Document_and_Entity_Informatio
Document and Entity Information (USD $) | 3 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Mar. 31, 2015 | Apr. 24, 2015 | Jun. 30, 2014 |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | CENTRAL EUROPEAN MEDIA ENTERPRISES LTD. | ||
Entity Central Index Key | 925645 | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Public Float | $208.10 | ||
Entity Common Stock, Shares Outstanding | 135,381,285 | ||
Document Fiscal Year Focus | 2015 | ||
Document Fiscal Period Focus | Q1 | ||
Document Type | 10-Q | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Mar-15 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | ||
In Thousands, unless otherwise specified | ||||
Current assets | ||||
Cash and cash equivalents | $53,289 | $34,298 | ||
Accounts receivable, net (Note 7) | 128,655 | 175,866 | ||
Program rights, net (Note 6) | 98,753 | 99,358 | ||
Other current assets (Note 8) | 39,154 | 35,481 | ||
Assets held for sale (Note 3) | 16,145 | 29,866 | ||
Total current assets | 335,996 | 374,869 | ||
Non-current assets | ||||
Property, plant and equipment, net (Note 9) | 99,794 | [1] | 114,335 | [1] |
Program rights, net (Note 6) | 174,300 | 207,264 | ||
Goodwill (Note 4) | 607,847 | 681,398 | ||
Broadcast licenses and other intangible assets, net (Note 4) | 160,027 | 183,378 | ||
Other non-current assets (Note 8) | 56,931 | 58,116 | ||
Total non-current assets | 1,098,899 | 1,244,491 | ||
Total assets | 1,434,895 | [2] | 1,619,360 | [2] |
Current liabilities | ||||
Accounts payable and accrued liabilities (Note 10) | 167,973 | 179,224 | ||
Current portion of long-term debt and other financing arrangements (Note 5) | 255,569 | 252,859 | ||
Other current liabilities (Note 11) | 24,572 | 7,812 | ||
Liabilities held for sale (Note 3) | 6,035 | 10,632 | ||
Total current liabilities | 454,149 | 450,527 | ||
Non-current liabilities | ||||
Long-term debt and other financing arrangements (Note 5) | 592,546 | 621,240 | ||
Other non-current liabilities (Note 11) | 64,586 | 46,485 | ||
Total non-current liabilities | 657,132 | 667,725 | ||
Commitments and contingencies (Note 20) | ||||
200,000 shares of Series B Convertible Redeemable Preferred Stock of $0.08 each (December 31, 2014 - 200,000) (Note 13) | 228,067 | 223,926 | ||
CME Ltd. shareholders’ equity (Note 14): | ||||
One share of Series A Convertible Preferred Stock of $0.08 each (December 31, 2014 – one) | 0 | 0 | ||
Additional paid-in capital | 1,925,183 | 1,928,920 | ||
Accumulated deficit | -1,563,618 | -1,490,344 | ||
Accumulated other comprehensive loss | -275,086 | -169,609 | ||
Total CME Ltd. shareholders’ equity | 97,310 | 279,794 | ||
Noncontrolling interests | -1,763 | -2,612 | ||
Total equity | 95,547 | 277,182 | ||
Total liabilities and equity | 1,434,895 | 1,619,360 | ||
Class A Common Stock [Member] | ||||
CME Ltd. shareholders’ equity (Note 14): | ||||
Common stock | 10,831 | 10,827 | ||
Class B Common Stock [Member] | ||||
CME Ltd. shareholders’ equity (Note 14): | ||||
Common stock | $0 | $0 | ||
[1] | Reflects property, plant and equipment. | |||
[2] | Segment assets exclude any intercompany balances. |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Series A Preferred Stock [Member] | ||
Preferred stock, shares outstanding | 1 | 1 |
Preferred stock, par value (in dollars per share) | $0.08 | $0.08 |
Series B Preferred Stock [Member] | ||
Preferred stock, shares outstanding | 200,000 | 200,000 |
Preferred stock, par value (in dollars per share) | $0.08 | $0.08 |
Class A Common Stock [Member] | ||
Common stock, shares issued (in shares) | 135,381,285 | 135,335,258 |
Common stock, par value (in dollars per share) | $0.08 | $0.08 |
Common Class B [Member] | ||
Common stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $0.08 | $0.08 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (USD $) | 3 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Income Statement [Abstract] | ||||
Net revenues | $126,133 | $140,705 | ||
Operating expenses: | ||||
Content costs | 71,290 | 86,821 | ||
Other operating costs | 17,038 | 21,471 | ||
Depreciation of property, plant and equipment | 7,001 | 8,060 | ||
Amortization of broadcast licenses and other intangibles | 3,499 | 3,227 | ||
Cost of revenues | 98,828 | 119,579 | ||
Selling, general and administrative expenses | 43,901 | 30,480 | ||
Restructuring costs (Note 15) | 643 | 5,328 | ||
Operating loss | -17,239 | -14,682 | ||
Interest income | 112 | 81 | ||
Interest expense (Note 16) | -40,118 | -27,880 | ||
Foreign currency exchange loss, net | -11,489 | -630 | ||
Change in fair value of derivatives (Note 12) | -1,010 | -50 | ||
Other (expense) / income, net | -354 | 35 | ||
Loss before tax | -70,098 | -43,126 | ||
(Provision) / credit for income taxes | -145 | 2,126 | ||
Loss from continuing operations | -70,243 | -41,000 | ||
Loss from discontinued operations, net of tax (Note 3) | -3,288 | -7,633 | ||
Net loss | -73,531 | -48,633 | ||
Net loss attributable to noncontrolling interests | 257 | 717 | ||
Net loss attributable to CME Ltd. | -73,274 | -47,916 | ||
Currency translation adjustment | -103,764 | 1,372 | ||
Derivative Instruments, Loss Recognized in Other Comprehensive Income (Loss), Effective Portion | -607 | 0 | ||
Other Comprehensive Income (Loss), Net of Tax | -104,371 | 1,372 | ||
Comprehensive loss | -177,902 | -47,261 | ||
Comprehensive (income) / loss attributable to noncontrolling interests | -849 | 720 | ||
Comprehensive loss attributable to CME Ltd. | ($178,751) | ($46,541) | ||
Net (loss) / income per share: | ||||
Continuing operations attributable to CME Ltd. - Basic | ($0.51) | ($0.30) | ||
Continuing operations attributable to CME Ltd. - Diluted | ($0.51) | ($0.30) | ||
Discontinued operations attributable to CME Ltd. - Basic | ($0.02) | ($0.05) | ||
Discontinued operations attributable to CME Ltd. - Diluted | ($0.02) | ($0.05) | ||
Net loss attributable to CME Ltd. – Basic | ($0.53) | ($0.35) | ||
Net loss attributable to CME Ltd. – Diluted | ($0.53) | ($0.35) | ||
Weighted average common shares used in computing per share amounts (000’s): | ||||
Basic (in shares) | 146,606 | [1] | 146,374 | [1] |
Diluted (in shares) | 146,606 | 146,374 | ||
[1] | For the purpose of computing basic earnings per share, the 11,211,449 shares of Class A common stock underlying the Series A Preferred Share are included in the weighted average outstanding shares of common stock - basic, primarily because the holder of the Series A Preferred Share is entitled to receive any dividends payable when dividends are declared by the Board of Directors with respect to any shares of common stock. |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (USD $) | Total | Additional Paid-In Capital [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Income [Member] | Noncontrolling Interest [Member] | Preferred Class A [Member] | Common Class A [Member] | Common Class B [Member] | Common Class B [Member] |
In Thousands, except Share data, unless otherwise specified | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Series A Convertible Preferred Stock [Member] | Common Stock [Member] | Common Stock [Member] | |
USD ($) | USD ($) | USD ($) | |||||||
BALANCE at Dec. 31, 2013 | $441,001 | $1,704,066 | ($1,262,916) | ($11,829) | $893 | $0 | $10,787 | $0 | |
BALANCE (in shares) at Dec. 31, 2013 | 134,837,442 | 0 | |||||||
BALANCE (in shares) at Dec. 31, 2013 | 1 | ||||||||
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | |||||||||
Stock-based compensation | 251 | 251 | |||||||
Shares issuance, stock-based compensation (in shares) | 289,425 | ||||||||
Shares issuance, stock-based compensation | 0 | 23 | |||||||
Adjustments to Additional Paid in Capital, Share-based Compensation and Exercise of Stock Options | -23 | ||||||||
Preferred dividend paid-in-kind | -3,844 | -3,844 | |||||||
Net loss | -48,633 | -47,916 | -717 | ||||||
Derivative Instruments, Loss Recognized in Other Comprehensive Income (Loss), Effective Portion | 0 | ||||||||
Currency translation adjustment | 1,372 | 1,375 | -3 | ||||||
BALANCE at Mar. 31, 2014 | 390,147 | 1,700,450 | -1,310,832 | -10,454 | 173 | 0 | 10,810 | 0 | |
BALANCE (in shares) at Mar. 31, 2014 | 135,126,867 | 0 | |||||||
BALANCE (in shares) at Mar. 31, 2014 | 1 | ||||||||
BALANCE at Dec. 31, 2014 | 277,182 | 1,928,920 | -1,490,344 | -169,609 | -2,612 | 0 | 10,827 | 0 | |
BALANCE (in shares) at Dec. 31, 2014 | 135,335,258 | 0 | 0 | ||||||
BALANCE (in shares) at Dec. 31, 2014 | 1 | ||||||||
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | |||||||||
Stock-based compensation | 408 | 408 | |||||||
Shares issuance, stock-based compensation (in shares) | 46,027 | ||||||||
Shares issuance, stock-based compensation | 0 | 4 | |||||||
Adjustments to Additional Paid in Capital, Share-based Compensation and Exercise of Stock Options | -4 | ||||||||
Preferred dividend paid-in-kind | -4,141 | -4,141 | |||||||
Net loss | -73,531 | -73,274 | -257 | ||||||
Derivative Instruments, Loss Recognized in Other Comprehensive Income (Loss), Effective Portion | -607 | -607 | |||||||
Currency translation adjustment | -103,764 | -104,870 | 1,106 | ||||||
BALANCE at Mar. 31, 2015 | $95,547 | $1,925,183 | ($1,563,618) | ($275,086) | ($1,763) | $0 | $10,831 | $0 | |
BALANCE (in shares) at Mar. 31, 2015 | 135,381,285 | 0 | 0 | ||||||
BALANCE (in shares) at Mar. 31, 2015 | 1 |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Preferred dividend paid in kind | $4,141 | $3,844 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | -73,531 | -48,633 |
Adjustments to reconcile net loss to net cash used in continuing operating activities: | ||
Loss from discontinued operations, net of tax (Note 3) | 3,288 | 7,633 |
Amortization of program rights | 70,279 | 84,439 |
Depreciation and other amortization | 23,000 | 17,483 |
Loss / (gain) on disposal of fixed assets | 140 | -59 |
Stock-based compensation (Note 17) | 408 | 251 |
Change in fair value of derivatives (Note 12) | 1,010 | 50 |
Foreign currency exchange loss / (gain), net | 3,592 | -186 |
Net change in (net of effects of disposals of businesses): | ||
Accounts receivable, net | 31,362 | 23,529 |
Accounts payable and accrued liabilities | -15,017 | -10,741 |
Program rights | -82,905 | -78,689 |
Other assets | 920 | 2,599 |
Accrued interest | 25,619 | -272 |
Income taxes payable | -282 | -158 |
Deferred revenue | 18,411 | 19,181 |
Deferred taxes | -249 | -2,456 |
VAT and other taxes payable | 24,162 | 3,775 |
Net cash generated from continuing operating activities | 30,755 | 17,746 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of property, plant and equipment | -7,481 | -8,967 |
Disposal of property, plant and equipment | 52 | 66 |
Net cash used in continuing investing activities | -7,429 | -8,901 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Debt transactions costs | -606 | -889 |
Payment of credit facilities and capital leases | -245 | -233 |
Dividends paid to holders of noncontrolling interests | 0 | -46 |
Net cash used in continuing financing activities | -851 | -1,168 |
Net cash (used in) / provided by discontinued operations - operating activities | -710 | 204 |
Net cash used in discontinued operations - financing activities | 865 | -29 |
Cash Provided by (Used in) Financing Activities, Discontinued Operations | -41 | -516 |
Impact of exchange rate fluctuations on cash and cash equivalents | -3,598 | 112 |
Net increase in cash and cash equivalents | 18,991 | 7,448 |
CASH AND CASH EQUIVALENTS, beginning of period | 34,298 | 102,322 |
CASH AND CASH EQUIVALENTS, end of period | 53,289 | 109,770 |
SUPPLEMENTAL DISCLOSURE OF NON-CASH FINANCING ACTIVITIES | ||
Accretion on Series B Convertible Redeemable Preferred Stock | 3,844 | |
Interest paid in kind | $548 | $0 |
ORGANIZATION_AND_BUSINESS
ORGANIZATION AND BUSINESS | 3 Months Ended |
Mar. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION AND BUSINESS | ORGANIZATION AND BUSINESS |
Central European Media Enterprises Ltd., a Bermuda company limited by shares, is a media and entertainment company operating in Central and Eastern Europe. Our assets are held through a series of Dutch and Curaçao holding companies. We manage our business on a geographical basis, with six operating segments, Bulgaria, Croatia, the Czech Republic, Romania, the Slovak Republic and Slovenia, which are also our reportable segments and our main operating countries. | |
We have market leading broadcast operations in six countries in Central and Eastern Europe broadcasting a total of 33 television channels. Each country also develops and produces content for their television channels and we license content to third parties. We generate advertising revenues in our country operations primarily through entering into agreements with advertisers, advertising agencies and sponsors to place advertising on the television channels that we operate. We generate additional revenues by collecting fees from cable and direct-to-home (“DTH”) operators for carriage of our channels. Our main general entertainment television channels in each country are distributed on a free-to-air basis terrestrially and are also distributed via cable and satellite. Our other channels are generally distributed via cable and satellite. Unless otherwise indicated, we own 100% of our broadcast operating and license companies in each country. | |
Bulgaria | |
We operate one general entertainment channel, BTV, and five other channels, BTV CINEMA, BTV COMEDY, RING.BG, BTV ACTION and BTV LADY. We own 94.0% of CME Bulgaria B.V. ("CME Bulgaria"), the subsidiary that owns our Bulgaria operations. | |
Croatia | |
We operate one general entertainment channel, NOVA TV (Croatia), and three other channels, DOMA (Croatia), NOVA WORLD and MINI TV. | |
Czech Republic | |
We operate one general entertainment channel, TV NOVA (Czech Republic), and five other channels, NOVA CINEMA, NOVA SPORT, FANDA, SMICHOV and TELKA. | |
Romania | |
We operate one general entertainment channel, PRO TV, and eight other channels, ACASA, ACASA GOLD, PRO CINEMA, SPORT.RO, MTV ROMANIA, PRO TV INTERNATIONAL, PRO TV CHISINAU, a general entertainment channel broadcasting in Moldova, and ACASA IN MOLDOVA. | |
Slovak Republic | |
We operate one general entertainment channel, TV MARKIZA, and two other channels, DOMA (Slovak Republic) and DAJTO. | |
Slovenia | |
We operate two general entertainment channels, POP TV and KANAL A, and three other channels, KINO, BRIO, and OTO. |
BASIS_OF_PRESENTATION
BASIS OF PRESENTATION | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION | BASIS OF PRESENTATION |
The terms the “Company”, “we”, “us”, and “our” are used in this Form 10-Q to refer collectively to the parent company, Central European Media Enterprises Ltd. (“CME Ltd.”), and the subsidiaries through which our various businesses are conducted. Unless otherwise noted, all statistical and financial information presented in this report has been converted into U.S. dollars using period-end exchange rates. All references to “US$”, “USD” or “dollars” are to U.S. dollars; all references to “BGN” are to Bulgarian leva; all references to “HRK” are to Croatian kuna; all references to “CZK” are to Czech korunas; all references to “RON” are to the New Romanian lei; and all references to “Euro” or “EUR” are to the European Union Euro. | |
Interim Financial Statements | |
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Quarterly Report on Form 10-Q and do not include all of the information and note disclosures required by generally accepted accounting principles in the United States of America (“US GAAP”). Amounts as of December 31, 2014 included in the unaudited condensed consolidated financial statements have been derived from audited consolidated financial statements as of that date. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2014 filed with the Securities and Exchange Commission ("SEC") on March 12, 2015. Our significant accounting policies have not changed since December 31, 2014, except as noted below. | |
In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments, consisting only of normal recurring items, necessary for their fair presentation in conformity with US GAAP for complete financial statements. The results of operations for interim periods are not necessarily indicative of the results to be expected for a full year. | |
Use of Estimates | |
The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates and assumptions. | |
These financial statements have been prepared on a going concern basis, which implies that the Company will continue to realize its assets and discharge its liabilities in the normal course of business. Our 2015 Convertible Notes mature on November 15, 2015. We have entered into a commitment letter (the "2015 Refinancing Commitment Letter") with Time Warner Inc. ("Time Warner") pursuant to which Time Warner has committed to provide or assist with arranging a replacement facility to refinance the 2015 Convertible Notes at or immediately prior to their maturity. Once the transaction contemplated under the 2015 Refinancing Commitment Letter has completed, we believe we will have adequate cash resources to continue operating as a going concern for the foreseeable future; however, funding of the transaction is subject to customary closing conditions (including the execution and delivery of documentation, the accuracy of representations, the absence of events of default and the absence of material adverse changes), certain of which are outside our direct control. While we believe that we will be able to complete the transaction, if the financing arrangements set forth in the 2015 Refinancing Commitment Letter are not completed and we are unable to secure additional financing, we will be unable to meet our repayment obligation when the 2015 Convertible Notes mature. The accompanying consolidated financial statements do not include any adjustments that might result from the outcome of these uncertainties. | |
Basis of Consolidation | |
The unaudited condensed consolidated financial statements include the accounts of CME Ltd. and our subsidiaries, after the elimination of intercompany accounts and transactions. Entities in which we hold less than a majority voting interest but over which we have the ability to exercise significant influence are accounted for using the equity method. Other investments are accounted for using the cost method. | |
Recent Accounting Pronouncements | |
Accounting Pronouncements Adopted | |
On January 1, 2015, we adopted guidance issued by the Financial Accounting Standards Board (the "FASB") in April 2014, which changed the requirements for reporting discontinued operations. Subsequent to January 1, 2015 the disposal of a component of an entity or a group of components of an entity is required to be reported in discontinued operations only if the disposal represents a strategic shift that will have a major effect on our operations and financial results. In accordance with the adopted guidance, our operations classified as discontinued operations or held for sale prior to January 1, 2015, will continue to be accounted for under previous guidance. | |
Recent Accounting Pronouncements Issued | |
In May 2014, the FASB issued new guidance which is intended to improve the comparability of revenue recognition practices across entities, industries, jurisdictions, and capital markets. The guidance supersedes existing revenue recognition guidance and requires an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In April 2015, the FASB voted to propose to defer the effective date of the new revenue recognition guidance by one year, which would extend the effective date to our fiscal year beginning January 1, 2018, pending the issuance of an Accounting Standards Update. The Company is currently in the process of evaluating the impact of the adoption of this guidance on our condensed consolidated financial statements. | |
In November 2014, the FASB issued guidance which is intended to standardize the method used in the accounting for hybrid financial instruments issued in the form of a share. The guidance requires an entity to consider all relevant terms and features in evaluating the nature of the host contract in a hybrid financial instrument, including the embedded derivative feature being evaluated for bifurcation. The guidance is effective for the fiscal year beginning January 1, 2016. We are currently in the process of evaluating the impact of the adoption of this guidance on our condensed consolidated financial statements. | |
In April 2015, the FASB issued guidance which is intended to simplify the balance sheet presentation of debt issuance costs. The guidance requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct reduction of the carrying amount of that liability. The guidance is effective for our fiscal year beginning January 1, 2016, with early adoption permitted. When we adopt this guidance, our presentation of debt issuance costs in our condensed consolidated balance sheets will be affected, with no impact to our condensed consolidated statements of operations and comprehensive income or condensed consolidated statements of cash flows. |
DISCONTINUED_OPERATIONS_AND_AS
DISCONTINUED OPERATIONS AND ASSETS HELD FOR SALE | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Discontinued Operations and Assets Held for Sale [Abstract] | ||||||||
DISCONTINUED OPERATIONS AND ASSETS HELD FOR SALE | DISCONTINUED OPERATIONS AND ASSETS HELD FOR SALE | |||||||
Discontinued operations and assets held for sale prior to the adoption of FASB Accounting Standards Update No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity | ||||||||
In the fourth quarter of 2013, we announced our intention to focus on our core television broadcast operations and commenced a process to divest certain non-core businesses. During 2014, we sold Bontonfilm, our theatrical and home video distribution business operating in the Czech Republic and Slovak Republic, and a component of our Czech Republic reporting unit; and Pro Video Romania and Pro Video Hungary, our home video distribution businesses operating in those countries, both of which were components of our Romania reporting unit. Additionally, we classified our Romanian studios, cinema, music, radio and remaining distribution businesses as held for sale in our consolidated balance sheets and as discontinued operations in our consolidated statements of operations and comprehensive income and consolidated statements of cash flows. During the first quarter of 2015, we sold our remaining distribution business in Romania. These impacts have been retroactively applied to all periods presented. | ||||||||
The carrying amounts of the major classes of assets and liabilities held for sale in the condensed consolidated balance sheets at March 31, 2015 and December 31, 2014 were: | ||||||||
March 31, 2015 | December 31, 2014 | |||||||
Assets held for sale | ||||||||
Cash and cash equivalents | $ | 1,099 | $ | 1,742 | ||||
Accounts receivable, net | 1,221 | 3,232 | ||||||
Program rights | 174 | 10,347 | ||||||
Property, plant and equipment | 10,053 | 6,999 | ||||||
Other assets | 3,598 | 7,546 | ||||||
Total assets held for sale | $ | 16,145 | $ | 29,866 | ||||
Liabilities held for sale | ||||||||
Accounts payable and accrued liabilities | $ | 3,082 | $ | 6,893 | ||||
Other liabilities | 2,953 | 3,739 | ||||||
Total liabilities held for sale | $ | 6,035 | $ | 10,632 | ||||
Loss from discontinued operations, net of taxes, comprised the following for the three months ended March 31, 2015 and 2014: | ||||||||
For the Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
Net revenues | $ | 2,485 | $ | 12,345 | ||||
Loss from discontinued operations before income taxes | (506 | ) | (38 | ) | ||||
Provision for income taxes | (47 | ) | (9 | ) | ||||
Loss from discontinued operations, net of taxes, before loss on sale | (553 | ) | (47 | ) | ||||
Loss on sale of divested businesses, net of taxes (1) | (2,735 | ) | (7,586 | ) | ||||
Loss from discontinued operations, net of taxes | $ | (3,288 | ) | $ | (7,633 | ) | ||
-1 | Amount includes realized losses on completed disposal transactions and the fair value adjustments required to measure assets held for sale at fair value less costs to sell for business classified as discontinued operations which are expected to be disposed in 2015. The fair value adjustment is a non-recurring fair value measurement based on active bids obtained from third-parties as part of the disposal process. This measurement of estimated fair value uses Level 3 inputs as described in Note 12, "Financial Instruments and Fair Value Measurements". |
GOODWILL_AND_INTANGIBLE_ASSETS
GOODWILL AND INTANGIBLE ASSETS | 3 Months Ended | |||||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||
GOODWILL AND INTANGIBLE ASSETS | GOODWILL AND INTANGIBLE ASSETS | |||||||||||||||||||||||||||
Goodwill: | ||||||||||||||||||||||||||||
Goodwill by reporting unit as at March 31, 2015 and December 31, 2014 is summarized as follows: | ||||||||||||||||||||||||||||
Bulgaria | Croatia | Czech Republic | Romania | Slovak Republic | Slovenia | Total | ||||||||||||||||||||||
Gross Balance, December 31, 2014 | $ | 175,494 | $ | 11,065 | $ | 800,640 | $ | 94,777 | $ | 53,088 | $ | 19,400 | $ | 1,154,464 | ||||||||||||||
Accumulated impairment losses | (144,639 | ) | (10,454 | ) | (287,545 | ) | (11,028 | ) | — | (19,400 | ) | (473,066 | ) | |||||||||||||||
Balance, December 31, 2014 | 30,855 | 611 | 513,095 | 83,749 | 53,088 | — | 681,398 | |||||||||||||||||||||
Foreign currency | (3,552 | ) | (65 | ) | (55,203 | ) | (8,688 | ) | (6,043 | ) | — | (73,551 | ) | |||||||||||||||
Balance, March 31, 2015 | 27,303 | 546 | 457,892 | 75,061 | 47,045 | — | 607,847 | |||||||||||||||||||||
Accumulated impairment losses | (144,639 | ) | (10,454 | ) | (287,545 | ) | (11,028 | ) | — | (19,400 | ) | (473,066 | ) | |||||||||||||||
Gross Balance, March 31, 2015 | $ | 171,942 | $ | 11,000 | $ | 745,437 | $ | 86,089 | $ | 47,045 | $ | 19,400 | $ | 1,080,913 | ||||||||||||||
Broadcast licenses and other intangible assets: | ||||||||||||||||||||||||||||
The gross value and accumulated amortization of broadcast licenses and other intangible assets was as follows as at March 31, 2015 and December 31, 2014: | ||||||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | |||||||||||||||||||||||||||
Gross | Accumulated Amortization | Net | Gross | Accumulated Amortization | Net | |||||||||||||||||||||||
Indefinite lived: | ||||||||||||||||||||||||||||
Trademarks | $ | 82,331 | $ | — | $ | 82,331 | $ | 98,250 | $ | — | $ | 98,250 | ||||||||||||||||
Amortized: | ||||||||||||||||||||||||||||
Broadcast licenses | 186,552 | (119,075 | ) | 67,477 | 209,279 | (131,750 | ) | 77,529 | ||||||||||||||||||||
Trademarks | 5,473 | (1,245 | ) | 4,228 | — | — | — | |||||||||||||||||||||
Customer relationships | 52,500 | (46,877 | ) | 5,623 | 59,011 | (51,858 | ) | 7,153 | ||||||||||||||||||||
Other | 3,538 | (3,170 | ) | 368 | 3,877 | (3,431 | ) | 446 | ||||||||||||||||||||
Total | $ | 330,394 | $ | (170,367 | ) | $ | 160,027 | $ | 370,417 | $ | (187,039 | ) | $ | 183,378 | ||||||||||||||
Our broadcast licenses comprise our license in the Czech Republic, which is amortized on a straight-line basis through the expiration date of the license, which is 2025. Customer relationships are deemed to have an economic useful life of, and are amortized on a straight-line basis over, five years to fifteen years. As at January 1, 2015, we determined that certain of our trademarks in our Romania segment were no longer indefinite-lived and have begun amortizing them as defensive intangible assets over their remaining useful life of 18 months. All other trademarks have an indefinite life. |
LONGTERM_DEBT_AND_OTHER_FINANC
LONG-TERM DEBT AND OTHER FINANCING ARRANGEMENTS | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||
LONG-TERM DEBT AND OTHER FINANCING ARRANGEMENTS | LONG-TERM DEBT AND OTHER FINANCING ARRANGEMENTS | |||||||||||||||
Summary | ||||||||||||||||
March 31, 2015 | December 31, 2014 | |||||||||||||||
Senior debt | $ | 841,918 | $ | 867,367 | ||||||||||||
Other credit facilities and capital leases | 6,197 | 6,732 | ||||||||||||||
Total long-term debt and other financing arrangements | 848,115 | 874,099 | ||||||||||||||
Less: current maturities | (255,569 | ) | (252,859 | ) | ||||||||||||
Total non-current long-term debt and other financing arrangements | $ | 592,546 | $ | 621,240 | ||||||||||||
Overview | ||||||||||||||||
Total senior debt and credit facilities comprised the following at March 31, 2015: | ||||||||||||||||
Principal Amount of Liability Component | Unamortized Discount | Net Carrying Amount | Equity Component | |||||||||||||
2015 Convertible Notes | $ | 261,034 | $ | (6,659 | ) | $ | 254,375 | $ | 11,907 | |||||||
2017 PIK Notes (1) | 434,834 | (163,669 | ) | 271,165 | 178,626 | |||||||||||
2017 Term Loan (2) (3) | 33,051 | (12,055 | ) | 20,996 | 13,199 | |||||||||||
2017 Revolving Credit Facility (3) | 25,548 | — | 25,548 | 50,596 | ||||||||||||
2017 Euro Term Loan | 269,834 | — | 269,834 | — | ||||||||||||
1,024,301 | (182,383 | ) | 841,918 | |||||||||||||
Other credit facilities (4) | 2,997 | (255 | ) | 2,742 | — | |||||||||||
Total senior debt and credit facilities | $ | 1,027,298 | $ | (182,638 | ) | $ | 844,660 | |||||||||
-1 | The principal amount presented represents the original principal amount of US$ 400.0 million plus interest paid in kind by adding such amount to the original principal amount. The equity component above represents the fair value ascribed to the Unit Warrants (as described in Note 14, "Equity"). The fair value of the equity component is accounted for as a discount on the 2017 PIK Notes and is being amortized over the life of the 2017 PIK Notes using the effective interest method. | |||||||||||||||
-2 | The principal amount presented represents the original principal amount of US$ 30.0 million plus interest paid in kind by adding such amount to the original principal amount. | |||||||||||||||
(3) The equity components of the 2017 Term Loan and 2017 Revolving Credit Facility represent the fair value ascribed to the Initial Warrants (as described in Note 14, "Equity") issued in consideration for these facilities based on their relative borrowing capacities. The fair value is accounted for as a discount on the 2017 Term Loan, which is being amortized over the life of the 2017 Term Loan using the effective interest method; and as debt issuance costs for the 2017 Revolving Credit Facility, which is being amortized on a straight-line basis over the life of the 2017 Revolving Credit Facility. | ||||||||||||||||
-4 | The unamortized discount on our Other credit facilities represents the fair value adjustment recorded on issuance of the CNC loans (as defined and further described in item (c) under the heading 'Other Credit Facilities and Capital Lease Obligations' below). | |||||||||||||||
Senior Debt | ||||||||||||||||
Our senior debt comprised the following at March 31, 2015 and December 31, 2014: | ||||||||||||||||
Carrying Amount | Fair Value | |||||||||||||||
March 31, 2015 | December 31, 2014 | March 31, 2015 | December 31, 2014 | |||||||||||||
2015 Convertible Notes | $ | 254,375 | $ | 251,669 | $ | 262,885 | $ | 260,922 | ||||||||
2017 PIK Notes | 271,165 | 265,629 | 497,058 | 476,957 | ||||||||||||
2017 Term Loan | 20,996 | 20,573 | 37,376 | 35,923 | ||||||||||||
2017 Revolving Credit Facility | 25,548 | 25,000 | 25,128 | 25,000 | ||||||||||||
2017 Euro Term Loan | 269,834 | 304,496 | 269,834 | 304,496 | ||||||||||||
$ | 841,918 | $ | 867,367 | $ | 1,092,281 | $ | 1,103,298 | |||||||||
Convertible Notes | ||||||||||||||||
2015 Convertible Notes | ||||||||||||||||
As at March 31, 2015, the principal amount of our 5.0% Senior Convertible Notes due 2015 (the “2015 Convertible Notes”) outstanding was US$ 261.0 million. The 2015 Convertible Notes mature on November 15, 2015. We intend to repay the 2015 Convertible Notes with the proceeds from a replacement facility arranged with the assistance of or provided by Time Warner pursuant to the 2015 Refinancing Commitment Letter. The 2015 Refinancing Commitment Letter contains customary closing conditions (including the execution and delivery of documentation, the accuracy of representations, the absence of events of default and the absence of material adverse changes). | ||||||||||||||||
Interest is payable semi-annually in arrears on each May 15 and November 15. The fair value of the liability component of the 2015 Convertible Notes as at March 31, 2015 of US$ 262.9 million (December 31, 2014: US$ 260.9 million) was calculated by multiplying the outstanding debt by the traded market price. This measurement of estimated fair value uses Level 2 inputs as described in Note 12, "Financial Instruments and Fair Value Measurements". | ||||||||||||||||
The 2015 Convertible Notes are secured senior obligations and rank pari passu with all existing and future senior indebtedness and are effectively subordinated to all existing and future indebtedness of our subsidiaries. The amounts outstanding are jointly and severally guaranteed by Central European Media Enterprises N.V. (“CME NV”) and CME Media Enterprises B.V. ("CME BV") and are secured by a pledge of shares of those companies. | ||||||||||||||||
Prior to August 15, 2015, the 2015 Convertible Notes are convertible following certain events and from that date, at any time, based on an initial conversion rate of 20 shares of our Class A common stock per US$ 1,000 principal amount of 2015 Convertible Notes (which is equivalent to an initial conversion price of US$ 50.00 per share). The conversion rate is subject to adjustment if we make certain distributions to the holders of shares of our Class A common stock, undergo certain corporate transactions or a fundamental change, and in other circumstances specified in the 2015 Convertible Notes. From time to time up to and including August 15, 2015, we will have the right to elect to deliver (i) shares of our Class A common stock, (ii) cash, or (iii) cash and, if applicable, shares of our Class A common stock upon conversion of the 2015 Convertible Notes. At present, we have elected to deliver cash and, if applicable, shares of our Class A common stock. As at March 31, 2015, the 2015 Convertible Notes may not be converted. In addition, the holders of the 2015 Convertible Notes have the right to put the 2015 Convertible Notes to us for cash equal to the aggregate principal amount of the 2015 Convertible Notes plus accrued but unpaid interest thereon following the occurrence of certain specified fundamental changes (including a change of control (which includes the acquisition by a person or group (as such term is defined in Section 13(d)(3) of the Securities Exchange Act of 1934, as amended (the "Exchange Act")) of beneficial ownership of more than 50% of the outstanding shares of our Class A common stock), certain mergers, insolvency and a delisting). | ||||||||||||||||
We separately account for the liability and equity components of the 2015 Convertible Notes. The embedded conversion option is not accounted for as a derivative. | ||||||||||||||||
Principal Amount of Liability Component | Unamortized Discount | Net Carrying Amount | Equity Component | |||||||||||||
BALANCE December 31, 2014 | $ | 261,034 | $ | (9,365 | ) | $ | 251,669 | $ | 11,907 | |||||||
Amortization of debt issuance discount | — | 2,706 | 2,706 | — | ||||||||||||
BALANCE March 31, 2015 | $ | 261,034 | $ | (6,659 | ) | $ | 254,375 | $ | 11,907 | |||||||
The issuance discount is being amortized over the life of the 2015 Convertible Notes using the effective interest method. The effective interest rate on the liability component was 10.0%. | ||||||||||||||||
Certain other derivative instruments have been identified as being embedded in the 2015 Convertible Notes, but as they are considered to be clearly and closely related to the 2015 Convertible Notes they are not accounted for separately. | ||||||||||||||||
2017 PIK Notes | ||||||||||||||||
As at March 31, 2015, the principal amount of the 15.0% Senior Secured Note due 2017 (the "2017 PIK Notes") outstanding was US$ 434.8 million. Interest is payable semi-annually in arrears on each June 1 and December 1, which the Company must pay in kind on a semi-annual basis until November 15, 2015 by adding such accrued interest to the principal amount of the 2017 PIK Notes and thereafter may pay such accrued interest in cash or in kind. The 2017 PIK Notes mature on December 1, 2017. The fair value of the 2017 PIK Notes as at March 31, 2015 of US$ 497.1 million was calculated using comparable instruments that trade in active markets and, where available, actual trade history of the 2017 PIK Notes in a market that is not active. This measurement of estimated fair value uses Level 2 inputs as described in Note 12, "Financial Instruments and Fair Value Measurements". | ||||||||||||||||
The 2017 PIK Notes are senior secured obligations of CME, and are jointly and severally guaranteed by CME NV and CME BV and are secured by a pledge over 100% of the outstanding shares of each of CME NV and CME BV. Under the terms of the indenture governing the 2017 PIK Notes, CME is largely restricted from raising debt at the corporate level or making certain payments or investments if the ratio of Consolidated EBITDA to Consolidated Interest Expense of CME Ltd. and its Restricted Subsidiaries (as each is defined in the indenture) is less than 2.0 times. The terms of the 2017 PIK Notes also contain limitations on CME’s ability to incur guarantees, grant liens, enter into certain affiliate transactions, consolidate, merge or effect a corporate reconstruction, and make certain investments. | ||||||||||||||||
In the event that (A) there is a change in control by which (i) any party other than certain of our present shareholders becomes the beneficial owner of more than 35% of our total voting power; (ii) we agree to sell substantially all of our operating assets; (iii) there is a specified change in the composition of a majority of our Board of Directors; or (iv) the adoption by our shareholders of a plan to liquidate; and (B) on the 60th day following any such change of control the rating of the 2017 PIK Notes is either withdrawn or downgraded from the rating in effect prior to the announcement of such change of control, we can be required to repurchase the 2017 Fixed Rate Notes at a purchase price in cash equal to 101% of the principal amount of the 2017 PIK Notes plus accrued and unpaid interest to the date of purchase. | ||||||||||||||||
The 2017 PIK Notes are redeemable at our option, in whole or in part, at a redemption price equal to 100% of the principal amount thereof. | ||||||||||||||||
Certain derivative instruments, including contingent event of default and change of control put options, have been identified as being embedded in the 2017 PIK Notes. The embedded derivatives are not considered clearly and closely related to the 2017 PIK Notes, and as such are required to be accounted for separately. The probability-weighted fair value of the embedded derivatives was not material at issuance or at March 31, 2015. | ||||||||||||||||
2017 Term Loan | ||||||||||||||||
As at March 31, 2015, the principal amount outstanding of the 15.0% term loan facility due 2017 (the "2017 Term Loan") was US$ 33.1 million. The carrying value of the 2017 Term Loan is comprised of the original outstanding principal amount of US$ 30.0 million less an issuance discount, plus interest for which we paid in kind. Interest is payable semi-annually in arrears on each June 30 and December 31, which the Company may pay in cash or in kind. The Company has elected to pay interest in kind since the initial drawdown. The 2017 Term Loan matures on December 1, 2017. The fair value of the 2017 Term Loan as at March 31, 2015 of US$ 37.4 million was determined based on comparable instruments that trade in active markets. This measurement of estimated fair value uses Level 2 inputs as described in Note 12, "Financial Instruments and Fair Value Measurements". | ||||||||||||||||
The 2017 Term Loan is jointly and severally guaranteed by CME NV and CME BV and is secured by a pledge over 100% of the outstanding shares of each of CME NV and CME BV. The terms of the 2017 Term Loan contains limitations on CME’s ability to incur indebtedness, incur guarantees, grant liens, pay dividends or make other distributions, enter into certain affiliate transactions, consolidate, merge or effect a corporate reconstruction, make certain investments acquisitions and loans, and conduct certain asset sales. The 2017 Term Loan also contains maintenance covenants in respect of interest cover, cash flow cover and total leverage ratios, and has more restrictive provisions, including covenants in respect of incurring indebtedness, the provision of guarantees, making investments and disposals, granting security and certain events of defaults, than corresponding provisions contained in the indenture governing the 2017 PIK Notes. | ||||||||||||||||
Under the terms of the 2017 Term Loan, we are permitted to prepay the 2017 Term Loan in whole, but not in part, subject to the concurrent repayment and discharge of the 2017 PIK Notes. | ||||||||||||||||
Certain derivative instruments, including contingent event of default and change of control put options, have been identified as being embedded in the 2017 Term Loan. The embedded derivatives are not considered clearly and closely related to the 2017 Term Loan, and as such are required to be accounted for separately. The probability-weighted fair value of the embedded derivatives was not material at issuance or at March 31, 2015. | ||||||||||||||||
2017 Revolving Credit Facility | ||||||||||||||||
As at March 31, 2015, we had a balance of US$ 25.5 million outstanding under a US$ 115.0 million revolving credit facility (the “2017 Revolving Credit Facility”), including interest for which we made an election to pay in kind. As at March 31, 2015, there was US$ 90.0 million available to be drawn under the 2017 Revolving Credit Facility. The 2017 Revolving Credit Facility matures on December 1, 2017. | ||||||||||||||||
The 2017 Revolving Credit Facility, as amended on November 14, 2014, bears interest at a rate per annum based on, at our option, an alternative base rate plus 8.0% or an amount equal to the greater of (i) an adjusted LIBO rate and (ii)1.0%, plus, in each case, 9.0%, which the Company may pay in cash or in kind by adding such accrued interest to the applicable principal amount drawn under the 2017 Revolving Credit Facility. As at March 31, 2015, the weighted average interest rate on drawings outstanding under the 2017 Revolving Credit Facility was 10.0%. The fair value of the 2017 Revolving Credit Facility as at March 31, 2015 of US$ 25.1 million was determined based on comparable instruments that trade in active markets. This measurement of estimated fair value uses Level 2 inputs as described in Note 12, "Financial Instruments and Fair Value Measurements". | ||||||||||||||||
The 2017 Revolving Credit Facility is jointly and severally guaranteed by CME NV and CME BV and is secured by a pledge over 100% of the outstanding shares of each of CME NV and CME BV. The covenants and events of default are substantially the same as under the 2017 Term Loan. | ||||||||||||||||
Amounts outstanding under the 2017 Revolving Credit Facility are immediately due and payable on the repayments in full of the 2017 PIK Notes and 2017 Term Loan. The 2017 Revolving Credit Facility permits prepayment at our option in whole or in part without penalty. | ||||||||||||||||
2017 Euro Term Loan | ||||||||||||||||
As at March 31, 2015, the principal amount of our floating rate senior unsecured term credit facility (the "2017 Euro Term Loan") outstanding was EUR 250.8 million (approximately US$ 269.8 million). The 2017 Euro Term Loan bears interest at three-month EURIBOR (fixed pursuant to customary hedging arrangements (see Note 12, "Financial Instruments and Fair Value Measurements")) plus a margin of between 1.07% and 1.90% depending on the credit rating of Time Warner, and is payable quarterly in arrears on each March 12, June 12, September 12 and December 12, commencing on March 12, 2015. As at March 31, 2015, the weighted average interest rate on amounts outstanding under the 2017 Euro Term Loan was 1.53%. The 2017 Euro Term Loan matures on November 1, 2017. The fair value of the 2017 Euro Term Loan as at March 31, 2015 approximates its carrying value. This measurement of estimated fair value uses Level 2 inputs as described in Note 12, "Financial Instruments and Fair Value Measurements". | ||||||||||||||||
The 2017 Euro Term Loan is a senior unsecured obligation of CME, and is unconditionally guaranteed by Time Warner and certain of its subsidiaries. In connection with this guarantee, we entered into a reimbursement agreement (the “Reimbursement Agreement") with Time Warner which provides that we will reimburse Time Warner for any amounts paid by them under any guarantee or through any loan purchase right exercised by Time Warner. Further, the Reimbursement Agreement is jointly and severally guaranteed by CME NV and CME BV and is secured by a pledge over 100% of the outstanding shares of each of CME NV and CME BV. As consideration for the guarantee of the 2017 Euro Term Loan, we will pay a guarantee fee to Time Warner based on the amount outstanding on the 2017 Euro Term Loan calculated on a per annum basis equal to 8.5% minus the rate of interest paid by CME under the 2017 Euro Term Loan (the “Guarantee Fee Rate”). The guarantee fee is payable semi-annually in arrears on each May 1 and November 1, which CME may pay in cash or in kind. Unpaid amounts of the guarantee fee will bear interest per annum at the Guarantee Fee Rate from the date the 2017 Euro Term Loan is drawn and be payable semi-annually in arrears on each May 1 and November 1, which CME may pay in cash or in kind. The covenants and events of default under the Reimbursement Agreement are substantially the same as under the 2017 Term Loan and the 2017 Revolving Credit Facility. | ||||||||||||||||
The 2017 Euro Term Loan may be prepaid at our option, in whole or in part, from June 1, 2016, without premium or penalty. Additionally, Time Warner has the right to purchase any amount outstanding under the 2017 Euro Term Loan following an event of default under the 2017 Euro Term Loan or the Reimbursement Agreement. | ||||||||||||||||
Certain derivative instruments, including contingent event of default and change of control put options, have been identified as being embedded in the 2017 Euro Term Loan. The embedded derivatives are considered clearly and closely related to the 2017 Euro Term Loan, and as such are not required to be accounted for separately. | ||||||||||||||||
Other Credit Facilities and Capital Lease Obligations | ||||||||||||||||
Other credit facilities and capital lease obligations comprised the following at March 31, 2015 and December 31, 2014: | ||||||||||||||||
March 31, 2015 | December 31, 2014 | |||||||||||||||
Credit facilities | (a) – (c) | $ | 2,742 | $ | 3,100 | |||||||||||
Capital leases | 3,455 | 3,632 | ||||||||||||||
Total credit facilities and capital leases | 6,197 | 6,732 | ||||||||||||||
Less: current maturities | (1,194 | ) | (1,190 | ) | ||||||||||||
Total non-current credit facilities and capital leases | $ | 5,003 | $ | 5,542 | ||||||||||||
(a) | We have a cash pooling arrangement with Bank Mendes Gans (“BMG”), a subsidiary of ING Bank N.V. (“ING”), which enables us to receive credit across the group in respect of cash balances which our subsidiaries deposit with BMG. Cash deposited by our subsidiaries with BMG is pledged as security against the drawings of other subsidiaries up to the amount deposited. | |||||||||||||||
As at March 31, 2015, we had deposits of US$ 18.6 million in and no drawings on the BMG cash pool. Interest is earned on deposits at the relevant money market rate. As at December 31, 2014, we had deposits of US$ 10.5 million in and no drawings on the BMG cash pool. | ||||||||||||||||
(b) | As at March 31, 2015 and December 31, 2014, there were no drawings outstanding under a CZK 860.0 million (approximately US$ 33.6 million) factoring framework agreement with Factoring Ceska Sporitelna (“FCS”). Under this facility up to CZK 860.0 million (approximately US$ 33.6 million) may be factored on a recourse or non-recourse basis. The facility bears interest at one-month PRIBOR plus 2.5% for the period that receivables are factored and outstanding. | |||||||||||||||
(c) | At March 31, 2015, our operations in Romania had an aggregate principal amount of RON 12.3 million (approximately US$ 3.0 million) (December 31, 2014, RON 12.5 million, approximately US$ 3.0 million based on March 31, 2015 rates) of loans outstanding with the Central National al Cinematografei ("CNC"), a Romanian governmental organization which provides financing for qualifying filmmaking projects. Upon acceptance of a particular project, the CNC awards an agreed level of funding to each project in the form of an interest-free loan. Loans from the CNC are typically advanced for a period of ten years and are repaid through the proceeds from the distribution of the film content. At March 31, 2015, we had 15 loans outstanding with the CNC with maturity dates ranging from 2017 to 2024. The carrying amounts at March 31, 2015 and December 31, 2014 are net of a fair value adjustment of US$ 0.3 million and US$ 0.3 million, respectively, arising on acquisition. | |||||||||||||||
Total Group | ||||||||||||||||
At March 31, 2015, the maturity of our senior debt and credit facilities, excluding any future elections to pay interest in kind, was as follows: | ||||||||||||||||
2015 (1) | $ | 261,034 | ||||||||||||||
2016 | — | |||||||||||||||
2017 (2) | 763,058 | |||||||||||||||
2018 | 412 | |||||||||||||||
2019 | 829 | |||||||||||||||
2020 and thereafter | 1,965 | |||||||||||||||
Total senior debt and credit facilities | 1,027,298 | |||||||||||||||
Net discount | (182,638 | ) | ||||||||||||||
Carrying amount of senior debt and credit facilities | $ | 844,660 | ||||||||||||||
-1 | Amount includes the outstanding principal amount of the 2015 Convertible Notes due November 15, 2015. As noted above, we have entered into the 2015 Refinancing Commitment Letter to refinance the 2015 Convertible Notes at or immediately prior to their maturity with a new facility which will mature in 2019. | |||||||||||||||
-2 | Includes amounts outstanding under the 2017 Revolving Credit Facility assumed to be repaid at maturity on December 1, 2017, although actual repayment may occur sooner based on cash amounts available and expected cash requirements. | |||||||||||||||
Capital Lease Commitments | ||||||||||||||||
We lease certain of our office and broadcast facilities as well as machinery and equipment under various leasing arrangements. The future minimum lease payments, by year and in the aggregate, under capital leases with initial or remaining non-cancellable lease terms in excess of one year, consisted of the following at March 31, 2015: | ||||||||||||||||
2015 | $ | 890 | ||||||||||||||
2016 | 962 | |||||||||||||||
2017 | 843 | |||||||||||||||
2018 | 577 | |||||||||||||||
2019 | 328 | |||||||||||||||
2020 and thereafter | 73 | |||||||||||||||
Total undiscounted payments | 3,673 | |||||||||||||||
Less: amount representing interest | (218 | ) | ||||||||||||||
Present value of net minimum lease payments | $ | 3,455 | ||||||||||||||
PROGRAM_RIGHTS
PROGRAM RIGHTS | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
PROGRAM RIGHTS [Abstract] | ||||||||
PROGRAM RIGHTS | PROGRAM RIGHTS | |||||||
Program rights comprised the following at March 31, 2015 and December 31, 2014: | ||||||||
March 31, 2015 | December 31, 2014 | |||||||
Program rights: | ||||||||
Acquired program rights, net of amortization | $ | 193,398 | $ | 217,183 | ||||
Less: current portion of acquired program rights | (98,753 | ) | (99,358 | ) | ||||
Total non-current acquired program rights | 94,645 | 117,825 | ||||||
Produced program rights – Feature Films: | ||||||||
Released, net of amortization | 3,757 | 4,553 | ||||||
Completed and not released | — | 558 | ||||||
Produced program rights – Television Programs: | ||||||||
Released, net of amortization | 57,109 | 60,691 | ||||||
Completed and not released | 3,909 | 7,370 | ||||||
In production | 14,379 | 15,786 | ||||||
Development and pre-production | 501 | 481 | ||||||
Total produced program rights | 79,655 | 89,439 | ||||||
Total non-current acquired program rights and produced program rights | $ | 174,300 | $ | 207,264 | ||||
ACCOUNTS_RECEIVABLE
ACCOUNTS RECEIVABLE | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Accounts Receivable, Net [Abstract] | ||||||||
ACCOUNTS RECEIVABLE | ACCOUNTS RECEIVABLE | |||||||
Accounts receivable comprised the following at March 31, 2015 and December 31, 2014: | ||||||||
March 31, 2015 | December 31, 2014 | |||||||
Unrelated customers | $ | 138,039 | $ | 186,404 | ||||
Less: allowance for bad debts and credit notes | (9,465 | ) | (10,692 | ) | ||||
Related parties | 147 | 197 | ||||||
Less: allowance for bad debts and credit notes | (66 | ) | (43 | ) | ||||
Total accounts receivable | $ | 128,655 | $ | 175,866 | ||||
At March 31, 2015, there were CZK 299.0 million (approximately US$ 11.7 million) (December 31, 2014: CZK 509.3 million, approximately US$ 19.9 million based on March 31, 2015 rates) of receivables subject to the factoring framework agreement (see Note 5, "Long-term Debt and Other Financing Arrangements"). |
OTHER_ASSETS
OTHER ASSETS | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Other Assets [Abstract] | ||||||||
OTHER ASSETS | OTHER ASSETS | |||||||
Other current and non-current assets comprised the following at March 31, 2015 and December 31, 2014: | ||||||||
March 31, 2015 | December 31, 2014 | |||||||
Current: | ||||||||
Prepaid acquired programming | $ | 19,953 | $ | 19,162 | ||||
Other prepaid expenses | 6,358 | 5,627 | ||||||
Deferred tax | 7,443 | 8,127 | ||||||
VAT recoverable | 3,191 | 835 | ||||||
Income taxes recoverable | 194 | 135 | ||||||
Other | 2,015 | 1,595 | ||||||
Total other current assets | $ | 39,154 | $ | 35,481 | ||||
March 31, 2015 | December 31, 2014 | |||||||
Non-current: | ||||||||
Capitalized debt costs | $ | 51,704 | $ | 55,472 | ||||
Deferred tax | 342 | 456 | ||||||
Other | 4,885 | 2,188 | ||||||
Total other non-current assets | $ | 56,931 | $ | 58,116 | ||||
Capitalized debt costs are being amortized over the term of the related debt instruments using either the straight-line method, which approximates the effective interest method, or the effective interest method. |
PROPERTY_PLANT_AND_EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
PROPERTY, PLANT AND EQUIPMENT | PROPERTY, PLANT AND EQUIPMENT | |||||||
Property, plant and equipment comprised the following at March 31, 2015 and December 31, 2014: | ||||||||
March 31, 2015 | December 31, 2014 | |||||||
Land and buildings | $ | 91,428 | $ | 103,248 | ||||
Machinery, fixtures and equipment | 150,157 | 172,929 | ||||||
Other equipment | 31,891 | 36,516 | ||||||
Software licenses | 51,500 | 56,176 | ||||||
Construction in progress | 3,260 | 3,325 | ||||||
Total cost | 328,236 | 372,194 | ||||||
Less: Accumulated depreciation | (228,442 | ) | (257,859 | ) | ||||
Total net book value | $ | 99,794 | $ | 114,335 | ||||
Assets held under capital leases (included in the above) | ||||||||
Land and buildings | $ | 3,760 | $ | 4,243 | ||||
Machinery, fixtures and equipment | 3,399 | 3,325 | ||||||
Total cost | 7,159 | 7,568 | ||||||
Less: Accumulated depreciation | (2,666 | ) | (2,760 | ) | ||||
Total net book value | $ | 4,493 | $ | 4,808 | ||||
The movement in the net book value of property, plant and equipment during the three months ended March 31, 2015 and 2014 is comprised of: | ||||||||
For the Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
Opening balance | $ | 114,335 | $ | 142,907 | ||||
Additions | 4,982 | 4,388 | ||||||
Disposals | (192 | ) | (7 | ) | ||||
Depreciation | (7,001 | ) | (8,060 | ) | ||||
Foreign currency movements | (12,330 | ) | 122 | |||||
Ending balance | $ | 99,794 | $ | 139,350 | ||||
ACCOUNTS_PAYABLE_AND_ACCRUED_L
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Accounts Payable and Accrued Liabilities [Abstract] | ||||||||
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES | ACCOUNTS PAYABLE AND ACCRUED LIABILITIES | |||||||
Accounts payable and accrued liabilities comprised the following at March 31, 2015 and December 31, 2014: | ||||||||
March 31, 2015 | December 31, 2014 | |||||||
Accounts payable and accrued expenses | $ | 39,542 | $ | 55,564 | ||||
Related party accounts payable | 175 | 43 | ||||||
Programming liabilities | 41,731 | 42,828 | ||||||
Related party programming liabilities | 13,320 | 24,980 | ||||||
Duties and other taxes payable | 47,091 | 23,341 | ||||||
Accrued staff costs | 12,703 | 21,168 | ||||||
Accrued interest payable | 5,187 | 1,958 | ||||||
Related party accrued interest payable | 1,399 | 173 | ||||||
Income taxes payable | 208 | 460 | ||||||
Accrued legal contingencies and professional fees | 2,220 | 3,004 | ||||||
Authors’ rights | 3,272 | 4,434 | ||||||
Other accrued liabilities | 1,125 | 1,271 | ||||||
Total accounts payable and accrued liabilities | $ | 167,973 | $ | 179,224 | ||||
Duties and other taxes payable includes accruals for charges related to the ongoing tax audits of certain subsidiaries in Romania in the fourth quarter of 2014 and the first quarter of 2015 (see Note 20, "Commitments and Contingencies"). |
OTHER_LIABILITIES
OTHER LIABILITIES | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Other Liabilities [Abstract] | ||||||||
OTHER LIABILITIES | OTHER LIABILITIES | |||||||
Other current and non-current liabilities comprised the following at March 31, 2015 and December 31, 2014: | ||||||||
March 31, 2015 | December 31, 2014 | |||||||
Current: | ||||||||
Deferred revenue | $ | 21,754 | $ | 4,938 | ||||
Deferred tax | 249 | 279 | ||||||
Restructuring provision (Note 15) | 1,219 | 1,558 | ||||||
Legal provision | 963 | 995 | ||||||
Other | 387 | 42 | ||||||
Total other current liabilities | $ | 24,572 | $ | 7,812 | ||||
March 31, 2015 | December 31, 2014 | |||||||
Non-current: | ||||||||
Deferred tax | $ | 24,278 | $ | 27,370 | ||||
Programming liabilities | 1,077 | 1,699 | ||||||
Related party programming liabilities | — | 316 | ||||||
Related party commitment fee payable (1) | 9,136 | 9,136 | ||||||
Related party guarantee fee payable (2) | 5,958 | 1,163 | ||||||
Accrued interest (3) | 3,384 | 846 | ||||||
Related party accrued interest (3) | 18,358 | 4,589 | ||||||
Other | 2,395 | 1,366 | ||||||
Total other non-current liabilities | $ | 64,586 | $ | 46,485 | ||||
-1 | Represents the commitment fee payable to Time Warner in respect of its obligation under the 2015 Refinancing Commitment Letter to provide or assist in arranging a replacement facility to refinance the 2015 Convertible Notes. The commitment fee is payable by the maturity date of the replacement facility, November 1, 2019, or earlier if the repayment of the replacement facility is accelerated. The commitment fee will bear interest at 8.5% per annum commencing on the effective date of the replacement facility. Interest on the commitment fee is payable in arrears on each May 1 and November 1, beginning May 1, 2016 and may be paid in cash or in kind, at our election. | |||||||
-2 | Represents the fee payable to Time Warner for Time Warner's guarantee of the 2017 Euro Term Loan. The guarantee fee is calculated as 8.5% less the interest rate per annum payable under the 2017 Euro Term Loan (fixed pursuant to the interest rate hedges entered into) (the "Guarantee Fee Rate") multiplied by the average outstanding principal of the 2017 Euro Term Loan. The guarantee fee is payable, in cash or in kind on a semi-annual basis in arrears on each May 1 and November 1. If the guarantee fee is paid in kind, the accrued balance will bear interest at the Guarantee Fee Rate and will be payable, in cash or in kind, in arrears on each May 1 and November 1. | |||||||
-3 | Represents interest on the 2017 PIK Notes, which the Company must pay in kind on a semi-annual basis in arrears on each June 1 and December 1, from December 1, 2014 until November 15, 2015 by adding such accrued interest to the principal amount of the 2017 PIK Notes. |
FINANCIAL_INSTRUMENTS_AND_FAIR
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Fair Value Disclosures [Abstract] | ||||||||
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS | FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS | |||||||
ASC 820, “Fair Value Measurements and Disclosure”, establishes a hierarchy that prioritizes the inputs to those valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are: | ||||||||
Basis of Fair Value Measurement | ||||||||
Level 1 | Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted instruments. | |||||||
Level 2 | Quoted prices in markets that are not considered to be active or financial instruments for which all significant inputs are observable, either directly or indirectly. | |||||||
Level 3 | Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable. | |||||||
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. | ||||||||
We evaluate the position of each financial instrument measured at fair value in the hierarchy individually based on the valuation methodology we apply. The carrying amount of financial instruments, including cash and cash equivalents, accounts receivable, and accounts payable and accrued liabilities, approximate their fair value due to the short-term nature of these items. The fair value of our Senior Debt (as defined therein) is included in Note 5, "Long-term Debt and Other Financing Arrangements". | ||||||||
Hedging Activities | ||||||||
Cash Flow Hedges of Interest Rate Risk | ||||||||
During 2014, we entered into two interest rate swap agreements to mitigate our exposure to interest rate fluctuations on the outstanding principal amount of our 2017 Euro Term Loan. These interest rate swaps, designated as cash flow hedges, provide us with variable-rate cash receipts in exchange for fixed-rate payments over the lives of the agreements, with no exchange of the underlying notional amount. These instruments are carried at fair value on our consolidated balance sheets, and the effective portion of changes in the fair value is recorded in accumulated other comprehensive income / loss and subsequently reclassified to interest expense when the hedged item affects earnings. The ineffective portion of changes in the fair value is recognized immediately in the change in fair value of derivatives in our consolidated statements of operations. For the three months ended March 31, 2015, we did not recognize any charges related to hedge ineffectiveness. | ||||||||
We value the interest rate swap agreements using a valuation model which calculates the fair value on the basis of the net present value of the estimated future cash flows. The most significant input used in the valuation model is the expected EURIBOR-based yield curve. This instrument was allocated to Level 2 of the fair value hierarchy because the critical inputs to this model, including current interest rates, relevant yield curves and the known contractual terms of the instrument, were readily observable. | ||||||||
Accumulated Other Comprehensive Loss | ||||||||
BALANCE December 31, 2014 | $ | (581 | ) | |||||
Loss on interest rate swaps | (700 | ) | ||||||
Reclassified to interest expense | 93 | |||||||
BALANCE March 31, 2015 | $ | (1,188 | ) | |||||
The change in fair value of derivatives not designated as hedging instruments comprised the following for the three months ended March 31, 2015 and 2014: | ||||||||
For the Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
Currency forward contracts | $ | (1,010 | ) | $ | (50 | ) | ||
Foreign Currency Risk | ||||||||
On March 11, 2015, we entered into a number of forward foreign exchange contracts, with aggregate notional amounts of approximately US$ 76.9 million, to reduce our exposure to movements in the USD to EUR and USD to CZK exchange rates related to contractual payments under dollar-denominated agreements expected to be made during 2015. As at March 31, 2015, we had forward foreign exchange contracts with aggregate notional amounts of US$ 64.4 million outstanding. | ||||||||
These forward foreign exchange contracts are considered economic hedges, but were not designated as hedging instruments, so changes in the fair value of the derivatives were recorded in the condensed consolidated statements of operations and comprehensive income and in the condensed consolidated balance sheet in other current liabilities. We valued these contracts using an industry-standard pricing model which calculated the fair value on the basis of the net present value of the estimated future cash flows receivable or payable. These instruments were allocated to Level 2 of the fair value hierarchy because the critical inputs to this model, including foreign exchange forward rates and the known contractual terms of the instruments, were readily observable. |
CONVERTIBLE_REDEEMABLE_PREFERR
CONVERTIBLE REDEEMABLE PREFERRED STOCK | 3 Months Ended |
Mar. 31, 2015 | |
Temporary Equity Disclosure [Abstract] | |
CONVERTIBLE REDEEMABLE PREFERRED STOCK | CONVERTIBLE REDEEMABLE PREFERRED SHARES |
200,000 shares of our Series B Convertible Redeemable Preferred Stock, par value US$ 0.08 per share (the “Series B Preferred Shares”) were issued and outstanding as at March 31, 2015 and December 31, 2014. As at March 31, 2015 and December 31, 2014, the carrying value of the Series B Preferred Shares was US$ 228.1 million and US$ 223.9 million, respectively. The Series B Preferred Shares are held by Time Warner Media Holdings B.V. ("TW Investor"). | |
The initial stated value of the Series B Preferred Shares of US$ 1,000 per share accretes at an annual rate of 7.5%, compounded quarterly, from and including June 25, 2013, the date of issuance, to but excluding the third anniversary of the date of issuance, and at an annual rate of 3.75%, compounded quarterly, from and including the third anniversary of the date of issuance to but excluding the fifth anniversary of the date of issuance. We have the right from June 25, 2016 to pay cash to the holder in lieu of any further accretion. From June 25, 2016, on the date that is 61 days after the earlier of (a) the date on which the ownership of our outstanding shares of Class A Common Stock by a group would not be greater than 49.9% of the outstanding shares of Class A Common Stock and (b) the date on which such beneficial ownership would not give to any person any right of redemption, repurchase or acceleration under any indenture or other document governing any of our indebtedness outstanding as of June 25, 2013, each Series B Preferred Share may, at the holder's option, be converted into the number of shares of our Class A common stock determined by dividing (i) the accreted stated value plus accrued but unpaid dividends, if any, in each case as of the conversion date, by (ii) the conversion price, which was approximately US$ 2.42 at March 31, 2015, but is subject to adjustment from time to time pursuant to customary weighted-average anti-dilution provisions with respect to our issuances of equity or equity-linked securities at a price below the then-applicable conversion price (excluding any securities issued under our benefit plans at or above fair market value). We have the right to redeem the Series B Preferred Shares in whole or in part from June 25, 2016, upon 30 days' written notice. The redemption price of each outstanding Series B Preferred Share is equal to its accreted stated value plus accrued but unpaid dividends, if any, in each case as of the redemption date specified in the redemption notice. After receipt of a redemption notice, each holder of Series B Preferred Shares will have the right to convert, prior to the date of redemption, all or part of such Series B Preferred Shares to be redeemed by us into shares of our Class A common stock in accordance with the terms of conversion described above. | |
Holders of the Series B Preferred Shares will have no voting rights on any matter presented to holders of any class of our capital stock, with the exception that they may vote with holders of shares of our Class A common stock (i) with respect to a change of control event or (ii) as provided by our Bye-laws or applicable Bermuda law. Holders of Series B Preferred Shares will participate in any dividends declared or paid on our Class A common stock on an as-converted basis. The Series B Preferred Shares will rank pari passu with our Series A Convertible Preferred Stock and senior to all other equity securities of the Company in respect of payment of dividends and distribution of assets upon liquidation. The Series B Preferred Shares have such other rights, powers and preferences as are set forth in the Certificate of Designation for the Series B Preferred Shares. | |
We concluded that the Series B Preferred Shares were not considered a liability and that the embedded conversion feature in the Series B Preferred Shares was clearly and closely related to the host contract and therefore did not need to be bifurcated. The Series B Preferred Shares are required to be classified outside of permanent equity because such shares can be redeemed for cash in certain circumstances. These shares are not currently redeemable and thus have been recorded on the condensed consolidated balance sheet based on fair value at the time of issuance. We have determined that it is probable that the Series B Preferred Shares will become redeemable and thus have accreted changes in the redemption value since issuance. For the three months ended March 31, 2015 and 2014, we recognized accretion on the Series B Preferred Shares of US$ 4.1 million and US$ 3.8 million, respectively, with corresponding decreases in additional paid-in capital. |
EQUITY
EQUITY | 3 Months Ended |
Mar. 31, 2015 | |
Equity [Abstract] | |
EQUITY | EQUITY |
Preferred Stock | |
5,000,000 shares of Preferred Stock were authorized at March 31, 2015 and December 31, 2014. | |
One share of Series A Convertible Preferred Stock (the "Series A Preferred Share") was issued and outstanding as at March 31, 2015 and December 31, 2014. The Series A Preferred Share is convertible into 11,211,449 shares of Class A common stock on the date that is 61 days after the date on which the ownership of our outstanding shares of Class A common stock by a group that includes TW Investor and its affiliates would not be greater than 49.9%. The Series A Preferred Share is entitled to one vote per each share of Class A common stock into which it is convertible and has such other rights, powers and preferences, including potential adjustments to the number of shares of Class A common stock to be issued upon conversion, as are set forth in the Certificate of Designation for the Series A Preferred Share. | |
200,000 shares of Series B Preferred Shares were issued and outstanding as at March 31, 2015 and December 31, 2014 (see Note 13, "Convertible Redeemable Preferred Shares"). Assuming conversion on June 25, 2016 and no further adjustments to the conversion price under the Certificate of Designations for the Series B Preferred Shares, TW Investor would be issued 103.1 million shares of Class A common stock upon conversion. | |
Class A and Class B Common Stock | |
440,000,000 shares of Class A common stock and 15,000,000 shares of Class B common stock were authorized as at March 31, 2015 and December 31, 2014. The rights of the holders of Class A common stock and Class B common stock are identical except for voting rights. The shares of Class A common stock are entitled to one vote per share and the shares of Class B common stock are entitled to ten votes per share. Shares of Class B common stock are convertible into shares of Class A common stock on a one-for-one basis for no additional consideration. Holders of each class of shares are entitled to receive dividends and upon liquidation or dissolution are entitled to receive all assets available for distribution to holders of our common stock. Under our bye-laws, the holders of each class have no preemptive or other subscription rights and there are no redemption or sinking fund provisions with respect to such shares. | |
There were 135,381,285 and 135,335,258 shares of Class A common stock outstanding at March 31, 2015 and December 31, 2014, respectively, and no shares of Class B common stock outstanding at March 31, 2015 and December 31, 2014. | |
As at March 31, 2015, TW Investor owns 45.4% of the outstanding shares of Class A common stock and has a 49.5% voting interest in the Company due to its ownership of the Series A Preferred Share. | |
Common Stock Warrants | |
As at March 31, 2015, warrants to purchase 114,000,000 shares of Class A common stock at an exercise price of US$ 1.00 per share, generally exercisable from May 2, 2016 to May 2, 2018, were outstanding. 100,926,996 (approximately 88.5%) of these warrants are held by Time Warner and TW Investor. Time Warner also holds the right to exercise such warrants prior to May 2, 2016, at such times and in such amounts as would allow Time Warner to own up to 49.9% of the outstanding shares of the Class A Common Stock of the Company (including any shares attributed to it as part of a group under Section 12(d)(3) of the Securities Exchange Act). | |
We utilized a Black-Scholes valuation model to determine the fair value of each warrant.The Black-Scholes valuation model uses subjective assumptions of expected volatility, risk-free interest rates, the expected term of options granted, and expected rates of dividends. Changes in these assumptions could materially affect the estimated fair value. The Company determined the volatility assumption for these stock options using historical volatilities data from its traded Class A common stock. The expected term was estimated based on management's expectation of future exercises. The risk-free rate assumed in valuing the warrants was based on the U.S. Treasury yield curve at the grant date based on the expected term. The Company assumed a dividend rate of zero based on historical experience and expected dividends to be issued over the expected term. This measurement of estimated fair value uses Level 3 inputs as described in Note 12, "Financial Instruments and Fair Value Measurements". | |
The warrants are classified in additional paid-in capital, a component of equity and are not subject to subsequent revaluation. The fair value of the warrants issued in a rights offering conducted by the Company in 2014 (the "Unit Warrants") is accounted for as a discount to the 2017 PIK Notes. The fair value of the warrants issued to Time Warner in certain related financing transactions (the "Initial Warrants") is accounted for as a discount on the 2017 Term Loan and as debt issuance costs for the 2017 Revolving Credit Facility (see Note 5, "Long-term Debt and Other Financing Arrangements"). | |
As at March 31, 2015, warrants to purchase up to 850,000 shares of Class A common stock for a six-year period terminating December 2015 at a price of US$ 21.75 per share were also outstanding. |
RESTRUCTURING_COSTS
RESTRUCTURING COSTS | 3 Months Ended | |||||||||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | ||||||||||||||||||||||||||||||||
RESTRUCTURING COSTS | RESTRUCTURING COSTS | |||||||||||||||||||||||||||||||
2014 Initiatives | ||||||||||||||||||||||||||||||||
During 2014, we undertook restructuring actions to optimize our cost base across a number of country operations (the "2014 Initiatives"). Actions under the 2014 Initiatives were completed as at December 31, 2014 and payments are expected to be substantially completed by December 31, 2015. | ||||||||||||||||||||||||||||||||
2015 Initiatives | ||||||||||||||||||||||||||||||||
During the first quarter of 2015, we continued to take restructuring actions to optimize our costs based across a number of departments (the "2015 Initiatives"). These actions were not contemplated under the 2014 Initiatives. We expect actions under the 2015 Initiatives to be completed by the end of 2015. | ||||||||||||||||||||||||||||||||
Information relating to restructuring by type of cost is as follows: | ||||||||||||||||||||||||||||||||
2014 Initiatives | 2015 Initiatives | |||||||||||||||||||||||||||||||
Employee Termination Costs | Other Exit Costs | Total | Employee Termination Costs | Other Exit Costs | Total | Grand | ||||||||||||||||||||||||||
Total | ||||||||||||||||||||||||||||||||
BALANCE December 31, 2014 | $ | 1,385 | $ | 173 | $ | 1,558 | $ | — | $ | — | $ | — | $ | 1,558 | ||||||||||||||||||
Costs incurred | — | — | — | 826 | — | 826 | 826 | |||||||||||||||||||||||||
Cash paid | (764 | ) | (46 | ) | (810 | ) | (112 | ) | — | (112 | ) | (922 | ) | |||||||||||||||||||
Accrual reversal | (183 | ) | — | (183 | ) | — | — | — | (183 | ) | ||||||||||||||||||||||
Foreign currency movements | (21 | ) | (6 | ) | (27 | ) | (33 | ) | — | (33 | ) | (60 | ) | |||||||||||||||||||
BALANCE March 31, 2015 | $ | 417 | $ | 121 | $ | 538 | $ | 681 | $ | — | $ | 681 | $ | 1,219 | ||||||||||||||||||
A summary of restructuring charges for the three months ended March 31, 2015 and 2014, by operating segment is as follows: | ||||||||||||||||||||||||||||||||
For the Three Months Ended March 31, | ||||||||||||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||||||||||
Employee Termination Costs | Other Exit Costs | Accrual Reversal | Total | Employee Termination Costs | Other Exit Costs | Accrual Reversal | Total | |||||||||||||||||||||||||
Bulgaria | $ | — | $ | — | $ | — | $ | — | $ | 3,317 | $ | 42 | $ | — | $ | 3,359 | ||||||||||||||||
Czech Republic | — | — | — | — | 440 | — | — | 440 | ||||||||||||||||||||||||
Romania | 826 | — | (183 | ) | 643 | 1,709 | — | — | 1,709 | |||||||||||||||||||||||
Slovak Republic | — | — | — | — | 361 | 19 | (560 | ) | (180 | ) | ||||||||||||||||||||||
Total restructuring costs | $ | 826 | $ | — | $ | (183 | ) | $ | 643 | $ | 5,827 | $ | 61 | $ | (560 | ) | $ | 5,328 | ||||||||||||||
INTEREST_EXPENSE
INTEREST EXPENSE | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Interest Expense [Abstract] | ||||||||
INTEREST EXPENSE | INTEREST EXPENSE | |||||||
Interest expense comprised the following for the three months ended March 31, 2015 and 2014: | ||||||||
For the Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
Interest on Senior Debt | $ | 22,513 | $ | 21,538 | ||||
Interest on capital leases and other financing arrangements | 5,105 | 146 | ||||||
27,618 | 21,684 | |||||||
Amortization of capitalized debt issuance costs | 3,837 | 4,244 | ||||||
Amortization of debt issuance discount and premium, net | 8,663 | 1,952 | ||||||
12,500 | 6,196 | |||||||
Total interest expense | $ | 40,118 | $ | 27,880 | ||||
We paid cash interest of US$ 1.3 million and US$ 22.1 million during the three months ended March 31, 2015 and 2014, respectively. |
STOCKBASED_COMPENSATION
STOCK-BASED COMPENSATION | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||
STOCK-BASED COMPENSATION | STOCK-BASED COMPENSATION | ||||||||||||
7,500,000 shares have been authorized for issuance in respect of equity awards under our Amended and Restated Stock Incentive Plan (the "Plan"). Under the Plan, awards are made to employees at the discretion of the Compensation Committee and to directors pursuant to an annual automatic grant under the Plan or at the discretion of the Board of Directors. | |||||||||||||
The charge for stock-based compensation in our condensed consolidated statements of operations and comprehensive income was as follows: | |||||||||||||
For the Three Months Ended March 31, | |||||||||||||
2015 | 2014 | ||||||||||||
Selling, general and administrative expenses | $ | 408 | $ | 251 | |||||||||
Stock Options | |||||||||||||
A summary of option activity for the three months ended March 31, 2015 is presented below: | |||||||||||||
Shares | Weighted Average Exercise Price per Share | Weighted Average Remaining Contractual Term (years) | Aggregate Intrinsic Value | ||||||||||
Outstanding at January 1, 2015 | 155,000 | $ | 29.88 | 0.92 | $ | — | |||||||
Forfeited | (20,000 | ) | 23.12 | ||||||||||
Outstanding at March 31, 2015 | 135,000 | $ | 30.89 | 0.67 | $ | — | |||||||
Vested | 135,000 | 30.89 | 0.67 | — | |||||||||
Exercisable at March 31, 2015 | 135,000 | $ | 30.89 | 0.67 | $ | — | |||||||
The fair value of stock options is estimated on the grant date using the Black-Scholes option-pricing model and recognized ratably over the requisite service period. The aggregate intrinsic value (the difference between the stock price on the last day of trading of the first quarter of March 31, 2015 and the exercise prices multiplied by the number of in-the-money options) represents the total intrinsic value that would have been received by the option holders had they exercised all in-the-money options as at March 31, 2015. This amount changes based on the fair value of our Class A common stock. As at March 31, 2015, there was no unrecognized compensation expense related to stock options. | |||||||||||||
Restricted Stock Units | |||||||||||||
Pursuant to the Plan, we may grant RSUs to our employees and non-employee directors. Each RSU represents a right to receive one share of Class A common stock of the Company for each RSU that vests in accordance with the vesting schedule, generally between one to four years from the date of grant. Upon vesting, shares of Class A common stock are issued from authorized but unissued shares. Holders of RSU awards are not entitled to receive cash dividend equivalents and are not entitled to vote. The grant date fair value of RSUs is calculated as the closing price of shares of our Class A common stock on the date of grant. For certain awards with market conditions, the grant date fair value is calculated using a Monte Carlo simulation model. The Monte Carlo simulation model requires the input of subjective assumptions, including the expected volatility of our common stock, interest rates, dividend yields and the correlation coefficient between our common stock and the relevant market index. | |||||||||||||
The following table summarizes information about unvested RSUs as at March 31, 2015: | |||||||||||||
Number of | Weighted Average | ||||||||||||
Shares / Units | Grant Date | ||||||||||||
Fair Value | |||||||||||||
Unvested at December 31, 2014 | 1,367,234 | $ | 3.06 | ||||||||||
Granted RSUs | 1,198,520 | 2.67 | |||||||||||
Vested | (35,630 | ) | 4.21 | ||||||||||
Unvested at March 31, 2015 | 2,530,124 | $ | 2.86 | ||||||||||
As at March 31, 2015, the intrinsic value of unvested RSUs was US$ 4.2 million. Total unrecognized compensation expense related to unvested RSUs as at March 31, 2015 was US$ 3.4 million and is expected to be recognized over a weighted-average period of 3.2 years. |
EARNINGS_PER_SHARE
EARNINGS PER SHARE | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Earnings Per Share [Abstract] | ||||||||
EARNINGS PER SHARE | EARNINGS PER SHARE | |||||||
We determined that the Series B Preferred Shares are a participating security, and accordingly, our basic and diluted net income / loss per share is calculated using the two-class method. Under the two-class method, basic net income / loss per common share is computed by dividing the net income available to common shareholders after deducting contractual amounts of accretion on our Series B Preferred Shares by the weighted-average number of common shares outstanding during the period. Diluted net income / loss per share is computed by dividing the adjusted net income by the weighted-average number of dilutive shares outstanding during the period. | ||||||||
The components of basic and diluted earnings per share are as follows: | ||||||||
For the Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
Loss from continuing operations | $ | (70,243 | ) | $ | (41,000 | ) | ||
Net loss attributable to noncontrolling interests | 257 | 717 | ||||||
Less: preferred dividend paid in kind | (4,141 | ) | (3,844 | ) | ||||
Loss from continuing operations available to common shareholders, net of noncontrolling interest | (74,127 | ) | (44,127 | ) | ||||
Loss from discontinued operations, net of tax (Note 3) | (3,288 | ) | (7,633 | ) | ||||
Net loss attributable to CME Ltd. available to common shareholders - Basic | $ | (77,415 | ) | $ | (51,760 | ) | ||
Effect of dilutive securities | ||||||||
Preferred dividend paid in kind | — | — | ||||||
Net loss attributable to CME Ltd. available to common shareholders - Diluted | $ | (77,415 | ) | $ | (51,760 | ) | ||
Weighted average outstanding shares of common stock - basic (1) | 146,606 | 146,374 | ||||||
Dilutive effect of employee stock options and RSUs | — | — | ||||||
Weighted average outstanding shares of common stock - diluted | 146,606 | 146,374 | ||||||
Net loss per share: | ||||||||
Continuing operations attributable to CME Ltd. - Basic | $ | (0.51 | ) | $ | (0.30 | ) | ||
Continuing operations attributable to CME Ltd. - Diluted | (0.51 | ) | (0.30 | ) | ||||
Discontinued operations attributable to CME Ltd. - Basic | (0.02 | ) | (0.05 | ) | ||||
Discontinued operations attributable to CME Ltd. - Diluted | (0.02 | ) | (0.05 | ) | ||||
Net loss attributable to CME Ltd. – Basic | (0.53 | ) | (0.35 | ) | ||||
Net loss attributable to CME Ltd. – Diluted | (0.53 | ) | (0.35 | ) | ||||
(1) | For the purpose of computing basic earnings per share, the 11,211,449 shares of Class A common stock underlying the Series A Preferred Share are included in the weighted average outstanding shares of common stock - basic, primarily because the holder of the Series A Preferred Share is entitled to receive any dividends payable when dividends are declared by the Board of Directors with respect to any shares of common stock. | |||||||
At March 31, 2015, 1,269,290 (December 31, 2014: 1,324,920) stock options, warrants and RSUs were antidilutive to income from continuing operations and excluded from the calculation of earnings per share. These may become dilutive in the future. Shares of Class A common stock potentially issuable under the 2015 Convertible Notes may also become dilutive in the future, although they were antidilutive to net income at March 31, 2015. Our Series B Preferred Shares were not considered for dilution as they are not convertible until June 25, 2016. As set forth in the Certificate of Designation for the Series B Preferred Shares, the holders of our Series B Preferred Shares are not contractually obligated to share in our losses. |
SEGMENT_DATA
SEGMENT DATA | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Segment Reporting [Abstract] | ||||||||
SEGMENT DATA | SEGMENT DATA | |||||||
We manage our business on a geographical basis, with six operating segments: Bulgaria, Croatia, the Czech Republic, Romania, the Slovak Republic and Slovenia, which are also our reportable segments and our main operating countries. These segments reflect how CME Ltd.’s operating performance is evaluated by our chief operating decision makers, who we have identified as our co-Chief Executive Officers; how operations are managed by segment managers; and the structure of our internal financial reporting. | ||||||||
Our segments generate revenues primarily from the sale of advertising and sponsorship on our channels. This is supplemented by revenues from cable and satellite television service providers to carry our channels on their platforms and from revenues through the sale of distribution rights to third parties. Intersegment revenues and profits have been eliminated in consolidation. | ||||||||
We evaluate the performance of our segments based on net revenues and OIBDA. OIBDA, which includes amortization and impairment of program rights, is determined as operating income / loss before depreciation, amortization of intangible assets, impairments of assets and certain unusual or infrequent items that are not considered by our chief operating decision makers when evaluating our performance. Items that are not allocated to our segments for purposes of evaluating their performance and therefore are not included in their OIBDA, include stock-based compensation and certain other items. | ||||||||
Our key performance measure of the efficiency of our segments is OIBDA margin. OIBDA margin is the ratio of OIBDA to net revenues. We believe OIBDA is useful to investors because it provides a more meaningful representation of our performance as it excludes certain items that either do not impact our cash flows or the operating results of our operations. OIBDA is also used as a component in determining management bonuses. OIBDA may not be comparable to similar measures reported by other companies. | ||||||||
Below are tables showing our net revenues, OIBDA, total assets, capital expenditures and long-lived assets for our continuing operations by segment for the three months ended March 31, 2015 and 2014 for condensed consolidated statements of operations and comprehensive income data and condensed consolidated statements of cash flow data; and as at March 31, 2015 and December 31, 2014 for condensed consolidated balance sheet data. | ||||||||
Net revenues: | For the Three Months Ended March 31, | |||||||
2015 | 2014 | |||||||
Bulgaria | $ | 16,784 | $ | 19,276 | ||||
Croatia | 11,993 | 13,497 | ||||||
Czech Republic | 34,965 | 39,033 | ||||||
Romania | 33,522 | 36,857 | ||||||
Slovak Republic | 17,538 | 18,146 | ||||||
Slovenia | 11,480 | 14,261 | ||||||
Intersegment revenues(1) | (149 | ) | (365 | ) | ||||
Total net revenues | $ | 126,133 | $ | 140,705 | ||||
-1 | Reflects revenues earned from the sale of content to other country segments in CME. All other revenues are third party revenues. | |||||||
OIBDA: | For the Three Months Ended March 31, | |||||||
2015 | 2014 | |||||||
Bulgaria | $ | 2,198 | $ | (2,746 | ) | |||
Croatia | 1,862 | 671 | ||||||
Czech Republic | 10,091 | 2,713 | ||||||
Romania | 3,361 | 4,326 | ||||||
Slovak Republic | (145 | ) | (3,162 | ) | ||||
Slovenia | 360 | 515 | ||||||
Elimination | (50 | ) | 385 | |||||
Total operating segments | 17,677 | 2,702 | ||||||
Corporate | (6,229 | ) | (6,097 | ) | ||||
Total OIBDA | $ | 11,448 | $ | (3,395 | ) | |||
Reconciliation to condensed consolidated statements of operations | For the Three Months Ended March 31, | |||||||
and comprehensive income: | 2015 | 2014 | ||||||
Total OIBDA | $ | 11,448 | $ | (3,395 | ) | |||
Depreciation of property, plant and equipment | (7,001 | ) | (8,060 | ) | ||||
Amortization of broadcast licenses and other intangibles | (3,499 | ) | (3,227 | ) | ||||
Other items (1) | (18,187 | ) | — | |||||
Operating loss | (17,239 | ) | (14,682 | ) | ||||
Interest income | 112 | 81 | ||||||
Interest expense (Note 16) | (40,118 | ) | (27,880 | ) | ||||
Foreign currency exchange loss, net | (11,489 | ) | (630 | ) | ||||
Change in fair value of derivatives (Note 12) | (1,010 | ) | (50 | ) | ||||
Other (expense) / income, net | (354 | ) | 35 | |||||
Loss before tax | $ | (70,098 | ) | $ | (43,126 | ) | ||
-1 | Other items for the three months ended March 31, 2015 consists solely of a charge related to the ongoing tax audit of Pro TV in Romania (see Note 20, "Commitments and Contingencies"). | |||||||
Total assets(1): | March 31, 2015 | December 31, 2014 | ||||||
Bulgaria | $ | 122,900 | $ | 141,055 | ||||
Croatia | 52,866 | 58,000 | ||||||
Czech Republic | 712,574 | 803,361 | ||||||
Romania | 259,959 | 297,256 | ||||||
Slovak Republic | 117,550 | 134,544 | ||||||
Slovenia | 72,886 | 78,403 | ||||||
Total operating segments | 1,338,735 | 1,512,619 | ||||||
Corporate | 80,015 | 76,875 | ||||||
Assets held for sale | 16,145 | 29,866 | ||||||
Total assets | $ | 1,434,895 | $ | 1,619,360 | ||||
-1 | Segment assets exclude any intercompany balances. | |||||||
Capital expenditures: | For the Three Months Ended March 31, | |||||||
2015 | 2014 | |||||||
Bulgaria | $ | 699 | $ | 523 | ||||
Croatia | 528 | 465 | ||||||
Czech Republic | 2,496 | 4,622 | ||||||
Romania | 720 | 815 | ||||||
Slovak Republic | 1,146 | 793 | ||||||
Slovenia | 934 | 784 | ||||||
Total operating segments | 6,523 | 8,002 | ||||||
Corporate | 958 | 965 | ||||||
Total capital expenditures | $ | 7,481 | $ | 8,967 | ||||
Long-lived assets(1): | March 31, 2015 | December 31, 2014 | ||||||
Bulgaria | $ | 4,271 | $ | 4,187 | ||||
Croatia | 4,558 | 5,579 | ||||||
Czech Republic | 36,037 | 40,940 | ||||||
Romania | 19,253 | 22,110 | ||||||
Slovak Republic | 15,377 | 17,374 | ||||||
Slovenia | 14,013 | 16,647 | ||||||
Total operating segments | 93,509 | 106,837 | ||||||
Corporate | 6,285 | 7,498 | ||||||
Total long-lived assets | $ | 99,794 | $ | 114,335 | ||||
-1 | Reflects property, plant and equipment. | |||||||
Revenue by type: | For the Three Months Ended March 31, | |||||||
2015 | 2014 | |||||||
Television advertising | $ | 101,615 | $ | 113,490 | ||||
Carriage fees and subscriptions | 18,778 | 19,826 | ||||||
Other | 5,740 | 7,389 | ||||||
Total net revenues | $ | 126,133 | $ | 140,705 | ||||
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||||||||||
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES | |||||||||||||||
Commitments | ||||||||||||||||
a) Programming Rights Agreements and Other Commitments | ||||||||||||||||
At March 31, 2015, we had total commitments of US$ $170.4 million (December 31, 2014: US$ 177.8 million) in respect of future programming, including contracts signed with license periods starting after the balance sheet date. In addition, we have digital transmission obligations, future minimum operating lease payments for non-cancellable operating leases with remaining terms in excess of one year (net of amounts to be recharged to third parties) and other commitments as follows: | ||||||||||||||||
Programming purchase obligations | Other | Operating | Capital | |||||||||||||
commitments | leases | expenditures | ||||||||||||||
2015 | $ | 44,534 | $ | 18,179 | $ | 2,473 | $ | 5,109 | ||||||||
2016 | 61,390 | 9,836 | 1,929 | 63 | ||||||||||||
2017 | 34,960 | 3,725 | 1,190 | — | ||||||||||||
2018 | 23,734 | 3,108 | 809 | — | ||||||||||||
2019 | 5,532 | 10,368 | 723 | — | ||||||||||||
2020 and thereafter | 213 | 367 | 1,151 | — | ||||||||||||
Total | $ | 170,363 | $ | 45,583 | $ | 8,275 | $ | 5,172 | ||||||||
b) Factoring of Trade Receivables | ||||||||||||||||
CET 21 has a CZK 860.0 million (approximately US$ 33.6 million) factoring framework agreement with FCS subject to which certain receivables may be factored on a recourse or non-recourse basis. As at March 31, 2015, there were CZK 299.0 million (approximately US$ 11.7 million) (December 31, 2014: CZK 509.3 million, approximately US$ 19.9 million at March 31, 2015 rates) of receivables subject to the factoring framework agreement. | ||||||||||||||||
c) Other | ||||||||||||||||
Top Tone Holdings has exercised its right to acquire additional equity in CME Bulgaria, however the closing of this transaction has not yet occurred because the purchaser financing is still pending. If consummated, we would own 90.0% of our Bulgaria operations. | ||||||||||||||||
Contingencies | ||||||||||||||||
a) Litigation | ||||||||||||||||
We are from time to time party to legal proceedings, arbitrations and regulatory proceedings arising in the normal course of our business operations, including the proceeding described below. We evaluate, on a quarterly basis, developments in such matters and provide accruals for such matters, as appropriate. In making such decisions, we consider the degree of probability of an unfavorable outcome and our ability to make a reasonable estimate of the amount of a loss. An unfavorable outcome in any such proceedings, if material, could have an adverse effect on our business or consolidated financial statements. | ||||||||||||||||
Slovenian Competition Proceeding | ||||||||||||||||
On April 24, 2013, the Competition Protection Agency of the Republic of Slovenia (“CPA”) adopted a decision finding that our wholly-owned subsidiary Produkcija Plus d.o.o. (“Pro Plus”) has abused a dominant position on the Slovenian television advertising market in breach of applicable competition law, by requiring exclusivity from its advertising customers and by applying loyalty discounts in favor of its customers. Pro Plus filed an appeal with the Slovenian Supreme Court on May 24, 2013. On December 3, 2013, the Slovenian Supreme Court affirmed the decision of the CPA. On July 21, 2014, the CPA adopted a decision to impose a fine of EUR 5.1 million. Pro Plus appealed the decision and the fine was overturned on November 3, 2014. The CPA is appealing this decision. | ||||||||||||||||
b) Restrictions on dividends from Consolidated Subsidiaries and Unconsolidated Affiliates | ||||||||||||||||
Corporate law in the Central and Eastern European countries in which we have operations stipulates generally that dividends may be declared by shareholders, out of yearly profits, subject to the maintenance of registered capital and required reserves after the recovery of accumulated losses. The reserve requirement restriction generally provides that before dividends may be distributed, a portion of annual net profits (typically 5.0%) be allocated to a reserve, which reserve is capped at a proportion of the registered capital of a company (ranging from 5.0% to 25.0%). The restricted net assets of our consolidated subsidiaries and equity in earnings of investments accounted for under the equity method together are less than 25.0% of consolidated net assets. | ||||||||||||||||
c) Romanian Tax Audits | ||||||||||||||||
Certain of our subsidiaries in Romania are currently being audited by the Romanian tax authorities. The audit of Pro TV covers the years 2009 to 2013. The audits of MPS and MPE cover the years 2010 to 2013 and 2009 to 2013, respectively, and are currently suspended in connection with investigations being conducted by the Romanian authorities there. (See Part II, Item 1, “MPS and MPE Investigations”.) These audits are focused on a range of matters, including corporate income taxes, payroll tax liabilities and value added tax (“VAT”). | ||||||||||||||||
In the course of their audit of Pro TV, the tax authorities are scrutinizing in particular the nature of the relationship between Pro TV and a third party services company through which a considerable number of freelance staff were engaged by Pro TV throughout the period of the audit. The tax authorities are evaluating whether such freelance staff were sufficiently independent of Pro TV. In the event the tax authorities conclude such freelance staff were dependent and should have been treated as employees, payments made to them would be treated as salary and subject to deductions for payroll taxes. Pro TV would be liable for any unpaid payroll taxes as well as penalties and interest. The tax authorities are also reviewing whether certain other individuals retained directly by Pro TV, MPS and MPE should have been classified as employees. | ||||||||||||||||
We believe that upon completion of these audits the Romanian tax authorities will assess certain payroll taxes, penalties and interest related to the foregoing. Accordingly, we provided US$ 12.0 million in the fourth quarter of 2014 in respect of certain individuals retained directly by Pro TV, MPS and MPE and an additional US$ 18.2 million in the first quarter of 2015 that relates to freelance staff engaged by Pro TV through the third party services company. It is likely that additional amounts, which may be material, in respect of additional payroll tax liabilities and non-deductible VAT, plus related interest and penalties, will be levied by the Romanian tax authorities upon completion of these audits. | ||||||||||||||||
The Pro TV audit is ongoing although it is likely that the authorities will complete this audit during the second quarter of 2015; we do not know how long the suspension of the audits of MPS and MPE will continue. Therefore, at the present time we are unable to determine when the tax authorities will complete their audits or what assessments may be issued, or estimate what the amount of such assessments may be. |
RELATED_PARTY_TRANSACTIONS
RELATED PARTY TRANSACTIONS | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Related Party Transactions [Abstract] | ||||||||
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS | |||||||
We consider our related parties to be those shareholders who have direct control and/or influence and other parties that can significantly influence management as well as our officers and directors; a “connected” party is one in relation to whom we are aware of the existence of a family or business connection to a shareholder, director or officer. We have identified transactions with individuals or entities associated with Time Warner, who is represented on our Board of Directors and holds a 49.5% voting interest in CME Ltd. as at March 31, 2015, as material related party transactions. | ||||||||
Time Warner | ||||||||
For the Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
Purchases of programming | $ | 2,299 | $ | 5,799 | ||||
Sales | 22 | 4 | ||||||
Interest expense | 29,166 | — | ||||||
March 31, 2015 | December 31, 2014 | |||||||
Programming liabilities | $ | 13,320 | $ | 24,980 | ||||
Other accounts payable and accrued liabilities | 27 | 150 | ||||||
Accounts receivable, gross | 147 | 197 | ||||||
Long-term debt and other financing arrangements (1) | 275,506 | 269,862 | ||||||
Accrued interest payable (2) | 19,757 | 4,763 | ||||||
Other non-current liabilities (3) | 15,094 | 10,299 | ||||||
-1 | Amount represents the principal amount outstanding of the 2017 PIK Notes held by Time Warner and the amounts outstanding on the 2017 Term Loan and 2017 Revolving Credit Facility, less respective issuance discounts, including interest for which we made an election to pay in kind. | |||||||
-2 | Amount represents the accrued interest on the principal amount of the outstanding 2017 PIK Notes held by Time Warner, which is payable in kind in arrears until November 15, 2015, and on the outstanding balance of the 2017 Term Loan and the 2017 Revolving Credit Facility. | |||||||
(3) | Amount represents the commitment fee payable to Time Warner in connection with its agreement to provide or assist with arranging a loan facility to refinance the 2015 Convertible Notes at or immediately prior to their maturity in November 2015, as well as the accrued fee payable to Time Warner for guaranteeing the 2017 Euro Term Loan. | |||||||
In addition, Time Warner has agreed to assist in arranging or to provide a term loan facility to refinance the 2015 Convertible Notes at or immediately prior to their maturity in November 2015. See Note 5, "Long-term Debt and Other Financing Arrangements". |
GUARANTOR_AND_NONGUARANTOR_FIN
GUARANTOR AND NON-GUARANTOR FINANCIAL INFORMATION | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||
Guarantees [Abstract] | ||||||||||||||||||||
GUARANTOR AND NON-GUARANTOR FINANCIAL INFORMATION | GUARANTOR AND NON-GUARANTOR FINANCIAL INFORMATION | |||||||||||||||||||
As discussed in Note 5, "Long-term Debt and Other Financing Arrangements", our 100% owned subsidiaries, CME NV and CME BV (collectively, the "Guarantor Subsidiaries"), have agreed to fully and unconditionally, and jointly and severally, guarantee (the “Guarantees”), the 2017 PIK Notes. The Guarantor Subsidiaries are subject to the requirements of Rule 3-10 of Regulation S-X regarding financial statements of guarantors and issuers of guaranteed securities registered or being registered with the SEC. Our remaining subsidiaries (the “Non-Guarantor Subsidiaries”) are presented separately from CME Ltd. (the “Parent Issuer”) and the Guarantor Subsidiaries in the condensed consolidating financial statements presented below. | ||||||||||||||||||||
The Guarantees are senior obligations of the Guarantors and rank equal in right of payment with all of the Guarantor Subsidiaries’ existing and future senior indebtedness, including in respect of their guarantees of the 2015 Convertible Notes, the 2017 Term Loan and the 2017 Revolving Credit Facility. In addition, the Guarantees rank senior in right of payment to any other existing and future obligations of the Guarantor Subsidiaries expressly subordinated in right of payment to the Guarantees. The Guarantees effectively rank junior to all of the future indebtedness and other liabilities of our Non-Guarantor Subsidiaries, including with respect to their obligations in respect of the 2017 PIK Notes. | ||||||||||||||||||||
CME Ltd. and the Guarantor Subsidiaries are holding companies with no revenue-generating operations and rely on the repayment of intercompany indebtedness and the declaration of dividends to receive distributions of cash from our operating subsidiaries and affiliates. There are no significant restrictions on CME Ltd.'s ability to obtain funds from the Guarantor Subsidiaries. | ||||||||||||||||||||
The following tables present condensed consolidating financial information relating to the Guarantor Subsidiaries as at March 31, 2015 and December 31, 2014, and for the three months ended March 31, 2015 and March 31, 2014: | ||||||||||||||||||||
Condensed Consolidating Balance Sheets as at March 31, 2015 | ||||||||||||||||||||
Parent Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets | ||||||||||||||||||||
Cash and cash equivalents | $ | 11,520 | $ | 193 | $ | 41,576 | $ | — | $ | 53,289 | ||||||||||
Accounts receivable, net | — | — | 128,655 | — | 128,655 | |||||||||||||||
Program rights, net | — | — | 98,753 | — | 98,753 | |||||||||||||||
Other current assets | 821 | 1,285 | 37,048 | — | 39,154 | |||||||||||||||
Assets held for sale | — | — | 16,145 | — | 16,145 | |||||||||||||||
Intercompany current assets | 27,944 | 9,582 | 49,056 | (86,582 | ) | — | ||||||||||||||
Total current assets | 40,285 | 11,060 | 371,233 | (86,582 | ) | 335,996 | ||||||||||||||
Non-current assets | ||||||||||||||||||||
Investments in subsidiaries | 58,647 | 1,300,411 | — | (1,359,058 | ) | — | ||||||||||||||
Property, plant and equipment, net | — | — | 99,794 | — | 99,794 | |||||||||||||||
Program rights, net | — | — | 174,300 | — | 174,300 | |||||||||||||||
Goodwill | — | — | 607,847 | — | 607,847 | |||||||||||||||
Broadcast licenses and other intangible assets, net | — | — | 160,027 | — | 160,027 | |||||||||||||||
Other non-current assets | 51,704 | 3,176 | 2,051 | — | 56,931 | |||||||||||||||
Intercompany non-current assets | 1,098,081 | 29,049 | 260,232 | (1,387,362 | ) | — | ||||||||||||||
Total non-current assets | 1,208,432 | 1,332,636 | 1,304,251 | (2,746,420 | ) | 1,098,899 | ||||||||||||||
Total assets | $ | 1,248,717 | $ | 1,343,696 | $ | 1,675,484 | $ | (2,833,002 | ) | $ | 1,434,895 | |||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||
Current liabilities | ||||||||||||||||||||
Accounts payable and accrued liabilities | $ | 8,542 | $ | 367 | $ | 159,064 | $ | — | $ | 167,973 | ||||||||||
Current portion of long-term debt and other financing arrangements | 254,375 | — | 1,194 | — | 255,569 | |||||||||||||||
Other current liabilities | 229 | 292 | 24,051 | — | 24,572 | |||||||||||||||
Liabilities held for sale | — | — | 6,035 | — | 6,035 | |||||||||||||||
Intercompany current liabilities | 4,569 | 78,044 | 3,969 | (86,582 | ) | — | ||||||||||||||
Total current liabilities | 267,715 | 78,703 | 194,313 | (86,582 | ) | 454,149 | ||||||||||||||
Non-current liabilities | ||||||||||||||||||||
Long-term debt and other financing arrangements | 587,543 | — | 5,003 | — | 592,546 | |||||||||||||||
Other non-current liabilities | 39,032 | — | 25,554 | — | 64,586 | |||||||||||||||
Intercompany non-current liabilities | 29,050 | 1,223,826 | 134,486 | (1,387,362 | ) | — | ||||||||||||||
Total non-current liabilities | 655,625 | 1,223,826 | 165,043 | (1,387,362 | ) | 657,132 | ||||||||||||||
Temporary equity | 228,067 | — | — | — | 228,067 | |||||||||||||||
Total CME Ltd. shareholders’ equity | 97,310 | 41,167 | 1,317,891 | (1,359,058 | ) | 97,310 | ||||||||||||||
Noncontrolling interests | — | — | (1,763 | ) | — | (1,763 | ) | |||||||||||||
Total equity | 97,310 | 41,167 | 1,316,128 | (1,359,058 | ) | 95,547 | ||||||||||||||
Total liabilities and equity | $ | 1,248,717 | $ | 1,343,696 | $ | 1,675,484 | $ | (2,833,002 | ) | $ | 1,434,895 | |||||||||
Condensed Consolidating Balance Sheets as at December 31, 2014 | ||||||||||||||||||||
Parent Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets | ||||||||||||||||||||
Cash and cash equivalents | $ | 613 | $ | 2,931 | $ | 30,754 | $ | — | $ | 34,298 | ||||||||||
Accounts receivable, net | — | — | 175,866 | — | 175,866 | |||||||||||||||
Program rights, net | — | — | 99,358 | — | 99,358 | |||||||||||||||
Other current assets | 1,007 | 346 | 34,128 | — | 35,481 | |||||||||||||||
Assets held for sale | — | — | 29,866 | — | 29,866 | |||||||||||||||
Intercompany current assets | 12,582 | 14,333 | 17,492 | (44,407 | ) | — | ||||||||||||||
Total current assets | 14,202 | 17,610 | 387,464 | (44,407 | ) | 374,869 | ||||||||||||||
Non-current assets | ||||||||||||||||||||
Investments in subsidiaries | 110,186 | 1,516,707 | — | (1,626,893 | ) | — | ||||||||||||||
Property, plant and equipment, net | — | — | 114,335 | — | 114,335 | |||||||||||||||
Program rights, net | — | — | 207,264 | — | 207,264 | |||||||||||||||
Goodwill | — | — | 681,398 | — | 681,398 | |||||||||||||||
Broadcast licenses and other intangible assets, net | — | — | 183,378 | — | 183,378 | |||||||||||||||
Other non-current assets | 55,471 | — | 2,645 | — | 58,116 | |||||||||||||||
Intercompany non-current assets | 1,252,708 | 32,781 | 291,589 | (1,577,078 | ) | — | ||||||||||||||
Total non-current assets | 1,418,365 | 1,549,488 | 1,480,609 | (3,203,971 | ) | 1,244,491 | ||||||||||||||
Total assets | $ | 1,432,567 | $ | 1,567,098 | $ | 1,868,073 | $ | (3,248,378 | ) | $ | 1,619,360 | |||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||
Current liabilities | ||||||||||||||||||||
Accounts payable and accrued liabilities | $ | 5,109 | $ | 286 | $ | 173,829 | $ | — | $ | 179,224 | ||||||||||
Current portion of long-term debt and other financing arrangements | 251,669 | — | 1,190 | — | 252,859 | |||||||||||||||
Other current liabilities | 271 | — | 7,541 | — | 7,812 | |||||||||||||||
Liabilities held for sale | — | — | 10,632 | — | 10,632 | |||||||||||||||
Intercompany current liabilities | 7,003 | 35,151 | 2,253 | (44,407 | ) | — | ||||||||||||||
Total current liabilities | 264,052 | 35,437 | 195,445 | (44,407 | ) | 450,527 | ||||||||||||||
Non-current liabilities | ||||||||||||||||||||
Long-term debt and other financing arrangements | 615,698 | — | 5,542 | — | 621,240 | |||||||||||||||
Other non-current liabilities | 16,315 | 482 | 29,688 | — | 46,485 | |||||||||||||||
Intercompany non-current liabilities | 32,782 | 1,392,535 | 151,761 | (1,577,078 | ) | — | ||||||||||||||
Total non-current liabilities | 664,795 | 1,393,017 | 186,991 | (1,577,078 | ) | 667,725 | ||||||||||||||
Temporary equity | 223,926 | — | — | — | 223,926 | |||||||||||||||
Total CME Ltd. shareholders’ equity | 279,794 | 138,644 | 1,488,249 | (1,626,893 | ) | 279,794 | ||||||||||||||
Noncontrolling interests | — | — | (2,612 | ) | — | (2,612 | ) | |||||||||||||
Total equity | 279,794 | 138,644 | 1,485,637 | (1,626,893 | ) | 277,182 | ||||||||||||||
Total liabilities and equity | $ | 1,432,567 | $ | 1,567,098 | $ | 1,868,073 | $ | (3,248,378 | ) | $ | 1,619,360 | |||||||||
Condensed Consolidating Statements of Operations for the three months ended March 31, 2015 | ||||||||||||||||||||
Parent Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||
Net revenues | $ | — | $ | — | $ | 126,133 | $ | — | $ | 126,133 | ||||||||||
Cost of revenues | — | — | 98,828 | — | 98,828 | |||||||||||||||
Selling, general and administrative expenses | 4,346 | 169 | 39,386 | — | 43,901 | |||||||||||||||
Restructuring costs | — | — | 643 | — | 643 | |||||||||||||||
Operating loss | (4,346 | ) | (169 | ) | (12,724 | ) | — | (17,239 | ) | |||||||||||
Interest income | 24,286 | 795 | 5,912 | (30,881 | ) | 112 | ||||||||||||||
Interest expense | (40,733 | ) | (27,141 | ) | (3,125 | ) | 30,881 | (40,118 | ) | |||||||||||
Foreign currency exchange loss, net | (2,387 | ) | (3,142 | ) | (5,960 | ) | — | (11,489 | ) | |||||||||||
Change in fair value of derivatives | (1,010 | ) | — | — | — | (1,010 | ) | |||||||||||||
Other expense, net | — | (228 | ) | (126 | ) | — | (354 | ) | ||||||||||||
Loss from continuing operations before tax and loss from investment in subsidiaries | (24,190 | ) | (29,885 | ) | (16,023 | ) | — | (70,098 | ) | |||||||||||
Credit / (provision) for income taxes | — | 4,510 | (4,655 | ) | — | (145 | ) | |||||||||||||
Loss from continuing operations before loss from investment in subsidiaries | (24,190 | ) | (25,375 | ) | (20,678 | ) | — | (70,243 | ) | |||||||||||
Loss from investment in subsidiaries | (96,246 | ) | (32,190 | ) | — | 128,436 | — | |||||||||||||
Loss from continuing operations | (120,436 | ) | (57,565 | ) | (20,678 | ) | 128,436 | (70,243 | ) | |||||||||||
Loss from discontinued operations, net of tax | — | (38,681 | ) | (5,577 | ) | 40,970 | (3,288 | ) | ||||||||||||
Net loss | (120,436 | ) | (96,246 | ) | (26,255 | ) | 169,406 | (73,531 | ) | |||||||||||
Net loss attributable to noncontrolling interests | — | — | 257 | — | 257 | |||||||||||||||
Net loss attributable to CME Ltd. | $ | (120,436 | ) | $ | (96,246 | ) | $ | (25,998 | ) | $ | 169,406 | $ | (73,274 | ) | ||||||
Net loss | $ | (120,436 | ) | $ | (96,246 | ) | $ | (26,255 | ) | $ | 169,406 | $ | (73,531 | ) | ||||||
Other comprehensive (loss) / income | (109,125 | ) | 7,713 | (165,862 | ) | 162,903 | (104,371 | ) | ||||||||||||
Comprehensive loss | (229,561 | ) | (88,533 | ) | (192,117 | ) | 332,309 | (177,902 | ) | |||||||||||
Comprehensive income attributable to noncontrolling interests | — | — | (849 | ) | — | (849 | ) | |||||||||||||
Comprehensive loss attributable to CME Ltd. | $ | (229,561 | ) | $ | (88,533 | ) | $ | (192,966 | ) | $ | 332,309 | $ | (178,751 | ) | ||||||
Condensed Consolidating Statements of Operations for the three months ended March 31, 2014 | ||||||||||||||||||||
Parent Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||
Net revenues | $ | — | $ | — | $ | 140,705 | $ | — | $ | 140,705 | ||||||||||
Cost of revenues | — | — | 119,579 | — | 119,579 | |||||||||||||||
Selling, general and administrative expenses | 3,667 | 252 | 26,561 | — | 30,480 | |||||||||||||||
Restructuring costs | — | — | 5,328 | — | 5,328 | |||||||||||||||
Operating loss | (3,667 | ) | (252 | ) | (10,763 | ) | — | (14,682 | ) | |||||||||||
Interest income | 39,191 | 7,047 | 74 | (46,231 | ) | 81 | ||||||||||||||
Interest expense | (26,407 | ) | (39,130 | ) | (8,574 | ) | 46,231 | (27,880 | ) | |||||||||||
Foreign currency exchange gain / (loss), net | 178 | (892 | ) | 84 | — | (630 | ) | |||||||||||||
Change in fair value of derivatives | (50 | ) | (2,855 | ) | 2,855 | — | (50 | ) | ||||||||||||
Other income, net | — | — | 35 | — | 35 | |||||||||||||||
Income / (loss) from continuing operations before tax and loss on investment in subsidiaries | 9,245 | (36,082 | ) | (16,289 | ) | — | (43,126 | ) | ||||||||||||
Credit / (provision) for income taxes | — | 3,603 | (1,477 | ) | — | 2,126 | ||||||||||||||
Income / (loss) from continuing operations before loss on investment in subsidiaries | 9,245 | (32,479 | ) | (17,766 | ) | — | (41,000 | ) | ||||||||||||
Loss on investment in subsidiaries | (57,161 | ) | (24,682 | ) | — | 81,843 | — | |||||||||||||
Loss from continuing operations | (47,916 | ) | (57,161 | ) | (17,766 | ) | 81,843 | (41,000 | ) | |||||||||||
Loss from discontinued operations, net of tax | — | — | (7,633 | ) | — | (7,633 | ) | |||||||||||||
Net loss | (47,916 | ) | (57,161 | ) | (25,399 | ) | 81,843 | (48,633 | ) | |||||||||||
Net loss attributable to noncontrolling interests | — | — | 717 | — | 717 | |||||||||||||||
Net loss attributable to CME Ltd. | $ | (47,916 | ) | $ | (57,161 | ) | $ | (24,682 | ) | $ | 81,843 | $ | (47,916 | ) | ||||||
Net loss | $ | (47,916 | ) | $ | (57,161 | ) | $ | (25,399 | ) | $ | 81,843 | $ | (48,633 | ) | ||||||
Other comprehensive (loss) / income | (2,981 | ) | (165,952 | ) | (166,159 | ) | 336,464 | 1,372 | ||||||||||||
Comprehensive loss | (50,897 | ) | (223,113 | ) | (191,558 | ) | 418,307 | (47,261 | ) | |||||||||||
Comprehensive loss attributable to noncontrolling interests | — | — | 720 | — | 720 | |||||||||||||||
Comprehensive loss attributable to CME Ltd. | $ | (50,897 | ) | $ | (223,113 | ) | $ | (190,838 | ) | $ | 418,307 | $ | (46,541 | ) | ||||||
Condensed Consolidating Statements of Cash Flows for the three months ended March 31, 2015 | ||||||||||||||||||||
Parent Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||
Net cash (used in) / generated from continuing operating activities | $ | (2,737 | ) | $ | 20,655 | $ | 12,837 | $ | — | $ | 30,755 | |||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||||||
Purchase of property, plant and equipment | — | — | (7,481 | ) | — | (7,481 | ) | |||||||||||||
Disposal of property, plant and equipment | — | — | 52 | — | 52 | |||||||||||||||
Intercompany investing receipts | 19,150 | 764 | — | (19,914 | ) | — | ||||||||||||||
Intercompany investing payments | (4,900 | ) | (10,460 | ) | — | 15,360 | — | |||||||||||||
Net cash provided by / (used in) continuing investing activities | $ | 14,250 | $ | (9,696 | ) | $ | (7,429 | ) | $ | (4,554 | ) | $ | (7,429 | ) | ||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||||||||
Debt transaction costs | (606 | ) | — | — | — | (606 | ) | |||||||||||||
Payment of credit facilities and capital leases | — | — | (245 | ) | — | (245 | ) | |||||||||||||
Intercompany financing receipts | — | 4,900 | 10,460 | (15,360 | ) | — | ||||||||||||||
Intercompany financing payments | — | (19,150 | ) | (764 | ) | 19,914 | — | |||||||||||||
Net cash (used in) / provided by continuing financing activities | $ | (606 | ) | $ | (14,250 | ) | $ | 9,451 | $ | 4,554 | $ | (851 | ) | |||||||
Net cash used in discontinued operations - operating activities | — | — | (710 | ) | — | (710 | ) | |||||||||||||
Net cash provided by / (used in) discontinued operations - investing activities | — | 996 | (131 | ) | — | 865 | ||||||||||||||
Net cash used in discontinued operations - financing activities | — | — | (41 | ) | — | (41 | ) | |||||||||||||
Impact of exchange rate fluctuations on cash | — | (443 | ) | (3,155 | ) | — | (3,598 | ) | ||||||||||||
Net increase / (decrease) in cash and cash equivalents | $ | 10,907 | $ | (2,738 | ) | $ | 10,822 | $ | — | $ | 18,991 | |||||||||
CASH AND CASH EQUIVALENTS, beginning of period | 613 | 2,931 | 30,754 | — | 34,298 | |||||||||||||||
CASH AND CASH EQUIVALENTS, end of period | $ | 11,520 | $ | 193 | $ | 41,576 | $ | — | $ | 53,289 | ||||||||||
Condensed Consolidating Statements of Cash Flows for the three months ended March 31, 2014 | ||||||||||||||||||||
Parent Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||
Net cash (used in) / generated from continuing operating activities | $ | (24,649 | ) | $ | (2,584 | ) | $ | 44,979 | $ | — | $ | 17,746 | ||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||||||
Purchase of property, plant and equipment | — | — | (8,967 | ) | — | (8,967 | ) | |||||||||||||
Disposal of property, plant and equipment | — | — | 66 | — | 66 | |||||||||||||||
Intercompany investing receipts | 28,421 | 36,003 | — | (64,424 | ) | — | ||||||||||||||
Intercompany investing payments | (13,179 | ) | (14,907 | ) | — | 28,086 | — | |||||||||||||
Net cash provided by / (used in) continuing investing activities | $ | 15,242 | $ | 21,096 | $ | (8,901 | ) | $ | (36,338 | ) | $ | (8,901 | ) | |||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||||||||
Debt transactions costs | (62 | ) | — | (827 | ) | — | (889 | ) | ||||||||||||
Payment of credit facilities and capital leases | — | — | (233 | ) | — | (233 | ) | |||||||||||||
Dividends paid to holders of noncontrolling interests | — | — | (46 | ) | — | (46 | ) | |||||||||||||
Intercompany financing receipts | — | 13,179 | 14,907 | (28,086 | ) | — | ||||||||||||||
Intercompany financing payments | — | (28,421 | ) | (36,003 | ) | 64,424 | — | |||||||||||||
Net cash used in financing activities | $ | (62 | ) | $ | (15,242 | ) | $ | (22,202 | ) | $ | 36,338 | $ | (1,168 | ) | ||||||
Net cash provided by discontinued operations - operating activities | — | — | 204 | — | 204 | |||||||||||||||
Net cash used in discontinued operations - investing activities | — | — | (29 | ) | — | (29 | ) | |||||||||||||
Net cash used in discontinued operations - financing activities | — | — | (516 | ) | — | (516 | ) | |||||||||||||
Impact of exchange rate fluctuations on cash | — | 38 | 74 | — | 112 | |||||||||||||||
Net (decrease) / increase in cash and cash equivalents | $ | (9,469 | ) | $ | 3,308 | $ | 13,609 | $ | — | $ | 7,448 | |||||||||
CASH AND CASH EQUIVALENTS, beginning of period | 19,461 | 5,422 | 77,439 | — | 102,322 | |||||||||||||||
CASH AND CASH EQUIVALENTS, end of period | $ | 9,992 | $ | 8,730 | $ | 91,048 | $ | — | $ | 109,770 | ||||||||||
BASIS_OF_PRESENTATION_Policies
BASIS OF PRESENTATION (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Interim Financial Statements | Interim Financial Statements |
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Quarterly Report on Form 10-Q and do not include all of the information and note disclosures required by generally accepted accounting principles in the United States of America (“US GAAP”). Amounts as of December 31, 2014 included in the unaudited condensed consolidated financial statements have been derived from audited consolidated financial statements as of that date. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2014 filed with the Securities and Exchange Commission ("SEC") on March 12, 2015. Our significant accounting policies have not changed since December 31, 2014, except as noted below. | |
In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments, consisting only of normal recurring items, necessary for their fair presentation in conformity with US GAAP for complete financial statements. The results of operations for interim periods are not necessarily indicative of the results to be expected for a full year. | |
Use of Estimates | Use of Estimates |
The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates and assumptions. | |
These financial statements have been prepared on a going concern basis, which implies that the Company will continue to realize its assets and discharge its liabilities in the normal course of business. Our 2015 Convertible Notes mature on November 15, 2015. We have entered into a commitment letter (the "2015 Refinancing Commitment Letter") with Time Warner Inc. ("Time Warner") pursuant to which Time Warner has committed to provide or assist with arranging a replacement facility to refinance the 2015 Convertible Notes at or immediately prior to their maturity. Once the transaction contemplated under the 2015 Refinancing Commitment Letter has completed, we believe we will have adequate cash resources to continue operating as a going concern for the foreseeable future; however, funding of the transaction is subject to customary closing conditions (including the execution and delivery of documentation, the accuracy of representations, the absence of events of default and the absence of material adverse changes), certain of which are outside our direct control. While we believe that we will be able to complete the transaction, if the financing arrangements set forth in the 2015 Refinancing Commitment Letter are not completed and we are unable to secure additional financing, we will be unable to meet our repayment obligation when the 2015 Convertible Notes mature. The accompanying consolidated financial statements do not include any adjustments that might result from the outcome of | |
Basis of Consolidation | Basis of Consolidation |
The unaudited condensed consolidated financial statements include the accounts of CME Ltd. and our subsidiaries, after the elimination of intercompany accounts and transactions. Entities in which we hold less than a majority voting interest but over which we have the ability to exercise significant influence are accounted for using the equity method. Other investments are accounted for using the cost method. | |
Accounting Pronouncements Adopted | Accounting Pronouncements Adopted |
On January 1, 2015, we adopted guidance issued by the Financial Accounting Standards Board (the "FASB") in April 2014, which changed the requirements for reporting discontinued operations. Subsequent to January 1, 2015 the disposal of a component of an entity or a group of components of an entity is required to be reported in discontinued operations only if the disposal represents a strategic shift that will have a major effect on our operations and financial results. In accordance with the adopted guidance, our operations classified as discontinued operations or held for sale prior to January 1, 2015, will continue to be accounted for under previous guidance. | |
Recent Accounting Pronouncements Issued | Recent Accounting Pronouncements Issued |
In May 2014, the FASB issued new guidance which is intended to improve the comparability of revenue recognition practices across entities, industries, jurisdictions, and capital markets. The guidance supersedes existing revenue recognition guidance and requires an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In April 2015, the FASB voted to propose to defer the effective date of the new revenue recognition guidance by one year, which would extend the effective date to our fiscal year beginning January 1, 2018, pending the issuance of an Accounting Standards Update. The Company is currently in the process of evaluating the impact of the adoption of this guidance on our condensed consolidated financial statements. | |
In November 2014, the FASB issued guidance which is intended to standardize the method used in the accounting for hybrid financial instruments issued in the form of a share. The guidance requires an entity to consider all relevant terms and features in evaluating the nature of the host contract in a hybrid financial instrument, including the embedded derivative feature being evaluated for bifurcation. The guidance is effective for the fiscal year beginning January 1, 2016. We are currently in the process of evaluating the impact of the adoption of this guidance on our condensed consolidated financial statements. | |
In April 2015, the FASB issued guidance which is intended to simplify the balance sheet presentation of debt issuance costs. The guidance requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct reduction of the carrying amount of that liability. The guidance is effective for our fiscal year beginning January 1, 2016, with early adoption permitted. When we adopt this guidance, our presentation of debt issuance costs in our condensed consolidated balance sheets will be affected, with no impact to our condensed consolidated statements of operations and comprehensive income or condensed consolidated statements of cash flows. |
FINANCIAL_INSTRUMENTS_AND_FAIR1
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Policies) | 3 Months Ended | |||
Mar. 31, 2015 | ||||
Fair Value Disclosures [Abstract] | ||||
Fair Value of Financial Instruments Policy | ASC 820, “Fair Value Measurements and Disclosure”, establishes a hierarchy that prioritizes the inputs to those valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are: | |||
Basis of Fair Value Measurement | ||||
Level 1 | Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted instruments. | |||
Level 2 | Quoted prices in markets that are not considered to be active or financial instruments for which all significant inputs are observable, either directly or indirectly. | |||
Level 3 | Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable. | |||
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. | ||||
We evaluate the position of each financial instrument measured at fair value in the hierarchy individually based on the valuation methodology we apply. The carrying amount of financial instruments, including cash and cash equivalents, accounts receivable, and accounts payable and accrued liabilities, approximate their fair value due to the short-term nature of these items. The fair value of our Senior Debt (as defined therein) is included in Note 5, "Long-term Debt and Other Financing Arrangements". | ||||
Hedging Activities | ||||
Cash Flow Hedges of Interest Rate Risk | ||||
During 2014, we entered into two interest rate swap agreements to mitigate our exposure to interest rate fluctuations on the outstanding principal amount of our 2017 Euro Term Loan. These interest rate swaps, designated as cash flow hedges, provide us with variable-rate cash receipts in exchange for fixed-rate payments over the lives of the agreements, with no exchange of the underlying notional amount. These instruments are carried at fair value on our consolidated balance sheets, and the effective portion of changes in the fair value is recorded in accumulated other comprehensive income / loss and subsequently reclassified to interest expense when the hedged item affects earnings. The ineffective portion of changes in the fair value is recognized immediately in the change in fair value of derivatives in our consolidated statements of operations. For the three months ended March 31, 2015, we did not recognize any charges related to hedge ineffectiveness. | ||||
We value the interest rate swap agreements using a valuation model which calculates the fair value on the basis of the net present value of the estimated future cash flows. The most significant input used in the valuation model is the expected EURIBOR-based yield curve. This instrument was allocated to Level 2 of the fair value hierarchy because the critical inputs to this model, including current interest rates, relevant yield curves and the known contractual terms of the instrument, were readily observable. | ||||
Accumulated Other Comprehensive Loss | ||||
BALANCE December 31, 2014 | $ | (581 | ) | |
Loss on interest rate swaps | (700 | ) | ||
Reclassified to interest expense | 93 | |||
BALANCE March 31, 2015 | $ | (1,188 | ) |
DISCONTINUED_OPERATIONS_AND_AS1
DISCONTINUED OPERATIONS AND ASSETS HELD FOR SALE Assets and liabilities held for sales (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Discontinued Operations and Assets Held for Sale [Abstract] | ||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures | The carrying amounts of the major classes of assets and liabilities held for sale in the condensed consolidated balance sheets at March 31, 2015 and December 31, 2014 were: | |||||||
March 31, 2015 | December 31, 2014 | |||||||
Assets held for sale | ||||||||
Cash and cash equivalents | $ | 1,099 | $ | 1,742 | ||||
Accounts receivable, net | 1,221 | 3,232 | ||||||
Program rights | 174 | 10,347 | ||||||
Property, plant and equipment | 10,053 | 6,999 | ||||||
Other assets | 3,598 | 7,546 | ||||||
Total assets held for sale | $ | 16,145 | $ | 29,866 | ||||
Liabilities held for sale | ||||||||
Accounts payable and accrued liabilities | $ | 3,082 | $ | 6,893 | ||||
Other liabilities | 2,953 | 3,739 | ||||||
Total liabilities held for sale | $ | 6,035 | $ | 10,632 | ||||
Loss from discontinued operations, net of taxes, comprised the following for the three months ended March 31, 2015 and 2014: | ||||||||
For the Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
Net revenues | $ | 2,485 | $ | 12,345 | ||||
Loss from discontinued operations before income taxes | (506 | ) | (38 | ) | ||||
Provision for income taxes | (47 | ) | (9 | ) | ||||
Loss from discontinued operations, net of taxes, before loss on sale | (553 | ) | (47 | ) | ||||
Loss on sale of divested businesses, net of taxes (1) | (2,735 | ) | (7,586 | ) | ||||
Loss from discontinued operations, net of taxes | $ | (3,288 | ) | $ | (7,633 | ) | ||
-1 | Amount includes realized losses on completed disposal transactions and the fair value adjustments required to measure assets held for sale at fair value less costs to sell for business classified as discontinued operations which are expected to be disposed in 2015. The fair value adjustment is a non-recurring fair value measurement based on active bids obtained from third-parties as part of the disposal process. This measurement of estimated fair value uses Level 3 inputs as described in Note 12, "Financial Instruments and Fair Value Measurements". |
GOODWILL_AND_INTANGIBLE_ASSETS1
GOODWILL AND INTANGIBLE ASSETS (Tables) | 3 Months Ended | |||||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||
Schedule of Goodwill | Goodwill by reporting unit as at March 31, 2015 and December 31, 2014 is summarized as follows: | |||||||||||||||||||||||||||
Bulgaria | Croatia | Czech Republic | Romania | Slovak Republic | Slovenia | Total | ||||||||||||||||||||||
Gross Balance, December 31, 2014 | $ | 175,494 | $ | 11,065 | $ | 800,640 | $ | 94,777 | $ | 53,088 | $ | 19,400 | $ | 1,154,464 | ||||||||||||||
Accumulated impairment losses | (144,639 | ) | (10,454 | ) | (287,545 | ) | (11,028 | ) | — | (19,400 | ) | (473,066 | ) | |||||||||||||||
Balance, December 31, 2014 | 30,855 | 611 | 513,095 | 83,749 | 53,088 | — | 681,398 | |||||||||||||||||||||
Foreign currency | (3,552 | ) | (65 | ) | (55,203 | ) | (8,688 | ) | (6,043 | ) | — | (73,551 | ) | |||||||||||||||
Balance, March 31, 2015 | 27,303 | 546 | 457,892 | 75,061 | 47,045 | — | 607,847 | |||||||||||||||||||||
Accumulated impairment losses | (144,639 | ) | (10,454 | ) | (287,545 | ) | (11,028 | ) | — | (19,400 | ) | (473,066 | ) | |||||||||||||||
Gross Balance, March 31, 2015 | $ | 171,942 | $ | 11,000 | $ | 745,437 | $ | 86,089 | $ | 47,045 | $ | 19,400 | $ | 1,080,913 | ||||||||||||||
Schedule of Finite-Lived and Indefinite-Lived Intengible Assets [Table Text Block] | Broadcast licenses and other intangible assets: | |||||||||||||||||||||||||||
The gross value and accumulated amortization of broadcast licenses and other intangible assets was as follows as at March 31, 2015 and December 31, 2014: | ||||||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | |||||||||||||||||||||||||||
Gross | Accumulated Amortization | Net | Gross | Accumulated Amortization | Net | |||||||||||||||||||||||
Indefinite lived: | ||||||||||||||||||||||||||||
Trademarks | $ | 82,331 | $ | — | $ | 82,331 | $ | 98,250 | $ | — | $ | 98,250 | ||||||||||||||||
Amortized: | ||||||||||||||||||||||||||||
Broadcast licenses | 186,552 | (119,075 | ) | 67,477 | 209,279 | (131,750 | ) | 77,529 | ||||||||||||||||||||
Trademarks | 5,473 | (1,245 | ) | 4,228 | — | — | — | |||||||||||||||||||||
Customer relationships | 52,500 | (46,877 | ) | 5,623 | 59,011 | (51,858 | ) | 7,153 | ||||||||||||||||||||
Other | 3,538 | (3,170 | ) | 368 | 3,877 | (3,431 | ) | 446 | ||||||||||||||||||||
Total | $ | 330,394 | $ | (170,367 | ) | $ | 160,027 | $ | 370,417 | $ | (187,039 | ) | $ | 183,378 | ||||||||||||||
LONGTERM_DEBT_AND_OTHER_FINANC1
LONG-TERM DEBT AND OTHER FINANCING ARRANGEMENTS (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||
Schedule of Debt | Summary | |||||||||||||||
March 31, 2015 | December 31, 2014 | |||||||||||||||
Senior debt | $ | 841,918 | $ | 867,367 | ||||||||||||
Other credit facilities and capital leases | 6,197 | 6,732 | ||||||||||||||
Total long-term debt and other financing arrangements | 848,115 | 874,099 | ||||||||||||||
Less: current maturities | (255,569 | ) | (252,859 | ) | ||||||||||||
Total non-current long-term debt and other financing arrangements | $ | 592,546 | $ | 621,240 | ||||||||||||
Schedule of Long-term Debt Instruments | Total senior debt and credit facilities comprised the following at March 31, 2015: | |||||||||||||||
Principal Amount of Liability Component | Unamortized Discount | Net Carrying Amount | Equity Component | |||||||||||||
2015 Convertible Notes | $ | 261,034 | $ | (6,659 | ) | $ | 254,375 | $ | 11,907 | |||||||
2017 PIK Notes (1) | 434,834 | (163,669 | ) | 271,165 | 178,626 | |||||||||||
2017 Term Loan (2) (3) | 33,051 | (12,055 | ) | 20,996 | 13,199 | |||||||||||
2017 Revolving Credit Facility (3) | 25,548 | — | 25,548 | 50,596 | ||||||||||||
2017 Euro Term Loan | 269,834 | — | 269,834 | — | ||||||||||||
1,024,301 | (182,383 | ) | 841,918 | |||||||||||||
Other credit facilities (4) | 2,997 | (255 | ) | 2,742 | — | |||||||||||
Total senior debt and credit facilities | $ | 1,027,298 | $ | (182,638 | ) | $ | 844,660 | |||||||||
-1 | The principal amount presented represents the original principal amount of US$ 400.0 million plus interest paid in kind by adding such amount to the original principal amount. The equity component above represents the fair value ascribed to the Unit Warrants (as described in Note 14, "Equity"). The fair value of the equity component is accounted for as a discount on the 2017 PIK Notes and is being amortized over the life of the 2017 PIK Notes using the effective interest method. | |||||||||||||||
-2 | The principal amount presented represents the original principal amount of US$ 30.0 million plus interest paid in kind by adding such amount to the original principal amount. | |||||||||||||||
(3) The equity components of the 2017 Term Loan and 2017 Revolving Credit Facility represent the fair value ascribed to the Initial Warrants (as described in Note 14, "Equity") issued in consideration for these facilities based on their relative borrowing capacities. The fair value is accounted for as a discount on the 2017 Term Loan, which is being amortized over the life of the 2017 Term Loan using the effective interest method; and as debt issuance costs for the 2017 Revolving Credit Facility, which is being amortized on a straight-line basis over the life of the 2017 Revolving Credit Facility. | ||||||||||||||||
-4 | The unamortized discount on our Other credit facilities represents the fair value adjustment recorded on issuance of the CNC loans (as defined and further described in item (c) under the heading 'Other Credit Facilities and Capital Lease Obligations' below). | |||||||||||||||
Schedule of Senior Debt | Senior Debt | |||||||||||||||
Our senior debt comprised the following at March 31, 2015 and December 31, 2014: | ||||||||||||||||
Carrying Amount | Fair Value | |||||||||||||||
March 31, 2015 | December 31, 2014 | March 31, 2015 | December 31, 2014 | |||||||||||||
2015 Convertible Notes | $ | 254,375 | $ | 251,669 | $ | 262,885 | $ | 260,922 | ||||||||
2017 PIK Notes | 271,165 | 265,629 | 497,058 | 476,957 | ||||||||||||
2017 Term Loan | 20,996 | 20,573 | 37,376 | 35,923 | ||||||||||||
2017 Revolving Credit Facility | 25,548 | 25,000 | 25,128 | 25,000 | ||||||||||||
2017 Euro Term Loan | 269,834 | 304,496 | 269,834 | 304,496 | ||||||||||||
$ | 841,918 | $ | 867,367 | $ | 1,092,281 | $ | 1,103,298 | |||||||||
Schedule Of 2015 Convertible Notes | We separately account for the liability and equity components of the 2015 Convertible Notes. The embedded conversion option is not accounted for as a derivative. | |||||||||||||||
Principal Amount of Liability Component | Unamortized Discount | Net Carrying Amount | Equity Component | |||||||||||||
BALANCE December 31, 2014 | $ | 261,034 | $ | (9,365 | ) | $ | 251,669 | $ | 11,907 | |||||||
Amortization of debt issuance discount | — | 2,706 | 2,706 | — | ||||||||||||
BALANCE March 31, 2015 | $ | 261,034 | $ | (6,659 | ) | $ | 254,375 | $ | 11,907 | |||||||
Credit Facilities And Capital Lease Obligations | redit facilities and capital lease obligations comprised the following at March 31, 2015 and December 31, 2014: | |||||||||||||||
March 31, 2015 | December 31, 2014 | |||||||||||||||
Credit facilities | (a) – (c) | $ | 2,742 | $ | 3,100 | |||||||||||
Capital leases | 3,455 | 3,632 | ||||||||||||||
Total credit facilities and capital leases | 6,197 | 6,732 | ||||||||||||||
Less: current maturities | (1,194 | ) | (1,190 | ) | ||||||||||||
Total non-current credit facilities and capital leases | $ | 5,003 | $ | 5,542 | ||||||||||||
(a) | We have a cash pooling arrangement with Bank Mendes Gans (“BMG”), a subsidiary of ING Bank N.V. (“ING”), which enables us to receive credit across the group in respect of cash balances which our subsidiaries deposit with BMG. Cash deposited by our subsidiaries with BMG is pledged as security against the drawings of other subsidiaries up to the amount deposited. | |||||||||||||||
As at March 31, 2015, we had deposits of US$ 18.6 million in and no drawings on the BMG cash pool. Interest is earned on deposits at the relevant money market rate. As at December 31, 2014, we had deposits of US$ 10.5 million in and no drawings on the BMG cash pool. | ||||||||||||||||
(b) | As at March 31, 2015 and December 31, 2014, there were no drawings outstanding under a CZK 860.0 million (approximately US$ 33.6 million) factoring framework agreement with Factoring Ceska Sporitelna (“FCS”). Under this facility up to CZK 860.0 million (approximately US$ 33.6 million) may be factored on a recourse or non-recourse basis. The facility bears interest at one-month PRIBOR plus 2.5% for the period that receivables are factored and outstanding. | |||||||||||||||
(c) | At March 31, 2015, our operations in Romania had an aggregate principal amount of RON 12.3 million (approximately US$ 3.0 million) (December 31, 2014, RON 12.5 million, approximately US$ 3.0 million based on March 31, 2015 rates) of loans outstanding with the Central National al Cinematografei ("CNC"), a Romanian governmental organization which provides financing for qualifying filmmaking projects. Upon acceptance of a particular project, the CNC awards an agreed level of funding to each project in the form of an interest-free loan. Loans from the CNC are typically advanced for a period of ten years and are repaid through the proceeds from the distribution of the film content. At March 31, 2015, we had 15 loans outstanding with the CNC with maturity dates ranging from 2017 to 2024. The carrying amounts at March 31, 2015 and December 31, 2014 are net of a fair value adjustment of US$ 0.3 million and US$ 0.3 million, respectively, arising on acquisition. | |||||||||||||||
Maturity Of Senior Debt And Credit Facility | At March 31, 2015, the maturity of our senior debt and credit facilities, excluding any future elections to pay interest in kind, was as follows: | |||||||||||||||
2015 (1) | $ | 261,034 | ||||||||||||||
2016 | — | |||||||||||||||
2017 (2) | 763,058 | |||||||||||||||
2018 | 412 | |||||||||||||||
2019 | 829 | |||||||||||||||
2020 and thereafter | 1,965 | |||||||||||||||
Total senior debt and credit facilities | 1,027,298 | |||||||||||||||
Net discount | (182,638 | ) | ||||||||||||||
Carrying amount of senior debt and credit facilities | $ | 844,660 | ||||||||||||||
-1 | Amount includes the outstanding principal amount of the 2015 Convertible Notes due November 15, 2015. As noted above, we have entered into the 2015 Refinancing Commitment Letter to refinance the 2015 Convertible Notes at or immediately prior to their maturity with a new facility which will mature in 2019. | |||||||||||||||
-2 | Includes amounts outstanding under the 2017 Revolving Credit Facility assumed to be repaid at maturity on December 1, 2017, although actual repayment may occur sooner based on cash amounts available and expected cash requirements. | |||||||||||||||
Schedule of Future Minimum Lease Payments for Capital Leases | The future minimum lease payments, by year and in the aggregate, under capital leases with initial or remaining non-cancellable lease terms in excess of one year, consisted of the following at March 31, 2015: | |||||||||||||||
2015 | $ | 890 | ||||||||||||||
2016 | 962 | |||||||||||||||
2017 | 843 | |||||||||||||||
2018 | 577 | |||||||||||||||
2019 | 328 | |||||||||||||||
2020 and thereafter | 73 | |||||||||||||||
Total undiscounted payments | 3,673 | |||||||||||||||
Less: amount representing interest | (218 | ) | ||||||||||||||
Present value of net minimum lease payments | $ | 3,455 | ||||||||||||||
PROGRAM_RIGHTS_Tables
PROGRAM RIGHTS (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
PROGRAM RIGHTS [Abstract] | ||||||||
Schedule of Program Rights | Program rights comprised the following at March 31, 2015 and December 31, 2014: | |||||||
March 31, 2015 | December 31, 2014 | |||||||
Program rights: | ||||||||
Acquired program rights, net of amortization | $ | 193,398 | $ | 217,183 | ||||
Less: current portion of acquired program rights | (98,753 | ) | (99,358 | ) | ||||
Total non-current acquired program rights | 94,645 | 117,825 | ||||||
Produced program rights – Feature Films: | ||||||||
Released, net of amortization | 3,757 | 4,553 | ||||||
Completed and not released | — | 558 | ||||||
Produced program rights – Television Programs: | ||||||||
Released, net of amortization | 57,109 | 60,691 | ||||||
Completed and not released | 3,909 | 7,370 | ||||||
In production | 14,379 | 15,786 | ||||||
Development and pre-production | 501 | 481 | ||||||
Total produced program rights | 79,655 | 89,439 | ||||||
Total non-current acquired program rights and produced program rights | $ | 174,300 | $ | 207,264 | ||||
ACCOUNTS_RECEIVABLE_Tables
ACCOUNTS RECEIVABLE (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Accounts Receivable, Net [Abstract] | ||||||||
Schedule of Accounts Receivable | Accounts receivable comprised the following at March 31, 2015 and December 31, 2014: | |||||||
March 31, 2015 | December 31, 2014 | |||||||
Unrelated customers | $ | 138,039 | $ | 186,404 | ||||
Less: allowance for bad debts and credit notes | (9,465 | ) | (10,692 | ) | ||||
Related parties | 147 | 197 | ||||||
Less: allowance for bad debts and credit notes | (66 | ) | (43 | ) | ||||
Total accounts receivable | $ | 128,655 | $ | 175,866 | ||||
OTHER_ASSETS_Tables
OTHER ASSETS (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Other Assets [Abstract] | ||||||||
Schedule of Other Assets | Other current and non-current assets comprised the following at March 31, 2015 and December 31, 2014: | |||||||
March 31, 2015 | December 31, 2014 | |||||||
Current: | ||||||||
Prepaid acquired programming | $ | 19,953 | $ | 19,162 | ||||
Other prepaid expenses | 6,358 | 5,627 | ||||||
Deferred tax | 7,443 | 8,127 | ||||||
VAT recoverable | 3,191 | 835 | ||||||
Income taxes recoverable | 194 | 135 | ||||||
Other | 2,015 | 1,595 | ||||||
Total other current assets | $ | 39,154 | $ | 35,481 | ||||
March 31, 2015 | December 31, 2014 | |||||||
Non-current: | ||||||||
Capitalized debt costs | $ | 51,704 | $ | 55,472 | ||||
Deferred tax | 342 | 456 | ||||||
Other | 4,885 | 2,188 | ||||||
Total other non-current assets | $ | 56,931 | $ | 58,116 | ||||
PROPERTY_PLANT_AND_EQUIPMENT_T
PROPERTY, PLANT AND EQUIPMENT (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Schedule of Property, Plant and Equipment | Property, plant and equipment comprised the following at March 31, 2015 and December 31, 2014: | |||||||
March 31, 2015 | December 31, 2014 | |||||||
Land and buildings | $ | 91,428 | $ | 103,248 | ||||
Machinery, fixtures and equipment | 150,157 | 172,929 | ||||||
Other equipment | 31,891 | 36,516 | ||||||
Software licenses | 51,500 | 56,176 | ||||||
Construction in progress | 3,260 | 3,325 | ||||||
Total cost | 328,236 | 372,194 | ||||||
Less: Accumulated depreciation | (228,442 | ) | (257,859 | ) | ||||
Total net book value | $ | 99,794 | $ | 114,335 | ||||
Assets held under capital leases (included in the above) | ||||||||
Land and buildings | $ | 3,760 | $ | 4,243 | ||||
Machinery, fixtures and equipment | 3,399 | 3,325 | ||||||
Total cost | 7,159 | 7,568 | ||||||
Less: Accumulated depreciation | (2,666 | ) | (2,760 | ) | ||||
Total net book value | $ | 4,493 | $ | 4,808 | ||||
Property Plant And Equipment Rollforward | The movement in the net book value of property, plant and equipment during the three months ended March 31, 2015 and 2014 is comprised of: | |||||||
For the Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
Opening balance | $ | 114,335 | $ | 142,907 | ||||
Additions | 4,982 | 4,388 | ||||||
Disposals | (192 | ) | (7 | ) | ||||
Depreciation | (7,001 | ) | (8,060 | ) | ||||
Foreign currency movements | (12,330 | ) | 122 | |||||
Ending balance | $ | 99,794 | $ | 139,350 | ||||
ACCOUNTS_PAYABLE_AND_ACCRUED_L1
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Accounts Payable and Accrued Liabilities [Abstract] | ||||||||
Schedule of Accounts Payable and Accrued Liabilities | Accounts payable and accrued liabilities comprised the following at March 31, 2015 and December 31, 2014: | |||||||
March 31, 2015 | December 31, 2014 | |||||||
Accounts payable and accrued expenses | $ | 39,542 | $ | 55,564 | ||||
Related party accounts payable | 175 | 43 | ||||||
Programming liabilities | 41,731 | 42,828 | ||||||
Related party programming liabilities | 13,320 | 24,980 | ||||||
Duties and other taxes payable | 47,091 | 23,341 | ||||||
Accrued staff costs | 12,703 | 21,168 | ||||||
Accrued interest payable | 5,187 | 1,958 | ||||||
Related party accrued interest payable | 1,399 | 173 | ||||||
Income taxes payable | 208 | 460 | ||||||
Accrued legal contingencies and professional fees | 2,220 | 3,004 | ||||||
Authors’ rights | 3,272 | 4,434 | ||||||
Other accrued liabilities | 1,125 | 1,271 | ||||||
Total accounts payable and accrued liabilities | $ | 167,973 | $ | 179,224 | ||||
OTHER_LIABILITIES_Tables
OTHER LIABILITIES (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Other Liabilities [Abstract] | ||||||||
Schedule of Other Liabilities | Other current and non-current liabilities comprised the following at March 31, 2015 and December 31, 2014: | |||||||
March 31, 2015 | December 31, 2014 | |||||||
Current: | ||||||||
Deferred revenue | $ | 21,754 | $ | 4,938 | ||||
Deferred tax | 249 | 279 | ||||||
Restructuring provision (Note 15) | 1,219 | 1,558 | ||||||
Legal provision | 963 | 995 | ||||||
Other | 387 | 42 | ||||||
Total other current liabilities | $ | 24,572 | $ | 7,812 | ||||
March 31, 2015 | December 31, 2014 | |||||||
Non-current: | ||||||||
Deferred tax | $ | 24,278 | $ | 27,370 | ||||
Programming liabilities | 1,077 | 1,699 | ||||||
Related party programming liabilities | — | 316 | ||||||
Related party commitment fee payable (1) | 9,136 | 9,136 | ||||||
Related party guarantee fee payable (2) | 5,958 | 1,163 | ||||||
Accrued interest (3) | 3,384 | 846 | ||||||
Related party accrued interest (3) | 18,358 | 4,589 | ||||||
Other | 2,395 | 1,366 | ||||||
Total other non-current liabilities | $ | 64,586 | $ | 46,485 | ||||
FINANCIAL_INSTRUMENTS_AND_FAIR2
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Fair Value Disclosures [Abstract] | ||||||||
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ||||||||
Accumulated Other Comprehensive Loss | ||||||||
BALANCE December 31, 2014 | $ | (581 | ) | |||||
Loss on interest rate swaps | (700 | ) | ||||||
Reclassified to interest expense | 93 | |||||||
BALANCE March 31, 2015 | $ | (1,188 | ) | |||||
Schedule of Changes in Fair Value of Derivatives | The change in fair value of derivatives not designated as hedging instruments comprised the following for the three months ended March 31, 2015 and 2014: | |||||||
For the Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
Currency forward contracts | $ | (1,010 | ) | $ | (50 | ) |
RESTRUCTURING_COSTS_Tables
RESTRUCTURING COSTS (Tables) | 3 Months Ended | |||||||||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | ||||||||||||||||||||||||||||||||
Schedule of Restructuring Reserve by Type of Cost | Information relating to restructuring by type of cost is as follows: | |||||||||||||||||||||||||||||||
2014 Initiatives | 2015 Initiatives | |||||||||||||||||||||||||||||||
Employee Termination Costs | Other Exit Costs | Total | Employee Termination Costs | Other Exit Costs | Total | Grand | ||||||||||||||||||||||||||
Total | ||||||||||||||||||||||||||||||||
BALANCE December 31, 2014 | $ | 1,385 | $ | 173 | $ | 1,558 | $ | — | $ | — | $ | — | $ | 1,558 | ||||||||||||||||||
Costs incurred | — | — | — | 826 | — | 826 | 826 | |||||||||||||||||||||||||
Cash paid | (764 | ) | (46 | ) | (810 | ) | (112 | ) | — | (112 | ) | (922 | ) | |||||||||||||||||||
Accrual reversal | (183 | ) | — | (183 | ) | — | — | — | (183 | ) | ||||||||||||||||||||||
Foreign currency movements | (21 | ) | (6 | ) | (27 | ) | (33 | ) | — | (33 | ) | (60 | ) | |||||||||||||||||||
BALANCE March 31, 2015 | $ | 417 | $ | 121 | $ | 538 | $ | 681 | $ | — | $ | 681 | $ | 1,219 | ||||||||||||||||||
Schedule of Restructuring and Related Costs | A summary of restructuring charges for the three months ended March 31, 2015 and 2014, by operating segment is as follows: | |||||||||||||||||||||||||||||||
For the Three Months Ended March 31, | ||||||||||||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||||||||||
Employee Termination Costs | Other Exit Costs | Accrual Reversal | Total | Employee Termination Costs | Other Exit Costs | Accrual Reversal | Total | |||||||||||||||||||||||||
Bulgaria | $ | — | $ | — | $ | — | $ | — | $ | 3,317 | $ | 42 | $ | — | $ | 3,359 | ||||||||||||||||
Czech Republic | — | — | — | — | 440 | — | — | 440 | ||||||||||||||||||||||||
Romania | 826 | — | (183 | ) | 643 | 1,709 | — | — | 1,709 | |||||||||||||||||||||||
Slovak Republic | — | — | — | — | 361 | 19 | (560 | ) | (180 | ) | ||||||||||||||||||||||
Total restructuring costs | $ | 826 | $ | — | $ | (183 | ) | $ | 643 | $ | 5,827 | $ | 61 | $ | (560 | ) | $ | 5,328 | ||||||||||||||
INTEREST_EXPENSE_Tables
INTEREST EXPENSE (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Interest Expense [Abstract] | ||||||||
Schedule of Interest Expense | Interest expense comprised the following for the three months ended March 31, 2015 and 2014: | |||||||
For the Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
Interest on Senior Debt | $ | 22,513 | $ | 21,538 | ||||
Interest on capital leases and other financing arrangements | 5,105 | 146 | ||||||
27,618 | 21,684 | |||||||
Amortization of capitalized debt issuance costs | 3,837 | 4,244 | ||||||
Amortization of debt issuance discount and premium, net | 8,663 | 1,952 | ||||||
12,500 | 6,196 | |||||||
Total interest expense | $ | 40,118 | $ | 27,880 | ||||
STOCKBASED_COMPENSATION_Tables
STOCK-BASED COMPENSATION (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||
Schedule of Stock-Based Compensation Charged | The charge for stock-based compensation in our condensed consolidated statements of operations and comprehensive income was as follows: | ||||||||||||
For the Three Months Ended March 31, | |||||||||||||
2015 | 2014 | ||||||||||||
Selling, general and administrative expenses | $ | 408 | $ | 251 | |||||||||
Schedule of Stock Options Activity | A summary of option activity for the three months ended March 31, 2015 is presented below: | ||||||||||||
Shares | Weighted Average Exercise Price per Share | Weighted Average Remaining Contractual Term (years) | Aggregate Intrinsic Value | ||||||||||
Outstanding at January 1, 2015 | 155,000 | $ | 29.88 | 0.92 | $ | — | |||||||
Forfeited | (20,000 | ) | 23.12 | ||||||||||
Outstanding at March 31, 2015 | 135,000 | $ | 30.89 | 0.67 | $ | — | |||||||
Vested | 135,000 | 30.89 | 0.67 | — | |||||||||
Exercisable at March 31, 2015 | 135,000 | $ | 30.89 | 0.67 | $ | — | |||||||
Schedule of Restricted Stock Unit Activity | The following table summarizes information about unvested RSUs as at March 31, 2015: | ||||||||||||
Number of | Weighted Average | ||||||||||||
Shares / Units | Grant Date | ||||||||||||
Fair Value | |||||||||||||
Unvested at December 31, 2014 | 1,367,234 | $ | 3.06 | ||||||||||
Granted RSUs | 1,198,520 | 2.67 | |||||||||||
Vested | (35,630 | ) | 4.21 | ||||||||||
Unvested at March 31, 2015 | 2,530,124 | $ | 2.86 | ||||||||||
EARNINGS_PER_SHARE_Tables
EARNINGS PER SHARE (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Earnings Per Share [Abstract] | ||||||||
Schedule of Earnings Per Share, Basic and Diluted | The components of basic and diluted earnings per share are as follows: | |||||||
For the Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
Loss from continuing operations | $ | (70,243 | ) | $ | (41,000 | ) | ||
Net loss attributable to noncontrolling interests | 257 | 717 | ||||||
Less: preferred dividend paid in kind | (4,141 | ) | (3,844 | ) | ||||
Loss from continuing operations available to common shareholders, net of noncontrolling interest | (74,127 | ) | (44,127 | ) | ||||
Loss from discontinued operations, net of tax (Note 3) | (3,288 | ) | (7,633 | ) | ||||
Net loss attributable to CME Ltd. available to common shareholders - Basic | $ | (77,415 | ) | $ | (51,760 | ) | ||
Effect of dilutive securities | ||||||||
Preferred dividend paid in kind | — | — | ||||||
Net loss attributable to CME Ltd. available to common shareholders - Diluted | $ | (77,415 | ) | $ | (51,760 | ) | ||
Weighted average outstanding shares of common stock - basic (1) | 146,606 | 146,374 | ||||||
Dilutive effect of employee stock options and RSUs | — | — | ||||||
Weighted average outstanding shares of common stock - diluted | 146,606 | 146,374 | ||||||
Net loss per share: | ||||||||
Continuing operations attributable to CME Ltd. - Basic | $ | (0.51 | ) | $ | (0.30 | ) | ||
Continuing operations attributable to CME Ltd. - Diluted | (0.51 | ) | (0.30 | ) | ||||
Discontinued operations attributable to CME Ltd. - Basic | (0.02 | ) | (0.05 | ) | ||||
Discontinued operations attributable to CME Ltd. - Diluted | (0.02 | ) | (0.05 | ) | ||||
Net loss attributable to CME Ltd. – Basic | (0.53 | ) | (0.35 | ) | ||||
Net loss attributable to CME Ltd. – Diluted | (0.53 | ) | (0.35 | ) | ||||
(1) | For the purpose of computing basic earnings per share, the 11,211,449 shares of Class A common stock underlying the Series A Preferred Share are included in the weighted average outstanding shares of common stock - basic, primarily because the holder of the Series A Preferred Share is entitled to receive any dividends payable when dividends are declared by the Board of Directors with respect to any shares of common stock. |
SEGMENT_DATA_Tables
SEGMENT DATA (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Segment Reporting [Abstract] | ||||||||
Schedule of Revenue by Major Customers by Reporting Segments | ||||||||
Net revenues: | For the Three Months Ended March 31, | |||||||
2015 | 2014 | |||||||
Bulgaria | $ | 16,784 | $ | 19,276 | ||||
Croatia | 11,993 | 13,497 | ||||||
Czech Republic | 34,965 | 39,033 | ||||||
Romania | 33,522 | 36,857 | ||||||
Slovak Republic | 17,538 | 18,146 | ||||||
Slovenia | 11,480 | 14,261 | ||||||
Intersegment revenues(1) | (149 | ) | (365 | ) | ||||
Total net revenues | $ | 126,133 | $ | 140,705 | ||||
-1 | Reflects revenues earned from the sale of content to other country segments in CME. All other revenues are third party revenues. | |||||||
Schedule of Segment Reporting Information, by Segment | ||||||||
OIBDA: | For the Three Months Ended March 31, | |||||||
2015 | 2014 | |||||||
Bulgaria | $ | 2,198 | $ | (2,746 | ) | |||
Croatia | 1,862 | 671 | ||||||
Czech Republic | 10,091 | 2,713 | ||||||
Romania | 3,361 | 4,326 | ||||||
Slovak Republic | (145 | ) | (3,162 | ) | ||||
Slovenia | 360 | 515 | ||||||
Elimination | (50 | ) | 385 | |||||
Total operating segments | 17,677 | 2,702 | ||||||
Corporate | (6,229 | ) | (6,097 | ) | ||||
Total OIBDA | $ | 11,448 | $ | (3,395 | ) | |||
Reconciliation of Other Significant Reconciling Items from Segments to Consolidated | ||||||||
Reconciliation to condensed consolidated statements of operations | For the Three Months Ended March 31, | |||||||
and comprehensive income: | 2015 | 2014 | ||||||
Total OIBDA | $ | 11,448 | $ | (3,395 | ) | |||
Depreciation of property, plant and equipment | (7,001 | ) | (8,060 | ) | ||||
Amortization of broadcast licenses and other intangibles | (3,499 | ) | (3,227 | ) | ||||
Other items (1) | (18,187 | ) | — | |||||
Operating loss | (17,239 | ) | (14,682 | ) | ||||
Interest income | 112 | 81 | ||||||
Interest expense (Note 16) | (40,118 | ) | (27,880 | ) | ||||
Foreign currency exchange loss, net | (11,489 | ) | (630 | ) | ||||
Change in fair value of derivatives (Note 12) | (1,010 | ) | (50 | ) | ||||
Other (expense) / income, net | (354 | ) | 35 | |||||
Loss before tax | $ | (70,098 | ) | $ | (43,126 | ) | ||
Reconciliation of Assets from Segment to Consolidated | ||||||||
Total assets(1): | March 31, 2015 | December 31, 2014 | ||||||
Bulgaria | $ | 122,900 | $ | 141,055 | ||||
Croatia | 52,866 | 58,000 | ||||||
Czech Republic | 712,574 | 803,361 | ||||||
Romania | 259,959 | 297,256 | ||||||
Slovak Republic | 117,550 | 134,544 | ||||||
Slovenia | 72,886 | 78,403 | ||||||
Total operating segments | 1,338,735 | 1,512,619 | ||||||
Corporate | 80,015 | 76,875 | ||||||
Assets held for sale | 16,145 | 29,866 | ||||||
Total assets | $ | 1,434,895 | $ | 1,619,360 | ||||
-1 | Segment assets exclude any intercompany balances. | |||||||
Segment Reporting Capital Expenditure | ||||||||
Capital expenditures: | For the Three Months Ended March 31, | |||||||
2015 | 2014 | |||||||
Bulgaria | $ | 699 | $ | 523 | ||||
Croatia | 528 | 465 | ||||||
Czech Republic | 2,496 | 4,622 | ||||||
Romania | 720 | 815 | ||||||
Slovak Republic | 1,146 | 793 | ||||||
Slovenia | 934 | 784 | ||||||
Total operating segments | 6,523 | 8,002 | ||||||
Corporate | 958 | 965 | ||||||
Total capital expenditures | $ | 7,481 | $ | 8,967 | ||||
Schedule of Disclosure on Geographic Areas, Long-Lived Assets in Individual Foreign Countries by Country | ||||||||
Long-lived assets(1): | March 31, 2015 | December 31, 2014 | ||||||
Bulgaria | $ | 4,271 | $ | 4,187 | ||||
Croatia | 4,558 | 5,579 | ||||||
Czech Republic | 36,037 | 40,940 | ||||||
Romania | 19,253 | 22,110 | ||||||
Slovak Republic | 15,377 | 17,374 | ||||||
Slovenia | 14,013 | 16,647 | ||||||
Total operating segments | 93,509 | 106,837 | ||||||
Corporate | 6,285 | 7,498 | ||||||
Total long-lived assets | $ | 99,794 | $ | 114,335 | ||||
-1 | Reflects property, plant and equipment. | |||||||
Revenues by Type | ||||||||
Revenue by type: | For the Three Months Ended March 31, | |||||||
2015 | 2014 | |||||||
Television advertising | $ | 101,615 | $ | 113,490 | ||||
Carriage fees and subscriptions | 18,778 | 19,826 | ||||||
Other | 5,740 | 7,389 | ||||||
Total net revenues | $ | 126,133 | $ | 140,705 | ||||
COMMITMENTS_AND_CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||||||||||
Schedule of Future Minimum Rental Payments for Operating Leases | At March 31, 2015, we had total commitments of US$ $170.4 million (December 31, 2014: US$ 177.8 million) in respect of future programming, including contracts signed with license periods starting after the balance sheet date. In addition, we have digital transmission obligations, future minimum operating lease payments for non-cancellable operating leases with remaining terms in excess of one year (net of amounts to be recharged to third parties) and other commitments as follows: | |||||||||||||||
Programming purchase obligations | Other | Operating | Capital | |||||||||||||
commitments | leases | expenditures | ||||||||||||||
2015 | $ | 44,534 | $ | 18,179 | $ | 2,473 | $ | 5,109 | ||||||||
2016 | 61,390 | 9,836 | 1,929 | 63 | ||||||||||||
2017 | 34,960 | 3,725 | 1,190 | — | ||||||||||||
2018 | 23,734 | 3,108 | 809 | — | ||||||||||||
2019 | 5,532 | 10,368 | 723 | — | ||||||||||||
2020 and thereafter | 213 | 367 | 1,151 | — | ||||||||||||
Total | $ | 170,363 | $ | 45,583 | $ | 8,275 | $ | 5,172 | ||||||||
RELATED_PARTY_TRANSACTIONS_Tab
RELATED PARTY TRANSACTIONS (Tables) (Time Warner [Member]) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Time Warner [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Schedule of Related Party Transactions | Time Warner | |||||||
For the Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
Purchases of programming | $ | 2,299 | $ | 5,799 | ||||
Sales | 22 | 4 | ||||||
Interest expense | 29,166 | — | ||||||
March 31, 2015 | December 31, 2014 | |||||||
Programming liabilities | $ | 13,320 | $ | 24,980 | ||||
Other accounts payable and accrued liabilities | 27 | 150 | ||||||
Accounts receivable, gross | 147 | 197 | ||||||
Long-term debt and other financing arrangements (1) | 275,506 | 269,862 | ||||||
Accrued interest payable (2) | 19,757 | 4,763 | ||||||
Other non-current liabilities (3) | 15,094 | 10,299 | ||||||
-1 | Amount represents the principal amount outstanding of the 2017 PIK Notes held by Time Warner and the amounts outstanding on the 2017 Term Loan and 2017 Revolving Credit Facility, less respective issuance discounts, including interest for which we made an election to pay in kind. | |||||||
-2 |
GUARANTOR_AND_NONGUARANTOR_FIN1
GUARANTOR AND NON-GUARANTOR FINANCIAL INFORMATION (Tables) | 3 Months Ended | |||||||||||||||||||||||||||||||||||||||
Mar. 31, 2015 | Mar. 31, 2014 | |||||||||||||||||||||||||||||||||||||||
Guarantees [Abstract] | ||||||||||||||||||||||||||||||||||||||||
Schedule of Condensed Balance Sheet | Condensed Consolidating Balance Sheets as at March 31, 2015 | Condensed Consolidating Balance Sheets as at December 31, 2014 | ||||||||||||||||||||||||||||||||||||||
Parent Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | Parent Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||||||||||||||||||
ASSETS | ASSETS | |||||||||||||||||||||||||||||||||||||||
Current assets | Current assets | |||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 11,520 | $ | 193 | $ | 41,576 | $ | — | $ | 53,289 | Cash and cash equivalents | $ | 613 | $ | 2,931 | $ | 30,754 | $ | — | $ | 34,298 | |||||||||||||||||||
Accounts receivable, net | — | — | 128,655 | — | 128,655 | Accounts receivable, net | — | — | 175,866 | — | 175,866 | |||||||||||||||||||||||||||||
Program rights, net | — | — | 98,753 | — | 98,753 | Program rights, net | — | — | 99,358 | — | 99,358 | |||||||||||||||||||||||||||||
Other current assets | 821 | 1,285 | 37,048 | — | 39,154 | Other current assets | 1,007 | 346 | 34,128 | — | 35,481 | |||||||||||||||||||||||||||||
Assets held for sale | — | — | 16,145 | — | 16,145 | Assets held for sale | — | — | 29,866 | — | 29,866 | |||||||||||||||||||||||||||||
Intercompany current assets | 27,944 | 9,582 | 49,056 | (86,582 | ) | — | Intercompany current assets | 12,582 | 14,333 | 17,492 | (44,407 | ) | — | |||||||||||||||||||||||||||
Total current assets | 40,285 | 11,060 | 371,233 | (86,582 | ) | 335,996 | Total current assets | 14,202 | 17,610 | 387,464 | (44,407 | ) | 374,869 | |||||||||||||||||||||||||||
Non-current assets | Non-current assets | |||||||||||||||||||||||||||||||||||||||
Investments in subsidiaries | 58,647 | 1,300,411 | — | (1,359,058 | ) | — | ||||||||||||||||||||||||||||||||||
Investments in subsidiaries | 110,186 | 1,516,707 | — | (1,626,893 | ) | — | ||||||||||||||||||||||||||||||||||
Property, plant and equipment, net | — | — | 99,794 | — | 99,794 | |||||||||||||||||||||||||||||||||||
Property, plant and equipment, net | — | — | 114,335 | — | 114,335 | |||||||||||||||||||||||||||||||||||
Program rights, net | — | — | 174,300 | — | 174,300 | |||||||||||||||||||||||||||||||||||
Program rights, net | — | — | 207,264 | — | 207,264 | |||||||||||||||||||||||||||||||||||
Goodwill | — | — | 607,847 | — | 607,847 | |||||||||||||||||||||||||||||||||||
Goodwill | — | — | 681,398 | — | 681,398 | |||||||||||||||||||||||||||||||||||
Broadcast licenses and other intangible assets, net | — | — | 160,027 | — | 160,027 | |||||||||||||||||||||||||||||||||||
Broadcast licenses and other intangible assets, net | — | — | 183,378 | — | 183,378 | |||||||||||||||||||||||||||||||||||
Other non-current assets | 51,704 | 3,176 | 2,051 | — | 56,931 | |||||||||||||||||||||||||||||||||||
Other non-current assets | 55,471 | — | 2,645 | — | 58,116 | |||||||||||||||||||||||||||||||||||
Intercompany non-current assets | 1,098,081 | 29,049 | 260,232 | (1,387,362 | ) | — | ||||||||||||||||||||||||||||||||||
Intercompany non-current assets | 1,252,708 | 32,781 | 291,589 | (1,577,078 | ) | — | ||||||||||||||||||||||||||||||||||
Total non-current assets | 1,208,432 | 1,332,636 | 1,304,251 | (2,746,420 | ) | 1,098,899 | ||||||||||||||||||||||||||||||||||
Total non-current assets | 1,418,365 | 1,549,488 | 1,480,609 | (3,203,971 | ) | 1,244,491 | ||||||||||||||||||||||||||||||||||
Total assets | $ | 1,248,717 | $ | 1,343,696 | $ | 1,675,484 | $ | (2,833,002 | ) | $ | 1,434,895 | |||||||||||||||||||||||||||||
Total assets | $ | 1,432,567 | $ | 1,567,098 | $ | 1,868,073 | $ | (3,248,378 | ) | $ | 1,619,360 | |||||||||||||||||||||||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||||||||||||||||||||||
Current liabilities | LIABILITIES AND EQUITY | |||||||||||||||||||||||||||||||||||||||
Accounts payable and accrued liabilities | $ | 8,542 | $ | 367 | $ | 159,064 | $ | — | $ | 167,973 | Current liabilities | |||||||||||||||||||||||||||||
Accounts payable and accrued liabilities | $ | 5,109 | $ | 286 | $ | 173,829 | $ | — | $ | 179,224 | ||||||||||||||||||||||||||||||
Current portion of long-term debt and other financing arrangements | 254,375 | — | 1,194 | — | 255,569 | |||||||||||||||||||||||||||||||||||
Current portion of long-term debt and other financing arrangements | 251,669 | — | 1,190 | — | 252,859 | |||||||||||||||||||||||||||||||||||
Other current liabilities | 229 | 292 | 24,051 | — | 24,572 | |||||||||||||||||||||||||||||||||||
Other current liabilities | 271 | — | 7,541 | — | 7,812 | |||||||||||||||||||||||||||||||||||
Liabilities held for sale | — | — | 6,035 | — | 6,035 | |||||||||||||||||||||||||||||||||||
Liabilities held for sale | — | — | 10,632 | — | 10,632 | |||||||||||||||||||||||||||||||||||
Intercompany current liabilities | 4,569 | 78,044 | 3,969 | (86,582 | ) | — | ||||||||||||||||||||||||||||||||||
Intercompany current liabilities | 7,003 | 35,151 | 2,253 | (44,407 | ) | — | ||||||||||||||||||||||||||||||||||
Total current liabilities | 267,715 | 78,703 | 194,313 | (86,582 | ) | 454,149 | ||||||||||||||||||||||||||||||||||
Total current liabilities | 264,052 | 35,437 | 195,445 | (44,407 | ) | 450,527 | ||||||||||||||||||||||||||||||||||
Non-current liabilities | ||||||||||||||||||||||||||||||||||||||||
Non-current liabilities | ||||||||||||||||||||||||||||||||||||||||
Long-term debt and other financing arrangements | 587,543 | — | 5,003 | — | 592,546 | |||||||||||||||||||||||||||||||||||
Long-term debt and other financing arrangements | 615,698 | — | 5,542 | — | 621,240 | |||||||||||||||||||||||||||||||||||
Other non-current liabilities | 39,032 | — | 25,554 | — | 64,586 | |||||||||||||||||||||||||||||||||||
Other non-current liabilities | 16,315 | 482 | 29,688 | — | 46,485 | |||||||||||||||||||||||||||||||||||
Intercompany non-current liabilities | 29,050 | 1,223,826 | 134,486 | (1,387,362 | ) | — | ||||||||||||||||||||||||||||||||||
Intercompany non-current liabilities | 32,782 | 1,392,535 | 151,761 | (1,577,078 | ) | — | ||||||||||||||||||||||||||||||||||
Total non-current liabilities | 655,625 | 1,223,826 | 165,043 | (1,387,362 | ) | 657,132 | ||||||||||||||||||||||||||||||||||
Total non-current liabilities | 664,795 | 1,393,017 | 186,991 | (1,577,078 | ) | 667,725 | ||||||||||||||||||||||||||||||||||
Temporary equity | 228,067 | — | — | — | 228,067 | |||||||||||||||||||||||||||||||||||
Temporary equity | 223,926 | — | — | — | 223,926 | |||||||||||||||||||||||||||||||||||
Total CME Ltd. shareholders’ equity | 97,310 | 41,167 | 1,317,891 | (1,359,058 | ) | 97,310 | ||||||||||||||||||||||||||||||||||
Total CME Ltd. shareholders’ equity | 279,794 | 138,644 | 1,488,249 | (1,626,893 | ) | 279,794 | ||||||||||||||||||||||||||||||||||
Noncontrolling interests | — | — | (1,763 | ) | — | (1,763 | ) | |||||||||||||||||||||||||||||||||
Noncontrolling interests | — | — | (2,612 | ) | — | (2,612 | ) | |||||||||||||||||||||||||||||||||
Total equity | 97,310 | 41,167 | 1,316,128 | (1,359,058 | ) | 95,547 | ||||||||||||||||||||||||||||||||||
Total equity | 279,794 | 138,644 | 1,485,637 | (1,626,893 | ) | 277,182 | ||||||||||||||||||||||||||||||||||
Total liabilities and equity | $ | 1,248,717 | $ | 1,343,696 | $ | 1,675,484 | $ | (2,833,002 | ) | $ | 1,434,895 | |||||||||||||||||||||||||||||
Total liabilities and equity | $ | 1,432,567 | $ | 1,567,098 | $ | 1,868,073 | $ | (3,248,378 | ) | $ | 1,619,360 | |||||||||||||||||||||||||||||
Condensed Income Statement | Condensed Consolidating Statements of Operations for the three months ended March 31, 2015 | Condensed Consolidating Statements of Operations for the three months ended March 31, 2014 | ||||||||||||||||||||||||||||||||||||||
Parent Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | Parent Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||||||||||||||||||
Net revenues | $ | — | $ | — | $ | 126,133 | $ | — | $ | 126,133 | Net revenues | $ | — | $ | — | $ | 140,705 | $ | — | $ | 140,705 | |||||||||||||||||||
Cost of revenues | — | — | 98,828 | — | 98,828 | Cost of revenues | — | — | 119,579 | — | 119,579 | |||||||||||||||||||||||||||||
Selling, general and administrative expenses | 4,346 | 169 | 39,386 | — | 43,901 | Selling, general and administrative expenses | 3,667 | 252 | 26,561 | — | 30,480 | |||||||||||||||||||||||||||||
Restructuring costs | — | — | 643 | — | 643 | Restructuring costs | — | — | 5,328 | — | 5,328 | |||||||||||||||||||||||||||||
Operating loss | (4,346 | ) | (169 | ) | (12,724 | ) | — | (17,239 | ) | Operating loss | (3,667 | ) | (252 | ) | (10,763 | ) | — | (14,682 | ) | |||||||||||||||||||||
Interest income | 24,286 | 795 | 5,912 | (30,881 | ) | 112 | Interest income | 39,191 | 7,047 | 74 | (46,231 | ) | 81 | |||||||||||||||||||||||||||
Interest expense | (40,733 | ) | (27,141 | ) | (3,125 | ) | 30,881 | (40,118 | ) | Interest expense | (26,407 | ) | (39,130 | ) | (8,574 | ) | 46,231 | (27,880 | ) | |||||||||||||||||||||
Foreign currency exchange loss, net | (2,387 | ) | (3,142 | ) | (5,960 | ) | — | (11,489 | ) | Foreign currency exchange gain / (loss), net | 178 | (892 | ) | 84 | — | (630 | ) | |||||||||||||||||||||||
Change in fair value of derivatives | (1,010 | ) | — | — | — | (1,010 | ) | Change in fair value of derivatives | (50 | ) | (2,855 | ) | 2,855 | — | (50 | ) | ||||||||||||||||||||||||
Other expense, net | — | (228 | ) | (126 | ) | — | (354 | ) | Other income, net | — | — | 35 | — | 35 | ||||||||||||||||||||||||||
Loss from continuing operations before tax and loss from investment in subsidiaries | (24,190 | ) | (29,885 | ) | (16,023 | ) | — | (70,098 | ) | Income / (loss) from continuing operations before tax and loss on investment in subsidiaries | 9,245 | (36,082 | ) | (16,289 | ) | — | (43,126 | ) | ||||||||||||||||||||||
Credit / (provision) for income taxes | — | 4,510 | (4,655 | ) | — | (145 | ) | Credit / (provision) for income taxes | — | 3,603 | (1,477 | ) | — | 2,126 | ||||||||||||||||||||||||||
Loss from continuing operations before loss from investment in subsidiaries | (24,190 | ) | (25,375 | ) | (20,678 | ) | — | (70,243 | ) | Income / (loss) from continuing operations before loss on investment in subsidiaries | 9,245 | (32,479 | ) | (17,766 | ) | — | (41,000 | ) | ||||||||||||||||||||||
Loss from investment in subsidiaries | (96,246 | ) | (32,190 | ) | — | 128,436 | — | Loss on investment in subsidiaries | (57,161 | ) | (24,682 | ) | — | 81,843 | — | |||||||||||||||||||||||||
Loss from continuing operations | (120,436 | ) | (57,565 | ) | (20,678 | ) | 128,436 | (70,243 | ) | Loss from continuing operations | (47,916 | ) | (57,161 | ) | (17,766 | ) | 81,843 | (41,000 | ) | |||||||||||||||||||||
Loss from discontinued operations, net of tax | — | (38,681 | ) | (5,577 | ) | 40,970 | (3,288 | ) | Loss from discontinued operations, net of tax | — | — | (7,633 | ) | — | (7,633 | ) | ||||||||||||||||||||||||
Net loss | (120,436 | ) | (96,246 | ) | (26,255 | ) | 169,406 | (73,531 | ) | Net loss | (47,916 | ) | (57,161 | ) | (25,399 | ) | 81,843 | (48,633 | ) | |||||||||||||||||||||
Net loss attributable to noncontrolling interests | — | — | 257 | — | 257 | Net loss attributable to noncontrolling interests | — | — | 717 | — | 717 | |||||||||||||||||||||||||||||
Net loss attributable to CME Ltd. | $ | (120,436 | ) | $ | (96,246 | ) | $ | (25,998 | ) | $ | 169,406 | $ | (73,274 | ) | Net loss attributable to CME Ltd. | $ | (47,916 | ) | $ | (57,161 | ) | $ | (24,682 | ) | $ | 81,843 | $ | (47,916 | ) | |||||||||||
Net loss | $ | (120,436 | ) | $ | (96,246 | ) | $ | (26,255 | ) | $ | 169,406 | $ | (73,531 | ) | Net loss | $ | (47,916 | ) | $ | (57,161 | ) | $ | (25,399 | ) | $ | 81,843 | $ | (48,633 | ) | |||||||||||
Other comprehensive (loss) / income | (109,125 | ) | 7,713 | (165,862 | ) | 162,903 | (104,371 | ) | Other comprehensive (loss) / income | (2,981 | ) | (165,952 | ) | (166,159 | ) | 336,464 | 1,372 | |||||||||||||||||||||||
Comprehensive loss | (229,561 | ) | (88,533 | ) | (192,117 | ) | 332,309 | (177,902 | ) | Comprehensive loss | (50,897 | ) | (223,113 | ) | (191,558 | ) | 418,307 | (47,261 | ) | |||||||||||||||||||||
Comprehensive income attributable to noncontrolling interests | — | — | (849 | ) | — | (849 | ) | Comprehensive loss attributable to noncontrolling interests | — | — | 720 | — | 720 | |||||||||||||||||||||||||||
Comprehensive loss attributable to CME Ltd. | $ | (229,561 | ) | $ | (88,533 | ) | $ | (192,966 | ) | $ | 332,309 | $ | (178,751 | ) | Comprehensive loss attributable to CME Ltd. | $ | (50,897 | ) | $ | (223,113 | ) | $ | (190,838 | ) | $ | 418,307 | $ | (46,541 | ) | |||||||||||
Condensed Cash Flow Statement | Condensed Consolidating Statements of Cash Flows for the three months ended March 31, 2015 | Condensed Consolidating Statements of Cash Flows for the three months ended March 31, 2014 | ||||||||||||||||||||||||||||||||||||||
Parent Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | Parent Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||||||||||||||||||
Net cash (used in) / generated from continuing operating activities | $ | (2,737 | ) | $ | 20,655 | $ | 12,837 | $ | — | $ | 30,755 | Net cash (used in) / generated from continuing operating activities | $ | (24,649 | ) | $ | (2,584 | ) | $ | 44,979 | $ | — | $ | 17,746 | ||||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||||||||||||||||||||||
Purchase of property, plant and equipment | — | — | (7,481 | ) | — | (7,481 | ) | Purchase of property, plant and equipment | — | — | (8,967 | ) | — | (8,967 | ) | |||||||||||||||||||||||||
Disposal of property, plant and equipment | — | — | 52 | — | 52 | Disposal of property, plant and equipment | — | — | 66 | — | 66 | |||||||||||||||||||||||||||||
Intercompany investing receipts | 19,150 | 764 | — | (19,914 | ) | — | Intercompany investing receipts | 28,421 | 36,003 | — | (64,424 | ) | — | |||||||||||||||||||||||||||
Intercompany investing payments | (4,900 | ) | (10,460 | ) | — | 15,360 | — | Intercompany investing payments | (13,179 | ) | (14,907 | ) | — | 28,086 | — | |||||||||||||||||||||||||
Net cash provided by / (used in) continuing investing activities | $ | 14,250 | $ | (9,696 | ) | $ | (7,429 | ) | $ | (4,554 | ) | $ | (7,429 | ) | Net cash provided by / (used in) continuing investing activities | $ | 15,242 | $ | 21,096 | $ | (8,901 | ) | $ | (36,338 | ) | $ | (8,901 | ) | ||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||||||||||||||||||||||
Debt transaction costs | (606 | ) | — | — | — | (606 | ) | Debt transactions costs | (62 | ) | — | (827 | ) | — | (889 | ) | ||||||||||||||||||||||||
Payment of credit facilities and capital leases | — | — | (245 | ) | — | (245 | ) | Payment of credit facilities and capital leases | — | — | (233 | ) | — | (233 | ) | |||||||||||||||||||||||||
Intercompany financing receipts | — | 4,900 | 10,460 | (15,360 | ) | — | Dividends paid to holders of noncontrolling interests | — | — | (46 | ) | — | (46 | ) | ||||||||||||||||||||||||||
Intercompany financing payments | — | (19,150 | ) | (764 | ) | 19,914 | — | Intercompany financing receipts | — | 13,179 | 14,907 | (28,086 | ) | — | ||||||||||||||||||||||||||
Net cash (used in) / provided by continuing financing activities | $ | (606 | ) | $ | (14,250 | ) | $ | 9,451 | $ | 4,554 | $ | (851 | ) | Intercompany financing payments | — | (28,421 | ) | (36,003 | ) | 64,424 | — | |||||||||||||||||||
Net cash used in financing activities | $ | (62 | ) | $ | (15,242 | ) | $ | (22,202 | ) | $ | 36,338 | $ | (1,168 | ) | ||||||||||||||||||||||||||
Net cash used in discontinued operations - operating activities | — | — | (710 | ) | — | (710 | ) | |||||||||||||||||||||||||||||||||
Net cash provided by / (used in) discontinued operations - investing activities | — | 996 | (131 | ) | — | 865 | Net cash provided by discontinued operations - operating activities | — | — | 204 | — | 204 | ||||||||||||||||||||||||||||
Net cash used in discontinued operations - financing activities | — | — | (41 | ) | — | (41 | ) | Net cash used in discontinued operations - investing activities | — | — | (29 | ) | — | (29 | ) | |||||||||||||||||||||||||
Net cash used in discontinued operations - financing activities | — | — | (516 | ) | — | (516 | ) | |||||||||||||||||||||||||||||||||
Impact of exchange rate fluctuations on cash | — | (443 | ) | (3,155 | ) | — | (3,598 | ) | ||||||||||||||||||||||||||||||||
Net increase / (decrease) in cash and cash equivalents | $ | 10,907 | $ | (2,738 | ) | $ | 10,822 | $ | — | $ | 18,991 | Impact of exchange rate fluctuations on cash | — | 38 | 74 | — | 112 | |||||||||||||||||||||||
CASH AND CASH EQUIVALENTS, beginning of period | 613 | 2,931 | 30,754 | — | 34,298 | Net (decrease) / increase in cash and cash equivalents | $ | (9,469 | ) | $ | 3,308 | $ | 13,609 | $ | — | $ | 7,448 | |||||||||||||||||||||||
CASH AND CASH EQUIVALENTS, end of period | $ | 11,520 | $ | 193 | $ | 41,576 | $ | — | $ | 53,289 | CASH AND CASH EQUIVALENTS, beginning of period | 19,461 | 5,422 | 77,439 | — | 102,322 | ||||||||||||||||||||||||
CASH AND CASH EQUIVALENTS, end of period | $ | 9,992 | $ | 8,730 | $ | 91,048 | $ | — | $ | 109,770 | ||||||||||||||||||||||||||||||
ORGANIZATION_AND_BUSINESS_Deta
ORGANIZATION AND BUSINESS (Details) | 3 Months Ended |
Mar. 31, 2015 | |
operatingsegments | |
Product Information [Line Items] | |
Number of Countries in which Entity Operates | 6 |
Number of Television Channels Within Segment | 33 |
Operating Segments [Member] | |
Product Information [Line Items] | |
Number of Operating Segments | 6 |
BULGARIA [Member] | |
Product Information [Line Items] | |
Percentage owned by Parent | 94.00% |
BULGARIA [Member] | General Enterainment Channel [Member] | |
Product Information [Line Items] | |
Number of Television Channels Within Segment | 1 |
BULGARIA [Member] | Other Channel Member [Member] | |
Product Information [Line Items] | |
Number of Television Channels Within Segment | 5 |
CROATIA [Member] | |
Product Information [Line Items] | |
Percentage owned by Parent | 100.00% |
CROATIA [Member] | General Enterainment Channel [Member] | |
Product Information [Line Items] | |
Number of Television Channels Within Segment | 1 |
CROATIA [Member] | Other Channel Member [Member] | |
Product Information [Line Items] | |
Number of Television Channels Within Segment | 3 |
CZECH REPUBLIC [Member] | |
Product Information [Line Items] | |
Percentage owned by Parent | 100.00% |
CZECH REPUBLIC [Member] | General Enterainment Channel [Member] | |
Product Information [Line Items] | |
Number of Television Channels Within Segment | 1 |
CZECH REPUBLIC [Member] | Other Channel Member [Member] | |
Product Information [Line Items] | |
Number of Television Channels Within Segment | 5 |
ROMANIA [Member] | |
Product Information [Line Items] | |
Percentage owned by Parent | 100.00% |
ROMANIA [Member] | General Enterainment Channel [Member] | |
Product Information [Line Items] | |
Number of Television Channels Within Segment | 1 |
ROMANIA [Member] | Other Channel Member [Member] | |
Product Information [Line Items] | |
Number of Television Channels Within Segment | 8 |
SLOVAK REPUBLIC [Member] | |
Product Information [Line Items] | |
Percentage owned by Parent | 100.00% |
SLOVAK REPUBLIC [Member] | General Enterainment Channel [Member] | |
Product Information [Line Items] | |
Number of Television Channels Within Segment | 1 |
SLOVAK REPUBLIC [Member] | Other Channel Member [Member] | |
Product Information [Line Items] | |
Number of Television Channels Within Segment | 2 |
SLOVENIA [Member] | |
Product Information [Line Items] | |
Percentage owned by Parent | 100.00% |
SLOVENIA [Member] | General Enterainment Channel [Member] | |
Product Information [Line Items] | |
Number of Television Channels Within Segment | 2 |
SLOVENIA [Member] | Other Channel Member [Member] | |
Product Information [Line Items] | |
Number of Television Channels Within Segment | 3 |
DISCONTINUED_OPERATIONS_AND_AS2
DISCONTINUED OPERATIONS AND ASSETS HELD FOR SALE (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Long Lived Assets Held-for-sale [Line Items] | ||
Total assets held for sale | $16,145 | $29,866 |
Total liabilities held for sale | 6,035 | 10,632 |
Discontinued Operations [Member] | ||
Long Lived Assets Held-for-sale [Line Items] | ||
Cash and cash equivalents | 1,099 | 1,742 |
Accounts receivable, net | 1,221 | 3,232 |
Disposal Group, Including Discontinued Operation, Program Rights | 174 | 10,347 |
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment | 10,053 | 6,999 |
Other assets | 3,598 | 7,546 |
Total assets held for sale | 16,145 | 29,866 |
Accounts payable and accrued liabilities | 3,082 | 6,893 |
Other liabilities | 2,953 | 3,739 |
Total liabilities held for sale | $6,035 | $10,632 |
DISCONTINUED_OPERATIONS_AND_AS3
DISCONTINUED OPERATIONS AND ASSETS HELD FOR SALE (Loss) / income from discontinued operations (Details) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Loss from discontinued operations, net of taxes, before loss on sale | ($3,288) | ($7,633) | ||
Loss from discontinued operations, net of tax | -3,288 | -7,633 | ||
Discontinued Operations [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Net revenues | 2,485 | 12,345 | ||
Loss from discontinued operations before income taxes | -506 | -38 | ||
Provision for income taxes | -47 | -9 | ||
Loss from discontinued operations, net of taxes, before loss on sale | -553 | -47 | ||
Loss on sale of divested businesses, net of taxes | -2,735 | [1] | -7,586 | [1] |
Loss from discontinued operations, net of tax | ($3,288) | ($7,633) | ||
[1] | (1)Amount includes realized losses on completed disposal transactions and the fair value adjustments required to measure assets held for sale at fair value less costs to sell for business classified as discontinued operations which are expected to be disposed in 2015. The fair value adjustment is a non-recurring fair value measurement based on active bids obtained from third-parties as part of the disposal process. This measurement of estimated fair value uses Level 3 inputs as described in Note 12, "Financial Instruments and Fair Value Measurements". |
GOODWILL_AND_INTANGIBLE_ASSETS2
GOODWILL AND INTANGIBLE ASSETS Goodwill (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Goodwill [Roll Forward] | ||
Goodwill | $607,847 | $681,398 |
Gross Balance, December 31, 2014 | 1,154,464 | |
Accumulated Impairment Losses, Beginning Balance | -473,066 | |
Foreign Currency | -73,551 | |
Accumulated Impairment Losses, Ending Balance | -473,066 | |
Gross Balance, March 31, 2015 | 1,080,913 | |
BULGARIA [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill | 27,303 | 30,855 |
Gross Balance, December 31, 2014 | 175,494 | |
Accumulated Impairment Losses, Beginning Balance | -144,639 | |
Foreign Currency | -3,552 | |
Accumulated Impairment Losses, Ending Balance | -144,639 | |
Gross Balance, March 31, 2015 | 171,942 | |
CROATIA [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill | 546 | 611 |
Gross Balance, December 31, 2014 | 11,065 | |
Accumulated Impairment Losses, Beginning Balance | -10,454 | |
Foreign Currency | -65 | |
Accumulated Impairment Losses, Ending Balance | -10,454 | |
Gross Balance, March 31, 2015 | 11,000 | |
CZECH REPUBLIC [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill | 457,892 | 513,095 |
Gross Balance, December 31, 2014 | 800,640 | |
Accumulated Impairment Losses, Beginning Balance | -287,545 | |
Foreign Currency | -55,203 | |
Accumulated Impairment Losses, Ending Balance | -287,545 | |
Gross Balance, March 31, 2015 | 745,437 | |
ROMANIA [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill | 75,061 | 83,749 |
Gross Balance, December 31, 2014 | 94,777 | |
Accumulated Impairment Losses, Beginning Balance | -11,028 | |
Foreign Currency | -8,688 | |
Accumulated Impairment Losses, Ending Balance | -11,028 | |
Gross Balance, March 31, 2015 | 86,089 | |
SLOVAK REPUBLIC [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill | 47,045 | 53,088 |
Gross Balance, December 31, 2014 | 53,088 | |
Accumulated Impairment Losses, Beginning Balance | 0 | |
Foreign Currency | -6,043 | |
Accumulated Impairment Losses, Ending Balance | 0 | |
Gross Balance, March 31, 2015 | 47,045 | |
SLOVENIA [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill | 0 | 0 |
Gross Balance, December 31, 2014 | 19,400 | |
Accumulated Impairment Losses, Beginning Balance | -19,400 | |
Foreign Currency | 0 | |
Accumulated Impairment Losses, Ending Balance | -19,400 | |
Gross Balance, March 31, 2015 | $19,400 |
GOODWILL_AND_INTANGIBLE_ASSETS3
GOODWILL AND INTANGIBLE ASSETS Other Intangible Assets (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Finite-Lived Intangible Assets, Gross | $330,394 | $370,417 |
Finite-Lived Intangible Assets, Accumulated Amortization | -170,367 | -187,039 |
Finite-Lived Intangible Assets, Net | 160,027 | 183,378 |
Broadcast Licenses [Member] | ||
Finite-Lived Intangible Assets, Gross | 186,552 | 209,279 |
Finite-Lived Intangible Assets, Accumulated Amortization | -119,075 | -131,750 |
Finite-Lived Intangible Assets, Net | 67,477 | 77,529 |
Trademarks [Member] | ||
Indefinite-Lived Intangible Assets (Excluding Goodwill) | 82,331 | 98,250 |
Finite-Lived Intangible Assets, Gross | 5,473 | 0 |
Finite-Lived Intangible Assets, Accumulated Amortization | -1,245 | 0 |
Finite-Lived Intangible Assets, Net | 4,228 | 0 |
Finite-Lived Intangible Assets, Useful Life (in years) | 18 months | |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets, Gross | 52,500 | 59,011 |
Finite-Lived Intangible Assets, Accumulated Amortization | -46,877 | -51,858 |
Finite-Lived Intangible Assets, Net | 5,623 | 7,153 |
Customer Relationships [Member] | Minimum [Member] | ||
Finite-Lived Intangible Assets, Useful Life (in years) | 5 years | |
Customer Relationships [Member] | Maximum [Member] | ||
Finite-Lived Intangible Assets, Useful Life (in years) | 15 years | |
Other Intangible Assets [Member] | ||
Finite-Lived Intangible Assets, Gross | 3,538 | 3,877 |
Finite-Lived Intangible Assets, Accumulated Amortization | -3,170 | -3,431 |
Finite-Lived Intangible Assets, Net | $368 | $446 |
LONGTERM_DEBT_AND_OTHER_FINANC2
LONG-TERM DEBT AND OTHER FINANCING ARRANGEMENTS Debt (Details) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2015 | Dec. 31, 2014 | 2-May-14 | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | |||
USD ($) | USD ($) | 2015 Convertible Notes [Member] | 2015 Convertible Notes [Member] | 2017 PIK Notes Including Interest Paid-In-Kind [Member] | 2017 PIK Notes Including Interest Paid-In-Kind [Member] | 2017 PIK Notes [Member] | 2017 PIK Notes [Member] | 2017 PIK Notes [Member] | 2017 Term Loan [Member] | 2017 Term Loan [Member] | 2017 Revolving Credit Facility [Member] | 2017 Revolving Credit Facility [Member] | 2017 Euro Term Loan [Member] | 2017 Euro Term Loan [Member] | 2017 Euro Term Loan [Member] | Other Credit Facilities [Member] | Senior Debt and Credit Facilities [Member] | CME NV and CME BV [Member] | CME NV and CME BV [Member] | CME NV and CME BV [Member] | CME NV and CME BV [Member] | ||||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | EUR (€) | USD ($) | USD ($) | USD ($) | 2017 PIK Notes [Member] | 2017 Term Loan [Member] | 2017 Revolving Credit Facility [Member] | 2017 Euro Term Loan [Member] | ||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Debt Instrument, Original Principal Amount | $400,000,000 | $30,000,000 | |||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 115,000,000 | ||||||||||||||||||||||||
Overview [Abstract] | |||||||||||||||||||||||||
Principal Amount of Liability Component | 1,024,301,000 | 261,034,000 | 261,034,000 | 434,834,000 | 33,051,000 | [1],[2] | 269,834,000 | 250,800,000 | 2,997,000 | [3] | 1,027,298,000 | ||||||||||||||
Unamortized (Discount)/Premium | -182,383,000 | -6,659,000 | -9,365,000 | -163,669,000 | -12,055,000 | [1],[2] | 0 | -255,000 | [3] | -182,638,000 | |||||||||||||||
Carrying Amount | 841,918,000 | 867,367,000 | 254,375,000 | 251,669,000 | 271,165,000 | 265,629,000 | 20,996,000 | [1],[2] | 20,573,000 | 25,000,000 | 269,834,000 | 304,496,000 | 2,742,000 | [3] | 844,660,000 | ||||||||||
Equity Component | 11,907,000 | 11,907,000 | 178,626,000 | 13,199,000 | [1],[2] | 50,596,000 | [1] | 0 | 0 | [3] | |||||||||||||||
Long-term Debt, Current and Noncurrent [Abstract] | |||||||||||||||||||||||||
Carrying Amount | 841,918,000 | 867,367,000 | 254,375,000 | 251,669,000 | 271,165,000 | 265,629,000 | 20,996,000 | [1],[2] | 20,573,000 | 25,000,000 | 269,834,000 | 304,496,000 | 2,742,000 | [3] | 844,660,000 | ||||||||||
Other credit facilities and capital leases | 6,197,000 | 6,732,000 | |||||||||||||||||||||||
Total long-term debt and other financing arrangements | 848,115,000 | 874,099,000 | |||||||||||||||||||||||
Current portion of long-term debt and other financing arrangements (Note 5) | 255,569,000 | 252,859,000 | |||||||||||||||||||||||
Total non-current long-term debt and other financing arrangements | 592,546,000 | 621,240,000 | |||||||||||||||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||||||||||||||||||||
2014 | 261,034,000 | ||||||||||||||||||||||||
2015 | 0 | ||||||||||||||||||||||||
2016 | 763,058,000 | ||||||||||||||||||||||||
2017 | 412,000 | ||||||||||||||||||||||||
2018 | 829,000 | ||||||||||||||||||||||||
2020 and thereafter | 1,965,000 | ||||||||||||||||||||||||
Total senior debt and credit facilities | 1,027,298,000 | ||||||||||||||||||||||||
Net discount | -182,638,000 | ||||||||||||||||||||||||
Carrying amount of senior debt and credit facilities | 844,660,000 | ||||||||||||||||||||||||
Long-term Debt, Fair Value | 1,092,281,000 | 1,103,298,000 | 262,885,000 | 260,922,000 | 497,058,000 | 476,957,000 | 37,376,000 | 35,923,000 | 25,000,000 | 269,834,000 | 304,496,000 | ||||||||||||||
Outstanding Shares Pledged, Percentage | 100.00% | 100.00% | 100.00% | 100.00% | |||||||||||||||||||||
Long-term Line of Credit, Noncurrent | 25,548,000 | [1] | |||||||||||||||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $90,000,000 | ||||||||||||||||||||||||
[1] | (as described in Note 14, "Equity") | ||||||||||||||||||||||||
[2] | (2) The principal amount presented represents the original principal amount of US$ 30.0 million plus interest paid in kind by adding such amount to the original principal amount. | ||||||||||||||||||||||||
[3] | The unamortized discount on our Other credit facilities represents the fair value adjustment recorded on issuance of the CNC loans (as defined and further described in item (c) under the heading 'Other Credit Facilities and Capital Lease Obligations' below). |
LONGTERM_DEBT_AND_OTHER_FINANC3
LONG-TERM DEBT AND OTHER FINANCING ARRANGEMENTS Financing Transactions (Details) (USD $) | Mar. 31, 2015 |
Debt Instrument [Line Items] | |
Principal Amount of Liability Component | $1,024,301,000 |
2017 PIK Notes [Member] | |
Debt Instrument [Line Items] | |
Principal Amount of Liability Component | 434,834,000 |
Debt Instrument, Interest Rate, Stated Percentage | 15.00% |
2017 Revolving Credit Facility [Member] | |
Debt Instrument [Line Items] | |
Line of Credit Facility, Maximum Borrowing Capacity | $115,000,000 |
LONGTERM_DEBT_AND_OTHER_FINANC4
LONG-TERM DEBT AND OTHER FINANCING ARRANGEMENTS Senior Debt (Details) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | |
USD ($) | USD ($) | 2017 Term Loan [Member] | 2017 Term Loan [Member] | 2017 Revolving Credit Facility [Member] | 2017 Revolving Credit Facility [Member] | 2015 Convertible Notes [Member] | 2015 Convertible Notes [Member] | 2017 PIK Notes [Member] | 2017 PIK Notes [Member] | 2017 Euro Term Loan [Member] | 2017 Euro Term Loan [Member] | 2017 Euro Term Loan [Member] | Alternative Base Rate [Member] | Base Rate [Member] | CME NV and CME BV [Member] | CME NV and CME BV [Member] | CME NV and CME BV [Member] | CME NV and CME BV [Member] | Minimum [Member] | Maximum [Member] | ||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | EUR (€) | USD ($) | 2017 Revolving Credit Facility [Member] | 2017 Revolving Credit Facility [Member] | 2017 Term Loan [Member] | 2017 Revolving Credit Facility [Member] | 2017 PIK Notes [Member] | 2017 Euro Term Loan [Member] | 2017 Euro Term Loan [Member] | 2017 Euro Term Loan [Member] | ||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 15.00% | 5.00% | 15.00% | 1.00% | ||||||||||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $90,000,000 | |||||||||||||||||||||
Basis spread on variable rate (in percent) | 8.00% | 9.00% | ||||||||||||||||||||
Line of Credit Facility, Fair Value of Amount Outstanding | 25,128,000 | |||||||||||||||||||||
Outstanding Shares Pledged, Percentage | 100.00% | 100.00% | 100.00% | 100.00% | ||||||||||||||||||
Carrying Amount | 841,918,000 | 867,367,000 | 20,996,000 | [1],[2] | 20,573,000 | 25,000,000 | 254,375,000 | 251,669,000 | 271,165,000 | 265,629,000 | 269,834,000 | 304,496,000 | ||||||||||
Debt Instrument, Face Amount | $1,024,301,000 | $33,051,000 | [1],[2] | $261,034,000 | $261,034,000 | $434,834,000 | $269,834,000 | € 250,800,000 | ||||||||||||||
Debt Instrument, Interest Rate Terms | 0.0107 | 0.019 | ||||||||||||||||||||
Long-term Debt, Weighted Average Interest Rate | 10.00% | 1.53% | 1.53% | |||||||||||||||||||
Guarantee fee, Interest Rate, Base Rate for Calculation | 8.50% | 8.50% | ||||||||||||||||||||
[1] | (as described in Note 14, "Equity") | |||||||||||||||||||||
[2] | (2) The principal amount presented represents the original principal amount of US$ 30.0 million plus interest paid in kind by adding such amount to the original principal amount. |
LONGTERM_DEBT_AND_OTHER_FINANC5
LONG-TERM DEBT AND OTHER FINANCING ARRANGEMENTS Convertible Notes (Details) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | ||
USD ($) | USD ($) | 2017 PIK Notes Including Interest Paid-In-Kind [Member] | 2017 PIK Notes Including Interest Paid-In-Kind [Member] | 2015 Convertible Notes [Member] | 2015 Convertible Notes [Member] | 2015 Convertible Notes [Member] | 2017 Term Loan [Member] | 2017 Term Loan [Member] | 2017 Revolving Credit Facility [Member] | 2017 Revolving Credit Facility [Member] | 2017 Euro Term Loan [Member] | 2017 Euro Term Loan [Member] | 2017 Euro Term Loan [Member] | |||
USD ($) | USD ($) | USD ($) | USD ($) | Class A Common Stock [Member] | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | EUR (€) | USD ($) | |||||
USD ($) | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Carrying Amount | $841,918,000 | $867,367,000 | $254,375,000 | $251,669,000 | $20,996,000 | [1],[2] | $20,573,000 | $25,000,000 | $269,834,000 | $304,496,000 | ||||||
Line of Credit Facility, Fair Value of Amount Outstanding | 25,128,000 | |||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | 15.00% | ||||||||||||||
Principal Amount of Liability Component | 1,024,301,000 | 261,034,000 | 261,034,000 | 33,051,000 | [1],[2] | 269,834,000 | 250,800,000 | |||||||||
Fair Value | 1,092,281,000 | 1,103,298,000 | 497,058,000 | 476,957,000 | 262,885,000 | 260,922,000 | 37,376,000 | 35,923,000 | 25,000,000 | 269,834,000 | 304,496,000 | |||||
Long-term Line of Credit, Noncurrent | 25,548,000 | [1] | ||||||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | 90,000,000 | |||||||||||||||
Debt Instrument, Convertible, Number of Equity Instruments | 20 | |||||||||||||||
Debt Instrument Convertible Principle Amount | $1,000 | |||||||||||||||
Debt Instrument, Convertible, Conversion Price | $50 | |||||||||||||||
Beneficial Ownership Interest Total Voting Power Percentage | 50.00% | |||||||||||||||
Debt Instrument, Convertible, Effective Interest Rate | 10.00% | |||||||||||||||
[1] | (as described in Note 14, "Equity") | |||||||||||||||
[2] | (2) The principal amount presented represents the original principal amount of US$ 30.0 million plus interest paid in kind by adding such amount to the original principal amount. |
LONGTERM_DEBT_AND_OTHER_FINANC6
LONG-TERM DEBT AND OTHER FINANCING ARRANGEMENTS Convertible Notes Tables (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Debt Instrument Rollforward [Roll Forward] | ||
Principal Amount of Liability Component, Ending Balance | $1,024,301 | |
Amortization of debt issuance discount | 8,663 | 1,952 |
Unamortized Discount, Ending Balance | -182,383 | |
Net Carrying Amount, Beginning Balance | 867,367 | |
Net Carrying Amount, Ending Balance | 841,918 | |
2015 Convertible Notes [Member] | ||
Debt Instrument Rollforward [Roll Forward] | ||
Principal Amount of Liability Component, Beginning Balance | 261,034 | |
Principal Amount of Liability Component, Ending Balance | 261,034 | |
Unamortized Discount, Beginning Balance | -9,365 | |
Amortization of debt issuance discount | 2,706 | |
Unamortized Discount, Ending Balance | -6,659 | |
Net Carrying Amount, Beginning Balance | 251,669 | |
Net Carrying Amount, Ending Balance | 254,375 | |
Equity Component, Beginning Balance | 11,907 | |
Equity Component, Ending Balance | $11,907 |
LONGTERM_DEBT_AND_OTHER_FINANC7
LONG-TERM DEBT AND OTHER FINANCING ARRANGEMENTS Fixed Rate Notes (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Senior debt | $841,918 | $867,367 |
Fair Value | 1,092,281 | 1,103,298 |
Principal Amount of Liability Component | 1,024,301 | |
2017 Fixed Rate Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Redemption Price, Percentage | 101.00% | |
2017 PIK Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 15.00% | |
Senior debt | 271,165 | 265,629 |
Principal Amount of Liability Component | $434,834 | |
Threshold Stock Ownership for Change in Ownership Trigger, Percentage | 35.00% | |
Debt Instrument, Redemption Price, Percentage | 100.00% | |
CME NV and CME BV [Member] | 2017 PIK Notes [Member] | ||
Debt Instrument [Line Items] | ||
Outstanding Shares Pledged, Percentage | 100.00% |
LONGTERM_DEBT_AND_OTHER_FINANC8
LONG-TERM DEBT AND OTHER FINANCING ARRANGEMENTS Indenture Covenants (Details) (Less than [Member], Issuer and Restricted Subsidiary [Member]) | Mar. 31, 2015 |
times | |
Less than [Member] | Issuer and Restricted Subsidiary [Member] | |
Indenture Convenant [Line Items] | |
Coverage Ratio | 2 |
LONGTERM_DEBT_AND_OTHER_FINANC9
LONG-TERM DEBT AND OTHER FINANCING ARRANGEMENTS Credit Facility and Capital Lease Obligations(Details) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2015 | |||
USD ($) | USD ($) | 2017 Term Loan [Member] | 2017 Term Loan [Member] | 2017 Revolving Credit Facility [Member] | 2017 Revolving Credit Facility [Member] | CME NV and CME BV [Member] | CME NV and CME BV [Member] | BMG Bank Mendes Gans [Member] | BMG Bank Mendes Gans [Member] | Ceska Sporitelna [Member] | Ceska Sporitelna [Member] | Ceska Sporitelna [Member] | Ceska Sporitelna [Member] | CNC Central National Cinematografei [Member] | CNC Central National Cinematografei [Member] | CNC Central National Cinematografei [Member] | CNC Central National Cinematografei [Member] | CNC Central National Cinematografei [Member] | CNC Central National Cinematografei [Member] | Alternative Base Rate [Member] | Base Rate [Member] | ||||
USD ($) | USD ($) | USD ($) | USD ($) | 2017 Term Loan [Member] | 2017 Revolving Credit Facility [Member] | USD ($) | USD ($) | Subsidiaries [Member] | CET 21 [Member] | CET 21 [Member] | CET 21 [Member] | USD ($) | USD ($) | ROMANIA [Member] | ROMANIA [Member] | ROMANIA [Member] | ROMANIA [Member] | 2017 Revolving Credit Facility [Member] | 2017 Revolving Credit Facility [Member] | ||||||
USD ($) | CZK | USD ($) | loan | USD ($) | RON | USD ($) | RON | ||||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||||||||||
Senior debt | $841,918,000 | $867,367,000 | $20,996,000 | [1],[2] | $20,573,000 | $25,000,000 | |||||||||||||||||||
Credit facilities | 2,742,000 | [3],[4],[5] | 3,100,000 | [3],[4],[5] | 0 | 0 | 0 | 0 | |||||||||||||||||
Capital leases | 3,455,000 | 3,632,000 | |||||||||||||||||||||||
Total credit facilities and capital leases | 6,197,000 | 6,732,000 | |||||||||||||||||||||||
Less: current maturities | -1,194,000 | -1,190,000 | |||||||||||||||||||||||
Total non-current credit facilities and capital leases | 5,003,000 | 5,542,000 | |||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 15.00% | 1.00% | |||||||||||||||||||||||
Principal Amount of Liability Component | 1,024,301,000 | 33,051,000 | [1],[2] | ||||||||||||||||||||||
Fair Value | 1,092,281,000 | 1,103,298,000 | 37,376,000 | 35,923,000 | 25,000,000 | ||||||||||||||||||||
Outstanding Shares Pledged, Percentage | 100.00% | 100.00% | |||||||||||||||||||||||
Basis spread on variable rate (in percent) | 2.50% | 8.00% | 9.00% | ||||||||||||||||||||||
Line of credit facility cash pooling arrangement deposit | 18,600,000 | 10,500,000 | |||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 115,000,000 | 33,600,000 | 860,000,000 | ||||||||||||||||||||||
Long-term debt | 3,000,000 | 12,300,000 | 3,000,000 | 12,500,000 | |||||||||||||||||||||
Debt Instrument, Term | 10 years | ||||||||||||||||||||||||
Number of loans outstanding | 15 | ||||||||||||||||||||||||
Long-term debt fair value adjustment | $300,000 | $300,000 | |||||||||||||||||||||||
[1] | (as described in Note 14, "Equity") | ||||||||||||||||||||||||
[2] | (2) The principal amount presented represents the original principal amount of US$ 30.0 million plus interest paid in kind by adding such amount to the original principal amount. | ||||||||||||||||||||||||
[3] | We have a cash pooling arrangement with Bank Mendes Gans (“BMGâ€), a subsidiary of ING Bank N.V. (“INGâ€), which enables us to receive credit across the group in respect of cash balances which our subsidiaries deposit with BMG. Cash deposited by our subsidiaries with BMG is pledged as security against the drawings of other subsidiaries up to the amount deposited.As at March 31, 2015, we had deposits of US$ 18.6 million in and no drawings on the BMG cash pool. Interest is earned on deposits at the relevant money market rate. As at December 31, 2014, we had deposits of US$ 10.5 million in and no drawings on the BMG cash pool. | ||||||||||||||||||||||||
[4] | As at March 31, 2015 and December 31, 2014, there were no drawings outstanding under a CZK 860.0 million (approximately US$ 33.6 million) factoring framework agreement with Factoring Ceska Sporitelna (“FCSâ€). Under this facility up to CZK 860.0 million (approximately US$ 33.6 million) may be factored on a recourse or non-recourse basis. The facility bears interest at one-month PRIBOR plus 2.5% for the period that receivables are factored and outstanding. | ||||||||||||||||||||||||
[5] | At March 31, 2015, our operations in Romania had an aggregate principal amount of RON 12.3 million (approximately US$ 3.0 million) (December 31, 2014, RON 12.5 million, approximately US$ 3.0 million based on March 31, 2015 rates) of loans outstanding with the Central National al Cinematografei ("CNC"), a Romanian governmental organization which provides financing for qualifying filmmaking projects. Upon acceptance of a particular project, the CNC awards an agreed level of funding to each project in the form of an interest-free loan. Loans from the CNC are typically advanced for a period of ten years and are repaid through the proceeds from the distribution of the film content. At March 31, 2015, we had 15 loans outstanding with the CNC with maturity dates ranging from 2017 to 2024. The carrying amounts at March 31, 2015 and December 31, 2014 are net of a fair value adjustment of US$ 0.3 million and US$ 0.3 million, respectively, arising on acquisition. |
Recovered_Sheet1
LONG-TERM DEBT AND OTHER FINANCING ARRANGEMENTS Capital Lease Commitments(Details) (USD $) | Mar. 31, 2015 |
In Thousands, unless otherwise specified | |
Capital Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2014 | $890 |
2015 | 962 |
2016 | 843 |
2017 | 577 |
2018 | 328 |
2020 and thereafter | 73 |
Total undiscounted payments | 3,673 |
Less: amount representing interest | -218 |
Present value of net minimum lease payments | $3,455 |
PROGRAM_RIGHTS_Details
PROGRAM RIGHTS (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Less: current portion of acquired program rights | ($98,753) | ($99,358) |
Program rights net noncurrent | 174,300 | 207,264 |
Program Rights Noncurrent | 174,300 | 207,264 |
Feature Films [Member] | ||
Feature Film Costs, Released, net of amortization | 3,757 | 4,553 |
Feature Film Costs, Completed and not released | 0 | 558 |
Television Programs [Member] | ||
Television Program Costs, Released net of amortization | 57,109 | 60,691 |
Television Program Costs, Completed and not released | 3,909 | 7,370 |
Television Program Costs, In production | 14,379 | 15,786 |
Television Program Costs, Development and pre-production | 501 | 481 |
Acquired Program Rights [Member] | ||
Acquired program rights, net of amortization | 193,398 | 217,183 |
Less: current portion of acquired program rights | -98,753 | -99,358 |
Program rights net noncurrent | 94,645 | 117,825 |
Film And Television [Member] | ||
Program rights net noncurrent | $79,655 | $89,439 |
ACCOUNTS_RECEIVABLE_Details
ACCOUNTS RECEIVABLE (Details) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2014 |
USD ($) | USD ($) | CET 21 [Member] | CET 21 [Member] | CET 21 [Member] | CET 21 [Member] | |
Ceska Sporitelna [Member] | Ceska Sporitelna [Member] | Ceska Sporitelna [Member] | Ceska Sporitelna [Member] | |||
USD ($) | CZK | USD ($) | CZK | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Unrelated customers | $138,039,000 | $186,404,000 | ||||
Less: allowance for bad debts and credit notes | -9,465,000 | -10,692,000 | ||||
Related parties | 147,000 | 197,000 | ||||
Less: allowance for bad debts and credit notes | -66,000 | -43,000 | ||||
Total accounts receivable | 128,655,000 | 175,866,000 | ||||
Receivables pledged as collateral related to factoring agreement | $11,700,000 | 299,000,000 | $19,900,000 | 509,300,000 |
OTHER_ASSETS_Details
OTHER ASSETS (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Current: | ||
Prepaid acquired programming | $19,953 | $19,162 |
Other prepaid expenses | 6,358 | 5,627 |
Deferred tax | 7,443 | 8,127 |
VAT recoverable | 3,191 | 835 |
Income taxes recoverable | 194 | 135 |
Other | 2,015 | 1,595 |
Total other current assets | 39,154 | 35,481 |
Non-current: | ||
Capitalized debt costs | 51,704 | 55,472 |
Deferred tax | 342 | 456 |
Other | 4,885 | 2,188 |
Total other non-current assets | $56,931 | $58,116 |
PROPERTY_PLANT_AND_EQUIPMENT_D
PROPERTY, PLANT AND EQUIPMENT (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Total cost | $328,236 | $372,194 | ||||
Less: Accumulated depreciation | -228,442 | -257,859 | ||||
Total net book value | 99,794 | [1] | 114,335 | [1] | 139,350 | 142,907 |
Assets held under capital leases (included in the above) | 7,159 | 7,568 | ||||
Less: Accumulated depreciation | -2,666 | -2,760 | ||||
Total net book value | 4,493 | 4,808 | ||||
Land and buildings [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Total cost | 91,428 | 103,248 | ||||
Assets held under capital leases (included in the above) | 3,760 | 4,243 | ||||
Machinery, fixtures and equipment [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Total cost | 150,157 | 172,929 | ||||
Assets held under capital leases (included in the above) | 3,399 | 3,325 | ||||
Other equipment [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Total cost | 31,891 | 36,516 | ||||
Software licenses [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Total cost | 51,500 | 56,176 | ||||
Construction in progress [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Total cost | $3,260 | $3,325 | ||||
[1] | Reflects property, plant and equipment. |
PROPERTY_PLANT_AND_EQUIPMENT_R
PROPERTY, PLANT AND EQUIPMENT Rollforward (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | |
Movement in Property, Plant and Equipment [Roll Forward] | |||
Opening balance | $114,335 | [1] | $142,907 |
Additions | 4,982 | 4,388 | |
Disposals | -192 | -7 | |
Depreciation | -7,001 | -8,060 | |
Foreign currency movements | -12,330 | -122 | |
Ending balance | $99,794 | [1] | $139,350 |
[1] | Reflects property, plant and equipment. |
ACCOUNTS_PAYABLE_AND_ACCRUED_L2
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Accounts Payable and Accrued Liabilities [Abstract] | ||
Accounts payable | $39,542 | $55,564 |
Related party accounts payable | 175 | 43 |
Programming liabilities | 41,731 | 42,828 |
Related party programming liabilities | 13,320 | 24,980 |
Duties and other taxes payable | 47,091 | 23,341 |
Accrued staff costs | 12,703 | 21,168 |
Accrued interest payable | 5,187 | 1,958 |
Related party accrued interest payable | 1,399 | 173 |
Income taxes payable | 208 | 460 |
Accrued legal contingencies and professional fees | 2,220 | 3,004 |
Authors’ rights | 3,272 | 4,434 |
Other accrued liabilities | 1,125 | 1,271 |
Total accounts payable and accrued liabilities | $167,973 | $179,224 |
OTHER_LIABILITIES_Details
OTHER LIABILITIES (Details) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 | ||
Current: | ||||
Deferred revenue | 21,754 | $4,938 | ||
Deferred tax | 249 | 279 | ||
Restructuring provision (Note 15) | 1,219 | 1,558 | ||
Legal provision | 963 | 995 | ||
Other | 387 | 42 | ||
Total other current liabilities | 24,572 | 7,812 | ||
Non-current: | ||||
Deferred tax | 24,278 | 27,370 | ||
Programming liabilities | 1,077 | 1,699 | ||
Related party programming liabilities | 0 | 316 | ||
Commitment Fee Payable, Related Parties, Noncurrent | 9,136 | [1] | 9,136 | [1] |
Guarantee Fee Payable, Related Parties, Noncurrent | 5,958 | [2] | 1,163 | [2] |
Related party accrued interest (3) | 3,384 | [3] | 846 | [3] |
Interest Payable, Related Parties, Non-current | 18,358 | [3] | 4,589 | [3] |
Other | 2,395 | 1,366 | ||
Total other non-current liabilities | 64,586 | 46,485 | ||
Time Warner [Member] | ||||
Non-current: | ||||
Total other non-current liabilities | 15,094 | [4] | $10,299 | [4] |
2015 Convertible Notes [Member] | ||||
Schedule of Other Liabilities [Line Items] | ||||
Accounts Payable, Interest-bearing, Interest Rate | 8.50% | |||
2017 Euro Term Loan [Member] | ||||
Non-current: | ||||
Guarantee fee, Interest Rate, Base Rate for Calculation | 8.50% | |||
[1] | (1)Represents the commitment fee payable to Time Warner in respect of its obligation under the 2015 Refinancing Commitment Letter to provide or assist in arranging a replacement facility to refinance the 2015 Convertible Notes. The commitment fee is payable by the maturity date of the replacement facility, November 1, 2019, or earlier if the repayment of the replacement facility is accelerated. The commitment fee will bear interest at 8.5% per annum commencing on the effective date of the replacement facility. Interest on the commitment fee is payable in arrears on each May 1 and November 1, beginning May 1, 2016 and may be paid in cash or in kind, at our election. | |||
[2] | (2)Represents the fee payable to Time Warner for Time Warner's guarantee of the 2017 Euro Term Loan. The guarantee fee is calculated as 8.5% less the interest rate per annum payable under the 2017 Euro Term Loan (fixed pursuant to the interest rate hedges entered into) (the "Guarantee Fee Rate") multiplied by the average outstanding principal of the 2017 Euro Term Loan. The guarantee fee is payable, in cash or in kind on a semi-annual basis in arrears on each May 1 and November 1. If the guarantee fee is paid in kind, the accrued balance will bear interest at the Guarantee Fee Rate and will be payable, in cash or in kind, in arrears on each May 1 and November 1. | |||
[3] | (3)Represents interest on the 2017 PIK Notes, which the Company must pay in kind on a semi-annual basis in arrears on each June 1 and December 1, from December 1, 2014 until November 15, 2015 by adding such accrued interest to the principal amount of the 2017 PIK Notes. | |||
[4] | (3)Â Amount represents the commitment fee payable to Time Warner in connection with its agreement to provide or assist with arranging a loan facility to refinance the 2015 Convertible Notes at or immediately prior to their maturity in November 2015, as well as the accrued fee payable to Time Warner for guaranteeing the 2017 Euro Term Loan. |
FINANCIAL_INSTRUMENTS_AND_FAIR3
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Details) (USD $) | 3 Months Ended | |||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | Mar. 11, 2015 | |
Fair Value, By Balance Sheet Grouping Disclosure Information [Line Items] | ||||
Accumulated other comprehensive loss | ($275,086,000) | ($169,609,000) | ||
Derivative Instruments, Loss Recognized in Other Comprehensive Income (Loss), Effective Portion | -607,000 | 0 | ||
Forward Contracts [Member] | ||||
Fair Value, By Balance Sheet Grouping Disclosure Information [Line Items] | ||||
Derivative Liability, Notional Amount | 64,400,000 | 76,900,000 | ||
Interest rate swap [Member] | ||||
Fair Value, By Balance Sheet Grouping Disclosure Information [Line Items] | ||||
Accumulated other comprehensive loss | -1,188,000 | -581,000 | ||
Derivative Instruments, Loss Recognized in Other Comprehensive Income (Loss), Effective Portion | -700,000 | |||
Fair Value, Inputs, Level 2 [Member] | Forward Contracts [Member] | ||||
Fair Value, By Balance Sheet Grouping Disclosure Information [Line Items] | ||||
Currency forward contracts | -1,010,000 | -50,000 | ||
Interest Expense [Member] | Interest rate swap [Member] | ||||
Fair Value, By Balance Sheet Grouping Disclosure Information [Line Items] | ||||
Derivative Instruments, Loss Reclassified from Accumulated OCI into Income, Effective Portion | $93,000 |
CONVERTIBLE_REDEEMABLE_PREFERR1
CONVERTIBLE REDEEMABLE PREFERRED STOCK (Details) (USD $) | 3 Months Ended | ||||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | Jun. 25, 2013 | Apr. 30, 2012 |
Temporary Equity [Line Items] | |||||
Temporary equity | $228,067 | $223,926 | |||
Temporary Equity, Accretion of Interest | -3,844 | ||||
Preferred dividend paid in kind | $4,141 | $3,844 | |||
Series B Preferred Stock [Member] | |||||
Temporary Equity [Line Items] | |||||
Preferred stock, shares issued | 200,000 | 200,000 | |||
Preferred stock, par value (in dollars per share) | $0.08 | $0.08 | $0.08 | ||
Sale of stock, price per share | $1,000 | ||||
Preferred Stock, Conversion Price | $2.42 | ||||
1 - 3 years [Member] | Series B Preferred Stock [Member] | |||||
Temporary Equity [Line Items] | |||||
Preferred stock, dividend rate, percentage | 7.50% | ||||
4 - 5 years [Member] | Series B Preferred Stock [Member] | |||||
Temporary Equity [Line Items] | |||||
Preferred stock, dividend rate, percentage | 3.75% | ||||
T W Investor [Member] | |||||
Temporary Equity [Line Items] | |||||
Ownership percentage, related party | 45.40% | ||||
Minimum [Member] | T W Investor [Member] | Common Class A [Member] | |||||
Temporary Equity [Line Items] | |||||
Ownership percentage, related party | 49.90% |
EQUITY_Details
EQUITY (Details) (USD $) | 0 Months Ended | 3 Months Ended | |||
Dec. 09, 2009 | Mar. 31, 2015 | Dec. 31, 2014 | Apr. 30, 2012 | 2-May-14 | |
vote | |||||
Class of Stock [Line Items] | |||||
Preferred stock, shares authorized | 5,000,000 | 5,000,000 | |||
Number of shares of Class B common stock to Class A common stock | 1 | ||||
Fair Value Assumptions Expected Term In Years | 6 years | ||||
T W Investor [Member] | |||||
Class of Stock [Line Items] | |||||
Ownership percentage, related party | 45.40% | ||||
Beneficial Ownership Interest Total Voting Power Percentage | 49.50% | ||||
Series A Preferred Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Preferred stock, shares issued | 1 | 1 | |||
Preferred stock, shares outstanding | 1 | 1 | |||
Votes per share | 1 | ||||
Series B Preferred Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Preferred stock, shares issued | 200,000 | 200,000 | |||
Preferred stock, shares outstanding | 200,000 | 200,000 | |||
Convertible preferred stock, estimated common stock issued in future conversion | 103,100,000 | ||||
Class A Common Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Votes per share | 1 | ||||
Common stock, shares authorized | 440,000,000 | 300,000,000 | |||
Common stock, shares issued | 135,381,285 | 135,335,258 | |||
Class A Common Stock [Member] | T W Investor [Member] | |||||
Class of Stock [Line Items] | |||||
Convertible preferred stock, shares issued upon conversion | 11,211,449 | ||||
Class B Common Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Votes per share | 10 | ||||
Common stock, shares authorized | 15,000,000 | 15,000,000 | |||
Common stock, shares issued | 0 | 0 | |||
Common stock, shares outstanding | 0 | 0 | |||
Minimum [Member] | Class A Common Stock [Member] | T W Investor [Member] | |||||
Class of Stock [Line Items] | |||||
Ownership percentage, related party | 49.90% | ||||
2018 Warrants [Member] | |||||
Class of Stock [Line Items] | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $1 | ||||
2018 Warrants [Member] | Class A Common Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Class of Warrant or Right, Outstanding | 114,000,000 | ||||
2018 Warrants [Member] | Class A Common Stock [Member] | Time Warner and TW Investor [Member] | |||||
Class of Stock [Line Items] | |||||
Ownership percentage, related party | 88.50% | ||||
Class of Warrant or Right, Outstanding | 100,926,996 | ||||
2015 Warrants [Member] | |||||
Class of Stock [Line Items] | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | 21.75 | ||||
2015 Warrants [Member] | Class A Common Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Class of Warrant or Right, Outstanding | 850,000 |
RESTRUCTURING_COSTS_Details
RESTRUCTURING COSTS (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Restructuring Cost and Reserve [Line Items] | ||
Restructuring costs | ($643) | ($5,328) |
Restructuring Reserve [Roll Forward] | ||
BALANCE December 31, 2014 | 1,558 | |
Costs incurred | 826 | |
Cash paid | -922 | |
Accrual reversal | -183 | |
Restructuring Reserve, Translation Adjustment | -60 | |
BALANCE March 31, 2015 | 1,219 | |
Employee Severance [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring costs | -826 | -5,827 |
Other Restructuring [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring costs | 0 | -61 |
Accrual reversal [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring costs | -183 | -560 |
BULGARIA | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring costs | 0 | -3,359 |
BULGARIA | Employee Severance [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring costs | 0 | -3,317 |
BULGARIA | Other Restructuring [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring costs | 0 | -42 |
BULGARIA | Accrual reversal [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring costs | 0 | 0 |
CZECH REPUBLIC [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring costs | 0 | -440 |
CZECH REPUBLIC [Member] | Employee Severance [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring costs | 0 | -440 |
CZECH REPUBLIC [Member] | Other Restructuring [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring costs | 0 | 0 |
CZECH REPUBLIC [Member] | Accrual reversal [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring costs | 0 | 0 |
ROMANIA [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring costs | -643 | -1,709 |
ROMANIA [Member] | Employee Severance [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring costs | -826 | -1,709 |
ROMANIA [Member] | Other Restructuring [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring costs | 0 | 0 |
ROMANIA [Member] | Accrual reversal [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring costs | -183 | 0 |
SLOVAK REPUBLIC [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring costs | 0 | -180 |
SLOVAK REPUBLIC [Member] | Employee Severance [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring costs | 0 | -361 |
SLOVAK REPUBLIC [Member] | Other Restructuring [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring costs | 0 | -19 |
SLOVAK REPUBLIC [Member] | Accrual reversal [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring costs | 0 | -560 |
2014 Initiatives [Member] | ||
Restructuring Reserve [Roll Forward] | ||
BALANCE December 31, 2014 | 1,558 | |
Costs incurred | 0 | |
Cash paid | -810 | |
Accrual reversal | -183 | |
Restructuring Reserve, Translation Adjustment | -27 | |
BALANCE March 31, 2015 | 538 | |
2014 Initiatives [Member] | Employee Severance [Member] | ||
Restructuring Reserve [Roll Forward] | ||
BALANCE December 31, 2014 | 1,385 | |
Costs incurred | 0 | |
Cash paid | -764 | |
Accrual reversal | -183 | |
Restructuring Reserve, Translation Adjustment | -21 | |
BALANCE March 31, 2015 | 417 | |
2014 Initiatives [Member] | Other Restructuring [Member] | ||
Restructuring Reserve [Roll Forward] | ||
BALANCE December 31, 2014 | 173 | |
Costs incurred | 0 | |
Cash paid | -46 | |
Accrual reversal | 0 | |
Restructuring Reserve, Translation Adjustment | -6 | |
BALANCE March 31, 2015 | 121 | |
2015 Initiatives [Member] | ||
Restructuring Reserve [Roll Forward] | ||
BALANCE December 31, 2014 | 0 | |
Costs incurred | 826 | |
Cash paid | -112 | |
Accrual reversal | 0 | |
Restructuring Reserve, Translation Adjustment | -33 | |
BALANCE March 31, 2015 | 681 | |
2015 Initiatives [Member] | Employee Severance [Member] | ||
Restructuring Reserve [Roll Forward] | ||
BALANCE December 31, 2014 | 0 | |
Costs incurred | 826 | |
Cash paid | -112 | |
Accrual reversal | 0 | |
Restructuring Reserve, Translation Adjustment | -33 | |
BALANCE March 31, 2015 | 681 | |
2015 Initiatives [Member] | Other Restructuring [Member] | ||
Restructuring Reserve [Roll Forward] | ||
BALANCE December 31, 2014 | 0 | |
Costs incurred | 0 | |
Cash paid | 0 | |
Accrual reversal | 0 | |
Restructuring Reserve, Translation Adjustment | 0 | |
BALANCE March 31, 2015 | $0 |
INTEREST_EXPENSE_Details
INTEREST EXPENSE (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Interest expense, debt | $27,618,000 | $21,684,000 |
Amortization of capitalized debt issuance costs | 3,837,000 | 4,244,000 |
Amortization of debt issuance discount and premium, net | 8,663,000 | 1,952,000 |
Total debt related expenses | 12,500,000 | 6,196,000 |
Total interest expense | 40,118,000 | 27,880,000 |
Interest Paid, Net | 1,300,000 | 22,100,000 |
Interest on Senior Notes [Member] | ||
Interest expense, debt | 22,513,000 | 21,538,000 |
Interest on capital leases and other financing arrangements [Member] | ||
Interest expense, debt | $5,105,000 | $146,000 |
STOCKBASED_COMPENSATION_Detail
STOCK-BASED COMPENSATION (Details) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Selling, General and Administrative Expenses [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation charged | $408 | $251 |
Amended and Restated Stock Incentive Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of Shares Authorized | 7,500,000 |
STOCKBASED_COMPENSATION_Stock_
STOCK-BASED COMPENSATION Stock Options (Details) (Stock Options [Member], USD $) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Stock Options [Member] | ||
Number of options: | ||
Outstanding at January 1, 2015 | 155,000 | |
Forfeited (shares) | -20,000 | |
Outstanding at March 31, 2015 | 135,000 | 155,000 |
Vested (shares) | 135,000 | |
Exercisable at March 31, 2015 | 135,000 | |
Unrecognized compensation expense | $0 | |
Weighted-Average Exercise Price: | ||
Outstanding at January 1, 2015 | $29.88 | |
Forfeited | $23.12 | |
Outstanding at March 31, 2015 | $30.89 | $29.88 |
Vested | $30.89 | |
Exercisable at March 31, 2015 | $30.89 | |
Options outstanding, weighted average remaining contractual term | 0 years 8 months 1 day | 0 years 11 months 3 days |
Options vested, weighted average remaining contractual term | 0 years 8 months 1 day | |
Exercisable, weighted average remaining contractual term | 0 years 8 months 1 day | |
Options outstanding, aggregate intrinsic value | 0 | 0 |
Options vested, aggregate intrinsic value | 0 | |
Exercisable, aggregate intrinsic value | $0 |
STOCKBASED_COMPENSATION_Restri
STOCK-BASED COMPENSATION Restricted Stock Units (Details) (USD $) | 3 Months Ended |
Mar. 31, 2015 | |
Weighted-Average Grant Date Fair Value: | |
Share-based Compensation, Shares Underlying | 1 |
Restricted Stock Units (RSUs) [Member] | |
Number of Shares/Units: | |
Unvested at December 31, 2014 | 1,367,234 |
Granted | 1,198,520 |
Vested | -35,630 |
Unvested at March 31, 2015 | 2,530,124 |
Weighted-Average Grant Date Fair Value: | |
Unvested at December 31, 2014 | $3.06 |
Granted | $2.67 |
Vested | $4.21 |
Unvested at March 31, 2015 | $2.86 |
Intrinsic value of unvested RSUs | $4,200,000 |
Unrecognized compensation expense | $3,400,000 |
Weighted average period for recognition | 3 years 2 months 22 days |
Restricted Stock Units (RSUs) [Member] | Minimum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Award vesting period (in years) | 1 year |
Restricted Stock Units (RSUs) [Member] | Maximum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Award vesting period (in years) | 4 years |
EARNINGS_PER_SHARE_Details
EARNINGS PER SHARE (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2013 | ||
Loss from continuing operations | ($70,243) | ($41,000) | |||
Net loss attributable to noncontrolling interests | 257 | 717 | |||
Preferred dividend paid in kind | -4,141 | -3,844 | |||
Income Loss From Continuing Operations Available to Common Shareholders, Net of Noncontrolling Interest, Basic | -74,127 | -44,127 | |||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | -3,288 | -7,633 | |||
Net Income (Loss) Available to Common Stockholders, Basic | -77,415 | -51,760 | |||
Net loss attributable to CME Ltd. available to common shareholders - Diluted | -77,415 | -51,760 | |||
Weighted average outstanding shares of common stock - basic (in shares) | 146,606,000 | [1] | 146,374,000 | [1] | |
Dilutive effect of employee stock options and RSUs (in shares) | 0 | 0 | |||
Weighted average outstanding shares of common stock - diluted (in shares) | 146,606,000 | 146,374,000 | |||
Net loss per share: | |||||
Continuing operations attributable to CME Ltd. - Basic | ($0.51) | ($0.30) | |||
Continuing operations attributable to CME Ltd. - Diluted | ($0.51) | ($0.30) | |||
Discontinued operations attributable to CME Ltd. - Basic | ($0.02) | ($0.05) | |||
Discontinued operations attributable to CME Ltd. - Diluted | ($0.02) | ($0.05) | |||
Net loss attributable to CME Ltd. – Basic | ($0.53) | ($0.35) | |||
Net loss attributable to CME Ltd. – Diluted | ($0.53) | ($0.35) | |||
Antidilutive securities excluded from computation of earnings per share | 1,269,290 | 1,324,920 | |||
Series B Preferred Stock [Member] | |||||
Other Preferred Stock Dividends and Adjustments | $0 | $0 | |||
Common Class A [Member] | T W Investor [Member] | |||||
Net loss per share: | |||||
Convertible preferred stock, shares issued upon conversion | 11,211,449 | ||||
[1] | For the purpose of computing basic earnings per share, the 11,211,449 shares of Class A common stock underlying the Series A Preferred Share are included in the weighted average outstanding shares of common stock - basic, primarily because the holder of the Series A Preferred Share is entitled to receive any dividends payable when dividends are declared by the Board of Directors with respect to any shares of common stock. |
SEGMENT_DATA_Net_Revenue_and_O
SEGMENT DATA Net Revenue and OIBDA (Details) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Segment Reporting Information [Line Items] | ||||
Net revenues | $126,133 | $140,705 | ||
OIBDA | 11,448 | -3,395 | ||
BULGARIA [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 16,784 | 19,276 | ||
OIBDA | 2,198 | -2,746 | ||
CROATIA [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 11,993 | 13,497 | ||
OIBDA | 1,862 | 671 | ||
CZECH REPUBLIC [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 34,965 | 39,033 | ||
OIBDA | 10,091 | 2,713 | ||
ROMANIA [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 33,522 | 36,857 | ||
OIBDA | 3,361 | 4,326 | ||
SLOVAK REPUBLIC [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 17,538 | 18,146 | ||
OIBDA | -145 | -3,162 | ||
SLOVENIA [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 11,480 | 14,261 | ||
OIBDA | 360 | 515 | ||
Intersegment Revenues [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | -149 | [1] | -365 | [1] |
Elimination [Member] | ||||
Segment Reporting Information [Line Items] | ||||
OIBDA | -50 | 385 | ||
Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Number of Operating Segments | 6 | |||
OIBDA | 17,677 | 2,702 | ||
Corporate [Member] | ||||
Segment Reporting Information [Line Items] | ||||
OIBDA | ($6,229) | ($6,097) | ||
[1] | (1)Reflects revenues earned from the sale of content to other country segments in CME. All other revenues are third party revenues. |
SEGMENT_DATA_Reconciliation_De
SEGMENT DATA Reconciliation (Details) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Segment Reporting [Abstract] | ||||
Total OIBDA | $11,448 | ($3,395) | ||
Depreciation of property, plant and equipment | -7,001 | -8,060 | ||
Amortization of broadcast licenses and other intangibles | -3,499 | -3,227 | ||
Operating loss | -17,239 | -14,682 | ||
Interest income | 112 | 81 | ||
Interest Expense | 40,118 | 27,880 | ||
Foreign currency exchange loss, net | -11,489 | -630 | ||
Change in fair value of derivatives | -1,010 | -50 | ||
Other (expense) / income, net | -354 | 35 | ||
Loss before tax | -70,098 | -43,126 | ||
Other Items | $18,187 | [1] | $0 | [1] |
[1] | Total assets(1):March 31, 2015 December 31, 2014Bulgaria$122,900 $141,055Croatia52,866 58,000Czech Republic712,574 803,361Romania259,959 297,256Slovak Republic117,550 134,544Slovenia72,886 78,403Total operating segments1,338,735 1,512,619Corporate80,015 76,875Assets held for sale16,145 29,866Total assets$1,434,895 $1,619,360 |
SEGMENT_DATA_Total_Assets_Deta
SEGMENT DATA Total Assets (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | ||
In Thousands, unless otherwise specified | ||||
Segment Reporting Information [Line Items] | ||||
Assets | $1,434,895 | [1] | $1,619,360 | [1] |
Assets Held-for-sale, Current | 16,145 | 29,866 | ||
BULGARIA [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Assets | 122,900 | 141,055 | ||
CROATIA [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Assets | 52,866 | 58,000 | ||
CZECH REPUBLIC [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Assets | 712,574 | 803,361 | ||
ROMANIA [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Assets | 259,959 | 297,256 | ||
SLOVAK REPUBLIC [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Assets | 117,550 | 134,544 | ||
SLOVENIA [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Assets | 72,886 | 78,403 | ||
Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Assets | 1,338,735 | [1] | 1,512,619 | [1] |
Corporate [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Assets | $80,015 | $76,875 | ||
[1] | Segment assets exclude any intercompany balances. |
SEGMENT_DATA_Capital_Expenditu
SEGMENT DATA Capital Expenditure (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Segment Reporting Information [Line Items] | ||
Capital expenditures | $7,481 | $8,967 |
BULGARIA [Member] | ||
Segment Reporting Information [Line Items] | ||
Capital expenditures | 699 | 523 |
CROATIA [Member] | ||
Segment Reporting Information [Line Items] | ||
Capital expenditures | 528 | 465 |
CZECH REPUBLIC [Member] | ||
Segment Reporting Information [Line Items] | ||
Capital expenditures | 2,496 | 4,622 |
ROMANIA [Member] | ||
Segment Reporting Information [Line Items] | ||
Capital expenditures | 720 | 815 |
SLOVAK REPUBLIC [Member] | ||
Segment Reporting Information [Line Items] | ||
Capital expenditures | 1,146 | 793 |
SLOVENIA [Member] | ||
Segment Reporting Information [Line Items] | ||
Capital expenditures | 934 | 784 |
Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Capital expenditures | 6,523 | 8,002 |
Corporate [Member] | ||
Segment Reporting Information [Line Items] | ||
Capital expenditures | $958 | $965 |
SEGMENT_DATA_Long_Lived_Assets
SEGMENT DATA Long Lived Assets (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||||
Segment Reporting Information [Line Items] | ||||||
Long-lived assets | $99,794 | [1] | $114,335 | [1] | $139,350 | $142,907 |
BULGARIA [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Long-lived assets | 4,271 | [1] | 4,187 | [1] | ||
CROATIA [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Long-lived assets | 4,558 | [1] | 5,579 | [1] | ||
CZECH REPUBLIC [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Long-lived assets | 36,037 | [1] | 40,940 | [1] | ||
ROMANIA [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Long-lived assets | 19,253 | [1] | 22,110 | [1] | ||
SLOVAK REPUBLIC [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Long-lived assets | 15,377 | [1] | 17,374 | [1] | ||
SLOVENIA [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Long-lived assets | 14,013 | [1] | 16,647 | [1] | ||
Operating Segments [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Long-lived assets | 93,509 | [1] | 106,837 | [1] | ||
Corporate [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Long-lived assets | $6,285 | [1] | $7,498 | [1] | ||
[1] | Reflects property, plant and equipment. |
SEGMENT_DATA_Revenue_by_Type_D
SEGMENT DATA Revenue by Type (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Segment Reporting [Abstract] | ||
Television advertising | $101,615 | $113,490 |
Carriage fees and subscriptions | 18,778 | 19,826 |
Other | 5,740 | 7,389 |
Total net revenues | $126,133 | $140,705 |
COMMITMENTS_AND_CONTINGENCIES_1
COMMITMENTS AND CONTINGENCIES Operating Lease Payments (Details) (USD $) | Mar. 31, 2015 |
In Thousands, unless otherwise specified | |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2015 | $2,473 |
2016 | 1,929 |
2017 | 1,190 |
2018 | 809 |
2019 | 723 |
2020 and thereafter | 1,151 |
Total | $8,275 |
COMMITMENTS_AND_CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES Programming Rights Agreements and Other Commitments (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Programming purchase obligations [Member] | ||
Long-term Purchase Commitment [Line Items] | ||
2015 | $44,534 | |
2016 | 61,390 | |
2017 | 34,960 | |
2018 | 23,734 | |
2019 | 5,532 | |
2020 and thereafter | 213 | |
Total | 170,363 | 177,800 |
Digital transmission obligations [Member] | ||
Long-term Purchase Commitment [Line Items] | ||
2015 | 18,179 | |
2016 | 9,836 | |
2017 | 3,725 | |
2018 | 3,108 | |
2019 | 10,368 | |
2020 and thereafter | 367 | |
Total | 45,583 | |
Capital Addition Purchase Commitments [Member] | ||
Long-term Purchase Commitment [Line Items] | ||
2015 | 5,109 | |
2016 | 63 | |
2017 | 0 | |
2018 | 0 | |
2019 | 0 | |
2020 and thereafter | 0 | |
Total | $5,172 |
COMMITMENTS_AND_CONTINGENCIES_3
COMMITMENTS AND CONTINGENCIES Other (Details) | Jul. 31, 2014 | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2014 | Mar. 31, 2015 |
Slovenian Competition Proceeding [Member] | Unfavorable Regulatory Action [Member] | Unfavorable Regulatory Action [Member] | BULGARIA [Member] | BULGARIA [Member] | Dividends Restrictions [Member] | Dividends Restrictions [Member] | Ceska Sporitelna [Member] | Ceska Sporitelna [Member] | Ceska Sporitelna [Member] | Ceska Sporitelna [Member] | Other commitments [Member] | |
EUR (€) | USD ($) | USD ($) | Scenario, Adjustment [Member] | Minimum [Member] | Maximum [Member] | CET 21 [Member] | CET 21 [Member] | CET 21 [Member] | CET 21 [Member] | USD ($) | ||
USD ($) | CZK | USD ($) | CZK | |||||||||
Unrecorded Unconditional Purchase Obligation, Due in Next Twelve Months | $18,179,000 | |||||||||||
Line of credit, maximum factoring agreement | 33,600,000 | 860,000,000 | ||||||||||
Receivables pledged as collateral related to factoring agreement | 11,700,000 | 299,000,000 | 19,900,000 | 509,300,000 | ||||||||
Percentage owned by Parent | 94.00% | 90.00% | ||||||||||
Fine imposed, subject to appeal | 5,100,000 | |||||||||||
Dividends Reserve Requirement Restriction Portion Of Annual Net Profits | 5.00% | |||||||||||
Dividends Reserve Requirement Restriction Portion Of Registered Company Capital | 5.00% | 25.00% | ||||||||||
Dividends Reserve Requirements (less than 25%) | 25.00% | |||||||||||
Unrecorded Unconditional Purchase Obligation, Due within Two Years | 9,836,000 | |||||||||||
Unrecorded Unconditional Purchase Obligation, Due within Three Years | 3,725,000 | |||||||||||
Unrecorded Unconditional Purchase Obligation, Due within Four Years | 3,108,000 | |||||||||||
Unrecorded Unconditional Purchase Obligation, Due within Five Years | 10,368,000 | |||||||||||
2020 and thereafter | 367,000 | |||||||||||
Unrecorded Unconditional Purchase Obligation | 45,583,000 | |||||||||||
Loss Contingency, Loss in Period | $18,200,000 | $12,000,000 |
RELATED_PARTY_TRANSACTIONS_Det
RELATED PARTY TRANSACTIONS (Details) (USD $) | 3 Months Ended | ||||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | ||
Related Party Transaction [Line Items] | |||||
Programming liabilities | $13,320 | $24,980 | |||
Other accounts payable and accrued liabilities | 175 | 43 | |||
Accounts receivable, gross | 147 | 197 | |||
Accrued interest payable | 1,399 | 173 | |||
Other non-current liabilities | 64,586 | 46,485 | |||
Time Warner [Member] | |||||
Related Party Transaction [Line Items] | |||||
Ownership percentage, related party | 49.50% | ||||
Purchases of programming | 2,299 | 5,799 | |||
Sales | 22 | 4 | |||
Interest expense | 29,166 | 0 | |||
Programming liabilities | 13,320 | 24,980 | |||
Accounts receivable, gross | 147 | 197 | |||
Long-term debt and other financing arrangements | 275,506 | [1] | 269,862 | [1] | |
Accrued interest payable | 19,757 | [2] | 4,763 | [2] | |
Other non-current liabilities | 15,094 | [3] | 10,299 | [3] | |
Accounts Payable [Member] | Time Warner [Member] | |||||
Related Party Transaction [Line Items] | |||||
Other accounts payable and accrued liabilities | $27 | $150 | |||
[1] | Amount represents the principal amount outstanding of the 2017 PIK Notes held by Time Warner and the amounts outstanding on the 2017 Term Loan and 2017 Revolving Credit Facility, less respective issuance discounts, including interest for which we made an election to pay in kind. | ||||
[2] | (2) Amount represents the accrued interest on the principal amount of the outstanding 2017 PIK Notes held by Time Warner, which is payable in kind in arrears until November 15, 2015, and on the outstanding balance of the 2017 Term Loan and the 2017 Revolving Credit Facility. | ||||
[3] | (3)Â Amount represents the commitment fee payable to Time Warner in connection with its agreement to provide or assist with arranging a loan facility to refinance the 2015 Convertible Notes at or immediately prior to their maturity in November 2015, as well as the accrued fee payable to Time Warner for guaranteeing the 2017 Euro Term Loan. |
GUARANTOR_AND_NONGUARANTOR_FIN2
GUARANTOR AND NON-GUARANTOR FINANCIAL INFORMATION (Details) (Central European Media Enterprises N.V. [Member]) | Mar. 31, 2015 |
Central European Media Enterprises N.V. [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Percentage owned by Parent | 100.00% |
GUARANTOR_AND_NONGUARANTOR_FIN3
GUARANTOR AND NON-GUARANTOR FINANCIAL INFORMATION STATEMENT OF FINANCIAL POSITION (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||||
ASSETS | ||||||
Cash and cash equivalents | $53,289 | $34,298 | $109,770 | $102,322 | ||
Accounts receivable, net | 128,655 | 175,866 | ||||
Program rights, net | 98,753 | 99,358 | ||||
Other current assets | 39,154 | 35,481 | ||||
Assets held for sale | 16,145 | 29,866 | ||||
Intercompany current assets | 0 | 0 | ||||
Total current assets | 335,996 | 374,869 | ||||
Investments in subsidiaries | 0 | 0 | ||||
Property, plant and equipment, net (Note 9) | 99,794 | [1] | 114,335 | [1] | 139,350 | 142,907 |
Program rights, net | 174,300 | 207,264 | ||||
Goodwill | 607,847 | 681,398 | ||||
Broadcast licenses and other intangible assets, net (Note 4) | 160,027 | 183,378 | ||||
Other non-current assets | 56,931 | 58,116 | ||||
Intercompany non-current assets | 0 | 0 | ||||
Total non-current assets | 1,098,899 | 1,244,491 | ||||
Assets | 1,434,895 | [2] | 1,619,360 | [2] | ||
LIABILITIES AND EQUITY | ||||||
Accounts payable and accrued liabilities | 167,973 | 179,224 | ||||
Current portion of long-term debt and other financing arrangements | 255,569 | 252,859 | ||||
Other current liabilities | 24,572 | 7,812 | ||||
Liabilities held for sale | 6,035 | 10,632 | ||||
Intercompany current liabilities | 0 | 0 | ||||
Total current liabilities | 454,149 | 450,527 | ||||
Long-term debt and other financing arrangements (Note 5) | 592,546 | 621,240 | ||||
Other non-current liabilities | 64,586 | 46,485 | ||||
Intercompany non-current liabilities | 0 | 0 | ||||
Total non-current liabilities | 657,132 | 667,725 | ||||
Temporary equity | 228,067 | 223,926 | ||||
Total CME Ltd. shareholders’ equity | 97,310 | 279,794 | ||||
Noncontrolling interests | -1,763 | -2,612 | ||||
Total equity/(deficit) | 95,547 | 277,182 | 390,147 | 441,001 | ||
Liabilities and Equity | 1,434,895 | 1,619,360 | ||||
Parent Company [Member] | ||||||
ASSETS | ||||||
Cash and cash equivalents | 11,520 | 613 | 9,992 | 19,461 | ||
Accounts receivable, net | 0 | 0 | ||||
Program rights, net | 0 | 0 | ||||
Other current assets | 821 | 1,007 | ||||
Assets held for sale | 0 | 0 | ||||
Intercompany current assets | 27,944 | 12,582 | ||||
Total current assets | 40,285 | 14,202 | ||||
Investments in subsidiaries | 58,647 | 110,186 | ||||
Property, plant and equipment, net (Note 9) | 0 | 0 | ||||
Program rights, net | 0 | 0 | ||||
Goodwill | 0 | 0 | ||||
Broadcast licenses and other intangible assets, net (Note 4) | 0 | 0 | ||||
Other non-current assets | 51,704 | 55,471 | ||||
Intercompany non-current assets | 1,098,081 | 1,252,708 | ||||
Total non-current assets | 1,208,432 | 1,418,365 | ||||
Assets | 1,248,717 | 1,432,567 | ||||
LIABILITIES AND EQUITY | ||||||
Accounts payable and accrued liabilities | 8,542 | 5,109 | ||||
Current portion of long-term debt and other financing arrangements | 254,375 | 251,669 | ||||
Other current liabilities | 229 | 271 | ||||
Liabilities held for sale | 0 | 0 | ||||
Intercompany current liabilities | 4,569 | 7,003 | ||||
Total current liabilities | 267,715 | 264,052 | ||||
Long-term debt and other financing arrangements (Note 5) | 587,543 | 615,698 | ||||
Other non-current liabilities | 39,032 | 16,315 | ||||
Intercompany non-current liabilities | 29,050 | 32,782 | ||||
Total non-current liabilities | 655,625 | 664,795 | ||||
Temporary equity | 228,067 | 223,926 | ||||
Total CME Ltd. shareholders’ equity | 97,310 | 279,794 | ||||
Noncontrolling interests | 0 | 0 | ||||
Total equity/(deficit) | 97,310 | 279,794 | ||||
Liabilities and Equity | 1,248,717 | 1,432,567 | ||||
Guarantor Subsidiaries [Member] | ||||||
ASSETS | ||||||
Cash and cash equivalents | 193 | 2,931 | 8,730 | 5,422 | ||
Accounts receivable, net | 0 | 0 | ||||
Program rights, net | 0 | 0 | ||||
Other current assets | 1,285 | 346 | ||||
Assets held for sale | 0 | 0 | ||||
Intercompany current assets | 9,582 | 14,333 | ||||
Total current assets | 11,060 | 17,610 | ||||
Investments in subsidiaries | 1,300,411 | 1,516,707 | ||||
Property, plant and equipment, net (Note 9) | 0 | 0 | ||||
Program rights, net | 0 | 0 | ||||
Goodwill | 0 | 0 | ||||
Broadcast licenses and other intangible assets, net (Note 4) | 0 | 0 | ||||
Other non-current assets | 3,176 | 0 | ||||
Intercompany non-current assets | 29,049 | 32,781 | ||||
Total non-current assets | 1,332,636 | 1,549,488 | ||||
Assets | 1,343,696 | 1,567,098 | ||||
LIABILITIES AND EQUITY | ||||||
Accounts payable and accrued liabilities | 367 | 286 | ||||
Current portion of long-term debt and other financing arrangements | 0 | 0 | ||||
Other current liabilities | 292 | 0 | ||||
Liabilities held for sale | 0 | 0 | ||||
Intercompany current liabilities | 78,044 | 35,151 | ||||
Total current liabilities | 78,703 | 35,437 | ||||
Long-term debt and other financing arrangements (Note 5) | 0 | 0 | ||||
Other non-current liabilities | 0 | 482 | ||||
Intercompany non-current liabilities | 1,223,826 | 1,392,535 | ||||
Total non-current liabilities | 1,223,826 | 1,393,017 | ||||
Temporary equity | 0 | 0 | ||||
Total CME Ltd. shareholders’ equity | 41,167 | 138,644 | ||||
Noncontrolling interests | 0 | 0 | ||||
Total equity/(deficit) | 41,167 | 138,644 | ||||
Liabilities and Equity | 1,343,696 | 1,567,098 | ||||
Non-Guarantor Subsidiaries [Member] | ||||||
ASSETS | ||||||
Cash and cash equivalents | 41,576 | 30,754 | 91,048 | 77,439 | ||
Accounts receivable, net | 128,655 | 175,866 | ||||
Program rights, net | 98,753 | 99,358 | ||||
Other current assets | 37,048 | 34,128 | ||||
Assets held for sale | 16,145 | 29,866 | ||||
Intercompany current assets | 49,056 | 17,492 | ||||
Total current assets | 371,233 | 387,464 | ||||
Investments in subsidiaries | 0 | 0 | ||||
Property, plant and equipment, net (Note 9) | 99,794 | 114,335 | ||||
Program rights, net | 174,300 | 207,264 | ||||
Goodwill | 607,847 | 681,398 | ||||
Broadcast licenses and other intangible assets, net (Note 4) | 160,027 | 183,378 | ||||
Other non-current assets | 2,051 | 2,645 | ||||
Intercompany non-current assets | 260,232 | 291,589 | ||||
Total non-current assets | 1,304,251 | 1,480,609 | ||||
Assets | 1,675,484 | 1,868,073 | ||||
LIABILITIES AND EQUITY | ||||||
Accounts payable and accrued liabilities | 159,064 | 173,829 | ||||
Current portion of long-term debt and other financing arrangements | 1,194 | 1,190 | ||||
Other current liabilities | 24,051 | 7,541 | ||||
Liabilities held for sale | 6,035 | 10,632 | ||||
Intercompany current liabilities | 3,969 | 2,253 | ||||
Total current liabilities | 194,313 | 195,445 | ||||
Long-term debt and other financing arrangements (Note 5) | 5,003 | 5,542 | ||||
Other non-current liabilities | 25,554 | 29,688 | ||||
Intercompany non-current liabilities | 134,486 | 151,761 | ||||
Total non-current liabilities | 165,043 | 186,991 | ||||
Temporary equity | 0 | 0 | ||||
Total CME Ltd. shareholders’ equity | 1,317,891 | 1,488,249 | ||||
Noncontrolling interests | -1,763 | -2,612 | ||||
Total equity/(deficit) | 1,316,128 | 1,485,637 | ||||
Liabilities and Equity | 1,675,484 | 1,868,073 | ||||
Consolidation, Eliminations [Member] | ||||||
ASSETS | ||||||
Cash and cash equivalents | 0 | 0 | 0 | 0 | ||
Accounts receivable, net | 0 | 0 | ||||
Program rights, net | 0 | 0 | ||||
Other current assets | 0 | 0 | ||||
Assets held for sale | 0 | 0 | ||||
Intercompany current assets | -86,582 | -44,407 | ||||
Total current assets | -86,582 | -44,407 | ||||
Investments in subsidiaries | -1,359,058 | -1,626,893 | ||||
Property, plant and equipment, net (Note 9) | 0 | 0 | ||||
Program rights, net | 0 | 0 | ||||
Goodwill | 0 | 0 | ||||
Broadcast licenses and other intangible assets, net (Note 4) | 0 | 0 | ||||
Other non-current assets | 0 | 0 | ||||
Intercompany non-current assets | -1,387,362 | -1,577,078 | ||||
Total non-current assets | -2,746,420 | -3,203,971 | ||||
Assets | -2,833,002 | -3,248,378 | ||||
LIABILITIES AND EQUITY | ||||||
Accounts payable and accrued liabilities | 0 | 0 | ||||
Current portion of long-term debt and other financing arrangements | 0 | 0 | ||||
Other current liabilities | 0 | 0 | ||||
Liabilities held for sale | 0 | 0 | ||||
Intercompany current liabilities | -86,582 | -44,407 | ||||
Total current liabilities | -86,582 | -44,407 | ||||
Long-term debt and other financing arrangements (Note 5) | 0 | 0 | ||||
Other non-current liabilities | 0 | 0 | ||||
Intercompany non-current liabilities | -1,387,362 | -1,577,078 | ||||
Total non-current liabilities | -1,387,362 | -1,577,078 | ||||
Temporary equity | 0 | 0 | ||||
Total CME Ltd. shareholders’ equity | -1,359,058 | -1,626,893 | ||||
Noncontrolling interests | 0 | 0 | ||||
Total equity/(deficit) | -1,359,058 | -1,626,893 | ||||
Liabilities and Equity | ($2,833,002) | ($3,248,378) | ||||
[1] | Reflects property, plant and equipment. | |||||
[2] | Segment assets exclude any intercompany balances. |
GUARANTOR_AND_NONGUARANTOR_FIN4
GUARANTOR AND NON-GUARANTOR FINANCIAL INFORMATION Income statement (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Condensed Financial Statements, Captions [Line Items] | ||
Net revenues | $126,133 | $140,705 |
Cost of revenues | 98,828 | 119,579 |
Selling, general and administrative expenses | 43,901 | 30,480 |
Restructuring costs | 643 | 5,328 |
Operating Income (Loss) | -17,239 | -14,682 |
Interest income | 112 | 81 |
Interest expense | -40,118 | -27,880 |
Foreign currency exchange loss, net | -11,489 | -630 |
Change in fair value of derivatives | -1,010 | -50 |
Other (expense) / income, net | -354 | 35 |
Loss from continuing operations before tax and loss from investment in subsidiaries | 70,098 | 43,126 |
(Provision) / credit for income taxes | -145 | 2,126 |
Income / (loss) from continuing operations before income / (loss) from investment in subsidiaries | -70,243 | -41,000 |
Loss from investment in subsidiaries | 0 | 0 |
Loss from continuing operations before loss from investment in subsidiaries | -70,243 | -41,000 |
Loss from discontinued operations, net of tax | -3,288 | -7,633 |
Net loss | -73,531 | -48,633 |
Net loss attributable to noncontrolling interests | 257 | 717 |
Net loss attributable to CME Ltd. | -73,274 | -47,916 |
Other Comprehensive Income (Loss), Net of Tax | -104,371 | 1,372 |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | -177,902 | -47,261 |
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | -849 | 720 |
Comprehensive loss attributable to CME Ltd. | -178,751 | -46,541 |
Parent Company [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net revenues | 0 | 0 |
Cost of revenues | 0 | 0 |
Selling, general and administrative expenses | 4,346 | 3,667 |
Restructuring costs | 0 | 0 |
Operating Income (Loss) | -4,346 | -3,667 |
Interest income | 24,286 | 39,191 |
Interest expense | -40,733 | -26,407 |
Foreign currency exchange loss, net | -2,387 | 178 |
Change in fair value of derivatives | -1,010 | -50 |
Other (expense) / income, net | 0 | 0 |
Loss from continuing operations before tax and loss from investment in subsidiaries | 24,190 | -9,245 |
(Provision) / credit for income taxes | 0 | 0 |
Income / (loss) from continuing operations before income / (loss) from investment in subsidiaries | -24,190 | 9,245 |
Loss from investment in subsidiaries | -96,246 | -57,161 |
Loss from continuing operations before loss from investment in subsidiaries | 120,436 | 47,916 |
Loss from discontinued operations, net of tax | 0 | 0 |
Net loss | -120,436 | -47,916 |
Net loss attributable to noncontrolling interests | 0 | 0 |
Net loss attributable to CME Ltd. | -120,436 | -47,916 |
Other Comprehensive Income (Loss), Net of Tax | -109,125 | -2,981 |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | -229,561 | -50,897 |
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | 0 | 0 |
Comprehensive loss attributable to CME Ltd. | -229,561 | -50,897 |
Guarantor Subsidiaries [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net revenues | 0 | 0 |
Cost of revenues | 0 | 0 |
Selling, general and administrative expenses | 169 | 252 |
Restructuring costs | 0 | 0 |
Operating Income (Loss) | -169 | -252 |
Interest income | 795 | 7,047 |
Interest expense | -27,141 | -39,130 |
Foreign currency exchange loss, net | -3,142 | -892 |
Change in fair value of derivatives | 0 | -2,855 |
Other (expense) / income, net | -228 | 0 |
Loss from continuing operations before tax and loss from investment in subsidiaries | 29,885 | 36,082 |
(Provision) / credit for income taxes | 4,510 | 3,603 |
Income / (loss) from continuing operations before income / (loss) from investment in subsidiaries | -25,375 | -32,479 |
Loss from investment in subsidiaries | -32,190 | -24,682 |
Loss from continuing operations before loss from investment in subsidiaries | 57,565 | 57,161 |
Loss from discontinued operations, net of tax | -38,681 | 0 |
Net loss | -96,246 | -57,161 |
Net loss attributable to noncontrolling interests | 0 | 0 |
Net loss attributable to CME Ltd. | -96,246 | -57,161 |
Other Comprehensive Income (Loss), Net of Tax | 7,713 | -165,952 |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | -88,533 | -223,113 |
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | 0 | 0 |
Comprehensive loss attributable to CME Ltd. | -88,533 | -223,113 |
Non-Guarantor Subsidiaries [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net revenues | 126,133 | 140,705 |
Cost of revenues | 98,828 | 119,579 |
Selling, general and administrative expenses | 39,386 | 26,561 |
Restructuring costs | 643 | 5,328 |
Operating Income (Loss) | -12,724 | -10,763 |
Interest income | 5,912 | 74 |
Interest expense | -3,125 | -8,574 |
Foreign currency exchange loss, net | -5,960 | 84 |
Change in fair value of derivatives | 0 | 2,855 |
Other (expense) / income, net | -126 | 35 |
Loss from continuing operations before tax and loss from investment in subsidiaries | 16,023 | 16,289 |
(Provision) / credit for income taxes | -4,655 | -1,477 |
Income / (loss) from continuing operations before income / (loss) from investment in subsidiaries | -20,678 | -17,766 |
Loss from investment in subsidiaries | 0 | 0 |
Loss from continuing operations before loss from investment in subsidiaries | 20,678 | 17,766 |
Loss from discontinued operations, net of tax | -5,577 | -7,633 |
Net loss | -26,255 | -25,399 |
Net loss attributable to noncontrolling interests | 257 | 717 |
Net loss attributable to CME Ltd. | -25,998 | -24,682 |
Other Comprehensive Income (Loss), Net of Tax | -165,862 | -166,159 |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | -192,117 | -191,558 |
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | -849 | 720 |
Comprehensive loss attributable to CME Ltd. | -192,966 | -190,838 |
Consolidation, Eliminations [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net revenues | 0 | 0 |
Cost of revenues | 0 | 0 |
Selling, general and administrative expenses | 0 | 0 |
Restructuring costs | 0 | 0 |
Operating Income (Loss) | 0 | 0 |
Interest income | -30,881 | -46,231 |
Interest expense | 30,881 | 46,231 |
Foreign currency exchange loss, net | 0 | 0 |
Change in fair value of derivatives | 0 | 0 |
Other (expense) / income, net | 0 | 0 |
Loss from continuing operations before tax and loss from investment in subsidiaries | 0 | 0 |
(Provision) / credit for income taxes | 0 | 0 |
Income / (loss) from continuing operations before income / (loss) from investment in subsidiaries | 0 | 0 |
Loss from investment in subsidiaries | 128,436 | 81,843 |
Loss from continuing operations before loss from investment in subsidiaries | -128,436 | -81,843 |
Loss from discontinued operations, net of tax | 40,970 | 0 |
Net loss | 169,406 | 81,843 |
Net loss attributable to noncontrolling interests | 0 | 0 |
Net loss attributable to CME Ltd. | 169,406 | 81,843 |
Other Comprehensive Income (Loss), Net of Tax | 162,903 | 336,464 |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 332,309 | 418,307 |
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | 0 | 0 |
Comprehensive loss attributable to CME Ltd. | $332,309 | $418,307 |
GUARANTOR_AND_NONGUARANTOR_FIN5
GUARANTOR AND NON-GUARANTOR FINANCIAL INFORMATION Cash Flow (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Condensed Financial Statements, Captions [Line Items] | ||
Net cash provided by (used in)/ generated from operating activities | $30,755 | $17,746 |
Purchase of property, plant and equipment | -7,481 | -8,967 |
Disposal of property, plant and equipment | 52 | 66 |
Intercompany investing receipts | 0 | 0 |
Intercompany investing payments | 0 | 0 |
Net cash used in continuing investing activities | -7,429 | -8,901 |
Debt transactions costs | -606 | -889 |
Payment of credit facilities and capital leases | -245 | -233 |
Dividends paid to holders of noncontrolling interests | 0 | -46 |
Intercompany financing receipts | 0 | 0 |
Intercompany financing payments | 0 | 0 |
Net cash used in continuing financing activities | -851 | -1,168 |
Net cash (used in) / provided by discontinued operations - operating activities | -710 | 204 |
Net cash used in discontinued operations - financing activities | 865 | -29 |
Cash Provided by (Used in) Financing Activities, Discontinued Operations | -41 | -516 |
Impact of exchange rate fluctuations on cash and cash equivalents | -3,598 | 112 |
Cash and Cash Equivalents, Period Increase (Decrease) | 18,991 | 7,448 |
CASH AND CASH EQUIVALENTS, beginning of period | 34,298 | 102,322 |
CASH AND CASH EQUIVALENTS, end of period | 53,289 | 109,770 |
Parent Company [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net cash provided by (used in)/ generated from operating activities | -2,737 | -24,649 |
Purchase of property, plant and equipment | 0 | 0 |
Disposal of property, plant and equipment | 0 | 0 |
Intercompany investing receipts | 19,150 | 28,421 |
Intercompany investing payments | -4,900 | -13,179 |
Net cash used in continuing investing activities | 14,250 | 15,242 |
Debt transactions costs | -606 | -62 |
Payment of credit facilities and capital leases | 0 | 0 |
Dividends paid to holders of noncontrolling interests | 0 | |
Intercompany financing receipts | 0 | 0 |
Intercompany financing payments | 0 | 0 |
Net cash used in continuing financing activities | -606 | -62 |
Net cash (used in) / provided by discontinued operations - operating activities | 0 | 0 |
Net cash used in discontinued operations - financing activities | 0 | 0 |
Cash Provided by (Used in) Financing Activities, Discontinued Operations | 0 | 0 |
Impact of exchange rate fluctuations on cash and cash equivalents | 0 | 0 |
Cash and Cash Equivalents, Period Increase (Decrease) | 10,907 | -9,469 |
CASH AND CASH EQUIVALENTS, beginning of period | 613 | 19,461 |
CASH AND CASH EQUIVALENTS, end of period | 11,520 | 9,992 |
Guarantor Subsidiaries [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net cash provided by (used in)/ generated from operating activities | 20,655 | -2,584 |
Purchase of property, plant and equipment | 0 | 0 |
Disposal of property, plant and equipment | 0 | 0 |
Intercompany investing receipts | 764 | 36,003 |
Intercompany investing payments | -10,460 | -14,907 |
Net cash used in continuing investing activities | -9,696 | 21,096 |
Debt transactions costs | 0 | 0 |
Payment of credit facilities and capital leases | 0 | 0 |
Dividends paid to holders of noncontrolling interests | 0 | |
Intercompany financing receipts | 4,900 | 13,179 |
Intercompany financing payments | -19,150 | -28,421 |
Net cash used in continuing financing activities | -14,250 | -15,242 |
Net cash (used in) / provided by discontinued operations - operating activities | 0 | 0 |
Net cash used in discontinued operations - financing activities | 996 | 0 |
Cash Provided by (Used in) Financing Activities, Discontinued Operations | 0 | 0 |
Impact of exchange rate fluctuations on cash and cash equivalents | -443 | 38 |
Cash and Cash Equivalents, Period Increase (Decrease) | -2,738 | 3,308 |
CASH AND CASH EQUIVALENTS, beginning of period | 2,931 | 5,422 |
CASH AND CASH EQUIVALENTS, end of period | 193 | 8,730 |
Non-Guarantor Subsidiaries [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net cash provided by (used in)/ generated from operating activities | 12,837 | 44,979 |
Purchase of property, plant and equipment | -7,481 | -8,967 |
Disposal of property, plant and equipment | 52 | 66 |
Intercompany investing receipts | 0 | 0 |
Intercompany investing payments | 0 | 0 |
Net cash used in continuing investing activities | -7,429 | -8,901 |
Debt transactions costs | 0 | -827 |
Payment of credit facilities and capital leases | -245 | -233 |
Dividends paid to holders of noncontrolling interests | -46 | |
Intercompany financing receipts | 10,460 | 14,907 |
Intercompany financing payments | -764 | -36,003 |
Net cash used in continuing financing activities | 9,451 | -22,202 |
Net cash (used in) / provided by discontinued operations - operating activities | -710 | 204 |
Net cash used in discontinued operations - financing activities | -131 | -29 |
Cash Provided by (Used in) Financing Activities, Discontinued Operations | -41 | -516 |
Impact of exchange rate fluctuations on cash and cash equivalents | -3,155 | 74 |
Cash and Cash Equivalents, Period Increase (Decrease) | 10,822 | 13,609 |
CASH AND CASH EQUIVALENTS, beginning of period | 30,754 | 77,439 |
CASH AND CASH EQUIVALENTS, end of period | 41,576 | 91,048 |
Consolidation, Eliminations [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net cash provided by (used in)/ generated from operating activities | 0 | 0 |
Purchase of property, plant and equipment | 0 | 0 |
Disposal of property, plant and equipment | 0 | 0 |
Intercompany investing receipts | -19,914 | -64,424 |
Intercompany investing payments | 15,360 | 28,086 |
Net cash used in continuing investing activities | -4,554 | -36,338 |
Debt transactions costs | 0 | 0 |
Payment of credit facilities and capital leases | 0 | 0 |
Dividends paid to holders of noncontrolling interests | 0 | |
Intercompany financing receipts | -15,360 | -28,086 |
Intercompany financing payments | 19,914 | 64,424 |
Net cash used in continuing financing activities | 4,554 | 36,338 |
Net cash (used in) / provided by discontinued operations - operating activities | 0 | 0 |
Net cash used in discontinued operations - financing activities | 0 | 0 |
Cash Provided by (Used in) Financing Activities, Discontinued Operations | 0 | 0 |
Impact of exchange rate fluctuations on cash and cash equivalents | 0 | 0 |
Cash and Cash Equivalents, Period Increase (Decrease) | 0 | 0 |
CASH AND CASH EQUIVALENTS, beginning of period | 0 | 0 |
CASH AND CASH EQUIVALENTS, end of period | $0 | $0 |