG Class A common stock and CNYG Class B common stock as of March 16, 2015. |
SCHEDULE_II_VALUATION_AND_QUAL
SCHEDULE II, VALUATION AND QUALIFYING ACCOUNTS | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
SCHEDULE II, VALUATION AND QUALIFYING ACCOUNTS [Abstract] | ||||||||||||||||
SCHEDULE II, VALUATION AND QUALIFYING ACCOUNTS | SCHEDULE II | |||||||||||||||
VALUATION AND QUALIFYING ACCOUNTS | ||||||||||||||||
Cablevision Systems Corporation | ||||||||||||||||
Balance at Beginning of Period | Provision for Bad Debt | Deductions/ Write-Offs and Other Charges | Balance at End of Period | |||||||||||||
Year Ended December 31, 2014 | ||||||||||||||||
Allowance for doubtful accounts | $ | 14,614 | $ | 47,611 | $ | (50,113 | ) | $ | 12,112 | |||||||
Year Ended December 31, 2013 | ||||||||||||||||
Allowance for doubtful accounts | $ | 13,521 | $ | 55,231 | $ | (54,138 | ) | $ | 14,614 | |||||||
Year Ended December 31, 2012 | ||||||||||||||||
Allowance for doubtful accounts | $ | 14,275 | $ | 49,002 | $ | (49,756 | ) | $ | 13,521 | |||||||
CSC Holdings, LLC | ||||||||||||||||
Balance at Beginning of Period | Provision for Bad Debt | Deductions/ Write-Offs and Other Charges | Balance at End of Period | |||||||||||||
Year Ended December 31, 2014 | ||||||||||||||||
Allowance for doubtful accounts | $ | 14,614 | $ | 47,611 | $ | (50,113 | ) | $ | 12,112 | |||||||
Year Ended December 31, 2013 | ||||||||||||||||
Allowance for doubtful accounts | $ | 13,521 | $ | 55,231 | $ | (54,138 | ) | $ | 14,614 | |||||||
Year Ended December 31, 2012 | ||||||||||||||||
Allowance for doubtful accounts | $ | 14,275 | $ | 49,002 | $ | (49,756 | ) | $ | 13,521 | |||||||
CSC Holdings, LLC | ||||||||||||||||
SCHEDULE II, VALUATION AND QUALIFYING ACCOUNTS [Abstract] | ||||||||||||||||
SCHEDULE II, VALUATION AND QUALIFYING ACCOUNTS | SCHEDULE II | |||||||||||||||
VALUATION AND QUALIFYING ACCOUNTS | ||||||||||||||||
Cablevision Systems Corporation | ||||||||||||||||
Balance at Beginning of Period | Provision for Bad Debt | Deductions/ Write-Offs and Other Charges | Balance at End of Period | |||||||||||||
Year Ended December 31, 2014 | ||||||||||||||||
Allowance for doubtful accounts | $ | 14,614 | $ | 47,611 | $ | (50,113 | ) | $ | 12,112 | |||||||
Year Ended December 31, 2013 | ||||||||||||||||
Allowance for doubtful accounts | $ | 13,521 | $ | 55,231 | $ | (54,138 | ) | $ | 14,614 | |||||||
Year Ended December 31, 2012 | ||||||||||||||||
Allowance for doubtful accounts | $ | 14,275 | $ | 49,002 | $ | (49,756 | ) | $ | 13,521 | |||||||
CSC Holdings, LLC | ||||||||||||||||
Balance at Beginning of Period | Provision for Bad Debt | Deductions/ Write-Offs and Other Charges | Balance at End of Period | |||||||||||||
Year Ended December 31, 2014 | ||||||||||||||||
Allowance for doubtful accounts | $ | 14,614 | $ | 47,611 | $ | (50,113 | ) | $ | 12,112 | |||||||
Year Ended December 31, 2013 | ||||||||||||||||
Allowance for doubtful accounts | $ | 13,521 | $ | 55,231 | $ | (54,138 | ) | $ | 14,614 | |||||||
Year Ended December 31, 2012 | ||||||||||||||||
Allowance for doubtful accounts | $ | 14,275 | $ | 49,002 | $ | (49,756 | ) | $ | 13,521 | |||||||
DESCRIPTION_OF_BUSINESS_RELATE1
DESCRIPTION OF BUSINESS, RELATED MATTERS AND BASIS OF PRESENTATION (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
DESCRIPTION OF BUSINESS, RELATED MATTERS AND BASIS OF PRESENTATION [Abstract] | |
Principles of Consolidation | Principles of Consolidation |
The accompanying consolidated financial statements of Cablevision include the accounts of Cablevision 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. Cablevision has no business operations independent of its CSC Holdings subsidiary, whose operating results and financial position are consolidated into Cablevision. The consolidated balance sheets and statements of income of Cablevision are essentially identical to the consolidated balance sheets and statements of income of CSC Holdings, with the following significant exceptions: Cablevision has $2,793,741 of senior notes outstanding at December 31, 2014 (excluding the $611,455 aggregate principal amount of Cablevision notes held by its subsidiary Newsday Holdings LLC ("Newsday Holdings")) that were issued to third party investors, cash, deferred financing costs and accrued interest related to its senior notes, deferred taxes and accrued dividends on its balance sheet. In addition, CSC Holdings and its subsidiaries have certain intercompany receivables from and payables to Cablevision. Differences between Cablevision's results of operations and those of CSC Holdings primarily include incremental interest expense, interest income, the write-off of deferred financing costs, net of gain on extinguishment of debt, and income tax expense or benefit. CSC Holdings' results of operations include incremental interest income from the Cablevision senior notes held by Newsday Holdings, which is eliminated in Cablevision's results of operations. | |
The combined notes to the consolidated financial statements relate to the Company, which, except as noted, are essentially identical for Cablevision and CSC Holdings. All significant intercompany transactions and balances between Cablevision and CSC Holdings and their respective consolidated subsidiaries are eliminated in both sets of consolidated financial statements. Intercompany transactions between Cablevision and CSC Holdings are not eliminated in the CSC Holdings consolidated financial statements, but are eliminated in the Cablevision consolidated financial statements. | |
Use of Estimates in Preparation of Financial Statements | Use of Estimates in Preparation of Financial Statements |
The preparation of financial statements in conformity with U.S. generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. See Note 11 for a discussion of fair value estimates. | |
Reclassifications | Reclassifications |
Certain reclassifications have been made to the 2012 and 2013 financial statements to conform to the 2014 presentation. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Accounting Policies [Abstract] | ||||||
Revenue Recognition | Revenue Recognition | |||||
The Company recognizes video, high-speed data, and voice services revenues as the services are provided to subscribers. Installation revenue for the Company's video, consumer high-speed data and VoIP services is recognized as installations are completed, as direct selling costs have exceeded this revenue in all periods reported. Advertising revenues are recognized when commercials are aired. | ||||||
The Company's Newsday business recognizes publication advertising revenue when advertisements are published. Newsday recognizes circulation revenue for single copy sales as newspapers are distributed, net of returns. Proceeds from advance billings for home-delivery subscriptions are recorded as deferred revenue and are recognized as revenue on a pro-rata basis over the term of the subscriptions. | ||||||
Revenues derived from other sources are recognized when services are provided or events occur. | ||||||
Multiple-Element Transactions | Multiple-Element Transactions | |||||
In the normal course of business, the Company may enter into multiple-element transactions where it is simultaneously both a customer and a vendor with the same counterparty or in which it purchases multiple products and/or services, or settles outstanding items contemporaneous with the purchase of a product or service from a single counterparty. The Company's policy for accounting for each transaction negotiated contemporaneously is to record each deliverable of the transaction based on its best estimate of selling price in a manner consistent with that used to determine the price to sell each deliverable on a standalone basis. In determining the fair value of the respective deliverable, the Company will utilize quoted market prices (as available), historical transactions or comparable cash transactions. | ||||||
Gross Versus Net Revenue Recognition | Gross Versus Net Revenue Recognition | |||||
In the normal course of business, 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. The Company's policy is that, in instances where the tax is being assessed directly on the Company, amounts paid to the governmental authorities and amounts received from the customers are recorded on a gross basis. That is, amounts paid to the governmental authorities are recorded as technical and operating expenses and amounts received from the customer are recorded as revenues. | ||||||
Technical and Operating Expenses | Technical and Operating Expenses | |||||
Costs of revenue related to sales of services are classified as "technical and operating" expenses in the accompanying statements of income. | ||||||
Programming Costs | Programming Costs | |||||
Programming expenses related to the Company's video service included in the Cable segment represent fees paid to programming distributors to license the programming distributed to subscribers. This programming is acquired generally under multi-year distribution agreements, with rates usually based on the number of subscribers that receive the programming. There have been periods when an existing distribution agreement has expired and the parties have not finalized negotiations of either a renewal of that agreement or a new agreement for certain periods of time. In substantially all these instances, the Company continues to carry and pay for these services until execution of definitive replacement agreements or renewals. The amount of programming expense recorded during the interim period is based on the Company's estimates of the ultimate contractual agreement expected to be reached, which is based on several factors, including previous contractual rates, customary rate increases and the current status of negotiations. Such estimates are adjusted as negotiations progress until new programming terms are finalized. | ||||||
In addition, the Company has received, or may receive, incentives from programming distributors for carriage of the distributors' programming. The Company generally recognizes these incentives as a reduction of programming costs in technical and operating expense, generally over the term of the distribution agreement. | ||||||
Advertising Expenses | Advertising Expenses | |||||
Advertising costs are charged to expense when incurred and are recorded to "selling, general and administrative" expenses in the accompanying statements of income. | ||||||
Share-Based Compensation | Share-Based Compensation | |||||
Share-based compensation expense is based on the fair value of the portion of share-based payment awards that are ultimately expected to vest. | ||||||
For options and performance based option awards, Cablevision recognizes compensation expense based on the estimated grant date fair value using the Black-Scholes valuation model. For options not subject to performance based vesting conditions, Cablevision recognizes the compensation expense using a straight-line amortization method. For options subject to performance based vesting conditions, Cablevision recognizes compensation expense based on the probable outcome of the performance criteria and requisite service period for each tranche of awards subject to performance based vesting conditions. For restricted shares and restricted stock units, Cablevision recognizes compensation expense using a straight-line amortization method based on the grant date price of CNYG Class A common stock over the vesting period, except for restricted stock units granted to non-employee directors which vest 100% and are expensed at the date of grant. For stock appreciation rights, Cablevision recognizes compensation expense based on the estimated fair value at each reporting period using the Black-Scholes valuation model. | ||||||
For CSC Holdings, share-based compensation expense is recognized in its statements of income based on allocations from Cablevision. | ||||||
Income Taxes | Income Taxes | |||||
The Company's provision for income taxes is based on current period income, changes in deferred tax assets and liabilities and changes in estimates with regard to uncertain tax positions. Deferred tax assets are subject to an ongoing assessment of realizability. The Company provides deferred taxes for the outside basis difference of its investment in partnerships. Interest and penalties, if any, associated with uncertain tax positions are included in income tax expense. | ||||||
Cash and Cash Equivalents | Cash and Cash Equivalents | |||||
The Company's cash investments are placed with money market funds and financial institutions that are investment grade as rated by Standard & Poor's and Moody's Investors Service. The Company selects money market funds that predominantly invest in marketable, direct obligations issued or guaranteed by the United States government or its agencies, commercial paper, fully collateralized repurchase agreements, certificates of deposit, and time deposits. | ||||||
The Company considers the balance of its investment in funds that substantially hold securities that mature within three months or less from the date the fund purchases these securities to be cash equivalents. The carrying amount of cash and cash equivalents either approximates fair value due to the short-term maturity of these instruments or are at fair value. | ||||||
Accounts Receivable | Accounts Receivable | |||||
Accounts receivable are recorded at net realizable value. The Company periodically assesses the adequacy of valuation allowances for uncollectible accounts receivable by evaluating the collectability of outstanding receivables and general factors such as historical collection experience, length of time individual receivables are past due, and the economic and competitive environment. | ||||||
Investments | Investments | |||||
Investment securities and investment securities pledged as collateral are classified as trading securities and are stated at fair value with realized and unrealized holding gains and losses included in net income. | ||||||
Long-Lived Assets | Long-Lived Assets and Amortizable Intangible Assets | |||||
Property, plant and equipment, including construction materials, are carried at cost, and include all direct costs and certain indirect costs associated with the construction of cable systems, and the costs of new product and subscriber installations. Equipment under capital leases is recorded at the present value of the total minimum lease payments. Depreciation on equipment is calculated on the straight-line basis over the estimated useful lives of the assets or, with respect to equipment under capital leases and leasehold improvements, amortized over the shorter of the lease term or the assets' useful lives and reported in depreciation and amortization (including impairments) in the consolidated statements of income. | ||||||
The Company capitalizes certain internal and external costs incurred to acquire or develop internal-use software. Capitalized software costs are amortized over the estimated useful life of the software and reported in depreciation and amortization. | ||||||
Amortizable Intangible Assets | Customer relationships and other intangibles established in connection with acquisitions that are finite-lived are amortized in a manner that reflects the pattern in which the projected net cash inflows to the Company are expected to occur, such as the sum of the years' digits method, or when such pattern does not exist, using the straight-line basis over their respective estimated useful lives. | |||||
Impairment of Long-Lived Assets and Amortizable Intangible Assets | The Company reviews its long-lived assets (property, plant and equipment, and intangible assets subject to amortization that arose from acquisitions) for impairment whenever events or circumstances indicate that the carrying amount of an asset may not be recoverable. If the sum of the expected cash flows, undiscounted and without interest, is less than the carrying amount of the asset, an impairment loss is recognized as the amount by which the carrying amount of the asset exceeds its fair value. | |||||
Goodwill and Indefinite-Lived Assets | Goodwill and Indefinite-Lived Intangible Assets | |||||
Goodwill and the value of franchises, trademarks, and certain other intangibles acquired in purchase business combinations which have indefinite useful lives are not amortized. Rather, such assets are tested for impairment annually or upon the occurrence of a triggering event. | ||||||
The Company assesses qualitative factors for its reporting units that carry goodwill. If the qualitative assessment results in a conclusion that it is more likely than not that the fair value of a reporting unit exceeds the carrying value, then no further testing is performed for that reporting unit. | ||||||
When the qualitative assessment is not used, or if the qualitative assessment is not conclusive and it is necessary to calculate the fair value of a reporting unit, then the impairment analysis for goodwill is performed at the reporting unit level using a two-step approach. The first step of the goodwill impairment test is used to identify potential impairment by comparing the fair value of a reporting unit with its carrying amount, including goodwill utilizing an enterprise-value based premise approach. If the carrying amount of a reporting unit exceeds its fair value, the second step of the goodwill impairment test is performed to measure the amount of goodwill impairment loss, if any. The second step of the goodwill impairment test compares the implied fair value of the reporting unit's goodwill with the carrying amount of that goodwill. If the carrying amount of the reporting unit's goodwill exceeds the implied fair value of that goodwill, an impairment loss is recognized in an amount equal to that excess. The implied fair value of goodwill is determined in the same manner as the amount of goodwill which would be recognized in a business combination. | ||||||
The Company assesses qualitative factors to determine whether it is necessary to perform the one-step quantitative identifiable indefinite-lived intangible assets impairment test. This quantitative test is required only if the Company concludes that it is more likely than not that a unit of accounting’s fair value is less than its carrying amount. When the qualitative assessment is not used, or if the qualitative assessment is not conclusive, the impairment test for other intangible assets not subject to amortization requires a comparison of the fair value of the intangible asset with its carrying value. If the carrying value of the indefinite-lived intangible asset exceeds its fair value, an impairment loss is recognized in an amount equal to that excess. | ||||||
Deferred Financing Costs | Deferred Financing Costs | |||||
Costs incurred to obtain debt are deferred and amortized to interest expense over the life of the related debt. | ||||||
Derivative Financial Instruments | Derivative Financial Instruments | |||||
The Company accounts for derivative financial instruments as either assets or liabilities measured at fair value. The Company uses derivative instruments to manage its exposure to market risks from changes in certain equity prices and interest rates and does not hold or issue derivative instruments for speculative or trading purposes. These derivative instruments are not designated as hedges, and changes in the fair values of these derivatives are recognized in the statements of income as gains (losses) on derivative contracts. | ||||||
Commitments and Contingencies | Commitments and Contingencies | |||||
Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties and other sources are recorded when the Company believes it is probable that a liability has been incurred and the amount of the contingency can be reasonably estimated. | ||||||
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncement | |||||
In July 2013, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. ASU No. 2013-11 eliminates the diversity in practice in the presentation of unrecognized tax benefits either where an entity may present unrecognized tax benefits as a liability or by presenting unrecognized tax benefits as a reduction of a deferred tax asset for a net operating loss or tax credit carryforward in certain circumstances. ASU No. 2013-11 was adopted by the Company on January 1, 2014. The adoption of ASU No. 2013-11 did not have any impact on the Company's consolidated financial statements. | ||||||
Recently Issued But Not Yet Adopted Accounting Pronouncement | ||||||
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, requiring an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. ASU No. 2014-09 will replace most existing revenue recognition guidance in GAAP when it becomes effective and allows the use of either the retrospective or cumulative effect transition method. Early adoption is not permitted. ASU No. 2014-09 becomes effective for us on January 1, 2017. We have not yet completed our evaluation of the effect that ASU No. 2014-09 will have on our consolidated financial statements and related disclosures. | ||||||
Common Stock of Cablevision, CSC Holdings Membership Interests and Dividends | Common Stock of Cablevision | |||||
Each holder of Cablevision NY Group ("CNYG") Class A common stock has one vote per share while holders of CNYG Class B common stock have ten votes per share. CNYG Class B shares can be converted to CNYG Class A common stock at anytime with a conversion ratio of one CNYG Class A common share for one CNYG Class B common share. CNYG Class A stockholders are entitled to elect 25% of Cablevision's Board of Directors. CNYG Class B stockholders have the right to elect the remaining members of Cablevision's Board of Directors. In addition, CNYG Class B stockholders are parties to an agreement which has the effect of causing the voting power of these CNYG Class B stockholders to be cast as a block. The following table provides details of Cablevision's shares of common stock outstanding: | ||||||
Shares of Common Stock Outstanding | ||||||
Class A | Class B | |||||
Common Stock | Common Stock | |||||
Balance at December 31, 2011 | 220,170,261 | 54,137,673 | ||||
Employee and non-employee director stock transactions (a) | 3,987,544 | — | ||||
Share repurchases (see Note 20) | (13,596,687 | ) | — | |||
Balance at December 31, 2012 | 210,561,118 | 54,137,673 | ||||
Employee and non-employee director stock transactions (a) | 3,037,472 | — | ||||
Balance at December 31, 2013 | 213,598,590 | 54,137,673 | ||||
Employee and non-employee director stock transactions (a) | 6,621,345 | — | ||||
Balance at December 31, 2014 | 220,219,935 | 54,137,673 | ||||
(a) | Primarily includes issuances of common stock in connection with employee and non-employee director exercises of stock options and restricted shares granted to employees, offset by shares acquired by the Company in connection with the fulfillment of employees' statutory tax withholding obligation for applicable income and other employment taxes and forfeited employee restricted shares. | |||||
CSC Holdings Membership Interests | ||||||
CSC Holdings has 17,631,479 membership units issued and outstanding as of December 31, 2014 and 2013, respectively, which are all owned by Cablevision, its sole owner. | ||||||
In September 2012, CSC Holdings issued 3,198,729 membership interests to Cablevision in connection with Cablevision's $735,000 cash contribution to CSC Holdings. Such contribution was funded by the net proceeds from Cablevision's senior notes issued in September 2012. | ||||||
Dividends | ||||||
Cablevision may pay dividends on its capital stock only from net profits and surplus as determined under Delaware law. If dividends are paid on CNYG common stock, holders of CNYG Class A common stock and CNYG Class B common stock are entitled to receive dividends, and other distributions in cash, stock or property, equally on a per share basis, except that stock dividends with respect to CNYG Class A common stock may be paid only with shares of CNYG Class A common stock and stock dividends with respect to CNYG Class B common stock may be paid only with shares of CNYG Class B common stock. | ||||||
CSC Holdings may make distributions on its membership interests only if sufficient funds exist as determined under Delaware law. | ||||||
Cablevision's and CSC Holdings' indentures and CSC Holdings credit agreement restrict the amount of dividends and distributions in respect of any equity interest that can be made. | ||||||
Income Per Common Share | Income Per Common Share | |||||
Cablevision | ||||||
Basic income per common share attributable to Cablevision stockholders is computed by dividing net income attributable to Cablevision stockholders by the weighted average number of common shares outstanding during the period. Diluted income per common share attributable to Cablevision stockholders reflects the dilutive effects of stock options (including options held by employees of AMC Networks Inc. ("AMC Networks") and The Madison Square Garden Company ("Madison Square Garden")) and restricted stock. | ||||||
Concentrations of Credit Risk | Concentrations of Credit Risk | |||||
Financial instruments that may potentially subject the Company to a concentration of credit risk consist primarily of cash and cash equivalents and trade account receivables. The Company monitors the financial institutions and money market funds where it invests its cash and cash equivalents with diversification among counterparties to mitigate exposure to any single financial institution. The Company's emphasis is primarily on safety of principal and liquidity and secondarily on maximizing the yield on its investments. Management believes that no significant concentration of credit risk exists with respect to its cash and cash equivalents balances because of its assessment of the creditworthiness and financial viability of the respective financial institutions |
SUMMARY_OF_SIGNIFICANT_ACCOUNT2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Accounting Policies [Abstract] | |||||||||
Common Stock of Cablevision | The following table provides details of Cablevision's shares of common stock outstanding: | ||||||||
Shares of Common Stock Outstanding | |||||||||
Class A | Class B | ||||||||
Common Stock | Common Stock | ||||||||
Balance at December 31, 2011 | 220,170,261 | 54,137,673 | |||||||
Employee and non-employee director stock transactions (a) | 3,987,544 | — | |||||||
Share repurchases (see Note 20) | (13,596,687 | ) | — | ||||||
Balance at December 31, 2012 | 210,561,118 | 54,137,673 | |||||||
Employee and non-employee director stock transactions (a) | 3,037,472 | — | |||||||
Balance at December 31, 2013 | 213,598,590 | 54,137,673 | |||||||
Employee and non-employee director stock transactions (a) | 6,621,345 | — | |||||||
Balance at December 31, 2014 | 220,219,935 | 54,137,673 | |||||||
(a) | Primarily includes issuances of common stock in connection with employee and non-employee director exercises of stock options and restricted shares granted to employees, offset by shares acquired by the Company in connection with the fulfillment of employees' statutory tax withholding obligation for applicable income and other employment taxes and forfeited employee restricted shares. | ||||||||
Cash Dividends Declared | The Board of Directors of Cablevision declared the following cash dividends to stockholders of record on both its CNYG Class A common stock and CNYG Class B common stock: | ||||||||
Declaration Date | Dividend per Share | Record Date | Payment Date | ||||||
November 5, 2014 | $0.15 | November 21, 2014 | December 12, 2014 | ||||||
July 29, 2014 | $0.15 | August 15, 2014 | September 5, 2014 | ||||||
May 6, 2014 | $0.15 | May 23, 2014 | June 13, 2014 | ||||||
February 25, 2014 | $0.15 | March 14, 2014 | April 3, 2014 | ||||||
November 6, 2013 | $0.15 | November 22, 2013 | December 13, 2013 | ||||||
July 30, 2013 | $0.15 | August 15, 2013 | September 5, 2013 | ||||||
May 7, 2013 | $0.15 | May 24, 2013 | June 14, 2013 | ||||||
February 26, 2013 | $0.15 | March 15, 2013 | April 3, 2013 | ||||||
October 24, 2012 | $0.15 | November 7, 2012 | November 28, 2012 | ||||||
August 1, 2012 | $0.15 | August 14, 2012 | September 4, 2012 | ||||||
May 1, 2012 | $0.15 | May 17, 2012 | June 1, 2012 | ||||||
February 22, 2012 | $0.15 | March 9, 2012 | March 30, 2012 | ||||||
Reconciliation of Weighted Average Shares Used in the Calculations of the Basic and Diluted Net Income Per Share Attributable to Cablevision Stockholders | 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 Cablevision stockholders: | ||||||||
December 31, | |||||||||
2014 | 2013 | 2012 | |||||||
(in thousands) | |||||||||
Basic weighted average shares outstanding | 264,623 | 260,763 | 262,258 | ||||||
Effect of dilution: | |||||||||
Stock options | 3,247 | 3,026 | 2,588 | ||||||
Restricted stock awards | 2,833 | 2,146 | 2,484 | ||||||
Diluted weighted average shares outstanding | 270,703 | 265,935 | 267,330 | ||||||
SUPPLEMENTAL_CASH_FLOW_INFORMA1
SUPPLEMENTAL CASH FLOW INFORMATION (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Supplemental Cash Flow Elements [Abstract] | ||||||||||||
Non-Cash Investing and Financing Activities and Other Supplemental Data | During 2014, 2013 and 2012, the Company's non-cash investing and financing activities and other supplemental data were as follows: | |||||||||||
Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Non-Cash Investing and Financing Activities of Cablevision and CSC Holdings: | ||||||||||||
Continuing Operations: | ||||||||||||
Property and equipment accrued but unpaid | $ | 48,824 | $ | 65,391 | $ | 93,760 | ||||||
Capital lease obligations | 30,603 | 11,499 | 27,535 | |||||||||
Intangible asset obligations | 525 | 2,498 | 1,435 | |||||||||
Notes payable to vendor | 34,522 | 1,202 | — | |||||||||
Reduction in capital lease obligation as a result of not exercising a bargain purchase option | — | 22,950 | — | |||||||||
Non-Cash Investing and Financing Activities of Cablevision: | ||||||||||||
Dividends payable on unvested restricted share awards | 3,809 | 3,466 | 3,119 | |||||||||
Non-Cash Investing and Financing Activities of CSC Holdings: | ||||||||||||
Distribution of Cablevision senior notes to Cablevision | — | 142,262 | — | |||||||||
Supplemental Data: | ||||||||||||
Continuing Operations - Cablevision: | ||||||||||||
Cash interest paid | 550,241 | 580,906 | 646,346 | |||||||||
Income taxes paid, net | 10,598 | 16,470 | 13,418 | |||||||||
Continuing Operations - CSC Holdings: | ||||||||||||
Cash interest paid | 335,175 | 362,365 | 469,502 | |||||||||
Income taxes paid, net | 10,598 | 16,470 | 13,437 | |||||||||
Discontinued operations - Cablevision and CSC Holdings: | ||||||||||||
Cash interest paid | — | 26,606 | 61,927 | |||||||||
RESTRUCTURING_AND_IMPAIRMENT_C1
RESTRUCTURING AND IMPAIRMENT CHARGES (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Restructuring Costs and Asset Impairment Charges [Abstract] | ||||||||||||||||
Accrued Restructuring Liability Related to the 2013 Restructuring Plan | The following table summarizes the restructuring charges and accrued restructuring liability related to the 2013 restructuring plan: | |||||||||||||||
Cable | Lightpath | Other | Total | |||||||||||||
Segment | Segment | Segment | ||||||||||||||
Restructuring charges relating to severance, net | $ | 11,283 | $ | 1,558 | $ | 10,038 | $ | 22,879 | ||||||||
Restructuring charges relating to an early lease termination | — | — | 1,205 | 1,205 | ||||||||||||
Total restructuring expense | 11,283 | 1,558 | 11,243 | 24,084 | ||||||||||||
Payments and other | (8,556 | ) | (628 | ) | (158 | ) | (9,342 | ) | ||||||||
Accrual balance at December 31, 2013 | 2,727 | 930 | 11,085 | 14,742 | ||||||||||||
Payments and other, net | (2,722 | ) | (311 | ) | (10,415 | ) | (13,448 | ) | ||||||||
Accrued balance at December 31, 2014 | $ | 5 | $ | 619 | $ | 670 | $ | 1,294 | ||||||||
DISCONTINUED_OPERATIONS_Tables
DISCONTINUED OPERATIONS (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ||||||||||||||||
Operating Results of Discontinued Operations | Operating results of discontinued operations for the years ended December 31, 2014, 2013 and 2012 are summarized below: | |||||||||||||||
Year Ended December 31, 2014 | ||||||||||||||||
Bresnan | Clearview Cinemas | Total | ||||||||||||||
Cable (a) | ||||||||||||||||
Revenues, net | $ | — | $ | — | $ | — | ||||||||||
Income (loss) before income taxes | $ | 5,848 | $ | (820 | ) | $ | 5,028 | |||||||||
Income tax benefit (expense) | (2,542 | ) | 336 | (2,206 | ) | |||||||||||
Income (loss) from discontinued operations, net of income taxes | $ | 3,306 | $ | (484 | ) | $ | 2,822 | |||||||||
(a) | Represents primarily a gain recognized upon the settlement of a contingency related to Montana property taxes. | |||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||
Bresnan Cable (a) | Clearview Cinemas (b) (c) | Litigation Settlement (d) | Total | |||||||||||||
Revenues, net | $ | 262,323 | $ | 27,307 | $ | — | $ | 289,630 | ||||||||
Income (loss) before income taxes | $ | 439,870 | $ | (42,437 | ) | $ | 173,690 | $ | 571,123 | |||||||
Income tax benefit (expense) (e) | (180,178 | ) | 17,425 | (70,054 | ) | (232,807 | ) | |||||||||
Income (loss) from discontinued operations, net of taxes- Cablevision | 259,692 | (25,012 | ) | 103,636 | 338,316 | |||||||||||
Income tax benefit recognized at Cablevision, not applicable to CSC Holdings | (6,602 | ) | — | (1,003 | ) | (7,605 | ) | |||||||||
Income (loss) from discontinued operations, net of income taxes- CSC Holdings | $ | 253,090 | $ | (25,012 | ) | $ | 102,633 | $ | 330,711 | |||||||
(a) | Includes the pretax gain recognized in connection with the Bresnan Sale of approximately $408,000. | |||||||||||||||
(b) | Includes the pretax loss recognized in connection with the Clearview Sale of approximately $19,300. | |||||||||||||||
(c) | As a result of the Company's annual impairment test in the first quarter of 2013, the Company recorded an impairment charge of $10,347, relating to goodwill of the Company's Clearview business which reduced the carrying value to zero. The Company determined the fair value of the Clearview business, which was a single reporting unit, assuming highest and best use, based on either an income or market approach on a theater by theater basis. | |||||||||||||||
(d) | Represents primarily the proceeds from the final allocation of the DISH Network, LLC litigation settlement. See discussion below for additional information. | |||||||||||||||
(e) | Includes tax benefit of $7,605 resulting from a decrease in the valuation allowance for certain state net operating loss carry forwards. | |||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||
Bresnan Cable | Clearview Cinemas | Litigation Settlement (a) | Total | |||||||||||||
Revenues, net | $ | 508,710 | $ | 65,076 | $ | — | $ | 573,786 | ||||||||
Income (loss) before income taxes | $ | (49,452 | ) | $ | (19,683 | ) | $ | 339,004 | $ | 269,869 | ||||||
Income tax benefit (expense) | 20,157 | 8,016 | (138,754 | ) | (110,581 | ) | ||||||||||
Income (loss) from discontinued operations, net of income taxes | $ | (29,295 | ) | $ | (11,667 | ) | $ | 200,250 | $ | 159,288 | ||||||
(a) | Represents primarily the gain relating to the settlement of litigation with DISH Network, LLC. See discussion below for additional information. |
PROPERTY_PLANT_AND_EQUIPMENT_T
PROPERTY, PLANT AND EQUIPMENT (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Property, Plant and Equipment [Abstract] | ||||||||||
Property, Plant and Equipment (Including Equipment Under Capital Leases) | Property, plant and equipment (including equipment under capital leases) consist of the following assets, which are depreciated or amortized on a straight-line basis over the estimated useful lives shown below: | |||||||||
December 31, | Estimated | |||||||||
2014 | 2013 | Useful Lives | ||||||||
Customer equipment | $ | 1,954,512 | $ | 2,104,305 | 3 to 5 years | |||||
Headends and related equipment | 1,437,681 | 1,276,819 | 4 to 25 years | |||||||
Central office equipment | 811,320 | 758,691 | 5 to 10 years | |||||||
Infrastructure | 5,695,519 | 5,651,633 | 3 to 25 years | |||||||
Equipment and software | 1,507,500 | 1,386,848 | 3 to 10 years | |||||||
Construction in progress (including materials and supplies) | 97,955 | 113,260 | ||||||||
Furniture and fixtures | 94,265 | 92,631 | 5 to 12 years | |||||||
Transportation equipment | 217,486 | 201,806 | 5 to 18 years | |||||||
Buildings and building improvements | 303,344 | 279,614 | 10 to 40 years | |||||||
Leasehold improvements | 345,942 | 362,932 | Term of lease | |||||||
Land | 14,538 | 14,662 | ||||||||
12,480,062 | 12,243,201 | |||||||||
Less accumulated depreciation and amortization | (9,454,315 | ) | (9,264,848 | ) | ||||||
$ | 3,025,747 | $ | 2,978,353 | |||||||
Gross Amount of Equipment and Related Accumulated Amortization Recorded Under Capital Leases | At December 31, 2014 and 2013, the gross amount of equipment and related accumulated amortization recorded under capital leases were as follows: | |||||||||
December 31, | ||||||||||
2014 | 2013 | |||||||||
Equipment | $ | 95,719 | $ | 65,454 | ||||||
Less accumulated amortization | (39,951 | ) | (31,138 | ) | ||||||
$ | 55,768 | $ | 34,316 | |||||||
OPERATING_LEASES_Tables
OPERATING LEASES (Tables) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Leases, Operating [Abstract] | ||||
Minimum Future Annual Payments For All Operating Leases From Continuing Operations, Including Pole Rentals | The minimum future annual payments for all operating leases (with initial or remaining terms in excess of one year) during the next five years and thereafter, including pole rentals from January 1, 2015 through December 31, 2019, at rates now in force are as follows: | |||
2015 | $ | 66,289 | ||
2016 | 70,277 | |||
2017 | 62,511 | |||
2018 | 51,246 | |||
2019 | 37,778 | |||
Thereafter | 168,737 | |||
INTANGIBLE_ASSETS_Tables
INTANGIBLE ASSETS (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||
Summary of Acquired Intangible Assets | The following table summarizes information relating to the Company's acquired intangible assets at December 31, 2014 and 2013: | |||||||||||||||
December 31, | Estimated | |||||||||||||||
2014 | 2013 | Useful Lives | ||||||||||||||
Gross carrying amount of amortizable intangible assets | ||||||||||||||||
Customer relationships | $ | 45,828 | $ | 46,258 | 7 to 18 years | |||||||||||
Other amortizable intangibles | 50,971 | 81,741 | 3 to 28 years | |||||||||||||
96,799 | 127,999 | |||||||||||||||
Accumulated amortization | ||||||||||||||||
Customer relationships | (31,407 | ) | (28,099 | ) | ||||||||||||
Other amortizable intangibles | (28,611 | ) | (49,948 | ) | ||||||||||||
(60,018 | ) | (78,047 | ) | |||||||||||||
Amortizable intangible assets, net of accumulated amortization | $ | 36,781 | $ | 49,952 | ||||||||||||
Amortizable intangible assets, net of accumulated amortization | $ | 36,781 | $ | 49,952 | ||||||||||||
Indefinite-lived cable television franchises | 731,848 | 731,848 | ||||||||||||||
Trademarks and other indefinite-lived intangible assets | 7,250 | 7,450 | ||||||||||||||
Goodwill | 264,690 | 264,690 | ||||||||||||||
Total intangible assets, net | $ | 1,040,569 | $ | 1,053,940 | ||||||||||||
Amortization Expense | ||||||||||||||||
Aggregate amortization expense | ||||||||||||||||
Years ended December 31, 2014 and 2013 (excluding impairment charges of $5,831 and $37,458, respectively) | $ | 8,220 | $ | 12,790 | ||||||||||||
Estimated amortization expense | ||||||||||||||||
Year Ended December 31, 2015 | $ | 7,013 | ||||||||||||||
Year Ended December 31, 2016 | 6,016 | |||||||||||||||
Year Ended December 31, 2017 | 5,559 | |||||||||||||||
Year Ended December 31, 2018 | 4,549 | |||||||||||||||
Year Ended December 31, 2019 | 3,907 | |||||||||||||||
Carrying Amount of Goodwill | The carrying amount of goodwill as of December 31, 2014 and 2013 is as follows: | |||||||||||||||
Cable | Lightpath | Other | Total | |||||||||||||
Gross goodwill as of December 31, 2014 and 2013 | $ | 234,290 | $ | 21,487 | $ | 342,971 | $ | 598,748 | ||||||||
Accumulated impairment losses as of December 31, 2014 and 2013 | — | — | (334,058 | ) | (334,058 | ) | ||||||||||
$ | 234,290 | $ | 21,487 | $ | 8,913 | $ | 264,690 | |||||||||
DEBT_Tables
DEBT (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||
Credit Facility Debt | The following table provides details of the Company's outstanding credit facility debt: | ||||||||||||||||||
Interest | Amounts Payable | Carrying Value at | |||||||||||||||||
Rate at | on or prior to | ||||||||||||||||||
Maturity | December 31, 2014 | 31-Dec-15 | 31-Dec-14 | December 31, 2013 | |||||||||||||||
Date | |||||||||||||||||||
Restricted Group: | |||||||||||||||||||
Revolving loan facility (a) | April 17, 2018 | — | $ | — | $ | — | $ | — | |||||||||||
Term A loan facility | April 17, 2018 | 1.92% | 47,926 | 934,547 | 958,510 | ||||||||||||||
Term B loan facility (b) | April 17, 2020 | 2.67% | 13,923 | 1,366,102 | 2,327,635 | ||||||||||||||
Restricted Group credit facility debt | 61,849 | 2,300,649 | 3,286,145 | ||||||||||||||||
Newsday: | |||||||||||||||||||
Floating rate term loan facility | October 12, 2016 | 3.67% | — | 480,000 | 480,000 | ||||||||||||||
Total credit facility debt | $ | 61,849 | $ | 2,780,649 | $ | 3,766,145 | |||||||||||||
(a) | At December 31, 2014, $71,661 of the revolving loan facility was restricted for certain letters of credit issued on behalf of CSC Holdings and $1,428,339 of the revolving loan facility was undrawn and available, subject to covenant limitations, to be drawn to meet the net funding and investment requirements of the Restricted Group. | ||||||||||||||||||
(b) | The unamortized discount related to the Term B loan facility amounted to $5,326 and $10,615 at December 31, 2014 and 2013, respectively. | ||||||||||||||||||
Senior Notes and Debentures | The following table summarizes the Company's senior notes and debentures: | ||||||||||||||||||
Date | Maturity | Interest | Issue | Carrying Amount at | |||||||||||||||
December 31, | |||||||||||||||||||
Issuer | Issued | Date | Rate | Amount | 2014 | 2013 | |||||||||||||
CSC Holdings (a)(c) | February 6, 1998 | February 15, 2018 | 7.875 | % | 300,000 | $ | 299,464 | $ | 299,293 | ||||||||||
CSC Holdings (a)(c) | July 21, 1998 | July 15, 2018 | 7.625 | % | 500,000 | 499,912 | 499,887 | ||||||||||||
CSC Holdings (b)(c) | February 12, 2009 | February 15, 2019 | 8.625 | % | 526,000 | 512,750 | 510,223 | ||||||||||||
CSC Holdings (b) | November 15, 2011 | November 15, 2021 | 6.75 | % | 1,000,000 | 1,000,000 | 1,000,000 | ||||||||||||
CSC Holdings (b) | May 23, 2014 | June 1, 2024 | 5.25 | % | 750,000 | 750,000 | — | ||||||||||||
3,062,126 | 2,309,403 | ||||||||||||||||||
Cablevision (b)(c) | September 23, 2009 | September 15, 2017 | 8.625 | % | 900,000 | 894,717 | 893,057 | ||||||||||||
Cablevision (b) | April 15, 2010 | April 15, 2018 | 7.75 | % | 750,000 | 750,000 | 750,000 | ||||||||||||
Cablevision (b) | April 15, 2010 | April 15, 2020 | 8 | % | 500,000 | 500,000 | 500,000 | ||||||||||||
Cablevision (b) | September 27, 2012 | September 15, 2022 | 5.875 | % | 750,000 | 649,024 | 686,055 | ||||||||||||
$ | 5,855,867 | $ | 5,138,515 | ||||||||||||||||
(a) | The debentures are not redeemable by the Company prior to maturity. | ||||||||||||||||||
(b) | The Company may redeem some or all of the notes at any time at a specified "make-whole" price plus accrued and unpaid interest to the redemption date. | ||||||||||||||||||
(c) | The carrying amount of the senior notes is net of the unamortized original issue discount. | ||||||||||||||||||
Summary of Debt Maturities | Total amounts payable by the Company under its various debt obligations outstanding as of December 31, 2014, including notes payable, collateralized indebtedness (see Note 10), and capital leases, during the next five years and thereafter, are as follows: | ||||||||||||||||||
Years Ending December 31, | Cablevision (a) | CSC Holdings | |||||||||||||||||
2015 | $ | 558,368 | $ | 558,368 | |||||||||||||||
2016 | 1,007,576 | 1,007,576 | |||||||||||||||||
2017 | 1,120,556 | 220,556 | |||||||||||||||||
2018 | 2,286,755 | 1,536,755 | |||||||||||||||||
2019 | 542,099 | 542,099 | |||||||||||||||||
Thereafter | 4,202,151 | 3,053,127 | |||||||||||||||||
(a) | Excludes the Cablevision senior notes held by Newsday Holdings. |
DERIVATIVE_CONTRACTS_AND_COLLA1
DERIVATIVE CONTRACTS AND COLLATERALIZED INDEBTEDNESS (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||
Location of Assets and Liabilities Associated With Derivative Instruments Within the 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 at December 31, 2014 and December 31, 2013: | ||||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||||
Derivatives Not | Balance | Fair Value at December 31, 2014 | Fair Value at December 31, 2013 | Fair Value at December 31, 2014 | Fair Value at December 31, 2013 | ||||||||||||||
Designated as | Sheet | ||||||||||||||||||
Hedging | Location | ||||||||||||||||||
Instruments | |||||||||||||||||||
Prepaid forward contracts | Current derivative contracts | $ | — | $ | — | $ | 93,010 | $ | 99,577 | ||||||||||
Prepaid forward contracts | Long-term derivative contracts | 7,317 | 3,385 | 9,207 | 47,370 | ||||||||||||||
$ | 7,317 | $ | 3,385 | $ | 102,217 | $ | 146,947 | ||||||||||||
Impact and Location of Derivative Instruments Within the Consolidated Statements of Income | The following represents the impact of the Company's derivative instruments and location within the consolidated statements of income for the years ended December 31, 2014, 2013 and 2012: | ||||||||||||||||||
Derivatives Not | Amount of Loss Recognized | ||||||||||||||||||
Designated as Hedging | Location of Loss | Years Ended December 31, | |||||||||||||||||
Instruments | Recognized | 2014 | 2013 | 2012 | |||||||||||||||
Interest rate swap contracts | Loss on interest rate swap contracts, net | $ | — | $ | — | $ | (1,828 | ) | |||||||||||
Prepaid forward contracts | Loss on equity derivative contracts, net | (45,055 | ) | (198,688 | ) | (211,335 | ) | ||||||||||||
$ | (45,055 | ) | $ | (198,688 | ) | $ | (213,163 | ) | |||||||||||
Settlement of Collateralized Indebtedness | The following table summarizes the settlement of the Company's collateralized indebtedness relating to Comcast shares that were settled by delivering cash equal to the collateralized loan value, net of the value of the related equity derivative contracts for the years ended December 31, 2014 and 2013. The cash was obtained from the proceeds of new monetization contracts covering an equivalent number of Comcast shares. The terms of the new contracts allow the Company to retain upside participation in Comcast shares up to each respective contract's upside appreciation limit with downside exposure limited to the respective hedge price. | ||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Number of shares | 8,069,934 | 13,407,684 | |||||||||||||||||
Collateralized indebtedness settled | $ | (248,388 | ) | $ | (307,763 | ) | |||||||||||||
Derivative contracts settled | (93,717 | ) | (200,246 | ) | |||||||||||||||
(342,105 | ) | (508,009 | ) | ||||||||||||||||
Proceeds from new monetization contracts | 416,621 | 569,561 | |||||||||||||||||
Net cash receipt | $ | 74,516 | $ | 61,552 | |||||||||||||||
FAIR_VALUE_MEASUREMENT_Tables
FAIR VALUE MEASUREMENT (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | The following table presents for each of these hierarchy levels, the Company's financial assets and financial liabilities that are measured at fair value on a recurring basis at December 31, 2014 and December 31, 2013: | |||||||||||||||
At December 31, 2014 | ||||||||||||||||
Level I | Level II | Level III | Total | |||||||||||||
Assets: | ||||||||||||||||
Money market funds | $ | 736,330 | $ | — | $ | — | $ | 736,330 | ||||||||
Investment securities | 132 | — | — | 132 | ||||||||||||
Investment securities pledged as collateral | 1,245,916 | — | — | 1,245,916 | ||||||||||||
Prepaid forward contracts | — | 7,317 | — | 7,317 | ||||||||||||
Liabilities: | ||||||||||||||||
Liabilities under derivative contracts: | ||||||||||||||||
Prepaid forward contracts | — | 102,217 | — | 102,217 | ||||||||||||
At December 31, 2013 | ||||||||||||||||
Level I | Level II | Level III | Total | |||||||||||||
Assets: | ||||||||||||||||
Money market funds | $ | 608,225 | $ | — | $ | — | $ | 608,225 | ||||||||
Investment securities | 138 | — | — | 138 | ||||||||||||
Investment securities pledged as collateral | 1,116,084 | — | — | 1,116,084 | ||||||||||||
Prepaid forward contracts | — | 3,385 | — | 3,385 | ||||||||||||
Liabilities: | ||||||||||||||||
Liabilities under derivative contracts: | ||||||||||||||||
Prepaid forward contracts | — | 146,947 | — | 146,947 | ||||||||||||
Carrying Amounts and Estimated Fair Values of Financial Instruments, Excluding Those Carried at Fair Value | The carrying values, estimated fair values, and classification under the fair value hierarchy of the Company's financial instruments, excluding those that are carried at fair value in the accompanying consolidated balance sheets, are summarized as follows: | |||||||||||||||
December 31, 2014 | ||||||||||||||||
Fair Value | Carrying | Estimated | ||||||||||||||
Hierarchy | Amount | Fair Value | ||||||||||||||
CSC Holdings notes receivable: | ||||||||||||||||
Cablevision senior notes held by Newsday Holdings (a) | Level II | $ | 611,455 | $ | 680,587 | |||||||||||
Debt instruments: | ||||||||||||||||
Credit facility debt (b) | Level II | $ | 2,780,649 | $ | 2,785,975 | |||||||||||
Collateralized indebtedness | Level II | 986,183 | 957,803 | |||||||||||||
Senior notes and debentures | Level II | 3,062,126 | 3,368,875 | |||||||||||||
Notes payable | Level II | 23,911 | 23,682 | |||||||||||||
CSC Holdings total debt instruments | 6,852,869 | 7,136,335 | ||||||||||||||
Cablevision senior notes | Level II | 2,793,741 | 3,048,387 | |||||||||||||
Cablevision total debt instruments | $ | 9,646,610 | $ | 10,184,722 | ||||||||||||
December 31, 2013 | ||||||||||||||||
Fair Value | Carrying | Estimated | ||||||||||||||
Hierarchy | Amount | Fair Value | ||||||||||||||
CSC Holdings notes receivable: | ||||||||||||||||
Cablevision senior notes held by Newsday Holdings (a) | Level II | $ | 611,455 | $ | 682,887 | |||||||||||
Debt instruments: | ||||||||||||||||
Credit facility debt (b) | Level II | $ | 3,766,145 | $ | 3,776,760 | |||||||||||
Collateralized indebtedness | Level II | 817,950 | 809,105 | |||||||||||||
Senior notes and debentures | Level II | 2,309,403 | 2,608,885 | |||||||||||||
Notes payable | Level II | 5,334 | 5,334 | |||||||||||||
CSC Holdings total debt instruments | 6,898,832 | 7,200,084 | ||||||||||||||
Cablevision senior notes | Level II | 2,829,112 | 3,101,373 | |||||||||||||
Cablevision total debt instruments | $ | 9,727,944 | $ | 10,301,457 | ||||||||||||
(a) | These notes are eliminated at the consolidated Cablevision level. | |||||||||||||||
(b) | The principal amount of the Company's credit facility debt, which bears interest at variable rates, approximates its fair value. |
INCOME_TAXES_Tables
INCOME TAXES (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
INCOME TAXES [Abstract] | ||||||||||||
Income Tax Expense (Benefit) Attributable to Continuing Operations | Income tax expense (benefit) attributable to Cablevision's continuing operations consists of the following components: | |||||||||||
Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Current expense (benefit): | ||||||||||||
Federal | $ | 6,122 | $ | (144 | ) | $ | (3,493 | ) | ||||
State | 2,788 | (3,510 | ) | 19,800 | ||||||||
8,910 | (3,654 | ) | 16,307 | |||||||||
Deferred expense (benefit): | ||||||||||||
Federal | 135,873 | 69,258 | 48,441 | |||||||||
State | 23,906 | 198 | (6,111 | ) | ||||||||
159,779 | 69,456 | 42,330 | ||||||||||
Tax benefit relating to uncertain tax positions, including accrued interest | (52,921 | ) | (167 | ) | (6,643 | ) | ||||||
Income tax expense | $ | 115,768 | $ | 65,635 | $ | 51,994 | ||||||
Reconciliation of Effective Tax Rate from Continuing Operations | ||||||||||||
The income tax expense attributable to Cablevision's continuing operations differs from the amount derived by applying the statutory federal rate to pretax income principally due to the effect of the following items: | ||||||||||||
Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Federal tax expense at statutory rate | $ | 148,803 | $ | 67,536 | $ | 44,212 | ||||||
State income taxes, net of federal benefit | 19,059 | 3,607 | 4,763 | |||||||||
Changes in the valuation allowance | (344 | ) | 5,631 | 5,480 | ||||||||
Changes in the state apportionment rates used to measure deferred taxes, net of federal benefit | (322 | ) | (11,228 | ) | 2,273 | |||||||
Tax benefit relating to uncertain tax positions, including accrued interest, net of deferred tax benefits | (52,914 | ) | (124 | ) | (2,659 | ) | ||||||
Impact of New York State tax reform enacted on March 31, 2014 | (2,050 | ) | — | — | ||||||||
Impact of non-deductible officers' compensation | 1,532 | 796 | 470 | |||||||||
Other non-deductible expenses | 3,697 | 3,628 | 3,363 | |||||||||
Increase in the deferred tax asset for certain state tax loss carry forwards pursuant to LLC conversions of certain subsidiaries | — | — | (3,935 | ) | ||||||||
Research credit | (2,634 | ) | (3,739 | ) | — | |||||||
Tax benefit from exclusion of pretax income of an entity that is not consolidated for income tax purposes | — | — | (2,605 | ) | ||||||||
Other, net | 941 | (472 | ) | 632 | ||||||||
Income tax expense | $ | 115,768 | $ | 65,635 | $ | 51,994 | ||||||
Significant Components of Deferred Tax Assets and Liabilities | For Cablevision, the tax effects of temporary differences which give rise to significant portions of deferred tax assets or liabilities and the corresponding valuation allowance at December 31, 2014 and 2013 are as follows: | |||||||||||
December 31, | ||||||||||||
2014 | 2013 | |||||||||||
Deferred Tax Asset (Liability) | ||||||||||||
Current | ||||||||||||
NOLs and tax credit carry forwards | $ | 144,833 | $ | 224,968 | ||||||||
Compensation and benefit plans | 74,220 | 44,629 | ||||||||||
Allowance for doubtful accounts | 4,557 | 5,502 | ||||||||||
Other liabilities | 4,909 | 13,389 | ||||||||||
Deferred tax asset | 228,519 | 288,488 | ||||||||||
Valuation allowance | (3,496 | ) | (6,988 | ) | ||||||||
Net deferred tax asset, current | 225,023 | 281,500 | ||||||||||
Investments | (159,475 | ) | (97,565 | ) | ||||||||
Prepaid expenses | (27,605 | ) | (24,111 | ) | ||||||||
Deferred tax liability, current | (187,080 | ) | (121,676 | ) | ||||||||
Net deferred tax asset, current | 37,943 | 159,824 | ||||||||||
Noncurrent | ||||||||||||
NOLs and tax credit carry forwards | 25,427 | 65,322 | ||||||||||
Compensation and benefit plans | 99,076 | 106,595 | ||||||||||
Newsday Holdings and other partnership investments | 123,243 | 132,384 | ||||||||||
Investments | 22,294 | — | ||||||||||
Other | 7,345 | 4,896 | ||||||||||
Deferred tax asset | 277,385 | 309,197 | ||||||||||
Valuation allowance | (3,901 | ) | (7,488 | ) | ||||||||
Net deferred tax asset, noncurrent | 273,484 | 301,709 | ||||||||||
Fixed assets and intangibles | (884,120 | ) | (840,375 | ) | ||||||||
Investments | — | (29,563 | ) | |||||||||
Other | (452 | ) | (1,827 | ) | ||||||||
Deferred tax liability, noncurrent | (884,572 | ) | (871,765 | ) | ||||||||
Net deferred tax liability, noncurrent | (611,088 | ) | (570,056 | ) | ||||||||
Total net deferred tax liability | $ | (573,145 | ) | $ | (410,232 | ) | ||||||
Reconciliation of Unrecognized Tax Benefits Associated with Uncertain Tax Positions, Excluding Associated Deferred Tax Benefits and Accrued Interest | A reconciliation of the beginning and ending amount of unrecognized tax benefits associated with uncertain tax positions, excluding associated deferred tax benefits and accrued interest, is as follows: | |||||||||||
Balance at December 31, 2013 | $ | 57,407 | ||||||||||
Increases related to prior year tax positions | 58 | |||||||||||
Decreases related to prior year tax positions | (53,460 | ) | ||||||||||
Increases related to current year tax positions | 6 | |||||||||||
Balance at December 31, 2014 | $ | 4,011 | ||||||||||
CSC Holdings, LLC | ||||||||||||
INCOME TAXES [Abstract] | ||||||||||||
Income Tax Expense (Benefit) Attributable to Continuing Operations | Income tax expense (benefit) attributable to continuing operations consists of the following components: | |||||||||||
Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Current expense: | ||||||||||||
Federal | $ | 189,609 | $ | 66,800 | $ | 47,250 | ||||||
State | 46,573 | 21,579 | 39,561 | |||||||||
236,182 | 88,379 | 86,811 | ||||||||||
Deferred expense (benefit): | ||||||||||||
Federal | 35,445 | 89,832 | 79,731 | |||||||||
State | 17,744 | 10,035 | (7,352 | ) | ||||||||
53,189 | 99,867 | 72,379 | ||||||||||
Tax benefit relating to uncertain tax positions, including accrued interest | (52,921 | ) | (167 | ) | (6,643 | ) | ||||||
Income tax expense | $ | 236,450 | $ | 188,079 | $ | 152,547 | ||||||
Reconciliation of Effective Tax Rate from Continuing Operations | The income tax expense attributable to CSC Holdings' continuing operations differs from the amount derived by applying the statutory federal rate to pretax income principally due to the effect of the following items: | |||||||||||
Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Federal tax expense at statutory rate | $ | 243,740 | $ | 167,098 | $ | 132,864 | ||||||
State income taxes, net of federal benefit | 42,769 | 27,177 | 22,542 | |||||||||
Changes in the valuation allowance | (382 | ) | (101 | ) | 1,038 | |||||||
Changes in the state apportionment rates used to measure deferred taxes, net of federal benefit | 379 | (6,484 | ) | 1,188 | ||||||||
Tax benefit relating to uncertain tax positions, including accrued interest, net of deferred tax benefits | (52,914 | ) | (124 | ) | (2,659 | ) | ||||||
Impact of New York State tax reform enacted on March 31, 2014 | (1,502 | ) | — | — | ||||||||
Impact of non-deductible officers' compensation, net | 1,532 | 796 | 470 | |||||||||
Other non-deductible expenses | 3,697 | 3,628 | 3,363 | |||||||||
Increase in the deferred tax asset for certain state tax loss carry forwards pursuant to LLC conversions of certain subsidiaries | — | — | (3,935 | ) | ||||||||
Research credit | (2,634 | ) | (3,739 | ) | — | |||||||
Tax benefit from exclusion of pretax income of an entity that is not consolidated for income tax purposes | — | — | (2,605 | ) | ||||||||
Other, net | 1,765 | (172 | ) | 281 | ||||||||
Income tax expense | $ | 236,450 | $ | 188,079 | $ | 152,547 | ||||||
Significant Components of Deferred Tax Assets and Liabilities | For CSC Holdings, the tax effects of temporary differences which give rise to significant portions of deferred tax assets or liabilities and the corresponding valuation allowance at December 31, 2014 and 2013 are as follows: | |||||||||||
December 31, | ||||||||||||
2014 | 2013 | |||||||||||
Deferred Tax Asset (Liability) | ||||||||||||
Current | ||||||||||||
Compensation and benefit plans | $ | 74,220 | $ | 44,629 | ||||||||
Allowance for doubtful accounts | 4,557 | 5,502 | ||||||||||
Other liabilities | 4,909 | 13,389 | ||||||||||
Deferred tax asset | 83,686 | 63,520 | ||||||||||
Valuation allowance | (1,891 | ) | (2,426 | ) | ||||||||
Net deferred tax asset, current | 81,795 | 61,094 | ||||||||||
Investments | (159,475 | ) | (97,565 | ) | ||||||||
Prepaid expenses | (27,605 | ) | (24,111 | ) | ||||||||
Deferred tax liability, current | (187,080 | ) | (121,676 | ) | ||||||||
Net deferred tax liability, current | (105,285 | ) | (60,582 | ) | ||||||||
Noncurrent | ||||||||||||
Tax credit carry forwards | 11,702 | 20,137 | ||||||||||
Compensation and benefit plans | 99,076 | 106,595 | ||||||||||
Newsday Holdings and other partnership investments | 123,243 | 132,384 | ||||||||||
Investments | 22,294 | — | ||||||||||
Other | 7,345 | 4,896 | ||||||||||
Deferred tax asset | 263,660 | 264,012 | ||||||||||
Valuation allowance | (5,454 | ) | (10,084 | ) | ||||||||
Net deferred tax asset, noncurrent | 258,206 | 253,928 | ||||||||||
Fixed assets and intangibles | (884,120 | ) | (840,375 | ) | ||||||||
Investments | — | (29,563 | ) | |||||||||
Other | (453 | ) | (1,827 | ) | ||||||||
Deferred tax liability, noncurrent | (884,573 | ) | (871,765 | ) | ||||||||
Net deferred tax liability, noncurrent | (626,367 | ) | (617,837 | ) | ||||||||
Total net deferred tax liability | $ | (731,652 | ) | $ | (678,419 | ) |
BENEFIT_PLANS_Tables
BENEFIT PLANS (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | ||||||||||||||||
Funded Status for All Qualified and Non-Qualified Defined Benefit Plans | Summarized below is the funded status and the amounts recorded on the Company's consolidated balance sheets for all of the Company's Defined Benefit Plans at December 31, 2014 and 2013: | |||||||||||||||
December 31, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Change in projected benefit obligation: | ||||||||||||||||
Projected benefit obligation at beginning of year | $ | 433,916 | $ | 392,312 | ||||||||||||
Service cost | 774 | 45,346 | ||||||||||||||
Interest cost | 18,040 | 14,128 | ||||||||||||||
Actuarial loss | 9,006 | 5,282 | ||||||||||||||
Transfer of liabilities | — | (208 | ) | |||||||||||||
Benefits paid | (30,890 | ) | (22,944 | ) | ||||||||||||
Projected benefit obligation at end of year | 430,846 | 433,916 | ||||||||||||||
Change in plan assets: | ||||||||||||||||
Fair value of plan assets at beginning of year | 268,610 | 290,836 | ||||||||||||||
Actual return (loss) on plan assets, net | 11,687 | (8,694 | ) | |||||||||||||
Employer contributions | 54,269 | 9,620 | ||||||||||||||
Transfer of assets | — | (208 | ) | |||||||||||||
Benefits paid | (30,890 | ) | (22,944 | ) | ||||||||||||
Fair value of plan assets at end of year | 303,676 | 268,610 | ||||||||||||||
Unfunded status at end of year | $ | (127,170 | ) | $ | (165,306 | ) | ||||||||||
Other Pre-Tax Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Loss | Other changes in plan assets and benefit obligations recorded in accumulated other comprehensive loss for the years ended December 31, 2014 and 2013 are as follows: | |||||||||||||||
Defined Benefit Plans | ||||||||||||||||
Changes in plan assets and benefit obligations, before taxes: | 2014 | 2013 | 2012 | |||||||||||||
Unrecognized actuarial loss | $ | 6,866 | $ | 21,842 | $ | 16,732 | ||||||||||
Tax expense (benefit) | (2,815 | ) | (8,984 | ) | (6,848 | ) | ||||||||||
4,051 | 12,858 | 9,884 | ||||||||||||||
Amortization of actuarial losses, net included in net periodic benefit cost | (2,364 | ) | (1,645 | ) | (1,067 | ) | ||||||||||
Tax expense (benefit) | 969 | 677 | 437 | |||||||||||||
(1,395 | ) | (968 | ) | (630 | ) | |||||||||||
Settlement loss included in net periodic benefit cost | (5,348 | ) | — | — | ||||||||||||
Tax expense (benefit) | 2,193 | — | — | |||||||||||||
(3,155 | ) | — | — | |||||||||||||
Changes in plan assets and benefit obligations, net of taxes | $ | (499 | ) | $ | 11,890 | $ | 9,254 | |||||||||
Net Funded Status Relating to Defined Benefit Plans | The Company's net funded status relating to its defined benefit plans at December 31, 2014 and 2013 are as follows: | |||||||||||||||
2014 | 2013 | |||||||||||||||
Defined Benefit Plans | $ | (127,170 | ) | $ | (165,306 | ) | ||||||||||
Less: Current portion | 6,526 | 2,494 | ||||||||||||||
Long-term defined benefit plan obligations | $ | (120,644 | ) | $ | (162,812 | ) | ||||||||||
Components of Net Periodic Benefit Cost for Defined Benefit Plans | Components of the net periodic benefit cost, recorded primarily in selling, general and administrative expenses, for the Defined Benefit Plans for the years ended December 31, 2014, 2013 and 2012, are as follows: | |||||||||||||||
Years Ended December 31, | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Service cost | $ | 774 | $ | 45,346 | $ | 39,789 | ||||||||||
Interest cost | 18,040 | 14,128 | 14,570 | |||||||||||||
Expected return on plan assets, net | (9,548 | ) | (7,866 | ) | (9,127 | ) | ||||||||||
Recognized actuarial loss (reclassified from accumulated other comprehensive loss) | 2,364 | 1,645 | 752 | |||||||||||||
Settlement loss (reclassified from accumulated other comprehensive loss) (a) | 5,348 | — | 315 | |||||||||||||
Net periodic benefit cost | $ | 16,978 | $ | 53,253 | $ | 46,299 | ||||||||||
(a) | As a result of benefit payments to terminated or retired individuals exceeding the service and interest costs for the Pension Plan and the Excess Cash Balance Pension Plan during 2014, the Company recognized a non-cash settlement loss that represented the acceleration of the recognition of a portion of the previously unrecognized actuarial losses recorded in accumulated other comprehensive loss on the Company’s consolidated balance sheets relating to these plans. | |||||||||||||||
Plan Assumptions for Defined Benefit Plans | Weighted-average assumptions used to determine net periodic cost (made at the beginning of the year) and benefit obligations (made at the end of the year) for the Defined Benefit Plans are as follows: | |||||||||||||||
Weighted-Average Assumptions | ||||||||||||||||
Net Periodic Benefit Cost for the | Benefit Obligations | |||||||||||||||
Years Ended December 31, | at December 31, | |||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | ||||||||||||
Discount rate (a) | 4.24 | % | 3.67 | % | 4.32 | % | 3.7 | % | 4.56 | % | ||||||
Rate of increase in future compensation levels | 3.5 | % | 3.5 | % | 3.5 | % | 3.5 | % | 3.5 | % | ||||||
Expected rate of return on plan assets (Pension Plan only) | 4.53 | % | 3.6 | % | 3.76 | % | N/A | N/A | ||||||||
(a) | The discount rate of 4.24% in 2014 represents the average of the quarterly discount rates used to remeasure the Company's projected benefit obligation and net periodic benefit cost in connection with the recognition of settlement losses discussed above. | |||||||||||||||
Weighted Average Asset Allocations of Pension Plan | The weighted average asset allocations of the Pension Plan at December 31, 2014 and 2013 were as follows: | |||||||||||||||
Plan Assets at | ||||||||||||||||
December 31, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Asset Class: | ||||||||||||||||
Mutual funds | 39 | % | — | % | ||||||||||||
Fixed income securities | 58 | 88 | ||||||||||||||
Cash equivalents and other | 3 | 12 | ||||||||||||||
100 | % | 100 | % | |||||||||||||
Fair Values of the Pension Plan Assets by Asset Category | The fair values of the assets of the Pension Plan at December 31, 2014 by asset class are as follows: | |||||||||||||||
Asset Class | Level I | Level II | Level III | Total | ||||||||||||
Mutual funds | $ | 119,543 | $ | — | $ | — | $ | 119,543 | ||||||||
Fixed income securities held in a portfolio: | ||||||||||||||||
Foreign issued corporate debt | — | 17,778 | — | 17,778 | ||||||||||||
U.S. corporate debt | — | 50,155 | — | 50,155 | ||||||||||||
Government debt | — | 10,239 | — | 10,239 | ||||||||||||
U.S. Treasury securities | — | 81,552 | — | 81,552 | ||||||||||||
Asset-backed securities | — | 17,610 | — | 17,610 | ||||||||||||
Cash equivalents (a) | 3,580 | — | — | 3,580 | ||||||||||||
Total (b) | $ | 123,123 | $ | 177,334 | $ | — | $ | 300,457 | ||||||||
(a) | Represents an investment in a money market fund. | |||||||||||||||
(b) | Excludes cash and net receivables relating to the sale of securities that were not settled as of December 31, 2014. | |||||||||||||||
The fair values of the assets of the Pension Plan at December 31, 2013 by asset class are as follows: | ||||||||||||||||
Asset Class | Level I | Level II | Level III | Total | ||||||||||||
Fixed income securities held in a portfolio: | ||||||||||||||||
Foreign issued corporate debt | $ | — | $ | 26,998 | $ | — | $ | 26,998 | ||||||||
U.S. corporate debt | — | 75,068 | — | 75,068 | ||||||||||||
Government debt | — | 11,993 | — | 11,993 | ||||||||||||
U.S. Treasury securities | — | 121,895 | — | 121,895 | ||||||||||||
Cash equivalents (a) | 8,444 | 29,019 | — | 37,463 | ||||||||||||
Total (b) | $ | 8,444 | $ | 264,973 | $ | — | $ | 273,417 | ||||||||
(a) | A significant portion represents an investment in a short-term investment fund that invests primarily in securities of high quality and low risk. | |||||||||||||||
(b) | Excludes net payables relating to the purchase of securities that were not settled as of December 31, 2013. | |||||||||||||||
Projected Future Benefit Payments for Qualified and Non-Qualified Defined Benefit Plans | The following benefit payments are expected to be paid: | |||||||||||||||
2015 | $ | 41,115 | ||||||||||||||
2016 | 31,440 | |||||||||||||||
2017 | 28,690 | |||||||||||||||
2018 | 28,540 | |||||||||||||||
2019 | 27,820 | |||||||||||||||
2020-2024 | 132,360 | |||||||||||||||
EQUITY_AND_LONGTERM_INCENTIVE_1
EQUITY AND LONG-TERM INCENTIVE PLANS (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||
Share-Based Compensation Expense (Income) for Continuing Operations | The following table presents the share-based compensation expense including expenses related to AMC Networks share-based awards held by Company employees, recognized by the Company as selling, general and administrative expense for the years ended December 31, 2014, 2013 and 2012: | |||||||||||||||
Years Ended December 31, | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Stock options (including performance based options) | $ | 7,573 | $ | 17,560 | $ | 29,849 | ||||||||||
Restricted shares | 36,411 | 35,155 | 30,797 | |||||||||||||
Share-based compensation related to equity classified awards | 43,984 | 52,715 | 60,646 | |||||||||||||
Stock appreciation rights | — | — | 59 | |||||||||||||
Total share-based compensation | $ | 43,984 | $ | 52,715 | $ | 60,705 | ||||||||||
Assumptions Used to Calculate the Fair Value of Stock Option Awards | The following assumptions were used to calculate the fair values of stock option awards granted in the first quarter of 2014, 2013 and 2012: | |||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Risk-free interest rate | 2.12 | % | 1.25 | % | 1.14 | % | ||||||||||
Expected life (in years) | 6.5 | 6.5 | 5.75 | |||||||||||||
Dividend yield | 3.79 | % | 3.86 | % | 3.52 | % | ||||||||||
Volatility | 42.8 | % | 42.31 | % | 43.2 | % | ||||||||||
Grant date fair value | $ | 5.27 | $ | 3.96 | $ | 4.06 | ||||||||||
Activity for Stock Options | The following table summarizes activity relating to Company employees who held Cablevision stock options for the year ended December 31, 2014: | |||||||||||||||
Shares | ||||||||||||||||
Under Option | ||||||||||||||||
Time | Performance | Weighted | Weighted | Aggregate | ||||||||||||
Vesting | Based Vesting | Average | Average | Intrinsic | ||||||||||||
Options | Options | Exercise | Remaining | Value (a) | ||||||||||||
Price Per | Contractual | |||||||||||||||
Share | Term | |||||||||||||||
(in years) | ||||||||||||||||
Balance, December 31, 2013 | 4,514,479 | 10,639,125 | $ | 13.2 | 7.21 | $ | 71,823 | |||||||||
Granted | 2,000,000 | — | 17.64 | |||||||||||||
Exercised | (1,416,813 | ) | (3,005,625 | ) | 11.74 | |||||||||||
Balance, December 31, 2014 | 5,097,666 | 7,633,500 | $ | 14.41 | 7.17 | $ | 79,347 | |||||||||
Options exercisable at December 31, 2014 | 1,097,666 | 7,633,500 | $ | 13.76 | 6.48 | $ | 60,027 | |||||||||
Options expected to vest in the future | 4,000,000 | — | $ | 15.81 | 8.68 | $ | 19,320 | |||||||||
(a) | The aggregate intrinsic value is calculated as the difference between (i) the exercise price of the underlying award and (ii) the quoted price of CNYG Class A common stock on December 31, 2014 or December 31, 2013, as indicated, and December 31, 2014 in the case of the options exercisable and options expected to vest in the future. | |||||||||||||||
Activity for Restricted Shares | The following table summarizes activity relating to Company employees who held Cablevision restricted shares for the year ended December 31, 2014: | |||||||||||||||
Number of Restricted Shares | Number of Performance Restricted Shares | Weighted Average Fair Value Per Share at Date of Grant | ||||||||||||||
Unvested award balance, December 31, 2013 | 4,670,513 | 1,534,700 | $ | 15.89 | ||||||||||||
Granted | 2,164,270 | 737,200 | 17.66 | |||||||||||||
Vested | (652,556 | ) | (236,600 | ) | 25.94 | |||||||||||
Awards forfeited | (867,357 | ) | — | 15.16 | ||||||||||||
Unvested award balance, December 31, 2014 | 5,314,870 | 2,035,300 | 15.46 | |||||||||||||
RELATED_PARTY_TRANSACTIONS_Tab
RELATED PARTY TRANSACTIONS (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
RELATED PARTY TRANSACTIONS [Abstract] | ||||||||||||
Summary of Revenue and Charges (Credits) Related to Services Provided to or Received from AMC Networks and Madison Square Garden | The following table summarizes the revenue and charges (credits) related to services provided to or received from AMC Networks not discussed elsewhere in the accompanying combined notes to the consolidated financial statements: | |||||||||||
Years Ending December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Revenues, net | $ | 1,841 | $ | 2,483 | $ | 3,246 | ||||||
Operating expenses: | ||||||||||||
Technical expenses, net of credits | $ | 21,785 | $ | 22,963 | $ | 22,751 | ||||||
Selling, general and administrative expenses (credits): | ||||||||||||
General and administrative expense allocations | (584 | ) | (1,458 | ) | 1,777 | |||||||
Other | — | (407 | ) | (454 | ) | |||||||
Selling, general and administrative expenses (credits), subtotal | (584 | ) | (1,865 | ) | 1,323 | |||||||
Operating expenses, net | 21,201 | 21,098 | 24,074 | |||||||||
Net charges | $ | 19,360 | $ | 18,615 | $ | 20,828 | ||||||
The following table summarizes the revenue and charges (credits) related to services provided to or received from Madison Square Garden not discussed elsewhere in the accompanying combined notes to the consolidated financial statements: | ||||||||||||
Years Ending December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Revenues, net | $ | 3,234 | $ | 3,103 | $ | 2,538 | ||||||
Operating expenses: | ||||||||||||
Technical expenses, net of credits | $ | 157,359 | $ | 156,028 | $ | 158,622 | ||||||
Selling, general and administrative expenses (credits): | ||||||||||||
General and administrative expense allocations | (3,176 | ) | (2,282 | ) | (2,755 | ) | ||||||
Other | 7,638 | 7,133 | 5,046 | |||||||||
Selling, general and administrative expenses, subtotal | 4,462 | 4,851 | 2,291 | |||||||||
Operating expenses, net | 161,821 | 160,879 | 160,913 | |||||||||
Net charges | $ | 158,587 | $ | 157,776 | $ | 158,375 | ||||||
Aggregate Amounts Due from and Due to Affiliates | Aggregate amounts due from and due to AMC Networks, Madison Square Garden and other affiliates at December 31, 2014 and 2013 are summarized below: | |||||||||||
Cablevision | December 31, | |||||||||||
2014 | 2013 | |||||||||||
Amounts due from affiliates | $ | 1,732 | $ | 1,520 | ||||||||
Amounts due to affiliates | 29,651 | 30,941 | ||||||||||
CSC Holdings, LLC | ||||||||||||
RELATED PARTY TRANSACTIONS [Abstract] | ||||||||||||
Aggregate Amounts Due from and Due to Affiliates | ||||||||||||
CSC Holdings | December 31, | |||||||||||
2014 | 2013 | |||||||||||
Amounts due from affiliates (principally Cablevision) | $ | 1,694 | $ | 115,538 | ||||||||
Amounts due to affiliates (principally Cablevision) | 135,636 | 30,887 | ||||||||||
COMMITMENTS_AND_CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||||||||||||||
Future Cash Payments Required Under Arrangements Pursuant to Contracts Entered into in the Normal Course of Business | Future cash payments and commitments required under arrangements pursuant to contracts entered into by the Company in the normal course of business as of December 31, 2014 are as follows: | |||||||||||||||||||
Payments Due by Period | ||||||||||||||||||||
Total | Year 1 | Years 2-3 | Years 4-5 | More than | ||||||||||||||||
5 years | ||||||||||||||||||||
Off balance sheet arrangements: | ||||||||||||||||||||
Purchase obligations (a) | $ | 6,713,424 | $ | 1,929,472 | $ | 3,241,297 | $ | 1,407,306 | $ | 135,349 | ||||||||||
Guarantees (b) | 22,252 | 18,652 | 3,590 | 10 | — | |||||||||||||||
Letters of credit (c) | 71,661 | 10,080 | 2,086 | 59,495 | — | |||||||||||||||
Total | $ | 6,807,337 | $ | 1,958,204 | $ | 3,246,973 | $ | 1,466,811 | $ | 135,349 | ||||||||||
(a) | Purchase obligations primarily include contractual commitments with various programming vendors to provide video services to the Company's subscribers and minimum purchase obligations to purchase goods or services. Future fees payable under contracts with programming vendors are based on numerous factors, including the number of subscribers receiving the programming. Amounts reflected above related to programming agreements are based on the number of subscribers receiving the programming as of December 2014 multiplied by the per subscriber rates or the stated annual fee, as applicable, contained in the executed agreements in effect as of December 31, 2014. | |||||||||||||||||||
(b) | Includes franchise and performance surety bonds primarily for the Company's Cable segment. Also includes outstanding guarantees primarily by CSC Holdings in favor of certain financial institutions in respect of ongoing interest expense obligations in connection with the monetization of the Company's holdings of shares of Comcast common stock. Does not include CSC Holdings' guarantee of Newsday's obligations under its $480,000 senior secured loan facility. Payments due by period for these arrangements represent the year in which the commitment expires. | |||||||||||||||||||
(c) | Consists primarily of letters of credit obtained by CSC Holdings in favor of insurance providers and certain governmental authorities for the Cable segment. Payments due by period for these arrangements represent the year in which the commitment expires. |
SEGMENT_INFORMATION_Tables
SEGMENT INFORMATION (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Segment Reporting [Abstract] | ||||||||||||
Information as to the Operations of the Company's Reportable Business Segments | The Company's reportable segments are strategic business units that are managed separately. The Company evaluates segment performance based on several factors, of which the primary financial measure is business segment adjusted operating cash flow ("AOCF") (defined as operating income (loss) excluding depreciation and amortization (including impairments), share-based compensation expense or benefit and restructuring expense or credits), a non-GAAP measure. The Company has presented the components that reconcile AOCF to operating income (loss), an accepted GAAP measure. | |||||||||||
Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Revenues, net from continuing operations | ||||||||||||
Cable | $ | 5,784,945 | $ | 5,576,011 | $ | 5,479,108 | ||||||
Lightpath | 352,964 | 332,609 | 323,776 | |||||||||
Other | 361,305 | 362,020 | 369,290 | |||||||||
Inter-segment eliminations (a) | (38,268 | ) | (38,488 | ) | (40,499 | ) | ||||||
$ | 6,460,946 | $ | 6,232,152 | $ | 6,131,675 | |||||||
Inter-segment revenues | ||||||||||||
Cable | $ | 1,883 | $ | 1,788 | $ | 1,728 | ||||||
Lightpath | 17,818 | 18,014 | 19,794 | |||||||||
Other | 18,567 | 18,686 | 18,977 | |||||||||
$ | 38,268 | $ | 38,488 | $ | 40,499 | |||||||
Adjusted operating cash flow (deficit) from continuing operations | ||||||||||||
Cable | $ | 1,833,577 | $ | 1,739,529 | $ | 1,798,041 | ||||||
Lightpath | 157,516 | 146,208 | 135,409 | |||||||||
Other | (156,869 | ) | (201,101 | ) | (196,692 | ) | ||||||
$ | 1,834,224 | $ | 1,684,636 | $ | 1,736,758 | |||||||
Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Depreciation and amortization (including impairments) included in continuing operations | ||||||||||||
Cable (b) | $ | (739,559 | ) | $ | (743,431 | ) | $ | (742,681 | ) | |||
Lightpath (b) | (83,589 | ) | (82,208 | ) | (87,768 | ) | ||||||
Other (c) | (43,354 | ) | (83,508 | ) | (77,326 | ) | ||||||
$ | (866,502 | ) | $ | (909,147 | ) | $ | (907,775 | ) | ||||
Share-based compensation expense included in continuing operations | ||||||||||||
Cable | $ | (29,895 | ) | $ | (32,353 | ) | $ | (38,357 | ) | |||
Lightpath | (5,347 | ) | (6,757 | ) | (7,188 | ) | ||||||
Other | (8,742 | ) | (13,605 | ) | (15,160 | ) | ||||||
$ | (43,984 | ) | $ | (52,715 | ) | $ | (60,705 | ) | ||||
Restructuring credits (expense) included in continuing operations | ||||||||||||
Cable | $ | 19 | $ | (11,283 | ) | $ | — | |||||
Lightpath | (285 | ) | (1,558 | ) | — | |||||||
Other | (2,214 | ) | (10,709 | ) | 770 | |||||||
$ | (2,480 | ) | $ | (23,550 | ) | $ | 770 | |||||
Operating income (loss) from continuing operations | ||||||||||||
Cable | $ | 1,064,142 | $ | 952,462 | $ | 1,017,003 | ||||||
Lightpath | 68,295 | 55,685 | 40,453 | |||||||||
Other | (211,179 | ) | (308,923 | ) | (288,408 | ) | ||||||
$ | 921,258 | $ | 699,224 | $ | 769,048 | |||||||
(a) | Inter-segment eliminations relate primarily to revenues recognized from the sale of local programming services and voice services to the Company's Cable segment. | |||||||||||
(b) | The Cable and Lightpath segments share portions of each other's network infrastructure. Depreciation charges are recorded by the segment that acquired the respective asset. | |||||||||||
(c) | The 2013 amount includes a reduction of depreciation expense related to prior years of $10,690. | |||||||||||
Sources of Revenue for Cable Segment | For the years ended December 31, 2014, 2013 and 2012, Cable segment revenue was derived from the following sources: | |||||||||||
Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Video (including equipment rental, DVR, franchise fees, video-on-demand, and pay-per-view) | $ | 3,187,245 | $ | 3,149,702 | $ | 3,166,486 | ||||||
High-speed data | 1,416,328 | 1,342,627 | 1,222,266 | |||||||||
Voice | 910,653 | 841,048 | 841,701 | |||||||||
Advertising | 163,596 | 147,875 | 151,847 | |||||||||
Other (including installation, advertising sales commissions, home shopping, and other products) | 107,123 | 94,759 | 96,808 | |||||||||
$ | 5,784,945 | $ | 5,576,011 | $ | 5,479,108 | |||||||
Reconciliation of Reportable Segment Amounts to Cablevision's and CSC Holdings' Consolidated Balances | A reconciliation of reportable segment amounts to Cablevision's and CSC Holdings' consolidated balances is as follows: | |||||||||||
Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Operating income for reportable segments | $ | 921,258 | $ | 699,224 | $ | 769,048 | ||||||
Items excluded from operating income: | ||||||||||||
CSC Holdings interest expense | (353,288 | ) | (374,430 | ) | (466,776 | ) | ||||||
CSC Holdings interest income | 403 | 423 | 914 | |||||||||
CSC Holdings intercompany interest income | 48,054 | 58,435 | 59,079 | |||||||||
Gain on sale of affiliate interests | — | — | 716 | |||||||||
Gain on investments, net | 129,659 | 313,167 | 294,235 | |||||||||
Loss on equity derivative contracts, net | (45,055 | ) | (198,688 | ) | (211,335 | ) | ||||||
Loss on interest rate swap contracts, net | — | — | (1,828 | ) | ||||||||
Loss on extinguishment of debt and write-off of deferred financing costs | (9,618 | ) | (23,144 | ) | (66,213 | ) | ||||||
Miscellaneous, net | 4,988 | 2,436 | 1,770 | |||||||||
CSC Holdings income from continuing operations before income taxes | 696,401 | 477,423 | 379,610 | |||||||||
Cablevision interest expense | (222,712 | ) | (226,672 | ) | (194,276 | ) | ||||||
Intercompany interest expense | (48,054 | ) | (58,435 | ) | (59,079 | ) | ||||||
Cablevision interest income | 17 | 42 | 64 | |||||||||
Write-off of deferred financing costs, net of gain on extinguishment of debt | (502 | ) | 602 | — | ||||||||
Cablevision income from continuing operations before income taxes | $ | 425,150 | $ | 192,960 | $ | 126,319 | ||||||
Capital Expenditures by Reportable Segment | The following table summarizes the Company's capital expenditures by reportable segment for the years ended December 31, 2014, 2013 and 2012: | |||||||||||
Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Capital Expenditures | ||||||||||||
Cable | $ | 743,524 | $ | 806,678 | $ | 850,061 | ||||||
Lightpath | 109,749 | 111,830 | 93,460 | |||||||||
Other | 38,405 | 33,171 | 48,065 | |||||||||
$ | 891,678 | $ | 951,679 | $ | 991,586 | |||||||
INTERIM_FINANCIAL_INFORMATION_1
INTERIM FINANCIAL INFORMATION (Unaudited) (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
SELECTED QUARTERLY FINANCIAL INFORMATION [Abstract] | ||||||||||||||||||||
Selected Quarterly Financial Information | ||||||||||||||||||||
Cablevision | ||||||||||||||||||||
2013:00:00 | March 31, | June 30, | September 30, | December 31, | Total | |||||||||||||||
2013 | 2013 | 2013 | 2013 | 2013 | ||||||||||||||||
Revenues, net | $ | 1,511,228 | $ | 1,569,619 | $ | 1,567,837 | $ | 1,583,468 | $ | 6,232,152 | ||||||||||
Operating expenses | (1,403,841 | ) | (1,371,856 | ) | (1,342,410 | ) | (1,414,821 | ) | (5,532,928 | ) | ||||||||||
Operating income | $ | 107,387 | $ | 197,763 | $ | 225,427 | $ | 168,647 | $ | 699,224 | ||||||||||
Income (loss) from continuing operations, net of income taxes | $ | (7,133 | ) | $ | 28,222 | $ | 59,748 | $ | 46,488 | $ | 127,325 | |||||||||
Income (loss) from discontinued operations, net of income taxes | (9,265 | ) | 107,495 | 235,286 | 4,800 | 338,316 | ||||||||||||||
Net income (loss) | (16,398 | ) | 135,717 | 295,034 | 51,288 | 465,641 | ||||||||||||||
Net loss (income) attributable to noncontrolling interests | 257 | (358 | ) | (433 | ) | 554 | 20 | |||||||||||||
Net income (loss) attributable to Cablevision Systems Corporation stockholders | $ | (16,141 | ) | $ | 135,359 | $ | 294,601 | $ | 51,842 | $ | 465,661 | |||||||||
Basic income (loss) per share attributable to Cablevision Systems Corporation | ||||||||||||||||||||
stockholders (a): | ||||||||||||||||||||
Income (loss) from continuing operations, net of income taxes | $ | (0.03 | ) | $ | 0.11 | $ | 0.23 | $ | 0.18 | $ | 0.49 | |||||||||
Income (loss) from discontinued operations, net of income taxes | $ | (0.04 | ) | $ | 0.41 | $ | 0.9 | $ | 0.02 | $ | 1.3 | |||||||||
Net income (loss) | $ | (0.06 | ) | $ | 0.52 | $ | 1.13 | $ | 0.2 | $ | 1.79 | |||||||||
Diluted income (loss) per share attributable to Cablevision Systems Corporation | ||||||||||||||||||||
stockholders (a): | ||||||||||||||||||||
Income (loss) from continuing operations, net of income taxes | $ | (0.03 | ) | $ | 0.11 | $ | 0.22 | $ | 0.18 | $ | 0.48 | |||||||||
Income (loss) from discontinued operations, net of income taxes | $ | (0.04 | ) | $ | 0.41 | $ | 0.88 | $ | 0.02 | $ | 1.27 | |||||||||
Net income (loss) | $ | (0.06 | ) | $ | 0.51 | $ | 1.1 | $ | 0.19 | $ | 1.75 | |||||||||
Amounts attributable to Cablevision Systems Corporation stockholders: | ||||||||||||||||||||
Income (loss) from continuing operations, net of income taxes | $ | (6,876 | ) | $ | 27,864 | $ | 59,315 | $ | 47,042 | $ | 127,345 | |||||||||
Income (loss) from discontinued operations, net of income taxes | (9,265 | ) | 107,495 | 235,286 | 4,800 | 338,316 | ||||||||||||||
Net income (loss) | $ | (16,141 | ) | $ | 135,359 | $ | 294,601 | $ | 51,842 | $ | 465,661 | |||||||||
(a) | Since Cablevision generated a loss from continuing operations for the three months ended March 31, 2013, the outstanding common stock equivalents were excluded from the computation of net loss per share for the respective period as the impact would be anti-dilutive. | |||||||||||||||||||
The following is a summary of the Company's selected quarterly financial data for the years ended December 31, 2014 and 2013: | ||||||||||||||||||||
Cablevision | ||||||||||||||||||||
2014:00:00 | March 31, | June 30, | September 30, | December 31, | Total | |||||||||||||||
2014 | 2014 | 2014 | 2014 | 2014 | ||||||||||||||||
Revenues, net | $ | 1,575,586 | $ | 1,628,137 | $ | 1,626,187 | $ | 1,631,036 | $ | 6,460,946 | ||||||||||
Operating expenses | (1,368,503 | ) | (1,372,244 | ) | (1,373,741 | ) | (1,425,200 | ) | (5,539,688 | ) | ||||||||||
Operating income | $ | 207,083 | $ | 255,893 | $ | 252,446 | $ | 205,836 | $ | 921,258 | ||||||||||
Income from continuing operations, net of income taxes | $ | 90,134 | $ | 91,028 | $ | 71,901 | $ | 56,319 | $ | 309,382 | ||||||||||
Income (loss) from discontinued operations, net of income taxes | (434 | ) | 3,510 | (79 | ) | (175 | ) | 2,822 | ||||||||||||
Net income | 89,700 | 94,538 | 71,822 | 56,144 | 312,204 | |||||||||||||||
Net loss (income) attributable to noncontrolling interests | 63 | (328 | ) | (331 | ) | (169 | ) | (765 | ) | |||||||||||
Net income attributable to Cablevision Systems Corporation stockholders | $ | 89,763 | $ | 94,210 | $ | 71,491 | $ | 55,975 | $ | 311,439 | ||||||||||
Basic income (loss) per share attributable to Cablevision Systems Corporation stockholders: | ||||||||||||||||||||
Income from continuing operations, net of income taxes | $ | 0.34 | $ | 0.34 | $ | 0.27 | $ | 0.21 | $ | 1.17 | ||||||||||
Income (loss) from discontinued operations, net of income taxes | $ | — | $ | 0.01 | $ | — | $ | — | $ | 0.01 | ||||||||||
Net income | $ | 0.34 | $ | 0.36 | $ | 0.27 | $ | 0.21 | $ | 1.18 | ||||||||||
Diluted income (loss) per share attributable to Cablevision Systems Corporation stockholders: | ||||||||||||||||||||
Income from continuing operations, net of income taxes | $ | 0.34 | $ | 0.34 | $ | 0.26 | $ | 0.2 | $ | 1.14 | ||||||||||
Income (loss) from discontinued operations, net of income taxes | $ | — | $ | 0.01 | $ | — | $ | — | $ | 0.01 | ||||||||||
Net income | $ | 0.33 | $ | 0.35 | $ | 0.26 | $ | 0.2 | $ | 1.15 | ||||||||||
Amounts attributable to Cablevision Systems Corporation stockholders: | ||||||||||||||||||||
Income from continuing operations, net of income taxes | $ | 90,197 | $ | 90,700 | $ | 71,570 | $ | 56,150 | $ | 308,617 | ||||||||||
Income (loss) from discontinued operations, net of income taxes | (434 | ) | 3,510 | (79 | ) | (175 | ) | 2,822 | ||||||||||||
Net income | $ | 89,763 | $ | 94,210 | $ | 71,491 | $ | 55,975 | $ | 311,439 | ||||||||||
CSC Holdings, LLC | ||||||||||||||||||||
SELECTED QUARTERLY FINANCIAL INFORMATION [Abstract] | ||||||||||||||||||||
Selected Quarterly Financial Information | ||||||||||||||||||||
CSC Holdings | ||||||||||||||||||||
2014:00:00 | March 31, | June 30, | September 30, | December 31, | Total | |||||||||||||||
2014 | 2014 | 2014 | 2014 | 2014 | ||||||||||||||||
Revenues, net | $ | 1,575,586 | $ | 1,628,137 | $ | 1,626,187 | $ | 1,631,036 | $ | 6,460,946 | ||||||||||
Operating expenses | (1,368,503 | ) | (1,372,244 | ) | (1,373,741 | ) | (1,425,200 | ) | (5,539,688 | ) | ||||||||||
Operating income | $ | 207,083 | $ | 255,893 | $ | 252,446 | $ | 205,836 | $ | 921,258 | ||||||||||
Income from continuing operations, net of income taxes | $ | 129,755 | $ | 129,321 | $ | 109,399 | $ | 91,476 | $ | 459,951 | ||||||||||
Income (loss) from discontinued operations, net of income taxes | (434 | ) | 3,510 | (79 | ) | (175 | ) | 2,822 | ||||||||||||
Net income | 129,321 | 132,831 | 109,320 | 91,301 | 462,773 | |||||||||||||||
Net loss (income) attributable to noncontrolling interests | 63 | (328 | ) | (331 | ) | (169 | ) | (765 | ) | |||||||||||
Net income attributable to CSC Holdings, LLC sole member | $ | 129,384 | $ | 132,503 | $ | 108,989 | $ | 91,132 | $ | 462,008 | ||||||||||
Amounts attributable to CSC Holdings, LLC sole member: | ||||||||||||||||||||
Income from continuing operations, net of income taxes | $ | 129,818 | $ | 128,993 | $ | 109,068 | $ | 91,307 | $ | 459,186 | ||||||||||
Income (loss) from discontinued operations, net of income taxes | (434 | ) | 3,510 | (79 | ) | (175 | ) | 2,822 | ||||||||||||
Net income | $ | 129,384 | $ | 132,503 | $ | 108,989 | $ | 91,132 | $ | 462,008 | ||||||||||
CSC Holdings | ||||||||||||||||||||
2013:00:00 | March 31, | June 30, | September 30, | December 31, | Total | |||||||||||||||
2013 | 2013 | 2013 | 2013 | 2013 | ||||||||||||||||
Revenues, net | $ | 1,511,228 | $ | 1,569,619 | $ | 1,567,837 | $ | 1,583,468 | $ | 6,232,152 | ||||||||||
Operating expenses | (1,403,841 | ) | (1,371,856 | ) | (1,342,410 | ) | (1,414,821 | ) | (5,532,928 | ) | ||||||||||
Operating income | $ | 107,387 | $ | 197,763 | $ | 225,427 | $ | 168,647 | $ | 699,224 | ||||||||||
Income from continuing operations, net of income taxes | $ | 33,955 | $ | 70,049 | $ | 98,051 | $ | 87,289 | $ | 289,344 | ||||||||||
Income (loss) from discontinued operations, net of income taxes | (9,265 | ) | 106,492 | 235,682 | (2,198 | ) | 330,711 | |||||||||||||
Net income | 24,690 | 176,541 | 333,733 | 85,091 | 620,055 | |||||||||||||||
Net loss (income) attributable to noncontrolling interests | 257 | (358 | ) | (433 | ) | 554 | 20 | |||||||||||||
Net income attributable to CSC Holdings, LLC sole member | $ | 24,947 | $ | 176,183 | $ | 333,300 | $ | 85,645 | $ | 620,075 | ||||||||||
Amounts attributable to CSC Holdings, LLC sole member: | ||||||||||||||||||||
Income from continuing operations, net of income taxes | $ | 34,212 | $ | 69,691 | $ | 97,618 | $ | 87,843 | $ | 289,364 | ||||||||||
Income (loss) from discontinued operations, net of income taxes | (9,265 | ) | 106,492 | 235,682 | (2,198 | ) | 330,711 | |||||||||||||
Net income | $ | 24,947 | $ | 176,183 | $ | 333,300 | $ | 85,645 | $ | 620,075 | ||||||||||
OTHER_MATTERS_Tables
OTHER MATTERS (Tables) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
OTHER MATTERS [Abstract] | ||||
Service Outage Credits Related to Superstorm Sandy | The following table summarizes service outage credits which reduced revenues, net, incremental costs, depreciation and capital expenditures related to Superstorm Sandy for the year ended December 31, 2012 for our Cable segment: | |||
Revenues, net | $ | 33,156 | ||
Operating expenses: | ||||
Technical and operating expenses | 57,252 | |||
Selling, general and administrative expenses | 15,118 | |||
Impact to AOCF | 105,526 | |||
Depreciation | 1,462 | |||
Impact to operating income | $ | 106,988 | ||
Capital expenditures | $ | 5,639 | ||
DESCRIPTION_OF_BUSINESS_RELATE2
DESCRIPTION OF BUSINESS, RELATED MATTERS AND BASIS OF PRESENTATION (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2013 |
The Company and Related Matters [Abstract] | |||
Number of reportable business segments | 3 | ||
Cablevision Systems Corporation | |||
Principles of Consolidation [Abstract] | |||
Senior notes, principal outstanding | $2,793,741 | ||
Senior notes due to Newsday | 611,455 | ||
Bresnan Cable | |||
The Company and Related Matters [Abstract] | |||
Cash selling price for sale of entity | 1,625,000 | ||
Net cash received from Bresnan Sale | 675,000 | ||
Reduction for certain funded indebtedness | 962,000 | ||
Pretax gain (loss) recognized in connection with sale | 408,000 | ||
Discontinued operation, amount of adjustment to prior period gain (loss) on disposal, before income tax | $5,848 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Summary of Significant Accounting Policies (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Gross Versus Net Revenue Recognition [Abstract] | |||
Franchise fees and certain other taxes and fees included as component of net revenue | $178,630 | $157,818 | $150,695 |
Advertising Expenses [Abstract] | |||
Advertising expenses | $156,228 | $140,779 | $157,783 |
Share-Based Compensation [Abstract] | |||
Vesting percentage of restricted stock units granted to non-employee directors (in hundredths) | 100.00% |
SUMMARY_OF_SIGNIFICANT_ACCOUNT4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Common Stock of Cablevision (Details) | 12 Months Ended | |||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||
Vote | ||||||
CNYG Class A Common Stock | ||||||
Common Stock of Cablevision [Abstract] | ||||||
Number of votes per share of common stock | 1 | |||||
Number of shares of common stock issued upon conversion (in shares) | 1 | |||||
Percentage of Board of Directors stockholders are entitled to elect (in hundredths) | 25.00% | |||||
Common Stock Outstanding [Roll Forward] | ||||||
Balance at beginning of period (in shares) | 213,598,590 | 210,561,118 | 220,170,261 | |||
Employee and non-employee director stock transactions (in shares) | 6,621,345 | [1] | 3,037,472 | [1] | 3,987,544 | [1] |
Shares repurchased (in shares) | -13,596,687 | |||||
Balance at end of period (in shares) | 220,219,935 | 213,598,590 | 210,561,118 | |||
CNYG Class B Common Stock | ||||||
Common Stock of Cablevision [Abstract] | ||||||
Number of votes per share of common stock | 10 | |||||
Number of shares of common stock converted (in shares) | 1 | |||||
Common Stock Outstanding [Roll Forward] | ||||||
Balance at beginning of period (in shares) | 54,137,673 | 54,137,673 | 54,137,673 | |||
Employee and non-employee director stock transactions (in shares) | 0 | [1] | 0 | [1] | 0 | [1] |
Shares repurchased (in shares) | 0 | |||||
Balance at end of period (in shares) | 54,137,673 | 54,137,673 | 54,137,673 | |||
[1] | Primarily includes issuances of common stock in connection with employee and non-employee director exercises of stock options and restricted shares granted to employees, offset by shares acquired by the Company in connection with the fulfillment of employees' statutory tax withholding obligation for applicable income and other employment taxes and forfeited employee restricted shares. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, CSC Holdings Membership Interests (Details) (CSC Holdings, LLC, USD $) | 1 Months Ended | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
CSC Holdings, LLC | ||||
CSC Holdings Membership Interests [Abstract] | ||||
Membership units issued (in shares) | 17,631,479 | 17,631,479 | ||
Membership units outstanding (in shares) | 17,631,479 | 17,631,479 | ||
Membership interests issued (in shares) | 3,198,729 | |||
Capital contributions from Cablevision | $735,000 | $0 | $0 | $735,000 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Dividends (Details) (USD $) | 12 Months Ended | 0 Months Ended | |||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 12, 2014 | Sep. 05, 2014 | Jun. 13, 2014 | Apr. 03, 2014 | Dec. 13, 2013 | Sep. 05, 2013 | Jun. 14, 2013 | Apr. 03, 2013 | Nov. 28, 2012 | Sep. 04, 2012 | Jun. 01, 2012 | Mar. 30, 2012 |
Dividends [Abstract] | |||||||||||||||
Dividends paid by Cablevision | $160,545 | $159,709 | $163,872 | ||||||||||||
Maximum dividends to be paid when, and if, restriction lapse on restricted shares outstanding | 8,319 | ||||||||||||||
CSC Holdings, LLC | |||||||||||||||
Dividends [Abstract] | |||||||||||||||
Distributions paid to Cablevision | 396,382 | 501,224 | 671,809 | ||||||||||||
Restricted Stock | |||||||||||||||
Dividends [Abstract] | |||||||||||||||
Dividends paid by Cablevision | $1,548 | $3,092 | $5,987 | ||||||||||||
Dividend Declared 2014 Q4 | CNYG Class A Common Stock | |||||||||||||||
Dividends [Abstract] | |||||||||||||||
Dividend, declaration date | 5-Nov-14 | ||||||||||||||
Dividend per share (in dollars per share) | $0.15 | ||||||||||||||
Dividend, record date | 21-Nov-14 | ||||||||||||||
Dividend, payment date | 12-Dec-14 | ||||||||||||||
Dividend Declared 2014 Q3 | CNYG Class A Common Stock | |||||||||||||||
Dividends [Abstract] | |||||||||||||||
Dividend, declaration date | 29-Jul-14 | ||||||||||||||
Dividend per share (in dollars per share) | $0.15 | ||||||||||||||
Dividend, record date | 15-Aug-14 | ||||||||||||||
Dividend, payment date | 5-Sep-14 | ||||||||||||||
Dividend Declared 2014 Q2 | CNYG Class A Common Stock | |||||||||||||||
Dividends [Abstract] | |||||||||||||||
Dividend, declaration date | 6-May-14 | ||||||||||||||
Dividend per share (in dollars per share) | $0.15 | ||||||||||||||
Dividend, record date | 23-May-14 | ||||||||||||||
Dividend, payment date | 13-Jun-14 | ||||||||||||||
Dividend Declared 2014 Q1 | CNYG Class A Common Stock | |||||||||||||||
Dividends [Abstract] | |||||||||||||||
Dividend, declaration date | 25-Feb-14 | ||||||||||||||
Dividend per share (in dollars per share) | $0.15 | ||||||||||||||
Dividend, record date | 14-Mar-14 | ||||||||||||||
Dividend, payment date | 3-Apr-14 | ||||||||||||||
Dividend Declared 2013 Q4 | CNYG Class A Common Stock | |||||||||||||||
Dividends [Abstract] | |||||||||||||||
Dividend, declaration date | 6-Nov-13 | ||||||||||||||
Dividend per share (in dollars per share) | $0.15 | ||||||||||||||
Dividend, record date | 22-Nov-13 | ||||||||||||||
Dividend, payment date | 13-Dec-13 | ||||||||||||||
Dividend Declared 2013 Q3 | CNYG Class A Common Stock | |||||||||||||||
Dividends [Abstract] | |||||||||||||||
Dividend, declaration date | 30-Jul-13 | ||||||||||||||
Dividend per share (in dollars per share) | $0.15 | ||||||||||||||
Dividend, record date | 15-Aug-13 | ||||||||||||||
Dividend, payment date | 5-Sep-13 | ||||||||||||||
Dividend Declared 2013 Q2 | CNYG Class A Common Stock | |||||||||||||||
Dividends [Abstract] | |||||||||||||||
Dividend, declaration date | 7-May-13 | ||||||||||||||
Dividend per share (in dollars per share) | $0.15 | ||||||||||||||
Dividend, record date | 24-May-13 | ||||||||||||||
Dividend, payment date | 14-Jun-13 | ||||||||||||||
Dividend Declared 2013 Q1 | CNYG Class A Common Stock | |||||||||||||||
Dividends [Abstract] | |||||||||||||||
Dividend, declaration date | 26-Feb-13 | ||||||||||||||
Dividend per share (in dollars per share) | $0.15 | ||||||||||||||
Dividend, record date | 15-Mar-13 | ||||||||||||||
Dividend, payment date | 3-Apr-13 | ||||||||||||||
Dividend Declared 2012 Q4 | CNYG Class A Common Stock | |||||||||||||||
Dividends [Abstract] | |||||||||||||||
Dividend, declaration date | 24-Oct-12 | ||||||||||||||
Dividend per share (in dollars per share) | $0.15 | ||||||||||||||
Dividend, record date | 7-Nov-12 | ||||||||||||||
Dividend, payment date | 28-Nov-12 | ||||||||||||||
Dividend Declared 2012 Q3 | CNYG Class A Common Stock | |||||||||||||||
Dividends [Abstract] | |||||||||||||||
Dividend, declaration date | 1-Aug-12 | ||||||||||||||
Dividend per share (in dollars per share) | $0.15 | ||||||||||||||
Dividend, record date | 14-Aug-12 | ||||||||||||||
Dividend, payment date | 4-Sep-12 | ||||||||||||||
Dividend Declared 2012 Q2 | CNYG Class A Common Stock | |||||||||||||||
Dividends [Abstract] | |||||||||||||||
Dividend, declaration date | 1-May-12 | ||||||||||||||
Dividend per share (in dollars per share) | $0.15 | ||||||||||||||
Dividend, record date | 17-May-12 | ||||||||||||||
Dividend, payment date | 1-Jun-12 | ||||||||||||||
Dividend Declared 2012 Q1 | CNYG Class A Common Stock | |||||||||||||||
Dividends [Abstract] | |||||||||||||||
Dividend, declaration date | 22-Feb-12 | ||||||||||||||
Dividend per share (in dollars per share) | $0.15 | ||||||||||||||
Dividend, record date | 9-Mar-12 | ||||||||||||||
Dividend, payment date | 30-Mar-12 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT7
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Income (Loss) Per Common Share (Details) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Reconciliation of Weighted Average Shares Used in Calculations of Basic and Diluted Net Income Per Share [Abstract] | |||
Basic weighted average shares outstanding (in shares) | 264,623 | 260,763 | 262,258 |
Effect of dilution: | |||
Stock options (in shares) | 3,247 | 3,026 | 2,588 |
Restricted stock awards (in shares) | 2,833 | 2,146 | 2,484 |
Diluted weighted average shares outstanding (in shares) | 270,703 | 265,935 | 267,330 |
Stock Options | |||
Antidilutive Securities Excluded from Diluted Weighted Average Shares Outstanding [Abstract] | |||
Antidilutive securities excluded from diluted weighted average shares outstanding (in shares) | 1,760 | 1,336 | 1,257 |
Restricted Stock - Performance Criteria Not Yet Satisfied | |||
Antidilutive Securities Excluded from Diluted Weighted Average Shares Outstanding [Abstract] | |||
Antidilutive securities excluded from diluted weighted average shares outstanding (in shares) | 45 | 1,298 |
SUPPLEMENTAL_CASH_FLOW_INFORMA2
SUPPLEMENTAL CASH FLOW INFORMATION (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Non-Cash Investing and Financing Activities - Continuing Operations [Abstract] | |||
Property and equipment accrued but unpaid | $48,824 | $65,391 | $93,760 |
Capital lease obligations | 30,603 | 11,499 | 27,535 |
Intangible asset obligations | 525 | 2,498 | 1,435 |
Notes payable to vendor | 34,522 | 1,202 | 0 |
Reduction in capital lease obligation as a result of not exercising a bargain purchase option | 0 | 22,950 | 0 |
Supplemental Data [Abstract] | |||
Cash interest paid - continuing operations | 550,241 | 580,906 | 646,346 |
Income taxes paid, net - continuing operations | 10,598 | 16,470 | 13,418 |
Cash interest paid - discontinued operations | 0 | 26,606 | 61,927 |
Restricted Stock | |||
Non-Cash Investing and Financing Activities - Continuing Operations [Abstract] | |||
Dividends payable on unvested restricted share awards | 3,809 | 3,466 | 3,119 |
CSC Holdings, LLC | |||
Non-Cash Investing and Financing Activities - Continuing Operations [Abstract] | |||
Property and equipment accrued but unpaid | 48,824 | 65,391 | 93,760 |
Capital lease obligations | 30,603 | 11,499 | 27,535 |
Intangible asset obligations | 525 | 2,498 | 1,435 |
Notes payable to vendor | 34,522 | 1,202 | 0 |
Reduction in capital lease obligation as a result of not exercising a bargain purchase option | 0 | 22,950 | 0 |
Distribution of Cablevision senior notes to Cablevision | 0 | 142,262 | 0 |
Supplemental Data [Abstract] | |||
Cash interest paid - continuing operations | 335,175 | 362,365 | 469,502 |
Income taxes paid, net - continuing operations | 10,598 | 16,470 | 13,437 |
Cash interest paid - discontinued operations | $0 | $26,606 | $61,927 |
RESTRUCTURING_AND_IMPAIRMENT_C2
RESTRUCTURING AND IMPAIRMENT CHARGES (Details) (USD $) | 12 Months Ended | 3 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2014 | |
Employee | Employee | ||||
Accrued Restructuring Liability [Roll Forward] | |||||
Restructuring expense (credits) | $2,480,000 | $23,550,000 | ($770,000) | ||
Asset Impairment Charges [Abstract] | |||||
Impairment charges related to goodwill | 0 | 0 | 0 | ||
Impairment charges related to other long-lived assets | 425,000 | 10,997,000 | 829,000 | ||
Trademarks | |||||
Asset Impairment Charges [Abstract] | |||||
Impairment charges related to trademarks | 200,000 | 25,100,000 | 13,000,000 | ||
Subscriber relationships | |||||
Asset Impairment Charges [Abstract] | |||||
Impairment charges | 5,631,000 | ||||
Advertiser relationships | |||||
Asset Impairment Charges [Abstract] | |||||
Impairment charges | 12,358,000 | ||||
2013 Restructuring Plan | |||||
Accrued Restructuring Liability [Roll Forward] | |||||
Restructuring expense (credits) | 24,084,000 | ||||
Payments and other | -13,448,000 | -9,342,000 | |||
Accrual balance at end of period | 1,294,000 | 14,742,000 | 14,742,000 | 1,294,000 | |
Prior Restructuring Plans | |||||
Accrued Restructuring Liability [Roll Forward] | |||||
Restructuring expense (credits) | 1,984,000 | -534,000 | -770,000 | ||
Employee Severance | 2013 Restructuring Plan | |||||
Accrued Restructuring Liability [Roll Forward] | |||||
Restructuring expense (credits) | 22,879,000 | ||||
Early Lease Termination | 2013 Restructuring Plan | |||||
Accrued Restructuring Liability [Roll Forward] | |||||
Restructuring expense (credits) | 1,205,000 | ||||
Cable | 2013 Restructuring Plan | |||||
Accrued Restructuring Liability [Roll Forward] | |||||
Restructuring expense (credits) | 11,283,000 | ||||
Payments and other | -2,722,000 | -8,556,000 | |||
Accrual balance at end of period | 5,000 | 2,727,000 | 2,727,000 | 5,000 | |
Cable | Employee Severance | |||||
Restructuring [Abstract] | |||||
Number of positions eliminated | 234 | ||||
Cable | Employee Severance | 2013 Restructuring Plan | |||||
Accrued Restructuring Liability [Roll Forward] | |||||
Restructuring expense (credits) | 11,283,000 | ||||
Cable | Early Lease Termination | 2013 Restructuring Plan | |||||
Accrued Restructuring Liability [Roll Forward] | |||||
Restructuring expense (credits) | 0 | ||||
Lightpath | 2013 Restructuring Plan | |||||
Accrued Restructuring Liability [Roll Forward] | |||||
Restructuring expense (credits) | 1,558,000 | ||||
Payments and other | -311,000 | -628,000 | |||
Accrual balance at end of period | 619,000 | 930,000 | 930,000 | 619,000 | |
Lightpath | Employee Severance | |||||
Restructuring [Abstract] | |||||
Number of positions eliminated | 16 | ||||
Lightpath | Employee Severance | 2013 Restructuring Plan | |||||
Accrued Restructuring Liability [Roll Forward] | |||||
Restructuring expense (credits) | 1,558,000 | ||||
Lightpath | Early Lease Termination | 2013 Restructuring Plan | |||||
Accrued Restructuring Liability [Roll Forward] | |||||
Restructuring expense (credits) | 0 | ||||
Other | 2013 Restructuring Plan | |||||
Accrued Restructuring Liability [Roll Forward] | |||||
Restructuring expense (credits) | 11,243,000 | ||||
Payments and other | -10,415,000 | -158,000 | |||
Accrual balance at end of period | 670,000 | 11,085,000 | 11,085,000 | 670,000 | |
Other | Employee Severance | |||||
Restructuring [Abstract] | |||||
Number of positions eliminated | 191 | ||||
Other | Employee Severance | 2013 Restructuring Plan | |||||
Accrued Restructuring Liability [Roll Forward] | |||||
Restructuring expense (credits) | 10,038,000 | ||||
Other | Early Lease Termination | 2013 Restructuring Plan | |||||
Accrued Restructuring Liability [Roll Forward] | |||||
Restructuring expense (credits) | 1,205,000 | 1,205,000 | |||
Newsday | Employee Severance | 2014 Restructuring Plan | |||||
Restructuring [Abstract] | |||||
Number of positions eliminated | 59 | ||||
Accrued Restructuring Liability [Roll Forward] | |||||
Restructuring expense (credits) | $3,280,000 |
DISCONTINUED_OPERATIONS_Operat
DISCONTINUED OPERATIONS, Operating Results of Discontinued Operations (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||
Operating Results of Discontinued Operations [Abstract] | ||||||||||||||
Revenues, net | $0 | $289,630,000 | $573,786,000 | |||||||||||
Income (loss) before income taxes | 5,028,000 | 571,123,000 | 269,869,000 | |||||||||||
Income tax benefit (expense) | -2,206,000 | -232,807,000 | [1] | -110,581,000 | ||||||||||
Income (loss) from discontinued operations, net of income taxes | -175,000 | -79,000 | 3,510,000 | -434,000 | 4,800,000 | 235,286,000 | 107,495,000 | -9,265,000 | 2,822,000 | 338,316,000 | 159,288,000 | |||
Income tax benefit recognized at Cablevision, not applicable to CSC Holdings | -7,605,000 | |||||||||||||
Impairment loss relating to goodwill | 0 | 0 | 0 | |||||||||||
Goodwill, net of accumulated impairment losses | 264,690,000 | 264,690,000 | 264,690,000 | 264,690,000 | ||||||||||
Litigation Settlement | ||||||||||||||
Operating Results of Discontinued Operations [Abstract] | ||||||||||||||
Revenues, net | 0 | [2] | 0 | [3] | ||||||||||
Income (loss) before income taxes | 173,690,000 | [4] | 339,004,000 | [3] | ||||||||||
Income tax benefit (expense) | -70,054,000 | [1],[4] | -138,754,000 | [3] | ||||||||||
Income (loss) from discontinued operations, net of income taxes | 103,636,000 | [4] | 200,250,000 | [3] | ||||||||||
Income tax benefit recognized at Cablevision, not applicable to CSC Holdings | -1,003,000 | [4] | ||||||||||||
Bresnan Cable | ||||||||||||||
Operating Results of Discontinued Operations [Abstract] | ||||||||||||||
Revenues, net | 0 | [5] | 262,323,000 | [4] | 508,710,000 | |||||||||
Income (loss) before income taxes | 5,848,000 | [5] | 439,870,000 | [4] | -49,452,000 | |||||||||
Income tax benefit (expense) | -2,542,000 | [5] | -180,178,000 | [1],[4] | 20,157,000 | |||||||||
Income (loss) from discontinued operations, net of income taxes | 259,692,000 | [4] | -29,295,000 | |||||||||||
Income tax benefit recognized at Cablevision, not applicable to CSC Holdings | -6,602,000 | [4] | ||||||||||||
Pretax gain (loss) recognized in connection with sale | 408,000,000 | |||||||||||||
Clearview Cinemas | ||||||||||||||
Operating Results of Discontinued Operations [Abstract] | ||||||||||||||
Revenues, net | 0 | 27,307,000 | [6],[7] | 65,076,000 | ||||||||||
Income (loss) before income taxes | -820,000 | -42,437,000 | [6],[7] | -19,683,000 | ||||||||||
Income tax benefit (expense) | 336,000 | 17,425,000 | [1],[6],[7] | 8,016,000 | ||||||||||
Income (loss) from discontinued operations, net of income taxes | -25,012,000 | [6],[7] | -11,667,000 | |||||||||||
Income tax benefit recognized at Cablevision, not applicable to CSC Holdings | 0 | [6],[7] | ||||||||||||
Pretax gain (loss) recognized in connection with sale | -19,300,000 | |||||||||||||
Impairment loss relating to goodwill | 10,347,000 | |||||||||||||
Goodwill, net of accumulated impairment losses | 0 | 0 | ||||||||||||
CSC Holdings, LLC | ||||||||||||||
Operating Results of Discontinued Operations [Abstract] | ||||||||||||||
Income (loss) from discontinued operations, net of income taxes | -175,000 | -79,000 | 3,510,000 | -434,000 | -2,198,000 | 235,682,000 | 106,492,000 | -9,265,000 | 2,822,000 | 330,711,000 | 159,288,000 | |||
Goodwill, net of accumulated impairment losses | 264,690,000 | 264,690,000 | 264,690,000 | 264,690,000 | ||||||||||
CSC Holdings, LLC | Litigation Settlement | ||||||||||||||
Operating Results of Discontinued Operations [Abstract] | ||||||||||||||
Income (loss) from discontinued operations, net of income taxes | 102,633,000 | [4] | ||||||||||||
CSC Holdings, LLC | Bresnan Cable | ||||||||||||||
Operating Results of Discontinued Operations [Abstract] | ||||||||||||||
Income (loss) from discontinued operations, net of income taxes | 3,306,000 | [5] | 253,090,000 | [4] | ||||||||||
CSC Holdings, LLC | Clearview Cinemas | ||||||||||||||
Operating Results of Discontinued Operations [Abstract] | ||||||||||||||
Income (loss) from discontinued operations, net of income taxes | ($484,000) | ($25,012,000) | [6],[7] | |||||||||||
[1] | Includes tax benefit of $7,605 resulting from a decrease in the valuation allowance for certain state net operating loss carry forwards. | |||||||||||||
[2] | Represents primarily the proceeds from the final allocation of the DISH Network, LLC litigation settlement. See discussion below for additional information. | |||||||||||||
[3] | Represents primarily the gain relating to the settlement of litigation with DISH Network, LLC. See discussion below for additional information. | |||||||||||||
[4] | Includes the pretax gain recognized in connection with the Bresnan Sale of approximately $408,000. | |||||||||||||
[5] | Represents primarily a gain recognized upon the settlement of a contingency related to Montana property taxes. | |||||||||||||
[6] | Includes the pretax loss recognized in connection with the Clearview Sale of approximately $19,300. | |||||||||||||
[7] | As a result of the Company's annual impairment test in the first quarter of 2013, the Company recorded an impairment charge of $10,347, relating to goodwill of the Company's Clearview business which reduced the carrying value to zero. The Company determined the fair value of the Clearview business, which was a single reporting unit, assuming highest and best use, based on either an income or market approach on a theater by theater basis. |
DISCONTINUED_OPERATIONS_Litiga
DISCONTINUED OPERATIONS, Litigation Settlement and Bresnan Cable Legal Matters (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 1 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2012 | Apr. 08, 2013 | Apr. 09, 2013 | Dec. 31, 2013 | Oct. 31, 2012 |
Litigation Settlement with DISH Network | |||||
Litigation Settlement [Abstract] | |||||
Cash proceeds from settlement received | $350,000 | ||||
Litigation Settlement with DISH Network Pursuant to VOOM Litigation Agreement | |||||
Litigation Settlement [Abstract] | |||||
Cash settlement paid | 525,000 | ||||
Cash proceeds from settlement received | 175,000 | ||||
Pre-tax gain on litigation settlement | 350,000 | 175,000 | |||
Cablevision and AMC Networks | Litigation Settlement with DISH Network | |||||
Litigation Settlement [Abstract] | |||||
Cash settlement paid | 700,000 | ||||
AMC Networks | Litigation Settlement with DISH Network Pursuant to VOOM Litigation Agreement | |||||
Litigation Settlement [Abstract] | |||||
Cash settlement paid | $175,000 |
PROPERTY_PLANT_AND_EQUIPMENT_D
PROPERTY, PLANT AND EQUIPMENT (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Property, Plant and Equipment [Abstract] | |||
Property, plant and equipment, gross | $12,480,062 | $12,243,201 | |
Less accumulated depreciation and amortization | -9,454,315 | -9,264,848 | |
Total property, plant and equipment, net | 3,025,747 | 2,978,353 | |
Depreciation expense on property, plant and equipment, including capital leases | 852,451 | 858,899 | 879,242 |
Impairments of property, plant and equipment | 425 | 10,997 | 829 |
Equipment and Related Accumulated Amortization Recorded Under Capital Leases [Abstract] | |||
Equipment | 95,719 | 65,454 | |
Less accumulated amortization | -39,951 | -31,138 | |
Total equipment under capital leases, net | 55,768 | 34,316 | |
Cable Television System Plant | Minimum | |||
Property, Plant and Equipment [Abstract] | |||
Estimated useful lives | 10 years | ||
Cable Television System Plant | Maximum | |||
Property, Plant and Equipment [Abstract] | |||
Estimated useful lives | 25 years | ||
Headend Facilities | Minimum | |||
Property, Plant and Equipment [Abstract] | |||
Estimated useful lives | 4 years | ||
Headend Facilities | Maximum | |||
Property, Plant and Equipment [Abstract] | |||
Estimated useful lives | 25 years | ||
New Connections for Residence Wiring | |||
Property, Plant and Equipment [Abstract] | |||
Estimated useful lives | 5 years | ||
New Connections for Feeder Cable to the Home | |||
Property, Plant and Equipment [Abstract] | |||
Estimated useful lives | 12 years | ||
Customer equipment | |||
Property, Plant and Equipment [Abstract] | |||
Property, plant and equipment, gross | 1,954,512 | 2,104,305 | |
Customer equipment | Minimum | |||
Property, Plant and Equipment [Abstract] | |||
Estimated useful lives | 3 years | ||
Customer equipment | Maximum | |||
Property, Plant and Equipment [Abstract] | |||
Estimated useful lives | 5 years | ||
Headends and related equipment | |||
Property, Plant and Equipment [Abstract] | |||
Property, plant and equipment, gross | 1,437,681 | 1,276,819 | |
Headends and related equipment | Minimum | |||
Property, Plant and Equipment [Abstract] | |||
Estimated useful lives | 4 years | ||
Headends and related equipment | Maximum | |||
Property, Plant and Equipment [Abstract] | |||
Estimated useful lives | 25 years | ||
Central office equipment | |||
Property, Plant and Equipment [Abstract] | |||
Property, plant and equipment, gross | 811,320 | 758,691 | |
Central office equipment | Minimum | |||
Property, Plant and Equipment [Abstract] | |||
Estimated useful lives | 5 years | ||
Central office equipment | Maximum | |||
Property, Plant and Equipment [Abstract] | |||
Estimated useful lives | 10 years | ||
Infrastructure | |||
Property, Plant and Equipment [Abstract] | |||
Property, plant and equipment, gross | 5,695,519 | 5,651,633 | |
Infrastructure | Minimum | |||
Property, Plant and Equipment [Abstract] | |||
Estimated useful lives | 3 years | ||
Infrastructure | Maximum | |||
Property, Plant and Equipment [Abstract] | |||
Estimated useful lives | 25 years | ||
Equipment and software | |||
Property, Plant and Equipment [Abstract] | |||
Property, plant and equipment, gross | 1,507,500 | 1,386,848 | |
Equipment and software | Minimum | |||
Property, Plant and Equipment [Abstract] | |||
Estimated useful lives | 3 years | ||
Equipment and software | Maximum | |||
Property, Plant and Equipment [Abstract] | |||
Estimated useful lives | 10 years | ||
Construction in progress (including materials and supplies) | |||
Property, Plant and Equipment [Abstract] | |||
Property, plant and equipment, gross | 97,955 | 113,260 | |
Furniture and fixtures | |||
Property, Plant and Equipment [Abstract] | |||
Property, plant and equipment, gross | 94,265 | 92,631 | |
Furniture and fixtures | Minimum | |||
Property, Plant and Equipment [Abstract] | |||
Estimated useful lives | 5 years | ||
Furniture and fixtures | Maximum | |||
Property, Plant and Equipment [Abstract] | |||
Estimated useful lives | 12 years | ||
Transportation equipment | |||
Property, Plant and Equipment [Abstract] | |||
Property, plant and equipment, gross | 217,486 | 201,806 | |
Transportation equipment | Minimum | |||
Property, Plant and Equipment [Abstract] | |||
Estimated useful lives | 5 years | ||
Transportation equipment | Maximum | |||
Property, Plant and Equipment [Abstract] | |||
Estimated useful lives | 18 years | ||
Buildings and building improvements | |||
Property, Plant and Equipment [Abstract] | |||
Property, plant and equipment, gross | 303,344 | 279,614 | |
Buildings and building improvements | Minimum | |||
Property, Plant and Equipment [Abstract] | |||
Estimated useful lives | 10 years | ||
Buildings and building improvements | Maximum | |||
Property, Plant and Equipment [Abstract] | |||
Estimated useful lives | 40 years | ||
Leasehold improvements | |||
Property, Plant and Equipment [Abstract] | |||
Estimated useful lives | Term of lease | ||
Property, plant and equipment, gross | 345,942 | 362,932 | |
Land | |||
Property, Plant and Equipment [Abstract] | |||
Property, plant and equipment, gross | 14,538 | 14,662 | |
Software Development | |||
Property, Plant and Equipment [Abstract] | |||
Capitalized costs related to acquisition and development of internal use software | $153,675 | $127,390 |
OPERATING_LEASES_Details
OPERATING LEASES (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Operating leases, rent expense [Abstract] | |||
Rent expense, including pole rentals | $77,769 | $75,553 | $78,472 |
Minimum future annual payment for all operating leases from continuing operations, including pole rentals [Abstract] | |||
2015 | 66,289 | ||
2016 | 70,277 | ||
2017 | 62,511 | ||
2018 | 51,246 | ||
2019 | 37,778 | ||
Thereafter | $168,737 |
INTANGIBLE_ASSETS_Intangible_A
INTANGIBLE ASSETS, Intangible Assets (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Amortizable Intangible Assets, Net [Abstract] | ||
Gross carrying amount of amortizable intangible assets | $96,799,000 | $127,999,000 |
Accumulated amortization | -60,018,000 | -78,047,000 |
Amortizable intangible assets, net of accumulated amortization | 36,781,000 | 49,952,000 |
Intangible Assets, Net [Abstract] | ||
Amortizable intangible assets, net of accumulated amortization | 36,781,000 | 49,952,000 |
Indefinite-lived cable television franchises | 731,848,000 | 731,848,000 |
Trademarks and other indefinite-lived intangible assets | 7,250,000 | 7,450,000 |
Goodwill | 264,690,000 | 264,690,000 |
Total intangible assets, net | 1,040,569,000 | 1,053,940,000 |
Aggregate amortization expense | ||
Amortization expense, excluding impairment charges | 8,220,000 | 12,790,000 |
Impairment charges | 5,831,000 | 37,458,000 |
Estimated amortization expense | ||
Year ending December 31, 2015 | 7,013,000 | |
Year ending December 31, 2016 | 6,016,000 | |
Year ending December 31, 2017 | 5,559,000 | |
Year ending December 31, 2018 | 4,549,000 | |
Year ending December 31, 2019 | 3,907,000 | |
Customer relationships | ||
Amortizable Intangible Assets, Net [Abstract] | ||
Gross carrying amount of amortizable intangible assets | 45,828,000 | 46,258,000 |
Accumulated amortization | -31,407,000 | -28,099,000 |
Customer relationships | Minimum | ||
Amortizable Intangible Assets, Net [Abstract] | ||
Estimated useful lives | 7 years | |
Customer relationships | Maximum | ||
Amortizable Intangible Assets, Net [Abstract] | ||
Estimated useful lives | 18 years | |
Other amortizable intangibles | ||
Amortizable Intangible Assets, Net [Abstract] | ||
Gross carrying amount of amortizable intangible assets | 50,971,000 | 81,741,000 |
Accumulated amortization | ($28,611,000) | ($49,948,000) |
Other amortizable intangibles | Minimum | ||
Amortizable Intangible Assets, Net [Abstract] | ||
Estimated useful lives | 3 years | |
Other amortizable intangibles | Maximum | ||
Amortizable Intangible Assets, Net [Abstract] | ||
Estimated useful lives | 28 years |
INTANGIBLE_ASSETS_Goodwill_Det
INTANGIBLE ASSETS, Goodwill (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Carrying Amount of Goodwill [Abstract] | ||
Gross goodwill | $598,748,000 | $598,748,000 |
Accumulated impairment losses | -334,058,000 | -334,058,000 |
Goodwill, net of accumulated impairment losses | 264,690,000 | 264,690,000 |
Cable | ||
Carrying Amount of Goodwill [Abstract] | ||
Gross goodwill | 234,290,000 | 234,290,000 |
Accumulated impairment losses | 0 | 0 |
Goodwill, net of accumulated impairment losses | 234,290,000 | 234,290,000 |
Lightpath | ||
Carrying Amount of Goodwill [Abstract] | ||
Gross goodwill | 21,487,000 | 21,487,000 |
Accumulated impairment losses | 0 | 0 |
Goodwill, net of accumulated impairment losses | 21,487,000 | 21,487,000 |
Other | ||
Carrying Amount of Goodwill [Abstract] | ||
Gross goodwill | 342,971,000 | 342,971,000 |
Accumulated impairment losses | -334,058,000 | -334,058,000 |
Goodwill, net of accumulated impairment losses | $8,913,000 | $8,913,000 |
DEBT_Credit_Facility_Debt_Deta
DEBT, Credit Facility Debt (Details) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Apr. 17, 2013 | ||
Credit facility debt [Abstract] | |||||
Amounts payable on or prior to December 31, 2015 | $61,849 | $47,463 | |||
Carrying value | 2,780,649 | 3,766,145 | |||
Restricted Group | |||||
Credit facility debt [Abstract] | |||||
Amounts payable on or prior to December 31, 2015 | 61,849 | ||||
Carrying value | 2,300,649 | 3,286,145 | |||
Restricted Group | Revolving Loan Facility | |||||
Credit facility debt [Abstract] | |||||
Maturity Date | 17-Apr-18 | [1] | |||
Interest rate (in hundredths) | 0.00% | [1] | |||
Amounts payable on or prior to December 31, 2015 | 0 | [1] | |||
Carrying value | 0 | [1] | 0 | [1] | |
Letters of credit issued | 71,661 | ||||
Credit facility amount undrawn and available to be drawn | 1,428,339 | ||||
Restricted Group | Term A loan facility | |||||
Credit facility debt [Abstract] | |||||
Maturity Date | 17-Apr-18 | ||||
Interest rate (in hundredths) | 1.92% | ||||
Amounts payable on or prior to December 31, 2015 | 47,926 | ||||
Carrying value | 934,547 | 958,510 | |||
Restricted Group | Term B Loan Facility | |||||
Credit facility debt [Abstract] | |||||
Maturity Date | 17-Apr-20 | [2] | |||
Interest rate (in hundredths) | 2.67% | [2] | |||
Amounts payable on or prior to December 31, 2015 | 13,923 | [2] | |||
Carrying value | 1,366,102 | [2] | 2,327,635 | [2] | |
Debt unamortized discount | 5,326 | 10,615 | 11,750 | ||
Newsday Holdings LLC | Floating Term Rate Loan Facility | |||||
Credit facility debt [Abstract] | |||||
Maturity Date | 12-Oct-16 | ||||
Interest rate (in hundredths) | 3.67% | ||||
Amounts payable on or prior to December 31, 2015 | 0 | ||||
Carrying value | $480,000 | $480,000 | |||
[1] | At DecemberB 31, 2014, $71,661 of the revolving loan facility was restricted for certain letters of credit issued on behalf of CSC Holdings and $1,428,339 of the revolving loan facility was undrawn and available, subject to covenant limitations, to be drawn to meet the net funding and investment requirements of the Restricted Group. | ||||
[2] | The unamortized discount related to the Term B loan facility amounted to $5,326 and $10,615 at DecemberB 31, 2014 and 2013, respectively. |
DEBT_Restricted_Group_Credit_F
DEBT, Restricted Group Credit Facility (Details) (USD $) | 12 Months Ended | 1 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | 31-May-14 | Apr. 17, 2013 | |
Restricted Group Credit Facility [Abstract] | ||||||
Repayments of credit facility debt | $990,785,000 | $3,445,751,000 | $519,458,000 | |||
Restricted Group | New Credit Agreement | ||||||
Restricted Group Credit Facility [Abstract] | ||||||
Maximum credit borrowing capacity | 4,808,510,000 | |||||
Senior secured leverage ratio | 3.5 | |||||
Maximum aggregate letters of credit that can be issued | 150,000,000 | |||||
Number of applicable financial covenants | 2 | |||||
Deferred financing costs incurred | 27,080,000 | |||||
Restricted Group | Revolving Loan Facility | ||||||
Restricted Group Credit Facility [Abstract] | ||||||
Maximum credit borrowing capacity | 1,500,000,000 | |||||
Amount drawn | 0 | |||||
Commitment fee percentage (in hundredths) | 0.30% | |||||
Restricted Group | Term B Loan Facility | ||||||
Restricted Group Credit Facility [Abstract] | ||||||
Maximum credit borrowing capacity | 1,400,000,000 | |||||
Repayments of credit facility debt | 200,000,000 | 750,000,000 | ||||
Debt discount at issuance | 5,326,000 | 10,615,000 | 11,750,000 | |||
Restricted Group | Term B Loan Facility | Eurodollar Rate | ||||||
Restricted Group Credit Facility [Abstract] | ||||||
Basis spread on variable rate (in hundredths) | 2.50% | |||||
Restricted Group | Term B Loan Facility | Base Rate | ||||||
Restricted Group Credit Facility [Abstract] | ||||||
Basis spread on variable rate (in hundredths) | 1.50% | |||||
Restricted Group | Term B Loan Facility | Quarterly Payments from from September 30, 2013 through December 31, 2019 | ||||||
Restricted Group Credit Facility [Abstract] | ||||||
Repayments of principal | 3,481,000 | |||||
Restricted Group | Term B Loan Facility | Final Payment on April 17, 2020 | ||||||
Restricted Group Credit Facility [Abstract] | ||||||
Repayments of principal | 1,301,812,000 | |||||
Restricted Group | Term A loan facility | ||||||
Restricted Group Credit Facility [Abstract] | ||||||
Maximum credit borrowing capacity | 958,510,000 | |||||
Restricted Group | Term A loan facility | Eurodollar Rate | Minimum | ||||||
Restricted Group Credit Facility [Abstract] | ||||||
Basis spread on variable rate (in hundredths) | 1.50% | |||||
Restricted Group | Term A loan facility | Eurodollar Rate | Maximum | ||||||
Restricted Group Credit Facility [Abstract] | ||||||
Basis spread on variable rate (in hundredths) | 2.25% | |||||
Restricted Group | Term A loan facility | Base Rate | Minimum | ||||||
Restricted Group Credit Facility [Abstract] | ||||||
Basis spread on variable rate (in hundredths) | 0.50% | |||||
Restricted Group | Term A loan facility | Base Rate | Maximum | ||||||
Restricted Group Credit Facility [Abstract] | ||||||
Basis spread on variable rate (in hundredths) | 1.25% | |||||
Restricted Group | Term A loan facility | Quarterly Payments from September 30, 2014 through June 30, 2016 | ||||||
Restricted Group Credit Facility [Abstract] | ||||||
Repayments of principal | 11,981,000 | |||||
Restricted Group | Term A loan facility | Quarterly Payments from September 30, 2016 through March 31, 2018 | ||||||
Restricted Group Credit Facility [Abstract] | ||||||
Repayments of principal | 23,963,000 | |||||
Restricted Group | Term A loan facility | Final Payment on April 17, 2018 | ||||||
Restricted Group Credit Facility [Abstract] | ||||||
Repayments of principal | 694,919,000 | |||||
Restricted Group | Extended Revolving Loan Facility | ||||||
Restricted Group Credit Facility [Abstract] | ||||||
Unamortized deferred financing costs and discounts written off | 6,602,000 | |||||
CSC Holdings, LLC | ||||||
Restricted Group Credit Facility [Abstract] | ||||||
Repayments of credit facility debt | 990,785,000 | 3,445,751,000 | 519,458,000 | |||
CSC Holdings, LLC | Revolving Loan Facility | Term B Loan Facility | ||||||
Restricted Group Credit Facility [Abstract] | ||||||
Unamortized deferred financing costs and discounts written off | 5,564,000 | |||||
Gain (loss) on extinguishment of debt | ($4,054,000) | |||||
Revolving Loan Facility | Restricted Group | Term A loan facility | ||||||
Restricted Group Credit Facility [Abstract] | ||||||
Maximum ratio of total net indebtedness to cash flow | 5 | |||||
Maximum ratio of senior secured net indebtedness to cash flow | 4 |
DEBT_Newsday_LLC_Credit_Facili
DEBT, Newsday LLC Credit Facility (Details) (Newsday Holdings LLC, USD $) | 0 Months Ended | 12 Months Ended | |
Dec. 10, 2013 | Dec. 31, 2014 | Dec. 31, 2012 | |
Facility | |||
Floating Term Rate Loan Facility | |||
Credit facility debt [Abstract] | |||
Maximum credit borrowing capacity | $480,000,000 | ||
Repayment on credit facility | 160,000,000 | ||
Senior notes due to Newsday | 611,455,000 | ||
Deferred financing costs incurred | 4,558,000 | ||
Cablevision senior notes purchased by CSC Holdings and cancelled by Cablevision | 142,262,000 | ||
Minimum liquidity | 25,000,000 | ||
Floating Term Rate Loan Facility | Base Rate | |||
Credit facility debt [Abstract] | |||
Basis spread on variable rate (in hundredths) | 2.50% | ||
Floating Term Rate Loan Facility | Eurodollar Rate | |||
Credit facility debt [Abstract] | |||
Basis spread on variable rate (in hundredths) | 3.50% | ||
Senior Secured Credit Facility | |||
Credit facility debt [Abstract] | |||
Maximum credit borrowing capacity | 650,000,000 | ||
Number of credit facilities/components | 2 | ||
Unamortized deferred financing costs written off | 5,083,000 | ||
Fixed Term Rate Loan Facility | |||
Credit facility debt [Abstract] | |||
Maximum credit borrowing capacity | 525,000,000 | ||
Interest rate (in hundredths) | 10.50% | ||
Floating Term Rate Loan Facility Maturing 2013 | |||
Credit facility debt [Abstract] | |||
Maximum credit borrowing capacity | $125,000,000 |
DEBT_Senior_Notes_and_Debentur
DEBT, Senior Notes and Debentures (Details) (USD $) | 12 Months Ended | |||||
Dec. 31, 2014 | Dec. 31, 2013 | 31-May-14 | Sep. 30, 2012 | |||
Senior Notes and Debentures [Abstract] | ||||||
Carrying amount | $5,855,867,000 | $5,138,515,000 | ||||
CSC Holdings, LLC | ||||||
Senior Notes and Debentures [Abstract] | ||||||
Carrying amount | 3,062,126,000 | 2,309,403,000 | ||||
CSC Holdings, LLC | Debentures | 7.875% Debentures due February 2018 | ||||||
Senior Notes and Debentures [Abstract] | ||||||
Issuer | CSC Holdings (a)(c) | |||||
Date issued | 6-Feb-98 | [1],[2] | ||||
Maturity date | 15-Feb-18 | [1],[2] | ||||
Interest rate (in hundredths) | 7.88% | [1],[2] | ||||
Issue Amount | 300,000,000 | [1],[2] | ||||
Carrying amount | 299,464,000 | [1],[2] | 299,293,000 | [1],[2] | ||
CSC Holdings, LLC | Debentures | 7.625% Debentures due July 2018 | ||||||
Senior Notes and Debentures [Abstract] | ||||||
Issuer | CSC Holdings (a)(c) | |||||
Date issued | 21-Jul-98 | [1],[2] | ||||
Maturity date | 15-Jul-18 | [1],[2] | ||||
Interest rate (in hundredths) | 7.63% | [1],[2] | ||||
Issue Amount | 500,000,000 | [1],[2] | ||||
Carrying amount | 499,912,000 | [1],[2] | 499,887,000 | [1],[2] | ||
CSC Holdings, LLC | Senior Notes | Senior 8.625% Notes due February 2019 | ||||||
Senior Notes and Debentures [Abstract] | ||||||
Issuer | CSC Holdings (b)(c) | |||||
Date issued | 12-Feb-09 | [1],[3] | ||||
Maturity date | 15-Feb-19 | [1],[3] | ||||
Interest rate (in hundredths) | 8.63% | [1],[3] | ||||
Issue Amount | 526,000,000 | [1],[3] | ||||
Carrying amount | 512,750,000 | [1],[3] | 510,223,000 | [1],[3] | ||
CSC Holdings, LLC | Senior Notes | Senior 6.75% Notes due November 2021 | ||||||
Senior Notes and Debentures [Abstract] | ||||||
Issuer | CSC Holdings (b) | |||||
Date issued | 15-Nov-11 | [3] | ||||
Maturity date | 15-Nov-21 | [3] | ||||
Interest rate (in hundredths) | 6.75% | [3] | ||||
Issue Amount | 1,000,000,000 | [3] | ||||
Carrying amount | 1,000,000,000 | [3] | 1,000,000,000 | [3] | ||
CSC Holdings, LLC | Senior Notes | Senior 5.25% Notes due June 1, 2024 | ||||||
Senior Notes and Debentures [Abstract] | ||||||
Issuer | CSC Holdings (b) | |||||
Date issued | 23-May-14 | [3] | ||||
Maturity date | 1-Jun-24 | [3] | ||||
Interest rate (in hundredths) | 5.25% | [3] | ||||
Issue Amount | 750,000,000 | [3] | 750,000,000 | |||
Carrying amount | 750,000,000 | [3] | 0 | [3] | ||
Cablevision Systems Corporation | ||||||
Senior Notes and Debentures [Abstract] | ||||||
Senior notes due to Newsday | 611,455,000 | |||||
Cablevision Systems Corporation | Senior Notes | Senior 8.625% Notes due September 2017 | ||||||
Senior Notes and Debentures [Abstract] | ||||||
Issuer | Cablevision (b)(c) | |||||
Date issued | 23-Sep-09 | [1],[3] | ||||
Maturity date | 15-Sep-17 | [1],[3] | ||||
Interest rate (in hundredths) | 8.63% | [1],[3] | ||||
Issue Amount | 900,000,000 | [1],[3] | ||||
Carrying amount | 894,717,000 | [1],[3] | 893,057,000 | [1],[3] | ||
Cablevision Systems Corporation | Senior Notes | Senior 7.75% Notes due April 2018 | ||||||
Senior Notes and Debentures [Abstract] | ||||||
Issuer | Cablevision (b) | |||||
Date issued | 15-Apr-10 | [3] | ||||
Maturity date | 15-Apr-18 | [3] | ||||
Interest rate (in hundredths) | 7.75% | [3] | ||||
Issue Amount | 750,000,000 | [3] | ||||
Carrying amount | 750,000,000 | [3] | 750,000,000 | [3] | ||
Senior notes due to Newsday | 345,238,000 | |||||
Cablevision Systems Corporation | Senior Notes | Senior 8% Notes due April 2020 | ||||||
Senior Notes and Debentures [Abstract] | ||||||
Issuer | Cablevision (b) | |||||
Date issued | 15-Apr-10 | [3] | ||||
Maturity date | 15-Apr-20 | [3] | ||||
Interest rate (in hundredths) | 8.00% | [3] | ||||
Issue Amount | 500,000,000 | [3] | ||||
Carrying amount | 500,000,000 | [3] | 500,000,000 | [3] | ||
Senior notes due to Newsday | 266,217,000 | 266,217,000 | ||||
Cablevision Systems Corporation | Senior Notes | Senior 5.875% Notes due September 2022 | ||||||
Senior Notes and Debentures [Abstract] | ||||||
Issuer | Cablevision (b) | |||||
Date issued | 27-Sep-12 | [3] | ||||
Maturity date | 15-Sep-22 | [3] | ||||
Interest rate (in hundredths) | 5.88% | [3] | ||||
Issue Amount | 750,000,000 | [3] | 750,000,000 | |||
Carrying amount | $649,024,000 | [3] | $686,055,000 | [3] | ||
[1] | The carrying amount of the senior notes is net of the unamortized original issue discount. | |||||
[2] | The debentures are not redeemable by the Company prior to maturity. | |||||
[3] | The Company may redeem some or all of the notes at any time at a specified "make-whole" price plus accrued and unpaid interest to the redemption date. |
DEBT_Issuance_of_Debt_Securiti
DEBT, Issuance of Debt Securities (Details) (USD $) | 12 Months Ended | 1 Months Ended | |||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Sep. 30, 2014 | 31-May-14 | ||
Issuance of Debt Securities [Abstract] | |||||||
Repayments of credit facility debt | $990,785,000 | $3,445,751,000 | $519,458,000 | ||||
CSC Holdings, LLC | |||||||
Issuance of Debt Securities [Abstract] | |||||||
Repayments of credit facility debt | 990,785,000 | 3,445,751,000 | 519,458,000 | ||||
CSC Holdings, LLC | Term B-2 Extended Loan Facility | |||||||
Issuance of Debt Securities [Abstract] | |||||||
Pre-payment on credit facility | 150,000,000 | ||||||
Restricted Group | Term B Loan Facility | |||||||
Issuance of Debt Securities [Abstract] | |||||||
Repayments of credit facility debt | 200,000,000 | 750,000,000 | |||||
Senior Notes | CSC Holdings, LLC | Senior 5.25% Notes due June 1, 2024 | |||||||
Issuance of Debt Securities [Abstract] | |||||||
Issue Amount | 750,000,000 | [1] | 750,000,000 | ||||
Redemption price, percentage of face value (in hundredths) | 100.00% | ||||||
Interest rate (in hundredths) | 5.25% | [1] | |||||
Deferred financing costs incurred | 14,273,000 | ||||||
Senior Notes | CSC Holdings, LLC | Senior 8.50% Notes due June 2015 | |||||||
Issuance of Debt Securities [Abstract] | |||||||
Interest rate (in hundredths) | 8.50% | ||||||
Senior Notes | CSC Holdings, LLC | Senior 8.50% Notes due April 2014 | |||||||
Issuance of Debt Securities [Abstract] | |||||||
Interest rate (in hundredths) | 8.50% | ||||||
Senior Notes | Cablevision Systems Corporation | Senior 5.875% Notes due September 2022 | |||||||
Issuance of Debt Securities [Abstract] | |||||||
Issue Amount | 750,000,000 | [1] | 750,000,000 | ||||
Redemption price, percentage of face value (in hundredths) | 100.00% | ||||||
Net proceeds from issuance of debt | 735,000,000 | ||||||
Interest rate (in hundredths) | 5.88% | [1] | |||||
Deferred financing costs incurred | $16,195,000 | ||||||
[1] | The Company may redeem some or all of the notes at any time at a specified "make-whole" price plus accrued and unpaid interest to the redemption date. |
DEBT_Repurchases_of_Cablevisio
DEBT, Repurchases of Cablevision Senior Notes (Details) (Senior Notes, Senior 5.875% Notes due September 2022, USD $) | 1 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Oct. 31, 2014 | Jan. 31, 2014 | Dec. 31, 2013 |
Repurchases of Cablevision Senior Notes [Abstract] | |||
Gain (loss) on extinguishment of debt | $1,119 | ||
Unamortized deferred financing costs and discounts written off | 517 | ||
Cablevision Systems Corporation | |||
Repurchases of Cablevision Senior Notes [Abstract] | |||
Aggregate principal amount repurchased/redeemed | 9,200 | 27,831 | 63,945 |
Gain (loss) on extinguishment of debt | 934 | ||
Unamortized deferred financing costs and discounts written off | $1,436 |
DEBT_Redemptions_and_Repurchas
DEBT, Redemptions and Repurchases of CSC Holdings Senior Notes (Details) (USD $) | 1 Months Ended | 0 Months Ended | 12 Months Ended | |
Sep. 30, 2012 | Sep. 27, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
Senior 8.50% Notes due June 2015 | ||||
Tender Offers for Debt [Abstract] | ||||
Aggregate principal amount repurchased/redeemed | $120,543,000 | |||
Total consideration per $1,000 principal amount of notes tendered for purchase | 1,046.25 | |||
Principal amount of notes tendered for purchase | 1,000 | |||
Tender offer consideration per $1,000 principal amount of notes | 1,016.25 | |||
Early tender premium per $1,000 principal amount of notes | 30 | |||
CSC Holdings, LLC | Senior Notes | Senior 8.50% Notes due April 2014 | ||||
Tender Offers for Debt [Abstract] | ||||
Aggregate principal amount repurchased/redeemed | 370,696,000 | 204,937,000 | ||
Total consideration per $1,000 principal amount of notes tendered for purchase | 1,113 | |||
Principal amount of notes tendered for purchase | 1,000 | |||
Tender offer consideration per $1,000 principal amount of notes | 1,083 | |||
Early tender premium per $1,000 principal amount of notes | 30 | |||
Aggregate principal amount available for repurchase | 575,633,000 | |||
CSC Holdings, LLC | Senior Notes | Senior 8.50% Notes due June 2015 | ||||
Tender Offers for Debt [Abstract] | ||||
Aggregate principal amount repurchased/redeemed | 29,000,000 | 91,543,000 | ||
CSC Holdings, LLC | Senior Notes | Senior 8.50% Notes due June 2015 and April 2014 | ||||
Tender Offers for Debt [Abstract] | ||||
Gain (loss) on extinguishment of debt | -12,192,000 | |||
Unamortized deferred financing costs and discounts written off | 4,350,000 | 16,997,000 | ||
Tender premiums | 43,231,000 | |||
Other transaction costs | $577,000 |
DEBT_Summary_of_Debt_Maturitie
DEBT, Summary of Debt Maturities (Details) (USD $) | Dec. 31, 2014 | |
In Thousands, unless otherwise specified | ||
Summary of Debt Maturities [Abstract] | ||
Year ending December 31, 2015 | $558,368 | [1] |
Year ending December 31, 2016 | 1,007,576 | [1] |
Year ending December 31, 2017 | 1,120,556 | [1] |
Year ending December 31, 2018 | 2,286,755 | [1] |
Year ending December 31, 2019 | 542,099 | [1] |
Thereafter | 4,202,151 | [1] |
CSC Holdings, LLC | ||
Summary of Debt Maturities [Abstract] | ||
Year ending December 31, 2015 | 558,368 | |
Year ending December 31, 2016 | 1,007,576 | |
Year ending December 31, 2017 | 220,556 | |
Year ending December 31, 2018 | 1,536,755 | |
Year ending December 31, 2019 | 542,099 | |
Thereafter | $3,053,127 | |
[1] | Excludes the Cablevision senior notes held by Newsday Holdings. |
DERIVATIVE_CONTRACTS_AND_COLLA2
DERIVATIVE CONTRACTS AND COLLATERALIZED INDEBTEDNESS, Location of Assets and Liabilities with the Consolidated Balance Sheets (Details) (Derivatives Not Designated as Hedging Instruments, USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Derivative Instruments, Fair Value [Abstract] | ||
Asset Derivatives | $7,317 | $3,385 |
Liability Derivatives | 102,217 | 146,947 |
Prepaid forward contracts | Current derivative contracts | ||
Derivative Instruments, Fair Value [Abstract] | ||
Asset Derivatives | 0 | 0 |
Liability Derivatives | 93,010 | 99,577 |
Prepaid forward contracts | Long-term derivative contracts | ||
Derivative Instruments, Fair Value [Abstract] | ||
Asset Derivatives | 7,317 | 3,385 |
Liability Derivatives | $9,207 | $47,370 |
DERIVATIVE_CONTRACTS_AND_COLLA3
DERIVATIVE CONTRACTS AND COLLATERALIZED INDEBTEDNESS, Impact and Location of Derivative Instruments within Consolidated Statements of Operations (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Derivative Instruments, Gain (Loss) Recognized in Income [Abstract] | |||
Gain on investment securities pledged as collateral | $129,832 | $313,251 | $293,599 |
Derivatives Not Designated as Hedging Instruments | |||
Derivative Instruments, Gain (Loss) Recognized in Income [Abstract] | |||
Amount of Loss Recognized | -45,055 | -198,688 | -213,163 |
Interest rate swap contracts | Loss on interest rate swap contracts, net | Derivatives Not Designated as Hedging Instruments | |||
Derivative Instruments, Gain (Loss) Recognized in Income [Abstract] | |||
Amount of Loss Recognized | 0 | 0 | -1,828 |
Prepaid forward contracts | Loss on equity derivative contracts, net | Derivatives Not Designated as Hedging Instruments | |||
Derivative Instruments, Gain (Loss) Recognized in Income [Abstract] | |||
Amount of Loss Recognized | ($45,055) | ($198,688) | ($211,335) |
DERIVATIVE_CONTRACTS_AND_COLLA4
DERIVATIVE CONTRACTS AND COLLATERALIZED INDEBTEDNESS, Settlements of Collateralized Indebtedness (Details) (USD $) | 12 Months Ended | 1 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 31, 2015 |
Settlements of Collateralized Indebtedness [Abstract] | ||||
Number of shares (in shares) | 8,069,934 | 13,407,684 | ||
Collateralized indebtedness settled | ($248,388) | ($307,763) | ||
Derivative contracts settled | -93,717 | -200,246 | ||
Repayment of collateralized indebtedness and related derivative contracts | -342,105 | -508,009 | -218,754 | |
Proceeds from new monetization contracts | 416,621 | 569,561 | 248,388 | |
Net cash receipt | 74,516 | 61,552 | ||
Prepaid forward contracts | Derivatives Not Designated as Hedging Instruments | ||||
Settlements of Collateralized Indebtedness [Abstract] | ||||
Reclassification of investment securities pledged as collateral from current assets to long-term assets | 154,821 | |||
Reclassification of collateralized indebtedness from current liabilities to long-term liabilities | $103,227 | |||
Subsequent Event | ||||
Settlements of Collateralized Indebtedness [Abstract] | ||||
Number of shares (in shares) | 2,668,875 |
FAIR_VALUE_MEASUREMENT_Assets_
FAIR VALUE MEASUREMENT, Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) (Fair Value Measured on a Recurring Basis, USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets: | ||
Money market funds | $736,330 | $608,225 |
Investment securities | 132 | 138 |
Investment securities pledged as collateral | 1,245,916 | 1,116,084 |
Prepaid forward contracts | 7,317 | 3,385 |
Liabilities under derivative contracts: | ||
Prepaid forward contracts | 102,217 | 146,947 |
Level I | ||
Assets: | ||
Money market funds | 736,330 | 608,225 |
Investment securities | 132 | 138 |
Investment securities pledged as collateral | 1,245,916 | 1,116,084 |
Prepaid forward contracts | 0 | 0 |
Liabilities under derivative contracts: | ||
Prepaid forward contracts | 0 | 0 |
Level II | ||
Assets: | ||
Money market funds | 0 | 0 |
Investment securities | 0 | 0 |
Investment securities pledged as collateral | 0 | 0 |
Prepaid forward contracts | 7,317 | 3,385 |
Liabilities under derivative contracts: | ||
Prepaid forward contracts | 102,217 | 146,947 |
Level III | ||
Assets: | ||
Money market funds | 0 | 0 |
Investment securities | 0 | 0 |
Investment securities pledged as collateral | 0 | 0 |
Prepaid forward contracts | 0 | 0 |
Liabilities under derivative contracts: | ||
Prepaid forward contracts | $0 | $0 |
FAIR_VALUE_MEASUREMENT_Fair_Va
FAIR VALUE MEASUREMENT, Fair Value of Financial Instruments (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Carrying Amount | ||||
Debt instruments: | ||||
Total debt instruments | $9,646,610 | $9,727,944 | ||
Carrying Amount | Level II | ||||
Debt instruments: | ||||
Senior notes and debentures | 2,793,741 | 2,829,112 | ||
Estimated Fair Value | ||||
Debt instruments: | ||||
Total debt instruments | 10,184,722 | 10,301,457 | ||
Estimated Fair Value | Level II | ||||
Debt instruments: | ||||
Senior notes and debentures | 3,048,387 | 3,101,373 | ||
CSC Holdings, LLC | Carrying Amount | ||||
Debt instruments: | ||||
Total debt instruments | 6,852,869 | 6,898,832 | ||
CSC Holdings, LLC | Carrying Amount | Level II | ||||
CSC Holdings notes receivable: | ||||
Cablevision senior notes held by Newsday Holdings | 611,455 | [1] | 611,455 | [1] |
Debt instruments: | ||||
Credit facility debt | 2,780,649 | [2] | 3,766,145 | [2] |
Collateralized indebtedness | 986,183 | 817,950 | ||
Senior notes and debentures | 3,062,126 | 2,309,403 | ||
Notes payable | 23,911 | 5,334 | ||
CSC Holdings, LLC | Estimated Fair Value | ||||
Debt instruments: | ||||
Total debt instruments | 7,136,335 | 7,200,084 | ||
CSC Holdings, LLC | Estimated Fair Value | Level II | ||||
CSC Holdings notes receivable: | ||||
Cablevision senior notes held by Newsday Holdings | 680,587 | [1] | 682,887 | [1] |
Debt instruments: | ||||
Credit facility debt | 2,785,975 | [2] | 3,776,760 | [2] |
Collateralized indebtedness | 957,803 | 809,105 | ||
Senior notes and debentures | 3,368,875 | 2,608,885 | ||
Notes payable | $23,682 | $5,334 | ||
[1] | These notes are eliminated at the consolidated Cablevision level. | |||
[2] | The principal amount of the Company's credit facility debt, which bears interest at variable rates, approximates its fair value. |
INCOME_TAXES_Details
INCOME TAXES (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2014 |
Income Taxes [Line Items] | ||||
Minimum ownership percentage for subsidiaries to be included in consolidated federal income tax return (in hundredths) | 80.00% | |||
Reversal of noncurrent liability relating to uncertain tax position | $53,132 | |||
Current expense (benefit) [Abstract] | ||||
Federal | 6,122 | -144 | -3,493 | |
State | 2,788 | -3,510 | 19,800 | |
Total current expense (benefit) | 8,910 | -3,654 | 16,307 | |
Deferred expense (benefit) [Abstract] | ||||
Federal | 135,873 | 69,258 | 48,441 | |
State | 23,906 | 198 | -6,111 | |
Total deferred expense (benefit) | 159,779 | 69,456 | 42,330 | |
Tax benefit relating to uncertain tax positions, including accrued interest | -52,921 | -167 | -6,643 | |
Income tax expense | 115,768 | 65,635 | 51,994 | |
Income Tax Expense Attributable to Discontinued Operations [Abstract] | ||||
Total income tax expense, discontinued operations | 2,206 | 232,807 | 110,581 | |
Current income tax expense, discontinued operations | 108 | 18,120 | 5,340 | |
Deferred income tax (benefit) expense, discontinued operations | 2,098 | 214,687 | 105,241 | |
Reconciliation of the statuory federal income tax to the effective income tax [Abstract] | ||||
Federal tax expense at statutory rate | 148,803 | 67,536 | 44,212 | |
State income taxes, net of federal benefit | 19,059 | 3,607 | 4,763 | |
Changes in the valuation allowance | -344 | 5,631 | 5,480 | |
Changes in the state apportionment rates used to measure deferred taxes, net of federal benefit | -322 | -11,228 | 2,273 | |
Tax expense (benefit) relating to uncertain tax positions, including accrued interest, net of deferred tax benefits | -52,914 | -124 | -2,659 | |
Impact of New York State tax reform enacted on March 31, 2014 | -2,050 | 0 | 0 | |
Impact of non-deductible officers' compensation | 1,532 | 796 | 470 | |
Other non-deductible expenses | 3,697 | 3,628 | 3,363 | |
Increase in the deferred tax asset for certain state tax loss carry forwards pursuant to LLC conversions of certain subsidiaries | 0 | 0 | -3,935 | |
Research credit | -2,634 | -3,739 | 0 | |
Tax expense (benefit) from exclusion of pretax loss (income) of an entity that is not consolidated for income tax purposes | 0 | 0 | -2,605 | |
Other, net | 941 | -472 | 632 | |
Income tax expense | 115,768 | 65,635 | 51,994 | |
Deferred Tax Asset (Liability), Current [Abstract] | ||||
NOLs and tax credit carry forwards | 144,833 | 224,968 | ||
Compensation and benefit plans | 74,220 | 44,629 | ||
Allowance for doubtful accounts | 4,557 | 5,502 | ||
Other liabilities | 4,909 | 13,389 | ||
Deferred tax asset | 228,519 | 288,488 | ||
Valuation allowance | -3,496 | -6,988 | ||
Net deferred tax asset, current | 225,023 | 281,500 | ||
Investments | -159,475 | -97,565 | ||
Prepaid expenses | -27,605 | -24,111 | ||
Deferred tax liability, current | -187,080 | -121,676 | ||
Net deferred tax asset, current | 37,943 | 159,824 | ||
Deferred Tax Asset (Liability), Noncurrent [Abstract] | ||||
NOLs and tax credit carry forwards | 25,427 | 65,322 | ||
Compensation and benefit plans | 99,076 | 106,595 | ||
Newsday Holdings and other partnership investments | 123,243 | 132,384 | ||
Investments | 22,294 | 0 | ||
Other | 7,345 | 4,896 | ||
Deferred tax asset | 277,385 | 309,197 | ||
Valuation allowance | -3,901 | -7,488 | ||
Net deferred tax asset, noncurrent | 273,484 | 301,709 | ||
Fixed assets and intangibles | -884,120 | -840,375 | ||
Investments | 0 | -29,563 | ||
Other | -452 | -1,827 | ||
Deferred tax liability, noncurrent | -884,572 | -871,765 | ||
Net deferred tax liability, noncurrent | -611,088 | -570,056 | ||
Total net deferred tax liability | -573,145 | -410,232 | ||
Operating Loss and Tax Credit Carryforwards [Abstract] | ||||
NOL for which a deferred tax asset has been recorded | 241,005 | |||
NOL for which a deferred tax asset has not been recorded | 378,950 | |||
Excess tax benefit on share-based awards | 336 | 1,280 | 0 | |
Reconciliation of unrecognized tax benefits associated with uncertain tax positions, excluding associated deferred tax benefits and accrued interest [Roll Forward] | ||||
Balance, beginning of period | 57,407 | |||
Increases related to prior year tax positions | 58 | |||
Decreases related to prior year tax positions | -53,460 | |||
Increases related to current year tax positions | 6 | |||
Balance, end of period | 4,011 | 57,407 | ||
Decrease in income tax expense if all uncertain tax positions were sustained | 2,608 | |||
Interest expense (income) included in income tax expense attributable to continuing operations | 284 | 107 | -377 | |
Accrued interest on uncertain tax positions included in accrued liabilities | 268 | |||
Accrued interest on uncertain tax positions included in other noncurrent liabilities | 2,975 | |||
Research tax credit carryforward | ||||
Operating Loss and Tax Credit Carryforwards [Abstract] | ||||
Research tax credit carryforward, amount | 14,818 | |||
Internal Revenue Service (IRS) | ||||
Operating Loss and Tax Credit Carryforwards [Abstract] | ||||
Consolidated federal net operating loss carryforwards | 619,955 | |||
Federal alternative minimum tax credit carryforwards which do not expire | 39,919 | |||
Internal Revenue Service (IRS) | Minimum | ||||
Operating Loss and Tax Credit Carryforwards [Abstract] | ||||
Operating loss carryforward, expiration date | 31-Dec-24 | |||
Internal Revenue Service (IRS) | Maximum | ||||
Operating Loss and Tax Credit Carryforwards [Abstract] | ||||
Operating loss carryforward, expiration date | 31-Dec-31 | |||
CSC Holdings, LLC | ||||
Income Taxes [Line Items] | ||||
Minimum ownership percentage for subsidiaries to be included in consolidated federal income tax return (in hundredths) | 80.00% | |||
Current expense (benefit) [Abstract] | ||||
Federal | 189,609 | 66,800 | 47,250 | |
State | 46,573 | 21,579 | 39,561 | |
Total current expense (benefit) | 236,182 | 88,379 | 86,811 | |
Deferred expense (benefit) [Abstract] | ||||
Federal | 35,445 | 89,832 | 79,731 | |
State | 17,744 | 10,035 | -7,352 | |
Total deferred expense (benefit) | 53,189 | 99,867 | 72,379 | |
Tax benefit relating to uncertain tax positions, including accrued interest | -52,921 | -167 | -6,643 | |
Income tax expense | 236,450 | 188,079 | 152,547 | |
Income Tax Expense Attributable to Discontinued Operations [Abstract] | ||||
Total income tax expense, discontinued operations | 2,206 | 240,412 | 110,581 | |
Current income tax expense, discontinued operations | 2,479 | 299,353 | 28,242 | |
Deferred income tax (benefit) expense, discontinued operations | -273 | -58,941 | 82,339 | |
Reconciliation of the statuory federal income tax to the effective income tax [Abstract] | ||||
Federal tax expense at statutory rate | 243,740 | 167,098 | 132,864 | |
State income taxes, net of federal benefit | 42,769 | 27,177 | 22,542 | |
Changes in the valuation allowance | -382 | -101 | 1,038 | |
Changes in the state apportionment rates used to measure deferred taxes, net of federal benefit | 379 | -6,484 | 1,188 | |
Tax expense (benefit) relating to uncertain tax positions, including accrued interest, net of deferred tax benefits | -52,914 | -124 | -2,659 | |
Impact of New York State tax reform enacted on March 31, 2014 | -1,502 | 0 | 0 | |
Impact of non-deductible officers' compensation | 1,532 | 796 | 470 | |
Other non-deductible expenses | 3,697 | 3,628 | 3,363 | |
Increase in the deferred tax asset for certain state tax loss carry forwards pursuant to LLC conversions of certain subsidiaries | 0 | 0 | -3,935 | |
Research credit | -2,634 | -3,739 | 0 | |
Tax expense (benefit) from exclusion of pretax loss (income) of an entity that is not consolidated for income tax purposes | 0 | 0 | -2,605 | |
Other, net | 1,765 | -172 | 281 | |
Income tax expense | 236,450 | 188,079 | 152,547 | |
Deferred Tax Asset (Liability), Current [Abstract] | ||||
Compensation and benefit plans | 74,220 | 44,629 | ||
Allowance for doubtful accounts | 4,557 | 5,502 | ||
Other liabilities | 4,909 | 13,389 | ||
Deferred tax asset | 83,686 | 63,520 | ||
Valuation allowance | -1,891 | -2,426 | ||
Net deferred tax asset, current | 81,795 | 61,094 | ||
Investments | -159,475 | -97,565 | ||
Prepaid expenses | -27,605 | -24,111 | ||
Deferred tax liability, current | -187,080 | -121,676 | ||
Net deferred tax liability, current | -105,285 | -60,582 | ||
Deferred Tax Asset (Liability), Noncurrent [Abstract] | ||||
Tax credit carry forwards | 11,702 | 20,137 | ||
Compensation and benefit plans | 99,076 | 106,595 | ||
Newsday Holdings and other partnership investments | 123,243 | 132,384 | ||
Investments | 22,294 | 0 | ||
Other | 7,345 | 4,896 | ||
Deferred tax asset | 263,660 | 264,012 | ||
Valuation allowance | -5,454 | -10,084 | ||
Net deferred tax asset, noncurrent | 258,206 | 253,928 | ||
Fixed assets and intangibles | -884,120 | -840,375 | ||
Investments | 0 | -29,563 | ||
Other | -453 | -1,827 | ||
Deferred tax liability, noncurrent | -884,573 | -871,765 | ||
Net deferred tax liability, noncurrent | -626,367 | -617,837 | ||
Total net deferred tax liability | -731,652 | -678,419 | ||
Operating Loss and Tax Credit Carryforwards [Abstract] | ||||
Estimated federal income tax liability of CSC Holdings as determined on a standalone basis due to Cablevision | 230,786 | |||
Excess tax benefit on share-based awards | 4,978 | 46,164 | 61,434 | |
Accrued income taxes, current | $2,897 |
BENEFIT_PLANS_Defined_Benefit_
BENEFIT PLANS, Defined Benefit Plans (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Other pre-tax changes in plan assets and benefit obligations recognized in other comprehensive loss (income) [Abstract] | ||||||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, Net of Tax | $4,051 | $12,858 | $9,884 | |||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Gain (Loss), Net of Tax | -1,355 | -927 | -589 | |||
Settlement loss included in net periodic benefit cost | 3,155 | 0 | 0 | |||
Changes in plan assets and benefit obligations, net of taxes | -459 | 11,931 | 9,295 | |||
Defined benefit plan, accumulated benefit obligation | 430,846 | 433,916 | ||||
Net funded status relating to defined benefit plans [Abstract] | ||||||
Long-term defined benefit plan obligations | -120,644 | -162,812 | ||||
Cablevision Defined Benefit Plans [Member] | ||||||
Change in benefit obligation [Roll Forward] | ||||||
Projected benefit obligation at beginning of year | 433,916 | 392,312 | ||||
Service cost | 774 | 45,346 | 39,789 | |||
Interest cost | 18,040 | 14,128 | 14,570 | |||
Actuarial loss | 9,006 | 5,282 | ||||
Transfer of liabilities | 0 | -208 | ||||
Benefits paid | -30,890 | -22,944 | ||||
Projected benefit obligation at end of year | 430,846 | 433,916 | 392,312 | |||
Change in plan assets [Roll Forward] | ||||||
Fair value of plan assets at beginning of year | 268,610 | 290,836 | ||||
Actual return (loss) on plan assets, net | 11,687 | -8,694 | ||||
Employer contributions | 54,269 | 9,620 | ||||
Transfer of assets | 0 | -208 | ||||
Benefits paid | -30,890 | -22,944 | ||||
Fair value of plan assets at end of year | 303,676 | 268,610 | 290,836 | |||
Unfunded status at end of year | -127,170 | -165,306 | ||||
Other pre-tax changes in plan assets and benefit obligations recognized in other comprehensive loss (income) [Abstract] | ||||||
Unrecognized actuarial loss | 6,866 | 21,842 | 16,732 | |||
Tax expense (benefit) | -2,815 | -8,984 | -6,848 | |||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, Net of Tax | 4,051 | 12,858 | 9,884 | |||
Amortization of actuarial losses, net included in net periodic benefit cost | -2,364 | -1,645 | -1,067 | |||
Tax expense (benefit) | 969 | 677 | 437 | |||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Gain (Loss), Net of Tax | -1,395 | -968 | -630 | |||
Settlement loss included in net periodic benefit cost | -5,348 | 0 | 0 | |||
Tax expense (benefit) | 2,193 | 0 | 0 | |||
Settlement loss included in net periodic benefit cost | 3,155 | 0 | 0 | |||
Changes in plan assets and benefit obligations, net of taxes | -499 | 11,890 | 9,254 | |||
Approximate amount expected to be recognized as a component of net periodic benefit cost from accumulated other comprehensive loss during the next fiscal year | 2,239 | |||||
Net funded status relating to defined benefit plans [Abstract] | ||||||
Defined Benefit Plans | -127,170 | -165,306 | ||||
Less: Current portion | 6,526 | 2,494 | ||||
Long-term defined benefit plan obligations | -120,644 | -162,812 | ||||
Components of net periodic benefit cost [Abstract] | ||||||
Service cost | 774 | 45,346 | 39,789 | |||
Interest cost | 18,040 | 14,128 | 14,570 | |||
Expected return on plan assets, net | -9,548 | -7,866 | -9,127 | |||
Recognized actuarial loss (reclassified from accumulated other comprehensive loss) | 2,364 | 1,645 | 752 | |||
Settlement loss (reclassified from accumulated other comprehensive loss) | 5,348 | [1] | 0 | [1] | 315 | [1] |
Net periodic benefit cost | $16,978 | $53,253 | $46,299 | |||
CSC Supplemental Benefit Plan | ||||||
Cablevision Defined Benefit Plans [Abstract] | ||||||
Vesting percentage (in hundredths) | 100.00% | |||||
[1] | As a result of benefit payments to terminated or retired individuals exceeding the service and interest costs for the Pension Plan and the Excess Cash Balance Pension Plan during 2014, the Company recognized a non-cash settlement loss that represented the acceleration of the recognition of a portion of the previously unrecognized actuarial losses recorded in accumulated other comprehensive loss on the Companybs consolidated balance sheets relating to these plans. |
BENEFIT_PLANS_Plan_Assumptions
BENEFIT PLANS, Plan Assumptions for Defined Benefit Plans (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Cablevision Defined Benefit Plans [Member] | |||
Weighted-average assumptions used to determine net periodic benefit cost [Abstract] | |||
Discount rate (in hundredths) | 4.24% | 3.67% | 4.32% |
Rate of increase in future compensation levels (in hundredths) | 3.50% | 3.50% | 3.50% |
Weighted-average assumptions used to determine benefit obligations [Abstract] | |||
Discount rate (in hundredths) | 3.70% | 4.56% | |
Rate of increase in future compensation levels (in hundredths) | 3.50% | 3.50% | |
Pension Plan | |||
Weighted-average assumptions used to determine net periodic benefit cost [Abstract] | |||
Expected rate of return on plan assets (Pension Plan only) (in hundredths) | 4.53% | 3.60% | 3.76% |
BENEFIT_PLANS_Asset_Allocation
BENEFIT PLANS, Asset Allocation and Fair Values of Pension Plan Assets (Details) (Pension Plan, USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Pension Plan Assets [Abstract] | ||||
Weighted average asset allocation (in hundredths) | 100.00% | 100.00% | ||
Fair value of plan assets | $300,457 | [1] | $273,417 | [2] |
Level I | ||||
Pension Plan Assets [Abstract] | ||||
Fair value of plan assets | 123,123 | [1] | 8,444 | [2] |
Level II | ||||
Pension Plan Assets [Abstract] | ||||
Fair value of plan assets | 177,334 | [1] | 264,973 | [2] |
Level III | ||||
Pension Plan Assets [Abstract] | ||||
Fair value of plan assets | 0 | [1] | 0 | [2] |
Mutual funds | ||||
Pension Plan Assets [Abstract] | ||||
Weighted average asset allocation (in hundredths) | 39.00% | 0.00% | ||
Fair value of plan assets | 119,543 | |||
Mutual funds | Level I | ||||
Pension Plan Assets [Abstract] | ||||
Fair value of plan assets | 119,543 | |||
Mutual funds | Level II | ||||
Pension Plan Assets [Abstract] | ||||
Fair value of plan assets | 0 | |||
Mutual funds | Level III | ||||
Pension Plan Assets [Abstract] | ||||
Fair value of plan assets | 0 | |||
Fixed income securities | ||||
Pension Plan Assets [Abstract] | ||||
Weighted average asset allocation (in hundredths) | 58.00% | 88.00% | ||
Cash equivalents and other | ||||
Pension Plan Assets [Abstract] | ||||
Weighted average asset allocation (in hundredths) | 3.00% | 12.00% | ||
Foreign issued corporate debt | ||||
Pension Plan Assets [Abstract] | ||||
Fair value of plan assets | 17,778 | 26,998 | ||
Foreign issued corporate debt | Level I | ||||
Pension Plan Assets [Abstract] | ||||
Fair value of plan assets | 0 | 0 | ||
Foreign issued corporate debt | Level II | ||||
Pension Plan Assets [Abstract] | ||||
Fair value of plan assets | 17,778 | 26,998 | ||
Foreign issued corporate debt | Level III | ||||
Pension Plan Assets [Abstract] | ||||
Fair value of plan assets | 0 | 0 | ||
U.S. corporate debt | ||||
Pension Plan Assets [Abstract] | ||||
Fair value of plan assets | 50,155 | 75,068 | ||
U.S. corporate debt | Level I | ||||
Pension Plan Assets [Abstract] | ||||
Fair value of plan assets | 0 | 0 | ||
U.S. corporate debt | Level II | ||||
Pension Plan Assets [Abstract] | ||||
Fair value of plan assets | 50,155 | 75,068 | ||
U.S. corporate debt | Level III | ||||
Pension Plan Assets [Abstract] | ||||
Fair value of plan assets | 0 | 0 | ||
Government debt | ||||
Pension Plan Assets [Abstract] | ||||
Fair value of plan assets | 10,239 | 11,993 | ||
Government debt | Level I | ||||
Pension Plan Assets [Abstract] | ||||
Fair value of plan assets | 0 | 0 | ||
Government debt | Level II | ||||
Pension Plan Assets [Abstract] | ||||
Fair value of plan assets | 10,239 | 11,993 | ||
Government debt | Level III | ||||
Pension Plan Assets [Abstract] | ||||
Fair value of plan assets | 0 | 0 | ||
U.S. Treasury securities | ||||
Pension Plan Assets [Abstract] | ||||
Fair value of plan assets | 81,552 | 121,895 | ||
U.S. Treasury securities | Level I | ||||
Pension Plan Assets [Abstract] | ||||
Fair value of plan assets | 0 | 0 | ||
U.S. Treasury securities | Level II | ||||
Pension Plan Assets [Abstract] | ||||
Fair value of plan assets | 81,552 | 121,895 | ||
U.S. Treasury securities | Level III | ||||
Pension Plan Assets [Abstract] | ||||
Fair value of plan assets | 0 | 0 | ||
Asset-backed securities | ||||
Pension Plan Assets [Abstract] | ||||
Fair value of plan assets | 17,610 | |||
Asset-backed securities | Level I | ||||
Pension Plan Assets [Abstract] | ||||
Fair value of plan assets | 0 | |||
Asset-backed securities | Level II | ||||
Pension Plan Assets [Abstract] | ||||
Fair value of plan assets | 17,610 | |||
Asset-backed securities | Level III | ||||
Pension Plan Assets [Abstract] | ||||
Fair value of plan assets | 0 | |||
Cash Equivalents | ||||
Pension Plan Assets [Abstract] | ||||
Fair value of plan assets | 3,580 | [3] | 37,463 | [4] |
Cash Equivalents | Level I | ||||
Pension Plan Assets [Abstract] | ||||
Fair value of plan assets | 3,580 | [3] | 8,444 | [4] |
Cash Equivalents | Level II | ||||
Pension Plan Assets [Abstract] | ||||
Fair value of plan assets | 0 | [3] | 29,019 | [4] |
Cash Equivalents | Level III | ||||
Pension Plan Assets [Abstract] | ||||
Fair value of plan assets | $0 | [3] | $0 | [4] |
[1] | Excludes cash and net receivables relating to the sale of securities that were not settled as of DecemberB 31, 2014. | |||
[2] | Excludes net payables relating to the purchase of securities that were not settled as of DecemberB 31, 2013. | |||
[3] | Represents an investment in a money market fund. | |||
[4] | A significant portion represents an investment in a short-term investment fund that invests primarily in securities of high quality and low risk. |
BENEFIT_PLANS_Benefit_Payments
BENEFIT PLANS, Benefit Payments and Defined Contribution Benefit Plans (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Contribution Benefit Plans [Abstract] | |||
Cost associated with defined contribution benefit plans | $65,725 | $26,757 | $24,160 |
Cablevision Defined Benefit Plans [Member] | |||
Projected Future Benefit Payments for Qualified and Non-Qualified Defined Benefit Plans [Abstract] | |||
2015 | 41,115 | ||
2016 | 31,440 | ||
2017 | 28,690 | ||
2018 | 28,540 | ||
2019 | 27,820 | ||
2020-2024 | 132,360 | ||
Aggregate benefit payment obligation payable in next twelve months | 6,526 | 2,494 | |
Excess Cash Balance Plan and CSC Supplemental Benefit Plan | |||
Projected Future Benefit Payments for Qualified and Non-Qualified Defined Benefit Plans [Abstract] | |||
Aggregate benefit payment obligation payable in next twelve months | 6,500 | ||
Pension Plan | |||
Projected Future Benefit Payments for Qualified and Non-Qualified Defined Benefit Plans [Abstract] | |||
Expected company contribution in 2014 | $25,000 |
EQUITY_AND_LONGTERM_INCENTIVE_2
EQUITY AND LONG-TERM INCENTIVE PLANS, Cablevision's Equity Plans (Details) (USD $) | 12 Months Ended | 3 Months Ended | ||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2012 |
Cablevision's Equity Plans [Abstract] | ||||||
Annual vesting percentage (in hundredths) | 100.00% | |||||
Share-based compensation expense | $43,984 | $52,715 | $60,705 | |||
Share-based compensation expense related to equity classified awards | 43,984 | 52,715 | 60,646 | |||
Income tax benefit recognized in continuing operations resulting from share-based compensation expense | 17,801 | 21,682 | 24,747 | |||
Excess tax benefit on share-based awards | 336 | 1,280 | 0 | |||
Cash received from option exercises | 55,355 | 18,120 | 18,722 | |||
CSC Holdings, LLC | ||||||
Cablevision's Equity Plans [Abstract] | ||||||
Share-based compensation expense related to equity classified awards | 43,984 | 52,715 | 60,646 | |||
Excess tax benefit on share-based awards | 4,978 | 46,164 | 61,434 | |||
Stock Options | ||||||
Cablevision's Equity Plans [Abstract] | ||||||
Share-based compensation expense | 7,573 | 17,560 | 29,849 | |||
Restricted Stock | ||||||
Cablevision's Equity Plans [Abstract] | ||||||
Share-based compensation expense | 36,411 | 35,155 | 30,797 | |||
Stock Appreciation Rights | ||||||
Cablevision's Equity Plans [Abstract] | ||||||
Share-based compensation expense | 0 | 0 | 59 | |||
Cablevision Systems Corporation Employee Stock Plan | Stock Options | ||||||
Cablevision's Equity Plans [Abstract] | ||||||
Maximum expiration period from date of grant (in years) | 10 years | 10 years | ||||
Additional expiration period from date of grant in case of holder's death (in years) | 1 year | |||||
Vesting period (in years) | 3 years | 3 years | ||||
Annual vesting percentage (in hundredths) | 33.33% | |||||
Cablevision Systems Corporation Employee Stock Plan | Restricted Stock | Minimum | ||||||
Cablevision's Equity Plans [Abstract] | ||||||
Vesting period (in years) | 3 years | |||||
Cablevision Systems Corporation Employee Stock Plan | Restricted Stock | Maximum | ||||||
Cablevision's Equity Plans [Abstract] | ||||||
Vesting period (in years) | 4 years | |||||
Cablevision Systems Corporation Employee Stock Plan | Stock Appreciation Rights | ||||||
Cablevision's Equity Plans [Abstract] | ||||||
Maximum expiration period from date of grant (in years) | 10 years | 10 years | ||||
Additional expiration period from date of grant in case of holder's death (in years) | 1 year | |||||
Vesting period (in years) | 3 years | 3 years | ||||
Annual vesting percentage (in hundredths) | 33.33% | |||||
Cablevision Systems Corporation Employee Stock Plan | Performance Based Vesting Options | ||||||
Cablevision's Equity Plans [Abstract] | ||||||
Maximum expiration period from date of grant (in years) | 10 years | |||||
Additional expiration period from date of grant in case of holder's death (in years) | 1 year | |||||
Vesting period (in years) | 2 years | |||||
Annual vesting percentage (in hundredths) | 50.00% | |||||
Cablevision Systems Corporation Employee Stock Plan | Performance Based Restricted Stock | ||||||
Cablevision's Equity Plans [Abstract] | ||||||
Vesting period (in years) | 3 years | |||||
Cablevision Systems Corporation Employee Stock Plan | CNYG Class A Common Stock | ||||||
Cablevision's Equity Plans [Abstract] | ||||||
Shares of common stock available for grant, subject to certain adjustments (in shares) | 46,000,000 | |||||
Cablevision Systems Corporation Stock Plan for Non-Employee Directors | Stock Options | ||||||
Cablevision's Equity Plans [Abstract] | ||||||
Maximum expiration period from date of grant (in years) | 10 years | |||||
Additional expiration period from date of grant in case of holder's death (in years) | 1 year | |||||
Cablevision Systems Corporation Stock Plan for Non-Employee Directors | Restricted Stock | ||||||
Cablevision's Equity Plans [Abstract] | ||||||
Value of restricted stock units awarded to each non-employee director on the date of each annual meeting of Cablevision's stockholders | $150 | |||||
Number of restricted stock units granted to non-employee directors (in shares) | 66,421 | 71,200 | ||||
Vested award balance outstanding (in shares) | 434,596 | |||||
Cablevision Systems Corporation Stock Plan for Non-Employee Directors | CNYG Class A Common Stock | ||||||
Cablevision's Equity Plans [Abstract] | ||||||
Shares of common stock available for grant, subject to certain adjustments (in shares) | 1,000,000 |
EQUITY_AND_LONGTERM_INCENTIVE_3
EQUITY AND LONG-TERM INCENTIVE PLANS, Valuation Assumptions (Details) (Cablevision Systems Corporation Employee Stock Plan, Stock Options, USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Cablevision Systems Corporation Employee Stock Plan | Stock Options | |||
Assumptions Used to Calculate the Fair Value of Stock Option Awards Granted [Abstract] | |||
Risk-free interest rate (in hundredths) | 2.12% | 1.25% | 1.14% |
Expected life (in years) | 6 years 6 months | 6 years 6 months | 5 years 9 months |
Dividend yield (in hundredths) | 3.79% | 3.86% | 3.52% |
Volatility (in hundredths) | 42.80% | 42.31% | 43.20% |
Grant date fair value (in dollars per share) | $5.27 | $3.96 | $4.06 |
EQUITY_AND_LONGTERM_INCENTIVE_4
EQUITY AND LONG-TERM INCENTIVE PLANS, Stock Option Award Activity (Details) (Cablevision Systems Corporation Employee Stock Plan, USD $) | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Stock Options | ||
Stock Options Outstanding, Weighted Average Exercise Price [Roll Forward] | ||
Balance at beginning of period, weighted average exercise price per share (in dollars per share) | $13.20 | |
Granted, weighted average exercise price per share (in dollars per share) | $17.64 | |
Exercised, weighted average exercise price per share (in dollars per share) | $11.74 | |
Balance at end of period, weighted average exercise price per share (in dollars per share) | $14.41 | $13.20 |
Options exercisable at end of period, weighted average exercise price per share (in dollars per share) | $13.76 | |
Options expected to vest in the future, weighted average exercise price per share (in dollars per share) | $15.81 | |
Stock Options Outstanding, Additional Disclosures [Abstract] | ||
Balance at beginning of period, weighted average remaining contractual term (in years) | 7 years 2 months 2 days | 7 years 2 months 14 days |
Balance at end of period, weighted average remaining contractual term (in years) | 7 years 2 months 2 days | 7 years 2 months 14 days |
Options exercisable at end of period, weighted average remaining contractual term (in years) | 6 years 5 months 23 days | |
Options expected to vest in the future, weighted average remaining contractual term (in years) | 8 years 8 months 5 days | |
Balance at beginning of period, aggregate intrinsic value | $71,823 | |
Balance at end of period, aggregate intrinsic value | 79,347 | 71,823 |
Options exercisable at end of period, aggregate intrinsic value | 60,027 | |
Options expected to vest in the future, aggregate intrinsic value | 19,320 | |
Aggregate intrinsic value of options exercised | $34,409 | |
Stock Options | AMC Networks Inc. and Madison Square Garden | ||
Stock Options Outstanding [Roll Forward] | ||
Balance at end of period (in shares) | 143,666 | |
Time Vesting Options | ||
Stock Options Outstanding [Roll Forward] | ||
Balance at beginning of period (in shares) | 4,514,479 | |
Granted (in shares) | 2,000,000 | |
Exercised (in shares) | -1,416,813 | |
Balance at end of period (in shares) | 5,097,666 | |
Options exercisable at end of period (in shares) | 1,097,666 | |
Options expected to vest in the future (in shares) | 4,000,000 | |
Performance Based Vesting Options | ||
Stock Options Outstanding [Roll Forward] | ||
Balance at beginning of period (in shares) | 10,639,125 | |
Granted (in shares) | 0 | |
Exercised (in shares) | -3,005,625 | |
Balance at end of period (in shares) | 7,633,500 | |
Options exercisable at end of period (in shares) | 7,633,500 | |
Options expected to vest in the future (in shares) | 0 |
EQUITY_AND_LONGTERM_INCENTIVE_5
EQUITY AND LONG-TERM INCENTIVE PLANS, Restricted Stock Award Activity (Details) (Cablevision Systems Corporation Employee Stock Plan, USD $) | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Unrecognized Compensation Costs [Abstract] | ||
Total unrecognized compensation cost related to unvested options and restricted shares granted under stock plans | $55,529 | |
Weighted-average period to recognize unrecognized compensation cost (in years) | 1 year | |
Restricted Stock | ||
Restricted Shares [Roll Forward] | ||
Unvested award balance at beginning of period (in shares) | 4,670,513 | |
Granted (in shares) | 2,164,270 | |
Vested (in shares) | -652,556 | |
Awards forfeited (in shares) | -867,357 | |
Unvested award balance at end of period (in shares) | 5,314,870 | |
Restricted Shares, Weighted Average Fair Value at Date of Grant [Roll Forward] | ||
Unvested award balance at beginning of period, weighted average fair value per share at date of grant (in dollars per share) | $15.89 | |
Granted, weighted average fair value per share at date of grant (in dollars per share) | $17.66 | |
Vested, weighted average fair value per share at date of grant (in dollars per share) | $25.94 | |
Awards forfeited, weighted average fair value per share at date of grant (in dollars per share) | $15.16 | |
Unvested award balance at end of period, weighted average fair value per share at date of grant (in dollars per share) | $15.46 | |
Restricted Stock | Cablevision and AMC Networks | ||
Restricted Shares [Roll Forward] | ||
Vested (in shares) | -889,156 | |
Restricted Shares, Additional Disclosures [Abstract] | ||
Number of restricted shares surrendered by employees (in shares) | 365,130 | |
Aggregate value of restricted shares surrendered by employees | 6,608 | |
Restricted Stock | Cablevision, AMC Networks Inc. and Madison Square Garden [Member] | ||
Restricted Shares [Roll Forward] | ||
Vested (in shares) | -2,073,066 | |
Restricted Shares, Additional Disclosures [Abstract] | ||
Number of restricted shares surrendered by employees (in shares) | 865,307 | |
Aggregate value of restricted shares surrendered by employees | $12,262 | |
Performance Based Restricted Stock | ||
Restricted Shares [Roll Forward] | ||
Unvested award balance at beginning of period (in shares) | 1,534,700 | |
Granted (in shares) | 737,200 | |
Vested (in shares) | -236,600 | |
Awards forfeited (in shares) | 0 | |
Unvested award balance at end of period (in shares) | 2,035,300 |
EQUITY_AND_LONGTERM_INCENTIVE_6
EQUITY AND LONG-TERM INCENTIVE PLANS, Long-term Incentive Plans (Details) (Cablevision Systems Corporation Cash Incentive Plan, USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cablevision Systems Corporation Cash Incentive Plan | |||
Long-Term Incentive Plans [Abstract] | |||
Long-term incentive awards compensation expense | $43,892 | $24,596 | $10,167 |
Accrued long-term performance-based awards for which performance criteria has not yet been met | $42,653 |
RELATED_PARTY_TRANSACTIONS_Det
RELATED PARTY TRANSACTIONS (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenues and Charges (Credits) Related to Services Provided to or Received from Related Parties [Abstract] | |||
Revenues, net | $5,075 | $5,586 | $5,784 |
Operating expenses: | |||
Technical expenses, net of credits | 179,144 | 178,991 | 181,373 |
Selling, general and administrative expenses (credits): | |||
Selling, general and administrative expenses (credits), subtotal | 3,878 | 2,986 | 3,614 |
Transactions Due from and Due to AMC Networks, Madison Garden and Other Affiliates [Abstract] | |||
Amounts due from affiliates | 1,732 | 1,520 | |
Amounts due to affiliates | 29,651 | 30,941 | |
CSC Holdings, LLC | |||
Revenues and Charges (Credits) Related to Services Provided to or Received from Related Parties [Abstract] | |||
Revenues, net | 5,075 | 5,586 | 5,784 |
Operating expenses: | |||
Technical expenses, net of credits | 179,144 | 178,991 | 181,373 |
Selling, general and administrative expenses (credits): | |||
Selling, general and administrative expenses (credits), subtotal | 3,878 | 2,986 | 3,614 |
Transactions Due from and Due to AMC Networks, Madison Garden and Other Affiliates [Abstract] | |||
Amounts due from affiliates | 1,694 | 115,538 | |
Amounts due to affiliates | 135,636 | 30,887 | |
AMC Networks | |||
Revenues and Charges (Credits) Related to Services Provided to or Received from Related Parties [Abstract] | |||
Revenues, net | 1,841 | 2,483 | 3,246 |
Operating expenses: | |||
Technical expenses, net of credits | 21,785 | 22,963 | 22,751 |
Selling, general and administrative expenses (credits): | |||
General and administrative expense allocations | -584 | -1,458 | 1,777 |
Other | 0 | -407 | -454 |
Selling, general and administrative expenses (credits), subtotal | -584 | -1,865 | 1,323 |
Operating expenses, net | 21,201 | 21,098 | 24,074 |
Net charges | 19,360 | 18,615 | 20,828 |
Madison Square Garden | |||
Revenues and Charges (Credits) Related to Services Provided to or Received from Related Parties [Abstract] | |||
Revenues, net | 3,234 | 3,103 | 2,538 |
Operating expenses: | |||
Technical expenses, net of credits | 157,359 | 156,028 | 158,622 |
Selling, general and administrative expenses (credits): | |||
General and administrative expense allocations | -3,176 | -2,282 | -2,755 |
Other | 7,638 | 7,133 | 5,046 |
Selling, general and administrative expenses (credits), subtotal | 4,462 | 4,851 | 2,291 |
Operating expenses, net | 161,821 | 160,879 | 160,913 |
Net charges | $158,587 | $157,776 | $158,375 |
COMMITMENTS_AND_CONTINGENCIES_1
COMMITMENTS AND CONTINGENCIES, Commitments (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | |
Off balance sheet arrangements [Abstract] | ||
Payments due, total | 6,807,337 | |
Payments due, year 1 | 1,958,204 | |
Payments due, years 2-3 | 3,246,973 | |
Payments due, years 4-5 | 1,466,811 | |
Payments due, more than 5 years | 135,349 | |
Minimum | ||
Off balance sheet arrangements [Abstract] | ||
Number of years after closing of Newsday acquisition Tribune Company can require CSC Holdings to purchase its interest | 13 years | |
Maximum | ||
Off balance sheet arrangements [Abstract] | ||
Number of years after closing of Newsday acquisition Tribune Company can require CSC Holdings to purchase its interest | 13 years 6 months | |
Purchase Obligations | ||
Off balance sheet arrangements [Abstract] | ||
Payments due, total | 6,713,424 | [1] |
Payments due, year 1 | 1,929,472 | [1] |
Payments due, years 2-3 | 3,241,297 | [1] |
Payments due, years 4-5 | 1,407,306 | [1] |
Payments due, more than 5 years | 135,349 | [1] |
Guarantees | ||
Off balance sheet arrangements [Abstract] | ||
Payments due, total | 22,252 | [2] |
Payments due, year 1 | 18,652 | [2] |
Payments due, years 2-3 | 3,590 | [2] |
Payments due, years 4-5 | 10 | [2] |
Payments due, more than 5 years | 0 | [2] |
Letters of Credit | ||
Off balance sheet arrangements [Abstract] | ||
Payments due, total | 71,661 | [3] |
Payments due, year 1 | 10,080 | [3] |
Payments due, years 2-3 | 2,086 | [3] |
Payments due, years 4-5 | 59,495 | [3] |
Payments due, more than 5 years | 0 | [3] |
Guarantee of Newsday LLC's Obligations | CSC Holdings, LLC | ||
Off balance sheet arrangements [Abstract] | ||
Payments due, total | 480,000 | |
[1] | Purchase obligations primarily include contractual commitments with various programming vendors to provide video services to the Company's subscribers and minimum purchase obligations to purchase goods or services. Future fees payable under contracts with programming vendors are based on numerous factors, including the number of subscribers receiving the programming. Amounts reflected above related to programming agreements are based on the number of subscribers receiving the programming as of December 2014 multiplied by the per subscriber rates or the stated annual fee, as applicable, contained in the executed agreements in effect as of DecemberB 31, 2014. | |
[2] | Includes franchise and performance surety bonds primarily for the Company's Cable segment. Also includes outstanding guarantees primarily by CSC Holdings in favor of certain financial institutions in respect of ongoing interest expense obligations in connection with the monetization of the Company's holdings of shares of Comcast common stock. Does not include CSC Holdings' guarantee of Newsday's obligations under its $480,000 senior secured loan facility. Payments due by period for these arrangements represent the year in which the commitment expires. | |
[3] | Consists primarily of letters of credit obtained by CSC Holdings in favor of insurance providers and certain governmental authorities for the Cable segment. Payments due by period for these arrangements represent the year in which the commitment expires. |
COMMITMENTS_AND_CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES, Legal Matters (Details) (USD $) | 12 Months Ended | 0 Months Ended |
Dec. 31, 2014 | Apr. 15, 2011 | |
Version | ||
Marchese, et al. v. Cablevision Systems Corporation and CSC Holdings, LLC | ||
Cable Operations Litigation [Abstract] | ||
Number of versions of complaint dismissed without prejudice by the District Court | 3 | |
Compensation-Related Claims | ||
Other Legal Matters [Abstract] | ||
Compensation-related claims sought | $11,000,000 | |
Provision for possible loss contingency | 0 |
SEGMENT_INFORMATION_Reportable
SEGMENT INFORMATION, Reportable Segments (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Segment | ||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||
Number of reportable business segments | 3 | |||||||||||||
Segment Reporting Information, Income (Loss) [Abstract] | ||||||||||||||
Revenues, net from continuing operations | ($1,631,036) | ($1,626,187) | ($1,628,137) | ($1,575,586) | ($1,583,468) | ($1,567,837) | ($1,569,619) | ($1,511,228) | ($6,460,946) | ($6,232,152) | ($6,131,675) | |||
Adjusted operating cash flow (deficit) from continuing operations | 1,834,224 | 1,684,636 | 1,736,758 | |||||||||||
Depreciation and amortization (including impairments) included in continuing operations | -866,502 | -909,147 | -907,775 | |||||||||||
Share-based compensation expense included in continuing operations | -43,984 | -52,715 | -60,705 | |||||||||||
Restructuring credits (expense) included in continuing operations | -2,480 | -23,550 | 770 | |||||||||||
Operating income (loss) from continuing operations | 205,836 | 252,446 | 255,893 | 207,083 | 168,647 | 225,427 | 197,763 | 107,387 | 921,258 | 699,224 | 769,048 | |||
Cable | ||||||||||||||
Segment Reporting Information, Income (Loss) [Abstract] | ||||||||||||||
Revenues, net from continuing operations | -5,784,945 | -5,576,011 | -5,479,108 | |||||||||||
Reportable Segments | ||||||||||||||
Segment Reporting Information, Income (Loss) [Abstract] | ||||||||||||||
Operating income (loss) from continuing operations | 921,258 | 699,224 | 769,048 | |||||||||||
Reportable Segments | Cable | ||||||||||||||
Segment Reporting Information, Income (Loss) [Abstract] | ||||||||||||||
Revenues, net from continuing operations | -5,784,945 | -5,576,011 | -5,479,108 | |||||||||||
Adjusted operating cash flow (deficit) from continuing operations | 1,833,577 | 1,739,529 | 1,798,041 | |||||||||||
Depreciation and amortization (including impairments) included in continuing operations | -739,559 | [1] | -743,431 | [1] | -742,681 | [1] | ||||||||
Share-based compensation expense included in continuing operations | -29,895 | -32,353 | -38,357 | |||||||||||
Restructuring credits (expense) included in continuing operations | 19 | -11,283 | 0 | |||||||||||
Operating income (loss) from continuing operations | 1,064,142 | 952,462 | 1,017,003 | |||||||||||
Reportable Segments | Lightpath | ||||||||||||||
Segment Reporting Information, Income (Loss) [Abstract] | ||||||||||||||
Revenues, net from continuing operations | -352,964 | -332,609 | -323,776 | |||||||||||
Adjusted operating cash flow (deficit) from continuing operations | 157,516 | 146,208 | 135,409 | |||||||||||
Depreciation and amortization (including impairments) included in continuing operations | -83,589 | [1] | -82,208 | [1] | -87,768 | [1] | ||||||||
Share-based compensation expense included in continuing operations | -5,347 | -6,757 | -7,188 | |||||||||||
Restructuring credits (expense) included in continuing operations | -285 | -1,558 | 0 | |||||||||||
Operating income (loss) from continuing operations | 68,295 | 55,685 | 40,453 | |||||||||||
Reportable Segments | Other | ||||||||||||||
Segment Reporting Information, Income (Loss) [Abstract] | ||||||||||||||
Revenues, net from continuing operations | -361,305 | -362,020 | -369,290 | |||||||||||
Adjusted operating cash flow (deficit) from continuing operations | -156,869 | -201,101 | -196,692 | |||||||||||
Depreciation and amortization (including impairments) included in continuing operations | -43,354 | [2] | -83,508 | [2] | -77,326 | [2] | ||||||||
Share-based compensation expense included in continuing operations | -8,742 | -13,605 | -15,160 | |||||||||||
Restructuring credits (expense) included in continuing operations | -2,214 | -10,709 | 770 | |||||||||||
Operating income (loss) from continuing operations | -211,179 | -308,923 | -288,408 | |||||||||||
Reduction in depreciation expense related to prior years | 10,690 | |||||||||||||
Inter-segment Eliminations | ||||||||||||||
Segment Reporting Information, Income (Loss) [Abstract] | ||||||||||||||
Revenues, net from continuing operations | -38,268 | [3] | -38,488 | [3] | -40,499 | [3] | ||||||||
Inter-segment Eliminations | Cable | ||||||||||||||
Segment Reporting Information, Income (Loss) [Abstract] | ||||||||||||||
Revenues, net from continuing operations | -1,883 | -1,788 | -1,728 | |||||||||||
Inter-segment Eliminations | Lightpath | ||||||||||||||
Segment Reporting Information, Income (Loss) [Abstract] | ||||||||||||||
Revenues, net from continuing operations | -17,818 | -18,014 | -19,794 | |||||||||||
Inter-segment Eliminations | Other | ||||||||||||||
Segment Reporting Information, Income (Loss) [Abstract] | ||||||||||||||
Revenues, net from continuing operations | ($18,567) | ($18,686) | ($18,977) | |||||||||||
[1] | The Cable and Lightpath segments share portions of each other's network infrastructure. Depreciation charges are recorded by the segment that acquired the respective asset. | |||||||||||||
[2] | The 2013 amount includes a reduction of depreciation expense related to prior years of $10,690. | |||||||||||||
[3] | Inter-segment eliminations relate primarily to revenues recognized from the sale of local programming services and voice services to the Company's Cable segment. |
SEGMENT_INFORMATION_Sources_of
SEGMENT INFORMATION, Sources of Revenue for Cable Segment (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenues, net [Abstract] | |||||||||||
Revenues, net from continuing operations | $1,631,036 | $1,626,187 | $1,628,137 | $1,575,586 | $1,583,468 | $1,567,837 | $1,569,619 | $1,511,228 | $6,460,946 | $6,232,152 | $6,131,675 |
Cable | |||||||||||
Revenues, net [Abstract] | |||||||||||
Revenues, net from continuing operations | 5,784,945 | 5,576,011 | 5,479,108 | ||||||||
Cable | Video (including equipment rental, DVR, franchise fees, video-on-demand, and pay-per-view) | |||||||||||
Revenues, net [Abstract] | |||||||||||
Revenues, net from continuing operations | 3,187,245 | 3,149,702 | 3,166,486 | ||||||||
Cable | High-speed data | |||||||||||
Revenues, net [Abstract] | |||||||||||
Revenues, net from continuing operations | 1,416,328 | 1,342,627 | 1,222,266 | ||||||||
Cable | Voice | |||||||||||
Revenues, net [Abstract] | |||||||||||
Revenues, net from continuing operations | 910,653 | 841,048 | 841,701 | ||||||||
Cable | Advertising | |||||||||||
Revenues, net [Abstract] | |||||||||||
Revenues, net from continuing operations | 163,596 | 147,875 | 151,847 | ||||||||
Cable | Other (including installation, advertising sales commissions, home shopping, and other products) | |||||||||||
Revenues, net [Abstract] | |||||||||||
Revenues, net from continuing operations | $107,123 | $94,759 | $96,808 |
SEGMENT_INFORMATION_Reconcilia
SEGMENT INFORMATION, Reconciliation of Reportable Segments to Consolidated Balances (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Operating Income (Loss) from Continuing Operations Before Income Taxes [Abstract] | |||||||||||
Operating income for reportable segments | $205,836 | $252,446 | $255,893 | $207,083 | $168,647 | $225,427 | $197,763 | $107,387 | $921,258 | $699,224 | $769,048 |
Items excluded from operating income: | |||||||||||
Interest expense | -576,000 | -601,102 | -661,052 | ||||||||
Gain on sale of affiliate interests | 0 | 0 | 716 | ||||||||
Gain on investments, net | 129,659 | 313,167 | 294,235 | ||||||||
Loss on equity derivative contracts, net | -45,055 | -198,688 | -211,335 | ||||||||
Loss on interest rate swap contracts, net | 0 | 0 | -1,828 | ||||||||
Loss on extinguishment of debt and write-off of deferred financing costs | -10,120 | -22,542 | -66,213 | ||||||||
Miscellaneous, net | 4,988 | 2,436 | 1,770 | ||||||||
Income from continuing operations before income taxes | 425,150 | 192,960 | 126,319 | ||||||||
CSC Holdings, LLC | |||||||||||
Operating Income (Loss) from Continuing Operations Before Income Taxes [Abstract] | |||||||||||
Operating income for reportable segments | 205,836 | 252,446 | 255,893 | 207,083 | 168,647 | 225,427 | 197,763 | 107,387 | 921,258 | 699,224 | 769,048 |
Items excluded from operating income: | |||||||||||
Interest expense | -353,288 | -374,430 | -466,776 | ||||||||
Gain on sale of affiliate interests | 0 | 0 | 716 | ||||||||
Gain on investments, net | 129,659 | 313,167 | 294,235 | ||||||||
Loss on equity derivative contracts, net | -45,055 | -198,688 | -211,335 | ||||||||
Loss on interest rate swap contracts, net | 0 | 0 | -1,828 | ||||||||
Loss on extinguishment of debt and write-off of deferred financing costs | -9,618 | -23,144 | -66,213 | ||||||||
Miscellaneous, net | 4,988 | 2,436 | 1,770 | ||||||||
Income from continuing operations before income taxes | 696,401 | 477,423 | 379,610 | ||||||||
CSC Holdings, LLC | Significant Reconciling Items | |||||||||||
Items excluded from operating income: | |||||||||||
Interest expense | -353,288 | -374,430 | -466,776 | ||||||||
Interest income | 403 | 423 | 914 | ||||||||
Intercompany interest income | 48,054 | 58,435 | 59,079 | ||||||||
Gain on sale of affiliate interests | 0 | 0 | 716 | ||||||||
Gain on investments, net | 129,659 | 313,167 | 294,235 | ||||||||
Loss on equity derivative contracts, net | -45,055 | -198,688 | -211,335 | ||||||||
Loss on interest rate swap contracts, net | 0 | 0 | -1,828 | ||||||||
Loss on extinguishment of debt and write-off of deferred financing costs | -9,618 | -23,144 | -66,213 | ||||||||
Miscellaneous, net | 4,988 | 2,436 | 1,770 | ||||||||
Cablevision Systems Corporation | Significant Reconciling Items | |||||||||||
Items excluded from operating income: | |||||||||||
Interest expense | -222,712 | -226,672 | -194,276 | ||||||||
Intercompany interest expense | -48,054 | -58,435 | -59,079 | ||||||||
Interest income | 17 | 42 | 64 | ||||||||
Loss on extinguishment of debt and write-off of deferred financing costs | ($502) | $602 | $0 |
SEGMENT_INFORMATION_Capital_Ex
SEGMENT INFORMATION, Capital Expenditures by Reportable Segment (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information, Capital Expenditures [Abstract] | |||
Capital Expenditures | $891,678 | $951,679 | $991,586 |
Reportable Segments | Cable | |||
Segment Reporting Information, Capital Expenditures [Abstract] | |||
Capital Expenditures | 743,524 | 806,678 | 850,061 |
Reportable Segments | Lightpath | |||
Segment Reporting Information, Capital Expenditures [Abstract] | |||
Capital Expenditures | 109,749 | 111,830 | 93,460 |
Reportable Segments | Other | |||
Segment Reporting Information, Capital Expenditures [Abstract] | |||
Capital Expenditures | $38,405 | $33,171 | $48,065 |
INTERIM_FINANCIAL_INFORMATION_2
INTERIM FINANCIAL INFORMATION (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Selected Quarterly Financial Information [Abstract] | ||||||||||||
Revenues, net | $1,631,036 | $1,626,187 | $1,628,137 | $1,575,586 | $1,583,468 | $1,567,837 | $1,569,619 | $1,511,228 | $6,460,946 | $6,232,152 | $6,131,675 | |
Operating expenses | -1,425,200 | -1,373,741 | -1,372,244 | -1,368,503 | -1,414,821 | -1,342,410 | -1,371,856 | -1,403,841 | -5,539,688 | -5,532,928 | -5,362,627 | |
Operating income | 205,836 | 252,446 | 255,893 | 207,083 | 168,647 | 225,427 | 197,763 | 107,387 | 921,258 | 699,224 | 769,048 | |
Income (loss) from continuing operations, net of income taxes | 56,319 | 71,901 | 91,028 | 90,134 | 46,488 | 59,748 | 28,222 | -7,133 | 309,382 | 127,325 | 74,325 | |
Income from discontinued operations, net of income taxes | -175 | -79 | 3,510 | -434 | 4,800 | 235,286 | 107,495 | -9,265 | 2,822 | 338,316 | 159,288 | |
Net income | 56,144 | 71,822 | 94,538 | 89,700 | 51,288 | 295,034 | 135,717 | -16,398 | 312,204 | 465,641 | 233,613 | |
Net loss (income) attributable to noncontrolling interests | -169 | -331 | -328 | 63 | 554 | -433 | -358 | 257 | -765 | 20 | -90 | |
Net income attributable to Cablevision Systems Corporation stockholders/CSC Holdings, LLC's sole member | 55,975 | 71,491 | 94,210 | 89,763 | 51,842 | 294,601 | 135,359 | -16,141 | 311,439 | 465,661 | 233,523 | |
Basic income (loss) per share attributable to Cablevision Systems Corporation stockholders [Abstract] | ||||||||||||
Income (loss) from continuing operations (in dollars per share) | $0.21 | $0.27 | $0.34 | $0.34 | $0.18 | $0.23 | $0.11 | ($0.03) | [1] | $1.17 | $0.49 | $0.28 |
Income (loss) from discontinued operations (in dollars per share) | $0 | $0 | $0.01 | $0 | $0.02 | $0.90 | $0.41 | ($0.04) | [1] | $0.01 | $1.30 | $0.61 |
Net income (in dollars per share) | $0.21 | $0.27 | $0.36 | $0.34 | $0.20 | $1.13 | $0.52 | ($0.06) | [1] | $1.18 | $1.79 | $0.89 |
Diluted income (loss) per share attributable to Cablevision Systems Corporation stockholders [Abstract] | ||||||||||||
Income (loss) from continuing operations (in dollars per share) | $0.20 | $0.26 | $0.34 | $0.34 | $0.18 | $0.22 | $0.11 | ($0.03) | [1] | $1.14 | $0.48 | $0.28 |
Income (loss) from discontinued operations (in dollars per share) | $0 | $0 | $0.01 | $0 | $0.02 | $0.88 | $0.41 | ($0.04) | [1] | $0.01 | $1.27 | $0.60 |
Net income (in dollars per share) | $0.20 | $0.26 | $0.35 | $0.33 | $0.19 | $1.10 | $0.51 | ($0.06) | [1] | $1.15 | $1.75 | $0.87 |
Amounts attributable to Cablevision Systems Corporation stockholders/CSC Holdings, LLC sole member [Abstract] | ||||||||||||
Income (loss) from continuing operations, net of income taxes | 56,150 | 71,570 | 90,700 | 90,197 | 47,042 | 59,315 | 27,864 | -6,876 | 308,617 | 127,345 | 74,235 | |
Income from discontinued operations, net of income taxes | -175 | -79 | 3,510 | -434 | 4,800 | 235,286 | 107,495 | -9,265 | 2,822 | 338,316 | 159,288 | |
Net income attributable to Cablevision Systems Corporation stockholders/CSC Holdings, LLC's sole member | 55,975 | 71,491 | 94,210 | 89,763 | 51,842 | 294,601 | 135,359 | -16,141 | 311,439 | 465,661 | 233,523 | |
CSC Holdings, LLC | ||||||||||||
Selected Quarterly Financial Information [Abstract] | ||||||||||||
Revenues, net | 1,631,036 | 1,626,187 | 1,628,137 | 1,575,586 | 1,583,468 | 1,567,837 | 1,569,619 | 1,511,228 | 6,460,946 | 6,232,152 | 6,131,675 | |
Operating expenses | -1,425,200 | -1,373,741 | -1,372,244 | -1,368,503 | -1,414,821 | -1,342,410 | -1,371,856 | -1,403,841 | -5,539,688 | -5,532,928 | -5,362,627 | |
Operating income | 205,836 | 252,446 | 255,893 | 207,083 | 168,647 | 225,427 | 197,763 | 107,387 | 921,258 | 699,224 | 769,048 | |
Income (loss) from continuing operations, net of income taxes | 91,476 | 109,399 | 129,321 | 129,755 | 87,289 | 98,051 | 70,049 | 33,955 | 459,951 | 289,344 | 227,063 | |
Income from discontinued operations, net of income taxes | -175 | -79 | 3,510 | -434 | -2,198 | 235,682 | 106,492 | -9,265 | 2,822 | 330,711 | 159,288 | |
Net income | 91,301 | 109,320 | 132,831 | 129,321 | 85,091 | 333,733 | 176,541 | 24,690 | 462,773 | 620,055 | 386,351 | |
Net loss (income) attributable to noncontrolling interests | -169 | -331 | -328 | 63 | 554 | -433 | -358 | 257 | -765 | 20 | -90 | |
Net income attributable to Cablevision Systems Corporation stockholders/CSC Holdings, LLC's sole member | 91,132 | 108,989 | 132,503 | 129,384 | 85,645 | 333,300 | 176,183 | 24,947 | 462,008 | 620,075 | 386,261 | |
Amounts attributable to Cablevision Systems Corporation stockholders/CSC Holdings, LLC sole member [Abstract] | ||||||||||||
Income (loss) from continuing operations, net of income taxes | 91,307 | 109,068 | 128,993 | 129,818 | 87,843 | 97,618 | 69,691 | 34,212 | 459,186 | 289,364 | 226,973 | |
Income from discontinued operations, net of income taxes | -175 | -79 | 3,510 | -434 | -2,198 | 235,682 | 106,492 | -9,265 | 2,822 | 330,711 | 159,288 | |
Net income attributable to Cablevision Systems Corporation stockholders/CSC Holdings, LLC's sole member | $91,132 | $108,989 | $132,503 | $129,384 | $85,645 | $333,300 | $176,183 | $24,947 | $462,008 | $620,075 | $386,261 | |
[1] | Since Cablevision generated a loss from continuing operations for the three months ended March 31, 2013, the outstanding common stock equivalents were excluded from the computation of net loss per share for the respective period as the impact would be anti-dilutive. |
OTHER_MATTERS_Details
OTHER MATTERS (Details) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | |||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 29, 2012 | |
Unusual or Infrequent Item [Line Items] | ||||||||||||
Revenues, net from continuing operations | ($1,631,036,000) | ($1,626,187,000) | ($1,628,137,000) | ($1,575,586,000) | ($1,583,468,000) | ($1,567,837,000) | ($1,569,619,000) | ($1,511,228,000) | ($6,460,946,000) | ($6,232,152,000) | ($6,131,675,000) | |
Operating expenses: | ||||||||||||
Technical and operating expenses | 3,136,808,000 | 3,079,226,000 | 3,001,577,000 | |||||||||
Selling, general and administrative expenses | 1,533,898,000 | 1,521,005,000 | 1,454,045,000 | |||||||||
Impact to AOCF | -1,834,224,000 | -1,684,636,000 | -1,736,758,000 | |||||||||
Depreciation and amortization (including impairments) included in continuing operations | 866,502,000 | 909,147,000 | 907,775,000 | |||||||||
Impact to operating income | -205,836,000 | -252,446,000 | -255,893,000 | -207,083,000 | -168,647,000 | -225,427,000 | -197,763,000 | -107,387,000 | -921,258,000 | -699,224,000 | -769,048,000 | |
Capital Expenditures | 891,678,000 | 951,679,000 | 991,586,000 | |||||||||
CNYG Class A Common Stock | ||||||||||||
Common Stock Repurchases [Abstract] | ||||||||||||
Total common stock authorized to be repurchased since inception of the program | 1,500,000,000 | 1,500,000,000 | ||||||||||
Aggregate shares repurchased since inception (in shares) | 45,282,687 | 45,282,687 | ||||||||||
Aggregate cost of shares repurchased since inception | 1,044,678,000 | 1,044,678,000 | ||||||||||
Aggregate commissions since inception | 453,000 | 453,000 | ||||||||||
Remaining availability under stock repurchase authorizations | 455,322,000 | 455,322,000 | ||||||||||
Superstorm Sandy | ||||||||||||
Unusual or Infrequent Item [Line Items] | ||||||||||||
Estimated percentage of Cable segment's customers who experienced power outages and service disruptions (in hundredths) | 60.00% | |||||||||||
Revenues, net from continuing operations | 33,156,000 | |||||||||||
Operating expenses: | ||||||||||||
Technical and operating expenses | 57,252,000 | |||||||||||
Selling, general and administrative expenses | 15,118,000 | |||||||||||
Impact to AOCF | 105,526,000 | |||||||||||
Depreciation and amortization (including impairments) included in continuing operations | 1,462,000 | |||||||||||
Impact to operating income | 106,988,000 | |||||||||||
Capital Expenditures | 5,639,000 | |||||||||||
Superstorm Sandy | Technical and Operating Expenses | ||||||||||||
Operating expenses: | ||||||||||||
Salaries, payroll taxes and benefits | 26,683,000 | |||||||||||
Repairs and maintenance costs | 7,484,000 | 40,883,000 | ||||||||||
Other costs | 2,266,000 | |||||||||||
Programming and other costs | 12,580,000 | |||||||||||
Superstorm Sandy | Selling, General and Administrative Expenses | ||||||||||||
Operating expenses: | ||||||||||||
Salaries, payroll taxes and benefits | 13,536,000 | |||||||||||
Other costs | $1,582,000 |
SUBSEQUENT_EVENTS_Details
SUBSEQUENT EVENTS (Details) (Subsequent Event, Dividend Declared 2015 Q1, USD $) | 2 Months Ended |
Feb. 24, 2015 | |
CNYG Class A Common Stock | |
Cablevision Dividend [Abstract] | |
Dividend, declaration date | 24-Feb-15 |
Dividend per share (in dollars per share) | $0.15 |
Dividend, payment date | 3-Apr-15 |
Dividend, record date | 16-Mar-15 |
CNYG Class B Common Stock | |
Cablevision Dividend [Abstract] | |
Dividend, declaration date | 24-Feb-15 |
Dividend per share (in dollars per share) | $0.15 |
Dividend, payment date | 3-Apr-15 |
Dividend, record date | 16-Mar-15 |
SCHEDULE_II_VALUATION_AND_QUAL1
SCHEDULE II, VALUATION AND QUALIFYING ACCOUNTS (Details) (Allowance for Doubtful Accounts, USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Allowance for Doubtful Accounts [Roll Forward] | |||
Balance at Beginning of Period | $14,614 | $13,521 | $14,275 |
Provision for Bad Debt | 47,611 | 55,231 | 49,002 |
Deductions/ Write-Offs and Other Charges | -50,113 | -54,138 | -49,756 |
Balance at End of Period | 12,112 | 14,614 | 13,521 |
CSC Holdings, LLC | |||
Allowance for Doubtful Accounts [Roll Forward] | |||
Balance at Beginning of Period | 14,614 | 13,521 | 14,275 |
Provision for Bad Debt | 47,611 | 55,231 | 49,002 |
Deductions/ Write-Offs and Other Charges | -50,113 | -54,138 | -49,756 |
Balance at End of Period | $12,112 | $14,614 | $13,521 |