Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 19, 2016 | Jun. 30, 2015 | |
Entity Information [Line Items] | |||
Entity Registrant Name | CABLEVISION SYSTEMS CORP /NY | ||
Entity Central Index Key | 1,053,112 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
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 | $ 5,098,120,074 | ||
CNYG Class A Common Stock | |||
Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 222,521,967 | ||
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 | --12-31 | ||
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 ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Current Assets: | ||
Cash and cash equivalents | $ 1,003,279 | $ 850,413 |
Accounts receivable, trade (less allowance for doubtful accounts of $6,039 and $12,112) | 266,383 | 277,526 |
Prepaid expenses and other current assets | 124,842 | 140,094 |
Amounts due from affiliates | 767 | 1,732 |
Deferred tax asset | 14,596 | 37,943 |
Investment securities pledged as collateral | 455,386 | 622,958 |
Derivative contracts | 10,333 | 0 |
Total current assets | 1,875,586 | 1,930,666 |
Property, plant and equipment, net of accumulated depreciation of $9,625,348 and $9,454,315 | 3,017,015 | 3,025,747 |
Investment securities pledged as collateral | 756,596 | 622,958 |
Derivative contracts | 72,075 | 7,317 |
Other assets | 32,920 | 44,505 |
Amortizable intangible assets, net of accumulated amortization of $60,310 and $60,018 | 36,951 | 36,781 |
Indefinite-lived cable television franchises | 731,848 | 731,848 |
Trademarks and other indefinite-lived intangible assets | 7,250 | 7,250 |
Goodwill | 262,345 | 264,690 |
Deferred financing costs, net of accumulated amortization | 74,707 | 93,409 |
Total assets | 6,867,293 | 6,765,171 |
Current Liabilities: | ||
Accounts payable | 453,653 | 431,761 |
Accrued liabilities: | ||
Interest | 119,005 | 117,354 |
Employee related costs | 344,091 | 306,270 |
Other accrued expenses | 169,899 | 160,822 |
Amounts due to affiliates | 29,729 | 29,651 |
Deferred revenue | 55,545 | 52,932 |
Liabilities under derivative contracts | 2,706 | 93,010 |
Credit facility debt | 563,776 | 61,849 |
Collateralized indebtedness | 416,621 | 466,335 |
Capital lease obligations | 20,350 | 17,216 |
Notes payable | 13,267 | 12,968 |
Total current liabilities | 2,188,642 | 1,750,168 |
Defined benefit plan obligations | 99,228 | 120,644 |
Deferred revenue | 4,244 | 4,701 |
Liabilities under derivative contracts | 0 | 9,207 |
Other liabilities | 161,524 | 166,723 |
Deferred tax liability | 704,835 | 611,088 |
Credit facility debt | 1,958,166 | 2,718,800 |
Collateralized indebtedness | 774,703 | 519,848 |
Capital lease obligations | 25,616 | 29,196 |
Notes payable | 1,277 | 10,943 |
Senior notes and debentures | 5,860,642 | 5,855,867 |
Total liabilities | $ 11,778,877 | $ 11,797,185 |
Commitments and contingencies | ||
Redeemable noncontrolling interest | $ 0 | $ 8,676 |
Stockholders' Deficiency: | ||
Preferred Stock, $.01 par value, 50,000,000 shares authorized, none issued | 0 | 0 |
Paid-in capital | 792,351 | 823,103 |
Accumulated deficit | (4,059,411) | (4,234,860) |
Total stockholders'/member's deficiency before treasury stock, accumulated other comprehensive loss and noncontrolling interest | (3,263,477) | (3,408,213) |
Treasury stock, at cost (81,624,493 and 80,122,914 CNYG Class A common shares) | (1,610,167) | (1,591,021) |
Accumulated other comprehensive loss | (37,672) | (42,235) |
Total stockholders' deficiency | (4,911,316) | (5,041,469) |
Noncontrolling interest | (268) | 779 |
Total deficiency | (4,911,584) | (5,040,690) |
Total liabilities and stockholders'/member's deficiency | 6,867,293 | 6,765,171 |
CNYG Class A Common Stock | ||
Stockholders' Deficiency: | ||
Common stock | 3,042 | 3,003 |
CNYG Class B Common Stock | ||
Stockholders' Deficiency: | ||
Common stock | 541 | 541 |
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 | 995,827 | 813,396 |
Accounts receivable, trade (less allowance for doubtful accounts of $6,039 and $12,112) | 266,383 | 277,526 |
Prepaid expenses and other current assets | 122,176 | 131,891 |
Amounts due from affiliates | 748 | 1,694 |
Investment securities pledged as collateral | 455,386 | 622,958 |
Derivative contracts | 10,333 | 0 |
Total current assets | 1,850,853 | 1,847,465 |
Property, plant and equipment, net of accumulated depreciation of $9,625,348 and $9,454,315 | 3,017,015 | 3,025,747 |
Investment securities pledged as collateral | 756,596 | 622,958 |
Derivative contracts | 72,075 | 7,317 |
Other assets | 32,920 | 44,505 |
Amortizable intangible assets, net of accumulated amortization of $60,310 and $60,018 | 36,951 | 36,781 |
Indefinite-lived cable television franchises | 731,848 | 731,848 |
Trademarks and other indefinite-lived intangible assets | 7,250 | 7,250 |
Goodwill | 262,345 | 264,690 |
Deferred financing costs, net of accumulated amortization | 47,916 | 59,470 |
Total assets | 6,815,769 | 6,648,031 |
Current Liabilities: | ||
Accounts payable | 453,653 | 431,761 |
Accrued liabilities: | ||
Interest | 64,207 | 62,555 |
Employee related costs | 339,996 | 302,397 |
Other accrued expenses | 169,728 | 160,822 |
Amounts due to affiliates | 287,093 | 135,636 |
Deferred tax liability | 60,963 | 105,285 |
Deferred revenue | 55,545 | 52,932 |
Liabilities under derivative contracts | 2,706 | 93,010 |
Credit facility debt | 563,776 | 61,849 |
Collateralized indebtedness | 416,621 | 466,335 |
Capital lease obligations | 20,350 | 17,216 |
Notes payable | 13,267 | 12,968 |
Total current liabilities | 2,447,905 | 1,902,766 |
Defined benefit plan obligations | 99,228 | 120,644 |
Deferred revenue | 4,244 | 4,701 |
Liabilities under derivative contracts | 0 | 9,207 |
Other liabilities | 157,718 | 162,276 |
Deferred tax liability | 733,312 | 626,367 |
Credit facility debt | 1,958,166 | 2,718,800 |
Collateralized indebtedness | 774,703 | 519,848 |
Capital lease obligations | 25,616 | 29,196 |
Notes payable | 1,277 | 10,943 |
Senior notes and debentures | 3,065,092 | 3,062,126 |
Total liabilities | $ 9,267,261 | $ 9,166,874 |
Commitments and contingencies | ||
Redeemable noncontrolling interest | $ 0 | $ 8,676 |
Stockholders' Deficiency: | ||
Accumulated deficit | (1,817,831) | (2,024,065) |
Senior notes due from Cablevision | (611,455) | (611,455) |
Other member's equity (17,631,479 membership units issued and outstanding) | 15,734 | 149,457 |
Total stockholders'/member's deficiency before treasury stock, accumulated other comprehensive loss and noncontrolling interest | (2,413,552) | (2,486,063) |
Accumulated other comprehensive loss | (37,672) | (42,235) |
Total stockholders' deficiency | (2,451,224) | (2,528,298) |
Noncontrolling interest | (268) | 779 |
Total deficiency | (2,451,492) | (2,527,519) |
Total liabilities and stockholders'/member's deficiency | $ 6,815,769 | $ 6,648,031 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Current Assets: | ||
Accounts receivable, trade allowance for doubtful accounts | $ 6,039 | $ 12,112 |
Property, plant, and equipment, accumulated depreciation | 9,625,348 | 9,454,315 |
Amortizable intangible assets, accumulated amortization | 60,310 | 60,018 |
Deferred financing costs, accumulated amortization | $ 76,355 | $ 58,651 |
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 | $ 6,039 | $ 12,112 |
Property, plant, and equipment, accumulated depreciation | 9,625,348 | 9,454,315 |
Amortizable intangible assets, accumulated amortization | 60,310 | 60,018 |
Deferred financing costs, accumulated amortization | $ 43,539 | $ 32,983 |
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) | 304,196,703 | 300,342,849 |
Common stock, shares outstanding (in shares) | 222,572,210 | 220,219,935 |
Treasury stock (in shares) | 81,624,493 | 80,122,914 |
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 INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenues, net from continuing operations | $ 6,509,743 | $ 6,460,946 | $ 6,232,152 |
Operating expenses: | |||
Technical and operating (excluding depreciation, amortization and impairments shown below and including charges from affiliates) | 3,198,194 | 3,136,808 | 3,079,226 |
Selling, general and administrative (including charges from affiliates) | 1,599,475 | 1,533,898 | 1,521,005 |
Restructuring expense (credits) | (1,649) | 2,480 | 23,550 |
Depreciation and amortization (including impairments) | 865,252 | 866,502 | 909,147 |
Total operating expenses | 5,661,272 | 5,539,688 | 5,532,928 |
Operating income | 848,471 | 921,258 | 699,224 |
Other income (expense): | |||
Interest expense | (585,764) | (576,000) | (601,102) |
Interest income | 925 | 420 | 465 |
Gain (loss) on investments, net | (30,208) | 129,659 | 313,167 |
Gain (loss) on equity derivative contracts, net | 104,927 | (45,055) | (198,688) |
Loss on extinguishment of debt and write-off of deferred financing costs | (1,735) | (10,120) | (22,542) |
Miscellaneous, net | 6,045 | 4,988 | 2,436 |
Total other income (expense) | (505,810) | (496,108) | (506,264) |
Income from continuing operations before income taxes | 342,661 | 425,150 | 192,960 |
Income tax expense | (154,872) | (115,768) | (65,635) |
Income from continuing operations, net of income taxes | 187,789 | 309,382 | 127,325 |
Income (loss) from discontinued operations, net of income taxes | (12,541) | 2,822 | 338,316 |
Net income | 175,248 | 312,204 | 465,641 |
Net loss (income) attributable to noncontrolling interests | 201 | (765) | 20 |
Net income attributable to Cablevision Systems Corporation stockholders/CSC Holdings, LLC's sole member | $ 175,449 | $ 311,439 | $ 465,661 |
Basic income (loss) per share attributable to Cablevision Systems Corporation stockholders: | |||
Income from continuing operations (in dollars per share) | $ 0.70 | $ 1.17 | $ 0.49 |
Income (loss) from discontinued operations (in dollars per share) | (0.05) | 0.01 | 1.30 |
Net income (in dollars per share) | $ 0.65 | $ 1.18 | $ 1.79 |
Basic weighted average common shares (in thousands) | 269,388 | 264,623 | 260,763 |
Diluted income (loss) per share attributable to Cablevision Systems Corporation stockholders: | |||
Income from continuing operations (in dollars per share) | $ 0.68 | $ 1.14 | $ 0.48 |
Income (loss) from discontinued operations (in dollars per share) | (0.05) | 0.01 | 1.27 |
Net income (in dollars per share) | $ 0.63 | $ 1.15 | $ 1.75 |
Diluted weighted average common shares (in thousands) | 276,339 | 270,703 | 265,935 |
Amounts attributable to Cablevision Systems Corporation stockholders/CSC Holdings, LLC sole member: | |||
Income from continuing operations, net of income taxes | $ 187,990 | $ 308,617 | $ 127,345 |
Income (loss) from discontinued operations, net of income taxes | (12,541) | 2,822 | 338,316 |
Net income attributable to Cablevision Systems Corporation stockholders/CSC Holdings, LLC's sole member | $ 175,449 | $ 311,439 | $ 465,661 |
Cash dividends declared and paid per share of common stock (in dollars per share) | $ 0.45 | $ 0.600 | $ 0.600 |
CSC Holdings, LLC | |||
Revenues, net from continuing operations | $ 6,509,743 | $ 6,460,946 | $ 6,232,152 |
Operating expenses: | |||
Technical and operating (excluding depreciation, amortization and impairments shown below and including charges from affiliates) | 3,198,194 | 3,136,808 | 3,079,226 |
Selling, general and administrative (including charges from affiliates) | 1,599,475 | 1,533,898 | 1,521,005 |
Restructuring expense (credits) | (1,649) | 2,480 | 23,550 |
Depreciation and amortization (including impairments) | 865,252 | 866,502 | 909,147 |
Total operating expenses | 5,661,272 | 5,539,688 | 5,532,928 |
Operating income | 848,471 | 921,258 | 699,224 |
Other income (expense): | |||
Interest expense | (362,903) | (353,288) | (374,430) |
Interest income | 48,951 | 48,457 | 58,858 |
Gain (loss) on investments, net | (30,208) | 129,659 | 313,167 |
Gain (loss) on equity derivative contracts, net | 104,927 | (45,055) | (198,688) |
Loss on extinguishment of debt and write-off of deferred financing costs | (1,735) | (9,618) | (23,144) |
Miscellaneous, net | 6,045 | 4,988 | 2,436 |
Total other income (expense) | (234,923) | (224,857) | (221,801) |
Income from continuing operations before income taxes | 613,548 | 696,401 | 477,423 |
Income tax expense | (269,356) | (236,450) | (188,079) |
Income from continuing operations, net of income taxes | 344,192 | 459,951 | 289,344 |
Income (loss) from discontinued operations, net of income taxes | (12,541) | 2,822 | 330,711 |
Net income | 331,651 | 462,773 | 620,055 |
Net loss (income) attributable to noncontrolling interests | 201 | (765) | 20 |
Net income attributable to Cablevision Systems Corporation stockholders/CSC Holdings, LLC's sole member | 331,852 | 462,008 | 620,075 |
Amounts attributable to Cablevision Systems Corporation stockholders/CSC Holdings, LLC sole member: | |||
Income from continuing operations, net of income taxes | 344,393 | 459,186 | 289,364 |
Income (loss) from discontinued operations, net of income taxes | (12,541) | 2,822 | 330,711 |
Net income attributable to Cablevision Systems Corporation stockholders/CSC Holdings, LLC's sole member | $ 331,852 | $ 462,008 | $ 620,075 |
CONSOLIDATED STATEMENTS OF INC5
CONSOLIDATED STATEMENTS OF INCOME (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenues, net from affiliates | $ 5,343 | $ 5,075 | $ 5,586 |
Operating expenses: | |||
Technical and operating charges from affiliates | 176,909 | 179,144 | 178,991 |
Selling, general and administrative charges from (to) affiliates | 5,372 | 3,878 | 2,986 |
CSC Holdings, LLC | |||
Revenues, net from affiliates | 5,343 | 5,075 | 5,586 |
Operating expenses: | |||
Technical and operating charges from affiliates | 176,909 | 179,144 | 178,991 |
Selling, general and administrative charges from (to) affiliates | $ 5,372 | $ 3,878 | $ 2,986 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net income | $ 175,248 | $ 312,204 | $ 465,641 |
Defined benefit pension and postretirement plans: | |||
Unrecognized actuarial gain (loss) | 2,694 | (6,866) | (21,842) |
Applicable income taxes | (1,106) | 2,815 | 8,984 |
Unrecognized income (loss) arising during period, net of income taxes | 1,588 | (4,051) | (12,858) |
Amortization of actuarial losses, net included in net periodic benefit cost | 1,224 | 2,296 | 1,575 |
Applicable income taxes | (502) | (941) | (648) |
Amortization of actuarial losses, net included in net periodic benefit cost, net of income taxes | 722 | 1,355 | 927 |
Settlement loss included in net periodic benefit cost | 3,822 | 5,347 | 0 |
Applicable income taxes | (1,569) | (2,192) | 0 |
Settlement loss included in net periodic benefit cost, net of income taxes | 2,253 | 3,155 | 0 |
Other comprehensive income (loss) | 4,563 | 459 | (11,931) |
Comprehensive income | 179,811 | 312,663 | 453,710 |
Comprehensive loss (income) attributable to noncontrolling interests | 201 | (765) | 20 |
Comprehensive income attributable to Cablevision Systems Corporation stockholders/CSC Holdings, LLC's sole member | 180,012 | 311,898 | 453,730 |
CSC Holdings, LLC | |||
Net income | 331,651 | 462,773 | 620,055 |
Defined benefit pension and postretirement plans: | |||
Unrecognized actuarial gain (loss) | 2,694 | (6,866) | (21,842) |
Applicable income taxes | (1,106) | 2,815 | 8,984 |
Unrecognized income (loss) arising during period, net of income taxes | 1,588 | (4,051) | (12,858) |
Amortization of actuarial losses, net included in net periodic benefit cost | 1,224 | 2,296 | 1,575 |
Applicable income taxes | (502) | (941) | (648) |
Amortization of actuarial losses, net included in net periodic benefit cost, net of income taxes | 722 | 1,355 | 927 |
Settlement loss included in net periodic benefit cost | 3,822 | 5,347 | 0 |
Applicable income taxes | (1,569) | (2,192) | 0 |
Settlement loss included in net periodic benefit cost, net of income taxes | 2,253 | 3,155 | 0 |
Other comprehensive income (loss) | 4,563 | 459 | (11,931) |
Comprehensive income | 336,214 | 463,232 | 608,124 |
Comprehensive loss (income) attributable to noncontrolling interests | 201 | (765) | 20 |
Comprehensive income attributable to Cablevision Systems Corporation stockholders/CSC Holdings, LLC's sole member | $ 336,415 | $ 462,467 | $ 608,144 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' DEFICIENCY - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Beginning Balance | $ (5,040,690) | $ (5,283,544) | $ (5,040,690) | $ (5,283,544) | $ (5,638,006) | ||
Net income attributable to Cablevision Systems Corporation stockholders/CSC Holdings, LLC's sole member | $ 32,118 | 44,633 | $ 55,975 | 89,763 | 175,449 | 311,439 | 465,661 |
Net income (loss) attributable to noncontrolling interests | (146) | 1,007 | 1,052 | ||||
Pension and postretirement plan liability adjustments, net of income taxes | 4,563 | 459 | (11,931) | ||||
Proceeds from exercise of options and issuance of restricted shares | 18,687 | 55,330 | 18,196 | ||||
Recognition of equity-based stock compensation arrangements | 60,817 | 44,335 | 52,777 | ||||
Treasury stock acquired from forfeiture and acquisition of restricted shares | (19,141) | (6,608) | (12,262) | ||||
Tax withholding associated with shares issued for equity-based compensation | (644) | ||||||
Excess tax benefit on share-based awards | 5,694 | 336 | 1,280 | ||||
Dividends on CNYG Class A and CNYG Class B common stock | (124,752) | (162,806) | (160,083) | ||||
Adjustments to noncontrolling interests | 7,935 | (638) | 416 | ||||
Ending Balance | (4,911,584) | (5,040,690) | (4,911,584) | (5,040,690) | (5,283,544) | ||
Common Stock | CNYG Class A Common Stock | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Beginning Balance | 3,003 | 2,925 | 3,003 | 2,925 | 2,878 | ||
Net income attributable to Cablevision Systems Corporation stockholders/CSC Holdings, LLC's sole member | 0 | 0 | 0 | ||||
Net income (loss) 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 | 39 | 78 | 47 | ||||
Recognition of equity-based stock compensation arrangements | 0 | 0 | 0 | ||||
Treasury stock acquired from forfeiture and acquisition of restricted shares | 0 | 0 | 0 | ||||
Tax withholding associated with shares issued for equity-based compensation | 0 | ||||||
Excess tax benefit on share-based awards | 0 | 0 | 0 | ||||
Dividends on CNYG Class A and CNYG Class B common stock | 0 | 0 | 0 | ||||
Adjustments to noncontrolling interests | 0 | 0 | 0 | ||||
Ending Balance | 3,042 | 3,003 | 3,042 | 3,003 | 2,925 | ||
Common Stock | CNYG Class B Common Stock | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Beginning 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 (loss) 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 | ||||
Tax withholding associated with shares issued for equity-based compensation | 0 | ||||||
Excess tax benefit on share-based awards | 0 | 0 | 0 | ||||
Dividends on CNYG Class A and CNYG Class B common stock | 0 | 0 | 0 | ||||
Adjustments to noncontrolling interests | 0 | 0 | 0 | ||||
Ending Balance | 541 | 541 | 541 | 541 | 541 | ||
Paid-in Capital | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Beginning Balance | 823,103 | 885,601 | 823,103 | 885,601 | 972,274 | ||
Net income attributable to Cablevision Systems Corporation stockholders/CSC Holdings, LLC's sole member | 0 | 0 | 0 | ||||
Net income (loss) 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 | 18,648 | 55,252 | 18,149 | ||||
Recognition of equity-based stock compensation arrangements | 60,817 | 44,335 | 52,777 | ||||
Treasury stock acquired from forfeiture and acquisition of restricted shares | 5 | 9 | 8 | ||||
Tax withholding associated with shares issued for equity-based compensation | (644) | ||||||
Excess tax benefit on share-based awards | 5,694 | 336 | 1,280 | ||||
Dividends on CNYG Class A and CNYG Class B common stock | (124,752) | (162,806) | (160,083) | ||||
Adjustments to noncontrolling interests | 8,836 | 376 | 1,840 | ||||
Ending Balance | 792,351 | 823,103 | 792,351 | 823,103 | 885,601 | ||
Accumulated Deficit | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Beginning Balance | (4,234,860) | (4,546,299) | (4,234,860) | (4,546,299) | (5,011,960) | ||
Net income attributable to Cablevision Systems Corporation stockholders/CSC Holdings, LLC's sole member | 175,449 | 311,439 | 465,661 | ||||
Net income (loss) 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 | ||||
Tax withholding associated with shares issued for equity-based compensation | 0 | ||||||
Excess tax benefit on share-based awards | 0 | 0 | 0 | ||||
Dividends on CNYG Class A and CNYG Class B common stock | 0 | 0 | 0 | ||||
Adjustments to noncontrolling interests | 0 | 0 | 0 | ||||
Ending Balance | (4,059,411) | (4,234,860) | (4,059,411) | (4,234,860) | (4,546,299) | ||
Treasury Stock | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Beginning Balance | (1,591,021) | (1,584,404) | (1,591,021) | (1,584,404) | (1,572,134) | ||
Net income attributable to Cablevision Systems Corporation stockholders/CSC Holdings, LLC's sole member | 0 | 0 | 0 | ||||
Net income (loss) 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 | (19,146) | (6,617) | (12,270) | ||||
Tax withholding associated with shares issued for equity-based compensation | 0 | ||||||
Excess tax benefit on share-based awards | 0 | 0 | 0 | ||||
Dividends on CNYG Class A and CNYG Class B common stock | 0 | 0 | 0 | ||||
Adjustments to noncontrolling interests | 0 | 0 | 0 | ||||
Ending Balance | (1,610,167) | (1,591,021) | (1,610,167) | (1,591,021) | (1,584,404) | ||
Accumulated Other Comprehensive Loss | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Beginning Balance | (42,235) | (42,694) | (42,235) | (42,694) | (30,763) | ||
Net income attributable to Cablevision Systems Corporation stockholders/CSC Holdings, LLC's sole member | 0 | 0 | 0 | ||||
Net income (loss) attributable to noncontrolling interests | 0 | 0 | 0 | ||||
Pension and postretirement plan liability adjustments, net of income taxes | 4,563 | 459 | (11,931) | ||||
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 | ||||
Tax withholding associated with shares issued for equity-based compensation | 0 | ||||||
Excess tax benefit on share-based awards | 0 | 0 | 0 | ||||
Dividends on CNYG Class A and CNYG Class B common stock | 0 | 0 | 0 | ||||
Adjustments to noncontrolling interests | 0 | 0 | 0 | ||||
Ending Balance | (37,672) | (42,235) | (37,672) | (42,235) | (42,694) | ||
Total Stockholders'/Member's Deficiency | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Beginning Balance | (5,041,469) | (5,284,330) | (5,041,469) | (5,284,330) | (5,639,164) | ||
Net income attributable to Cablevision Systems Corporation stockholders/CSC Holdings, LLC's sole member | 175,449 | 311,439 | 465,661 | ||||
Net income (loss) attributable to noncontrolling interests | 0 | 0 | 0 | ||||
Pension and postretirement plan liability adjustments, net of income taxes | 4,563 | 459 | (11,931) | ||||
Proceeds from exercise of options and issuance of restricted shares | 18,687 | 55,330 | 18,196 | ||||
Recognition of equity-based stock compensation arrangements | 60,817 | 44,335 | 52,777 | ||||
Treasury stock acquired from forfeiture and acquisition of restricted shares | (19,141) | (6,608) | (12,262) | ||||
Tax withholding associated with shares issued for equity-based compensation | (644) | ||||||
Excess tax benefit on share-based awards | 5,694 | 336 | 1,280 | ||||
Dividends on CNYG Class A and CNYG Class B common stock | (124,752) | (162,806) | (160,083) | ||||
Adjustments to noncontrolling interests | 8,836 | 376 | 1,840 | ||||
Ending Balance | (4,911,316) | (5,041,469) | (4,911,316) | (5,041,469) | (5,284,330) | ||
Noncontrolling Interest | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Beginning Balance | 779 | 786 | 779 | 786 | 1,158 | ||
Net income attributable to Cablevision Systems Corporation stockholders/CSC Holdings, LLC's sole member | 0 | 0 | 0 | ||||
Net income (loss) attributable to noncontrolling interests | (146) | 1,007 | 1,052 | ||||
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 | ||||
Tax withholding associated with shares issued for equity-based compensation | 0 | ||||||
Excess tax benefit on share-based awards | 0 | 0 | 0 | ||||
Dividends on CNYG Class A and CNYG Class B common stock | 0 | 0 | 0 | ||||
Adjustments to noncontrolling interests | (901) | (1,014) | (1,424) | ||||
Ending Balance | (268) | 779 | (268) | 779 | 786 | ||
CSC Holdings, LLC | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Beginning Balance | (2,527,519) | (2,643,286) | (2,527,519) | (2,643,286) | (2,850,615) | ||
Net income attributable to Cablevision Systems Corporation stockholders/CSC Holdings, LLC's sole member | 73,545 | 82,668 | 91,132 | 129,384 | 331,852 | 462,008 | 620,075 |
Net income (loss) attributable to noncontrolling interests | (146) | 1,007 | 1,052 | ||||
Pension and postretirement plan liability adjustments, net of income taxes | 4,563 | 459 | (11,931) | ||||
Recognition of equity-based stock compensation arrangements | 60,817 | 44,335 | 52,777 | ||||
Distributions to Cablevision | (343,164) | (396,382) | (501,224) | ||||
Excess tax benefit on share-based awards | 14,170 | 4,978 | 46,164 | ||||
Impact of Purchase of Senior Notes held by Newsday Holdings | 296 | ||||||
Adjustments to noncontrolling interests | 7,935 | (638) | 712 | ||||
Ending Balance | (2,451,492) | (2,527,519) | (2,451,492) | (2,527,519) | (2,643,286) | ||
CSC Holdings, LLC | Accumulated Deficit | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Beginning Balance | (2,024,065) | (2,486,073) | (2,024,065) | (2,486,073) | (3,106,148) | ||
Net income attributable to Cablevision Systems Corporation stockholders/CSC Holdings, LLC's sole member | 331,852 | 462,008 | 620,075 | ||||
Net income (loss) 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 | (125,618) | 0 | 0 | ||||
Excess tax benefit on share-based awards | 0 | 0 | 0 | ||||
Impact of Purchase of Senior Notes held by Newsday Holdings | 0 | ||||||
Adjustments to noncontrolling interests | 0 | 0 | 0 | ||||
Ending Balance | (1,817,831) | (2,024,065) | (1,817,831) | (2,024,065) | (2,486,073) | ||
CSC Holdings, LLC | Senior Notes due from Cablevision | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Beginning Balance | (611,455) | (611,455) | (611,455) | (611,455) | (753,717) | ||
Net income attributable to Cablevision Systems Corporation stockholders/CSC Holdings, LLC's sole member | 0 | 0 | 0 | ||||
Net income (loss) 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 | ||||
Excess tax benefit on share-based awards | 0 | 0 | 0 | ||||
Impact of Purchase of Senior Notes held by Newsday Holdings | (142,262) | ||||||
Adjustments to noncontrolling interests | 0 | 0 | 0 | ||||
Ending Balance | (611,455) | (611,455) | (611,455) | (611,455) | (611,455) | ||
CSC Holdings, LLC | Other Member's Equity | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Beginning Balance | 149,457 | 496,150 | 149,457 | 496,150 | 1,038,855 | ||
Net income attributable to Cablevision Systems Corporation stockholders/CSC Holdings, LLC's sole member | 0 | 0 | 0 | ||||
Net income (loss) 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 | 60,817 | 44,335 | 52,777 | ||||
Distributions to Cablevision | (217,546) | (396,382) | (501,224) | ||||
Excess tax benefit on share-based awards | 14,170 | 4,978 | 46,164 | ||||
Impact of Purchase of Senior Notes held by Newsday Holdings | 142,558 | ||||||
Adjustments to noncontrolling interests | 8,836 | 376 | 2,136 | ||||
Ending Balance | 15,734 | 149,457 | 15,734 | 149,457 | 496,150 | ||
CSC Holdings, LLC | Accumulated Other Comprehensive Loss | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Beginning Balance | (42,235) | (42,694) | (42,235) | (42,694) | (30,763) | ||
Net income attributable to Cablevision Systems Corporation stockholders/CSC Holdings, LLC's sole member | 0 | 0 | 0 | ||||
Net income (loss) attributable to noncontrolling interests | 0 | 0 | 0 | ||||
Pension and postretirement plan liability adjustments, net of income taxes | 4,563 | 459 | (11,931) | ||||
Recognition of equity-based stock compensation arrangements | 0 | 0 | 0 | ||||
Distributions to Cablevision | 0 | 0 | 0 | ||||
Excess tax benefit on share-based awards | 0 | 0 | 0 | ||||
Impact of Purchase of Senior Notes held by Newsday Holdings | 0 | ||||||
Adjustments to noncontrolling interests | 0 | 0 | 0 | ||||
Ending Balance | (37,672) | (42,235) | (37,672) | (42,235) | (42,694) | ||
CSC Holdings, LLC | Total Stockholders'/Member's Deficiency | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Beginning Balance | (2,528,298) | (2,644,072) | (2,528,298) | (2,644,072) | (2,851,773) | ||
Net income attributable to Cablevision Systems Corporation stockholders/CSC Holdings, LLC's sole member | 331,852 | 462,008 | 620,075 | ||||
Net income (loss) attributable to noncontrolling interests | 0 | 0 | 0 | ||||
Pension and postretirement plan liability adjustments, net of income taxes | 4,563 | 459 | (11,931) | ||||
Recognition of equity-based stock compensation arrangements | 60,817 | 44,335 | 52,777 | ||||
Distributions to Cablevision | (343,164) | (396,382) | (501,224) | ||||
Excess tax benefit on share-based awards | 14,170 | 4,978 | 46,164 | ||||
Impact of Purchase of Senior Notes held by Newsday Holdings | 296 | ||||||
Adjustments to noncontrolling interests | 8,836 | 376 | 2,136 | ||||
Ending Balance | (2,451,224) | (2,528,298) | (2,451,224) | (2,528,298) | (2,644,072) | ||
CSC Holdings, LLC | Noncontrolling Interest | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Beginning Balance | $ 779 | $ 786 | 779 | 786 | 1,158 | ||
Net income attributable to Cablevision Systems Corporation stockholders/CSC Holdings, LLC's sole member | 0 | 0 | 0 | ||||
Net income (loss) attributable to noncontrolling interests | (146) | 1,007 | 1,052 | ||||
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 | ||||
Excess tax benefit on share-based awards | 0 | 0 | 0 | ||||
Impact of Purchase of Senior Notes held by Newsday Holdings | 0 | ||||||
Adjustments to noncontrolling interests | (901) | (1,014) | (1,424) | ||||
Ending Balance | $ (268) | $ 779 | $ (268) | $ 779 | $ 786 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flows from operating activities: | |||
Net income | $ 175,248 | $ 312,204 | $ 465,641 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Loss (income) from discontinued operations, net of income taxes | 12,541 | (2,822) | (338,316) |
Depreciation and amortization (including impairments) | 865,252 | 866,502 | 909,147 |
Loss (gain) on investments, net | 30,208 | (129,659) | (313,167) |
Loss (gain) on equity derivative contracts, net | (104,927) | 45,055 | 198,688 |
Loss on extinguishment of debt and write-off of deferred financing costs | 1,735 | 10,120 | 22,542 |
Amortization of deferred financing costs and discounts on indebtedness | 23,764 | 22,887 | 25,936 |
Share-based compensation expense related to equity classified awards | 60,321 | 43,984 | 52,715 |
Settlement loss and amortization of actuarial losses related to pension and postretirement plans | 5,046 | 7,643 | 1,575 |
Deferred income taxes | 133,396 | 159,779 | 69,456 |
Provision for doubtful accounts | 35,802 | 47,611 | 55,231 |
Excess tax benefits related to share-based awards | (5,694) | (336) | (1,280) |
Change in assets and liabilities, net of effects of acquisitions and dispositions: | |||
Accounts receivable, trade | (24,760) | (42,446) | (25,673) |
Prepaid expenses and other assets | 38,860 | 44,488 | (8,641) |
Advances/payables to affiliates | 1,043 | (1,463) | (1,637) |
Accounts payable | 6,896 | 25,486 | (1,715) |
Accrued liabilities | 1,200 | (35,931) | 33,982 |
Deferred revenue | 2,156 | 5,169 | (9,507) |
Net cash provided by operating activities | 1,258,087 | 1,378,271 | 1,134,977 |
Cash flows from investing activities: | |||
Capital expenditures | (816,396) | (891,678) | (951,679) |
Proceeds related to sale of equipment, including costs of disposal | 4,407 | 6,178 | 7,884 |
Decrease in other investments | 13,840 | 0 | 0 |
Increase in other investments | (21,619) | (1,369) | (1,178) |
Additions to other intangible assets | (8,035) | (1,193) | (3,685) |
Net cash used in investing activities | (827,803) | (888,062) | (948,658) |
Cash flows from financing activities: | |||
Proceeds from credit facility debt, net of discount | 0 | 0 | 3,296,760 |
Repayment of credit facility debt | (260,321) | (990,785) | (3,445,751) |
Proceeds from issuance of senior notes | 0 | 750,000 | 0 |
Redemption and repurchase of senior notes, including premiums and fees | 0 | (36,097) | (371,498) |
Repayment of notes payable | (2,458) | (2,306) | (570) |
Proceeds from collateralized indebtedness | 774,703 | 416,621 | 569,561 |
Repayment of collateralized indebtedness and related derivative contracts | (639,237) | (342,105) | (508,009) |
Dividend distributions to common stockholders | (125,170) | (160,545) | (159,709) |
Proceeds from stock option exercises | 18,727 | 55,355 | 18,120 |
Tax withholding associated with shares issued for equity-based compensation | 0 | 0 | (644) |
Principal payments on capital lease obligations | (20,250) | (15,481) | (13,828) |
Deemed repurchases of restricted stock | (19,141) | (6,608) | (12,262) |
Excess tax benefit related to share-based awards | 5,694 | 336 | 1,280 |
Additions to deferred financing costs | (250) | (14,273) | (27,080) |
Payment for purchase of noncontrolling interest | (8,300) | 0 | 0 |
Distributions to noncontrolling interests, net | (901) | (1,014) | (1,424) |
Net cash used in financing activities | (276,904) | (346,902) | (655,054) |
Net increase (decrease) in cash and cash equivalents from continuing operations | 153,380 | 143,307 | (468,735) |
Cash flows of discontinued operations: | |||
Net cash provided by (used in) operating activities | (484) | (1,199) | 199,006 |
Net cash provided by (used in) investing activities | (30) | 6,081 | 646,185 |
Net cash used in financing activities | 0 | 0 | (38,735) |
Effect of change in cash related to discontinued operations | 0 | 0 | 31,893 |
Net increase (decrease) in cash and cash equivalents from discontinued operations | (514) | 4,882 | 838,349 |
Cash and cash equivalents at beginning of year | 850,413 | 702,224 | 332,610 |
Cash and cash equivalents at end of year | 1,003,279 | 850,413 | 702,224 |
CSC Holdings, LLC | |||
Cash flows from operating activities: | |||
Net income | 331,651 | 462,773 | 620,055 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Loss (income) from discontinued operations, net of income taxes | 12,541 | (2,822) | (330,711) |
Depreciation and amortization (including impairments) | 865,252 | 866,502 | 909,147 |
Loss (gain) on investments, net | 30,208 | (129,659) | (313,167) |
Loss (gain) on equity derivative contracts, net | (104,927) | 45,055 | 198,688 |
Loss on extinguishment of debt and write-off of deferred financing costs | 1,735 | 9,618 | 23,144 |
Amortization of deferred financing costs and discounts on indebtedness | 14,807 | 14,602 | 18,167 |
Share-based compensation expense related to equity classified awards | 60,321 | 43,984 | 52,715 |
Settlement loss and amortization of actuarial losses related to pension and postretirement plans | 5,046 | 7,643 | 1,575 |
Deferred income taxes | 78,925 | 53,189 | 99,867 |
Provision for doubtful accounts | 35,802 | 47,611 | 55,231 |
Excess tax benefits related to share-based awards | (14,170) | (4,978) | (46,164) |
Change in assets and liabilities, net of effects of acquisitions and dispositions: | |||
Accounts receivable, trade | (24,760) | (42,446) | (25,673) |
Prepaid expenses and other assets | 38,633 | 41,934 | (16,081) |
Advances/payables to affiliates | 166,661 | 222,212 | 121,128 |
Accounts payable | 6,896 | 25,486 | (1,715) |
Accrued liabilities | (10,021) | (29,608) | 41,998 |
Deferred revenue | 2,156 | 5,169 | (9,507) |
Net cash provided by operating activities | 1,496,756 | 1,636,265 | 1,398,697 |
Cash flows from investing activities: | |||
Capital expenditures | (816,396) | (891,678) | (951,679) |
Proceeds related to sale of equipment, including costs of disposal | 4,407 | 6,178 | 7,884 |
Decrease in other investments | 13,840 | 0 | 0 |
Increase in other investments | (21,619) | (1,369) | (1,178) |
Additions to other intangible assets | (8,035) | (1,193) | (3,685) |
Net cash used in investing activities | (827,803) | (888,062) | (948,658) |
Cash flows from financing activities: | |||
Proceeds from credit facility debt, net of discount | 0 | 0 | 3,296,760 |
Repayment of credit facility debt | (260,321) | (990,785) | (3,445,751) |
Proceeds from issuance of senior notes | 0 | 750,000 | 0 |
Redemption and repurchase of senior notes, including premiums and fees | 0 | 0 | (308,673) |
Repayment of notes payable | (2,458) | (2,306) | (570) |
Proceeds from collateralized indebtedness | 774,703 | 416,621 | 569,561 |
Repayment of collateralized indebtedness and related derivative contracts | (639,237) | (342,105) | (508,009) |
Principal payments on capital lease obligations | (20,250) | (15,481) | (13,828) |
Distributions to Cablevision | (343,164) | (396,382) | (501,224) |
Excess tax benefit related to share-based awards | 14,170 | 4,978 | 46,164 |
Additions to deferred financing costs | (250) | (14,273) | (27,080) |
Payment for purchase of noncontrolling interest | (8,300) | 0 | 0 |
Distributions to noncontrolling interests, net | (901) | (1,014) | (1,424) |
Net cash used in financing activities | (486,008) | (590,747) | (894,074) |
Net increase (decrease) in cash and cash equivalents from continuing operations | 182,945 | 157,456 | (444,035) |
Cash flows of discontinued operations: | |||
Net cash provided by (used in) operating activities | (484) | (1,199) | 199,006 |
Net cash provided by (used in) investing activities | (30) | 6,081 | 646,185 |
Net cash used in financing activities | 0 | 0 | (38,735) |
Effect of change in cash related to discontinued operations | 0 | 0 | 31,893 |
Net increase (decrease) in cash and cash equivalents from discontinued operations | (514) | 4,882 | 838,349 |
Cash and cash equivalents at beginning of year | 813,396 | 651,058 | 256,744 |
Cash and cash equivalents at end of year | $ 995,827 | $ 813,396 | $ 651,058 |
DESCRIPTION OF BUSINESS, RELATE
DESCRIPTION OF BUSINESS, RELATED MATTERS AND BASIS OF PRESENTATION | 12 Months Ended |
Dec. 31, 2015 | |
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. Altice Merger On September 16, 2015, Cablevision entered into an Agreement and Plan of Merger (the “Merger Agreement”), by and among Altice N.V. (“Altice”), Neptune Merger Sub Corp., a wholly-owned subsidiary of Altice (“Merger Sub”), and Cablevision. Pursuant to the Merger Agreement, Merger Sub will be merged with and into Cablevision (the “Merger”), with Cablevision surviving as a subsidiary of Altice. In connection with the Merger, each outstanding share of the Cablevision NY Group ("CNYG") Class A common stock, par value $0.01 per share (“CNYG Class A Shares”), and Cablevision NY Group Class B common stock, par value $0.01 per share (“CNYG Class B Shares”, and together with the CNYG Class A Shares, the “Shares”) (other than (i) Shares owned by Cablevision, Altice or any of their respective wholly-owned subsidiaries, in each case not held on behalf of third parties in a fiduciary capacity, and (ii) Shares that are owned by stockholders who have perfected and not withdrawn a demand for appraisal rights) will be converted into the right to receive $34.90 in cash, without interest, less applicable tax withholdings. Also in connection with the Merger, outstanding equity-based awards granted under Cablevision’s equity plans will be cancelled and converted into a right to receive cash based upon the $34.90 per Share merger price in accordance with the original terms of the awards. As of December 31, 2015, the Company had 13,353,217 stock options, 6,847,848 restricted shares, 1,772,430 restricted stock units issued to employees and 466,283 restricted stock units issued to non-employee directors outstanding. On September 16, 2015, the holders of Shares representing a majority of all votes entitled to be cast in the matter executed and delivered to Cablevision and Altice a written consent adopting the Merger Agreement (the "Written Consent"). As a result, the stockholder approval required to consummate the Merger has been obtained and no further action by Cablevision’s stockholders in connection with the Merger is required. The completion of the Merger is subject to certain customary conditions and approvals set forth in the Merger Agreement, including, among others, (i) the adoption of the Merger Agreement by the holders of Shares representing a majority of all votes entitled to be cast in the matter (which condition has been satisfied as described above), (ii) expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvement Act of 1976 (which condition has been satisfied as of November 4, 2015), (iii) adoption and release of an order by the Federal Communications Commission granting any required consent to the transfer of control of Cablevision’s licenses, (iv) the conclusion of a review by the Committee on Foreign Investment in the United States pursuant to Section 721 of Title VII of the Defense Production Act of 1950, as amended by the Foreign Investment and National Security Act of 2007 (which condition has been satisfied as of February 17, 2016), (v) the receipt of certain approvals from state and local public utility commissions and under certain state and local franchise ordinances and agreements, (vi) the absence of any applicable law or order prohibiting consummation of the Merger, and (vii) other customary closing conditions, including (a) the accuracy of Cablevision’s and Altice’s respective representations and warranties (subject to customary materiality qualifiers) and (b) Cablevision’s and Altice’s compliance with their respective obligations and covenants contained in the Merger Agreement. Assuming timely satisfaction of the necessary closing conditions, the Company currently expects the closing of the Merger to occur in the second quarter of 2016. The Merger is not subject to a financing condition. The Merger Agreement contains certain customary termination rights, including the right for each of Cablevision and Altice to terminate the Merger Agreement if the Merger is not consummated by September 16, 2016 (subject to extension to December 16, 2016 if either Cablevision or Altice determines additional time is necessary to obtain certain government approvals) or in the event of an uncured material breach of any representation, warranty, covenant or agreement such that the conditions to closing would not be satisfied. The Merger Agreement also gives Altice the right to terminate the Merger Agreement in certain circumstances associated with Cablevision’s failure to deliver the Written Consent or Cablevision’s entry into an alternative transaction with respect to an alternative acquisition proposal, among others, and gives Cablevision the right to terminate the Merger Agreement in certain circumstances associated with a failure of Altice’s financing of the Merger, among others. If the Merger Agreement is terminated in certain circumstances associated with Cablevision’s failure to deliver the Written Consent or with respect to an alternative acquisition proposal, among others, Cablevision agreed to pay a termination fee of $280,000 to Altice. Following execution and delivery of the Written Consent on September 16, 2015, no provisions in the Merger Agreement remain in effect pursuant to which the Merger Agreement can be terminated that would require Cablevision to pay the termination fee. If the Merger Agreement is terminated by Cablevision in connection with Altice’s failure to consummate the Merger due to a failure of Altice’s financing of the Merger, then Altice has agreed to pay to Cablevision a termination fee of $560,000 . The Company has expensed $17,862 of transaction costs during 2015 in connection with the Merger Agreement and it expects to incur additional costs prior to and upon consummation of the Merger, including $32,500 in transaction advisory fees. In October 2015, Neptune Finco Corp. (“Finco”), a wholly-owned subsidiary of Altice formed to complete the financing described herein and the merger with CSC Holdings, borrowed an aggregate principal amount of $3,800,000 under a term loan facility (the “Term Loans”) and entered into revolving loan commitments in an aggregate principal amount of $2,000,000 (the “Revolving Credit Facility” and, together with the Term Loans, the “Senior Secured Credit Facilities”). The Term Loans will mature on October 9, 2022. Quarterly amortization payments each equal to 0.25% of the original principal amount of the Term Loans will be required to be made beginning with the first full fiscal quarter after the Closing Date. The Revolving Credit Facility will mature on October 9, 2020. The Revolving Credit Facility will include a financial maintenance covenant solely for the benefit of the lenders under the Revolving Credit Facility consisting of a maximum consolidated net senior secured leverage ratio of 5.0 to 1.0, which will be tested on the last day of each fiscal quarter (commencing with the last day of the first full fiscal quarter ended after the Closing Date) but only if on such day there are outstanding borrowings under the Revolving Credit Facility (including swingline loans but excluding any cash collateralized letters of credit and undrawn letters of credit not to exceed $15,000 ). Finco also issued $1,800,000 aggregate principal amount of 10.125% senior notes due 2023, $2,000,000 aggregate principal amount of 10.875% senior notes due 2025 and $1,000,000 aggregate principal amount of 6.625% senior guaranteed notes due 2025 (the "Senior Guaranteed Notes") (collectively the "Notes"). Altice intends to use the proceeds from the Term Loans and the Notes, together with an equity contribution from Altice and its co-investors and existing cash at Cablevision, to (a) finance the Merger, (b) refinance (i) the credit agreement, dated as of April 17, 2013 (the “Existing Credit Facility”), among CSC Holdings, certain subsidiaries of CSC Holdings and the lenders party thereto and (ii) the senior secured credit agreement, dated as of October 12, 2012, among Newsday LLC, CSC Holdings, and the lenders party thereto (the "Existing Newsday Credit Facility"), and (c) pay related fees and expenses. Prior to the Merger, CSC Holdings is not responsible for the obligations under the Senior Secured Credit Facilities or the Notes. Following the consummation of the Merger of Merger Sub into Cablevision (the “Closing Date”), Finco will be merged with and into CSC Holdings. As the surviving entity in such merger, CSC Holdings will assume all of the rights and obligations of the borrower under the Senior Secured Credit Facilities and the issuer under the Notes. Within two business days following the Closing Date, (a) the Senior Guaranteed Notes will be guaranteed on a senior basis by each restricted subsidiary of CSC Holdings (other than CSC TKR, LLC and its subsidiaries, which own and operate the New Jersey cable television systems, Cablevision Lightpath, Inc. and any subsidiaries of CSC Holdings that are “Excluded Subsidiaries” under the indenture governing the Senior Guaranteed Notes) (such subsidiaries, the “Initial Guarantors”) and (b) the obligations under the Senior Secured Credit Facilities will be (i) guaranteed on a senior basis by each Initial Guarantor and (ii) secured on a first priority basis by capital stock held by CSC Holdings and the guarantors in certain subsidiaries of CSC Holdings, subject to certain exclusions and limitations. Purchase of Newsday Noncontrolling Interest In September 2015, the Company purchased the minority interest in Newsday Holdings LLC ("Newsday Holdings") held by Tribune Media Company ("Tribune") for approximately $8,300 . As a result of this transaction, Newsday Holdings is a wholly-owned subsidiary of the Company. In addition, the indemnity provided by the Company to Tribune for certain taxes incurred by Tribune if Newsday Holdings or its subsidiary sold or otherwise disposed of Newsday assets in a taxable transaction or failed to maintain specified minimum outstanding indebtedness, was amended so that the restriction period lapsed on September 2, 2015. 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 $2,799,024 principal value of senior notes outstanding at December 31, 2015 (excluding the $611,455 aggregate principal amount of Cablevision notes held by 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, gain or loss 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 2013 and 2014 financial statements to conform to the 2015 presentation. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2015 | |
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 customers. 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 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, 2015 , 2014 and 2013 , the amount of franchise fees and certain other taxes and fees included as a component of net revenue aggregated $199,701 , $178,630 and $157,818 , 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 $160,671 , $156,228 , and $140,779 for the years ended December 31, 2015 , 2014 and 2013 , 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 over the requisite service period for each tranche of awards. For restricted shares, 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. For restricted stock units granted to non-employee director which vest 100% on the date of grant, compensation expense is recognized on the date of grant based on the grant date price of CNYG Class A common stock. For performance based restricted stock units ("PSUs") which cliff vest in three years, Cablevision recognizes compensation expense on a straight-line basis over the vesting period based on the estimated number of shares of CNYG Class A common stock expected to be issued. For share-based compensation awards that will be settled in cash, Cablevision recognizes compensation expense based on the estimated fair value of the award at each reporting period. 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 (including impairments). 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 April 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. The amendments in ASU No. 2014-08 change the criteria for reporting discontinued operations while enhancing certain disclosures. Under ASU No. 2014-08, only disposals representing a strategic shift that has (or will have) a major effect on an entity's operations and financial results should be presented as discontinued operations. In addition, ASU No. 2014-08 requires expanded disclosures about discontinued operations and disposals of individually significant components that do not qualify as discontinued operations. ASU No. 2014-08 was adopted by the Company on January 1, 2015 and did not have any impact on the Company's consolidated financial statements. Recently Issued But Not Yet Adopted Accounting Pronouncements I n November 2015, the FASB issued ASU No. 2015-17 (Topic 740), Balance Sheet Classification of Deferred Taxes. This ASU amends existing guidance to require the presentation of deferred tax liabilities and assets as noncurrent within a classified statement of financial position. ASU No. 2015-17 may be applied either prospectively to all deferred tax liabilities and assets or retrospectively to all periods presented. This new standard would be effective for the Company beginning January 1, 2017 with early adoption permitted. In April 2015, the FASB issued ASU No. 2015-05, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement. ASU No. 2015-05 provides guidance to customers about whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. The new guidance becomes effective for the Company on January 1, 2016 with early adoption permitted. The Company can elect to adopt ASU No. 2015-05 prospectively to all arrangements entered into or materially modified after the effective date or retrospectively. The Company does not believe ASU No. 2015-05 will have a significant impact on its consolidated financial statements upon adoption on January 1, 2016. In April 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs, which requires debt issuance costs to be presented in the balance sheet as a direct deduction from the carrying value of the associated debt liability, consistent with the presentation of a debt discount. In August 2015, the FASB issued ASU No. 2015-15, Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements, which clarifies the treatment of debt issuance costs from line-of-credit arrangements after adoption of ASU No. 2015-03. ASU No. 2015-15 clarifies that the Securities and Exchange Commission staff would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. ASU No. 2015-03 becomes effective for the Company on January 1, 2016 and will be applied on a retrospective basis. At December 31, 2015, deferred debt financing costs, net for Cablevision and CSC Holdings amounted to $74,707 and $47,916 , respectively. 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. In August 2015, the FASB issued ASU No. 2015-14 that approved deferring the effective date by one year so that ASU No. 2014-09 would become effective for the Company on January 1, 2018. The FASB also approved, in July 2015, permitting the early adoption of ASU No. 2014-09, but not before the original effective date for the Company as of January 1, 2017. The Company has not yet completed the evaluation of the effect that ASU No. 2014-09 will have on its consolidated financial statements and related disclosures. Common Stock of Cablevision Each holder of 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 Common Stock Class B Common Stock 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 Employee and non-employee director stock transactions (a) 2,352,275 — Balance at December 31, 2015 222,572,210 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, 2015 and 2014 which are all owned by Cablevision, its sole owner. 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 in the future 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 and paid 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 August 6, 2015 $0.15 August 21, 2015 September 10, 2015 May 1, 2015 $0.15 May 22, 2015 June 12, 2015 February 24, 2015 $0.15 March 16, 2015 April 3, 2015 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 Cablevision paid dividends aggregating $125,170 , $160,545 and $159,709 in 2015 , 2014 and 2013 , respectively, including accrued dividends on vested restricted shares of $3,935 , $1,548 , and $3,092 , respectively, primarily from the proceeds of equity distribution payments from CSC Holdings. In addition, as of December 31, 2015 , up to approximately $7,901 will be paid when, and if, restricted shares and performance based restricted stock units vest. Pursuant to the terms of the Merger Agreement, Cablevision is not permitted to declare and pay dividends or repurchase stock, in each case, without the prior written consent of Altice. During the years ended December 31, 2015 , 2014 and 2013 , CSC Holdings made cash equity distribution payments to Cablevision aggregating $343,164 , $396,382 and $501,224 , respectively. These distribution payments were funded from cash on hand. The proceeds were used to fund: • Cablevision's dividends paid; • Cablevision's interest payments on its senior notes; • Cablevision's repurchases of certain outstanding senior notes in 2014 and 2013; and • Cablevision's payments for the acquisition of treasury shares related to statutory minimum tax withholding obligations upon the vesting of certain restricted shares. 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 , restricted stock and restricted stock units. For such awards that are performance based, the diluted effect is reflected upon the achievement of the performance criteria. The following table presents a reconciliation of weighted average shares used in the calculations of the basic and diluted net income per share attributable to Cablevision stockholders: December 31, 2015 2014 2013 (in thousands) Basic weighted average shares outstanding 269,388 264,623 260,763 Effect of dilution: Stock options 3,532 3,247 3,026 Restricted stock 3,419 2,833 2,146 Diluted weighted average shares outstanding 276,339 270,703 265,935 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 1,160,000 , 1,760,000 and 1,336,000 shares, have been excluded from diluted weighted average shares outstanding for the years ended December 31, 2015 , 2014 and 2013 , respectively. In addition, approximately 45,000 restricted shares for the year ended December 31, 2014 and 1,772,000 performance based restricted stock units for the year ended December 31, 2015 , issued pursuant to the Company's employee stock plan have also been excluded from the diluted weighted average shares outstanding as the performance criteria on these awards had not yet been satisfied for the respective period. 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, 2015 , 2014 and 2013 , or 10% or more of its consolidated net trade receivables at December 31, 2015 and 2014 . |
SUPPLEMENTAL CASH FLOW INFORMAT
SUPPLEMENTAL CASH FLOW INFORMATION | 12 Months Ended |
Dec. 31, 2015 | |
Supplemental Cash Flow Elements [Abstract] | |
SUPPLEMENTAL CASH FLOW INFORMATION | SUPPLEMENTAL CASH FLOW INFORMATION During 2015 , 2014 and 2013 , the Company's non-cash investing and financing activities and other supplemental data were as follows: Years Ended December 31, 2015 2014 2013 Non-Cash Investing and Financing Activities of Cablevision and CSC Holdings: Continuing Operations: Property and equipment accrued but unpaid $ 63,843 $ 48,824 $ 65,391 Notes payable to vendor 8,318 34,522 1,202 Capital lease obligations 19,987 30,603 11,499 Intangible asset obligations 1,121 525 2,498 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 3,517 3,809 3,466 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 560,361 550,241 580,906 Income taxes paid, net 3,849 10,598 16,470 Continuing Operations - CSC Holdings: Cash interest paid 346,457 335,175 362,365 Income taxes paid, net 3,849 10,598 16,470 Discontinued operations - Cablevision and CSC Holdings: Cash interest paid — — 26,606 |
RESTRUCTURING AND IMPAIRMENT CH
RESTRUCTURING AND IMPAIRMENT CHARGES | 12 Months Ended |
Dec. 31, 2015 | |
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 Segment Lightpath Segment Other Segment Total 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 Payments and other, net (5 ) (619 ) (312 ) (936 ) Accrued balance at December 31, 2015 $ — $ — $ 358 $ 358 In addition to the charges included in the table above, the Company recorded net restructuring charges (credits) of $(1,530) , $1,984 , and $(534) , in 2015 , 2014 and 2013 , respectively. The 2014 restructuring expense included a $3,280 charge relating to the elimination of 59 positions at Newsday. The 2015 and 2013 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 and 2013 (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 and 2013 resulted in pre-tax impairment charges of $200 and $25,100 , 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 impairment charges 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, 2015 , 2014 and 2013 . In addition, the Company recorded impairment charges of $425 and $10,997 in 2014 and 2013 , 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, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
DISCONTINUED OPERATIONS | DISCONTINUED OPERATIONS Loss from discontinued operations for the year ended December 31, 2015 amounted to $21,272 ( $12,541 , net of income taxes) and primarily reflects an expense of $21,000 ( $12,380 , net of income taxes) related to the decision in a case relating to Rainbow Media Holdings LLC, a business whose operations were previously discontinued (see Note 16). Income from discontinued operations for the year ended December 31, 2014 amounted to $5,028 ( $2,822 , net of income taxes) and resulted primarily from the settlement of a contingency related to Montana property taxes related to Bresnan Cable. Income from discontinued operations for the year ended December 31, 2013 primarily relates to 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), the related gains on the respective sales of these businesses, and the proceeds and costs related to the settlement of litigation with DISH Network, LLC (see table below). 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. 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 were recorded as a gain in discontinued operations for the year ended December 31, 2013. |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2015 | |
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 2015 2014 Useful Lives Customer equipment $ 1,952,336 $ 1,954,512 3 to 5 years Headends and related equipment 1,571,750 1,437,681 4 to 25 years Central office equipment 816,539 811,320 5 to 10 years Infrastructure 5,639,226 5,695,519 3 to 25 years Equipment and software 1,577,616 1,507,500 3 to 10 years Construction in progress (including materials and supplies) 87,412 97,955 Furniture and fixtures 96,561 94,265 5 to 12 years Transportation equipment 210,013 217,486 5 to 18 years Buildings and building improvements 322,267 303,344 10 to 40 years Leasehold improvements 354,136 345,942 Term of lease Land 14,507 14,538 12,642,363 12,480,062 Less accumulated depreciation and amortization (9,625,348 ) (9,454,315 ) $ 3,017,015 $ 3,025,747 During the years ended December 31, 2015 and 2014 , the Company capitalized certain costs aggregating $144,349 and $153,675 , 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, 2015 , 2014 and 2013 amounted to $857,440 , $852,451 and $858,899 , respectively, (including impairment charges of $425 and $10,997 in 2014 and 2013 , respectively). At December 31, 2015 and 2014 , the gross amount of equipment and related accumulated amortization recorded under capital leases were as follows: December 31, 2015 2014 Equipment $ 90,099 $ 95,719 Less accumulated amortization (28,119 ) (39,951 ) $ 61,980 $ 55,768 |
OPERATING LEASES
OPERATING LEASES | 12 Months Ended |
Dec. 31, 2015 | |
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 2035. 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, 2015 , 2014 and 2013 amounted to $82,704 , $77,769 and $75,553 , 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, 2016 through December 31, 2020, at rates now in force are as follows: 2016 $ 65,847 2017 68,820 2018 57,560 2019 45,184 2020 41,520 Thereafter 161,929 |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 and 2014 : December 31, Estimated 2015 2014 Useful Lives Gross carrying amount of amortizable intangible assets Customer relationships $ 39,414 $ 45,828 10 to 18 years Other amortizable intangibles 57,847 50,971 3 to 28 years 97,261 96,799 Accumulated amortization Customer relationships (27,778 ) (31,407 ) Other amortizable intangibles (32,532 ) (28,611 ) (60,310 ) (60,018 ) Amortizable intangible assets, net of accumulated amortization 36,951 36,781 Indefinite-lived cable television franchises 731,848 731,848 Trademarks and other indefinite-lived intangible assets 7,250 7,250 Goodwill 262,345 264,690 Total intangible assets, net $ 1,038,394 $ 1,040,569 December 31, 2015 2014 Aggregate amortization expense Years ended December 31, 2015 and 2014 (excluding impairment charges of $5,831 in 2014) $ 7,812 $ 8,220 Estimated amortization expense Year Ending December 31, 2016 $ 6,968 Year Ending December 31, 2017 6,510 Year Ending December 31, 2018 5,502 Year Ending December 31, 2019 4,860 Year Ending December 31, 2020 3,923 The carrying amount of goodwill as of December 31, 2015 and 2014 is as follows: Cable Lightpath Other Total Gross goodwill as of December 31, 2014 $ 234,290 $ 21,487 $ 342,971 $ 598,748 Adjustment in connection with the purchase of noncontrolling interest in Newsday — — (2,345 ) (2,345 ) Gross goodwill as of December 31, 2015 234,290 21,487 340,626 596,403 Accumulated impairment losses as of December 31, 2015 and 2014 — — (334,058 ) (334,058 ) $ 234,290 $ 21,487 $ 6,568 $ 262,345 |
DEBT
DEBT | 12 Months Ended |
Dec. 31, 2015 | |
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 Maturity December 31, 2015 December 31, 2016 December 31, 2015 December 31, 2014 Restricted Group: Revolving loan facility (a) April 17, 2018 — $ — $ — $ — Term A loan facility April 17, 2018 2.17% 71,888 886,621 934,547 Term B loan facility (b) April 17, 2020 2.92% 11,888 1,155,321 1,366,102 Restricted Group credit facility debt 83,776 2,041,942 2,300,649 Newsday: Floating rate term loan facility October 12, 2016 3.92% 480,000 480,000 480,000 Total credit facility debt $ 563,776 $ 2,521,942 $ 2,780,649 (a) At December 31, 2015 , $71,686 of the Restricted Group revolving loan facility was restricted for certain letters of credit issued on behalf of CSC Holdings and $1,428,314 of the Restricted Group 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 $3,712 and $5,326 at December 31, 2015 and 2014 , 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 $1,200,000 (net of payments made in 2015 and 2014 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, 2015 , no amounts were drawn under the Restricted Group revolving credit facility. In connection with the refinancing, the Company wrote-off deferred financing costs of $6,602 related to the repaid credit facility in 2013. 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 Credit Agreement. The original issue discount and the deferred financing costs are both being amortized to interest expense over the term of the respective loans. 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 $694,918 at maturity on April 17, 2018. The Term B loans are subject to quarterly repayments that began in September 2013 and are currently $2,972 per quarter through December 31, 2019 with a final repayment of $1,111,481 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 Credit Agreement 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 Credit Agreement 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. The Restricted Group was in compliance with all of its financial covenants under the Credit Agreement as of December 31, 2015 . Repayment of Restricted Group Credit Facility Debt 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. In April 2015, CSC Holdings made a repayment of $200,000 on its outstanding Term B loan facility with cash on hand. In connection with the repayment, the Company recognized a loss on extinguishment of debt of $731 and wrote-off unamortized deferred financing costs related to this loan facility of $1,004 for the year ended December 31, 2015. Newsday LLC Credit Facility On October 12, 2012, Newsday LLC ("Newsday") entered into a new senior secured credit agreement (the "Newsday Credit Agreement" and elsewhere, the "Existing Newsday Credit Facility"), 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. 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. Newsday was in compliance with its financial covenants under the Newsday Credit Agreement as of December 31, 2015 . Senior Notes and Debentures The following table summarizes the Company's senior notes and debentures: Interest Principal Carrying Amount at December 31, Issuer Date Issued Maturity Date Rate Amount 2015 2014 CSC Holdings (a)(c) February 6, 1998 February 15, 2018 7.875 % 300,000 $ 299,635 $ 299,464 CSC Holdings (a)(c) July 21, 1998 July 15, 2018 7.625 % 500,000 499,937 499,912 CSC Holdings (b)(c) February 12, 2009 February 15, 2019 8.625 % 526,000 515,520 512,750 CSC Holdings (b) November 15, 2011 November 15, 2021 6.750 % 1,000,000 1,000,000 1,000,000 CSC Holdings (b) May 23, 2014 June 1, 2024 5.250 % 750,000 750,000 750,000 3,065,092 3,062,126 Cablevision (b)(c) September 23, 2009 September 15, 2017 8.625 % 900,000 896,526 894,717 Cablevision (b) April 15, 2010 April 15, 2018 7.750 % 750,000 750,000 750,000 Cablevision (b) April 15, 2010 April 15, 2020 8.000 % 500,000 500,000 500,000 Cablevision (b) September 27, 2012 September 15, 2022 5.875 % 649,024 649,024 649,024 $ 5,860,642 $ 5,855,867 (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 (i) 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, 2015 and 2014 which are eliminated in the consolidated balance sheets of Cablevision and (ii) the Senior Secured Credit Facilities and the Notes which will be assumed by CSC Holdings upon the consummation of the Merger. 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. The Company was in compliance with all of its financial covenants under these indentures as of December 31, 2015 . Issuance of Debt Securities - CSC Holdings 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. Repurchases of Cablevision Senior Notes In January 2014, Cablevision repurchased with cash on hand $27,831 aggregate principal amount of its then outstanding 5.875% senior notes due September 15, 2022 (the "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 of approximately $1,436 of unamortized deferred financing costs associated with these notes. 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 of 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 (i) $ 204,937 aggregate principal amount of its then outstanding 8.50% senior notes due April 2014 notes and (ii) $ 91,543 aggregate principal amount of its then outstanding 8.50% senior notes due June 2015 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. Summary of Debt Maturities Total amounts payable by the Company under its various debt obligations outstanding as of December 31, 2015 , 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 2016 $ 1,014,014 $ 1,014,014 2017 1,797,914 897,914 2018 2,288,575 1,538,575 2019 540,141 540,141 2020 1,612,844 1,112,844 Thereafter 2,399,024 1,750,000 (a) Excludes the Cablevision senior notes held by Newsday Holdings. See Note 1 for a discussion regarding additional debt that will be assumed by the Company upon consummation of the Merger. |
DERIVATIVE CONTRACTS AND COLLAT
DERIVATIVE CONTRACTS AND COLLATERALIZED INDEBTEDNESS | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE CONTRACTS AND COLLATERALIZED INDEBTEDNESS | DERIVATIVE CONTRACTS AND COLLATERALIZED INDEBTEDNESS 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, 2015 , 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, 2015 . 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, 2015 and 2014 : Asset Derivatives Liability Derivatives Derivatives Not Designated as Hedging Instruments Balance Sheet Location Fair Value at December 31, 2015 Fair Value at December 31, 2014 Fair Value at December 31, 2015 Fair Value at December 31, 2014 Prepaid forward contracts Current derivative contracts $ 10,333 $ — $ 2,706 $ 93,010 Prepaid forward contracts Long-term derivative contracts 72,075 7,317 — 9,207 $ 82,408 $ 7,317 $ 2,706 $ 102,217 Unrealized and realized gains (losses) related to Company's equity derivative contracts related to the Comcast common stock for the years ended December 31, 2015 , 2014 and 2013 of $104,927 , $(45,055) and $(198,688) , respectively, are reflected in gain (loss) on equity derivative contracts, net in the Company's consolidated statements of income. For the years ended December 31, 2015 , 2014 and 2013 , the Company recorded a gain (loss) on investments of $(33,935) , $129,832 and $313,251 , respectively, representing the net increase (decrease) in the fair values of all investment securities pledged as collateral. 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 and the value of the related equity derivative contracts for the years ended December 31, 2015 and 2014 . 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, 2015 2014 Number of shares 13,407,684 8,069,934 Collateralized indebtedness settled $ (569,562 ) $ (248,388 ) Derivative contracts settled (69,675 ) (93,717 ) (639,237 ) (342,105 ) Proceeds from new monetization contracts 774,703 416,621 Net cash receipt $ 135,466 $ 74,516 In the Merger Agreement, Cablevision agreed that it would not share settle any collateralized indebtedness prior to the Merger. |
FAIR VALUE MEASUREMENT
FAIR VALUE MEASUREMENT | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 and December 31, 2014 : At December 31, 2015 Level I Level II Level III Total Assets: Money market funds $ 922,765 $ — $ — $ 922,765 Investment securities 130 — — 130 Investment securities pledged as collateral 1,211,982 — — 1,211,982 Prepaid forward contracts — 82,408 — 82,408 Liabilities: Prepaid forward contracts — 2,706 — 2,706 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: Prepaid forward contracts — 102,217 — 102,217 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 in 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, 2015 Fair Value Hierarchy Carrying Amount Estimated Fair Value CSC Holdings notes receivable: Cablevision senior notes held by Newsday Holdings LLC (a) Level II $ 611,455 $ 616,020 Debt instruments: Credit facility debt (b) Level II $ 2,521,942 $ 2,525,654 Collateralized indebtedness Level II 1,191,324 1,176,396 Senior notes and debentures Level II 3,065,092 2,996,440 Notes payable Level II 14,544 14,483 CSC Holdings total debt instruments 6,792,902 6,712,973 Cablevision senior notes Level II 2,795,550 2,760,168 Cablevision total debt instruments $ 9,588,452 $ 9,473,141 December 31, 2014 Fair Value Hierarchy Carrying Amount Estimated Fair Value CSC Holdings notes receivable: Cablevision senior notes held by Newsday Holdings LLC (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 (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, 2015 | |
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 attributable to Cablevision's continuing operations consists of the following components: Years Ended December 31, 2015 2014 2013 Current expense (benefit): Federal $ 4,844 $ 6,122 $ (144 ) State 15,869 2,788 (3,510 ) 20,713 8,910 (3,654 ) Deferred expense: Federal 97,927 135,873 69,258 State 35,469 23,906 198 133,396 159,779 69,456 Tax expense (benefit) relating to uncertain tax positions, including accrued interest 763 (52,921 ) (167 ) Income tax expense $ 154,872 $ 115,768 $ 65,635 Income tax benefit attributable to discontinued operations for the year ended December 31, 2015 of $8,731 is comprised of current and deferred income tax benefit of $111 and $8,620 , respectively. 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. 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, 2015 2014 2013 Federal tax expense at statutory rate $ 119,931 $ 148,803 $ 67,536 State income taxes, net of federal benefit 18,874 19,059 3,607 Changes in the valuation allowance (902 ) (344 ) 5,631 Changes in the state rates used to measure deferred taxes, net of federal benefit (1,006 ) (322 ) (11,228 ) Tax expense (benefit) relating to uncertain tax positions, including accrued interest, net of deferred tax benefits 574 (52,914 ) (124 ) Impact of New York tax reform 16,334 (2,050 ) — Impact of non-deductible officers' compensation 846 1,532 796 Other non-deductible expenses 3,099 3,697 3,628 Research credit (2,630 ) (2,634 ) (3,739 ) Other, net (248 ) 941 (472 ) Income tax expense $ 154,872 $ 115,768 $ 65,635 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, 2015 and 2014 are as follows: December 31, 2015 2014 Deferred Tax Asset (Liability) Current NOLs and tax credit carry forwards $ 76,007 $ 144,833 Compensation and benefit plans 80,831 74,220 Allowance for doubtful accounts 2,196 4,557 Merger-related costs 7,332 — Inventory valuation adjustment 7,135 — Other liabilities 26,216 4,909 Deferred tax asset 199,717 228,519 Valuation allowance (2,098 ) (3,496 ) Net deferred tax asset, current 197,619 225,023 Investments (163,396 ) (159,475 ) Prepaid expenses (19,627 ) (27,605 ) Deferred tax liability, current (183,023 ) (187,080 ) Net deferred tax asset, current 14,596 37,943 Noncurrent NOLs and tax credit carry forwards 36,866 25,427 Compensation and benefit plans 97,005 99,076 Partnership investments 123,529 123,243 Investments 9,798 22,294 Other 9,201 7,345 Deferred tax asset 276,399 277,385 Valuation allowance (2,816 ) (3,901 ) Net deferred tax asset, noncurrent 273,583 273,484 Fixed assets and intangibles (978,418 ) (884,120 ) Other — (452 ) Deferred tax liability, noncurrent (978,418 ) (884,572 ) Net deferred tax liability, noncurrent (704,835 ) (611,088 ) Total net deferred tax liability $ (690,239 ) $ (573,145 ) At December 31, 2015 , Cablevision had consolidated federal net operating loss carry forwards ("NOLs") of $431,405 expiring on various dates from 2024 through 2032 . Cablevision has recorded a deferred tax asset related to $17,893 of such NOLs. A deferred tax asset has not been recorded for the remaining NOL of $413,512 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 will be recorded as an increase to paid-in capital. Cablevision realized excess tax benefit of $5,694 , $336 and $1,280 during the years ended December 31, 2015 , 2014 and 2013 respectively, resulting in an increase to paid-in capital. As of December 31, 2015 , Cablevision has $43,167 of federal alternative minimum tax credit carry forwards which do not expire. As of December 31, 2015, Cablevision has $17,448 of research credits, expiring in varying amounts from 2023 through 2035 . 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 attributable to continuing operations consists of the following components: Years Ended December 31, 2015 2014 2013 Current expense: Federal $ 169,459 $ 189,609 $ 66,800 State 20,209 46,573 21,579 189,668 236,182 88,379 Deferred expense: Federal 17,555 35,445 89,832 State 61,370 17,744 10,035 78,925 53,189 99,867 Tax expense (benefit) relating to uncertain tax positions, including accrued interest 763 (52,921 ) (167 ) Income tax expense $ 269,356 $ 236,450 $ 188,079 Income tax benefit attributable to discontinued operations for the year ended December 31, 2015 of $8,731 is comprised of current and deferred income tax benefit of $111 and $8,620 , respectively. Income tax expense attributable to discontinued operations for the year ended December 31, 2014 of $2,206 is comprised of current income tax expense of $2,479 , net of deferred income tax benefit of $273 . Income tax expense attributable to discontinued operations for the year ended December 31, 2013 of $240,412 is comprised of current income tax expense of $299,353 , net of deferred income tax benefit of $58,941 . In connection with the tax allocation policy between CSC Holdings and Cablevision, CSC Holdings increased the affiliate payable due to Cablevision by $166,370 , representing the estimated current income tax liability of CSC Holdings for the year ended December 31, 2015 as determined on a stand-alone basis, and as reduced by excess tax benefit realized of $14,170 and current income tax liabilities that are payable by CSC Holdings of $9,436 . 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, 2015 2014 2013 Federal tax expense at statutory rate $ 214,742 $ 243,740 $ 167,098 State income taxes, net of federal benefit 38,311 42,769 27,177 Changes in the valuation allowance (902 ) (382 ) (101 ) Changes in the state rates used to measure deferred taxes, net of federal benefit (581 ) 379 (6,484 ) Tax expense (benefit) relating to uncertain tax positions, including accrued interest, net of deferred tax benefits 574 (52,914 ) (124 ) Impact of New York tax reform 16,334 (1,502 ) — Impact of non-deductible officers' compensation, net 846 1,532 796 Other non-deductible expenses 3,099 3,697 3,628 Research credit (2,630 ) (2,634 ) (3,739 ) Other, net (437 ) 1,765 (172 ) Income tax expense $ 269,356 $ 236,450 $ 188,079 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, 2015 and 2014 are as follows: December 31, 2015 2014 Deferred Tax Asset (Liability) Current Compensation and benefit plans $ 80,831 $ 74,220 Allowance for doubtful accounts 2,196 4,557 Merger-related costs 7,332 — Inventory valuation adjustment 7,135 — Other liabilities 26,216 4,909 Deferred tax asset 123,710 83,686 Valuation allowance (1,650 ) (1,891 ) Net deferred tax asset, current 122,060 81,795 Investments (163,396 ) (159,475 ) Prepaid expenses (19,627 ) (27,605 ) Deferred tax liability, current (183,023 ) (187,080 ) Net deferred tax liability, current (60,963 ) (105,285 ) Noncurrent NOLs and tax credit carry forwards 8,785 11,702 Compensation and benefit plans 97,005 99,076 Partnership investments 123,529 123,243 Investments 9,798 22,294 Other 9,201 7,345 Deferred tax asset 248,318 263,660 Valuation allowance (3,212 ) (5,454 ) Net deferred tax asset, noncurrent 245,106 258,206 Fixed assets and intangibles (978,418 ) (884,120 ) Other — (453 ) Deferred tax liability, noncurrent (978,418 ) (884,573 ) Net deferred tax liability, noncurrent (733,312 ) (626,367 ) Total net deferred tax liability $ (794,275 ) $ (731,652 ) 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 excess tax benefit of $14,170 , $4,978 and $46,164 during the years ended December 31, 2015 , 2014 and 2013 , respectively. 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, 2014 $ 4,011 Increases related to prior year tax positions 316 Decreases related to prior year tax positions (88 ) Increases related to current year tax positions 3 Settlements paid in cash (220 ) Balance at December 31, 2015 $ 4,022 As of December 31, 2015 , 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 $2,725 . 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 of $314 , $284 and $107 has been included in income tax expense attributable to continuing operations in the consolidated statements of income for 2015 , 2014 and 2013 , respectively. At December 31, 2015 , accrued interest on uncertain tax positions of $3,490 was included in other noncurrent liabilities in the consolidated balance sheet. In January 2014, the Internal Revenue Service informed the Company that the consolidated federal income tax returns for 2009 and 2010 were 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. 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 2009 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, 2015 | |
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 agreement in Brooklyn. 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 agreement in Brooklyn. Effective April 1, 2015, participation was frozen and future benefit accruals ceased for employees covered by a collective bargaining agreement in Brooklyn. Therefore, after April 1, 2015, no employee of the Company who was not already a participant could participate in the plans and no further annual Pay Credits (a certain percentage of employees' eligible pay) were made. Existing account balances under the plans continue to be credited with monthly interest in accordance with the terms of the plans. Plan Results for Defined Benefit Plans Summarized below is the funded status and the amounts recorded on the Company's consolidated balance sheets for all of the Company's Defined Benefit Plans at December 31, 2015 and 2014 : December 31, 2015 2014 Change in projected benefit obligation: Projected benefit obligation at beginning of year $ 430,846 $ 433,916 Service cost 344 774 Interest cost 15,523 18,040 Actuarial (gain) loss (14,912 ) 9,006 Benefits paid (27,838 ) (30,890 ) Projected benefit obligation at end of year 403,963 430,846 Change in plan assets: Fair value of plan assets at beginning of year 303,676 268,610 Actual return (loss) on plan assets, net (3,921 ) 11,687 Employer contributions 25,929 54,269 Benefits paid (27,838 ) (30,890 ) Fair value of plan assets at end of year 297,846 303,676 Unfunded status at end of year $ (106,117 ) $ (127,170 ) The accumulated benefit obligation for the Company's Defined Benefit Plans aggregated $403,963 and $430,846 at December 31, 2015 and 2014 , respectively. Approximately $1,950 of unrecognized actuarial losses recorded in accumulated other comprehensive loss is expected to be recognized as a component of net periodic benefit cost during 2016 relating to the Defined Benefit Plans. The Company's net funded status relating to its Defined Benefit Plans at December 31, 2015 and 2014 are as follows: 2015 2014 Defined Benefit Plans $ (106,117 ) $ (127,170 ) Less: Current portion related to nonqualified plans 6,889 6,526 Long-term defined benefit plan obligations $ (99,228 ) $ (120,644 ) 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, 2015 , 2014 and 2013 , are as follows: Years Ended December 31, 2015 2014 2013 Service cost $ 344 $ 774 $ 45,346 Interest cost 15,523 18,040 14,128 Expected return on plan assets, net (8,297 ) (9,548 ) (7,866 ) Recognized actuarial loss (reclassified from accumulated other comprehensive loss) 1,294 2,364 1,645 Settlement loss (reclassified from accumulated other comprehensive loss) (a) 3,822 5,348 — Net periodic benefit cost $ 12,686 $ 16,978 $ 53,253 (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 2015 and 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 Years Ended December 31, Benefit Obligations at December 31, 2015 2014 2013 2015 2014 Discount rate (a) 3.83 % 4.24 % 3.67 % 3.94 % 3.70 % Rate of increase in future compensation levels — % 3.50 % 3.50 % — % 3.50 % Expected rate of return on plan assets (Pension Plan only) 4.03 % 4.53 % 3.60 % N/A N/A (a) The discount rates of 3.83% and 4.24% in 2015 and 2014, respectively, represent 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 and risk for each asset class are the most important of the assumptions used in the review and modeling and are based on comprehensive reviews of historical data, forward looking economic outlook, and economic/financial market theory. The expected long-term rate of return was chosen as a best estimate and was determined by (a) historical real returns, net of inflation, for the asset classes covered by the investment policy, and (b) projections of inflation over the long-term period during which benefits are payable to plan participants. Pension Plan Assets and Investment Policy The weighted average asset allocations of the Pension Plan at December 31, 2015 and 2014 were as follows: Plan Assets at 2015 2014 Asset Class: Mutual funds 39 % 39 % Fixed income securities 61 58 Cash equivalents and other — 3 100 % 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 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. Consequently, an increase in interest rates may cause a decrease to the overall liability of the Pension Plan thus creating a hedge against rising interest rates. 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, 2015 by asset class are as follows: Asset Class Level I Level II Level III Total Mutual funds $ 117,174 $ — $ — $ 117,174 Fixed income securities held in a portfolio: Foreign issued corporate debt — 12,825 — 12,825 U.S. corporate debt — 54,005 — 54,005 Government debt — 8,273 — 8,273 U.S. Treasury securities — 90,414 — 90,414 Asset-backed securities — 18,563 — 18,563 Cash equivalents (a) 893 — — 893 Total (b) $ 118,067 $ 184,080 $ — $ 302,147 (a) Represents an investment in a money market fund. (b) Excludes cash and net payables relating to the purchase of securities that were not settled as of December 31, 2015 . 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 mutual funds and cash equivalents were derived from quoted market prices that the Pension Plan administrator has the ability to access. The fair values of corporate and government debt, treasury securities and asset-back securities were derived from bids received from a vendor or broker not available in an active market that the Pension Plan administrator has the ability to access. Benefit Payments and Contributions for Defined Benefit Plans The following benefit payments are expected to be paid: 2016 $ 40,666 2017 31,132 2018 29,219 2019 28,374 2020 28,942 2021-2025 124,043 The Company currently expects to contribute approximately $9,000 to the Pension Plan in 2016. 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 discretionary contributions) was $61,343 , $65,725 and $26,757 for the years ended December 31, 2015 , 2014 and 2013 , respectively. |
EQUITY AND LONG-TERM INCENTIVE
EQUITY AND LONG-TERM INCENTIVE PLANS | 12 Months Ended |
Dec. 31, 2015 | |
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 March 2015, Cablevision's Board of Directors approved the Cablevision Systems Corporation 2015 Employee Stock Plan ("2015 Plan"), which was approved by Cablevision's stockholders at its annual stockholders meeting on May 21, 2015. Under the 2015 Plan, Cablevision is authorized to grant stock options, restricted shares, restricted stock units, stock appreciation rights, and other equity-based awards. The Company may grant awards for up to 25,000,000 shares of CNYG Class A common stock under the 2015 Plan. Options and stock appreciation rights under the 2015 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 2015 Plan, including vesting and exercisability, will be determined by Cablevision's compensation committee and may be based upon performance criteria. As of December 31, 2015, 79,780 equity based awards had been granted under the 2015 Plan. Previously, the Company had an employee stock plan ("2006 Plan") under which it was authorized to grant incentive stock options, nonqualified stock options, restricted shares, restricted stock units, stock appreciation rights and other equity-based awards. As a result of the approval of the 2015 Plan by Cablevision stockholders, all remaining available shares (other than those subject to outstanding grants of restricted stock or stock options) under the 2006 Plan have been canceled and no further awards will be granted. The 2006 Plan provided that the exercise price of options and stock appreciation rights could not be less than the fair market value of a share of CNYG Class A common stock on the date of grant and that the awards 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). 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 2015 and 2014 , Cablevision granted its non-employee directors an aggregate of 73,056 and 66,421 restricted stock units, respectively. Total non-employee director restricted stock units outstanding as of December 31, 2015 were 466,283 . Options 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. Performance based restricted stock units ("PSUs") granted in 2015 are scheduled to cliff vest after three years subject to achievement of specified performance criteria. Since share-based compensation expense is based on awards that are ultimately expected to vest, such compensation expense for the years ended December 31, 2015 , 2014 and 2013 has been reduced for estimated forfeitures. Forfeitures were estimated based primarily on historical experience. The following table presents the share-based compensation expense recognized by the Company as selling, general and administrative expense for the years ended December 31, 2015 , 2014 and 2013 : Years Ended December 31, 2015 2014 2013 Stock options $ 9,159 $ 7,573 $ 17,560 Restricted shares and restricted stock units 51,162 36,411 35,155 Share-based compensation related to equity classified awards 60,321 43,984 52,715 Other share-based compensation 4,965 — — Total share-based compensation $ 65,286 $ 43,984 $ 52,715 An income tax benefit of $26,718 , $17,801 and $21,682 was recognized in continuing operations resulting from share-based compensation expense for the years ended December 31, 2015 , 2014 and 2013 , 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 recorded an excess tax benefit of $5,694 , $336 and $1,280 for the years ended December 31, 2015 , 2014 and 2013 , respectively. CSC Holdings recorded an excess tax benefit of $14,170 , $4,978 and $46,164 for the years ended December 31, 2015 , 2014 and 2013 , respectively. Cash received from stock option exercises for the years ended December 31, 2015 , 2014 and 2013 was $18,727 , $55,355 and $18,120 , 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 2015, Cablevision granted options that are scheduled to vest over three years in 33 1/3% annual increments 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 historical data for similar awards. The interest rate for periods within the contractual life of the stock options 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. Cablevision calculated the fair value of the option awards 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 2015 , 2014 and 2013 : 2015 2014 2013 Risk-free interest rate 1.82 % 2.12 % 1.25 % Expected life (in years) 8 6.5 6.5 Dividend yield 3.63 % 3.79 % 3.86 % Volatility 39.98 % 42.80 % 42.31 % Grant date fair value $ 5.45 $ 5.27 $ 3.96 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, 2015 : Shares Under Option Time Vesting Options Performance Based Vesting Options Weighted Average Exercise Price Per Share Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (a) Balance, December 31, 2014 5,097,666 7,633,500 $ 14.41 7.17 $ 79,347 Granted 2,000,000 — 19.17 Exercised (353,666 ) (1,024,283 ) 12.84 Balance, December 31, 2015 6,744,000 6,609,217 15.28 6.80 221,900 Options exercisable at December 31, 2015 744,000 6,609,217 13.94 5.67 132,080 Options expected to vest in the future 6,000,000 — 16.93 8.18 89,820 (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, 2015 or December 31, 2014 , as indicated, and December 31, 2015 in the case of the options exercisable and options expected to vest in the future. For the year ended December 31, 2015 , the aggregate intrinsic value of options exercised under Cablevision's stock option plans was $17,561 determined as of the date of option exercise. 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 and restricted stock units for the year ended December 31, 2015 : Number of Restricted Shares Number of Performance Restricted Shares Number of PSUs (a) Weighted Average Fair Value Per Share at Date of Grant Unvested award balance, December 31, 2014 5,314,870 2,035,300 — $ 15.46 Granted 1,747,870 584,400 1,851,700 19.43 Vested (1,598,363 ) (739,600 ) — 14.48 Awards forfeited (496,629 ) — (79,270 ) 17.28 Unvested award balance, December 31, 2015 4,967,748 1,880,100 1,772,430 17.53 (a) The PSUs entitle the employee to shares of CNYG common stock up to 150% of the number of PSUs granted depending on the level of achievement of the specified performance criteria. If the minimum performance threshold is not met, no shares will be issued. Accrued dividends are paid to the extent that a PSU vests and the related stock is issued. During the year ended December 31, 2015 , 2,337,963 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, 1,004,950 of these shares, with an aggregate value of $19,141 , were surrendered to the Company. 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. These acquired shares have been classified as treasury stock. As of December 31, 2015 , there was $78,457 of total unrecognized compensation cost related to outstanding awards 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 March 2011, Cablevision's Board of Directors approved the Cablevision Systems Corporation 2011 Cash Incentive Plan, which was approved by Cablevision's stockholders at its annual stockholders meeting in May 2011. In connection with the long-term incentive awards outstanding, the Company has recorded expenses of $27,170 , $43,892 and $24,596 for the years ended December 31, 2015 , 2014 and 2013 , respectively. At December 31, 2015 , the Company had accrued $31,225 for performance based awards for which the performance criteria had not yet been met as of December 31, 2015 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. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2015 | |
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 AMC Networks, Madison Square Garden and MSG Networks Inc. ("MSG Networks"). 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 Ended December 31, 2015 2014 2013 Revenues, net $ 1,474 $ 1,841 $ 2,483 Operating expenses: Technical expenses $ 22,159 $ 21,785 $ 22,963 Selling, general and administrative credits, net (563 ) (584 ) (1,865 ) Operating expenses, net 21,596 21,201 21,098 Net charges $ 20,122 $ 19,360 $ 18,615 The following table summarizes the revenue and charges related to services provided to or received from Madison Square Garden and MSG Networks not discussed elsewhere in the accompanying combined notes to the consolidated financial statements: Years Ended December 31, 2015 2014 2013 Revenues, net $ 3,869 $ 3,234 $ 3,103 Operating expenses: Technical expenses $ 154,750 $ 157,359 $ 156,028 Selling, general and administrative expenses, net 5,935 4,462 4,851 Operating expenses, net 160,685 161,821 160,879 Net charges $ 156,816 $ 158,587 $ 157,776 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, Madison Square Garden and MSG Networks. The Company and its subsidiaries, together with AMC Networks, Madison Square Garden and MSG Networks may enter into agreements with third parties in which the amounts paid/received by AMC Networks, Madison Square Garden and MSG Networks, 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 AMC Networks, Madison Square Garden and MSG Networks have received a benefit incremental to fair value from these negotiations, the Company and its subsidiaries will charge AMC Networks, Madison Square Garden and MSG 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 (2014 and 2013 periods only), as well as for AMC, WE tv, IFC, Sundance Channel and BBC America (2015 period only) on the Company's cable systems. The Company also purchases certain programming signal transmission and production services from AMC Networks. Selling, General and Administrative Expenses (Credits) The Company, AMC Networks, Madison Square Garden and MSG Networks 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. Additionally, amounts reflected in the tables are net of allocations to AMC Networks, Madison Square Garden and MSG 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. 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 2015 , 2014 and 2013 , 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 MSG Networks and other affiliates at December 31, 2015 and 2014 are summarized below: Cablevision December 31, 2015 2014 Amounts due from affiliates $ 767 $ 1,732 Amounts due to affiliates 29,729 29,651 CSC Holdings December 31, 2015 2014 Amounts due from affiliates (principally Cablevision) $ 748 $ 1,694 Amounts due to affiliates (principally Cablevision) 287,093 135,636 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 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) $ 5,190,648 $ 1,982,231 $ 2,451,658 $ 719,281 $ 37,478 Guarantees (b) 34,360 17,016 16,319 1,025 — Letters of credit (c) 71,686 2,071 69,615 — — Total $ 5,296,694 $ 2,001,318 $ 2,537,592 $ 720,306 $ 37,478 (a) Purchase obligations primarily include contractual commitments with various programming vendors to provide video services to customers and minimum purchase obligations to purchase goods or services. 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 2015 multiplied by the per subscriber rates or the stated annual fee, as applicable, contained in the executed agreements in effect as of December 31, 2015 . (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. 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. On January 9, 2015, plaintiffs filed a motion for class certification. On December 7, 2015, the parties entered into a settlement agreement, which is subject to approval by the Court. On December 11, 2015, plaintiffs filed a motion for preliminary approval of the settlement, conditional certification of the settlement class, and approval of a class notice distribution plan. A decision is pending. In the quarter ended September 30, 2015, the Company recorded estimated charges associated with the settlement totaling $12,800 , of which $9,500 is reflected in selling, general and administrative expense, and $3,300 , representing the cost of benefits to class members that are reasonably expected to be provided, is reflected as a reduction to revenue, net. It is possible that the amount ultimately paid in connection with the settlement could exceed the amount recorded. 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 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 expired on February 27, 2015. Expert discovery commenced on May 5, 2014, and concluded on December 8 and 28, 2015, when the Court ruled on the pending expert discovery motions. On January 26, 2016, the Court approved a schedule for filing of summary judgment motions. 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 Arnold Wandel v. Cablevision Systems Corp., et al. : On September 24, 2015, a putative shareholder class action lawsuit was filed in the Court of Chancery of the State of Delaware against Cablevision, the Company’s Board of Directors, Altice and Merger Sub. The complaint alleges that the Board of Directors breached its fiduciary duties to Cablevision’s stockholders by approving the sale of the Company to Altice for inadequate consideration and by agreeing to preclude other potential acquirers from tendering superior proposals, and that Altice aided and abetted the breaches. The complaint seeks preliminary and permanent injunctive relief blocking the closing of the Merger, rescission of the Merger were it to close, costs, attorneys’ fees, and such other relief as the Court may deem just and proper. The parties agreed to suspend the time to answer or otherwise respond to the complaint until plaintiff filed a consolidated complaint. On December 9, 2015, plaintiff filed a notice of dismissal without prejudice, which the Court approved on December 11, 2015. The Company believes this matter is now concluded. James R. Gould, Jr. v. Cablevision Systems Corp., et al. : On September 24, 2015, a putative shareholder class action lawsuit was filed in the Court of Chancery of the State of Delaware against Cablevision, the Company’s Board of Directors, Altice and Merger Sub. The complaint alleges that the Board of Directors breached its fiduciary duties to Cablevision’s stockholders by, among other reasons, failing to properly value the Company and failing to take steps to maximize the value of Cablevision to its public stockholders in connection with the sale of the Company to Altice, and that Altice, Cablevision and Merger Sub aided and abetted the breaches. The complaint seeks injunctive relief blocking the closing of the Merger, unspecified damages, costs, attorneys’ fees, and such other relief as the court may deem just and proper. The parties agreed to suspend the time to answer or otherwise respond to the complaint until plaintiff filed a consolidated complaint. On December 9, 2015, plaintiff filed a notice of dismissal without prejudice, which the Court approved on December 11, 2015. The Company believes this matter is now concluded. 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 were filed on June 16, 2014. Oral argument took place on January 23, 2015. On June 30, 2015, the Court granted the individual defendants’ motions to dismiss. On July 30, 2015, plaintiff filed a notice of appeal. On September 14, 2015, plaintiff voluntarily withdrew her appeal. The Company believes this matter is now concluded. In April 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 LLC (which was subsequently dismissed as a party) in New York State Supreme Court. The lawsuit raised compensation-related claims related to events largely from 2005 to 2008. The matter was handled under the direction of an independent committee of the Board of Directors of Cablevision. In April 2015, the Court granted summary judgment in favor of the plaintiff on liability, with damages to be determined. On June 18, 2015, the Company filed a notice of appeal. On February 8, 2016, Cablevision and Thomas C. Dolan entered into a settlement pursuant to which the Company agreed to pay plaintiff $21,000 and plaintiff released all claims. A stipulation of dismissal with prejudice was approved and entered by the Court on February 8, 2016, and payment was made the same day. The appeal has also been withdrawn. In connection with the settlement, Charles F. Dolan and James L. Dolan have entered into an agreement to pay the Company, in the aggregate, $6,000 in partial reimbursement of the Company’s settlement payment to Thomas C. Dolan if the Company’s pending merger with Altice is not consummated. The Company recorded an expense of $21,000 which is reflected in discontinued operations in the accompanying consolidated statements of income for the year ended December 31, 2015 (see Note 5). 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, 2015 | |
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, 2015 2014 2013 Revenues, net from continuing operations Cable $ 5,836,188 $ 5,784,945 $ 5,576,011 Lightpath 364,439 352,964 332,609 Other 347,805 361,305 362,020 Inter-segment eliminations (a) (38,689 ) (38,268 ) (38,488 ) $ 6,509,743 $ 6,460,946 $ 6,232,152 Inter-segment revenues Cable $ 1,897 $ 1,883 $ 1,788 Lightpath 18,308 17,818 18,014 Other 18,484 18,567 18,686 $ 38,689 $ 38,268 $ 38,488 Adjusted operating cash flow (deficit) from continuing operations Cable $ 1,767,500 $ 1,833,577 $ 1,739,529 Lightpath 173,022 157,516 146,208 Other (163,162 ) (156,869 ) (201,101 ) $ 1,777,360 $ 1,834,224 $ 1,684,636 Depreciation and amortization (including impairments) included in continuing operations Cable (b) $ (737,354 ) $ (739,559 ) $ (743,431 ) Lightpath (b) (88,857 ) (83,589 ) (82,208 ) Other (c) (39,041 ) (43,354 ) (83,508 ) $ (865,252 ) $ (866,502 ) $ (909,147 ) Share-based compensation expense included in continuing operations Cable $ (44,702 ) $ (29,895 ) $ (32,353 ) Lightpath (7,528 ) (5,347 ) (6,757 ) Other (13,056 ) (8,742 ) (13,605 ) $ (65,286 ) $ (43,984 ) $ (52,715 ) Years Ended December 31, 2015 2014 2013 Restructuring credits (expense) included in continuing operations Cable $ 4 $ 19 $ (11,283 ) Lightpath — (285 ) (1,558 ) Other 1,645 (2,214 ) (10,709 ) $ 1,649 $ (2,480 ) $ (23,550 ) Operating income (loss) from continuing operations Cable $ 985,448 $ 1,064,142 $ 952,462 Lightpath 76,637 68,295 55,685 Other (213,614 ) (211,179 ) (308,923 ) $ 848,471 $ 921,258 $ 699,224 (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, 2015 , 2014 and 2013 , Cable segment revenue was derived from the following sources: Years Ended December 31, 2015 2014 2013 Video (including equipment rental, DVR, franchise fees, video-on-demand and pay-per-view) $ 3,179,746 $ 3,187,245 $ 3,149,702 High-speed data 1,478,719 1,416,328 1,342,627 Voice 918,086 910,653 841,048 Advertising 137,512 163,596 147,875 Other (including installation, advertising sales commissions, home shopping, and other products) 122,125 107,123 94,759 $ 5,836,188 $ 5,784,945 $ 5,576,011 A reconciliation of reportable segment amounts to Cablevision's and CSC Holdings' consolidated balances is as follows: Years Ended December 31, 2015 2014 2013 Operating income for reportable segments $ 848,471 $ 921,258 $ 699,224 Items excluded from operating income: CSC Holdings interest expense (362,903 ) (353,288 ) (374,430 ) CSC Holdings interest income 897 403 423 CSC Holdings intercompany interest income 48,054 48,054 58,435 Gain (loss) on investments, net (30,208 ) 129,659 313,167 Gain (loss) on equity derivative contracts, net 104,927 (45,055 ) (198,688 ) Loss on extinguishment of debt and write-off of deferred financing costs (1,735 ) (9,618 ) (23,144 ) Miscellaneous, net 6,045 4,988 2,436 CSC Holdings income from continuing operations before income taxes 613,548 696,401 477,423 Cablevision interest expense (222,861 ) (222,712 ) (226,672 ) Intercompany interest expense (48,054 ) (48,054 ) (58,435 ) Cablevision interest income 28 17 42 Write-off of deferred financing costs, net of gain on extinguishment of debt — (502 ) 602 Cablevision income from continuing operations before income taxes $ 342,661 $ 425,150 $ 192,960 The following table summarizes the Company's capital expenditures by reportable segment for the years ended December 31, 2015 , 2014 and 2013 : Years Ended December 31, 2015 2014 2013 Capital Expenditures Cable $ 686,380 $ 743,524 $ 806,678 Lightpath 96,405 109,749 111,830 Other 33,611 38,405 33,171 $ 816,396 $ 891,678 $ 951,679 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, 2015 | |
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, 2015 and 2014 : Cablevision 2015: March 31, 2015 June 30, 2015 September 30, 2015 December 31, 2015 Total 2015 Revenues, net $ 1,614,771 $ 1,653,393 $ 1,612,601 $ 1,628,978 $ 6,509,743 Operating expenses (1,391,020 ) (1,408,929 ) (1,429,485 ) (1,431,838 ) (5,661,272 ) Operating income $ 223,751 $ 244,464 $ 183,116 $ 197,140 $ 848,471 Income from continuing operations, net of income taxes $ 54,901 $ 75,676 $ 23,431 $ 33,781 $ 187,789 Loss from discontinued operations, net of income taxes (10,502 ) — (406 ) (1,633 ) (12,541 ) Net income 44,399 75,676 23,025 32,148 175,248 Net loss (income) attributable to noncontrolling interests 234 (81 ) 78 (30 ) 201 Net income attributable to Cablevision Systems Corporation stockholders $ 44,633 $ 75,595 $ 23,103 $ 32,118 $ 175,449 Basic income (loss) per share attributable to Cablevision Systems Corporation stockholders: Income from continuing operations, net of income taxes $ 0.21 $ 0.28 $ 0.09 $ 0.12 $ 0.70 Loss from discontinued operations, net of income taxes $ (0.04 ) $ — $ — $ (0.01 ) $ (0.05 ) Net income $ 0.17 $ 0.28 $ 0.09 $ 0.12 $ 0.65 Diluted income (loss) per share attributable to Cablevision Systems Corporation stockholders: Income from continuing operations, net of income taxes $ 0.20 $ 0.27 $ 0.08 $ 0.12 $ 0.68 Loss from discontinued operations, net of income taxes $ (0.04 ) $ — $ — $ (0.01 ) $ (0.05 ) Net income $ 0.16 $ 0.27 $ 0.08 $ 0.12 $ 0.63 Amounts attributable to Cablevision Systems Corporation stockholders: Income from continuing operations, net of income taxes $ 55,135 $ 75,595 $ 23,509 $ 33,751 $ 187,990 Loss from discontinued operations, net of income taxes (10,502 ) — (406 ) (1,633 ) (12,541 ) Net income $ 44,633 $ 75,595 $ 23,103 $ 32,118 $ 175,449 Cablevision 2014: March 31, 2014 June 30, 2014 September 30, 2014 December 31, 2014 Total 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 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 per share attributable to Cablevision Systems Corporation stockholders: Income from continuing operations, net of income taxes $ 0.34 $ 0.34 $ 0.26 $ 0.20 $ 1.14 Income (loss) from discontinued operations, net of income taxes $ — $ 0.01 $ — $ — $ 0.01 Net income $ 0.33 $ 0.35 $ 0.26 $ 0.20 $ 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 2015: March 31, June 30, September 30, December 31, Total 2015 2015 2015 2015 2015 Revenues, net $ 1,614,771 $ 1,653,393 $ 1,612,601 $ 1,628,978 $ 6,509,743 Operating expenses (1,391,020 ) (1,408,929 ) (1,429,485 ) (1,431,838 ) (5,661,272 ) Operating income $ 223,751 $ 244,464 $ 183,116 $ 197,140 $ 848,471 Income from continuing operations, net of income taxes $ 92,936 $ 113,804 $ 62,244 $ 75,208 $ 344,192 Loss from discontinued operations, net of income taxes (10,502 ) — (406 ) (1,633 ) (12,541 ) Net income 82,434 113,804 61,838 73,575 331,651 Net loss (income) attributable to noncontrolling interests 234 (81 ) 78 (30 ) 201 Net income attributable to CSC Holdings, LLC sole member $ 82,668 $ 113,723 $ 61,916 $ 73,545 $ 331,852 Amounts attributable to CSC Holdings, LLC sole member: Income from continuing operations, net of income taxes $ 93,170 $ 113,723 $ 62,322 $ 75,178 $ 344,393 Loss from discontinued operations, net of income taxes (10,502 ) — (406 ) (1,633 ) (12,541 ) Net income $ 82,668 $ 113,723 $ 61,916 $ 73,545 $ 331,852 CSC Holdings 2014: 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 |
SCHEDULE II, VALUATION AND QUAL
SCHEDULE II, VALUATION AND QUALIFYING ACCOUNTS | 12 Months Ended |
Dec. 31, 2015 | |
Valuation and Qualifying Accounts Disclosure [Line Items] | |
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | 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, 2015 Allowance for doubtful accounts $ 12,112 $ 35,802 $ (41,875 ) $ 6,039 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 |
CSC Holdings, LLC | |
Valuation and Qualifying Accounts Disclosure [Line Items] | |
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | 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, 2015 Allowance for doubtful accounts $ 12,112 $ 35,802 $ (41,875 ) $ 6,039 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 |
SUMMARY OF SIGNIFICANT ACCOUN28
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [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 $2,799,024 principal value of senior notes outstanding at December 31, 2015 (excluding the $611,455 aggregate principal amount of Cablevision notes held by 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, gain or loss 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 2013 and 2014 financial statements to conform to the 2015 presentation. |
Revenue Recognition | Revenue Recognition The Company recognizes video, high-speed data, and voice services revenues as the services are provided to customers. 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 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 over the requisite service period for each tranche of awards. For restricted shares, 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. For restricted stock units granted to non-employee director which vest 100% on the date of grant, compensation expense is recognized on the date of grant based on the grant date price of CNYG Class A common stock. For performance based restricted stock units ("PSUs") which cliff vest in three years, Cablevision recognizes compensation expense on a straight-line basis over the vesting period based on the estimated number of shares of CNYG Class A common stock expected to be issued. For share-based compensation awards that will be settled in cash, Cablevision recognizes compensation expense based on the estimated fair value of the award at each reporting period. 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 (including impairments). |
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 April 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. The amendments in ASU No. 2014-08 change the criteria for reporting discontinued operations while enhancing certain disclosures. Under ASU No. 2014-08, only disposals representing a strategic shift that has (or will have) a major effect on an entity's operations and financial results should be presented as discontinued operations. In addition, ASU No. 2014-08 requires expanded disclosures about discontinued operations and disposals of individually significant components that do not qualify as discontinued operations. ASU No. 2014-08 was adopted by the Company on January 1, 2015 and did not have any impact on the Company's consolidated financial statements. Recently Issued But Not Yet Adopted Accounting Pronouncements I n November 2015, the FASB issued ASU No. 2015-17 (Topic 740), Balance Sheet Classification of Deferred Taxes. This ASU amends existing guidance to require the presentation of deferred tax liabilities and assets as noncurrent within a classified statement of financial position. ASU No. 2015-17 may be applied either prospectively to all deferred tax liabilities and assets or retrospectively to all periods presented. This new standard would be effective for the Company beginning January 1, 2017 with early adoption permitted. In April 2015, the FASB issued ASU No. 2015-05, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement. ASU No. 2015-05 provides guidance to customers about whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. The new guidance becomes effective for the Company on January 1, 2016 with early adoption permitted. The Company can elect to adopt ASU No. 2015-05 prospectively to all arrangements entered into or materially modified after the effective date or retrospectively. The Company does not believe ASU No. 2015-05 will have a significant impact on its consolidated financial statements upon adoption on January 1, 2016. In April 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs, which requires debt issuance costs to be presented in the balance sheet as a direct deduction from the carrying value of the associated debt liability, consistent with the presentation of a debt discount. In August 2015, the FASB issued ASU No. 2015-15, Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements, which clarifies the treatment of debt issuance costs from line-of-credit arrangements after adoption of ASU No. 2015-03. ASU No. 2015-15 clarifies that the Securities and Exchange Commission staff would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. ASU No. 2015-03 becomes effective for the Company on January 1, 2016 and will be applied on a retrospective basis. At December 31, 2015, deferred debt financing costs, net for Cablevision and CSC Holdings amounted to $74,707 and $47,916 , respectively. 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. In August 2015, the FASB issued ASU No. 2015-14 that approved deferring the effective date by one year so that ASU No. 2014-09 would become effective for the Company on January 1, 2018. The FASB also approved, in July 2015, permitting the early adoption of ASU No. 2014-09, but not before the original effective date for the Company as of January 1, 2017. The Company has not yet completed the evaluation of the effect that ASU No. 2014-09 will have on its consolidated financial statements and related disclosures. |
Common Stock of Cablevision, CSC Holdings Membership Interests and Dividends | Common Stock of Cablevision Each holder of 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 Common Stock Class B Common Stock 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 Employee and non-employee director stock transactions (a) 2,352,275 — Balance at December 31, 2015 222,572,210 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, 2015 and 2014 which are all owned by Cablevision, its sole owner. 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 in the future 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 , restricted stock and restricted stock units. For such awards that are performance based, the diluted effect is reflected upon the achievement of the performance criteria. |
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 ACCOUN29
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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 Common Stock Class B Common Stock 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 Employee and non-employee director stock transactions (a) 2,352,275 — Balance at December 31, 2015 222,572,210 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 and paid 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 August 6, 2015 $0.15 August 21, 2015 September 10, 2015 May 1, 2015 $0.15 May 22, 2015 June 12, 2015 February 24, 2015 $0.15 March 16, 2015 April 3, 2015 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 |
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, 2015 2014 2013 (in thousands) Basic weighted average shares outstanding 269,388 264,623 260,763 Effect of dilution: Stock options 3,532 3,247 3,026 Restricted stock 3,419 2,833 2,146 Diluted weighted average shares outstanding 276,339 270,703 265,935 |
SUPPLEMENTAL CASH FLOW INFORM30
SUPPLEMENTAL CASH FLOW INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Supplemental Cash Flow Elements [Abstract] | |
Non-Cash Investing and Financing Activities and Other Supplemental Data | During 2015 , 2014 and 2013 , the Company's non-cash investing and financing activities and other supplemental data were as follows: Years Ended December 31, 2015 2014 2013 Non-Cash Investing and Financing Activities of Cablevision and CSC Holdings: Continuing Operations: Property and equipment accrued but unpaid $ 63,843 $ 48,824 $ 65,391 Notes payable to vendor 8,318 34,522 1,202 Capital lease obligations 19,987 30,603 11,499 Intangible asset obligations 1,121 525 2,498 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 3,517 3,809 3,466 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 560,361 550,241 580,906 Income taxes paid, net 3,849 10,598 16,470 Continuing Operations - CSC Holdings: Cash interest paid 346,457 335,175 362,365 Income taxes paid, net 3,849 10,598 16,470 Discontinued operations - Cablevision and CSC Holdings: Cash interest paid — — 26,606 |
RESTRUCTURING AND IMPAIRMENT 31
RESTRUCTURING AND IMPAIRMENT CHARGES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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 Segment Lightpath Segment Other Segment Total 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 Payments and other, net (5 ) (619 ) (312 ) (936 ) Accrued balance at December 31, 2015 $ — $ — $ 358 $ 358 |
DISCONTINUED OPERATIONS (Tables
DISCONTINUED OPERATIONS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Operating Results of Discontinued Operations | 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. |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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 2015 2014 Useful Lives Customer equipment $ 1,952,336 $ 1,954,512 3 to 5 years Headends and related equipment 1,571,750 1,437,681 4 to 25 years Central office equipment 816,539 811,320 5 to 10 years Infrastructure 5,639,226 5,695,519 3 to 25 years Equipment and software 1,577,616 1,507,500 3 to 10 years Construction in progress (including materials and supplies) 87,412 97,955 Furniture and fixtures 96,561 94,265 5 to 12 years Transportation equipment 210,013 217,486 5 to 18 years Buildings and building improvements 322,267 303,344 10 to 40 years Leasehold improvements 354,136 345,942 Term of lease Land 14,507 14,538 12,642,363 12,480,062 Less accumulated depreciation and amortization (9,625,348 ) (9,454,315 ) $ 3,017,015 $ 3,025,747 |
Gross Amount of Equipment and Related Accumulated Amortization Recorded Under Capital Leases | At December 31, 2015 and 2014 , the gross amount of equipment and related accumulated amortization recorded under capital leases were as follows: December 31, 2015 2014 Equipment $ 90,099 $ 95,719 Less accumulated amortization (28,119 ) (39,951 ) $ 61,980 $ 55,768 |
OPERATING LEASES (Tables)
OPERATING LEASES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2016 through December 31, 2020, at rates now in force are as follows: 2016 $ 65,847 2017 68,820 2018 57,560 2019 45,184 2020 41,520 Thereafter 161,929 |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 and 2014 : December 31, Estimated 2015 2014 Useful Lives Gross carrying amount of amortizable intangible assets Customer relationships $ 39,414 $ 45,828 10 to 18 years Other amortizable intangibles 57,847 50,971 3 to 28 years 97,261 96,799 Accumulated amortization Customer relationships (27,778 ) (31,407 ) Other amortizable intangibles (32,532 ) (28,611 ) (60,310 ) (60,018 ) Amortizable intangible assets, net of accumulated amortization 36,951 36,781 Indefinite-lived cable television franchises 731,848 731,848 Trademarks and other indefinite-lived intangible assets 7,250 7,250 Goodwill 262,345 264,690 Total intangible assets, net $ 1,038,394 $ 1,040,569 |
Amortization Expense | December 31, 2015 2014 Aggregate amortization expense Years ended December 31, 2015 and 2014 (excluding impairment charges of $5,831 in 2014) $ 7,812 $ 8,220 Estimated amortization expense Year Ending December 31, 2016 $ 6,968 Year Ending December 31, 2017 6,510 Year Ending December 31, 2018 5,502 Year Ending December 31, 2019 4,860 Year Ending December 31, 2020 3,923 |
Carrying Amount of Goodwill | The carrying amount of goodwill as of December 31, 2015 and 2014 is as follows: Cable Lightpath Other Total Gross goodwill as of December 31, 2014 $ 234,290 $ 21,487 $ 342,971 $ 598,748 Adjustment in connection with the purchase of noncontrolling interest in Newsday — — (2,345 ) (2,345 ) Gross goodwill as of December 31, 2015 234,290 21,487 340,626 596,403 Accumulated impairment losses as of December 31, 2015 and 2014 — — (334,058 ) (334,058 ) $ 234,290 $ 21,487 $ 6,568 $ 262,345 |
DEBT (Tables)
DEBT (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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 Maturity December 31, 2015 December 31, 2016 December 31, 2015 December 31, 2014 Restricted Group: Revolving loan facility (a) April 17, 2018 — $ — $ — $ — Term A loan facility April 17, 2018 2.17% 71,888 886,621 934,547 Term B loan facility (b) April 17, 2020 2.92% 11,888 1,155,321 1,366,102 Restricted Group credit facility debt 83,776 2,041,942 2,300,649 Newsday: Floating rate term loan facility October 12, 2016 3.92% 480,000 480,000 480,000 Total credit facility debt $ 563,776 $ 2,521,942 $ 2,780,649 (a) At December 31, 2015 , $71,686 of the Restricted Group revolving loan facility was restricted for certain letters of credit issued on behalf of CSC Holdings and $1,428,314 of the Restricted Group 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 $3,712 and $5,326 at December 31, 2015 and 2014 , respectively. |
Senior Notes and Debentures | The following table summarizes the Company's senior notes and debentures: Interest Principal Carrying Amount at December 31, Issuer Date Issued Maturity Date Rate Amount 2015 2014 CSC Holdings (a)(c) February 6, 1998 February 15, 2018 7.875 % 300,000 $ 299,635 $ 299,464 CSC Holdings (a)(c) July 21, 1998 July 15, 2018 7.625 % 500,000 499,937 499,912 CSC Holdings (b)(c) February 12, 2009 February 15, 2019 8.625 % 526,000 515,520 512,750 CSC Holdings (b) November 15, 2011 November 15, 2021 6.750 % 1,000,000 1,000,000 1,000,000 CSC Holdings (b) May 23, 2014 June 1, 2024 5.250 % 750,000 750,000 750,000 3,065,092 3,062,126 Cablevision (b)(c) September 23, 2009 September 15, 2017 8.625 % 900,000 896,526 894,717 Cablevision (b) April 15, 2010 April 15, 2018 7.750 % 750,000 750,000 750,000 Cablevision (b) April 15, 2010 April 15, 2020 8.000 % 500,000 500,000 500,000 Cablevision (b) September 27, 2012 September 15, 2022 5.875 % 649,024 649,024 649,024 $ 5,860,642 $ 5,855,867 (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, 2015 , 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 2016 $ 1,014,014 $ 1,014,014 2017 1,797,914 897,914 2018 2,288,575 1,538,575 2019 540,141 540,141 2020 1,612,844 1,112,844 Thereafter 2,399,024 1,750,000 (a) Excludes the Cablevision senior notes held by Newsday Holdings. |
DERIVATIVE CONTRACTS AND COLL37
DERIVATIVE CONTRACTS AND COLLATERALIZED INDEBTEDNESS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 and 2014 : Asset Derivatives Liability Derivatives Derivatives Not Designated as Hedging Instruments Balance Sheet Location Fair Value at December 31, 2015 Fair Value at December 31, 2014 Fair Value at December 31, 2015 Fair Value at December 31, 2014 Prepaid forward contracts Current derivative contracts $ 10,333 $ — $ 2,706 $ 93,010 Prepaid forward contracts Long-term derivative contracts 72,075 7,317 — 9,207 $ 82,408 $ 7,317 $ 2,706 $ 102,217 |
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 and the value of the related equity derivative contracts for the years ended December 31, 2015 and 2014 . 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, 2015 2014 Number of shares 13,407,684 8,069,934 Collateralized indebtedness settled $ (569,562 ) $ (248,388 ) Derivative contracts settled (69,675 ) (93,717 ) (639,237 ) (342,105 ) Proceeds from new monetization contracts 774,703 416,621 Net cash receipt $ 135,466 $ 74,516 |
FAIR VALUE MEASUREMENT (Tables)
FAIR VALUE MEASUREMENT (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 and December 31, 2014 : At December 31, 2015 Level I Level II Level III Total Assets: Money market funds $ 922,765 $ — $ — $ 922,765 Investment securities 130 — — 130 Investment securities pledged as collateral 1,211,982 — — 1,211,982 Prepaid forward contracts — 82,408 — 82,408 Liabilities: Prepaid forward contracts — 2,706 — 2,706 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: Prepaid forward contracts — 102,217 — 102,217 |
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, 2015 Fair Value Hierarchy Carrying Amount Estimated Fair Value CSC Holdings notes receivable: Cablevision senior notes held by Newsday Holdings LLC (a) Level II $ 611,455 $ 616,020 Debt instruments: Credit facility debt (b) Level II $ 2,521,942 $ 2,525,654 Collateralized indebtedness Level II 1,191,324 1,176,396 Senior notes and debentures Level II 3,065,092 2,996,440 Notes payable Level II 14,544 14,483 CSC Holdings total debt instruments 6,792,902 6,712,973 Cablevision senior notes Level II 2,795,550 2,760,168 Cablevision total debt instruments $ 9,588,452 $ 9,473,141 December 31, 2014 Fair Value Hierarchy Carrying Amount Estimated Fair Value CSC Holdings notes receivable: Cablevision senior notes held by Newsday Holdings LLC (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 (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, 2015 | |
INCOME TAXES [Abstract] | |
Income Tax Expense (Benefit) Attributable to Continuing Operations | Income tax expense attributable to Cablevision's continuing operations consists of the following components: Years Ended December 31, 2015 2014 2013 Current expense (benefit): Federal $ 4,844 $ 6,122 $ (144 ) State 15,869 2,788 (3,510 ) 20,713 8,910 (3,654 ) Deferred expense: Federal 97,927 135,873 69,258 State 35,469 23,906 198 133,396 159,779 69,456 Tax expense (benefit) relating to uncertain tax positions, including accrued interest 763 (52,921 ) (167 ) Income tax expense $ 154,872 $ 115,768 $ 65,635 |
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, 2015 2014 2013 Federal tax expense at statutory rate $ 119,931 $ 148,803 $ 67,536 State income taxes, net of federal benefit 18,874 19,059 3,607 Changes in the valuation allowance (902 ) (344 ) 5,631 Changes in the state rates used to measure deferred taxes, net of federal benefit (1,006 ) (322 ) (11,228 ) Tax expense (benefit) relating to uncertain tax positions, including accrued interest, net of deferred tax benefits 574 (52,914 ) (124 ) Impact of New York tax reform 16,334 (2,050 ) — Impact of non-deductible officers' compensation 846 1,532 796 Other non-deductible expenses 3,099 3,697 3,628 Research credit (2,630 ) (2,634 ) (3,739 ) Other, net (248 ) 941 (472 ) Income tax expense $ 154,872 $ 115,768 $ 65,635 |
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, 2015 and 2014 are as follows: December 31, 2015 2014 Deferred Tax Asset (Liability) Current NOLs and tax credit carry forwards $ 76,007 $ 144,833 Compensation and benefit plans 80,831 74,220 Allowance for doubtful accounts 2,196 4,557 Merger-related costs 7,332 — Inventory valuation adjustment 7,135 — Other liabilities 26,216 4,909 Deferred tax asset 199,717 228,519 Valuation allowance (2,098 ) (3,496 ) Net deferred tax asset, current 197,619 225,023 Investments (163,396 ) (159,475 ) Prepaid expenses (19,627 ) (27,605 ) Deferred tax liability, current (183,023 ) (187,080 ) Net deferred tax asset, current 14,596 37,943 Noncurrent NOLs and tax credit carry forwards 36,866 25,427 Compensation and benefit plans 97,005 99,076 Partnership investments 123,529 123,243 Investments 9,798 22,294 Other 9,201 7,345 Deferred tax asset 276,399 277,385 Valuation allowance (2,816 ) (3,901 ) Net deferred tax asset, noncurrent 273,583 273,484 Fixed assets and intangibles (978,418 ) (884,120 ) Other — (452 ) Deferred tax liability, noncurrent (978,418 ) (884,572 ) Net deferred tax liability, noncurrent (704,835 ) (611,088 ) Total net deferred tax liability $ (690,239 ) $ (573,145 ) |
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, 2014 $ 4,011 Increases related to prior year tax positions 316 Decreases related to prior year tax positions (88 ) Increases related to current year tax positions 3 Settlements paid in cash (220 ) Balance at December 31, 2015 $ 4,022 |
CSC Holdings, LLC | |
INCOME TAXES [Abstract] | |
Income Tax Expense (Benefit) Attributable to Continuing Operations | Income tax expense attributable to continuing operations consists of the following components: Years Ended December 31, 2015 2014 2013 Current expense: Federal $ 169,459 $ 189,609 $ 66,800 State 20,209 46,573 21,579 189,668 236,182 88,379 Deferred expense: Federal 17,555 35,445 89,832 State 61,370 17,744 10,035 78,925 53,189 99,867 Tax expense (benefit) relating to uncertain tax positions, including accrued interest 763 (52,921 ) (167 ) Income tax expense $ 269,356 $ 236,450 $ 188,079 |
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, 2015 2014 2013 Federal tax expense at statutory rate $ 214,742 $ 243,740 $ 167,098 State income taxes, net of federal benefit 38,311 42,769 27,177 Changes in the valuation allowance (902 ) (382 ) (101 ) Changes in the state rates used to measure deferred taxes, net of federal benefit (581 ) 379 (6,484 ) Tax expense (benefit) relating to uncertain tax positions, including accrued interest, net of deferred tax benefits 574 (52,914 ) (124 ) Impact of New York tax reform 16,334 (1,502 ) — Impact of non-deductible officers' compensation, net 846 1,532 796 Other non-deductible expenses 3,099 3,697 3,628 Research credit (2,630 ) (2,634 ) (3,739 ) Other, net (437 ) 1,765 (172 ) Income tax expense $ 269,356 $ 236,450 $ 188,079 |
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, 2015 and 2014 are as follows: December 31, 2015 2014 Deferred Tax Asset (Liability) Current Compensation and benefit plans $ 80,831 $ 74,220 Allowance for doubtful accounts 2,196 4,557 Merger-related costs 7,332 — Inventory valuation adjustment 7,135 — Other liabilities 26,216 4,909 Deferred tax asset 123,710 83,686 Valuation allowance (1,650 ) (1,891 ) Net deferred tax asset, current 122,060 81,795 Investments (163,396 ) (159,475 ) Prepaid expenses (19,627 ) (27,605 ) Deferred tax liability, current (183,023 ) (187,080 ) Net deferred tax liability, current (60,963 ) (105,285 ) Noncurrent NOLs and tax credit carry forwards 8,785 11,702 Compensation and benefit plans 97,005 99,076 Partnership investments 123,529 123,243 Investments 9,798 22,294 Other 9,201 7,345 Deferred tax asset 248,318 263,660 Valuation allowance (3,212 ) (5,454 ) Net deferred tax asset, noncurrent 245,106 258,206 Fixed assets and intangibles (978,418 ) (884,120 ) Other — (453 ) Deferred tax liability, noncurrent (978,418 ) (884,573 ) Net deferred tax liability, noncurrent (733,312 ) (626,367 ) Total net deferred tax liability $ (794,275 ) $ (731,652 ) |
BENEFIT PLANS (Tables)
BENEFIT PLANS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 and 2014 : December 31, 2015 2014 Change in projected benefit obligation: Projected benefit obligation at beginning of year $ 430,846 $ 433,916 Service cost 344 774 Interest cost 15,523 18,040 Actuarial (gain) loss (14,912 ) 9,006 Benefits paid (27,838 ) (30,890 ) Projected benefit obligation at end of year 403,963 430,846 Change in plan assets: Fair value of plan assets at beginning of year 303,676 268,610 Actual return (loss) on plan assets, net (3,921 ) 11,687 Employer contributions 25,929 54,269 Benefits paid (27,838 ) (30,890 ) Fair value of plan assets at end of year 297,846 303,676 Unfunded status at end of year $ (106,117 ) $ (127,170 ) |
Net Funded Status Relating to Defined Benefit Plans | The Company's net funded status relating to its Defined Benefit Plans at December 31, 2015 and 2014 are as follows: 2015 2014 Defined Benefit Plans $ (106,117 ) $ (127,170 ) Less: Current portion related to nonqualified plans 6,889 6,526 Long-term defined benefit plan obligations $ (99,228 ) $ (120,644 ) |
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, 2015 , 2014 and 2013 , are as follows: Years Ended December 31, 2015 2014 2013 Service cost $ 344 $ 774 $ 45,346 Interest cost 15,523 18,040 14,128 Expected return on plan assets, net (8,297 ) (9,548 ) (7,866 ) Recognized actuarial loss (reclassified from accumulated other comprehensive loss) 1,294 2,364 1,645 Settlement loss (reclassified from accumulated other comprehensive loss) (a) 3,822 5,348 — Net periodic benefit cost $ 12,686 $ 16,978 $ 53,253 (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 2015 and 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 Years Ended December 31, Benefit Obligations at December 31, 2015 2014 2013 2015 2014 Discount rate (a) 3.83 % 4.24 % 3.67 % 3.94 % 3.70 % Rate of increase in future compensation levels — % 3.50 % 3.50 % — % 3.50 % Expected rate of return on plan assets (Pension Plan only) 4.03 % 4.53 % 3.60 % N/A N/A (a) The discount rates of 3.83% and 4.24% in 2015 and 2014, respectively, represent 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, 2015 and 2014 were as follows: Plan Assets at 2015 2014 Asset Class: Mutual funds 39 % 39 % Fixed income securities 61 58 Cash equivalents and other — 3 100 % 100 % |
Fair Values of the Pension Plan Assets by Asset Category | The fair values of the assets of the Pension Plan at December 31, 2015 by asset class are as follows: Asset Class Level I Level II Level III Total Mutual funds $ 117,174 $ — $ — $ 117,174 Fixed income securities held in a portfolio: Foreign issued corporate debt — 12,825 — 12,825 U.S. corporate debt — 54,005 — 54,005 Government debt — 8,273 — 8,273 U.S. Treasury securities — 90,414 — 90,414 Asset-backed securities — 18,563 — 18,563 Cash equivalents (a) 893 — — 893 Total (b) $ 118,067 $ 184,080 $ — $ 302,147 (a) Represents an investment in a money market fund. (b) Excludes cash and net payables relating to the purchase of securities that were not settled as of December 31, 2015 . 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 . |
Projected Future Benefit Payments for Qualified and Non-Qualified Defined Benefit Plans | The following benefit payments are expected to be paid: 2016 $ 40,666 2017 31,132 2018 29,219 2019 28,374 2020 28,942 2021-2025 124,043 |
EQUITY AND LONG-TERM INCENTIV41
EQUITY AND LONG-TERM INCENTIVE PLANS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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 recognized by the Company as selling, general and administrative expense for the years ended December 31, 2015 , 2014 and 2013 : Years Ended December 31, 2015 2014 2013 Stock options $ 9,159 $ 7,573 $ 17,560 Restricted shares and restricted stock units 51,162 36,411 35,155 Share-based compensation related to equity classified awards 60,321 43,984 52,715 Other share-based compensation 4,965 — — Total share-based compensation $ 65,286 $ 43,984 $ 52,715 |
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 2015 , 2014 and 2013 : 2015 2014 2013 Risk-free interest rate 1.82 % 2.12 % 1.25 % Expected life (in years) 8 6.5 6.5 Dividend yield 3.63 % 3.79 % 3.86 % Volatility 39.98 % 42.80 % 42.31 % Grant date fair value $ 5.45 $ 5.27 $ 3.96 |
Activity for Stock Options | The following table summarizes activity relating to Company employees who held Cablevision stock options for the year ended December 31, 2015 : Shares Under Option Time Vesting Options Performance Based Vesting Options Weighted Average Exercise Price Per Share Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (a) Balance, December 31, 2014 5,097,666 7,633,500 $ 14.41 7.17 $ 79,347 Granted 2,000,000 — 19.17 Exercised (353,666 ) (1,024,283 ) 12.84 Balance, December 31, 2015 6,744,000 6,609,217 15.28 6.80 221,900 Options exercisable at December 31, 2015 744,000 6,609,217 13.94 5.67 132,080 Options expected to vest in the future 6,000,000 — 16.93 8.18 89,820 (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, 2015 or December 31, 2014 , as indicated, and December 31, 2015 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 and restricted stock units for the year ended December 31, 2015 : Number of Restricted Shares Number of Performance Restricted Shares Number of PSUs (a) Weighted Average Fair Value Per Share at Date of Grant Unvested award balance, December 31, 2014 5,314,870 2,035,300 — $ 15.46 Granted 1,747,870 584,400 1,851,700 19.43 Vested (1,598,363 ) (739,600 ) — 14.48 Awards forfeited (496,629 ) — (79,270 ) 17.28 Unvested award balance, December 31, 2015 4,967,748 1,880,100 1,772,430 17.53 (a) The PSUs entitle the employee to shares of CNYG common stock up to 150% of the number of PSUs granted depending on the level of achievement of the specified performance criteria. If the minimum performance threshold is not met, no shares will be issued. Accrued dividends are paid to the extent that a PSU vests and the related stock is issued. |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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 Ended December 31, 2015 2014 2013 Revenues, net $ 1,474 $ 1,841 $ 2,483 Operating expenses: Technical expenses $ 22,159 $ 21,785 $ 22,963 Selling, general and administrative credits, net (563 ) (584 ) (1,865 ) Operating expenses, net 21,596 21,201 21,098 Net charges $ 20,122 $ 19,360 $ 18,615 The following table summarizes the revenue and charges related to services provided to or received from Madison Square Garden and MSG Networks not discussed elsewhere in the accompanying combined notes to the consolidated financial statements: Years Ended December 31, 2015 2014 2013 Revenues, net $ 3,869 $ 3,234 $ 3,103 Operating expenses: Technical expenses $ 154,750 $ 157,359 $ 156,028 Selling, general and administrative expenses, net 5,935 4,462 4,851 Operating expenses, net 160,685 161,821 160,879 Net charges $ 156,816 $ 158,587 $ 157,776 |
Aggregate Amounts Due from and Due to Affiliates | Aggregate amounts due from and due to AMC Networks, Madison Square Garden and MSG Networks and other affiliates at December 31, 2015 and 2014 are summarized below: Cablevision December 31, 2015 2014 Amounts due from affiliates $ 767 $ 1,732 Amounts due to affiliates 29,729 29,651 |
CSC Holdings, LLC | |
RELATED PARTY TRANSACTIONS [Abstract] | |
Aggregate Amounts Due from and Due to Affiliates | CSC Holdings December 31, 2015 2014 Amounts due from affiliates (principally Cablevision) $ 748 $ 1,694 Amounts due to affiliates (principally Cablevision) 287,093 135,636 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 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) $ 5,190,648 $ 1,982,231 $ 2,451,658 $ 719,281 $ 37,478 Guarantees (b) 34,360 17,016 16,319 1,025 — Letters of credit (c) 71,686 2,071 69,615 — — Total $ 5,296,694 $ 2,001,318 $ 2,537,592 $ 720,306 $ 37,478 (a) Purchase obligations primarily include contractual commitments with various programming vendors to provide video services to customers and minimum purchase obligations to purchase goods or services. 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 2015 multiplied by the per subscriber rates or the stated annual fee, as applicable, contained in the executed agreements in effect as of December 31, 2015 . (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, 2015 | |
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, 2015 2014 2013 Revenues, net from continuing operations Cable $ 5,836,188 $ 5,784,945 $ 5,576,011 Lightpath 364,439 352,964 332,609 Other 347,805 361,305 362,020 Inter-segment eliminations (a) (38,689 ) (38,268 ) (38,488 ) $ 6,509,743 $ 6,460,946 $ 6,232,152 Inter-segment revenues Cable $ 1,897 $ 1,883 $ 1,788 Lightpath 18,308 17,818 18,014 Other 18,484 18,567 18,686 $ 38,689 $ 38,268 $ 38,488 Adjusted operating cash flow (deficit) from continuing operations Cable $ 1,767,500 $ 1,833,577 $ 1,739,529 Lightpath 173,022 157,516 146,208 Other (163,162 ) (156,869 ) (201,101 ) $ 1,777,360 $ 1,834,224 $ 1,684,636 Depreciation and amortization (including impairments) included in continuing operations Cable (b) $ (737,354 ) $ (739,559 ) $ (743,431 ) Lightpath (b) (88,857 ) (83,589 ) (82,208 ) Other (c) (39,041 ) (43,354 ) (83,508 ) $ (865,252 ) $ (866,502 ) $ (909,147 ) Share-based compensation expense included in continuing operations Cable $ (44,702 ) $ (29,895 ) $ (32,353 ) Lightpath (7,528 ) (5,347 ) (6,757 ) Other (13,056 ) (8,742 ) (13,605 ) $ (65,286 ) $ (43,984 ) $ (52,715 ) Years Ended December 31, 2015 2014 2013 Restructuring credits (expense) included in continuing operations Cable $ 4 $ 19 $ (11,283 ) Lightpath — (285 ) (1,558 ) Other 1,645 (2,214 ) (10,709 ) $ 1,649 $ (2,480 ) $ (23,550 ) Operating income (loss) from continuing operations Cable $ 985,448 $ 1,064,142 $ 952,462 Lightpath 76,637 68,295 55,685 Other (213,614 ) (211,179 ) (308,923 ) $ 848,471 $ 921,258 $ 699,224 (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, 2015 , 2014 and 2013 , Cable segment revenue was derived from the following sources: Years Ended December 31, 2015 2014 2013 Video (including equipment rental, DVR, franchise fees, video-on-demand and pay-per-view) $ 3,179,746 $ 3,187,245 $ 3,149,702 High-speed data 1,478,719 1,416,328 1,342,627 Voice 918,086 910,653 841,048 Advertising 137,512 163,596 147,875 Other (including installation, advertising sales commissions, home shopping, and other products) 122,125 107,123 94,759 $ 5,836,188 $ 5,784,945 $ 5,576,011 |
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, 2015 2014 2013 Operating income for reportable segments $ 848,471 $ 921,258 $ 699,224 Items excluded from operating income: CSC Holdings interest expense (362,903 ) (353,288 ) (374,430 ) CSC Holdings interest income 897 403 423 CSC Holdings intercompany interest income 48,054 48,054 58,435 Gain (loss) on investments, net (30,208 ) 129,659 313,167 Gain (loss) on equity derivative contracts, net 104,927 (45,055 ) (198,688 ) Loss on extinguishment of debt and write-off of deferred financing costs (1,735 ) (9,618 ) (23,144 ) Miscellaneous, net 6,045 4,988 2,436 CSC Holdings income from continuing operations before income taxes 613,548 696,401 477,423 Cablevision interest expense (222,861 ) (222,712 ) (226,672 ) Intercompany interest expense (48,054 ) (48,054 ) (58,435 ) Cablevision interest income 28 17 42 Write-off of deferred financing costs, net of gain on extinguishment of debt — (502 ) 602 Cablevision income from continuing operations before income taxes $ 342,661 $ 425,150 $ 192,960 |
Capital Expenditures by Reportable Segment | The following table summarizes the Company's capital expenditures by reportable segment for the years ended December 31, 2015 , 2014 and 2013 : Years Ended December 31, 2015 2014 2013 Capital Expenditures Cable $ 686,380 $ 743,524 $ 806,678 Lightpath 96,405 109,749 111,830 Other 33,611 38,405 33,171 $ 816,396 $ 891,678 $ 951,679 |
INTERIM FINANCIAL INFORMATION45
INTERIM FINANCIAL INFORMATION (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
SELECTED QUARTERLY FINANCIAL INFORMATION [Abstract] | |
Selected Quarterly Financial Information | The following is a summary of the Company's selected quarterly financial data for the years ended December 31, 2015 and 2014 : Cablevision 2015: March 31, 2015 June 30, 2015 September 30, 2015 December 31, 2015 Total 2015 Revenues, net $ 1,614,771 $ 1,653,393 $ 1,612,601 $ 1,628,978 $ 6,509,743 Operating expenses (1,391,020 ) (1,408,929 ) (1,429,485 ) (1,431,838 ) (5,661,272 ) Operating income $ 223,751 $ 244,464 $ 183,116 $ 197,140 $ 848,471 Income from continuing operations, net of income taxes $ 54,901 $ 75,676 $ 23,431 $ 33,781 $ 187,789 Loss from discontinued operations, net of income taxes (10,502 ) — (406 ) (1,633 ) (12,541 ) Net income 44,399 75,676 23,025 32,148 175,248 Net loss (income) attributable to noncontrolling interests 234 (81 ) 78 (30 ) 201 Net income attributable to Cablevision Systems Corporation stockholders $ 44,633 $ 75,595 $ 23,103 $ 32,118 $ 175,449 Basic income (loss) per share attributable to Cablevision Systems Corporation stockholders: Income from continuing operations, net of income taxes $ 0.21 $ 0.28 $ 0.09 $ 0.12 $ 0.70 Loss from discontinued operations, net of income taxes $ (0.04 ) $ — $ — $ (0.01 ) $ (0.05 ) Net income $ 0.17 $ 0.28 $ 0.09 $ 0.12 $ 0.65 Diluted income (loss) per share attributable to Cablevision Systems Corporation stockholders: Income from continuing operations, net of income taxes $ 0.20 $ 0.27 $ 0.08 $ 0.12 $ 0.68 Loss from discontinued operations, net of income taxes $ (0.04 ) $ — $ — $ (0.01 ) $ (0.05 ) Net income $ 0.16 $ 0.27 $ 0.08 $ 0.12 $ 0.63 Amounts attributable to Cablevision Systems Corporation stockholders: Income from continuing operations, net of income taxes $ 55,135 $ 75,595 $ 23,509 $ 33,751 $ 187,990 Loss from discontinued operations, net of income taxes (10,502 ) — (406 ) (1,633 ) (12,541 ) Net income $ 44,633 $ 75,595 $ 23,103 $ 32,118 $ 175,449 Cablevision 2014: March 31, 2014 June 30, 2014 September 30, 2014 December 31, 2014 Total 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 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 per share attributable to Cablevision Systems Corporation stockholders: Income from continuing operations, net of income taxes $ 0.34 $ 0.34 $ 0.26 $ 0.20 $ 1.14 Income (loss) from discontinued operations, net of income taxes $ — $ 0.01 $ — $ — $ 0.01 Net income $ 0.33 $ 0.35 $ 0.26 $ 0.20 $ 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 2015: March 31, June 30, September 30, December 31, Total 2015 2015 2015 2015 2015 Revenues, net $ 1,614,771 $ 1,653,393 $ 1,612,601 $ 1,628,978 $ 6,509,743 Operating expenses (1,391,020 ) (1,408,929 ) (1,429,485 ) (1,431,838 ) (5,661,272 ) Operating income $ 223,751 $ 244,464 $ 183,116 $ 197,140 $ 848,471 Income from continuing operations, net of income taxes $ 92,936 $ 113,804 $ 62,244 $ 75,208 $ 344,192 Loss from discontinued operations, net of income taxes (10,502 ) — (406 ) (1,633 ) (12,541 ) Net income 82,434 113,804 61,838 73,575 331,651 Net loss (income) attributable to noncontrolling interests 234 (81 ) 78 (30 ) 201 Net income attributable to CSC Holdings, LLC sole member $ 82,668 $ 113,723 $ 61,916 $ 73,545 $ 331,852 Amounts attributable to CSC Holdings, LLC sole member: Income from continuing operations, net of income taxes $ 93,170 $ 113,723 $ 62,322 $ 75,178 $ 344,393 Loss from discontinued operations, net of income taxes (10,502 ) — (406 ) (1,633 ) (12,541 ) Net income $ 82,668 $ 113,723 $ 61,916 $ 73,545 $ 331,852 CSC Holdings 2014: 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, LLC | |
SELECTED QUARTERLY FINANCIAL INFORMATION [Abstract] | |
Selected Quarterly Financial Information | CSC Holdings 2015: March 31, June 30, September 30, December 31, Total 2015 2015 2015 2015 2015 Revenues, net $ 1,614,771 $ 1,653,393 $ 1,612,601 $ 1,628,978 $ 6,509,743 Operating expenses (1,391,020 ) (1,408,929 ) (1,429,485 ) (1,431,838 ) (5,661,272 ) Operating income $ 223,751 $ 244,464 $ 183,116 $ 197,140 $ 848,471 Income from continuing operations, net of income taxes $ 92,936 $ 113,804 $ 62,244 $ 75,208 $ 344,192 Loss from discontinued operations, net of income taxes (10,502 ) — (406 ) (1,633 ) (12,541 ) Net income 82,434 113,804 61,838 73,575 331,651 Net loss (income) attributable to noncontrolling interests 234 (81 ) 78 (30 ) 201 Net income attributable to CSC Holdings, LLC sole member $ 82,668 $ 113,723 $ 61,916 $ 73,545 $ 331,852 Amounts attributable to CSC Holdings, LLC sole member: Income from continuing operations, net of income taxes $ 93,170 $ 113,723 $ 62,322 $ 75,178 $ 344,393 Loss from discontinued operations, net of income taxes (10,502 ) — (406 ) (1,633 ) (12,541 ) Net income $ 82,668 $ 113,723 $ 61,916 $ 73,545 $ 331,852 CSC Holdings 2014: 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 |
DESCRIPTION OF BUSINESS, RELA46
DESCRIPTION OF BUSINESS, RELATED MATTERS AND BASIS OF PRESENTATION (Details) | Sep. 16, 2015USD ($)$ / shares | Oct. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Dec. 31, 2015USD ($)Segment$ / sharesshares | Dec. 31, 2014USD ($)$ / sharesshares | Dec. 31, 2013USD ($) | Jul. 01, 2013USD ($) | |
The Company and Related Matters [Abstract] | ||||||||
Number of reportable business segments | Segment | 3 | |||||||
Termination fee to be paid by Cablevision | $ 280,000,000 | |||||||
Termination fee to be paid by Altice | $ 560,000,000 | |||||||
Payments for merger related costs | $ 17,862,000 | |||||||
Investment Banking, Advisory, Brokerage, and Underwriting Fees and Commissions | 32,500,000 | |||||||
Payments for repurchase of redeemable noncontrolling interest | $ 8,300,000 | $ 0 | $ 0 | |||||
Bresnan Cable | ||||||||
The Company and Related Matters [Abstract] | ||||||||
Cash selling price for sale of entity | $ 1,625,000,000 | |||||||
Net cash received from Bresnan Sale | 675,000,000 | |||||||
Reduction for certain funded indebtedness | 962,000,000 | |||||||
Pretax gain (loss) recognized in connection with sale | $ 408,000,000 | |||||||
Discontinued operation, amount of adjustment to prior period gain (loss) on disposal, before income tax | $ 5,848,000 | |||||||
CNYG Class A Common Stock | ||||||||
The Company and Related Matters [Abstract] | ||||||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | ||||||
CNYG Class B Common Stock | ||||||||
The Company and Related Matters [Abstract] | ||||||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | ||||||
Altice N.V. | ||||||||
The Company and Related Matters [Abstract] | ||||||||
Business acquisition, share price (in dollars per share) | $ / shares | $ 34.90 | |||||||
Newsday Holdings LLC | Reportable Legal Entities | ||||||||
The Company and Related Matters [Abstract] | ||||||||
Payments for repurchase of redeemable noncontrolling interest | $ 8,300,000 | |||||||
Neptune Finco Corp. | Senior Secured Credit Facilities | Senior Secured Credit Facility | ||||||||
The Company and Related Matters [Abstract] | ||||||||
Issue amount | $ 3,800,000,000 | |||||||
Debt instrument, periodic payment, principal (percent) | 0.25% | |||||||
Neptune Finco Corp. | Senior Notes 10.125% Due 2023 | Senior Notes | ||||||||
The Company and Related Matters [Abstract] | ||||||||
Issue amount | $ 1,800,000,000 | |||||||
Interest rate (percent) | 10.125% | |||||||
Neptune Finco Corp. | Senior Notes 10.875% Due 2025 | Senior Notes | ||||||||
The Company and Related Matters [Abstract] | ||||||||
Issue amount | $ 2,000,000,000 | |||||||
Interest rate (percent) | 10.875% | |||||||
Neptune Finco Corp. | Senior Guaranteed 6.625% Notes Due 2025 | Senior Notes | ||||||||
The Company and Related Matters [Abstract] | ||||||||
Issue amount | $ 1,000,000,000 | |||||||
Interest rate (percent) | 6.625% | |||||||
Neptune Finco Corp. | Revolving Loan Facility | Senior Secured Credit Facilities | Senior Secured Credit Facility | ||||||||
The Company and Related Matters [Abstract] | ||||||||
Maximum credit borrowing capacity | $ 2,000,000,000 | |||||||
Debt instrument, covenant, leverage ratio | 5 | |||||||
Letters of credit issued | $ 15,000,000 | |||||||
Cablevision Systems Corporation | ||||||||
Principles of Consolidation [Abstract] | ||||||||
Senior notes, principal outstanding | $ 2,799,024,000 | |||||||
Senior notes due to Newsday | $ 611,455,000 | |||||||
Cablevision Systems Corporation Employee Stock Plan | Stock Options | ||||||||
The Company and Related Matters [Abstract] | ||||||||
Stock options outstanding (in shares) | shares | 13,353,217 | |||||||
Cablevision Systems Corporation Employee Stock Plan | Restricted and Performance Restricted Shares | ||||||||
The Company and Related Matters [Abstract] | ||||||||
Equity instrument other than options, nonvested (shares) | shares | 6,847,848 | |||||||
Cablevision Systems Corporation Employee Stock Plan | Restricted Stock | ||||||||
The Company and Related Matters [Abstract] | ||||||||
Equity instrument other than options, nonvested (shares) | shares | 4,967,748 | 5,314,870 | ||||||
Cablevision Systems Corporation Employee Stock Plan | Performance Shares | ||||||||
The Company and Related Matters [Abstract] | ||||||||
Equity instrument other than options, nonvested (shares) | shares | [1] | 1,772,430 | 0 | |||||
Cablevision Systems Corporation Stock Plan for Non-Employee Directors | Restricted Stock | ||||||||
The Company and Related Matters [Abstract] | ||||||||
Non-option equity instruments, outstanding (shares) | shares | 466,283 | |||||||
[1] | The PSUs entitle the employee to shares of CNYG common stock up to 150% of the number of PSUs granted depending on the level of achievement of the specified performance criteria. If the minimum performance threshold is not met, no shares will be issued. Accrued dividends are paid to the extent that a PSU vests and the related stock is issued. |
SUMMARY OF SIGNIFICANT ACCOUN47
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Gross Versus Net Revenue Recognition [Abstract] | |||
Franchise fees and certain other taxes and fees included as component of net revenue | $ 199,701 | $ 178,630 | $ 157,818 |
Advertising Expenses [Abstract] | |||
Advertising expenses | $ 160,671 | 156,228 | $ 140,779 |
Share-Based Compensation [Abstract] | |||
Vesting percentage of restricted stock units granted to non-employee directors (in hundredths) | 100.00% | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Deferred financing costs, net of accumulated amortization | $ 74,707 | 93,409 | |
CSC Holdings, LLC | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Deferred financing costs, net of accumulated amortization | $ 47,916 | $ 59,470 |
SUMMARY OF SIGNIFICANT ACCOUN48
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Common Stock of Cablevision (Details) | 12 Months Ended | |||
Dec. 31, 2015Voteshares | Dec. 31, 2014shares | Dec. 31, 2013shares | ||
CNYG Class A Common Stock | ||||
Common Stock of Cablevision [Abstract] | ||||
Number of votes per share of common stock | Vote | 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) | 220,219,935 | 213,598,590 | 210,561,118 | |
Employee and non-employee director stock transactions (in shares) | [1] | 2,352,275 | 6,621,345 | 3,037,472 |
Balance at end of period (in shares) | 222,572,210 | 220,219,935 | 213,598,590 | |
CNYG Class B Common Stock | ||||
Common Stock of Cablevision [Abstract] | ||||
Number of votes per share of common stock | Vote | 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) | [1] | 0 | 0 | 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 ACCOUN49
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, CSC Holdings Membership Interests (Details) - CSC Holdings, LLC - shares | Dec. 31, 2015 | Dec. 31, 2014 |
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 |
SUMMARY OF SIGNIFICANT ACCOUN50
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands | Aug. 06, 2015 | May. 01, 2015 | Feb. 24, 2015 | Nov. 05, 2014 | Jul. 29, 2014 | May. 06, 2014 | Feb. 25, 2014 | Nov. 06, 2013 | Jul. 30, 2013 | May. 07, 2013 | Feb. 26, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Dividends [Abstract] | ||||||||||||||
Dividends paid by Cablevision | $ 125,170 | $ 160,545 | $ 159,709 | |||||||||||
Maximum dividends to be paid when, and if, restriction lapse on restricted shares outstanding | 7,901 | |||||||||||||
CSC Holdings, LLC | ||||||||||||||
Dividends [Abstract] | ||||||||||||||
Distributions paid to Cablevision | 343,164 | 396,382 | 501,224 | |||||||||||
Restricted Stock | ||||||||||||||
Dividends [Abstract] | ||||||||||||||
Dividends paid by Cablevision | $ 3,935 | $ 1,548 | $ 3,092 | |||||||||||
Dividend Declared 2015 Q3 | CNYG Class A Common Stock | ||||||||||||||
Dividends [Abstract] | ||||||||||||||
Dividend, declaration date | Aug. 6, 2015 | |||||||||||||
Dividend per share (in dollars per share) | $ 0.15 | |||||||||||||
Dividend, record date | Aug. 21, 2015 | |||||||||||||
Dividend, payment date | Sep. 10, 2015 | |||||||||||||
Dividend Declared 2015 Q3 | CNYG Class B Common Stock | ||||||||||||||
Dividends [Abstract] | ||||||||||||||
Dividend, declaration date | Aug. 6, 2015 | |||||||||||||
Dividend per share (in dollars per share) | $ 0.15 | |||||||||||||
Dividend, record date | Aug. 21, 2015 | |||||||||||||
Dividend, payment date | Sep. 10, 2015 | |||||||||||||
Dividend Declared 2015 Q2 | CNYG Class A Common Stock | ||||||||||||||
Dividends [Abstract] | ||||||||||||||
Dividend, declaration date | May 1, 2015 | |||||||||||||
Dividend per share (in dollars per share) | $ 0.15 | |||||||||||||
Dividend, record date | May 22, 2015 | |||||||||||||
Dividend, payment date | Jun. 12, 2015 | |||||||||||||
Dividend Declared 2015 Q2 | CNYG Class B Common Stock | ||||||||||||||
Dividends [Abstract] | ||||||||||||||
Dividend, declaration date | May 1, 2015 | |||||||||||||
Dividend per share (in dollars per share) | $ 0.15 | |||||||||||||
Dividend, record date | May 22, 2015 | |||||||||||||
Dividend, payment date | Jun. 12, 2015 | |||||||||||||
Dividend Declared 2015 Q1 | CNYG Class A Common Stock | ||||||||||||||
Dividends [Abstract] | ||||||||||||||
Dividend, declaration date | Feb. 24, 2015 | |||||||||||||
Dividend per share (in dollars per share) | $ 0.15 | |||||||||||||
Dividend, record date | Mar. 16, 2015 | |||||||||||||
Dividend, payment date | Apr. 3, 2015 | |||||||||||||
Dividend Declared 2015 Q1 | CNYG Class B Common Stock | ||||||||||||||
Dividends [Abstract] | ||||||||||||||
Dividend, declaration date | Feb. 24, 2015 | |||||||||||||
Dividend per share (in dollars per share) | $ 0.15 | |||||||||||||
Dividend, record date | Mar. 16, 2015 | |||||||||||||
Dividend, payment date | Apr. 3, 2015 | |||||||||||||
Dividend Declared 2014 Q4 | CNYG Class A Common Stock | ||||||||||||||
Dividends [Abstract] | ||||||||||||||
Dividend, declaration date | Nov. 5, 2014 | |||||||||||||
Dividend per share (in dollars per share) | $ 0.15 | |||||||||||||
Dividend, record date | Nov. 21, 2014 | |||||||||||||
Dividend, payment date | Dec. 12, 2014 | |||||||||||||
Dividend Declared 2014 Q4 | CNYG Class B Common Stock | ||||||||||||||
Dividends [Abstract] | ||||||||||||||
Dividend, declaration date | Nov. 5, 2014 | |||||||||||||
Dividend per share (in dollars per share) | $ 0.15 | |||||||||||||
Dividend, record date | Nov. 21, 2014 | |||||||||||||
Dividend, payment date | Dec. 12, 2014 | |||||||||||||
Dividend Declared 2014 Q3 | CNYG Class A Common Stock | ||||||||||||||
Dividends [Abstract] | ||||||||||||||
Dividend, declaration date | Jul. 29, 2014 | |||||||||||||
Dividend per share (in dollars per share) | $ 0.15 | |||||||||||||
Dividend, record date | Aug. 15, 2014 | |||||||||||||
Dividend, payment date | Sep. 5, 2014 | |||||||||||||
Dividend Declared 2014 Q3 | CNYG Class B Common Stock | ||||||||||||||
Dividends [Abstract] | ||||||||||||||
Dividend, declaration date | Jul. 29, 2014 | |||||||||||||
Dividend per share (in dollars per share) | $ 0.15 | |||||||||||||
Dividend, record date | Aug. 15, 2014 | |||||||||||||
Dividend, payment date | Sep. 5, 2014 | |||||||||||||
Dividend Declared 2014 Q2 | CNYG Class A Common Stock | ||||||||||||||
Dividends [Abstract] | ||||||||||||||
Dividend, declaration date | May 6, 2014 | |||||||||||||
Dividend per share (in dollars per share) | $ 0.15 | |||||||||||||
Dividend, record date | May 23, 2014 | |||||||||||||
Dividend, payment date | Jun. 13, 2014 | |||||||||||||
Dividend Declared 2014 Q2 | CNYG Class B Common Stock | ||||||||||||||
Dividends [Abstract] | ||||||||||||||
Dividend, declaration date | May 6, 2014 | |||||||||||||
Dividend per share (in dollars per share) | $ 0.15 | |||||||||||||
Dividend, record date | May 23, 2014 | |||||||||||||
Dividend, payment date | Jun. 13, 2014 | |||||||||||||
Dividend Declared 2014 Q1 | CNYG Class A Common Stock | ||||||||||||||
Dividends [Abstract] | ||||||||||||||
Dividend, declaration date | Feb. 25, 2014 | |||||||||||||
Dividend per share (in dollars per share) | $ 0.15 | |||||||||||||
Dividend, record date | Mar. 14, 2014 | |||||||||||||
Dividend, payment date | Apr. 3, 2014 | |||||||||||||
Dividend Declared 2014 Q1 | CNYG Class B Common Stock | ||||||||||||||
Dividends [Abstract] | ||||||||||||||
Dividend, declaration date | Feb. 25, 2014 | |||||||||||||
Dividend per share (in dollars per share) | $ 0.15 | |||||||||||||
Dividend, record date | Mar. 14, 2014 | |||||||||||||
Dividend, payment date | Apr. 3, 2014 | |||||||||||||
Dividend Declared 2013 Q4 | CNYG Class A Common Stock | ||||||||||||||
Dividends [Abstract] | ||||||||||||||
Dividend, declaration date | Nov. 6, 2013 | |||||||||||||
Dividend per share (in dollars per share) | $ 0.15 | |||||||||||||
Dividend, record date | Nov. 22, 2013 | |||||||||||||
Dividend, payment date | Dec. 13, 2013 | |||||||||||||
Dividend Declared 2013 Q4 | CNYG Class B Common Stock | ||||||||||||||
Dividends [Abstract] | ||||||||||||||
Dividend, declaration date | Nov. 6, 2013 | |||||||||||||
Dividend per share (in dollars per share) | $ 0.15 | |||||||||||||
Dividend, record date | Nov. 22, 2013 | |||||||||||||
Dividend, payment date | Dec. 13, 2013 | |||||||||||||
Dividend Declared 2013 Q3 | CNYG Class A Common Stock | ||||||||||||||
Dividends [Abstract] | ||||||||||||||
Dividend, declaration date | Jul. 30, 2013 | |||||||||||||
Dividend per share (in dollars per share) | $ 0.15 | |||||||||||||
Dividend, record date | Aug. 15, 2013 | |||||||||||||
Dividend, payment date | Sep. 5, 2013 | |||||||||||||
Dividend Declared 2013 Q3 | CNYG Class B Common Stock | ||||||||||||||
Dividends [Abstract] | ||||||||||||||
Dividend, declaration date | Jul. 30, 2013 | |||||||||||||
Dividend per share (in dollars per share) | $ 0.15 | |||||||||||||
Dividend, record date | Aug. 15, 2013 | |||||||||||||
Dividend, payment date | Sep. 5, 2013 | |||||||||||||
Dividend Declared 2013 Q2 | CNYG Class A Common Stock | ||||||||||||||
Dividends [Abstract] | ||||||||||||||
Dividend, declaration date | May 7, 2013 | |||||||||||||
Dividend per share (in dollars per share) | $ 0.15 | |||||||||||||
Dividend, record date | May 24, 2013 | |||||||||||||
Dividend, payment date | Jun. 14, 2013 | |||||||||||||
Dividend Declared 2013 Q2 | CNYG Class B Common Stock | ||||||||||||||
Dividends [Abstract] | ||||||||||||||
Dividend, declaration date | May 7, 2013 | |||||||||||||
Dividend per share (in dollars per share) | $ 0.15 | |||||||||||||
Dividend, record date | May 24, 2013 | |||||||||||||
Dividend, payment date | Jun. 14, 2013 | |||||||||||||
Dividend Declared 2013 Q1 | CNYG Class A Common Stock | ||||||||||||||
Dividends [Abstract] | ||||||||||||||
Dividend, declaration date | Feb. 26, 2013 | |||||||||||||
Dividend per share (in dollars per share) | $ 0.15 | |||||||||||||
Dividend, record date | Mar. 15, 2013 | |||||||||||||
Dividend, payment date | Apr. 3, 2013 | |||||||||||||
Dividend Declared 2013 Q1 | CNYG Class B Common Stock | ||||||||||||||
Dividends [Abstract] | ||||||||||||||
Dividend, declaration date | Feb. 26, 2013 | |||||||||||||
Dividend per share (in dollars per share) | $ 0.15 | |||||||||||||
Dividend, record date | Mar. 15, 2013 | |||||||||||||
Dividend, payment date | Apr. 3, 2013 |
SUMMARY OF SIGNIFICANT ACCOUN51
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Income (Loss) Per Common Share (Details) - shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Reconciliation of Weighted Average Shares Used in Calculations of Basic and Diluted Net Income Per Share [Abstract] | |||
Basic weighted average shares outstanding (in shares) | 269,388,000 | 264,623,000 | 260,763,000 |
Effect of dilution: | |||
Stock options (in shares) | 3,532,000 | 3,247,000 | 3,026,000 |
Restricted stock awards (in shares) | 3,419,000 | 2,833,000 | 2,146,000 |
Diluted weighted average shares outstanding (in shares) | 276,339,000 | 270,703,000 | 265,935,000 |
Stock Options | |||
Antidilutive Securities Excluded from Diluted Weighted Average Shares Outstanding [Abstract] | |||
Antidilutive securities excluded from diluted weighted average shares outstanding (in shares) | 1,160,000 | 1,760,000 | 1,336,000 |
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) | 45,000 | ||
Performance Shares | |||
Antidilutive Securities Excluded from Diluted Weighted Average Shares Outstanding [Abstract] | |||
Antidilutive securities excluded from diluted weighted average shares outstanding (in shares) | 1,772,000 |
SUPPLEMENTAL CASH FLOW INFORM52
SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Non-Cash Investing and Financing Activities - Continuing Operations [Abstract] | |||
Property and equipment accrued but unpaid | $ 63,843 | $ 48,824 | $ 65,391 |
Notes payable to vendor | 8,318 | 34,522 | 1,202 |
Capital lease obligations | 19,987 | 30,603 | 11,499 |
Intangible asset obligations | 1,121 | 525 | 2,498 |
Reduction in capital lease obligation as a result of not exercising a bargain purchase option | 0 | 0 | 22,950 |
Supplemental Data [Abstract] | |||
Cash interest paid - continuing operations | 560,361 | 550,241 | 580,906 |
Income taxes paid, net - continuing operations | 3,849 | 10,598 | 16,470 |
Cash interest paid - discontinued operations | 0 | 0 | 26,606 |
Restricted Stock | |||
Non-Cash Investing and Financing Activities - Continuing Operations [Abstract] | |||
Dividends payable on unvested restricted share awards | 3,517 | 3,809 | 3,466 |
CSC Holdings, LLC | |||
Non-Cash Investing and Financing Activities - Continuing Operations [Abstract] | |||
Property and equipment accrued but unpaid | 63,843 | 48,824 | 65,391 |
Notes payable to vendor | 8,318 | 34,522 | 1,202 |
Capital lease obligations | 19,987 | 30,603 | 11,499 |
Intangible asset obligations | 1,121 | 525 | 2,498 |
Reduction in capital lease obligation as a result of not exercising a bargain purchase option | 0 | 0 | 22,950 |
Distribution of Cablevision senior notes to Cablevision | 0 | 0 | 142,262 |
Supplemental Data [Abstract] | |||
Cash interest paid - continuing operations | 346,457 | 335,175 | 362,365 |
Income taxes paid, net - continuing operations | 3,849 | 10,598 | 16,470 |
Cash interest paid - discontinued operations | $ 0 | $ 0 | $ 26,606 |
RESTRUCTURING AND IMPAIRMENT 53
RESTRUCTURING AND IMPAIRMENT CHARGES (Details) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2013USD ($)Employee | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($)Employee | Dec. 31, 2013USD ($) | |
Accrued Restructuring Liability [Roll Forward] | ||||
Restructuring expense (credits) | $ (1,649,000) | $ 2,480,000 | $ 23,550,000 | |
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 | ||
Trademarks | ||||
Asset Impairment Charges [Abstract] | ||||
Impairment charges related to trademarks | 200,000 | 25,100,000 | ||
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 | |||
Accrual balance at beginning of period | 1,294,000 | 14,742,000 | ||
Payments and other, net | (936,000) | (13,448,000) | (9,342,000) | |
Accrual balance at end of period | $ 14,742,000 | 358,000 | 1,294,000 | 14,742,000 |
Prior Restructuring Plans | ||||
Accrued Restructuring Liability [Roll Forward] | ||||
Restructuring expense (credits) | (1,530,000) | 1,984,000 | (534,000) | |
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 | |||
Accrual balance at beginning of period | 5,000 | 2,727,000 | ||
Payments and other, net | (5,000) | (2,722,000) | (8,556,000) | |
Accrual balance at end of period | $ 2,727,000 | 0 | 5,000 | 2,727,000 |
Cable | Employee Severance | ||||
Restructuring [Abstract] | ||||
Number of positions eliminated | Employee | 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 | |||
Accrual balance at beginning of period | 619,000 | 930,000 | ||
Payments and other, net | (619,000) | (311,000) | (628,000) | |
Accrual balance at end of period | $ 930,000 | 0 | 619,000 | 930,000 |
Lightpath | Employee Severance | ||||
Restructuring [Abstract] | ||||
Number of positions eliminated | Employee | 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 | |||
Accrual balance at beginning of period | 670,000 | 11,085,000 | ||
Payments and other, net | (312,000) | (10,415,000) | (158,000) | |
Accrual balance at end of period | $ 11,085,000 | $ 358,000 | $ 670,000 | 11,085,000 |
Other | Employee Severance | ||||
Restructuring [Abstract] | ||||
Number of positions eliminated | Employee | 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 Holdings LLC | Employee Severance | 2014 Restructuring Plan | ||||
Restructuring [Abstract] | ||||
Number of positions eliminated | Employee | 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, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Operating Results of Discontinued Operations [Abstract] | |||||||||||||
Income (loss) from discontinued operations, net of income taxes | $ (1,633,000) | $ (406,000) | $ 0 | $ (10,502,000) | $ (175,000) | $ (79,000) | $ 3,510,000 | $ (434,000) | $ (12,541,000) | $ 2,822,000 | $ 338,316,000 | ||
Impairment loss relating to goodwill | 0 | 0 | 0 | ||||||||||
Goodwill, net of accumulated impairment losses | 262,345,000 | 264,690,000 | 262,345,000 | 264,690,000 | |||||||||
Bresnan Cable | |||||||||||||
Operating Results of Discontinued Operations [Abstract] | |||||||||||||
Pretax gain (loss) recognized in connection with sale | 408,000,000 | ||||||||||||
CSC Holdings, LLC | |||||||||||||
Operating Results of Discontinued Operations [Abstract] | |||||||||||||
Income (loss) from discontinued operations, net of income taxes | (1,633,000) | $ (406,000) | $ 0 | $ (10,502,000) | (175,000) | $ (79,000) | $ 3,510,000 | $ (434,000) | (12,541,000) | 2,822,000 | 330,711,000 | ||
Goodwill, net of accumulated impairment losses | $ 262,345,000 | $ 264,690,000 | 262,345,000 | 264,690,000 | |||||||||
Discontinued Operations, Disposed of by Sale | |||||||||||||
Operating Results of Discontinued Operations [Abstract] | |||||||||||||
Revenues, net | 289,630,000 | ||||||||||||
Income (loss) before income taxes | (21,272,000) | 5,028,000 | 571,123,000 | ||||||||||
Income tax benefit (expense) | [1] | (232,807,000) | |||||||||||
Income (loss) from discontinued operations, net of income taxes | (12,541,000) | $ 2,822,000 | 338,316,000 | ||||||||||
Income tax benefit recognized at Cablevision, not applicable to CSC Holdings | (7,605,000) | ||||||||||||
Discontinued Operations, Disposed of by Sale | Compensation Related Claims | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Discontinued operations, legal matter expense | 21,000,000 | ||||||||||||
Discontinued operations legal matter, aggregate expense, including statutory interest, net of taxes | $ 12,380,000 | ||||||||||||
Discontinued Operations, Disposed of by Sale | Litigation Settlement | |||||||||||||
Operating Results of Discontinued Operations [Abstract] | |||||||||||||
Revenues, net | [2] | 0 | |||||||||||
Income (loss) before income taxes | [2] | 173,690,000 | |||||||||||
Income tax benefit (expense) | [1],[2] | (70,054,000) | |||||||||||
Income (loss) from discontinued operations, net of income taxes | [2] | 103,636,000 | |||||||||||
Income tax benefit recognized at Cablevision, not applicable to CSC Holdings | [2] | (1,003,000) | |||||||||||
Discontinued Operations, Disposed of by Sale | Bresnan Cable | |||||||||||||
Operating Results of Discontinued Operations [Abstract] | |||||||||||||
Revenues, net | [3] | 262,323,000 | |||||||||||
Income (loss) before income taxes | [3] | 439,870,000 | |||||||||||
Income tax benefit (expense) | [1],[3] | (180,178,000) | |||||||||||
Income (loss) from discontinued operations, net of income taxes | [3] | 259,692,000 | |||||||||||
Income tax benefit recognized at Cablevision, not applicable to CSC Holdings | [3] | (6,602,000) | |||||||||||
Pretax gain (loss) recognized in connection with sale | 408,000,000 | ||||||||||||
Discontinued Operations, Disposed of by Sale | Clearview Cinemas | |||||||||||||
Operating Results of Discontinued Operations [Abstract] | |||||||||||||
Revenues, net | [4],[5] | 27,307,000 | |||||||||||
Income (loss) before income taxes | [4],[5] | (42,437,000) | |||||||||||
Income tax benefit (expense) | [1],[4],[5] | 17,425,000 | |||||||||||
Income (loss) from discontinued operations, net of income taxes | [4],[5] | (25,012,000) | |||||||||||
Income tax benefit recognized at Cablevision, not applicable to CSC Holdings | [4],[5] | 0 | |||||||||||
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 | ||||||||||||
Discontinued Operations, Disposed of by Sale | CSC Holdings, LLC | |||||||||||||
Operating Results of Discontinued Operations [Abstract] | |||||||||||||
Income (loss) from discontinued operations, net of income taxes | 330,711,000 | ||||||||||||
Discontinued Operations, Disposed of by Sale | CSC Holdings, LLC | Litigation Settlement | |||||||||||||
Operating Results of Discontinued Operations [Abstract] | |||||||||||||
Income (loss) from discontinued operations, net of income taxes | [2] | 102,633,000 | |||||||||||
Discontinued Operations, Disposed of by Sale | CSC Holdings, LLC | Bresnan Cable | |||||||||||||
Operating Results of Discontinued Operations [Abstract] | |||||||||||||
Income (loss) from discontinued operations, net of income taxes | [3] | 253,090,000 | |||||||||||
Discontinued Operations, Disposed of by Sale | CSC Holdings, LLC | Clearview Cinemas | |||||||||||||
Operating Results of Discontinued Operations [Abstract] | |||||||||||||
Income (loss) from discontinued operations, net of income taxes | [4],[5] | $ (25,012,000) | |||||||||||
[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] | Includes the pretax gain recognized in connection with the Bresnan Sale of approximately $408,000. | ||||||||||||
[4] | 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. | ||||||||||||
[5] | Includes the pretax loss recognized in connection with the Clearview Sale of approximately $19,300. |
DISCONTINUED OPERATIONS, Litiga
DISCONTINUED OPERATIONS, Litigation Settlement and Bresnan Cable Legal Matters (Details) - USD ($) $ in Thousands | Apr. 09, 2013 | Apr. 08, 2013 | Oct. 31, 2012 | Dec. 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 | |||
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 EQUIPMENT56
PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property, Plant and Equipment [Abstract] | |||
Property, plant and equipment, gross | $ 12,642,363 | $ 12,480,062 | |
Less accumulated depreciation and amortization | (9,625,348) | (9,454,315) | |
Total property, plant and equipment, net | 3,017,015 | 3,025,747 | |
Depreciation expense on property, plant and equipment, including capital leases | 857,440 | 852,451 | $ 858,899 |
Impairments of property, plant and equipment | 425 | $ 10,997 | |
Equipment and Related Accumulated Amortization Recorded Under Capital Leases [Abstract] | |||
Equipment | 90,099 | 95,719 | |
Less accumulated amortization | (28,119) | (39,951) | |
Total equipment under capital leases, net | $ 61,980 | 55,768 | |
Cable Television System Plant | Minimum | |||
Property, Plant and Equipment [Abstract] | |||
Estimated useful lives (years) | 10 years | ||
Cable Television System Plant | Maximum | |||
Property, Plant and Equipment [Abstract] | |||
Estimated useful lives (years) | 25 years | ||
Headend Facilities | Minimum | |||
Property, Plant and Equipment [Abstract] | |||
Estimated useful lives (years) | 4 years | ||
Headend Facilities | Maximum | |||
Property, Plant and Equipment [Abstract] | |||
Estimated useful lives (years) | 25 years | ||
New Connections for Residence Wiring | |||
Property, Plant and Equipment [Abstract] | |||
Estimated useful lives (years) | 5 years | ||
New Connections for Feeder Cable to the Home | |||
Property, Plant and Equipment [Abstract] | |||
Estimated useful lives (years) | 12 years | ||
Customer equipment | |||
Property, Plant and Equipment [Abstract] | |||
Property, plant and equipment, gross | $ 1,952,336 | 1,954,512 | |
Customer equipment | Minimum | |||
Property, Plant and Equipment [Abstract] | |||
Estimated useful lives (years) | 3 years | ||
Customer equipment | Maximum | |||
Property, Plant and Equipment [Abstract] | |||
Estimated useful lives (years) | 5 years | ||
Headends and related equipment | |||
Property, Plant and Equipment [Abstract] | |||
Property, plant and equipment, gross | $ 1,571,750 | 1,437,681 | |
Headends and related equipment | Minimum | |||
Property, Plant and Equipment [Abstract] | |||
Estimated useful lives (years) | 4 years | ||
Headends and related equipment | Maximum | |||
Property, Plant and Equipment [Abstract] | |||
Estimated useful lives (years) | 25 years | ||
Central office equipment | |||
Property, Plant and Equipment [Abstract] | |||
Property, plant and equipment, gross | $ 816,539 | 811,320 | |
Central office equipment | Minimum | |||
Property, Plant and Equipment [Abstract] | |||
Estimated useful lives (years) | 5 years | ||
Central office equipment | Maximum | |||
Property, Plant and Equipment [Abstract] | |||
Estimated useful lives (years) | 10 years | ||
Infrastructure | |||
Property, Plant and Equipment [Abstract] | |||
Property, plant and equipment, gross | $ 5,639,226 | 5,695,519 | |
Infrastructure | Minimum | |||
Property, Plant and Equipment [Abstract] | |||
Estimated useful lives (years) | 3 years | ||
Infrastructure | Maximum | |||
Property, Plant and Equipment [Abstract] | |||
Estimated useful lives (years) | 25 years | ||
Equipment and software | |||
Property, Plant and Equipment [Abstract] | |||
Property, plant and equipment, gross | $ 1,577,616 | 1,507,500 | |
Equipment and software | Minimum | |||
Property, Plant and Equipment [Abstract] | |||
Estimated useful lives (years) | 3 years | ||
Equipment and software | Maximum | |||
Property, Plant and Equipment [Abstract] | |||
Estimated useful lives (years) | 10 years | ||
Construction in progress (including materials and supplies) | |||
Property, Plant and Equipment [Abstract] | |||
Property, plant and equipment, gross | $ 87,412 | 97,955 | |
Furniture and fixtures | |||
Property, Plant and Equipment [Abstract] | |||
Property, plant and equipment, gross | $ 96,561 | 94,265 | |
Furniture and fixtures | Minimum | |||
Property, Plant and Equipment [Abstract] | |||
Estimated useful lives (years) | 5 years | ||
Furniture and fixtures | Maximum | |||
Property, Plant and Equipment [Abstract] | |||
Estimated useful lives (years) | 12 years | ||
Transportation equipment | |||
Property, Plant and Equipment [Abstract] | |||
Property, plant and equipment, gross | $ 210,013 | 217,486 | |
Transportation equipment | Minimum | |||
Property, Plant and Equipment [Abstract] | |||
Estimated useful lives (years) | 5 years | ||
Transportation equipment | Maximum | |||
Property, Plant and Equipment [Abstract] | |||
Estimated useful lives (years) | 18 years | ||
Buildings and building improvements | |||
Property, Plant and Equipment [Abstract] | |||
Property, plant and equipment, gross | $ 322,267 | 303,344 | |
Buildings and building improvements | Minimum | |||
Property, Plant and Equipment [Abstract] | |||
Estimated useful lives (years) | 10 years | ||
Buildings and building improvements | Maximum | |||
Property, Plant and Equipment [Abstract] | |||
Estimated useful lives (years) | 40 years | ||
Leasehold improvements | |||
Property, Plant and Equipment [Abstract] | |||
Estimated useful lives, description | Term of lease | ||
Property, plant and equipment, gross | $ 354,136 | 345,942 | |
Land | |||
Property, Plant and Equipment [Abstract] | |||
Property, plant and equipment, gross | 14,507 | 14,538 | |
Software Development | |||
Property, Plant and Equipment [Abstract] | |||
Capitalized costs related to acquisition and development of internal use software | $ 144,349 | $ 153,675 |
OPERATING LEASES (Details)
OPERATING LEASES (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating leases, rent expense [Abstract] | |||
Rent expense, including pole rentals | $ 82,704 | $ 77,769 | $ 75,553 |
Minimum future annual payment for all operating leases from continuing operations, including pole rentals [Abstract] | |||
2,016 | 65,847 | ||
2,017 | 68,820 | ||
2,018 | 57,560 | ||
2,019 | 45,184 | ||
2,020 | 41,520 | ||
Thereafter | $ 161,929 |
INTANGIBLE ASSETS, Intangible A
INTANGIBLE ASSETS, Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Amortizable Intangible Assets, Net [Abstract] | ||
Gross carrying amount of amortizable intangible assets | $ 97,261 | $ 96,799 |
Accumulated amortization | (60,310) | (60,018) |
Amortizable intangible assets, net of accumulated amortization | 36,951 | 36,781 |
Intangible Assets, Net [Abstract] | ||
Indefinite-lived cable television franchises | 731,848 | 731,848 |
Trademarks and other indefinite-lived intangible assets | 7,250 | 7,250 |
Goodwill | 262,345 | 264,690 |
Total intangible assets, net | 1,038,394 | 1,040,569 |
Aggregate amortization expense | ||
Amortization expense (excluding impairment charges $5,831 in 2014) | 7,812 | 8,220 |
Impairment charges | 5,831 | |
Estimated amortization expense | ||
Year ending December 31, 2016 | 6,968 | |
Year ending December 31, 2017 | 6,510 | |
Year ending December 31, 2018 | 5,502 | |
Year ending December 31, 2019 | 4,860 | |
Year ending December 31, 2020 | 3,923 | |
Customer relationships | ||
Amortizable Intangible Assets, Net [Abstract] | ||
Gross carrying amount of amortizable intangible assets | 39,414 | 45,828 |
Accumulated amortization | $ (27,778) | (31,407) |
Customer relationships | Minimum | ||
Amortizable Intangible Assets, Net [Abstract] | ||
Estimated useful lives | 10 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 | $ 57,847 | 50,971 |
Accumulated amortization | $ (32,532) | $ (28,611) |
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 (De
INTANGIBLE ASSETS, Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill [Roll Forward] | ||
Beginning gross goodwill | $ 598,748 | |
Adjustment in connection with the purchase of noncontrolling interest in Newsday | (2,345) | |
Ending gross goodwill | 596,403 | |
Accumulated impairment losses | (334,058) | $ (334,058) |
Goodwill, net of accumulated impairment losses | 262,345 | 264,690 |
Cable | ||
Goodwill [Roll Forward] | ||
Beginning gross goodwill | 234,290 | |
Adjustment in connection with the purchase of noncontrolling interest in Newsday | 0 | |
Ending gross goodwill | 234,290 | |
Accumulated impairment losses | 0 | 0 |
Goodwill, net of accumulated impairment losses | 234,290 | |
Lightpath | ||
Goodwill [Roll Forward] | ||
Beginning gross goodwill | 21,487 | |
Adjustment in connection with the purchase of noncontrolling interest in Newsday | 0 | |
Ending gross goodwill | 21,487 | |
Accumulated impairment losses | 0 | 0 |
Goodwill, net of accumulated impairment losses | 21,487 | |
Other | ||
Goodwill [Roll Forward] | ||
Beginning gross goodwill | 342,971 | |
Adjustment in connection with the purchase of noncontrolling interest in Newsday | (2,345) | |
Ending gross goodwill | 340,626 | |
Accumulated impairment losses | (334,058) | $ (334,058) |
Goodwill, net of accumulated impairment losses | $ 6,568 |
DEBT, Credit Facility Debt (Det
DEBT, Credit Facility Debt (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Credit facility debt [Abstract] | ||||
Amounts payable on or prior to December 31, 2016 | $ 563,776 | $ 61,849 | ||
Carrying value | 2,521,942 | 2,780,649 | ||
Restricted Group | ||||
Credit facility debt [Abstract] | ||||
Amounts payable on or prior to December 31, 2016 | 83,776 | |||
Carrying value | $ 2,041,942 | 2,300,649 | ||
Restricted Group | Revolving Loan Facility | ||||
Credit facility debt [Abstract] | ||||
Maturity Date | [1] | Apr. 17, 2018 | ||
Interest rate (in hundredths) | [1] | 0.00% | ||
Amounts payable on or prior to December 31, 2016 | [1] | $ 0 | ||
Carrying value | [1] | 0 | 0 | |
Letters of credit issued | 71,686 | |||
Credit facility amount undrawn and available to be drawn | $ 1,428,314 | |||
Restricted Group | Term A loan facility | ||||
Credit facility debt [Abstract] | ||||
Maturity Date | Apr. 17, 2018 | |||
Interest rate (in hundredths) | 2.17% | |||
Amounts payable on or prior to December 31, 2016 | $ 71,888 | |||
Carrying value | $ 886,621 | 934,547 | ||
Restricted Group | Term B Loan Facility | ||||
Credit facility debt [Abstract] | ||||
Maturity Date | [2] | Apr. 17, 2020 | ||
Interest rate (in hundredths) | [2] | 2.92% | ||
Amounts payable on or prior to December 31, 2016 | [2] | $ 11,888 | ||
Carrying value | [2] | 1,155,321 | 1,366,102 | |
Debt unamortized discount | $ 3,712 | 5,326 | $ 11,750 | |
Newsday Holdings LLC | Floating Term Rate Loan Facility | ||||
Credit facility debt [Abstract] | ||||
Maturity Date | Oct. 12, 2016 | |||
Interest rate (in hundredths) | 3.92% | |||
Amounts payable on or prior to December 31, 2016 | $ 480,000 | |||
Carrying value | $ 480,000 | $ 480,000 | ||
[1] | At December 31, 2015, $71,686 of the Restricted Group revolving loan facility was restricted for certain letters of credit issued on behalf of CSC Holdings and $1,428,314 of the Restricted Group 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 $3,712 and $5,326 at December 31, 2015 and 2014, respectively. |
DEBT, Restricted Group Credit F
DEBT, Restricted Group Credit Facility (Details) | Apr. 17, 2013USD ($)Financial_Maintenance_Covenant | Apr. 30, 2015USD ($) | Sep. 30, 2014USD ($) | May. 31, 2014USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) |
Restricted Group Credit Facility [Abstract] | |||||||
Repayments of credit facility debt | $ 260,321,000 | $ 990,785,000 | $ 3,445,751,000 | ||||
Restricted Group | New Credit Agreement | |||||||
Restricted Group Credit Facility [Abstract] | |||||||
Maximum credit borrowing capacity | $ 4,808,510,000 | ||||||
Deferred financing costs incurred | 27,080,000 | ||||||
Senior secured leverage ratio | 3.50 | ||||||
Maximum aggregate letters of credit that can be issued (up to) | $ 150,000,000 | ||||||
Number of applicable financial covenants | Financial_Maintenance_Covenant | 2 | ||||||
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 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 | 694,918,000 | ||||||
Restricted Group | Term B Loan Facility | |||||||
Restricted Group Credit Facility [Abstract] | |||||||
Maximum credit borrowing capacity | $ 1,200,000,000 | ||||||
Unamortized deferred financing costs and discounts written off | 1,004,000 | ||||||
Debt discount at issuance | 3,712,000 | 5,326,000 | 11,750,000 | ||||
Repayments of credit facility debt | $ 200,000,000 | $ 200,000,000 | $ 750,000,000 | ||||
Gain (loss) on extinguishment of debt | (731,000) | ||||||
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 | $ 2,972,000 | ||||||
Restricted Group | Term B Loan Facility | Final Payment on April 17, 2020 | |||||||
Restricted Group Credit Facility [Abstract] | |||||||
Repayments of principal | $ 1,111,481,000 | ||||||
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 | $ 260,321,000 | 990,785,000 | $ 3,445,751,000 | ||||
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 - Floating Term Rate Loan Facility - USD ($) | Dec. 10, 2013 | Oct. 12, 2012 | Dec. 31, 2015 |
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 | ||
Cablevision senior notes purchased by CSC Holdings and cancelled by Cablevision | $ 142,262,000 | ||
Minimum liquidity | $ 25,000,000 | ||
Base Rate | |||
Credit facility debt [Abstract] | |||
Basis spread on variable rate (in hundredths) | 2.50% | ||
Eurodollar Rate | |||
Credit facility debt [Abstract] | |||
Basis spread on variable rate (in hundredths) | 3.50% |
DEBT, Senior Notes and Debentur
DEBT, Senior Notes and Debentures (Details) - USD ($) | 12 Months Ended | |||||
Dec. 31, 2015 | Dec. 31, 2014 | May. 31, 2014 | Jan. 31, 2014 | |||
Senior Notes and Debentures [Abstract] | ||||||
Carrying amount | $ 5,860,642,000 | $ 5,855,867,000 | ||||
CSC Holdings, LLC | ||||||
Senior Notes and Debentures [Abstract] | ||||||
Carrying amount | $ 3,065,092,000 | 3,062,126,000 | ||||
CSC Holdings, LLC | Debentures | 7.875% Debentures due February 2018 | ||||||
Senior Notes and Debentures [Abstract] | ||||||
Issuer | CSC Holdings (a)(c) | |||||
Date issued | [1],[2] | Feb. 6, 1998 | ||||
Maturity date | [1],[2] | Feb. 15, 2018 | ||||
Interest rate (percent) | [1],[2] | 7.875% | ||||
Issue amount | [1],[2] | $ 300,000,000 | ||||
Carrying amount | [1],[2] | $ 299,635,000 | 299,464,000 | |||
CSC Holdings, LLC | Debentures | 7.625% Debentures due July 2018 | ||||||
Senior Notes and Debentures [Abstract] | ||||||
Issuer | CSC Holdings (a)(c) | |||||
Date issued | [1],[2] | Jul. 21, 1998 | ||||
Maturity date | [1],[2] | Jul. 15, 2018 | ||||
Interest rate (percent) | [1],[2] | 7.625% | ||||
Issue amount | [1],[2] | $ 500,000,000 | ||||
Carrying amount | [1],[2] | $ 499,937,000 | 499,912,000 | |||
CSC Holdings, LLC | Senior Notes | Senior 8.625% Notes due February 2019 | ||||||
Senior Notes and Debentures [Abstract] | ||||||
Issuer | CSC Holdings (b)(c) | |||||
Date issued | [1],[3] | Feb. 12, 2009 | ||||
Maturity date | [1],[3] | Feb. 15, 2019 | ||||
Interest rate (percent) | [1],[3] | 8.625% | ||||
Issue amount | [1],[3] | $ 526,000,000 | ||||
Carrying amount | [1],[3] | $ 515,520,000 | 512,750,000 | |||
CSC Holdings, LLC | Senior Notes | Senior 6.75% Notes due November 2021 | ||||||
Senior Notes and Debentures [Abstract] | ||||||
Issuer | CSC Holdings (b) | |||||
Date issued | [3] | Nov. 15, 2011 | ||||
Maturity date | [3] | Nov. 15, 2021 | ||||
Interest rate (percent) | [3] | 6.75% | ||||
Issue amount | [3] | $ 1,000,000,000 | ||||
Carrying amount | [3] | $ 1,000,000,000 | 1,000,000,000 | |||
CSC Holdings, LLC | Senior Notes | Senior 5.25% Notes due June 1, 2024 | ||||||
Senior Notes and Debentures [Abstract] | ||||||
Issuer | CSC Holdings (b) | |||||
Date issued | [3] | May 23, 2014 | ||||
Maturity date | [3] | Jun. 1, 2024 | ||||
Interest rate (percent) | 5.25% | [3] | 5.25% | |||
Issue amount | $ 750,000,000 | [3] | $ 750,000,000 | |||
Carrying amount | [3] | 750,000,000 | 750,000,000 | |||
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 | [1],[3] | Sep. 23, 2009 | ||||
Maturity date | [1],[3] | Sep. 15, 2017 | ||||
Interest rate (percent) | [1],[3] | 8.625% | ||||
Issue amount | [1],[3] | $ 900,000,000 | ||||
Carrying amount | [1],[3] | $ 896,526,000 | 894,717,000 | |||
Cablevision Systems Corporation | Senior Notes | Senior 7.75% Notes due April 2018 | ||||||
Senior Notes and Debentures [Abstract] | ||||||
Issuer | Cablevision (b) | |||||
Date issued | [3] | Apr. 15, 2010 | ||||
Maturity date | [3] | Apr. 15, 2018 | ||||
Interest rate (percent) | [3] | 7.75% | ||||
Issue amount | [3] | $ 750,000,000 | ||||
Carrying amount | [3] | $ 750,000,000 | 750,000,000 | |||
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 | [3] | Apr. 15, 2010 | ||||
Maturity date | [3] | Apr. 15, 2020 | ||||
Interest rate (percent) | [3] | 8.00% | ||||
Issue amount | [3] | $ 500,000,000 | ||||
Carrying amount | [3] | 500,000,000 | 500,000,000 | |||
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 | [3] | Sep. 27, 2012 | ||||
Maturity date | [3] | Sep. 15, 2022 | ||||
Interest rate (percent) | 5.875% | [3] | 5.875% | |||
Issue amount | [3] | $ 649,024,000 | ||||
Carrying amount | [3] | $ 649,024,000 | $ 649,024,000 | |||
[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 ($) | 1 Months Ended | 12 Months Ended | |||||
Apr. 30, 2015 | Sep. 30, 2014 | May. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Issuance of Debt Securities [Abstract] | |||||||
Repayments of credit facility debt | $ 260,321,000 | $ 990,785,000 | $ 3,445,751,000 | ||||
CSC Holdings, LLC | |||||||
Issuance of Debt Securities [Abstract] | |||||||
Repayments of credit facility debt | 260,321,000 | $ 990,785,000 | $ 3,445,751,000 | ||||
Restricted Group | Term B Loan Facility | |||||||
Issuance of Debt Securities [Abstract] | |||||||
Repayments of credit facility debt | $ 200,000,000 | $ 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 | $ 750,000,000 | [1] | ||||
Interest rate (percent) | 5.25% | 5.25% | [1] | ||||
Redemption price, percentage of face value (in hundredths) | 100.00% | ||||||
Deferred financing costs incurred | $ 14,273,000 | ||||||
[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 ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Oct. 31, 2014 | Jan. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2015 | [1] | |
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 | ||
Interest rate (percent) | 5.875% | 5.875% | |||
Gain (loss) on extinguishment of debt | 934 | ||||
Unamortized deferred financing costs and discounts written off | $ 1,436 | ||||
[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, Redemptions and Repurchas
DEBT, Redemptions and Repurchases of CSC Holdings Senior Notes (Details) - CSC Holdings, LLC - Senior Notes $ in Thousands | 12 Months Ended |
Dec. 31, 2013USD ($) | |
Senior 8.50% Notes due April 2014 | |
Tender Offers for Debt [Abstract] | |
Aggregate principal amount repurchased/redeemed | $ 204,937 |
Interest rate (percent) | 8.50% |
Senior 8.50% Notes due June 2015 | |
Tender Offers for Debt [Abstract] | |
Aggregate principal amount repurchased/redeemed | $ 91,543 |
Interest rate (percent) | 8.50% |
Senior 8.50% Notes due June 2015 and April 2014 | |
Tender Offers for Debt [Abstract] | |
Gain (loss) on extinguishment of debt | $ (12,192) |
Unamortized deferred financing costs and discounts written off | $ 4,350 |
DEBT, Summary of Debt Maturitie
DEBT, Summary of Debt Maturities (Details) $ in Thousands | Dec. 31, 2015USD ($) | |
Summary of Debt Maturities [Abstract] | ||
2,016 | $ 1,014,014 | [1] |
2,017 | 1,797,914 | [1] |
2,018 | 2,288,575 | [1] |
2,019 | 540,141 | [1] |
2,020 | 1,612,844 | [1] |
Thereafter | 2,399,024 | [1] |
CSC Holdings, LLC | ||
Summary of Debt Maturities [Abstract] | ||
2,016 | 1,014,014 | |
2,017 | 897,914 | |
2,018 | 1,538,575 | |
2,019 | 540,141 | |
2,020 | 1,112,844 | |
Thereafter | $ 1,750,000 | |
[1] | Excludes the Cablevision senior notes held by Newsday Holdings. |
DERIVATIVE CONTRACTS AND COLL68
DERIVATIVE CONTRACTS AND COLLATERALIZED INDEBTEDNESS, Location of Assets and Liabilities with the Consolidated Balance Sheets (Details) - Derivatives Not Designated as Hedging Instruments - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Derivative Instruments, Fair Value [Abstract] | ||
Asset Derivatives | $ 82,408 | $ 7,317 |
Liability Derivatives | 2,706 | 102,217 |
Prepaid forward contracts | Current derivative contracts | ||
Derivative Instruments, Fair Value [Abstract] | ||
Asset Derivatives | 10,333 | 0 |
Liability Derivatives | 2,706 | 93,010 |
Prepaid forward contracts | Long-term derivative contracts | ||
Derivative Instruments, Fair Value [Abstract] | ||
Asset Derivatives | 72,075 | 7,317 |
Liability Derivatives | $ 0 | $ 9,207 |
DERIVATIVE CONTRACTS AND COLL69
DERIVATIVE CONTRACTS AND COLLATERALIZED INDEBTEDNESS, Impact and Location of Derivative Instruments within Consolidated Statements of Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||
Gain (loss) on equity derivative contracts, net | $ 104,927 | $ (45,055) | $ (198,688) |
Gain (loss) on investment securities pledged as collateral | $ (33,935) | $ 129,832 | $ 313,251 |
DERIVATIVE CONTRACTS AND COLL70
DERIVATIVE CONTRACTS AND COLLATERALIZED INDEBTEDNESS, Settlements of Collateralized Indebtedness (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Settlements of Collateralized Indebtedness [Abstract] | |||
Number of shares (in shares) | 13,407,684 | 8,069,934 | |
Collateralized indebtedness settled | $ (569,562) | $ (248,388) | |
Derivative contracts settled | (69,675) | (93,717) | |
Repayment of collateralized indebtedness and related derivative contracts | (639,237) | (342,105) | $ (508,009) |
Proceeds from new monetization contracts | 774,703 | 416,621 | $ 569,561 |
Net cash receipt | $ 135,466 | $ 74,516 |
FAIR VALUE MEASUREMENT, Assets
FAIR VALUE MEASUREMENT, Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Fair Value Measured on a Recurring Basis - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Assets: | ||
Money market funds | $ 922,765 | $ 736,330 |
Investment securities | 130 | 132 |
Investment securities pledged as collateral | 1,211,982 | 1,245,916 |
Prepaid forward contracts | 82,408 | 7,317 |
Liabilities: | ||
Prepaid forward contracts | 2,706 | 102,217 |
Level I | ||
Assets: | ||
Money market funds | 922,765 | 736,330 |
Investment securities | 130 | 132 |
Investment securities pledged as collateral | 1,211,982 | 1,245,916 |
Prepaid forward contracts | 0 | 0 |
Liabilities: | ||
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 | 82,408 | 7,317 |
Liabilities: | ||
Prepaid forward contracts | 2,706 | 102,217 |
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: | ||
Prepaid forward contracts | $ 0 | $ 0 |
FAIR VALUE MEASUREMENT, Fair Va
FAIR VALUE MEASUREMENT, Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | |
Carrying Amount | |||
Debt instruments: | |||
Total debt instruments | $ 9,588,452 | $ 9,646,610 | |
Carrying Amount | Level II | |||
Debt instruments: | |||
Senior notes and debentures | 2,795,550 | 2,793,741 | |
Estimated Fair Value | |||
Debt instruments: | |||
Total debt instruments | 9,473,141 | 10,184,722 | |
Estimated Fair Value | Level II | |||
Debt instruments: | |||
Senior notes and debentures | 2,760,168 | 3,048,387 | |
CSC Holdings, LLC | Carrying Amount | |||
Debt instruments: | |||
Total debt instruments | 6,792,902 | 6,852,869 | |
CSC Holdings, LLC | Carrying Amount | Level II | |||
CSC Holdings notes receivable: | |||
Cablevision senior notes held by Newsday Holdings LLC | [1] | 611,455 | 611,455 |
Debt instruments: | |||
Credit facility debt | [2] | 2,521,942 | 2,780,649 |
Collateralized indebtedness | 1,191,324 | 986,183 | |
Senior notes and debentures | 3,065,092 | 3,062,126 | |
Notes payable | 14,544 | 23,911 | |
CSC Holdings, LLC | Estimated Fair Value | |||
Debt instruments: | |||
Total debt instruments | 6,712,973 | 7,136,335 | |
CSC Holdings, LLC | Estimated Fair Value | Level II | |||
CSC Holdings notes receivable: | |||
Cablevision senior notes held by Newsday Holdings LLC | [1] | 616,020 | 680,587 |
Debt instruments: | |||
Credit facility debt | [2] | 2,525,654 | 2,785,975 |
Collateralized indebtedness | 1,176,396 | 957,803 | |
Senior notes and debentures | 2,996,440 | 3,368,875 | |
Notes payable | $ 14,483 | $ 23,682 | |
[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 ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
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): | ||||
Federal | $ 4,844 | $ 6,122 | $ (144) | |
State | 15,869 | 2,788 | (3,510) | |
Total current expense (benefit) | 20,713 | 8,910 | (3,654) | |
Deferred expense: | ||||
Federal | 97,927 | 135,873 | 69,258 | |
State | 35,469 | 23,906 | 198 | |
Total deferred expense (benefit) | 133,396 | 159,779 | 69,456 | |
Tax expense (benefit) relating to uncertain tax positions, including accrued interest | 763 | (52,921) | (167) | |
Income tax expense | 154,872 | 115,768 | 65,635 | |
Income Tax Expense Attributable to Discontinued Operations [Abstract] | ||||
Total income tax expense (benefit), discontinued operations | (8,731) | 2,206 | 232,807 | |
Current income tax expense (benefit), discontinued operations | (111) | 108 | 18,120 | |
Deferred income tax expense (benefit) discontinued operations | (8,620) | 2,098 | 214,687 | |
Reconciliation of the statuory federal income tax to the effective income tax [Abstract] | ||||
Federal tax expense at statutory rate | 119,931 | 148,803 | 67,536 | |
State income taxes, net of federal benefit | 18,874 | 19,059 | 3,607 | |
Changes in the valuation allowance | (902) | (344) | 5,631 | |
Changes in the state rates used to measure deferred taxes, net of federal benefit | (1,006) | (322) | (11,228) | |
Tax expense (benefit) relating to uncertain tax positions, including accrued interest, net of deferred tax benefits | 574 | (52,914) | (124) | |
Impact of New York tax reform | 16,334 | (2,050) | 0 | |
Impact of non-deductible officers' compensation | 846 | 1,532 | 796 | |
Other non-deductible expenses | 3,099 | 3,697 | 3,628 | |
Research credit | (2,630) | (2,634) | (3,739) | |
Other, net | (248) | 941 | (472) | |
Income tax expense | 154,872 | 115,768 | 65,635 | |
Deferred Tax Asset (Liability), Current [Abstract] | ||||
NOLs and tax credit carry forwards | 76,007 | 144,833 | ||
Compensation and benefit plans | 80,831 | 74,220 | ||
Allowance for doubtful accounts | 2,196 | 4,557 | ||
Merger-related costs | 7,332 | |||
Inventory valuation adjustment | 7,135 | |||
Other liabilities | 26,216 | 4,909 | ||
Deferred tax asset | 199,717 | 228,519 | ||
Valuation allowance | (2,098) | (3,496) | ||
Net deferred tax asset, current | 197,619 | 225,023 | ||
Investments | (163,396) | (159,475) | ||
Prepaid expenses | (19,627) | (27,605) | ||
Deferred tax liability, current | (183,023) | (187,080) | ||
Net deferred tax asset, current | 14,596 | 37,943 | ||
Deferred Tax Asset (Liability), Noncurrent [Abstract] | ||||
NOLs and tax credit carry forwards | 36,866 | 25,427 | ||
Compensation and benefit plans | 97,005 | 99,076 | ||
Partnership investments | 123,529 | 123,243 | ||
Investments | 9,798 | 22,294 | ||
Other | 9,201 | 7,345 | ||
Deferred tax asset | 276,399 | 277,385 | ||
Valuation allowance | (2,816) | (3,901) | ||
Net deferred tax asset, noncurrent | 273,583 | 273,484 | ||
Fixed assets and intangibles | (978,418) | (884,120) | ||
Other | 0 | (452) | ||
Deferred tax liability, noncurrent | (978,418) | (884,572) | ||
Net deferred tax liability, noncurrent | (704,835) | (611,088) | ||
Total net deferred tax liability | (690,239) | (573,145) | ||
Operating Loss and Tax Credit Carryforwards [Abstract] | ||||
NOL for which a deferred tax asset has been recorded | 17,893 | |||
NOL for which a deferred tax asset has not been recorded | 413,512 | |||
Excess tax benefit on share-based awards | 5,694 | 336 | 1,280 | |
Reconciliation of unrecognized tax benefits associated with uncertain tax positions, excluding associated deferred tax benefits and accrued interest [Roll Forward] | ||||
Balance, beginning of period | 4,011 | |||
Increases related to prior year tax positions | 316 | |||
Decreases related to prior year tax positions | (88) | |||
Increases related to current year tax positions | 3 | |||
Settlements paid in cash | (220) | |||
Balance, end of period | 4,022 | 4,011 | ||
Decrease in income tax expense if all uncertain tax positions were sustained | 2,725 | |||
Interest expense (income) included in income tax expense attributable to continuing operations | 314 | 284 | 107 | |
Accrued interest on uncertain tax positions included in other noncurrent liabilities | 3,490 | |||
Reversal of noncurrent liability relating to uncertain tax position | $ 53,132 | |||
Research tax credit carryforward | ||||
Operating Loss and Tax Credit Carryforwards [Abstract] | ||||
Research tax credit carryforward, amount | 17,448 | |||
Internal Revenue Service (IRS) | ||||
Operating Loss and Tax Credit Carryforwards [Abstract] | ||||
Consolidated federal net operating loss carryforwards | 431,405 | |||
Federal alternative minimum tax credit carryforwards which do not expire | $ 43,167 | |||
Internal Revenue Service (IRS) | Minimum | ||||
Operating Loss and Tax Credit Carryforwards [Abstract] | ||||
Operating loss carryforward, expiration date | Dec. 31, 2024 | |||
Internal Revenue Service (IRS) | Maximum | ||||
Operating Loss and Tax Credit Carryforwards [Abstract] | ||||
Operating loss carryforward, expiration date | Dec. 31, 2032 | |||
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): | ||||
Federal | $ 169,459 | 189,609 | 66,800 | |
State | 20,209 | 46,573 | 21,579 | |
Total current expense (benefit) | 189,668 | 236,182 | 88,379 | |
Deferred expense: | ||||
Federal | 17,555 | 35,445 | 89,832 | |
State | 61,370 | 17,744 | 10,035 | |
Total deferred expense (benefit) | 78,925 | 53,189 | 99,867 | |
Tax expense (benefit) relating to uncertain tax positions, including accrued interest | 763 | (52,921) | (167) | |
Income tax expense | 269,356 | 236,450 | 188,079 | |
Income Tax Expense Attributable to Discontinued Operations [Abstract] | ||||
Total income tax expense (benefit), discontinued operations | (8,731) | 2,206 | 240,412 | |
Current income tax expense (benefit), discontinued operations | (111) | 2,479 | 299,353 | |
Deferred income tax expense (benefit) discontinued operations | (8,620) | (273) | (58,941) | |
Reconciliation of the statuory federal income tax to the effective income tax [Abstract] | ||||
Federal tax expense at statutory rate | 214,742 | 243,740 | 167,098 | |
State income taxes, net of federal benefit | 38,311 | 42,769 | 27,177 | |
Changes in the valuation allowance | (902) | (382) | (101) | |
Changes in the state rates used to measure deferred taxes, net of federal benefit | (581) | 379 | (6,484) | |
Tax expense (benefit) relating to uncertain tax positions, including accrued interest, net of deferred tax benefits | 574 | (52,914) | (124) | |
Impact of New York tax reform | 16,334 | (1,502) | 0 | |
Impact of non-deductible officers' compensation | 846 | 1,532 | 796 | |
Other non-deductible expenses | 3,099 | 3,697 | 3,628 | |
Research credit | (2,630) | (2,634) | (3,739) | |
Other, net | (437) | 1,765 | (172) | |
Income tax expense | 269,356 | 236,450 | 188,079 | |
Deferred Tax Asset (Liability), Current [Abstract] | ||||
Compensation and benefit plans | 80,831 | 74,220 | ||
Allowance for doubtful accounts | 2,196 | 4,557 | ||
Merger-related costs | 7,332 | 0 | ||
Inventory valuation adjustment | 7,135 | 0 | ||
Other liabilities | 26,216 | 4,909 | ||
Deferred tax asset | 123,710 | 83,686 | ||
Valuation allowance | (1,650) | (1,891) | ||
Net deferred tax asset, current | 122,060 | 81,795 | ||
Investments | (163,396) | (159,475) | ||
Prepaid expenses | (19,627) | (27,605) | ||
Deferred tax liability, current | (183,023) | (187,080) | ||
Net deferred tax liability, current | (60,963) | (105,285) | ||
Deferred Tax Asset (Liability), Noncurrent [Abstract] | ||||
NOLs and tax credit carry forwards | 8,785 | 11,702 | ||
Compensation and benefit plans | 97,005 | 99,076 | ||
Partnership investments | 123,529 | 123,243 | ||
Investments | 9,798 | 22,294 | ||
Other | 9,201 | 7,345 | ||
Deferred tax asset | 248,318 | 263,660 | ||
Valuation allowance | (3,212) | (5,454) | ||
Net deferred tax asset, noncurrent | 245,106 | 258,206 | ||
Fixed assets and intangibles | (978,418) | (884,120) | ||
Other | 0 | (453) | ||
Deferred tax liability, noncurrent | (978,418) | (884,573) | ||
Net deferred tax liability, noncurrent | (733,312) | (626,367) | ||
Total net deferred tax liability | (794,275) | (731,652) | ||
Operating Loss and Tax Credit Carryforwards [Abstract] | ||||
Excess tax benefit on share-based awards | 14,170 | $ 4,978 | $ 46,164 | |
Estimated federal income tax liability of CSC Holdings as determined on a standalone basis due to Cablevision | 166,370 | |||
Accrued income taxes, current | $ 9,436 |
BENEFIT PLANS, Defined Benefit
BENEFIT PLANS, Defined Benefit Plans (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Change in plan assets [Roll Forward] | ||||
Defined benefit plan, accumulated benefit obligation | $ 403,963 | $ 430,846 | ||
Net funded status relating to defined benefit plans [Abstract] | ||||
Long-term defined benefit plan obligations | (99,228) | (120,644) | ||
Cablevision Defined Benefit Plans | ||||
Change in benefit obligation [Roll Forward] | ||||
Projected benefit obligation at beginning of year | 430,846 | 433,916 | ||
Service cost | 344 | 774 | $ 45,346 | |
Interest cost | 15,523 | 18,040 | 14,128 | |
Actuarial (gain) loss | (14,912) | 9,006 | ||
Benefits paid | (27,838) | (30,890) | ||
Projected benefit obligation at end of year | 403,963 | 430,846 | 433,916 | |
Change in plan assets [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 303,676 | 268,610 | ||
Actual return (loss) on plan assets, net | (3,921) | 11,687 | ||
Employer contributions | 25,929 | 54,269 | ||
Benefits paid | (27,838) | (30,890) | ||
Fair value of plan assets at end of year | 297,846 | 303,676 | 268,610 | |
Unfunded status at end of year | (106,117) | (127,170) | ||
Approximate amount expected to be recognized as a component of net periodic benefit cost from accumulated other comprehensive loss during the next fiscal year | 1,950 | |||
Net funded status relating to defined benefit plans [Abstract] | ||||
Defined Benefit Plans | (106,117) | (127,170) | ||
Long-term defined benefit plan obligations | (99,228) | (120,644) | ||
Components of net periodic benefit cost [Abstract] | ||||
Service cost | 344 | 774 | 45,346 | |
Interest cost | 15,523 | 18,040 | 14,128 | |
Expected return on plan assets, net | (8,297) | (9,548) | (7,866) | |
Recognized actuarial loss (reclassified from accumulated other comprehensive loss) | 1,294 | 2,364 | 1,645 | |
Settlement loss (reclassified from accumulated other comprehensive loss) | [1] | 3,822 | 5,348 | 0 |
Net periodic benefit cost | $ 12,686 | 16,978 | $ 53,253 | |
CSC Supplemental Benefit Plan | ||||
Cablevision Defined Benefit Plans [Abstract] | ||||
Vesting percentage (in hundredths) | 100.00% | |||
Excess Cash Balance Plan and CSC Supplemental Benefit Plan [Member] | ||||
Net funded status relating to defined benefit plans [Abstract] | ||||
Less: Current portion related to nonqualified plans | $ 6,889 | $ 6,526 | ||
[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 2015 and 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. |
BENEFIT PLANS, Plan Assumptions
BENEFIT PLANS, Plan Assumptions for Defined Benefit Plans (Details) | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Cablevision Defined Benefit Plans | ||||
Weighted-average assumptions used to determine net periodic benefit cost [Abstract] | ||||
Discount rate (in hundredths) | [1] | 3.83% | 4.24% | 3.67% |
Rate of increase in future compensation levels (in hundredths) | 0.00% | 3.50% | 3.50% | |
Weighted-average assumptions used to determine benefit obligations [Abstract] | ||||
Discount rate (in hundredths) | [1] | 3.94% | 3.70% | |
Rate of increase in future compensation levels (in hundredths) | 0.00% | 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) | 4.03% | 4.53% | 3.60% | |
[1] | The discount rates of 3.83% and 4.24% in 2015 and 2014, respectively, represent 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. |
BENEFIT PLANS, Asset Allocation
BENEFIT PLANS, Asset Allocation and Fair Values of Pension Plan Assets (Details) - Pension Plan - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | ||
Pension Plan Assets [Abstract] | ||||
Weighted average asset allocation (in hundredths) | 100.00% | 100.00% | ||
Fair value of plan assets | $ 302,147 | [1] | $ 300,457 | [2] |
Level I | ||||
Pension Plan Assets [Abstract] | ||||
Fair value of plan assets | 118,067 | [1] | 123,123 | [2] |
Level II | ||||
Pension Plan Assets [Abstract] | ||||
Fair value of plan assets | 184,080 | [1] | 177,334 | [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% | 39.00% | ||
Fair value of plan assets | $ 117,174 | $ 119,543 | ||
Mutual funds | Level I | ||||
Pension Plan Assets [Abstract] | ||||
Fair value of plan assets | 117,174 | 119,543 | ||
Mutual funds | Level II | ||||
Pension Plan Assets [Abstract] | ||||
Fair value of plan assets | 0 | 0 | ||
Mutual funds | Level III | ||||
Pension Plan Assets [Abstract] | ||||
Fair value of plan assets | $ 0 | $ 0 | ||
Fixed income securities | ||||
Pension Plan Assets [Abstract] | ||||
Weighted average asset allocation (in hundredths) | 61.00% | 58.00% | ||
Cash equivalents and other | ||||
Pension Plan Assets [Abstract] | ||||
Weighted average asset allocation (in hundredths) | 0.00% | 3.00% | ||
Foreign issued corporate debt | ||||
Pension Plan Assets [Abstract] | ||||
Fair value of plan assets | $ 12,825 | $ 17,778 | ||
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 | 12,825 | 17,778 | ||
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 | 54,005 | 50,155 | ||
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 | 54,005 | 50,155 | ||
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 | 8,273 | 10,239 | ||
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 | 8,273 | 10,239 | ||
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 | 90,414 | 81,552 | ||
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 | 90,414 | 81,552 | ||
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 | 18,563 | 17,610 | ||
Asset-backed securities | Level I | ||||
Pension Plan Assets [Abstract] | ||||
Fair value of plan assets | 0 | 0 | ||
Asset-backed securities | Level II | ||||
Pension Plan Assets [Abstract] | ||||
Fair value of plan assets | 18,563 | 17,610 | ||
Asset-backed securities | Level III | ||||
Pension Plan Assets [Abstract] | ||||
Fair value of plan assets | 0 | 0 | ||
Cash Equivalents | ||||
Pension Plan Assets [Abstract] | ||||
Fair value of plan assets | 893 | [3] | 3,580 | [4] |
Cash Equivalents | Level I | ||||
Pension Plan Assets [Abstract] | ||||
Fair value of plan assets | 893 | [3] | 3,580 | [4] |
Cash Equivalents | Level II | ||||
Pension Plan Assets [Abstract] | ||||
Fair value of plan assets | 0 | [3] | 0 | [4] |
Cash Equivalents | Level III | ||||
Pension Plan Assets [Abstract] | ||||
Fair value of plan assets | $ 0 | [3] | $ 0 | [4] |
[1] | Excludes cash and net payables relating to the purchase of securities that were not settled as of December 31, 2015. | |||
[2] | Excludes cash and net receivables relating to the sale of securities that were not settled as of December 31, 2014. | |||
[3] | Represents an investment in a money market fund. | |||
[4] | Represents an investment in a money market fund. |
BENEFIT PLANS, Benefit Payments
BENEFIT PLANS, Benefit Payments and Defined Contribution Benefit Plans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Contribution Benefit Plans [Abstract] | |||
Cost associated with defined contribution benefit plans | $ 61,343 | $ 65,725 | $ 26,757 |
Cablevision Defined Benefit Plans | |||
Projected Future Benefit Payments for Qualified and Non-Qualified Defined Benefit Plans [Abstract] | |||
2,016 | 40,666 | ||
2,017 | 31,132 | ||
2,018 | 29,219 | ||
2,019 | 28,374 | ||
2,020 | 28,942 | ||
2021-2025 | 124,043 | ||
Pension Plan | |||
Projected Future Benefit Payments for Qualified and Non-Qualified Defined Benefit Plans [Abstract] | |||
Expected company contribution in next fiscal year | $ 9,000 |
EQUITY AND LONG-TERM INCENTIV78
EQUITY AND LONG-TERM INCENTIVE PLANS, Cablevision's Equity Plans (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||
Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Cablevision's Equity Plans [Abstract] | |||||||||
Annual vesting percentage (in hundredths) | 100.00% | ||||||||
Share-based compensation expense | $ 65,286 | $ 43,984 | $ 52,715 | ||||||
Share-based compensation expense related to equity classified awards | 60,321 | 43,984 | 52,715 | ||||||
Income tax benefit recognized in continuing operations resulting from share-based compensation expense | 26,718 | 17,801 | 21,682 | ||||||
Excess tax benefit on share-based awards | 5,694 | 336 | 1,280 | ||||||
Cash received from option exercises | 18,727 | 55,355 | 18,120 | ||||||
CSC Holdings, LLC | |||||||||
Cablevision's Equity Plans [Abstract] | |||||||||
Share-based compensation expense related to equity classified awards | 60,321 | 43,984 | 52,715 | ||||||
Excess tax benefit on share-based awards | 14,170 | 4,978 | 46,164 | ||||||
Stock Options | |||||||||
Cablevision's Equity Plans [Abstract] | |||||||||
Share-based compensation expense | 9,159 | 7,573 | 17,560 | ||||||
Restricted Stock | |||||||||
Cablevision's Equity Plans [Abstract] | |||||||||
Share-based compensation expense | 51,162 | 36,411 | 35,155 | ||||||
Stock Appreciation Rights | |||||||||
Cablevision's Equity Plans [Abstract] | |||||||||
Share-based compensation expense | $ 4,965 | $ 0 | $ 0 | ||||||
Cablevision Systems Corporation 2015 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) (up to) | 25,000,000 | 25,000,000 | |||||||
Maximum expiration period from date of grant (in years) (no later than) | 10 years | ||||||||
Additional expiration period from date of grant in case of holders death (years) | 1 year | ||||||||
Granted (in shares) | 79,780 | ||||||||
Cablevision Systems Corporation Employee Stock Plan | Performance Shares | |||||||||
Cablevision's Equity Plans [Abstract] | |||||||||
Granted (in shares) | [1] | 1,851,700 | |||||||
Award vesting period (years) | 3 years | ||||||||
Cablevision Systems Corporation Employee Stock Plan | Stock Options | |||||||||
Cablevision's Equity Plans [Abstract] | |||||||||
Maximum expiration period from date of grant (in years) (no later than) | 10 years | 10 years | 10 years | 10 years | |||||
Additional expiration period from date of grant in case of holders death (years) | 1 year | ||||||||
Award vesting period (years) | 3 years | 3 years | 3 years | ||||||
Annual vesting percentage (in hundredths) | 33.33% | ||||||||
Cablevision Systems Corporation Employee Stock Plan | Restricted Stock | |||||||||
Cablevision's Equity Plans [Abstract] | |||||||||
Granted (in shares) | 1,747,870 | ||||||||
Cablevision Systems Corporation Employee Stock Plan | Restricted Stock | Minimum | |||||||||
Cablevision's Equity Plans [Abstract] | |||||||||
Award vesting period (years) | 3 years | ||||||||
Cablevision Systems Corporation Employee Stock Plan | Restricted Stock | Maximum | |||||||||
Cablevision's Equity Plans [Abstract] | |||||||||
Award vesting period (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) (no later than) | 10 years | 10 years | |||||||
Award vesting period (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) (no later than) | 10 years | ||||||||
Award vesting period (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] | |||||||||
Granted (in shares) | 584,400 | ||||||||
Award vesting period (years) | 3 years | ||||||||
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) (no later than) | 10 years | ||||||||
Additional expiration period from date of grant in case of holders death (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) | 73,056 | 66,421 | |||||||
Non-option equity instruments, outstanding (shares) | 466,283 | ||||||||
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) (up to) | 1,000,000 | ||||||||
[1] | The PSUs entitle the employee to shares of CNYG common stock up to 150% of the number of PSUs granted depending on the level of achievement of the specified performance criteria. If the minimum performance threshold is not met, no shares will be issued. Accrued dividends are paid to the extent that a PSU vests and the related stock is issued. |
EQUITY AND LONG-TERM INCENTIV79
EQUITY AND LONG-TERM INCENTIVE PLANS, Valuation Assumptions (Details) - Cablevision Systems Corporation Employee Stock Plan - $ / shares | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Stock Options | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award vesting period (years) | 3 years | 3 years | 3 years | ||||
Maximum expiration period from date of grant (in years) (no later than) | 10 years | 10 years | 10 years | 10 years | |||
Assumptions Used to Calculate the Fair Value of Stock Option Awards Granted [Abstract] | |||||||
Risk-free interest rate (in hundredths) | 1.82% | 2.12% | 1.25% | ||||
Expected life (in years) | 8 years | 6 years 6 months | 6 years 6 months | ||||
Dividend yield (in hundredths) | 3.63% | 3.79% | 3.86% | ||||
Volatility (in hundredths) | 39.98% | 42.80% | 42.31% | ||||
Grant date fair value (in dollars per share) | $ 5.45 | $ 5.27 | $ 3.96 | ||||
Stock Appreciation Rights | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award vesting period (years) | 3 years | 3 years | |||||
Maximum expiration period from date of grant (in years) (no later than) | 10 years | 10 years |
EQUITY AND LONG-TERM INCENTIV80
EQUITY AND LONG-TERM INCENTIVE PLANS, Stock Option Award Activity (Details) - Cablevision Systems Corporation Employee Stock Plan - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | ||
Stock Options | |||
Stock Options Outstanding [Roll Forward] | |||
Balance at end of period (in shares) | 13,353,217 | ||
Stock Options Outstanding, Weighted Average Exercise Price [Roll Forward] | |||
Balance at beginning of period, weighted average exercise price per share (in dollars per share) | $ 14.41 | ||
Granted, weighted average exercise price per share (in dollars per share) | 19.17 | ||
Exercised, weighted average exercise price per share (in dollars per share) | 12.84 | ||
Balance at end of period, weighted average exercise price per share (in dollars per share) | 15.28 | $ 14.41 | |
Options exercisable at end of period, weighted average exercise price per share (in dollars per share) | 13.94 | ||
Options expected to vest in the future, weighted average exercise price per share (in dollars per share) | $ 16.93 | ||
Stock Options Outstanding, Additional Disclosures [Abstract] | |||
Weighted average remaining contractual term (in years) | 6 years 9 months 20 days | 7 years 2 months | |
Options exercisable at end of period, weighted average remaining contractual term (in years) | 5 years 7 months 30 days | ||
Options expected to vest in the future, weighted average remaining contractual term (in years) | 8 years 2 months 5 days | ||
Balance at beginning of period, aggregate intrinsic value | [1] | $ 79,347 | |
Balance at end of period, aggregate intrinsic value | [1] | 221,900 | $ 79,347 |
Options exercisable at end of period, aggregate intrinsic value | [1] | 132,080 | |
Options expected to vest in the future, aggregate intrinsic value | [1] | 89,820 | |
Aggregate intrinsic value of options exercised | $ 17,561 | ||
Time Vesting Options | |||
Stock Options Outstanding [Roll Forward] | |||
Balance at beginning of period (in shares) | 5,097,666 | ||
Granted (in shares) | 2,000,000 | ||
Exercised (in shares) | (353,666) | ||
Balance at end of period (in shares) | 6,744,000 | 5,097,666 | |
Options exercisable at end of period (in shares) | 744,000 | ||
Options expected to vest in the future (in shares) | 6,000,000 | ||
Performance Based Vesting Options | |||
Stock Options Outstanding [Roll Forward] | |||
Balance at beginning of period (in shares) | 7,633,500 | ||
Granted (in shares) | 0 | ||
Exercised (in shares) | (1,024,283) | ||
Balance at end of period (in shares) | 6,609,217 | 7,633,500 | |
Options exercisable at end of period (in shares) | 6,609,217 | ||
Options expected to vest in the future (in shares) | 0 | ||
[1] | 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, 2015 or December 31, 2014, as indicated, and December 31, 2015 in the case of the options exercisable and options expected to vest in the future. |
EQUITY AND LONG-TERM INCENTIV81
EQUITY AND LONG-TERM INCENTIVE PLANS, Restricted Stock Award Activity (Details) - Cablevision Systems Corporation Employee Stock Plan - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | ||
Unrecognized Compensation Costs [Abstract] | |||
Total unrecognized compensation cost related to unvested options and restricted shares granted under stock plans | $ 78,457 | ||
Weighted-average period to recognize unrecognized compensation cost (in years) | 1 year | ||
Restricted and Performance Restricted Shares | |||
Restricted Shares [Roll Forward] | |||
Vested (in shares) | (2,337,963) | ||
Unvested award balance at end of period (in shares) | 6,847,848 | ||
Restricted Shares, Additional Disclosures [Abstract] | |||
Number of restricted shares surrendered by employees (in shares) | 1,004,950 | ||
Aggregate value of restricted shares surrendered by employees | $ 19,141 | ||
Restricted Stock | |||
Restricted Shares [Roll Forward] | |||
Unvested award balance at beginning of period (in shares) | 5,314,870 | ||
Granted (in shares) | 1,747,870 | ||
Vested (in shares) | (1,598,363) | (889,156) | |
Awards forfeited (in shares) | (496,629) | ||
Unvested award balance at end of period (in shares) | 4,967,748 | 5,314,870 | |
Restricted Stock | Cablevision and AMC Networks | |||
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 | ||
Performance Based Restricted Stock | |||
Restricted Shares [Roll Forward] | |||
Unvested award balance at beginning of period (in shares) | 2,035,300 | ||
Granted (in shares) | 584,400 | ||
Vested (in shares) | (739,600) | ||
Awards forfeited (in shares) | 0 | ||
Unvested award balance at end of period (in shares) | 1,880,100 | 2,035,300 | |
Performance Shares | |||
Restricted Shares [Roll Forward] | |||
Unvested award balance at beginning of period (in shares) | [1] | 0 | |
Granted (in shares) | [1] | 1,851,700 | |
Vested (in shares) | [1] | 0 | |
Awards forfeited (in shares) | [1] | (79,270) | |
Unvested award balance at end of period (in shares) | [1] | 1,772,430 | 0 |
Restricted Shares, Additional Disclosures [Abstract] | |||
Share-based compensation arrangement by share-based payment award, purchase price of common stock (percent) | 150.00% | ||
Restricted Stock and Restricted Stock Units | |||
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) | $ 15.46 | ||
Granted, weighted average fair value per share at date of grant (in dollars per share) | 19.43 | ||
Vested, weighted average fair value per share at date of grant (in dollars per share) | 14.48 | ||
Awards forfeited, weighted average fair value per share at date of grant (in dollars per share) | 17.28 | ||
Unvested award balance at end of period, weighted average fair value per share at date of grant (in dollars per share) | $ 17.53 | $ 15.46 | |
[1] | The PSUs entitle the employee to shares of CNYG common stock up to 150% of the number of PSUs granted depending on the level of achievement of the specified performance criteria. If the minimum performance threshold is not met, no shares will be issued. Accrued dividends are paid to the extent that a PSU vests and the related stock is issued. |
EQUITY AND LONG-TERM INCENTIV82
EQUITY AND LONG-TERM INCENTIVE PLANS, Long-term Incentive Plans (Details) - Cablevision Systems Corporation Cash Incentive Plan - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Long-Term Incentive Plans [Abstract] | |||
Long-term incentive awards compensation expense | $ 27,170 | $ 43,892 | $ 24,596 |
Accrued long-term performance-based awards for which performance criteria has not yet been met | $ 31,225 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenues and Charges (Credits) Related to Services Provided to or Received from Related Parties [Abstract] | |||
Revenues, net | $ 5,343 | $ 5,075 | $ 5,586 |
Operating expenses: | |||
Technical expenses | 176,909 | 179,144 | 178,991 |
Selling, general and administrative credits, net | 5,372 | 3,878 | 2,986 |
Transactions Due from and Due to AMC Networks, Madison Garden and Other Affiliates [Abstract] | |||
Amounts due from affiliates | 767 | 1,732 | |
Amounts due to affiliates | 29,729 | 29,651 | |
CSC Holdings, LLC | |||
Revenues and Charges (Credits) Related to Services Provided to or Received from Related Parties [Abstract] | |||
Revenues, net | 5,343 | 5,075 | 5,586 |
Operating expenses: | |||
Technical expenses | 176,909 | 179,144 | 178,991 |
Selling, general and administrative credits, net | 5,372 | 3,878 | 2,986 |
Transactions Due from and Due to AMC Networks, Madison Garden and Other Affiliates [Abstract] | |||
Amounts due from affiliates | 748 | 1,694 | |
Amounts due to affiliates | 287,093 | 135,636 | |
AMC Networks | |||
Revenues and Charges (Credits) Related to Services Provided to or Received from Related Parties [Abstract] | |||
Revenues, net | 1,474 | 1,841 | 2,483 |
Operating expenses: | |||
Technical expenses | 22,159 | 21,785 | 22,963 |
Selling, general and administrative credits, net | (563) | (584) | (1,865) |
Operating expenses, net | 21,596 | 21,201 | 21,098 |
Net charges | 20,122 | 19,360 | 18,615 |
Madison Square Garden and MSG Networks [Member] | |||
Revenues and Charges (Credits) Related to Services Provided to or Received from Related Parties [Abstract] | |||
Revenues, net | 3,869 | 3,234 | 3,103 |
Operating expenses: | |||
Technical expenses | 154,750 | 157,359 | 156,028 |
Selling, general and administrative credits, net | 5,935 | 4,462 | 4,851 |
Operating expenses, net | 160,685 | 161,821 | 160,879 |
Net charges | $ 156,816 | $ 158,587 | $ 157,776 |
COMMITMENTS AND CONTINGENCIES,
COMMITMENTS AND CONTINGENCIES, Commitments (Details) $ in Thousands | Dec. 31, 2015USD ($) | |
Off balance sheet arrangements [Abstract] | ||
Payments due, total | $ 5,296,694 | |
Payments due, year 1 | 2,001,318 | |
Payments due, years 2-3 | 2,537,592 | |
Payments due, years 4-5 | 720,306 | |
Payments due, more than 5 years | 37,478 | |
Purchase Obligations | ||
Off balance sheet arrangements [Abstract] | ||
Payments due, total | 5,190,648 | [1] |
Payments due, year 1 | 1,982,231 | [1] |
Payments due, years 2-3 | 2,451,658 | [1] |
Payments due, years 4-5 | 719,281 | [1] |
Payments due, more than 5 years | 37,478 | [1] |
Guarantees | ||
Off balance sheet arrangements [Abstract] | ||
Payments due, total | 34,360 | [2] |
Payments due, year 1 | 17,016 | [2] |
Payments due, years 2-3 | 16,319 | [2] |
Payments due, years 4-5 | 1,025 | [2] |
Payments due, more than 5 years | 0 | [2] |
Letters of Credit | ||
Off balance sheet arrangements [Abstract] | ||
Payments due, total | 71,686 | [3] |
Payments due, year 1 | 2,071 | [3] |
Payments due, years 2-3 | 69,615 | [3] |
Payments due, years 4-5 | 0 | [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 customers 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 2015 multiplied by the per subscriber rates or the stated annual fee, as applicable, contained in the executed agreements in effect as of December 31, 2015. | |
[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 CONTINGENCIES85
COMMITMENTS AND CONTINGENCIES, Legal Matters (Details) $ in Thousands | Feb. 08, 2016USD ($) | Sep. 30, 2015USD ($) | Dec. 31, 2015USD ($)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 | Version | 3 | ||
Loss contingency, loss in period | $ 12,800 | ||
Selling, General and Administrative Expenses | Marchese, et al. v. Cablevision Systems Corporation and CSC Holdings, LLC | |||
Cable Operations Litigation [Abstract] | |||
Legal fees | 9,500 | ||
Sales Revenue, Net | Marchese, et al. v. Cablevision Systems Corporation and CSC Holdings, LLC | |||
Cable Operations Litigation [Abstract] | |||
Loss contingency, loss in period | $ 3,300 | ||
Discontinued Operations, Disposed of by Sale | Compensation Related Claims | |||
Cable Operations Litigation [Abstract] | |||
Discontinued operations, legal matter expense | $ 21,000 | ||
Discontinued Operations, Disposed of by Sale | Subsequent Event | Compensation Related Claims | |||
Cable Operations Litigation [Abstract] | |||
Discontinued operations, legal matter expense | $ 21,000 | ||
Discontinued operations, partial reimbursement of settlement | $ 6,000 |
SEGMENT INFORMATION, Reportable
SEGMENT INFORMATION, Reportable Segments (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Dec. 31, 2015USD ($)Segment | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | ||
Segment Reporting [Abstract] | ||||||||||||
Number of reportable business segments | Segment | 3 | |||||||||||
Segment Reporting Information, Income (Loss) [Abstract] | ||||||||||||
Revenues, net from continuing operations | $ 1,628,978 | $ 1,612,601 | $ 1,653,393 | $ 1,614,771 | $ 1,631,036 | $ 1,626,187 | $ 1,628,137 | $ 1,575,586 | $ 6,509,743 | $ 6,460,946 | $ 6,232,152 | |
Adjusted operating cash flow (deficit) from continuing operations | 1,777,360 | 1,834,224 | 1,684,636 | |||||||||
Depreciation and amortization (including impairments) included in continuing operations | (865,252) | (866,502) | (909,147) | |||||||||
Share-based compensation expense included in continuing operations | (65,286) | (43,984) | (52,715) | |||||||||
Restructuring credits (expense) included in continuing operations | 1,649 | (2,480) | (23,550) | |||||||||
Operating income (loss) from continuing operations | $ 197,140 | $ 183,116 | $ 244,464 | $ 223,751 | $ 205,836 | $ 252,446 | $ 255,893 | $ 207,083 | 848,471 | 921,258 | 699,224 | |
Cable | ||||||||||||
Segment Reporting Information, Income (Loss) [Abstract] | ||||||||||||
Revenues, net from continuing operations | 5,836,188 | 5,784,945 | 5,576,011 | |||||||||
Reportable Segments | ||||||||||||
Segment Reporting Information, Income (Loss) [Abstract] | ||||||||||||
Operating income (loss) from continuing operations | 848,471 | 921,258 | 699,224 | |||||||||
Reportable Segments | Cable | ||||||||||||
Segment Reporting Information, Income (Loss) [Abstract] | ||||||||||||
Revenues, net from continuing operations | 5,836,188 | 5,784,945 | 5,576,011 | |||||||||
Adjusted operating cash flow (deficit) from continuing operations | 1,767,500 | 1,833,577 | 1,739,529 | |||||||||
Depreciation and amortization (including impairments) included in continuing operations | [1] | (737,354) | (739,559) | (743,431) | ||||||||
Share-based compensation expense included in continuing operations | (44,702) | (29,895) | (32,353) | |||||||||
Restructuring credits (expense) included in continuing operations | 4 | 19 | (11,283) | |||||||||
Operating income (loss) from continuing operations | 985,448 | 1,064,142 | 952,462 | |||||||||
Reportable Segments | Lightpath | ||||||||||||
Segment Reporting Information, Income (Loss) [Abstract] | ||||||||||||
Revenues, net from continuing operations | 364,439 | 352,964 | 332,609 | |||||||||
Adjusted operating cash flow (deficit) from continuing operations | 173,022 | 157,516 | 146,208 | |||||||||
Depreciation and amortization (including impairments) included in continuing operations | [1] | (88,857) | (83,589) | (82,208) | ||||||||
Share-based compensation expense included in continuing operations | (7,528) | (5,347) | (6,757) | |||||||||
Restructuring credits (expense) included in continuing operations | 0 | (285) | (1,558) | |||||||||
Operating income (loss) from continuing operations | 76,637 | 68,295 | 55,685 | |||||||||
Reportable Segments | Other | ||||||||||||
Segment Reporting Information, Income (Loss) [Abstract] | ||||||||||||
Revenues, net from continuing operations | 347,805 | 361,305 | 362,020 | |||||||||
Adjusted operating cash flow (deficit) from continuing operations | (163,162) | (156,869) | (201,101) | |||||||||
Depreciation and amortization (including impairments) included in continuing operations | [2] | (39,041) | (43,354) | (83,508) | ||||||||
Share-based compensation expense included in continuing operations | (13,056) | (8,742) | (13,605) | |||||||||
Restructuring credits (expense) included in continuing operations | 1,645 | (2,214) | (10,709) | |||||||||
Operating income (loss) from continuing operations | (213,614) | (211,179) | (308,923) | |||||||||
Reduction in depreciation expense related to prior years | 10,690 | |||||||||||
Inter-segment Eliminations | ||||||||||||
Segment Reporting Information, Income (Loss) [Abstract] | ||||||||||||
Revenues, net from continuing operations | [3] | 38,689 | 38,268 | 38,488 | ||||||||
Inter-segment Eliminations | Cable | ||||||||||||
Segment Reporting Information, Income (Loss) [Abstract] | ||||||||||||
Revenues, net from continuing operations | 1,897 | 1,883 | 1,788 | |||||||||
Inter-segment Eliminations | Lightpath | ||||||||||||
Segment Reporting Information, Income (Loss) [Abstract] | ||||||||||||
Revenues, net from continuing operations | 18,308 | 17,818 | 18,014 | |||||||||
Inter-segment Eliminations | Other | ||||||||||||
Segment Reporting Information, Income (Loss) [Abstract] | ||||||||||||
Revenues, net from continuing operations | $ 18,484 | $ 18,567 | $ 18,686 | |||||||||
[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 $10,690. | |||||||||||
[3] | Inter-segment eliminations relate primarily to revenues recognized from the sale of local programming services and voice services to the Company's Cable segment. |
SEGMENT INFORMATION, Sources of
SEGMENT INFORMATION, Sources of Revenue for Cable Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenues, net [Abstract] | |||||||||||
Revenues, net from continuing operations | $ 1,628,978 | $ 1,612,601 | $ 1,653,393 | $ 1,614,771 | $ 1,631,036 | $ 1,626,187 | $ 1,628,137 | $ 1,575,586 | $ 6,509,743 | $ 6,460,946 | $ 6,232,152 |
Cable | |||||||||||
Revenues, net [Abstract] | |||||||||||
Revenues, net from continuing operations | 5,836,188 | 5,784,945 | 5,576,011 | ||||||||
Cable | Video (including equipment rental, DVR, franchise fees, video-on-demand and pay-per-view) | |||||||||||
Revenues, net [Abstract] | |||||||||||
Revenues, net from continuing operations | 3,179,746 | 3,187,245 | 3,149,702 | ||||||||
Cable | High-speed data | |||||||||||
Revenues, net [Abstract] | |||||||||||
Revenues, net from continuing operations | 1,478,719 | 1,416,328 | 1,342,627 | ||||||||
Cable | Voice | |||||||||||
Revenues, net [Abstract] | |||||||||||
Revenues, net from continuing operations | 918,086 | 910,653 | 841,048 | ||||||||
Cable | Advertising | |||||||||||
Revenues, net [Abstract] | |||||||||||
Revenues, net from continuing operations | 137,512 | 163,596 | 147,875 | ||||||||
Cable | Other (including installation, advertising sales commissions, home shopping, and other products) | |||||||||||
Revenues, net [Abstract] | |||||||||||
Revenues, net from continuing operations | $ 122,125 | $ 107,123 | $ 94,759 |
SEGMENT INFORMATION, Reconcilia
SEGMENT INFORMATION, Reconciliation of Reportable Segments to Consolidated Balances (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating Income (Loss) from Continuing Operations Before Income Taxes [Abstract] | |||||||||||
Operating income for reportable segments | $ 197,140 | $ 183,116 | $ 244,464 | $ 223,751 | $ 205,836 | $ 252,446 | $ 255,893 | $ 207,083 | $ 848,471 | $ 921,258 | $ 699,224 |
Items excluded from operating income: | |||||||||||
Interest expense | (585,764) | (576,000) | (601,102) | ||||||||
Gain (loss) on investments, net | (30,208) | 129,659 | 313,167 | ||||||||
Gain (loss) on equity derivative contracts, net | 104,927 | (45,055) | (198,688) | ||||||||
Loss on extinguishment of debt and write-off of deferred financing costs | (1,735) | (10,120) | (22,542) | ||||||||
Miscellaneous, net | 6,045 | 4,988 | 2,436 | ||||||||
Income from continuing operations before income taxes | 342,661 | 425,150 | 192,960 | ||||||||
CSC Holdings, LLC | |||||||||||
Operating Income (Loss) from Continuing Operations Before Income Taxes [Abstract] | |||||||||||
Operating income for reportable segments | $ 197,140 | $ 183,116 | $ 244,464 | $ 223,751 | $ 205,836 | $ 252,446 | $ 255,893 | $ 207,083 | 848,471 | 921,258 | 699,224 |
Items excluded from operating income: | |||||||||||
Interest expense | (362,903) | (353,288) | (374,430) | ||||||||
Gain (loss) on investments, net | (30,208) | 129,659 | 313,167 | ||||||||
Gain (loss) on equity derivative contracts, net | 104,927 | (45,055) | (198,688) | ||||||||
Loss on extinguishment of debt and write-off of deferred financing costs | (1,735) | (9,618) | (23,144) | ||||||||
Miscellaneous, net | 6,045 | 4,988 | 2,436 | ||||||||
Income from continuing operations before income taxes | 613,548 | 696,401 | 477,423 | ||||||||
CSC Holdings, LLC | Significant Reconciling Items | |||||||||||
Items excluded from operating income: | |||||||||||
Interest expense | (362,903) | (353,288) | (374,430) | ||||||||
Interest income | 897 | 403 | 423 | ||||||||
CSC Holdings intercompany interest income | 48,054 | 48,054 | 58,435 | ||||||||
Gain (loss) on investments, net | (30,208) | 129,659 | 313,167 | ||||||||
Gain (loss) on equity derivative contracts, net | 104,927 | (45,055) | (198,688) | ||||||||
Loss on extinguishment of debt and write-off of deferred financing costs | (1,735) | (9,618) | (23,144) | ||||||||
Miscellaneous, net | 6,045 | 4,988 | 2,436 | ||||||||
Cablevision Systems Corporation | Significant Reconciling Items | |||||||||||
Items excluded from operating income: | |||||||||||
Interest expense | (222,861) | (222,712) | (226,672) | ||||||||
Intercompany interest expense | (48,054) | (48,054) | (58,435) | ||||||||
Interest income | 28 | 17 | 42 | ||||||||
Loss on extinguishment of debt and write-off of deferred financing costs | $ 0 | $ (502) | $ 602 |
SEGMENT INFORMATION, Capital Ex
SEGMENT INFORMATION, Capital Expenditures by Reportable Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information, Capital Expenditures [Abstract] | |||
Capital Expenditures | $ 816,396 | $ 891,678 | $ 951,679 |
Reportable Segments | Cable | |||
Segment Reporting Information, Capital Expenditures [Abstract] | |||
Capital Expenditures | 686,380 | 743,524 | 806,678 |
Reportable Segments | Lightpath | |||
Segment Reporting Information, Capital Expenditures [Abstract] | |||
Capital Expenditures | 96,405 | 109,749 | 111,830 |
Reportable Segments | Other | |||
Segment Reporting Information, Capital Expenditures [Abstract] | |||
Capital Expenditures | $ 33,611 | $ 38,405 | $ 33,171 |
INTERIM FINANCIAL INFORMATION90
INTERIM FINANCIAL INFORMATION (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Selected Quarterly Financial Information [Abstract] | |||||||||||
Revenues, net | $ 1,628,978 | $ 1,612,601 | $ 1,653,393 | $ 1,614,771 | $ 1,631,036 | $ 1,626,187 | $ 1,628,137 | $ 1,575,586 | $ 6,509,743 | $ 6,460,946 | $ 6,232,152 |
Operating expenses | (1,431,838) | (1,429,485) | (1,408,929) | (1,391,020) | (1,425,200) | (1,373,741) | (1,372,244) | (1,368,503) | (5,661,272) | (5,539,688) | (5,532,928) |
Operating income | 197,140 | 183,116 | 244,464 | 223,751 | 205,836 | 252,446 | 255,893 | 207,083 | 848,471 | 921,258 | 699,224 |
Income from continuing operations, net of income taxes | 33,781 | 23,431 | 75,676 | 54,901 | 56,319 | 71,901 | 91,028 | 90,134 | 187,789 | 309,382 | 127,325 |
Loss from discontinued operations, net of income taxes | (1,633) | (406) | 0 | (10,502) | (175) | (79) | 3,510 | (434) | (12,541) | 2,822 | 338,316 |
Net income | 32,148 | 23,025 | 75,676 | 44,399 | 56,144 | 71,822 | 94,538 | 89,700 | 175,248 | 312,204 | 465,641 |
Net loss (income) attributable to noncontrolling interests | (30) | 78 | (81) | 234 | (169) | (331) | (328) | 63 | 201 | (765) | 20 |
Net income attributable to Cablevision Systems Corporation stockholders/CSC Holdings, LLC's sole member | $ 32,118 | $ 23,103 | $ 75,595 | $ 44,633 | $ 55,975 | $ 71,491 | $ 94,210 | $ 89,763 | $ 175,449 | $ 311,439 | $ 465,661 |
Basic income (loss) per share attributable to Cablevision Systems Corporation stockholders [Abstract] | |||||||||||
Income from continuing operations (in dollars per share) | $ 0.12 | $ 0.09 | $ 0.28 | $ 0.21 | $ 0.21 | $ 0.27 | $ 0.34 | $ 0.34 | $ 0.70 | $ 1.17 | $ 0.49 |
Loss from discontinued operations (in dollars per share) | (0.01) | 0 | 0 | (0.04) | 0 | 0 | 0.01 | 0 | (0.05) | 0.01 | 1.30 |
Net income (in dollars per share) | 0.12 | 0.09 | 0.28 | 0.17 | 0.21 | 0.27 | 0.36 | 0.34 | 0.65 | 1.18 | 1.79 |
Diluted income (loss) per share attributable to Cablevision Systems Corporation stockholders [Abstract] | |||||||||||
Income from continuing operations (in dollars per share) | 0.12 | 0.08 | 0.27 | 0.20 | 0.20 | 0.26 | 0.34 | 0.34 | 0.68 | 1.14 | 0.48 |
Loss from discontinued operations (in dollars per share) | (0.01) | 0 | 0 | (0.04) | 0 | 0 | 0.01 | 0 | (0.05) | 0.01 | 1.27 |
Net income (in dollars per share) | $ 0.12 | $ 0.08 | $ 0.27 | $ 0.16 | $ 0.20 | $ 0.26 | $ 0.35 | $ 0.33 | $ 0.63 | $ 1.15 | $ 1.75 |
Amounts attributable to Cablevision Systems Corporation stockholders/CSC Holdings, LLC sole member [Abstract] | |||||||||||
Income from continuing operations, net of income taxes | $ 33,751 | $ 23,509 | $ 75,595 | $ 55,135 | $ 56,150 | $ 71,570 | $ 90,700 | $ 90,197 | $ 187,990 | $ 308,617 | $ 127,345 |
Loss from discontinued operations, net of income taxes | (1,633) | (406) | 0 | (10,502) | (175) | (79) | 3,510 | (434) | (12,541) | 2,822 | 338,316 |
Net income attributable to Cablevision Systems Corporation stockholders/CSC Holdings, LLC's sole member | 32,118 | 23,103 | 75,595 | 44,633 | 55,975 | 71,491 | 94,210 | 89,763 | 175,449 | 311,439 | 465,661 |
CSC Holdings, LLC | |||||||||||
Selected Quarterly Financial Information [Abstract] | |||||||||||
Revenues, net | 1,628,978 | 1,612,601 | 1,653,393 | 1,614,771 | 1,631,036 | 1,626,187 | 1,628,137 | 1,575,586 | 6,509,743 | 6,460,946 | 6,232,152 |
Operating expenses | (1,431,838) | (1,429,485) | (1,408,929) | (1,391,020) | (1,425,200) | (1,373,741) | (1,372,244) | (1,368,503) | (5,661,272) | (5,539,688) | (5,532,928) |
Operating income | 197,140 | 183,116 | 244,464 | 223,751 | 205,836 | 252,446 | 255,893 | 207,083 | 848,471 | 921,258 | 699,224 |
Income from continuing operations, net of income taxes | 75,208 | 62,244 | 113,804 | 92,936 | 91,476 | 109,399 | 129,321 | 129,755 | 344,192 | 459,951 | 289,344 |
Loss from discontinued operations, net of income taxes | (1,633) | (406) | 0 | (10,502) | (175) | (79) | 3,510 | (434) | (12,541) | 2,822 | 330,711 |
Net income | 73,575 | 61,838 | 113,804 | 82,434 | 91,301 | 109,320 | 132,831 | 129,321 | 331,651 | 462,773 | 620,055 |
Net loss (income) attributable to noncontrolling interests | (30) | 78 | (81) | 234 | (169) | (331) | (328) | 63 | 201 | (765) | 20 |
Net income attributable to Cablevision Systems Corporation stockholders/CSC Holdings, LLC's sole member | 73,545 | 61,916 | 113,723 | 82,668 | 91,132 | 108,989 | 132,503 | 129,384 | 331,852 | 462,008 | 620,075 |
Amounts attributable to Cablevision Systems Corporation stockholders/CSC Holdings, LLC sole member [Abstract] | |||||||||||
Income from continuing operations, net of income taxes | 75,178 | 62,322 | 113,723 | 93,170 | 91,307 | 109,068 | 128,993 | 129,818 | 344,393 | 459,186 | 289,364 |
Loss from discontinued operations, net of income taxes | (1,633) | (406) | 0 | (10,502) | (175) | (79) | 3,510 | (434) | (12,541) | 2,822 | 330,711 |
Net income attributable to Cablevision Systems Corporation stockholders/CSC Holdings, LLC's sole member | $ 73,545 | $ 61,916 | $ 113,723 | $ 82,668 | $ 91,132 | $ 108,989 | $ 132,503 | $ 129,384 | $ 331,852 | $ 462,008 | $ 620,075 |
SCHEDULE II, VALUATION AND QU91
SCHEDULE II, VALUATION AND QUALIFYING ACCOUNTS (Details) - Allowance for Doubtful Accounts - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Allowance for Doubtful Accounts [Roll Forward] | |||
Balance at Beginning of Period | $ 12,112 | $ 14,614 | $ 13,521 |
Provision for Bad Debt | 35,802 | 47,611 | 55,231 |
Deductions/ Write-Offs and Other Charges | (41,875) | (50,113) | (54,138) |
Balance at End of Period | 6,039 | 12,112 | 14,614 |
CSC Holdings, LLC | |||
Allowance for Doubtful Accounts [Roll Forward] | |||
Balance at Beginning of Period | 12,112 | 14,614 | 13,521 |
Provision for Bad Debt | 35,802 | 47,611 | 55,231 |
Deductions/ Write-Offs and Other Charges | (41,875) | (50,113) | (54,138) |
Balance at End of Period | $ 6,039 | $ 12,112 | $ 14,614 |