Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 17, 2016 | Jun. 30, 2015 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | CENTRAL EUROPEAN MEDIA ENTERPRISES LTD. | ||
Entity Central Index Key | 925,645 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Public Float | $ 160.9 | ||
Entity Common Stock, Shares Outstanding | 135,804,221 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | |
Current assets | |||
Cash and cash equivalents | $ 61,679 | $ 34,298 | |
Accounts receivable, net (Note 7) | 167,427 | 175,866 | |
Program rights, net (Note 6) | 85,972 | 99,358 | |
Other current assets (Note 8) | 43,206 | 35,481 | |
Assets held for sale | [1] | 0 | 29,866 |
Total current assets | 358,284 | 374,869 | |
Non-current assets | |||
Property, plant and equipment, net (Note 9) | [2] | 108,522 | 114,335 |
Program rights, net (Note 6) | 169,073 | 207,264 | |
Goodwill (Note 4) | 622,243 | 681,398 | |
Broadcast licenses and other intangible assets, net (Note 4) | 151,162 | 183,378 | |
Other non-current assets (Note 8) | 44,917 | 58,116 | |
Total non-current assets | 1,095,917 | 1,244,491 | |
Total assets | [1] | 1,454,201 | 1,619,360 |
Current liabilities | |||
Accounts payable and accrued liabilities (Note 10) | 134,705 | 179,224 | |
Current portion of long-term debt and other financing arrangements (Note 5) | 1,155 | 252,859 | |
Other current liabilities (Note 11) | 10,448 | 7,812 | |
Disposal Group, Including Discontinued Operation, Liabilities | 0 | 10,632 | |
Total current liabilities | 146,308 | 450,527 | |
Non-current liabilities | |||
Long-term debt and other financing arrangements (Note 5) | 922,305 | 621,240 | |
Other non-current liabilities (Note 11) | 65,749 | 46,485 | |
Total non-current liabilities | $ 988,054 | $ 667,725 | |
Commitments and contingencies (Note 22) | |||
Temporary Equity [Abstract] | |||
200,000 shares of Series B Convertible Redeemable Preferred Stock of US$ 0.08 each (December 31, 2014 - 200,000) (Note 12) | $ 241,198 | $ 223,926 | |
CME Ltd. shareholders’ equity (Note 13): | |||
Additional paid-in capital | 1,914,050 | 1,928,920 | |
Accumulated deficit | (1,605,245) | (1,490,344) | |
Accumulated other comprehensive loss | (242,409) | (169,609) | |
Total CME Ltd. shareholders’ equity | 77,260 | 279,794 | |
Noncontrolling interests | 1,381 | (2,612) | |
Total equity | 78,641 | 277,182 | |
Total liabilities and equity | 1,454,201 | 1,619,360 | |
Series A Preferred Stock [Member] | |||
CME Ltd. shareholders’ equity (Note 13): | |||
One share of Series A Convertible Preferred Stock of US$ 0.08 each (December 31, 2014 – one) | 0 | 0 | |
Class A Common Stock [Member] | |||
CME Ltd. shareholders’ equity (Note 13): | |||
Common stock | 10,864 | 10,827 | |
Class B Common Stock [Member] | |||
CME Ltd. shareholders’ equity (Note 13): | |||
Common stock | $ 0 | $ 0 | |
[1] | Segment assets exclude any intercompany balances. | ||
[2] | Reflects property, plant and equipment. |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 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 |
Common Class A [Member] | ||
Common stock | $ 10,864 | $ 10,827 |
Common stock, shares issued (in shares) | 135,804,221 | 135,335,258 |
Common stock, par value (in dollars per share) | $ 0.08 | $ 0.08 |
Common Class B [Member] | ||
Common stock | $ 0 | $ 0 |
Common stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.08 | $ 0.08 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Net revenues | $ 605,841 | $ 680,793 | $ 633,134 | |
Operating expenses: | ||||
Content costs | 292,602 | 358,379 | 422,115 | |
Other operating costs | 69,727 | 85,478 | 104,519 | |
Depreciation of property, plant and equipment | 27,943 | 32,836 | 37,175 | |
Amortization of broadcast licenses and other intangibles (Note 4) | 12,271 | 12,348 | 14,761 | |
Cost of revenues | 402,543 | 489,041 | 578,570 | |
Selling, general and administrative expenses | 107,001 | 143,616 | 136,393 | |
Restructuring costs (Note 15) | 1,714 | 9,856 | 18,512 | |
Impairment charge (Note 4) | 0 | 0 | 79,676 | |
Operating income / (loss) | 94,583 | 38,280 | (180,017) | |
Interest expense (Note 16) | (171,444) | (142,005) | (111,709) | |
Loss on extinguishment of debt | 0 | (39,203) | (23,115) | |
Nonoperating Income (Expense) | (25,939) | (9,895) | 20,414 | |
Loss before tax | (102,800) | (152,823) | (294,427) | |
Credit for income taxes (Note 19) | 515 | 1,358 | 17,993 | |
Loss from continuing operations | (102,285) | (151,465) | (276,434) | |
Loss from discontinued operations, net of tax (Note 3) | (13,287) | (80,431) | (5,099) | |
Net loss | (115,572) | (231,896) | (281,533) | |
Net loss attributable to noncontrolling interests | 671 | 4,468 | 3,882 | |
Net loss attributable to CME Ltd. | (114,901) | (227,428) | (277,651) | |
Currency translation adjustment | (89,714) | (156,236) | (58,200) | |
Unrealized loss on derivative instruments (Note 14) | (839) | (581) | 0 | |
Total Other Comprehensive Income (Loss), Net of Tax | (90,553) | (156,817) | (58,200) | |
Comprehensive loss | (206,125) | (388,713) | (339,733) | |
Comprehensive (income) / loss attributable to noncontrolling interests | (712) | 3,505 | 4,103 | |
Comprehensive loss attributable to CME Ltd. | $ (206,837) | $ (385,208) | $ (335,630) | |
PER SHARE DATA (Note 20): | ||||
Continuing operations - Basic (in dollars per share) | $ (0.81) | $ (1.11) | $ (2.23) | |
Continuing operations - Diluted (in dollars per share) | (0.81) | (1.11) | (2.23) | |
Discontinued operations – Basic (in dollars per share) | (0.09) | (0.55) | (0.04) | |
Discontinued operations - Diluted (in dollars per share) | (0.09) | (0.55) | (0.04) | |
Net loss per share: | ||||
Net (loss) / income attributable to CME Ltd. – Basic (in dollars per share) | (0.90) | (1.66) | (2.27) | |
Net (loss) / income attributable to CME Ltd. – Diluted (in dollars per share) | $ (0.90) | $ (1.66) | $ (2.27) | |
Weighted average common shares used in computing per share amounts (000’s): | ||||
Basic (in shares) | [1] | 146,866 | 146,509 | 125,723 |
Diluted (in shares) | 146,866 | 146,509 | 125,723 | |
[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, 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 the common stock. |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands | Total | Additional Paid-In Capital [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Noncontrolling Interest [Member] | Preferred Stock [Member]Preferred Stock [Member] | Common Class A [Member] | Common Class A [Member]Common Stock [Member] | Common Class B [Member] | Common Class B [Member]Common Stock [Member] |
BALANCE at Dec. 31, 2012 | $ 631,267 | $ 1,556,250 | $ (982,513) | $ 46,150 | $ 5,206 | $ 0 | $ 6,174 | $ 0 | ||
BALANCE (in shares) at Dec. 31, 2012 | 1 | |||||||||
BALANCE (in shares) at Dec. 31, 2012 | 77,185,129 | 0 | ||||||||
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ||||||||||
Stock-based compensation | 6,116 | 6,116 | ||||||||
Share issuances | 151,653 | 147,082 | $ 4,571 | |||||||
Share issuances (in shares) | 57,132,931 | |||||||||
Acquisition of noncontrolling interest | 2,752 | (2,752) | ||||||||
Preferred dividend paid in kind | (7,890) | (7,890) | ||||||||
Share issuance, stock-based compensation | (42) | $ 42 | ||||||||
Share issuance, stock-based compensation (in shares) | 519,382 | |||||||||
Acquisition of noncontrolling interests | (261) | 261 | ||||||||
Other | 59 | 59 | ||||||||
Dividends | (471) | (471) | ||||||||
Net loss | (281,533) | (277,651) | (3,882) | |||||||
Unrealized loss on derivative instruments (Note 14) | 0 | |||||||||
Currency translation adjustment | (58,200) | (57,979) | (221) | |||||||
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 | 1 | |||||||||
BALANCE (in shares) at Dec. 31, 2013 | 134,837,442 | 0 | ||||||||
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ||||||||||
Stock-based compensation | 1,344 | 1,344 | ||||||||
Adjustments to Additional Paid in Capital, Warrant Issued | 239,586 | 239,586 | ||||||||
Preferred dividend paid in kind | (16,036) | (16,036) | ||||||||
Share issuance, stock-based compensation | (40) | $ 40 | ||||||||
Share issuance, stock-based compensation (in shares) | 497,816 | |||||||||
Net loss | (231,896) | (227,428) | (4,468) | |||||||
Unrealized loss on derivative instruments (Note 14) | (581) | (581) | ||||||||
Currency translation adjustment | (156,236) | (157,199) | 963 | |||||||
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 | 1 | |||||||||
BALANCE (in shares) at Dec. 31, 2014 | 135,300,000 | 135,335,258 | 0 | 0 | ||||||
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ||||||||||
Stock-based compensation | 2,439 | 2,439 | ||||||||
Preferred dividend paid in kind | (17,272) | (17,272) | ||||||||
Share issuance, stock-based compensation | (37) | $ 37 | ||||||||
Share issuance, stock-based compensation (in shares) | 468,963 | |||||||||
Net loss | (115,572) | (114,901) | (671) | |||||||
Unrealized loss on derivative instruments (Note 14) | (839) | (839) | ||||||||
Currency translation adjustment | (89,714) | (91,097) | 1,383 | |||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, Tax | 22,417 | 19,136 | 3,281 | |||||||
BALANCE at Dec. 31, 2015 | $ 78,641 | $ 1,914,050 | $ (1,605,245) | $ (242,409) | $ 1,381 | $ 0 | $ 10,864 | $ 0 | ||
BALANCE (in shares) at Dec. 31, 2015 | 1 | |||||||||
BALANCE (in shares) at Dec. 31, 2015 | 135,800,000 | 135,804,221 | 0 | 0 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net loss | $ (115,572) | $ (231,896) | $ (281,533) |
Adjustments to reconcile net loss to net cash generated from / (used in) continuing operating activities: | |||
Loss from discontinued operations, net of tax (Note 3) | 13,287 | 80,431 | 5,099 |
Amortization of program rights | 292,602 | 349,819 | 415,931 |
Depreciation and other amortization | 96,928 | 82,619 | 63,325 |
Interest paid in kind | 81,529 | 37,884 | 0 |
Loss on extinguishment of debt | 0 | 39,203 | 23,115 |
Impairment charge (Note 4) | 0 | 0 | 79,676 |
Loss / (gain) on disposal of fixed assets | 17,617 | (112) | (109) |
Stock-based compensation (Note 18) | 2,439 | 1,344 | 6,116 |
Change in fair value of derivatives (Note 14) | (7,333) | 0 | (104) |
Foreign currency exchange loss / (gain), net | 1,491 | (5,952) | (18,856) |
Net change in (net of effects of disposals of businesses): | |||
Accounts receivable, net | (8,077) | (26,539) | 4,382 |
Accounts payable and accrued liabilities | 6,161 | (10,549) | 28,227 |
Program rights | (303,111) | (388,436) | (357,369) |
Other assets and liabilities | (7,384) | 721 | 2,256 |
Accrued interest | 14,101 | (9,995) | (8,682) |
Income taxes payable | (303) | 2,948 | (6,419) |
Deferred revenue | 3,913 | (1,012) | (984) |
Deferred taxes | (1,671) | (2,206) | (14,512) |
VAT and other taxes payable | (740) | 16,486 | (629) |
Net cash generated from / (used in) continuing operating activities | 85,877 | (65,242) | (61,070) |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Purchase of property, plant and equipment | (33,517) | (28,685) | (30,118) |
Disposal of property, plant and equipment | 3,091 | 137 | 283 |
Net cash used in continuing investing activities | (30,426) | (28,548) | (29,835) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Repayments of debt | (261,034) | (712,919) | (310,322) |
Debt transactions costs | (1,541) | (14,206) | (785) |
Issuance of debt | 253,051 | 550,421 | 0 |
Change in restricted cash | 0 | 0 | 20,605 |
Proceeds from credit facilities | 0 | 25,000 | 40 |
Payment of credit facilities and capital leases | (27,365) | (1,080) | (1,648) |
Issuance of common stock | 0 | 191,825 | 157,116 |
Settlement of forward currency swaps | 7,983 | 0 | 0 |
Issuance of preferred stock | 0 | 0 | 200,000 |
Equity issuance costs | 0 | 0 | (5,410) |
Other | 0 | (46) | (352) |
Net cash (used in) / provided by continuing financing activities | (28,906) | 38,995 | 59,244 |
Net cash used in discontinued operations - operating activities | (3,019) | (1,408) | (1,952) |
Net cash provided by / (used in) discontinued operations - investing activities | 6,598 | (228) | (301) |
Net cash (used in) / provided by discontinued operations - financing activities | (76) | (942) | 77 |
Impact of exchange rate fluctuations on cash | (2,667) | (10,651) | (384) |
Net increase / (decrease) in cash and cash equivalents | 27,381 | (68,024) | (34,221) |
CASH AND CASH EQUIVALENTS, beginning of period | 34,298 | 102,322 | 136,543 |
CASH AND CASH EQUIVALENTS, end of period | 61,679 | 34,298 | 102,322 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | |||
Cash paid for interest | 18,457 | 76,154 | 108,344 |
Cash paid for income taxes, net of refunds | 805 | (2,234) | 6,478 |
SUPPLEMENTAL DISCLOSURE OF NON-CASH FINANCING AND INVESTING ACTIVITIES: | |||
Accretion on Series B Convertible Redeemable Preferred Stock | 17,272 | 16,036 | 7,890 |
Capital Lease Obligations Incurred | $ 1,511 | $ 1,088 | $ 1,225 |
ORGANIZATION AND BUSINESS
ORGANIZATION AND BUSINESS | 12 Months Ended |
Dec. 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. See Note 21, "Segment Data" for financial information by segment. We have market leading broadcast operations in six countries in Central and Eastern Europe broadcasting a total of 36 television channels. Each country also develops and produces content for their television channels. 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. 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, BTV ACTION and BTV LADY. We own 94% 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 seven other channels, NOVA CINEMA, NOVA SPORT 1, NOVA SPORT 2, a premium sport-related channel launched on September 5, 2015, FANDA, SMICHOV, TELKA and NOVA INTERNATIONAL, a general entertainment channel broadcasting in the Slovak Republic launched on February 1, 2016. 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 three other channels, DOMA (Slovak Republic), DAJTO, and MARKIZA INTERNATIONAL, a general entertainment channel broadcasting in the Czech Republic launched on February 1, 2016. Slovenia We operate two general entertainment channels, POP TV and KANAL A, and three other channels, KINO, BRIO and OTO. |
BASIS OF PRESENTATION AND SIGNI
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES | BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 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 koruna, all references to “RON” are to the New Romanian lei and all references to “Euro” or “EUR” are to the European Union Euro. Basis of Consolidation The 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. Change in Presentation In the third quarter of 2015, we condensed our presentation of certain non-operating income and expenses in our consolidated statements of operations and comprehensive income. Prior period comparative amounts have been reclassified to conform to the current year presentation. See Note 17, "Other Non-operating Income / Expense" for further detail. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America ("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. Revenue Recognition Revenue is recognized when there is persuasive evidence of an arrangement, delivery of products has occurred or services have been rendered, the price is fixed or determinable and collectibility is reasonably assured. A bad debt provision is maintained for estimated losses resulting from our customers' subsequent inability to make payments. Revenues are recognized net of discounts and customer sales incentives. Our principal revenue streams and their respective accounting treatments are discussed below: Advertising revenue Revenues primarily result from the sale of advertising time. Television advertising revenue is recognized as the commercials are aired. In many countries, we commit to provide advertisers with certain rating levels in connection with their advertising. Revenue is recorded net of estimated shortfalls, which are usually settled by providing the advertiser additional advertising time. Discounts and agency commissions are recognized at the point when the advertising is broadcast and are reflected as a reduction to gross revenue. Display advertising on our websites is recognized as impressions are delivered. Impressions are delivered when an advertisement appears in pages viewed by users. Carriage fees and subscription revenues Carriage fees from cable operators and direct-to-home broadcasters are recognized as revenue over the period for which the channels are provided and to which the fees relate. Subscriber revenue is recognized as contracted, based upon the number of subscribers. Barter transactions We enter into barter transactions which represent advertising time or other services exchanged for non-cash goods and/or other services, such as promotional items, advertising, supplies and equipment. Revenue from barter transactions is recognized as income when the services have been provided. Expenses are recognized when goods or services are received or used. We record barter transactions at the fair value of goods or services received or advertising surrendered, whichever is more readily determinable. Barter revenue amounted to US$ 1.5 million , US$ 1.5 million and US$ 2.2 million for the years ending December 31, 2015 , 2014 and 2013 , respectively. Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand and marketable securities with original maturities of three months or less. Cash that is subject to restrictions is classified as restricted cash, if applicable. Program Rights Purchased program rights Purchased program rights and the related liabilities are recorded at their gross value when the license period begins and the programs are available for broadcast. Purchased program rights are classified as current or non-current assets based on anticipated usage, while the related program rights liability is classified as current or non-current according to the payment terms of the license agreement. Program rights are evaluated to determine if expected revenues are sufficient to cover the unamortized portion of the program. To the extent that expected revenues are insufficient, the program rights are written down to their expected net realizable value. These programming impairment charges, along with programming impairment charges related to own-produced content, are presented as a component of content costs in our consolidated statements of operations and comprehensive income. The costs incurred to acquire program rights are capitalized and amortized over their expected useful lives in a manner which reflects the pattern we expect to use and benefit from the programming. If the initial airing of content allowed by a license is expected to provide more value than subsequent airings, we apply an accelerated method of amortization. These accelerated methods of amortization depend on the estimated number of runs the content is expected to receive, and are determined based on a study of historical results for similar programming. For programming that is not advertising supported, each program's costs are amortized on a straight-line basis over the license period. For content that is expected to be aired only once, the entire cost is recognized as expense on the first run. Produced program rights Program rights that are produced by us consist of deferred film and television costs including direct costs, production overhead and development costs. The costs are stated at the lower of cost, net of accumulated amortization, or fair value. The amount of capitalized production costs recognized as cost of revenues for a given production as it is exhibited in various markets is determined using the film forecast method. The proportion of costs recognized is equal to the proportion of the revenue recognized compared to the total revenue expected to be generated throughout the product's life cycle (the “ultimate revenues”). Our process for evaluating ultimate revenues is tailored to the potential we believe a title has for generating multiple revenues. The majority of our production is intended primarily for exploitation by our own broadcasters. In such cases, we consider mainly the free television window in our calculation of the ultimate revenues. For produced and acquired feature films or other projects where we have a supportable expectation of generating multiple revenue streams, we base our estimates of ultimate revenues for each film on factors such as the historical performance of similar films, the star power of the actors and actresses, the rating and genre of the film, pre-release market research (including test market screenings) and the expected number of theaters in which the film will be released. These estimates are updated based on information available on the progress of the film's production and upon release, the actual results of each film. Produced program rights are amortized on an individual production basis using the ratio of the current period's gross revenues to estimated remaining total ultimate revenues from such programs. Produced program rights are evaluated to determine if expected revenues, less additional costs to be incurred (including exploitation costs) are sufficient to cover the unamortized portion of the program. To the extent that expected revenues are insufficient, the program rights are written down to their fair value. Property, Plant and Equipment Property, plant and equipment is carried at cost, less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives assigned to each major asset category as below: Asset category Estimated useful life Land Indefinite Buildings 25 years Machinery, fixtures and equipment 4 - 8 years Other equipment 3 - 8 years Software licenses 3 - 5 years Construction-in-progress is not depreciated until put into use. Capital leases are depreciated on a straight-line basis over the shorter of the estimated useful life of the asset or the lease term. Leasehold improvements are depreciated over the shorter of the related lease term or the life of the asset. Assets to be disposed of are reported at the lower of carrying amount or fair value, less expected costs of disposal. Long-Lived Assets Including Intangible Assets with Finite Lives Long-lived assets include property, plant, equipment and intangible assets with finite lives. We review long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The carrying amounts of long-lived assets are considered impaired when the anticipated undiscounted cash flows from such assets are less than their carrying amounts. In that event, a loss is recognized based on the amount by which the carrying amount exceeds the fair value. Goodwill and Indefinite-Lived Intangible Assets Goodwill represents the excess of the fair value of consideration paid over the fair value of net tangible and other identifiable intangible assets acquired in a business combination. We evaluate the carrying amount of goodwill for impairment as at December 31 of each year, or more frequently if events or changes in circumstances indicate that the asset might be impaired. An impairment exists when the carrying amount of a reporting unit (including its goodwill), exceeds its fair value after adjusting for any impairments of long-lived assets or indefinite-lived intangible assets. Goodwill impairment is measured as the excess of the carrying amount of goodwill over its implied fair value, which is calculated by deducting the fair value of all assets and liabilities, including recognized and unrecognized intangible assets, from the fair value of the reporting unit. We have six operating segments, which were also our reportable segments and reporting units as described in Note 21, "Segment Data" . The fair value of our reporting units is determined based on estimates of future cash flows discounted at appropriate rates and on publicly available information, where appropriate. In the assessment of discounted future cash flows the following data is used: management's long-term plan, a terminal value at the end of the forecasted periods assuming an inflationary perpetual growth rate, and a discount rate selected with reference to the relevant cost of capital. Indefinite-lived intangible assets at December 31, 2015 consist solely of trademarks, which are not amortized. We evaluate indefinite-lived intangible assets for impairment as at December 31 of each year, or more frequently if events or changes in circumstances indicate that the asset might be impaired. An impairment loss is recognized if the carrying amount of an indefinite-lived intangible asset exceeds its fair value. Income Taxes We account for income taxes under the asset and liability method. Deferred tax assets and liabilities are recognized for the expected tax consequences of temporary differences between the tax bases of assets and liabilities and their reported amounts. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the year in which the temporary differences are expected to be recovered or settled. Valuation allowances are established when necessary to reduce deferred tax assets to amounts which are more likely than not to be realized. In evaluating the realizability of our deferred tax assets, we consider all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies and recent financial operations. We recognize in the consolidated financial statements those tax positions determined to be “more likely than not” of being sustained upon examination, based on the technical merits of the positions and we recognize, when applicable, both accrued interest and penalties related to uncertain tax positions in income tax expense in the accompanying consolidated statements of operations and comprehensive income. Foreign Currency Translation of financial statements Our reporting currency is the dollar. The financial statements of our operations whose functional currency is other than the dollar are translated from such functional currency to dollars at the exchange rates in effect at the balance sheet date for assets and liabilities, and at weighted average rates for the period for revenues and expenses, including gains and losses. Translational gains and losses are charged or credited to accumulated other comprehensive income, a component of equity. Certain of our intercompany loans to our subsidiaries are of a long-term investment nature. We recorded a foreign exchange losses of US$ 89.0 million , US$ 164.4 million and US$ 16.4 million for the years ending December 31, 2015 , 2014 , and 2013 , respectively, on the retranslation of these intercompany loans as an adjustment to accumulated other comprehensive income, a component of shareholders' equity, as settlement of these loans is not planned or anticipated in the foreseeable future. Transactions in foreign currencies Gains and losses from foreign currency transactions are included in foreign currency exchange gain / (loss), net in the consolidated statements of operations and comprehensive income in the period during which they arise. Leases Leases are classified as either capital or operating. Those leases that transfer substantially all benefits and risks of ownership of the property to us are accounted for as capital leases. All other leases are accounted for as operating leases. Capital leases are accounted for as assets and are depreciated on a straight-line basis over the shorter of the estimated useful life of the asset or the lease term. Commitments to repay the principal amounts arising under capital lease obligations are included in current liabilities to the extent that the amount is repayable within one year; otherwise the principal is included in non-current liabilities. The capitalized lease obligation reflects the present value of future lease payments. The financing element of the lease payments is charged to interest expense over the term of the lease. Operating lease costs are expensed on a straight-line basis over the term of the lease. Financial Instruments Fair value of financial instruments The carrying amount of financial instruments, including cash, 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 hereinafter) is included in Note 5, "Long-term Debt and Other Financing Arrangements" . Fair value is the price an asset or liability could be exchanged in an arm’s-length orderly transaction between knowledgeable, able and willing parties that is not a forced sale or liquidation. US GAAP requires significant management estimates in determining fair value. The extent of management’s judgments is highly dependent on the valuation model employed and the observability of inputs to the fair value model. The level of management judgment required in establishing fair value of financial instruments is more significant where there is no active market in which the instrument is traded. For financial instruments that are not remeasured through net income, we estimate fair value at issuance and account for the instrument at amortized cost. For financial instruments that are remeasured through net income, we assess the fair value of the instrument at each period end or earlier when events occur or circumstances change that would so require (see Note 14, "Financial Instruments and Fair Value Measurements" ). Derivative financial instruments We use derivative financial instruments for the purpose of mitigating currency and interest rate risks, which exist as part of ongoing business operations and financing activities. As a policy, we do not engage in speculative or leveraged transactions, nor do we hold or issue derivative financial instruments for trading purposes. Forward exchange contracts and currency swaps are used to mitigate exposures to currency fluctuations on certain short-term transactions generally denominated in currencies other than our functional currency. These contracts are marked to market at the balance sheet date, and the resultant unrealized gains and losses are recorded in the consolidated statements of operations and comprehensive income, together with realized gains and losses arising on settlement of these contracts. Interest rate swaps and other instruments may be used to mitigate exposures to interest rate fluctuations on certain of our long-term debt instruments with variable interest rates. These contracts are marked to market at the balance sheet date, and the resultant unrealized gains and losses are recorded in the consolidated statements of operations and comprehensive income, together with realized gains and losses arising on settlement of these contracts. From time to time, we may designate certain of these instruments as hedges and apply hedge accounting as discussed in Note 14, "Financial Instruments and Fair Value Measurements" . Stock-Based Compensation Stock-based compensation is recognized at fair value. We calculate the fair value of stock option awards using the Black-Scholes option pricing model and recognize the compensation cost over the vesting period of the award. The grant date fair value of restricted stock units ("RSUs") is calculated as the closing price of our Class A common stock on the date of grant. For 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 correlation coefficient between our common stock and the relevant market index. Contingencies The estimated loss from a loss contingency such as a legal proceeding or other claim is recorded in the consolidated statements of operations and comprehensive income if it is probable that an asset has been impaired or a liability has been incurred and the amount of the loss can be reasonably estimated. Disclosure of a loss contingency is made if there is at least a reasonable possibility that a loss has been incurred. Advertising Costs Advertising costs are expensed as incurred. Advertising expense incurred for the years ending December 31, 2015 , 2014 and 2013 totaled US$ 3.0 million , US$ 3.7 million and US$ 6.0 million , respectively. Earnings Per Share 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. Discontinued Operations We present our results of operations, financial position and cash flows of operations that have either been sold or that meet the criteria for "held-for-sale accounting" as discontinued operations if the disposal represents a strategic shift that will have a major effect on our operations and financial results. At the time an operation qualifies for held-for-sale accounting, the operation is evaluated to determine whether or not the carrying amount exceeds its fair value less cost to sell. Any loss as a result of carrying amounts in excess of fair value less cost to sell is recorded in the period the operation meets held-for-sale accounting. Management judgment is required to (1) assess the criteria required to meet held-for-sale accounting, and (2) estimate fair value. Changes to the operation could cause it to no longer qualify for held-for-sale accounting and changes to fair value could result in an increase or decrease to previously recognized losses. In 2014, we classified certain of our non-core businesses as discontinued operations and completed the divestitures in 2015 (see Note 3, "Discontinued Operations and Assets Held for Sale" ). 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 (Accounting Standards Update No. 2014-08), 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, are 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 August 2015, the FASB issued guidance which defers the effective date of the new revenue standard for all entities by one year, which would extend the effective date to our fiscal year beginning January 1, 2018. We are currently in the process of evaluating the impact of the adoption of this guidance on our 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 do not expect this guidance to have a material impact on our 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 consolidated balance sheets will be affected, with no impact to our consolidated statements of operations and comprehensive income or consolidated statements of cash flows. In November 2015, the FASB issued guidance which is intended to change the presentation requirements for the balance sheet classification of deferred taxes. Upon adoption of the guidance, deferred tax balances are required to be classified as non-current. The guidance is effective for annual financial statements beginning after December 15, 2016 and interim periods therein, with early adoption permitted. The adoption of this guidance will impact how we present and disclose deferred tax assets and liabilities in our consolidated balance sheet but will have no effect on our net deferred income tax liability. |
DISCONTINUED OPERATIONS AND ASS
DISCONTINUED OPERATIONS AND ASSETS HELD FOR SALE | 12 Months Ended |
Dec. 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. During 2015, we completed our non-core divestiture plans with the sales of our Romanian studios, cinema, music, radio and remaining distribution businesses. The impact of these events has been retroactively applied to all periods presented. Loss from discontinued operations, net of taxes, comprised the following for the year ended December 31, 2015 , 2014 and 2013 : For The Year Ending December 31, 2015 2014 2013 Net revenues $ 7,285 $ 50,191 $ 57,900 Loss from discontinued operations before income taxes and loss on sale (1,990 ) (17,893 ) (4,131 ) Credit / (provision) for income taxes 91 1,987 (968 ) Loss from discontinued operations, net of taxes, before loss on sale (1,899 ) (15,906 ) (5,099 ) Loss on sale of divested businesses, net of tax (1) (11,388 ) (64,525 ) — Loss from discontinued operations, net of tax $ (13,287 ) $ (80,431 ) $ (5,099 ) (1) Amount includes realized gains / losses on completed disposal transactions in 2015 and 2014, and losses related to fair value adjustments required to measure our assets held for sale at fair value less costs to sell for businesses classified as discontinued operations in 2014. For the year ended December 31, 2015, the amount includes losses related to the reclassification of the cumulative translation adjustment into net income of US$ 7.7 million and the reclassification of accumulated losses attributable to noncontrolling interest of US$ 3.7 million . For the year ended December 31, 2014, the amount includes losses related to the reclassification of the cumulative translation adjustment into net income of US$ 3.1 million . In the fourth quarter of 2014, we committed to a plan to sell a surplus facility and related land in Bulgaria. During the year ended December 31, 2015 , we recognized a loss on sale of this facility of US$ 3.3 million within non-operating expense, net in our consolidated statements of operations and comprehensive income. Discontinued operations and assets held for sale subsequent 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 third quarter of 2015, we entered into an agreement to sell our Romanian studios along with its parent holding company on an as-is basis and completed the sale on October 16, 2015. For the year ended December 31, 2015 , we recognized a loss on sale of US$ 14.6 million within non-operating expense, net in our consolidated statements of operations and comprehensive income as the parent holding company did not qualify as a discontinued operation. |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND INTANGIBLE ASSETS | GOODWILL AND INTANGIBLE ASSETS Goodwill: Goodwill by reporting unit as at December 31, 2015 and December 31, 2014 is summarized as follows: Bulgaria Croatia Czech Republic Romania Slovak Republic Slovenia Total Gross Balance, December 31, 2013 $ 179,609 $ 11,149 $ 876,447 $ 109,028 $ 60,303 $ 19,400 $ 1,255,936 Accumulated impairment losses (144,639 ) (10,454 ) (287,545 ) (11,028 ) — (19,400 ) (473,066 ) Balance, December 31, 2013 34,970 695 588,902 98,000 60,303 — 782,870 Foreign currency (4,115 ) (84 ) (75,807 ) (11,409 ) (7,215 ) — (98,630 ) Other (1) — — — (2,842 ) — — (2,842 ) Balance, December 31, 2014 30,855 611 513,095 83,749 53,088 — 681,398 Accumulated impairment losses (144,639 ) (10,454 ) (287,545 ) (11,028 ) — (19,400 ) (473,066 ) Gross Balance, December 31, 2014 $ 175,494 $ 11,065 $ 800,640 $ 94,777 $ 53,088 $ 19,400 $ 1,154,464 (1) Amount represents the goodwill allocated to businesses held-for-sale based on their fair value relative to the fair value of the reporting unit's continuing operations. 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 (3,129 ) (60 ) (41,149 ) (9,334 ) (5,483 ) — (59,155 ) Balance, December 31, 2015 27,726 551 471,946 74,415 47,605 — 622,243 Accumulated impairment losses (144,639 ) (10,454 ) (287,545 ) (11,028 ) — (19,400 ) (473,066 ) Gross Balance, December 31, 2015 $ 172,365 $ 11,005 $ 759,491 $ 85,443 $ 47,605 $ 19,400 $ 1,095,309 Broadcast licenses and other intangible assets: Changes in the net book value of our broadcast licenses and other intangible assets as at December 31, 2015 and December 31, 2014 is summarized as follows: December 31, 2015 December 31, 2014 Gross Accumulated Amortization Net Gross Accumulated Amortization Net Indefinite-lived: Trademarks $ 83,188 $ — $ 83,188 $ 98,250 $ — $ 98,250 Amortized: Broadcast licenses 191,860 (127,613 ) 64,247 209,279 (131,750 ) 77,529 Trademarks 614 (614 ) — — — — Customer relationships 53,120 (49,672 ) 3,448 59,011 (51,858 ) 7,153 Other 2,138 (1,859 ) 279 3,877 (3,431 ) 446 Total $ 330,920 $ (179,758 ) $ 151,162 $ 370,417 $ (187,039 ) $ 183,378 Our broadcast licenses above represents our license in the Czech Republic, which is amortized on a straight-line basis through the expiration date of the license, which is 2025. Our 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 . The estimated amortization expense for our intangible assets with finite lives as of December 31, 2015 is as follows: 2016 $ 8,227 2017 8,013 2018 7,828 2019 7,375 2020 7,150 Impairment of goodwill, indefinite-lived intangible assets and long-lived assets: Process of reviewing goodwill, indefinite-lived intangible assets and long-lived assets for impairment We review both goodwill and indefinite-lived intangible assets for impairment as at December 31 of each year. Goodwill is evaluated at the reporting unit level and each indefinite-lived intangible asset is evaluated individually. Long-lived assets are evaluated at the asset group level when there is an indication that they may be impaired. In addition, whenever events occur which suggest any asset in a reporting unit may be impaired, an evaluation of the goodwill and indefinite-lived intangible assets, together with the associated long-lived assets of each asset group, is performed. Outside our annual review, there are a number of factors which could trigger an impairment review, including: • under-performance of operating segments or changes in projected results; • changes in the manner of utilization of an asset; • severe and sustained declines in the trading price of shares of our Class A common stock that are not attributable to factors other than the underlying value of our assets; • negative market conditions or economic trends; and • specific events, such as new legislation, new market entrants, changes in technology or adverse legal judgments that we believe could have a negative impact on our business. In testing the goodwill of each reporting unit, the fair value of the reporting unit is compared to the carrying amount of its net assets, including goodwill. If the fair value of the reporting unit is less than its carrying amount, the fair value of the reporting unit is then measured against the fair value of its underlying assets and liabilities, excluding goodwill, to estimate the implied fair value of the reporting unit's goodwill. The fair value of each reporting unit is determined using discounted estimated future cash flow models. Our expectations of these cash flows are developed during our long- and short-range business planning processes and incorporate several variables, including, but not limited to, discounted cash flows of a typical market participant, future market revenue and long-term growth projections, estimated market share for the typical participant and estimated profit margins based on market size and operation type. The cash flow model also assumes outlays for capital expenditures, future terminal values, an effective tax rate assumption and a discount rate based on a number of factors including market interest rates, and a weighted average cost of capital analysis of the media industry which includes adjustments for market risk. An impairment loss is recognized for any excess of the carrying amount of the reporting unit's goodwill over the implied fair value. If goodwill and another asset or asset group are tested for impairment at the same time, the other assets are tested for impairment before goodwill. If the other asset or asset group is impaired, this impairment loss is recognized prior to goodwill being tested for impairment. Indefinite-lived intangible assets are evaluated for impairment by comparing the fair value of the asset to its carrying amount. Any excess of the carrying amount over the fair value is recognized as an impairment charge. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset group to our estimate of the undiscounted future cash flows we expect that asset group will generate. If the carrying amount of an asset exceeds our estimate of its undiscounted future cash flows, an impairment charge is recognized equal to the amount by which the carrying amount exceeds the fair value of the respective asset. Assessing goodwill, indefinite-lived intangible assets and long-lived assets for impairment is a complex iterative process that requires significant judgment and involves a great deal of detailed quantitative and qualitative business-specific analysis and many individual assumptions which fluctuate with the passage of time. Our estimate of the cash flows our operations will generate in future periods forms the basis for most of the significant assumptions inherent in our impairment reviews. Our expectations of these cash flows are developed during our long- and short-range business planning processes, which are designed to address the uncertainties inherent in the forecasting process by capturing a range of possible views about key trends which govern future cash flow growth. We have observed over many years a strong positive correlation between the macro economic performance of our markets and the size of the television advertising market and ultimately the cash flows we generate. With this in mind, we have placed a high importance on developing our expectations for the future development of the macro economic environment in general, the advertising market and our share of it in particular. While this has involved an appreciation of historical trends, we have placed a higher emphasis on forecasting these market trends, which has involved detailed review of macro-economic data, a range of both proprietary and publicly-available estimates for future market development, and a process of on-going consultation with our segment management teams. In developing our forecasts of future cash flows, we take into account available external estimates in addition to considering developments in each of our markets, which provide direct evidence of the state of the market and future market development. In concluding whether a goodwill impairment charge is necessary, we perform the impairment test under a range of possible scenarios. In order to check the reasonableness of the fair values implied by our cash flow estimates we also calculate the value of shares of our Class A common stock implied by our cash flow forecasts and compare this to actual traded values to understand the difference between the two. The table below shows the key measurements involved and the valuation methods applied: Measurement Valuation Method Recoverability of carrying amount Undiscounted future cash flows (Level 3 inputs*) Fair value of broadcast licenses Build-out method (Level 3 inputs*) Fair value of indefinite-lived trademarks Relief from royalty method (Level 3 inputs*) Fair value of reporting units Discounted cash flow model (Level 3 inputs*) *As described in Note 14, "Financial Instruments and Fair Value Measurements" . Each method noted above involves a number of significant assumptions over an extended period of time which could materially change our decision as to whether assets are impaired. The most significant of these assumptions include: the discount rate applied, the total advertising market size, achievable levels of market share, forecast OIBDA and capital expenditure and the rate of growth into perpetuity, each described in more detail below: • Cost of capital: The cost of capital reflects the return a hypothetical market participant would require for a long-term investment in an asset and can be viewed as a proxy for the risk of that asset. We calculate the cost of capital according to the Capital Asset Pricing Model using a number of assumptions, the most significant of which is a Country Risk Premium (“CRP”). The CRP reflects the excess risk to an investor of investing in markets other than the United States and generally fluctuates with expectations of changes in a country's macro-economic environment. The costs of capital that we have applied to cash flows for our 2015 annual impairment test were broadly in line with those we had used in the 2014 impairment test, with the exception of those applied for our Croatia and Slovenia reporting units. The cost of capital increase in Croatia is due to an increase in the CRP and synthetic risk free rate whereas a decrease in the same factors led to a decrease in the cost of capital in Slovenia. • Total advertising market: The size of the television advertising market effectively places an upper limit on the advertising revenue we can expect to earn in each country. Our estimate of the total advertising market is developed from a number of external sources, in combination with a process of on-going consultation with our segment management teams. In our annual impairment review performed in the fourth quarter of 2015, we increased our medium- and long-term view of the size of the television advertising markets compared to the estimates used in the 2014 annual impairment review based on our estimate of the timing and strength of the market recovery. • Market share: This is a function of the audience share we expect our stations to generate, and the relative price at which we can sell advertising. Our estimate of the total advertising market is developed from a number of external sources, in combination with a process of on-going consultation with our segment management teams. Our estimates for our market share in our 2015 annual impairment review decreased slightly from those in our 2014 impairment review, however, revenues are expected to increase due to the estimated growth in the total advertising market. • Forecast OIBDA: The level of cash flow generated by each operation is ultimately governed by the extent to which we manage the relationship between revenues and costs. We forecast the level of operating costs by reference to (a) the historical absolute and relative levels of costs we have incurred in generating revenue in each reporting unit, (b) the operating strategy of each business and (c) specific forecast costs to be incurred. Our annual impairment review includes assumptions to reflect benefits of cost control measures taken to date, and contemplated further cost control efforts. • Forecast capital expenditure: The size and phasing of capital expenditure, both recurring expenditure to replace retired assets and investments in new projects, has a significant impact on cash flows. We forecast the level of future capital expenditure based on current strategies and specific forecast costs to be incurred. In line with our ongoing efforts to protect our operating margins, the absolute levels of capital expenditure forecast remained broadly consistent with the prior year impairment reviews. • Growth rate into perpetuity: This reflects the level of economic growth in each of our markets from the final year in our discrete forecast period into perpetuity and is the sum of an estimated real growth rate, which reflects our belief that macro-economic growth in our markets will ultimately converge to Western European markets, and long-term expectations for inflation. Our estimates of these rates are based on observable market data and have declined in most of our operating countries since our 2014 annual impairment test. Results of goodwill, indefinite-lived intangible assets and long-lived assets impairment testing The forecasts utilized for our 2015 annual impairment test continued to focus on building our core television broadcasting assets in each country and reflected the increases in revenue, OIBDA and free cash flow achieved in 2014 and 2015. Upon conclusion of this review, we determined that the fair values of our goodwill and intangible assets were substantially in excess of their respective carrying values. We concluded that the total estimated fair values used for purposes of the test are reasonable by comparing our market capitalization to the results of the discounted cash flows analysis of our reporting units, as adjusted for unallocated corporate assets and liabilities. In our review during the fourth quarter of 2014, we determined that the fair values of our goodwill and intangible assets were substantially in excess of their respective carrying values. In 2013, we recorded a charge to impair broadcast licenses, customer relationships, trademarks and goodwill in certain reporting units, as presented below. The fair value of each reporting unit where goodwill was not impaired as of December 31, 2013 was substantially in excess of its carrying amount. We recognized impairment charges in the following reporting units in respect of goodwill, tangible and intangible assets during the year ended December 31, 2013: For the Year ended December 31, 2013 Trademarks Customer relationships Broadcast licenses Goodwill Total Bulgaria $ 12,259 $ 23,608 $ — $ 16,813 $ 52,680 Slovenia — — 7,596 19,400 26,996 Total $ 12,259 $ 23,608 $ 7,596 $ 36,213 $ 79,676 |
LONG-TERM DEBT AND OTHER FINANC
LONG-TERM DEBT AND OTHER FINANCING ARRANGEMENTS | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
LONG-TERM DEBT AND OTHER FINANCING ARRANGEMENTS | LONG-TERM DEBT AND OTHER FINANCING ARRANGEMENTS Summary December 31, 2015 December 31, 2014 Senior Debt $ 919,812 $ 867,367 Other credit facilities and capital leases 3,648 6,732 Total long-term debt and other financing arrangements 923,460 874,099 Less: current maturities (1,155 ) (252,859 ) Total non-current long-term debt and other financing arrangements $ 922,305 $ 621,240 Financing Transactions On November 13, 2015 we drew on the 2019 Euro Term Loan and applied the proceeds toward the repayment and discharge the 2015 Convertible Notes at maturity on November 15, 2015. On February 19, 2016, we entered into a series of related financing transaction to improve our maturity profile and reduce our interest costs. See Note 26, "Subsequent Events" for further information. Overview Total senior debt and credit facilities comprised the following at December 31, 2015 : Principal Amount of Liability Component Unamortized Discount Net Carrying Amount Equity Component 2017 PIK Notes (1) $ 502,504 $ (139,833 ) $ 362,671 $ 178,626 2017 Term Loan (2) (3) 38,194 (10,309 ) 27,885 13,199 2018 Euro Term Loan 273,046 — 273,046 — 2019 Euro Term Loan 256,210 — 256,210 — 2021 Revolving Credit Facility (3) — — — 50,596 Total senior debt and credit facilities $ 1,069,954 $ (150,142 ) $ 919,812 (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 represents the fair value ascribed to the Unit Warrants (see Note 13, "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 component of the 2017 Term Loan and 2021 Revolving Credit Facility represents the fair value ascribed to the Initial Warrants (as described in Note 13, "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 2021 Revolving Credit Facility, which is being amortized on a straight-line basis over the life of the 2021 Revolving Credit Facility. Senior Debt Our senior debt comprised the following at December 31, 2015 and December 31, 2014 : Carrying Amount Fair Value December 31, 2015 December 31, 2014 December 31, 2015 December 31, 2014 2015 Convertible Notes $ — $ 251,669 $ — $ 260,922 2017 PIK Notes 362,671 265,629 552,338 476,957 2017 Term Loan 27,885 20,573 41,525 35,923 2018 Euro Term Loan 273,046 304,496 273,046 304,496 2019 Euro Term Loan 256,210 — 256,210 — 2021 Revolving Credit Facility — 25,000 — 25,000 $ 919,812 $ 867,367 $ 1,123,119 $ 1,103,298 2017 PIK Notes As at December 31, 2015 , the principal amount of the 15.0% Senior Secured Notes due 2017 (the "2017 PIK Notes") outstanding was US$ 502.5 million . Interest is payable semi-annually in arrears on each June 1 and December 1, which we may pay on a semi-annual basis in cash or in kind by adding such accrued interest to the principal amount of the 2017 PIK Notes. The 2017 PIK Notes, which mature on December 1, 2017, are redeemable at our option, in whole or in part, at a redemption price equal to 100% of the principal amount thereof. We intend to draw on the 2021 Euro Term Loan and apply the proceeds to redeem and discharge the 2017 PIK Notes on or about April 8, 2016 (see Note 26, "Subsequent Events" ). The fair value of the 2017 PIK Notes as at December 31, 2015 of US$ 552.3 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 14, "Financial Instruments and Fair Value Measurements" . The 2017 PIK Notes are senior secured obligations of CME, and 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 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 PIK 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. 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 December 31, 2015 . 2017 Term Loan As at December 31, 2015 , the principal amount outstanding of the 15% term loan facility due 2017 (the "2017 Term Loan") was US$ 38.2 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 we may pay in cash or in kind. We have elected to pay interest in kind since the initial drawdown. The 2017 Term Loan, which matures on December 1, 2017, may be prepaid in whole, but not in part, subject to the concurrent repayment and discharge of the 2017 PIK Notes. We intend to draw on the 2021 Euro Term Loan and apply the proceeds to repay the 2017 Term Loan on or about April 8, 2016 (see Note 26, "Subsequent Events" ). The fair value of the 2017 Term Loan as at December 31, 2015 of US$ 41.5 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 14, "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. 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 December 31, 2015 . 2018 Euro Term Loan As at December 31, 2015 , the principal amount of our floating rate senior unsecured term credit facility (as amended, the "2018 Euro Term Loan") outstanding was EUR 250.8 million (approximately US$ 273.0 million ). The 2018 Euro Term Loan bears interest at three-month EURIBOR (fixed pursuant to customary hedging arrangements (see Note 14, "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. As at December 31, 2015 , the interest rate on amounts outstanding under the 2018 Euro Term Loan was 1.50% . With effect from the drawing of the 2021 Euro Term Loan (see Note 26, "Subsequent Events" ), the 2018 Euro Term Loan maturity will be extended from November 1, 2017 to November 1, 2018 and may be prepaid at our option, in whole or in part, without premium or penalty, upon the occurrence of certain events, including if our net leverage (as defined in our Reimbursement Agreement) decreases to five times for two consecutive quarters. The fair value of the 2018 Euro Term Loan as at December 31, 2015 approximates its carrying value. This measurement of estimated fair value uses Level 2 inputs as described in Note 14, "Financial Instruments and Fair Value Measurements" . The 2018 Euro Term Loan is a senior unsecured obligation of CME Ltd., and is unconditionally guaranteed by CME BV and by Time Warner and certain of its subsidiaries. In connection with the Time Warner guarantee, we entered into a reimbursement agreement (as amended, 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. Additionally, the loan purchase right allows Time Warner to purchase any amount outstanding under the 2018 Euro Term Loan from the lenders following an event of default under the 2018 Euro Term Loan or the Reimbursement Agreement. The covenants and events of default under the Reimbursement Agreement are substantially the same as under the 2017 Term Loan and the 2021 Revolving Credit Facility. 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 2018 Euro Term Loan, we are paying a guarantee fee to Time Warner based on the amount outstanding on the 2018 Euro Term Loan. See the section headed 'Guarantee Fees' below. Certain derivative instruments, including contingent event of default and change of control put options, have been identified as being embedded in the 2018 Euro Term Loan. The embedded derivatives are considered clearly and closely related to the 2018 Euro Term Loan, and as such are not required to be accounted for separately. 2019 Euro Term Loan As at December 31, 2015 , the principal amount of our floating rate senior unsecured term credit facility (the "2019 Euro Term Loan") outstanding was EUR 235.3 million (approximately US$ 256.2 million ). The 2019 Euro Term Loan bears interest at three-month EURIBOR (fixed pursuant to customary hedging arrangements (see Note 14, "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 February 13, May 13, August 13 and November 13, in accordance with the terms of 2019 Euro Term Loan Credit Agreement. As at December 31, 2015 , the interest rate on amounts outstanding under the 2019 Euro Term Loan was 1.5% . The 2019 Euro Term Loan matures on November 1, 2019 and may be prepaid at our option, in whole or in part, from June 1, 2016, without premium or penalty. The fair value of the 2019 Euro Term Loan as at December 31, 2015 approximates its carrying value. This measurement of estimated fair value uses Level 2 inputs as described in Note 14, "Financial Instruments and Fair Value Measurements" . The 2019 Euro Term Loan is a senior unsecured obligation of CME Ltd., and is unconditionally guaranteed by Time Warner and certain of its subsidiaries. In connection with this guarantee, we amended 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. Additionally, the loan purchase right allows Time Warner to purchase any amount outstanding under the 2019 Euro Term Loan from the lenders following an event of default under the 2019 Euro Term Loan or the Reimbursement Agreement. As consideration for the guarantee of the 2019 Euro Term Loan, we are paying a guarantee fee to Time Warner based on the amount outstanding on the 2019 Euro Term Loan. See the section headed 'Guarantee Fees' below. Certain derivative instruments, including contingent event of default and change of control put options, have been identified as being embedded in the 2019 Euro Term Loan. The embedded derivatives are considered clearly and closely related to the 2019 Euro Term Loan, and as such are not required to be accounted for separately. 2021 Revolving Credit Facility Following a repayment in the amount of US$ 26.1 million in June 2015, we had no balance outstanding under a US$ 115.0 million revolving credit facility (the “2021 Revolving Credit Facility”), all of which was available to be drawn as at December 31, 2015 . The 2021 Revolving Credit Facility 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 we may pay in cash or in kind by adding such accrued interest to the applicable principal amount drawn under the 2021 Revolving Credit Facility. With effect from the drawing of the 2021 Euro Term Loan (see Note 26, "Subsequent Events" ), the interest rate on the 2021 Revolving Credit Facility will be determined on the basis of our net leverage ratio (as defined in the Reimbursement Agreement) and can decrease to as low as 7.0% per annum to the extent our net leverage ratio decreases to five times, and the maturity date will be extended to February 19, 2021 with the available amount under the 2021 Revolving Credit Facility decreasing to US$ 50.0 million . The 2021 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. The 2021 Revolving Credit Facility permits prepayment at our option in whole or in part without penalty. Guarantee Fees As consideration for Time Warner's guarantees of the 2018 Euro Term Loan and 2019 Euro Term Loan, we are paying guarantee fees (collectively, the "Guarantee Fees") to Time Warner based on the amounts outstanding on the 2018 Euro Term Loan and the 2019 Euro Term Loan calculated on a per annum basis equal to 8.5% minus the rate of interest paid by CME Ltd. under the respective loans (the “Guarantee Fee Rate”). The Guarantee Fees are payable semi-annually in arrears on each May 1 and November 1, which we may pay in cash or in kind (by adding such semi-annual Guarantee Fees to any such amount then outstanding). We have elected to pay the Guarantee Fees in kind to date. The Guarantee Fees paid in kind are presented as a component of other non-current liabilities (see Note 11, "Other Liabilities" ) and bear interest per annum at the Guarantee Fee Rate, payable semi-annually in arrears in cash or in kind (by adding such semi-annual Guarantee Fees to any such amount then outstanding) on each respective payment date. Other Credit Facilities and Capital Lease Obligations Other credit facilities and capital lease obligations comprised the following at December 31, 2015 and December 31, 2014 : December 31, 2015 December 31, 2014 Credit facilities (1) – (3) $ — $ 3,100 Capital leases 3,648 3,632 Total credit facilities and capital leases 3,648 6,732 Less: current maturities (1,155 ) (1,190 ) Total non-current credit facilities and capital leases $ 2,493 $ 5,542 (1) 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 December 31, 2015 , we had deposits of US$ 19.6 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. (2) As at December 31, 2015 and December 31, 2014 , there were no drawings outstanding under a CZK 825.0 million (approximately US$ 33.2 million ) factoring framework agreement with Factoring Ceska Sporitelna (“FCS”). Under this facility up to CZK 825.0 million (approximately US$ 33.2 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. (3) As at December 31, 2015 there were RON 8.9 million (approximately US$ 2.2 million ) of receivables factored under a RON 20.0 million (approximately US$ 4.8 million ) factoring framework agreement with UniCredit Bank S.A. entered into in the fourth quarter of 2015. Under this facility, receivables from certain customers may be factored on a non-recourse basis. The facility bears interest at 2.3% for the period that receivables are factored and outstanding. Total Group At December 31, 2015 , the maturity of our senior debt and credit facilities was as follows: 2016 $ — 2017 (1) 813,744 2018 — 2019 256,210 2020 — 2021 and thereafter — Total senior debt and credit facilities 1,069,954 Less: net discount (150,142 ) Carrying amount of senior debt and credit facilities $ 919,812 (1) On February, 19, 2016, we entered into an agreement for the EUR 468.8 million (approximately US$ 510.4 million ) 2021 Euro Term Loan, the proceeds of which will be drawn on or about April 7, 2016 and be applied to repay the 2017 Term Loan and redeem and discharge the 2017 PIK Notes, which we expect will be completed on or about April 8, 2016. Also on February 19, 2016, we agreed to extend the maturity date of the 2018 Euro Term Loan to November 1, 2018, reduce the interest cost of amounts drawn on the 2021 Revolving Credit Facility as our leverage ratio improves, and extend the maturity date of the 2021 Revolving Credit Facility at the current borrowing capacity until January 1, 2018 and with a borrowing capacity US$ 50.0 million from January 1, 2018 to the maturity date on February 19, 2021, with effect from the drawing of the 2021 Euro Term Loan (see Note 26, "Subsequent Events" ). These transactions are subject to customary closing conditions (including the drawdown of the 2021 Euro Term Loan, 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. 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 December 31, 2015 |
PROGRAM RIGHTS
PROGRAM RIGHTS | 12 Months Ended |
Dec. 31, 2015 | |
PROGRAM RIGHTS [Abstract] | |
PROGRAM RIGHTS | PROGRAM RIGHTS Program rights comprised the following at December 31, 2015 and December 31, 2014 : December 31, 2015 December 31, 2014 Program rights: Acquired program rights, net of amortization $ 179,632 $ 217,183 Less: current portion of acquired program rights (85,972 ) (99,358 ) Total non-current acquired program rights 93,660 117,825 Produced program rights – Feature Films: Released, net of amortization 1,298 4,553 Completed and not released — 558 Produced program rights – Television Programs: Released, net of amortization 56,125 60,691 Completed and not released 3,500 7,370 In production 13,783 15,786 Development and pre-production 707 481 Total produced program rights 75,413 89,439 Total non-current acquired program rights and produced program rights $ 169,073 $ 207,264 |
ACCOUNTS RECEIVABLE
ACCOUNTS RECEIVABLE | 12 Months Ended |
Dec. 31, 2015 | |
Accounts Receivable, Net [Abstract] | |
ACCOUNTS RECEIVABLE | ACCOUNTS RECEIVABLE Accounts receivable comprised the following at December 31, 2015 and December 31, 2014 : December 31, 2015 December 31, 2014 Unrelated customers $ 176,628 $ 186,404 Less: allowance for bad debts and credit notes (9,201 ) (10,692 ) Related parties — 197 Less: allowance for bad debts and credit notes — (43 ) Total accounts receivable $ 167,427 $ 175,866 Bad debt expense for the year ended December 31, 2015 , 2014 and 2013 was US$ 2.1 million , US$ 4.2 million , and US$ 3.7 million , respectively. |
OTHER ASSETS
OTHER ASSETS | 12 Months Ended |
Dec. 31, 2015 | |
Other Assets [Abstract] | |
OTHER ASSETS | OTHER ASSETS Other current and non-current assets comprised the following at December 31, 2015 and December 31, 2014 : December 31, 2015 December 31, 2014 Current: Prepaid acquired programming $ 22,761 $ 19,162 Other prepaid expenses 6,941 5,627 Deferred tax 10,425 8,127 VAT recoverable 733 835 Income taxes recoverable 249 135 Other 2,097 1,595 Total other current assets $ 43,206 $ 35,481 December 31, 2015 December 31, 2014 Non-current: Capitalized debt costs $ 40,844 $ 55,472 Deferred tax 124 456 Other 3,949 2,188 Total other non-current assets $ 44,917 $ 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 | 12 Months Ended | |
Dec. 31, 2015 | ||
Property, Plant and Equipment [Abstract] | ||
PROPERTY, PLANT AND EQUIPMENT | PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment comprised the following at December 31, 2015 and December 31, 2014 : December 31, 2015 December 31, 2014 Land and buildings $ 92,237 $ 103,248 Machinery, fixtures and equipment 164,503 172,929 Other equipment 32,314 36,516 Software licenses 55,656 56,176 Construction in progress 3,001 3,325 Total cost 347,711 372,194 Less: accumulated depreciation (239,189 ) (257,859 ) Total net book value $ 108,522 $ 114,335 Assets held under capital leases (included in the above) Land and buildings $ 3,805 $ 4,243 Machinery, fixtures and equipment 4,646 3,325 Total cost 8,451 7,568 Less: accumulated depreciation (3,556 ) (2,760 ) Total net book value $ 4,895 $ 4,808 Depreciation expense for the years ending December 31, 2015 , 2014 and 2013 was US$ 27.9 million , US$ 32.8 million and US$ 37.2 million , respectively. The movement in the net book value of property, plant and equipment during the years ended December 31, 2015 and 2014 is comprised of: For The Year Ending December 31, 2015 2014 Opening balance $ 114,335 $ 142,907 Additions 34,523 27,860 Disposals (290 ) (25 ) Depreciation (27,943 ) (32,836 ) Foreign currency movements (10,810 ) (16,572 ) Other (1) (1,293 ) (6,999 ) Ending balance $ 108,522 $ 114,335 (1) Other is comprised of property, plant and equipment which were classified as assets held for sale and subsequently sold in the fourth quarter of 2015 (see Note 3, "Discontinued Operations and Assets Held for Sale" ). | [1] |
[1] | (1) Other is comprised of property, plant and equipment which were classified as assets held for sale and subsequently sold in the fourth quarter of 2015 (see Note 3, "Discontinued Operations and Assets Held for Sale") |
ACCOUNTS PAYABLE AND ACCRUED LI
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES | 12 Months Ended |
Dec. 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 December 31, 2015 and December 31, 2014 : December 31, 2015 December 31, 2014 Accounts payable and accrued expenses $ 54,526 $ 55,564 Related party accounts payable 53 43 Programming liabilities 24,901 42,828 Related party programming liabilities 14,583 24,980 Duties and other taxes payable 12,856 23,341 Accrued staff costs 20,709 21,168 Accrued interest payable 914 1,958 Related party accrued interest payable 477 173 Income taxes payable 249 460 Accrued legal contingencies and professional fees 1,744 3,004 Authors’ rights 2,516 4,434 Other accrued liabilities 1,177 1,271 Total accounts payable and accrued liabilities $ 134,705 $ 179,224 |
OTHER LIABILITIES
OTHER LIABILITIES | 12 Months Ended |
Dec. 31, 2015 | |
Other Liabilities [Abstract] | |
OTHER LIABILITIES | OTHER LIABILITIES Other current and non-current liabilities comprised the following at December 31, 2015 and December 31, 2014 : December 31, 2015 December 31, 2014 Current: Deferred revenue $ 7,546 $ 4,938 Deferred tax — 279 Derivative liabilities 650 — Restructuring provision 458 1,558 Legal provisions 1,520 995 Other 274 42 Total other current liabilities $ 10,448 $ 7,812 December 31, 2015 December 31, 2014 Non-current: Deferred tax $ 25,990 $ 27,370 Related party programming liabilities — 316 Programming liabilities — 1,699 Related party commitment fee payable (1) 9,240 9,136 Related party guarantee fee payable (2) 22,655 1,163 Accrued interest (3) 977 846 Related party accrued interest (3) 5,304 4,589 Other 1,583 1,366 Total other non-current liabilities $ 65,749 $ 46,485 (1) Represents the commitment fee payable to Time Warner in respect of its obligation under a commitment letter dated November 14, 2014 (the “2015 Refinancing Commitment Letter”) between Time Warner and CME whereby Time Warner agreed to provide or assist with arranging a loan facility to repay the 2015 Convertible Notes at maturity. The commitment fee is payable by November 1, 2019, the maturity date of the 2019 Euro Term Loan, or earlier if the repayment of the 2019 Euro Term Loan is accelerated. The commitment fee bears interest at 8.5% per annum and such interest 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 guarantees of the 2018 Euro Term Loan and the 2019 Euro Term Loan. The guarantee fee is calculated based on the amounts outstanding on the 2018 Euro Term Loan and the 2019 Euro Term Loan, each calculated on a per annum basis equal to 8.5% minus the rate of interest paid by CME to the lenders under the 2018 Euro Term Loan and the 2019 Euro Term Loan, respectively. The guarantee fee is payable, in cash or in kind on a semi-annual basis in arrears on each May 1 and November 1. We have elected to pay the guarantee fee in kind to date. Amounts of the guarantee fee paid in kind bear interest at the Guarantee Fee Rate, which is payable, in cash or in kind, in arrears on each May 1 and November 1. (3) |
CONVERTIBLE REDEEMABLE PREFERRE
CONVERTIBLE REDEEMABLE PREFERRED SHARES (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Temporary Equity Disclosure [Abstract] | |
CONVERTIBLE REDEEMABLE PREFERRED SHARES | 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 December 31, 2015 and 2014 . As at December 31, 2015 and December 31, 2014 , the carrying value of the Series B Preferred Shares was US$ 241.2 million and US$ 223.9 million , respectively. The Series B Preferred Shares are held by Time Warner Media Holdings B.V. ("TW Investor"). As of December 31, 2015 , the 200,000 shares of Series B preferred stock were convertible into approximately 99.5 million shares of Class A common stock. 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 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, 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 December 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 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 years ended December 31, 2015 and 2014 , we recognized accretion on the Series B Preferred Shares of US$ 17.3 million and US$ 16.0 million , with corresponding decreases in additional paid-in capital. |
EQUITY
EQUITY | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
EQUITY | EQUITY Preferred Stock 5,000,000 shares of Preferred Stock were authorized as at December 31, 2015 and 2014 . One share of Series A Convertible Preferred Stock (the “Series A Preferred Share”) was issued and outstanding as at December 31, 2015 and 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% of the outstanding shares of Class A common stock. 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 December 31, 2015 (see Note 12, "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 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 December 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 135.8 million and 135.3 million shares of Class A common stock outstanding at December 31, 2015 and 2014 , respectively, and no shares of Class B common stock outstanding at December 31, 2015 or 2014 . As at December 31, 2015 , TW Investor owns 45.2% of the outstanding shares of Class A common stock and has a 49.4% voting interest in the Company due to its ownership of the Series A Preferred Share. Common Stock Warrants As at December 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 its 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). 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 the rights offering we conducted 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 2021 Revolving Credit Facility (see Note 5, "Long-term Debt and Other Financing Arrangements" ). |
FINANCIAL INSTRUMENTS AND FAIR
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS | 12 Months Ended |
Dec. 31, 2015 | |
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS [Abstract] | |
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS | 14. FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS Accounting Standards Codification 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 long-term debt and other financing arrangements is included in Note 5, "Long-term Debt and Other Financing Arrangements" . Hedge Accounting Activities Cash Flow Hedges of Interest Rate Risk We are party to interest rate swap agreements to mitigate our exposure to interest rate fluctuations on the outstanding principal amount of our 2018 Euro Term Loan and our 2019 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 years ended December 31, 2015 and 2014, 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. These instruments were 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 (1,418 ) Reclassified to interest expense 579 BALANCE December 31, 2015 $ (1,420 ) Non-Hedge Accounting Activities The change in fair value of derivatives not designated as hedging instruments comprised the following for the years ended December 31, 2015 , 2014 and 2013 : For The Year Ending December 31, 2015 2014 2013 Currency swaps $ 4,848 $ 2,311 $ — Interest rate swap — — 104 Change in fair value of derivatives $ 4,848 $ 2,311 $ 104 Foreign Currency Risk On December 3, 2015, we entered into two forward foreign exchange contracts with aggregate notional amounts of approximately US$ 49.5 million to reduce our exposure to movements in the USD to EUR exchange rates related to contractual payments under certain dollar-denominated agreements expected to be made during 2016. The forward foreign exchange contracts mature on December 21, 2016. For the year ended December 31, 2015 , we recognized unrealized derivative loss on these instruments of US$ 0.7 million . On July 2, 2015 we entered into a forward foreign exchange contract with a notional amount of US$ 261.0 million , to reduce our exposure to USD to EUR exchange rate fluctuations in connection with the refinancing of the 2015 Convertible Notes at maturity with the proceeds of the 2019 Euro Term Loan. We recognized a derivative gain of US$ 8.0 million over the life of the instrument. On March 11, 2015, we entered into two 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 certain dollar-denominated agreements made during 2015. These forward foreign exchange contracts matured on December 21, 2015. We recognized an aggregate derivative loss of US$ 2.5 million over the lives of the instruments. On March 24, 2014, we entered into a foreign currency forward exchange contract to reduce our exposure to movements in the USD to EUR exchange rate from the expected proceeds of the rights offering conducted in 2014. Under the contract, we received EUR 290.2 million in exchange for US$ 400.0 million on May 2, 2014, the maturity date. We recognized a derivative gain of US$ 2.3 million over the life of the instrument. 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 consolidated statements of operations and comprehensive income and in the 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. Interest Rate Risk On February 9, 2010, we entered into an interest rate swap agreement to reduce the impact of changing interest rates on our previously outstanding floating rate CZK-denominated debt. The interest rate swap expired in April 2013 and was used to minimize interest rate risk and was considered an economic hedge. The interest rate swap was not designated as a hedging instrument so changes in the fair value of the derivative were recorded in the consolidated statements of operations and other comprehensive income and in the consolidated balance sheet in other current liabilities. We valued the interest rate swap agreement using a valuation model which calculated 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 was the expected PRIBOR-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. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Financial Instruments Fair value of financial instruments The carrying amount of financial instruments, including cash, 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 hereinafter) is included in Note 5, "Long-term Debt and Other Financing Arrangements" . Fair value is the price an asset or liability could be exchanged in an arm’s-length orderly transaction between knowledgeable, able and willing parties that is not a forced sale or liquidation. US GAAP requires significant management estimates in determining fair value. The extent of management’s judgments is highly dependent on the valuation model employed and the observability of inputs to the fair value model. The level of management judgment required in establishing fair value of financial instruments is more significant where there is no active market in which the instrument is traded. For financial instruments that are not remeasured through net income, we estimate fair value at issuance and account for the instrument at amortized cost. For financial instruments that are remeasured through net income, we assess the fair value of the instrument at each period end or earlier when events occur or circumstances change that would so require (see Note 14, "Financial Instruments and Fair Value Measurements" ). Derivative financial instruments We use derivative financial instruments for the purpose of mitigating currency and interest rate risks, which exist as part of ongoing business operations and financing activities. As a policy, we do not engage in speculative or leveraged transactions, nor do we hold or issue derivative financial instruments for trading purposes. Forward exchange contracts and currency swaps are used to mitigate exposures to currency fluctuations on certain short-term transactions generally denominated in currencies other than our functional currency. These contracts are marked to market at the balance sheet date, and the resultant unrealized gains and losses are recorded in the consolidated statements of operations and comprehensive income, together with realized gains and losses arising on settlement of these contracts. Interest rate swaps and other instruments may be used to mitigate exposures to interest rate fluctuations on certain of our long-term debt instruments with variable interest rates. These contracts are marked to market at the balance sheet date, and the resultant unrealized gains and losses are recorded in the consolidated statements of operations and comprehensive income, together with realized gains and losses arising on settlement of these contracts. From time to time, we may designate certain of these instruments as hedges and apply hedge accounting as discussed in Note 14, "Financial Instruments and Fair Value Measurements" . 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 long-term debt and other financing arrangements is included in Note 5, "Long-term Debt and Other Financing Arrangements" . |
RESTRUCTURING COSTS (Notes)
RESTRUCTURING COSTS (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Restructuring and Related Activities [Abstract] | |
RESTRUCTURING COSTS | RESTRUCTURING COSTS Segment Reorganization Plan In the first quarter of 2013, we changed the composition of its operating segments. From January 1, 2013, the Broadcast, Media Pro Entertainment and New Media operating segments were reorganized to streamline central resources and create six operating segments: Bulgaria, Croatia, the Czech Republic, Romania, the Slovak Republic and Slovenia. In connection with this change in segments, we incurred restructuring costs to reorganize our businesses through these geographic segments (the "Segment Reorganization Plan"). Actions under the Segment Reorganization Plan were completed as of December 31, 2013; and payments related to these actions were completed in 2014. 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 the related payments were completed in 2015. 2015 Initiatives During 2015, we continued to take limited restructuring actions to optimize our cost base across a number of departments (the "2015 Initiatives"). These actions were not contemplated under the 2014 Initiatives. Actions under the 2015 Initiatives were completed in the fourth quarter of 2015. Information relating to restructuring by type of cost is as follows: Segment Reorganization Plan 2014 Initiatives Employee Termination Costs Other Exit Costs Total Employee Termination Costs Other Exit Costs Total Grand Total Balance, December 31, 2013 $ 2,671 $ 631 3,302 $ — $ — $ — $ 3,302 Costs incurred — — — 10,033 383 10,416 10,416 Cash paid (2,671 ) (82 ) (2,753 ) (8,648 ) (206 ) (8,854 ) (11,607 ) Accrual reversal — (560 ) (560 ) — — — (560 ) Foreign currency movements — 11 11 — (4 ) (4 ) 7 Balance, December 31, 2014 $ — $ — $ — $ 1,385 $ 173 $ 1,558 $ 1,558 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 — — — 1,897 — 1,897 1,897 Cash paid (1,037 ) (172 ) (1,209 ) (1,213 ) — (1,213 ) (2,422 ) Accrual reversal (183 ) — (183 ) — — — (183 ) Foreign currency movements (64 ) (1 ) (65 ) (4 ) — (4 ) (69 ) Other (1) (101 ) — (101 ) (222 ) — (222 ) (323 ) Balance, December 31, 2015 $ — $ — $ — $ 458 $ — $ 458 $ 458 (1) Other is comprised of restructuring costs which were classified as liabilities held for sale and subsequently sold in the fourth quarter of 2015 (see Note 3, "Discontinued Operations and Assets Held for Sale" ). A summary of restructuring charges for the years ended December 31, 2015 , 2014 and 2013 by operating segment is as follows: For The Year Ending December 31, 2015 2014 Employee Termination Costs Other Exit Costs Accrual Reversal Total Employee Termination Costs Other Exit Costs Accrual Reversal Total Bulgaria $ — $ — $ — $ — $ 3,312 $ 80 $ — $ 3,392 Czech Republic — — — — 1,861 — — 1,861 Romania 1,897 — (183 ) 1,714 4,149 — — 4,149 Slovak Republic — — — — 429 23 (560 ) (108 ) Slovenia — — — — 282 — — 282 Corporate — — — — — 280 — 280 Total restructuring costs $ 1,897 $ — $ (183 ) $ 1,714 $ 10,033 $ 383 $ (560 ) $ 9,856 For The Year Ending December 31, 2013 Employee Termination Costs Other Exit Costs Accrual Reversal Total Bulgaria $ 447 $ — $ — $ 447 Croatia 95 — — 95 Czech Republic 2,316 68 — 2,384 Romania 1,610 2 — 1,612 Slovak Republic 1,943 630 — 2,573 Slovenia 996 — — 996 Corporate 10,308 97 — 10,405 Total restructuring costs $ 17,715 $ 797 $ — $ 18,512 |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES As our investments are predominantly owned by Dutch holding companies, the components of the provision / credit for income taxes and of the loss before tax have been analyzed between their Netherlands and non-Netherlands components. Similarly the Dutch corporate income tax rates have been used in the reconciliation of income taxes. Loss from continuing operations before income taxes The Netherlands and non-Netherlands components of loss from continuing operations before income taxes are: For The Year Ending December 31, 2015 2014 2013 Domestic $ (73,132 ) $ (117,247 ) $ (80,885 ) Foreign (29,668 ) (35,576 ) (213,542 ) Total $ (102,800 ) $ (152,823 ) $ (294,427 ) Total tax credit for the years ended December 31, 2015 , 2014 and 2013 was allocated as follows: For The Year Ending December 31, 2015 2014 2013 Income tax credit from continuing operations $ 515 $ 1,358 $ 17,993 Income tax credit / (provision) from discontinued operations 91 1,987 (968 ) Total tax credit $ 606 $ 3,345 $ 17,025 Credit for Income Taxes The Netherlands and non-Netherlands components of the credit for income taxes from continuing operations consist of: For The Year Ending December 31, 2015 2014 2013 Current income tax (expense) / credit: Domestic $ — $ — $ 57 Foreign (550 ) (558 ) (34 ) (550 ) (558 ) 23 Deferred tax credit: Domestic — — 165 Foreign 1,065 1,916 17,805 1,065 1,916 17,970 Credit for income taxes $ 515 $ 1,358 $ 17,993 In 2015 and 2014 , the net credit for income taxes is less than a credit computed at statutory tax rates primarily due to losses on which no tax benefit has been received. Reconciliation of Effective Income Tax Rate The following is a reconciliation of income taxes, calculated at statutory Netherlands rates, to the credit for income taxes included in the accompanying Consolidated Statements of Operations for the years ended December 31, 2015 , 2014 and 2013 : For The Year Ending December 31, 2015 2014 2013 Income taxes at Netherlands rates (25%) $ 25,689 $ 38,193 $ 73,594 Jurisdictional differences in tax rates (17,462 ) (12,965 ) (13,231 ) Tax effect of goodwill impairment — — (4,979 ) Losses expired (4,009 ) (4,899 ) (7,439 ) Change in valuation allowance 3,614 (7,012 ) (23,123 ) Non-deductible expenses (1,859 ) (5,624 ) (7,538 ) Other (5,458 ) (6,335 ) 709 Credit for income taxes $ 515 $ 1,358 $ 17,993 In 2015 and 2014 , the jurisdictional rate difference mainly arises as a result of a loss in Bermuda where there is no income tax. In 2013 , it mainly arises as a result of the difference between the Bulgarian and Netherlands' tax rates. Components of Deferred Tax Assets and Liabilities The following table shows the significant components included in deferred income taxes as at December 31, 2015 and 2014 : December 31, 2015 December 31, 2014 Assets: Tax benefit of loss carry-forwards and other tax credits $ 111,526 $ 114,858 Programming rights 4,052 15,158 Property, plant and equipment 4,427 7,533 Accrued expenses 4,544 3,922 Other 1,718 12,718 Gross deferred tax assets 126,267 154,189 Valuation allowance (109,481 ) (124,263 ) Net deferred tax assets $ 16,786 $ 29,926 Liabilities: Broadcast licenses, trademarks and customer relationships $ 24,897 $ 29,620 Property, plant and equipment 173 177 Programming rights 7,082 16,325 Other 75 2,870 Total deferred tax liabilities 32,227 48,992 Net deferred income tax liability $ 15,441 $ 19,066 Deferred tax is recognized on the consolidated balance sheet as follows: December 31, 2015 December 31, 2014 Net current deferred tax assets $ 10,425 $ 8,127 Net non-current deferred tax assets 124 456 10,549 8,583 Net current deferred tax liabilities — 279 Net non-current deferred tax liabilities 25,990 27,370 25,990 27,649 Net deferred income tax liability $ 15,441 $ 19,066 We provided a valuation allowance against potential deferred tax assets of US$ 109.5 million and US$ 124.3 million as at December 31, 2015 and 2014 , respectively, since it has been determined by management, based on the weight of all available evidence, that it is more likely than not that the benefits associated with these assets will not be realized. During 2015 , a valuation allowance of US$ 11.5 million was released in Romania following a period of consistent profitability which resulted in a net credit to the income statement of US$ 6.7 million . During 2015 , we had the following movements on valuation allowances: Balance at December 31, 2014 $ 124,263 Created during the period 13,709 Utilized (10,631 ) Released due to changes in future profitability (6,692 ) Foreign exchange (11,168 ) Balance at December 31, 2015 $ 109,481 As of December 31, 2015 we had operating loss carry-forwards that will expire in the following periods: 2016 2017 2018 2019 2020-35 Indefinite Bulgaria $ — $ — $ — $ — $ 11,021 $ — Croatia 1,488 — — — — — Czech Republic — 48 19,520 — — — The Netherlands 6,991 28,082 26,680 59,315 259,740 — Romania — — — 15,756 14,493 — Slovak Republic 5,938 5,938 — — — — Slovenia — — — — — 22,047 United Kingdom — — — — — 1,698 Total $ 14,417 $ 34,068 $ 46,200 $ 75,071 $ 285,254 $ 23,745 The losses are subject to examination by the tax authorities and to restriction on their utilization. In particular, the losses can only be utilized against profits arising in the legal entity in which they arose. We have provided valuation allowances against most of the above loss carry-forwards. However valuation allowances have not been provided against the loss carry-forwards in our main operating company in the Czech Republic on the basis of future reversals of existing taxable temporary differences. The tax benefits associated with the tax losses in the United Kingdom are only recognized in the financial statements as they are utilized. As at December 31, 2015 and 2014 , we had no undistributed earnings in subsidiaries giving rise to a temporary difference. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: Balance at December 31, 2012 $ 112 Increases for tax positions taken during a prior period 51 Increases for tax positions taken during the current period 20 Decreases resulting from the expiry of the statute of limitations (75 ) Balance at December 31, 2013 108 Decreases resulting from the expiry of the statute of limitations (51 ) Other (4 ) Balance at December 31, 2014 53 Decreases resulting from the expiry of the statute of limitations (53 ) Balance at December 31, 2015 $ — We do not anticipate a material increase or decrease in unrecognized tax benefits within the next 12 months. Our subsidiaries file income tax returns in The Netherlands and various other tax jurisdictions. As at December 31, 2015 , our subsidiaries are generally no longer subject to income tax examinations for years before: Tax Jurisdiction Year Bulgaria 2010 Croatia 2011 Czech Republic 2011 The Netherlands 2013 Romania 2014 Slovak Republic 2010 Slovenia 2008 United Kingdom 2014 We recognize, when applicable, both accrued interest and penalties related to unrecognized tax benefits in income tax expense in the accompanying consolidated statements of operations. There were no significant interest or penalties accrued in the years ended December 31, 2015 , 2014 and 2013 . |
INTEREST EXPENSE
INTEREST EXPENSE | 12 Months Ended |
Dec. 31, 2015 | |
Interest Expense [Abstract] | |
INTEREST EXPENSE | INTEREST EXPENSE Interest expense comprised the following for the years ended December 31, 2015 , 2014 and 2013 : For The Year Ending December 31, 2015 2014 2013 Interest on Senior Debt and other financing arrangements $ 114,730 $ 104,570 $ 100,320 Amortization of capitalized debt issuance costs 15,484 18,297 4,101 Amortization of debt issuance discount and premium, net 41,230 19,138 7,288 Total interest expense $ 171,444 $ 142,005 $ 111,709 We paid cash interest of US$ 18.5 million , US$ 76.2 million and US$ 108.3 million for years ended December 31, 2015 , 2014 and 2013 , respectively. |
OTHER NON-OPERATING EXPENSE (No
OTHER NON-OPERATING EXPENSE (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Other Income and Expenses [Abstract] | |
Other Income and Other Expense Disclosure [Text Block] | 17. OTHER NON-OPERATING INCOME / EXPENSE Other non-operating income / expense comprised the following for the years ended December 31, 2015 , 2014 and 2013 : For The Year Ending December 31, 2015 2014 2013 Interest income $ 440 $ 294 $ 496 Foreign currency exchange (loss) / gain, net (13,481 ) (12,767 ) 20,187 Change in fair value of derivatives (Note 14) 4,848 2,311 104 Other (expense) / income, net (17,746 ) 267 (373 ) Total other non-operating (expense) / income $ (25,939 ) $ (9,895 ) $ 20,414 Other income / expense for the year ended December 31, 2015 primarily reflects the loss on sale of our Romanian studios' parent holding company, which was classified as held for sale in the third quarter of 2015, but did not qualify as a discontinued operation, including the reclassification of the cumulative translation adjustment into net income of US$ 11.3 million , as well as the loss on the sale of a surplus facility and related land in Bulgaria of US$ 3.3 million . |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
STOCK-BASED COMPENSATION | STOCK-BASED COMPENSATION At the Company's annual general meeting held on June 1, 2015, our shareholders voted for the approval of the 2015 Stock Incentive Plan (the "2015 Plan"). Under the 2015 Plan, 6,000,000 shares have been authorized for grants of stock options, restricted stock units ("RSUs"), restricted stock and stock appreciation rights to employees and non-employee directors. In addition, any shares available under the Amended and Restated Stock Incentive Plan (which expired on June 1, 2015), including in respect of any awards that expire, terminate or are forfeited, will be available for awards under the 2015 Plan. Under the 2015 Plan, awards are made to employees and to directors at the discretion of the Compensation Committee. Any awards previously issued under the Amended and Restated Stock Incentive Plan will continue to be governed by the terms of that plan. The charge for stock-based compensation in our consolidated statements of operations and comprehensive income was as follows: For The Year Ending December 31, 2015 2014 2013 Selling, general and administrative expenses $ 2,439 $ 1,344 $ 4,197 Restructuring costs (Note 15) — — 1,919 Total stock-based compensation charge $ 2,439 $ 1,344 $ 6,116 Stock Options Grants of options allow the holders to purchase shares of Class A common stock at an exercise price, which is generally the market price prevailing at the date of the grant, with vesting between one and four years after the awards are granted. A summary of option activity for the year ended December 31, 2015 is presented below: Shares Weighted Average Exercise Price per Share Weighted Average Remaining Contractual Term (years) Aggregate Intrinsic Value Outstanding at December 31, 2014 155,000 $ 29.88 0.92 $ — Granted 1,600,000 2.29 Forfeited (20,000 ) 23.12 Expired (69,000 ) 28.23 Outstanding at December 31, 2015 1,666,000 $ 3.53 9.07 $ 640 Vested or expected to vest 1,666,000 3.53 9.07 640 Exercisable at December 31, 2015 66,000 $ 33.66 0.42 $ — When options are vested, holders may exercise them at any time up to the maximum contractual life of the instrument which is specified in the option agreement. At December 31, 2015 , the maximum life of options that had been issued under the Plan was ten years . Upon providing the appropriate written notification, holders pay the exercise price and receive shares. Shares delivered in respect of stock option exercises are newly issued shares. 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 as a component of selling, general and administrative expenses. The weighted average grant date fair value of stock options granted during 2015 was $ 1.54 per option. The aggregate intrinsic value (the difference between the stock price on the last day of trading of the fourth quarter of 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 December 31, 2015 . This amount changes based on the fair value of our Class A common stock. The weighted average assumptions used in the Black-Scholes model for grants made in the year ending December 31, 2015 were as follows: For The Year Ending December 31, 2015 Risk-free interest rate 1.86 % Expected term (years) 6.25 Expected volatility 75.18 % Dividend yield 0 % Weighted-average fair value $ 1.54 As at December 31, 2015 , there was US$ 2.1 million unrecognized compensation expense related to stock options which is expected to be recognized over a weighted-average period of 3.4 years . The following table summarizes information about stock option activity during 2015 , 2014 , and 2013 : 2015 2014 2013 Shares Weighted Average Exercise Price (per share) Shares Weighted Average Exercise Price (per share) Shares Weighted Average Exercise Price (per share) Outstanding at January 1 155,000 $ 29.88 390,500 $ 27.26 2,219,625 $ 31.51 Awards granted 1,600,000 2.29 — — — — Awards exchanged (1) — — — — (1,618,000 ) 31.54 Awards forfeited (20,000) 23.12 (114,500 ) 30.87 (136,125 ) 33.36 Awards expired (69,000) 28.23 (121,000 ) 20.48 (75,000 ) 49.71 Outstanding at December 31 1,666,000 $ 3.53 155,000 $ 29.88 390,500 $ 27.26 (1) Options tendered in exchange for restricted stock units pursuant to an employee option exchange program completed in 2013. Restricted Stock Units 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 a time-based 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 our Class A common shares on the date of grant. For 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 correlation coefficient between our common stock and the relevant market index. The following table summarizes information about unvested RSUs as at December 31, 2015 : Number of Shares / Units Weighted-Average Grant Date Fair Value Unvested at December 31, 2014 1,367,234 $ 3.06 Granted 1,661,430 2.56 Vested (465,136 ) 3.16 Forfeited (8,931 ) 3.85 Unvested at December 31, 2015 2,554,597 $ 2.72 As at December 31, 2015 , the intrinsic value of unvested RSUs was US$ 6.9 million . Total unrecognized compensation cost related to unvested RSUs as at December 31, 2015 was US$ 3.8 million and is expected to be recognized over a weighted-average period of 2.7 years . |
EARNINGS PER SHARE
EARNINGS PER SHARE | 12 Months Ended |
Dec. 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 Year Ending December 31, 2015 2014 2013 Loss from continuing operations $ (102,285 ) $ (151,465 ) $ (276,434 ) Net loss attributable to noncontrolling interests 671 4,468 3,882 Less: preferred dividend paid in kind (Note 12) (17,272 ) (16,036 ) (7,890 ) Loss from continuing operations available to common shareholders, net of noncontrolling interest (118,886 ) (163,033 ) (280,442 ) Loss from discontinued operations, net of tax (Note 3) (13,287 ) (80,431 ) (5,099 ) Net loss attributable to CME Ltd. available to common shareholders - Basic $ (132,173 ) $ (243,464 ) $ (285,541 ) Effect of dilutive securities Preferred dividend paid in kind — — — Net loss attributable to CME Ltd. available to common shareholders - Diluted $ (132,173 ) $ (243,464 ) $ (285,541 ) Weighted average outstanding shares of common stock - Basic (1) 146,866 146,509 125,723 Dilutive effect of employee stock options and RSUs — — — Weighted average outstanding shares of common stock - Diluted 146,866 146,509 125,723 Net loss per share: Continuing operations - Basic $ (0.81 ) $ (1.11 ) $ (2.23 ) Continuing operations - Diluted (0.81 ) (1.11 ) (2.23 ) Discontinued operations - Basic (0.09 ) (0.55 ) (0.04 ) Discontinued operations - Diluted (0.09 ) (0.55 ) (0.04 ) Net loss attributable to CME Ltd. - Basic (0.90 ) (1.66 ) (2.27 ) Net loss attributable to CME Ltd. - Diluted (0.90 ) (1.66 ) (2.27 ) (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, 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 the common stock. At December 31, 2015 , 3,221,575 ( 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 instruments may become dilutive in the future. 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 | 12 Months Ended |
Dec. 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 defined 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 years ended December 31, 2015 , 2014 and 2013 for consolidated statements of operations and comprehensive income data and consolidated statements of cash flow data; and as at December 31, 2015 and 2014 for consolidated balance sheet data. Net revenues: For The Year Ending December 31, 2015 2014 2013 Bulgaria $ 73,090 $ 87,078 $ 87,448 Croatia 55,912 62,026 61,864 Czech Republic 182,636 202,779 174,939 Romania 157,578 178,614 162,305 Slovak Republic 84,434 90,556 82,404 Slovenia 54,233 61,370 66,656 Intersegment revenues (1) (2,042 ) (1,630 ) (2,482 ) Total net revenues $ 605,841 $ 680,793 $ 633,134 (1) Reflects revenues earned from the sale of content to other country segments in CME Ltd. All other revenues are third party revenues. OIBDA: For The Year Ending December 31, 2015 2014 2013 Bulgaria $ 15,479 $ 9,367 $ 13,391 Croatia 7,880 7,835 8,258 Czech Republic 71,697 61,964 (9,604 ) Romania 41,176 37,259 2,454 Slovak Republic 10,585 4,586 (19,859 ) Slovenia 6,057 5,331 9,254 Elimination (229 ) (16 ) (46 ) Total operating segments 152,645 126,326 3,848 Corporate (29,830 ) (30,880 ) (52,253 ) Total OIBDA $ 122,815 $ 95,446 (48,405 ) Reconciliation to consolidated statements of operations and comprehensive income: For The Year Ending December 31, 2015 2014 2013 Total OIBDA: $ 122,815 $ 95,446 $ (48,405 ) Depreciation of property, plant and equipment (27,943 ) (32,836 ) (37,175 ) Amortization of broadcast licenses and other intangibles (12,271 ) (12,348 ) (14,761 ) Impairment charge — — (79,676 ) Other items (1) 11,982 (11,982 ) — Operating income / (loss) 94,583 38,280 (180,017 ) Interest expense (Note 16) (171,444 ) (142,005 ) (111,709 ) Loss on extinguishment of debt — (39,203 ) (23,115 ) Non-operating (expense) / income, net (Note 17) (25,939 ) (9,895 ) 20,414 Credit for income taxes 515 1,358 17,993 Loss from continuing operations $ (102,285 ) $ (151,465 ) $ (276,434 ) (1) Other items consists solely of the charges related to tax audits of our Romanian operations, which were accrued in the fourth quarter of 2014 and fully released in the third quarter of 2015 (see Note 22, "Commitments and Contingencies" ). Total assets (1) : December 31, 2015 December 31, 2014 Bulgaria $ 134,418 $ 141,055 Croatia 52,306 58,000 Czech Republic 746,269 803,361 Romania 261,984 297,256 Slovak Republic 121,122 134,544 Slovenia 70,911 78,403 Total operating segments 1,387,010 1,512,619 Corporate 67,191 76,875 Assets held for sale — 29,866 Total assets $ 1,454,201 $ 1,619,360 (1) Segment assets exclude any intercompany balances. Capital Expenditures: For The Year Ending December 31, 2015 2014 2013 Bulgaria $ 3,517 $ 2,627 $ 2,798 Croatia 3,215 2,701 2,574 Czech Republic 10,982 9,139 7,727 Romania 5,794 4,686 5,194 Slovak Republic 2,921 2,240 1,590 Slovenia 3,197 3,502 4,018 Total operating segments 29,626 24,895 23,901 Corporate 3,891 3,790 6,217 Total capital expenditures $ 33,517 $ 28,685 $ 30,118 Long-lived assets (1) : December 31, 2015 December 31, 2014 Bulgaria $ 5,602 $ 4,187 Croatia 5,497 5,579 Czech Republic 39,907 40,940 Romania 20,873 22,110 Slovak Republic 15,606 17,374 Slovenia 15,082 16,647 Total operating segments 102,567 106,837 Corporate 5,955 7,498 Total long-lived assets $ 108,522 $ 114,335 (1) Reflects property, plant and equipment. Revenue by type: For The Year Ending December 31, 2015 2014 2013 Television advertising $ 505,498 $ 565,601 $ 528,778 Carriage fees and subscriptions 73,058 80,487 58,990 Other 27,285 34,705 45,366 Total net revenues $ 605,841 $ 680,793 $ 633,134 We do not rely on any single major customer or group of major customers. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Commitments a) Programming Rights Agreements and Other Commitments At December 31, 2015 , we had total commitments of US$ $144.9 million ( December 31, 2014 : US$ 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 Digital transmission obligations Operating leases Capital expenditures 2016 $ 74,226 $ 18,322 $ 3,473 $ 420 2017 35,123 6,691 2,221 — 2018 22,882 3,200 1,617 — 2019 8,812 10,374 746 — 2020 1,327 312 330 — 2021 and thereafter 2,525 566 1,149 — Total $ 144,895 $ 39,465 $ 9,536 $ 420 For the years ended December 31, 2015 , 2014 and 2013 , we incurred aggregate rent expense on all facilities of US$ 7.8 million , US$ 10.0 million and US$ 12.6 million , respectively. b) Factoring of Trade Receivables CET 21 has a CZK 825.0 million (approximately US$ 33.2 million ) factoring framework agreement with FCS. Under this facility up to CZK 825.0 million (approximately US$ 33.2 million ) may be factored on a recourse or non-recourse basis. As at December 31, 2015 , there were CZK 478.9 million (approximately US$ 19.3 million ) ( December 31, 2014 : CZK 509.3 million , approximately US$ 20.5 million based on December 31, 2015 rates), of receivables subject to the factoring framework agreement. In the fourth quarter of 2015, Pro TV entered into a RON 20.0 million (approximately US$ 4.8 million ) factoring framework agreement with UniCredit Bank S.A. Under this facility up to RON 20.0 million (approximately US$ 4.8 million ) may be factored on a non-recourse basis. As at December 31, 2015 , there were RON 19.3 million (approximately US$ 4.7 million ) of receivables subject to the factoring framework agreement. c) Call option 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. 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 As at December 31, 2014, certain of our subsidiaries in Romania were subject to audits by the Romanian tax authorities. The audits focused on a range of matters, including corporate income taxes, payroll tax liabilities and value added tax (“VAT”). In connection with these audits, we provided US$ 12.0 million in the fourth quarter of 2014 and an additional US$ 18.2 million in the first quarter of 2015 relating to the potential requalification of activities of certain persons engaged by our subsidiaries. During the third quarter of 2015, we released the reserves related to the Romanian tax audits. Studiourile Media Pro SA ("MPS") and Media Pro Entertainment Romania SA ("MPE"), were sold on an as-is basis on October 16, 2015 and the buyer assumed all liabilities associated with the companies, including any potential assessments as a result of these tax audits. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 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 49.4% voting interest in CME Ltd. as at December 31, 2015 , as material related party transactions. For The Year Ending December 31, 2015 2014 2013 Net revenues $ 198 $ 59 $ 119 Cost of revenues 32,497 20,713 58,636 Interest expense 127,970 61,887 — December 31, 2015 December 31, 2014 Programming liabilities $ 14,583 $ 24,980 Other accounts payable and accrued liabilities 53 150 Accounts receivable, gross — 197 Long-term debt and other financing arrangements (1) 334,114 269,862 Accrued interest payable (2) 5,781 4,763 Other non-current liabilities (3) 31,895 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 2021 Revolving Credit Facility, if drawn, less respective issuance discounts, plus 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 2021 Revolving Credit Facility, if drawn. (3) Amount represents the commitment fee payable to Time Warner in connection with the 2015 Refinancing Commitment Letter, as well as the accrued fee payable to Time Warner for guaranteeing the 2018 Euro Term Loan and the 2019 Euro Term Loan. See Note 5, "Long-term Debt and Other Financing Arrangements" . See Part III, Item 13, "Certain Relationships and Related Transactions, and Director Independence." |
QUARTERLY FINANCIAL DATA
QUARTERLY FINANCIAL DATA | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Data [Abstract] | |
QUARTERLY FINANCIAL DATA | QUARTERLY FINANCIAL DATA Selected quarterly financial data for the years ended December 31, 2015 and 2014 is as follows: For the Year Ended December 31, 2015 First Quarter (Unaudited) Second Quarter (Unaudited) Third Quarter (Unaudited) Fourth Quarter (Unaudited) Consolidated Statements of Operations and Comprehensive Income Data: Net revenues $ 126,133 $ 166,834 $ 117,322 $ 195,552 Cost of revenues 98,828 101,229 85,832 116,654 Operating (loss) / income (17,239 ) 36,441 28,853 46,528 (Loss) / income from continuing operations (70,243 ) (11,669 ) (21,510 ) 1,137 (Loss) / income from discontinued operations, net of tax (3,288 ) 2,684 (265 ) (12,418 ) Net loss (73,531 ) (8,985 ) (21,775 ) (11,281 ) Net loss attributable to CME Ltd. (73,274 ) (8,678 ) (21,522 ) (11,427 ) Net loss per share: Basic EPS $ (0.53 ) $ (0.09 ) $ (0.18 ) $ (0.11 ) Effect of dilutive securities — — — — Diluted EPS $ (0.53 ) $ (0.09 ) $ (0.18 ) $ (0.11 ) For the Year Ended December 31, 2014 First Quarter (Unaudited) Second Quarter (Unaudited) Third Quarter (Unaudited) Fourth Quarter (Unaudited) Consolidated Statements of Operations and Comprehensive Income Data: Net revenues $ 140,705 $ 192,811 $ 131,081 $ 216,196 Cost of revenues 119,579 125,514 105,823 138,125 Operating (loss) / income (14,682 ) 22,687 (8,023 ) 38,298 Loss from continuing operations (41,000 ) (41,352 ) (51,308 ) (17,805 ) Loss from discontinued operations, net of tax (7,633 ) (11,154 ) (1,174 ) (60,470 ) Net loss (48,633 ) (52,506 ) (52,482 ) (78,275 ) Net loss attributable to CME Ltd. (47,916 ) (52,437 ) (52,138 ) (74,937 ) Net loss per share: Basic EPS $ (0.35 ) $ (0.39 ) $ (0.38 ) $ (0.54 ) Effect of dilutive securities — — — — Diluted EPS $ (0.35 ) $ (0.39 ) $ (0.38 ) $ (0.54 ) |
GUARANTOR AND NON-GUARANTOR FIN
GUARANTOR AND NON-GUARANTOR FINANCIAL INFORMATION (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Guarantor and Non-Guarantor Financial Information [Abstract] | |
Guarantor and Non-guarantor Financial Information [Text Block] | 25. 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 2017 PIK Notes (the “Guarantees”). 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 2017 Term Loan and the 2021 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. Subsequent to the issuance of our 2014 consolidated financial statements, we determined that the Non-Guarantor’s other comprehensive loss had been partially eliminated within its condensed statements of operations and comprehensive income rather than as a consolidating elimination. The amounts have been reclassified in our condensed consolidating statements of operations and comprehensive income for the years ended December 31, 2014 and 2013. The following tables present condensed consolidating financial information relating to the Guarantor Subsidiaries as at December 31, 2015 and 2014 , and for the years ended December 31, 2015 , 2014 and 2013 : Condensed Consolidating Balance Sheets as at December 31, 2015 Parent Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS Current assets Cash and cash equivalents $ 9,273 $ 118 $ 52,288 $ — $ 61,679 Accounts receivable, net — — 167,427 — 167,427 Program rights, net — — 85,972 — 85,972 Other current assets 681 1,680 40,845 — 43,206 Intercompany current assets 10,612 1,788 27,300 (39,700 ) — Total current assets 20,566 3,586 373,832 (39,700 ) 358,284 Non-current assets Investments in subsidiaries 204,531 1,266,585 — (1,471,116 ) — Property, plant and equipment, net — — 108,522 — 108,522 Program rights, net — — 169,073 — 169,073 Goodwill — — 622,243 — 622,243 Broadcast licenses and other intangible assets, net — — 151,162 — 151,162 Other non-current assets 40,844 2,445 1,628 — 44,917 Intercompany non-current assets 1,055,286 34,894 558,518 (1,648,698 ) — Total non-current assets 1,300,661 1,303,924 1,611,146 (3,119,814 ) 1,095,917 Total assets $ 1,321,227 $ 1,307,510 $ 1,984,978 $ (3,159,514 ) $ 1,454,201 LIABILITIES AND EQUITY Current liabilities Accounts payable and accrued liabilities $ 2,622 $ 242 $ 131,841 $ — $ 134,705 Current portion of long-term debt and other financing arrangements — — 1,155 — 1,155 Other current liabilities 650 247 9,551 — 10,448 Intercompany current liabilities 5,194 31,635 2,871 (39,700 ) — Total current liabilities 8,466 32,124 145,418 (39,700 ) 146,308 Non-current liabilities Long-term debt and other financing arrangements 919,812 — 2,493 — 922,305 Other non-current liabilities 39,596 — 26,153 — 65,749 Intercompany non-current liabilities 34,895 1,194,226 419,577 (1,648,698 ) — Total non-current liabilities 994,303 1,194,226 448,223 (1,648,698 ) 988,054 Temporary equity 241,198 — — — 241,198 Total CME Ltd. shareholders’ equity 77,260 81,160 1,389,956 (1,471,116 ) 77,260 Noncontrolling interests — — 1,381 — 1,381 Total equity 77,260 81,160 1,391,337 (1,471,116 ) 78,641 Total liabilities and equity $ 1,321,227 $ 1,307,510 $ 1,984,978 $ (3,159,514 ) $ 1,454,201 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 and Comprehensive Income for the year ended December 31, 2015 Parent Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net revenues $ — $ — $ 605,841 $ — $ 605,841 Cost of revenues — — 402,543 — 402,543 Selling, general and administrative expenses 18,916 485 87,600 — 107,001 Restructuring costs — — 1,714 — 1,714 Operating (loss) / income (18,916 ) (485 ) 113,984 — 94,583 Interest expense (174,257 ) (106,821 ) (15,307 ) 124,941 (171,444 ) Non-operating income / (expense), net 97,480 (19,627 ) 21,149 (124,941 ) (25,939 ) (Loss) / income from continuing operations before tax and (loss) / income from investment in subsidiaries (95,693 ) (126,933 ) 119,826 — (102,800 ) Credit / (provision) for income taxes — 16,007 (15,492 ) — 515 (Loss) / income from continuing operations before (loss) / income from investment in subsidiaries (95,693 ) (110,926 ) 104,334 — (102,285 ) (Loss) / income from investment in subsidiaries (19,208 ) 92,772 — (73,564 ) — (Loss) / income from continuing operations (114,901 ) (18,154 ) 104,334 (73,564 ) (102,285 ) Loss from discontinued operations, net of tax — (1,054 ) (12,233 ) — (13,287 ) Net (loss) / income (114,901 ) (19,208 ) 92,101 (73,564 ) (115,572 ) Net loss attributable to noncontrolling interests — — 671 — 671 Net (loss) / income attributable to CME Ltd. $ (114,901 ) $ (19,208 ) $ 92,772 $ (73,564 ) $ (114,901 ) Net (loss) / income $ (114,901 ) $ (19,208 ) $ 92,101 $ (73,564 ) $ (115,572 ) Other comprehensive (loss) / income (91,936 ) 13,065 (139,966 ) 128,284 (90,553 ) Comprehensive loss (206,837 ) (6,143 ) (47,865 ) 54,720 (206,125 ) Comprehensive income attributable to noncontrolling interests — — (712 ) — (712 ) Comprehensive loss attributable to CME Ltd. $ (206,837 ) $ (6,143 ) $ (48,577 ) $ 54,720 $ (206,837 ) Condensed Consolidating Statements of Operations and Comprehensive Income for the year ended December 31, 2014 Parent Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net revenues $ — $ — $ 680,793 $ — $ 680,793 Cost of revenues — — 489,041 — 489,041 Selling, general and administrative expenses 19,026 804 123,786 — 143,616 Restructuring costs — — 9,856 — 9,856 Operating (loss) / income (19,026 ) (804 ) 58,110 — 38,280 Interest expense (138,480 ) (137,891 ) (31,226 ) 165,592 (142,005 ) Loss on extinguishment of debt (24,161 ) — (15,042 ) — (39,203 ) Non-operating income / (expense), net 144,257 21,778 (10,338 ) (165,592 ) (9,895 ) (Loss) / income from continuing operations before tax and loss from investment in subsidiaries (37,410 ) (116,917 ) 1,504 — (152,823 ) Credit / (provision) for income taxes — 12,170 (10,812 ) — 1,358 Loss from continuing operations before loss from investment in subsidiaries (37,410 ) (104,747 ) (9,308 ) — (151,465 ) Loss on investment in subsidiaries (190,018 ) (85,271 ) — 275,289 — Loss from continuing operations (227,428 ) (190,018 ) (9,308 ) 275,289 (151,465 ) Loss from discontinued operations, net of tax — — (80,431 ) — (80,431 ) Net loss (227,428 ) (190,018 ) (89,739 ) 275,289 (231,896 ) Net loss attributable to noncontrolling interests — — 4,468 — 4,468 Net loss attributable to CME Ltd. $ (227,428 ) $ (190,018 ) $ (85,271 ) $ 275,289 $ (227,428 ) Net loss $ (227,428 ) $ (190,018 ) $ (89,739 ) $ 275,289 $ (231,896 ) Other comprehensive loss (157,780 ) (315,291 ) (150,841 ) 467,095 (156,817 ) Comprehensive loss (385,208 ) (505,309 ) (240,580 ) 742,384 (388,713 ) Comprehensive loss attributable to noncontrolling interests — — 3,505 — 3,505 Comprehensive loss attributable to CME Ltd. $ (385,208 ) $ (505,309 ) $ (237,075 ) $ 742,384 $ (385,208 ) Condensed Consolidating Statements of Operations and Comprehensive Income for the year ended December 31, 2013 Parent Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net revenues $ — $ — $ 633,134 $ — $ 633,134 Cost of revenues — — 578,570 — 578,570 Selling, general and administrative expenses 33,905 5 102,483 — 136,393 Restructuring costs 2,422 24 16,066 — 18,512 Impairment charge — — 79,676 — 79,676 Operating loss (36,327 ) (29 ) (143,661 ) — (180,017 ) Interest expense (88,102 ) (124,100 ) (43,537 ) 144,030 (111,709 ) Loss on extinguishment of debt (23,115 ) — — — (23,115 ) Non-operating income / (expense), net 167,318 15,449 (18,323 ) (144,030 ) 20,414 Income / (loss) from continuing operations before tax and loss from investment in subsidiaries 19,774 (108,680 ) (205,521 ) — (294,427 ) Credit for income taxes — 9,510 8,483 — 17,993 Income / (loss) from continuing operations before loss from investment in subsidiaries 19,774 (99,170 ) (197,038 ) — (276,434 ) Loss on investment in subsidiaries (297,425 ) (198,255 ) — 495,680 — Loss from continuing operations (277,651 ) (297,425 ) (197,038 ) 495,680 (276,434 ) Loss from discontinued operations, net of tax — — (5,099 ) — (5,099 ) Net loss (277,651 ) (297,425 ) (202,137 ) 495,680 (281,533 ) Net loss attributable to noncontrolling interests — — 3,882 — 3,882 Net loss attributable to CME Ltd. $ (277,651 ) $ (297,425 ) $ (198,255 ) $ 495,680 $ (277,651 ) Net loss $ (277,651 ) $ (297,425 ) $ (202,137 ) $ 495,680 $ (281,533 ) Other comprehensive loss (57,979 ) (74,385 ) (5,428 ) 79,592 (58,200 ) Comprehensive loss (335,630 ) (371,810 ) (207,565 ) 575,272 (339,733 ) Comprehensive loss attributable to noncontrolling interests — — 4,103 — 4,103 Comprehensive loss attributable to CME Ltd. $ (335,630 ) $ (371,810 ) $ (203,462 ) $ 575,272 $ (335,630 ) Condensed Consolidating Statements of Cash Flows for the year ended December 31, 2015 Parent Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net cash generated from / (used in) continuing operating activities $ 46,196 $ (84,922 ) $ 130,622 $ (6,019 ) $ 85,877 CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of property, plant and equipment — — (33,517 ) — (33,517 ) Disposal of property, plant and equipment — — 3,091 — 3,091 Intercompany investing receipts 380,319 110,377 7,780 (498,476 ) — Intercompany investing payments (396,003 ) (53,127 ) (303,763 ) 752,893 — Net cash (used in) / provided by continuing investing activities $ (15,684 ) $ 57,250 $ (326,409 ) $ 254,417 $ (30,426 ) CASH FLOWS FROM FINANCING ACTIVITIES: Repayments of Senior Debt (261,034 ) — — — (261,034 ) Debt transactions costs (1,541 ) — — — (1,541 ) Issuance of Senior Debt 253,051 — — — 253,051 Payment of credit facilities and capital leases (26,117 ) — (1,248 ) — (27,365 ) Settlement of forward currency swaps 7,983 — — — 7,983 Intercompany financing receipts 22,707 132,090 328,783 (483,580 ) — Intercompany financing payments (16,901 ) (108,093 ) (110,188 ) 235,182 — Net cash (used in) / provided by continuing financing activities $ (21,852 ) $ 23,997 $ 217,347 $ (248,398 ) $ (28,906 ) Net cash used in discontinued operations - operating activities — — (3,019 ) — (3,019 ) Net cash provided by discontinued operations - investing activities — 3,779 2,819 — 6,598 Net cash used in discontinued operations - financing activities — — (76 ) — (76 ) Impact of exchange rate fluctuations on cash and cash equivalents — (2,917 ) 250 — (2,667 ) Net increase / (decrease) in cash and cash equivalents $ 8,660 $ (2,813 ) $ 21,534 $ — $ 27,381 CASH AND CASH EQUIVALENTS, beginning of period 613 2,931 30,754 — 34,298 CASH AND CASH EQUIVALENTS, end of period $ 9,273 $ 118 $ 52,288 $ — $ 61,679 Condensed Consolidating Statements of Cash Flows for the year ended December 31, 2014 Parent Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net cash generated from / (used in) continuing operating activities $ 67,171 $ (132,570 ) $ 157 $ — $ (65,242 ) CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of property, plant and equipment — — (28,685 ) — (28,685 ) Disposal of property, plant and equipment — — 137 — 137 Intercompany investing receipts 703,941 356,217 — (1,060,158 ) — Intercompany investing payments (900,009 ) (418,504 ) (260,529 ) 1,579,042 — Net cash used in continuing investing activities $ (196,068 ) $ (62,287 ) $ (289,077 ) $ 518,884 $ (28,548 ) CASH FLOWS FROM FINANCING ACTIVITIES: Repayments of Senior Debt (400,673 ) — (312,246 ) — (712,919 ) Debt transactions costs (12,396 ) — (1,810 ) — (14,206 ) Issuance of Senior Debt 550,421 — — — 550,421 Proceeds from credit facilities 25,000 — — — 25,000 Payment of credit facilities and capital leases — — (1,080 ) — (1,080 ) Issuance of common stock 191,825 — — — 191,825 Other — — (46 ) — (46 ) Intercompany financing receipts — 634,862 720,248 (1,355,110 ) — Intercompany financing payments (243,778 ) (443,412 ) (149,036 ) 836,226 — Net cash provided by continuing financing activities $ 110,399 $ 191,450 $ 256,030 $ (518,884 ) $ 38,995 Net cash used in discontinued operations - operating activities (350 ) — (1,058 ) — (1,408 ) Net cash used in discontinued operations - investing activities — — (228 ) — (228 ) Net cash used in discontinued operations - financing activities — — (942 ) — (942 ) Impact of exchange rate fluctuations on cash and cash equivalents — 916 (11,567 ) — (10,651 ) Net decrease in cash and cash equivalents $ (18,848 ) $ (2,491 ) $ (46,685 ) $ — $ (68,024 ) CASH AND CASH EQUIVALENTS, beginning of period 19,461 5,422 77,439 — 102,322 CASH AND CASH EQUIVALENTS, end of period $ 613 $ 2,931 $ 30,754 $ — $ 34,298 Condensed Consolidating Statements of Cash Flows for the year ended December 31, 2013 Parent Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net cash (used in) / generated from continuing operating activities $ (80,304 ) 288,651 (269,417 ) — (61,070 ) CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of property, plant and equipment — — (30,118 ) — (30,118 ) Disposal of property, plant and equipment — — 283 — 283 Intercompany investing receipts 609,801 9,323 — (619,124 ) — Intercompany investing payments (580,533 ) (266,355 ) — 846,888 — Net cash provided by / (used in) continuing investing activities $ 29,268 $ (257,032 ) $ (29,835 ) $ 227,764 $ (29,835 ) CASH FLOWS FROM FINANCING ACTIVITIES: Repayments of Senior Debt (310,322 ) — — — (310,322 ) Debt transactions costs (785 ) — — — (785 ) Change in restricted cash 20,467 — 138 — 20,605 Proceeds from credit facilities — — 40 — 40 Payment of credit facilities and capital leases — — (1,648 ) — (1,648 ) Issuance of common stock 157,116 — — — 157,116 Issuance of preferred stock 200,000 — — — 200,000 Equity issuance costs (5,410 ) — — — (5,410 ) Other 59 — (411 ) — (352 ) Intercompany financing receipts — 580,533 266,355 (846,888 ) — Intercompany financing payments — (609,801 ) (9,323 ) 619,124 — Net cash provided by / (used in) continuing financing activities $ 61,125 $ (29,268 ) $ 255,151 $ (227,764 ) $ 59,244 Net cash used in discontinued operations - operating activities — — (1,952 ) — (1,952 ) Net cash used in discontinued operations - investing activities — — (301 ) — (301 ) Net cash provided by discontinued operations - financing activities — — 77 — 77 Impact of exchange rate fluctuations on cash and cash equivalents — 235 (619 ) — (384 ) Net increase / (decrease) in cash and cash equivalents $ 10,089 $ 2,586 $ (46,896 ) $ — $ (34,221 ) CASH AND CASH EQUIVALENTS, beginning of period 9,372 2,836 124,335 — 136,543 CASH AND CASH EQUIVALENTS, end of period $ 19,461 $ 5,422 $ 77,439 $ — $ 102,322 |
SUBSEQUENT EVENTS (Notes)
SUBSEQUENT EVENTS (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | 26. SUBSEQUENT EVENTS As disclosed in our Current Report on Form 8-K, filed with the U.S. Securities and Exchange Commission on February 22, 2016, on February 19, 2016, we entered into an agreement for the EUR 468.8 million (approximately US$ 510.4 million ) 2021 Euro Term Loan, the proceeds of which will be drawn on or about April 7, 2016 and be applied to repay the 2017 Term Loan and redeem and discharge the 2017 PIK Notes, which we expect will be completed on or about April 8, 2016. The 2021 Euro Term Loan will bear interest payable in cash at three-month EURIBOR plus a margin of between 1.07% and 1.90% , depending on the credit rating of Time Warner. The 2021 Euro Term Loan will mature on February 19, 2021. As consideration for Time Warner's guarantee of the 2021 Euro Term Loan, we will pay a guarantee fee to Time Warner based on the amounts outstanding on the 2021 Euro Term Loan calculated on a per annum basis, initially equal to 10.5% (the "All-in Rate") minus the actual rate of interest paid by us under the 2021 Euro Term Loan. The All-in Rate will be based on our net leverage ratio (as defined in the Reimbursement Agreement) and can decrease to as low as 7.0% to the extent our net leverage ratio decreases below 5.0 times. Also on February 19, 2016, we agreed to extend the maturity date of the 2018 Euro Term Loan by one year to November 1, 2018, reduce the interest cost of amounts drawn on the 2021 Revolving Credit Facility as our leverage ratio improves, and extend the maturity date of the 2021 Revolving Credit Facility at the current borrowing capacity until January 1, 2018 and with a borrowing capacity of US$ 50.0 million from January 1, 2018 to the maturity date on February 19, 2021, with effect from the drawing of the 2021 Euro Term Loan. The transactions contemplated above are subject to customary closing conditions (including the drawdown of the 2021 Euro Term Loan, 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. Once the transactions are completed on or about April 8, 2016, we expect to recognize a loss on extinguishment of debt of approximately US$ 149.9 million . |
BASIS OF PRESENTATION AND SIG33
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Basis of Consolidation | Basis of Consolidation The 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. Change in Presentation In the third quarter of 2015, we condensed our presentation of certain non-operating income and expenses in our consolidated statements of operations and comprehensive income. Prior period comparative amounts have been reclassified to conform to the current year presentation. See Note 17, "Other Non-operating Income / Expense" for further detail. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America ("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. |
Revenue Recognition | Revenue Recognition Revenue is recognized when there is persuasive evidence of an arrangement, delivery of products has occurred or services have been rendered, the price is fixed or determinable and collectibility is reasonably assured. A bad debt provision is maintained for estimated losses resulting from our customers' subsequent inability to make payments. Revenues are recognized net of discounts and customer sales incentives. Our principal revenue streams and their respective accounting treatments are discussed below: Advertising revenue Revenues primarily result from the sale of advertising time. Television advertising revenue is recognized as the commercials are aired. In many countries, we commit to provide advertisers with certain rating levels in connection with their advertising. Revenue is recorded net of estimated shortfalls, which are usually settled by providing the advertiser additional advertising time. Discounts and agency commissions are recognized at the point when the advertising is broadcast and are reflected as a reduction to gross revenue. Display advertising on our websites is recognized as impressions are delivered. Impressions are delivered when an advertisement appears in pages viewed by users. Carriage fees and subscription revenues Carriage fees from cable operators and direct-to-home broadcasters are recognized as revenue over the period for which the channels are provided and to which the fees relate. Subscriber revenue is recognized as contracted, based upon the number of subscribers. Barter transactions We enter into barter transactions which represent advertising time or other services exchanged for non-cash goods and/or other services, such as promotional items, advertising, supplies and equipment. Revenue from barter transactions is recognized as income when the services have been provided. Expenses are recognized when goods or services are received or used. We record barter transactions at the fair value of goods or services received or advertising surrendered, whichever is more readily determinable. Barter revenue amounted to US$ 1.5 million , US$ 1.5 million and US$ 2.2 million for the years ending December 31, 2015 , 2014 and 2013 , respectively. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand and marketable securities with original maturities of three months or less. Cash that is subject to restrictions is classified as restricted cash |
Program Rights | Program Rights Purchased program rights Purchased program rights and the related liabilities are recorded at their gross value when the license period begins and the programs are available for broadcast. Purchased program rights are classified as current or non-current assets based on anticipated usage, while the related program rights liability is classified as current or non-current according to the payment terms of the license agreement. Program rights are evaluated to determine if expected revenues are sufficient to cover the unamortized portion of the program. To the extent that expected revenues are insufficient, the program rights are written down to their expected net realizable value. These programming impairment charges, along with programming impairment charges related to own-produced content, are presented as a component of content costs in our consolidated statements of operations and comprehensive income. The costs incurred to acquire program rights are capitalized and amortized over their expected useful lives in a manner which reflects the pattern we expect to use and benefit from the programming. If the initial airing of content allowed by a license is expected to provide more value than subsequent airings, we apply an accelerated method of amortization. These accelerated methods of amortization depend on the estimated number of runs the content is expected to receive, and are determined based on a study of historical results for similar programming. For programming that is not advertising supported, each program's costs are amortized on a straight-line basis over the license period. For content that is expected to be aired only once, the entire cost is recognized as expense on the first run. Produced program rights Program rights that are produced by us consist of deferred film and television costs including direct costs, production overhead and development costs. The costs are stated at the lower of cost, net of accumulated amortization, or fair value. The amount of capitalized production costs recognized as cost of revenues for a given production as it is exhibited in various markets is determined using the film forecast method. The proportion of costs recognized is equal to the proportion of the revenue recognized compared to the total revenue expected to be generated throughout the product's life cycle (the “ultimate revenues”). Our process for evaluating ultimate revenues is tailored to the potential we believe a title has for generating multiple revenues. The majority of our production is intended primarily for exploitation by our own broadcasters. In such cases, we consider mainly the free television window in our calculation of the ultimate revenues. For produced and acquired feature films or other projects where we have a supportable expectation of generating multiple revenue streams, we base our estimates of ultimate revenues for each film on factors such as the historical performance of similar films, the star power of the actors and actresses, the rating and genre of the film, pre-release market research (including test market screenings) and the expected number of theaters in which the film will be released. These estimates are updated based on information available on the progress of the film's production and upon release, the actual results of each film. Produced program rights are amortized on an individual production basis using the ratio of the current period's gross revenues to estimated remaining total ultimate revenues from such programs. Produced program rights are evaluated to determine if expected revenues, less additional costs to be incurred (including exploitation costs) are sufficient to cover the unamortized portion of the program. To the extent that expected revenues are insufficient, the program rights are written down to their fair value. |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment is carried at cost, less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives assigned to each major asset category as below: Asset category Estimated useful life Land Indefinite Buildings 25 years Machinery, fixtures and equipment 4 - 8 years Other equipment 3 - 8 years Software licenses 3 - 5 years Construction-in-progress is not depreciated until put into use. Capital leases are depreciated on a straight-line basis over the shorter of the estimated useful life of the asset or the lease term. Leasehold improvements are depreciated over the shorter of the related lease term or the life of the asset. Assets to be disposed of are reported at the lower of carrying amount or fair value, less expected costs of disposal. |
Long-Lived Assets Including Intangible Assets with Finite Lives | Long-Lived Assets Including Intangible Assets with Finite Lives Long-lived assets include property, plant, equipment and intangible assets with finite lives. We review long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The carrying amounts of long-lived assets are considered impaired when the anticipated undiscounted cash flows from such assets are less than their carrying amounts. In that event, a loss is recognized based on the amount by which the carrying amount exceeds the fair value. |
Goodwill and Indefinite-Lived Intangible Assets | Goodwill and Indefinite-Lived Intangible Assets Goodwill represents the excess of the fair value of consideration paid over the fair value of net tangible and other identifiable intangible assets acquired in a business combination. We evaluate the carrying amount of goodwill for impairment as at December 31 of each year, or more frequently if events or changes in circumstances indicate that the asset might be impaired. An impairment exists when the carrying amount of a reporting unit (including its goodwill), exceeds its fair value after adjusting for any impairments of long-lived assets or indefinite-lived intangible assets. Goodwill impairment is measured as the excess of the carrying amount of goodwill over its implied fair value, which is calculated by deducting the fair value of all assets and liabilities, including recognized and unrecognized intangible assets, from the fair value of the reporting unit. We have six operating segments, which were also our reportable segments and reporting units as described in Note 21, "Segment Data" . The fair value of our reporting units is determined based on estimates of future cash flows discounted at appropriate rates and on publicly available information, where appropriate. In the assessment of discounted future cash flows the following data is used: management's long-term plan, a terminal value at the end of the forecasted periods assuming an inflationary perpetual growth rate, and a discount rate selected with reference to the relevant cost of capital. Indefinite-lived intangible assets at December 31, 2015 consist solely of trademarks, which are not amortized. We evaluate indefinite-lived intangible assets for impairment as at December 31 of each year, or more frequently if events or changes in circumstances indicate that the asset might be impaired. An impairment loss is recognized if the carrying amount of an indefinite-lived intangible asset exceeds its fair value. |
Income Taxes | Income Taxes We account for income taxes under the asset and liability method. Deferred tax assets and liabilities are recognized for the expected tax consequences of temporary differences between the tax bases of assets and liabilities and their reported amounts. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the year in which the temporary differences are expected to be recovered or settled. Valuation allowances are established when necessary to reduce deferred tax assets to amounts which are more likely than not to be realized. In evaluating the realizability of our deferred tax assets, we consider all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies and recent financial operations. We recognize in the consolidated financial statements those tax positions determined to be “more likely than not” of being sustained upon examination, based on the technical merits of the positions and we recognize, when applicable, both accrued interest and penalties related to uncertain tax positions in income tax expense in the accompanying consolidated statements of operations and comprehensive income. |
Foreign Currency | Foreign Currency Translation of financial statements Our reporting currency is the dollar. The financial statements of our operations whose functional currency is other than the dollar are translated from such functional currency to dollars at the exchange rates in effect at the balance sheet date for assets and liabilities, and at weighted average rates for the period for revenues and expenses, including gains and losses. Translational gains and losses are charged or credited to accumulated other comprehensive income, a component of equity. Certain of our intercompany loans to our subsidiaries are of a long-term investment nature. We recorded a foreign exchange losses of US$ 89.0 million , US$ 164.4 million and US$ 16.4 million for the years ending December 31, 2015 , 2014 , and 2013 , respectively, on the retranslation of these intercompany loans as an adjustment to accumulated other comprehensive income, a component of shareholders' equity, as settlement of these loans is not planned or anticipated in the foreseeable future. Transactions in foreign currencies Gains and losses from foreign currency transactions are included in foreign currency exchange gain / (loss), net in the consolidated statements of operations and comprehensive income in the period during which they arise. |
Leases | Leases Leases are classified as either capital or operating. Those leases that transfer substantially all benefits and risks of ownership of the property to us are accounted for as capital leases. All other leases are accounted for as operating leases. Capital leases are accounted for as assets and are depreciated on a straight-line basis over the shorter of the estimated useful life of the asset or the lease term. Commitments to repay the principal amounts arising under capital lease obligations are included in current liabilities to the extent that the amount is repayable within one year; otherwise the principal is included in non-current liabilities. The capitalized lease obligation reflects the present value of future lease payments. The financing element of the lease payments is charged to interest expense over the term of the lease. Operating lease costs are expensed on a straight-line basis over the term of the lease. |
Financial Instruments | Financial Instruments Fair value of financial instruments The carrying amount of financial instruments, including cash, 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 hereinafter) is included in Note 5, "Long-term Debt and Other Financing Arrangements" . Fair value is the price an asset or liability could be exchanged in an arm’s-length orderly transaction between knowledgeable, able and willing parties that is not a forced sale or liquidation. US GAAP requires significant management estimates in determining fair value. The extent of management’s judgments is highly dependent on the valuation model employed and the observability of inputs to the fair value model. The level of management judgment required in establishing fair value of financial instruments is more significant where there is no active market in which the instrument is traded. For financial instruments that are not remeasured through net income, we estimate fair value at issuance and account for the instrument at amortized cost. For financial instruments that are remeasured through net income, we assess the fair value of the instrument at each period end or earlier when events occur or circumstances change that would so require (see Note 14, "Financial Instruments and Fair Value Measurements" ). Derivative financial instruments We use derivative financial instruments for the purpose of mitigating currency and interest rate risks, which exist as part of ongoing business operations and financing activities. As a policy, we do not engage in speculative or leveraged transactions, nor do we hold or issue derivative financial instruments for trading purposes. Forward exchange contracts and currency swaps are used to mitigate exposures to currency fluctuations on certain short-term transactions generally denominated in currencies other than our functional currency. These contracts are marked to market at the balance sheet date, and the resultant unrealized gains and losses are recorded in the consolidated statements of operations and comprehensive income, together with realized gains and losses arising on settlement of these contracts. Interest rate swaps and other instruments may be used to mitigate exposures to interest rate fluctuations on certain of our long-term debt instruments with variable interest rates. These contracts are marked to market at the balance sheet date, and the resultant unrealized gains and losses are recorded in the consolidated statements of operations and comprehensive income, together with realized gains and losses arising on settlement of these contracts. From time to time, we may designate certain of these instruments as hedges and apply hedge accounting as discussed in Note 14, "Financial Instruments and Fair Value Measurements" . 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 long-term debt and other financing arrangements is included in Note 5, "Long-term Debt and Other Financing Arrangements" . |
Share-based Compensation | Stock-Based Compensation Stock-based compensation is recognized at fair value. We calculate the fair value of stock option awards using the Black-Scholes option pricing model and recognize the compensation cost over the vesting period of the award. The grant date fair value of restricted stock units ("RSUs") is calculated as the closing price of our Class A common stock on the date of grant. For 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 correlation coefficient between our common stock and the relevant market index. |
Contingencies | Contingencies The estimated loss from a loss contingency such as a legal proceeding or other claim is recorded in the consolidated statements of operations and comprehensive income if it is probable that an asset has been impaired or a liability has been incurred and the amount of the loss can be reasonably estimated. Disclosure of a loss contingency is made if there is at least a reasonable possibility that a loss has been incurred. |
Advertising Costs | Advertising Costs Advertising costs are expensed as incurred. Advertising expense incurred for the years ending December 31, 2015 , 2014 and 2013 totaled US$ 3.0 million , US$ 3.7 million and US$ 6.0 million , respectively. |
Earnings Per Share | Earnings Per Share 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. |
Discontinued Operations | Discontinued Operations We present our results of operations, financial position and cash flows of operations that have either been sold or that meet the criteria for "held-for-sale accounting" as discontinued operations if the disposal represents a strategic shift that will have a major effect on our operations and financial results. At the time an operation qualifies for held-for-sale accounting, the operation is evaluated to determine whether or not the carrying amount exceeds its fair value less cost to sell. Any loss as a result of carrying amounts in excess of fair value less cost to sell is recorded in the period the operation meets held-for-sale accounting. Management judgment is required to (1) assess the criteria required to meet held-for-sale accounting, and (2) estimate fair value. Changes to the operation could cause it to no longer qualify for held-for-sale accounting and changes to fair value could result in an increase or decrease to previously recognized losses. In 2014, we classified certain of our non-core businesses as discontinued operations and completed the divestitures in 2015 (see Note 3, "Discontinued Operations and Assets Held for Sale" ). |
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 (Accounting Standards Update No. 2014-08), 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, are 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 August 2015, the FASB issued guidance which defers the effective date of the new revenue standard for all entities by one year, which would extend the effective date to our fiscal year beginning January 1, 2018. We are currently in the process of evaluating the impact of the adoption of this guidance on our 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 do not expect this guidance to have a material impact on our 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 consolidated balance sheets will be affected, with no impact to our consolidated statements of operations and comprehensive income or consolidated statements of cash flows. In November 2015, the FASB issued guidance which is intended to change the presentation requirements for the balance sheet classification of deferred taxes. Upon adoption of the guidance, deferred tax balances are required to be classified as non-current. The guidance is effective for annual financial statements beginning after December 15, 2016 and interim periods therein, with early adoption permitted. The adoption of this guidance will impact how we present and disclose deferred tax assets and liabilities in our consolidated balance sheet but will have no effect on our net deferred income tax liability. |
BASIS OF PRESENTATION AND SIG34
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Schedule of Change in Accounting Estimate [Table Text Block] | Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America ("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. |
Schedule of Property, Plant and Equipment Estimated Useful Life | Property, plant and equipment is carried at cost, less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives assigned to each major asset category as below: Asset category Estimated useful life Land Indefinite Buildings 25 years Machinery, fixtures and equipment 4 - 8 years Other equipment 3 - 8 years Software licenses 3 - 5 years |
DISCONTINUED OPERATIONS AND A35
DISCONTINUED OPERATIONS AND ASSETS HELD FOR SALE (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Discontinued Operations and Assets Held for Sale [Abstract] | |
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | Loss from discontinued operations, net of taxes, comprised the following for the year ended December 31, 2015 , 2014 and 2013 : For The Year Ending December 31, 2015 2014 2013 Net revenues $ 7,285 $ 50,191 $ 57,900 Loss from discontinued operations before income taxes and loss on sale (1,990 ) (17,893 ) (4,131 ) Credit / (provision) for income taxes 91 1,987 (968 ) Loss from discontinued operations, net of taxes, before loss on sale (1,899 ) (15,906 ) (5,099 ) Loss on sale of divested businesses, net of tax (1) (11,388 ) (64,525 ) — Loss from discontinued operations, net of tax $ (13,287 ) $ (80,431 ) $ (5,099 ) (1) Amount includes realized gains / losses on completed disposal transactions in 2015 and 2014, and losses related to fair value adjustments required to measure our assets held for sale at fair value less costs to sell for businesses classified as discontinued operations in 2014. For the year ended December 31, 2015, the amount includes losses related to the reclassification of the cumulative translation adjustment into net income of US$ 7.7 million and the reclassification of accumulated losses attributable to noncontrolling interest of US$ 3.7 million . For the year ended December 31, 2014, the amount includes losses related to the reclassification of the cumulative translation adjustment into net income of US$ 3.1 million . |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | Goodwill by reporting unit as at December 31, 2015 and December 31, 2014 is summarized as follows: Bulgaria Croatia Czech Republic Romania Slovak Republic Slovenia Total Gross Balance, December 31, 2013 $ 179,609 $ 11,149 $ 876,447 $ 109,028 $ 60,303 $ 19,400 $ 1,255,936 Accumulated impairment losses (144,639 ) (10,454 ) (287,545 ) (11,028 ) — (19,400 ) (473,066 ) Balance, December 31, 2013 34,970 695 588,902 98,000 60,303 — 782,870 Foreign currency (4,115 ) (84 ) (75,807 ) (11,409 ) (7,215 ) — (98,630 ) Other (1) — — — (2,842 ) — — (2,842 ) Balance, December 31, 2014 30,855 611 513,095 83,749 53,088 — 681,398 Accumulated impairment losses (144,639 ) (10,454 ) (287,545 ) (11,028 ) — (19,400 ) (473,066 ) Gross Balance, December 31, 2014 $ 175,494 $ 11,065 $ 800,640 $ 94,777 $ 53,088 $ 19,400 $ 1,154,464 (1) Amount represents the goodwill allocated to businesses held-for-sale based on their fair value relative to the fair value of the reporting unit's continuing operations. 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 (3,129 ) (60 ) (41,149 ) (9,334 ) (5,483 ) — (59,155 ) Balance, December 31, 2015 27,726 551 471,946 74,415 47,605 — 622,243 Accumulated impairment losses (144,639 ) (10,454 ) (287,545 ) (11,028 ) — (19,400 ) (473,066 ) Gross Balance, December 31, 2015 $ 172,365 $ 11,005 $ 759,491 $ 85,443 $ 47,605 $ 19,400 $ 1,095,309 |
Schedule of Intangible Assets Net | Changes in the net book value of our broadcast licenses and other intangible assets as at December 31, 2015 and December 31, 2014 is summarized as follows: December 31, 2015 December 31, 2014 Gross Accumulated Amortization Net Gross Accumulated Amortization Net Indefinite-lived: Trademarks $ 83,188 $ — $ 83,188 $ 98,250 $ — $ 98,250 Amortized: Broadcast licenses 191,860 (127,613 ) 64,247 209,279 (131,750 ) 77,529 Trademarks 614 (614 ) — — — — Customer relationships 53,120 (49,672 ) 3,448 59,011 (51,858 ) 7,153 Other 2,138 (1,859 ) 279 3,877 (3,431 ) 446 Total $ 330,920 $ (179,758 ) $ 151,162 $ 370,417 $ (187,039 ) $ 183,378 Our broadcast licenses above represents our license in the Czech Republic, which is amortized on a straight-line basis through the expiration date of the license, which is 2025. Our 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 . |
Schedule of Future Amortization Expense | The estimated amortization expense for our intangible assets with finite lives as of December 31, 2015 is as follows: 2016 $ 8,227 2017 8,013 2018 7,828 2019 7,375 2020 7,150 |
Schedule of Key Measurements Involved and Valuation Methods Applied | The table below shows the key measurements involved and the valuation methods applied: Measurement Valuation Method Recoverability of carrying amount Undiscounted future cash flows (Level 3 inputs*) Fair value of broadcast licenses Build-out method (Level 3 inputs*) Fair value of indefinite-lived trademarks Relief from royalty method (Level 3 inputs*) Fair value of reporting units Discounted cash flow model (Level 3 inputs*) *As described in Note 14, "Financial Instruments and Fair Value Measurements" . |
Schedule of Impairment Charges | We recognized impairment charges in the following reporting units in respect of goodwill, tangible and intangible assets during the year ended December 31, 2013: For the Year ended December 31, 2013 Trademarks Customer relationships Broadcast licenses Goodwill Total Bulgaria $ 12,259 $ 23,608 $ — $ 16,813 $ 52,680 Slovenia — — 7,596 19,400 26,996 Total $ 12,259 $ 23,608 $ 7,596 $ 36,213 $ 79,676 |
LONG-TERM DEBT AND OTHER FINA37
LONG-TERM DEBT AND OTHER FINANCING ARRANGEMENTS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | December 31, 2015 December 31, 2014 Senior Debt $ 919,812 $ 867,367 Other credit facilities and capital leases 3,648 6,732 Total long-term debt and other financing arrangements 923,460 874,099 Less: current maturities (1,155 ) (252,859 ) Total non-current long-term debt and other financing arrangements $ 922,305 $ 621,240 |
Schedule of Long-term Debt Instruments | Total senior debt and credit facilities comprised the following at December 31, 2015 : Principal Amount of Liability Component Unamortized Discount Net Carrying Amount Equity Component 2017 PIK Notes (1) $ 502,504 $ (139,833 ) $ 362,671 $ 178,626 2017 Term Loan (2) (3) 38,194 (10,309 ) 27,885 13,199 2018 Euro Term Loan 273,046 — 273,046 — 2019 Euro Term Loan 256,210 — 256,210 — 2021 Revolving Credit Facility (3) — — — 50,596 Total senior debt and credit facilities $ 1,069,954 $ (150,142 ) $ 919,812 (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 represents the fair value ascribed to the Unit Warrants (see Note 13, "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 component of the 2017 Term Loan and 2021 Revolving Credit Facility represents the fair value ascribed to the Initial Warrants (as described in Note 13, "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 2021 Revolving Credit Facility, which is being amortized on a straight-line basis over the life of the 2021 Revolving Credit Facility. |
Schedule of Senior Debt [Table Text Block] | Our senior debt comprised the following at December 31, 2015 and December 31, 2014 : Carrying Amount Fair Value December 31, 2015 December 31, 2014 December 31, 2015 December 31, 2014 2015 Convertible Notes $ — $ 251,669 $ — $ 260,922 2017 PIK Notes 362,671 265,629 552,338 476,957 2017 Term Loan 27,885 20,573 41,525 35,923 2018 Euro Term Loan 273,046 304,496 273,046 304,496 2019 Euro Term Loan 256,210 — 256,210 — 2021 Revolving Credit Facility — 25,000 — 25,000 $ 919,812 $ 867,367 $ 1,123,119 $ 1,103,298 |
Credit Facilities And Capital Lease Obligations | Other credit facilities and capital lease obligations comprised the following at December 31, 2015 and December 31, 2014 : December 31, 2015 December 31, 2014 Credit facilities (1) – (3) $ — $ 3,100 Capital leases 3,648 3,632 Total credit facilities and capital leases 3,648 6,732 Less: current maturities (1,155 ) (1,190 ) Total non-current credit facilities and capital leases $ 2,493 $ 5,542 (1) 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 December 31, 2015 , we had deposits of US$ 19.6 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. (2) As at December 31, 2015 and December 31, 2014 , there were no drawings outstanding under a CZK 825.0 million (approximately US$ 33.2 million ) factoring framework agreement with Factoring Ceska Sporitelna (“FCS”). Under this facility up to CZK 825.0 million (approximately US$ 33.2 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. (3) As at December 31, 2015 there were RON 8.9 million (approximately US$ 2.2 million ) of receivables factored under a RON 20.0 million (approximately US$ 4.8 million ) factoring framework agreement with UniCredit Bank S.A. entered into in the fourth quarter of 2015. Under this facility, receivables from certain customers may be factored on a non-recourse basis. The facility bears interest at 2.3% for the period that receivables are factored and outstandin |
Maturity Of Senior Debt And Credit Facility | up At December 31, 2015 , the maturity of our senior debt and credit facilities was as follows: 2016 $ — 2017 (1) 813,744 2018 — 2019 256,210 2020 — 2021 and thereafter — Total senior debt and credit facilities 1,069,954 Less: net discount (150,142 ) Carrying amount of senior debt and credit facilities $ 919,812 (1) On February, 19, 2016, we entered into an agreement for the EUR 468.8 million (approximately US$ 510.4 million ) 2021 Euro Term Loan, the proceeds of which will be drawn on or about April 7, 2016 and be applied to repay the 2017 Term Loan and redeem and discharge the 2017 PIK Notes, which we expect will be completed on or about April 8, 2016. Also on February 19, 2016, we agreed to extend the maturity date of the 2018 Euro Term Loan to November 1, 2018, reduce the interest cost of amounts drawn on the 2021 Revolving Credit Facility as our leverage ratio improves, and extend the maturity date of the 2021 Revolving Credit Facility at the current borrowing capacity until January 1, 2018 and with a borrowing capacity US$ 50.0 million from January 1, 2018 to the maturity date on February 19, 2021, with effect from the drawing of the 2021 Euro Term Loan (see Note 26, "Subsequent Events" ). |
Schedule of Future Minimum Lease Payments for Capital Leases | s 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 December 31, 2015 : 2016 $ 1,228 2017 1,112 2018 859 2019 512 2020 73 2021 and thereafter — Total undiscounted payments 3,784 Less: amount representing interest (136 ) Present value of net minimum lease payments $ 3,648 |
PROGRAM RIGHTS (Tables)
PROGRAM RIGHTS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
PROGRAM RIGHTS [Abstract] | |
Schedule of Program Rights | Program rights comprised the following at December 31, 2015 and December 31, 2014 : December 31, 2015 December 31, 2014 Program rights: Acquired program rights, net of amortization $ 179,632 $ 217,183 Less: current portion of acquired program rights (85,972 ) (99,358 ) Total non-current acquired program rights 93,660 117,825 Produced program rights – Feature Films: Released, net of amortization 1,298 4,553 Completed and not released — 558 Produced program rights – Television Programs: Released, net of amortization 56,125 60,691 Completed and not released 3,500 7,370 In production 13,783 15,786 Development and pre-production 707 481 Total produced program rights 75,413 89,439 Total non-current acquired program rights and produced program rights $ 169,073 $ 207,264 |
ACCOUNTS RECEIVABLE (Tables)
ACCOUNTS RECEIVABLE (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accounts Receivable, Net [Abstract] | |
Schedule of Accounts Receivable | Accounts receivable comprised the following at December 31, 2015 and December 31, 2014 : December 31, 2015 December 31, 2014 Unrelated customers $ 176,628 $ 186,404 Less: allowance for bad debts and credit notes (9,201 ) (10,692 ) Related parties — 197 Less: allowance for bad debts and credit notes — (43 ) Total accounts receivable $ 167,427 $ 175,866 |
OTHER ASSETS (Tables)
OTHER ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Other Assets [Abstract] | |
Schedule of Other Assets | Other current and non-current assets comprised the following at December 31, 2015 and December 31, 2014 : December 31, 2015 December 31, 2014 Current: Prepaid acquired programming $ 22,761 $ 19,162 Other prepaid expenses 6,941 5,627 Deferred tax 10,425 8,127 VAT recoverable 733 835 Income taxes recoverable 249 135 Other 2,097 1,595 Total other current assets $ 43,206 $ 35,481 December 31, 2015 December 31, 2014 Non-current: Capitalized debt costs $ 40,844 $ 55,472 Deferred tax 124 456 Other 3,949 2,188 Total other non-current assets $ 44,917 $ 58,116 |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | Property, plant and equipment comprised the following at December 31, 2015 and December 31, 2014 : December 31, 2015 December 31, 2014 Land and buildings $ 92,237 $ 103,248 Machinery, fixtures and equipment 164,503 172,929 Other equipment 32,314 36,516 Software licenses 55,656 56,176 Construction in progress 3,001 3,325 Total cost 347,711 372,194 Less: accumulated depreciation (239,189 ) (257,859 ) Total net book value $ 108,522 $ 114,335 Assets held under capital leases (included in the above) Land and buildings $ 3,805 $ 4,243 Machinery, fixtures and equipment 4,646 3,325 Total cost 8,451 7,568 Less: accumulated depreciation (3,556 ) (2,760 ) Total net book value $ 4,895 $ 4,808 |
Property Plant And Equipment Rollforward | The movement in the net book value of property, plant and equipment during the years ended December 31, 2015 and 2014 is comprised of: For The Year Ending December 31, 2015 2014 Opening balance $ 114,335 $ 142,907 Additions 34,523 27,860 Disposals (290 ) (25 ) Depreciation (27,943 ) (32,836 ) Foreign currency movements (10,810 ) (16,572 ) Other (1) (1,293 ) (6,999 ) Ending balance $ 108,522 $ 114,335 (1) Other is comprised of property, plant and equipment which were classified as assets held for sale and subsequently sold in the fourth quarter of 2015 (see Note 3, "Discontinued Operations and Assets Held for Sale" ). |
ACCOUNTS PAYABLE AND ACCRUED 42
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accounts Payable and Accrued Liabilities [Abstract] | |
Schedule of Accounts Payable and Accrued Liabilities | Accounts payable and accrued liabilities comprised the following at December 31, 2015 and December 31, 2014 : December 31, 2015 December 31, 2014 Accounts payable and accrued expenses $ 54,526 $ 55,564 Related party accounts payable 53 43 Programming liabilities 24,901 42,828 Related party programming liabilities 14,583 24,980 Duties and other taxes payable 12,856 23,341 Accrued staff costs 20,709 21,168 Accrued interest payable 914 1,958 Related party accrued interest payable 477 173 Income taxes payable 249 460 Accrued legal contingencies and professional fees 1,744 3,004 Authors’ rights 2,516 4,434 Other accrued liabilities 1,177 1,271 Total accounts payable and accrued liabilities $ 134,705 $ 179,224 |
OTHER LIABILITIES (Tables)
OTHER LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Other Liabilities [Abstract] | |
Schedule of Other Liabilities | Other current and non-current liabilities comprised the following at December 31, 2015 and December 31, 2014 : December 31, 2015 December 31, 2014 Current: Deferred revenue $ 7,546 $ 4,938 Deferred tax — 279 Derivative liabilities 650 — Restructuring provision 458 1,558 Legal provisions 1,520 995 Other 274 42 Total other current liabilities $ 10,448 $ 7,812 December 31, 2015 December 31, 2014 Non-current: Deferred tax $ 25,990 $ 27,370 Related party programming liabilities — 316 Programming liabilities — 1,699 Related party commitment fee payable (1) 9,240 9,136 Related party guarantee fee payable (2) 22,655 1,163 Accrued interest (3) 977 846 Related party accrued interest (3) 5,304 4,589 Other 1,583 1,366 Total other non-current liabilities $ 65,749 $ 46,485 (1) Represents the commitment fee payable to Time Warner in respect of its obligation under a commitment letter dated November 14, 2014 (the “2015 Refinancing Commitment Letter”) between Time Warner and CME whereby Time Warner agreed to provide or assist with arranging a loan facility to repay the 2015 Convertible Notes at maturity. The commitment fee is payable by November 1, 2019, the maturity date of the 2019 Euro Term Loan, or earlier if the repayment of the 2019 Euro Term Loan is accelerated. The commitment fee bears interest at 8.5% per annum and such interest 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 guarantees of the 2018 Euro Term Loan and the 2019 Euro Term Loan. The guarantee fee is calculated based on the amounts outstanding on the 2018 Euro Term Loan and the 2019 Euro Term Loan, each calculated on a per annum basis equal to 8.5% minus the rate of interest paid by CME to the lenders under the 2018 Euro Term Loan and the 2019 Euro Term Loan, respectively. The guarantee fee is payable, in cash or in kind on a semi-annual basis in arrears on each May 1 and November 1. We have elected to pay the guarantee fee in kind to date. Amounts of the guarantee fee paid in kind bear interest at the Guarantee Fee Rate, which is payable, in cash or in kind, in arrears on each May 1 and November 1. (3) Represents interest on the 2017 PIK Notes and the 2017 Term Loan, which we may pay in kind or in cash on a semi-annual basis in arrears by adding such accrued interest to the principal amount of the underlying instrument. |
FINANCIAL INSTRUMENTS AND FAI44
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS [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 (1,418 ) Reclassified to interest expense 579 BALANCE December 31, 2015 $ (1,420 ) |
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 years ended December 31, 2015 , 2014 and 2013 : For The Year Ending December 31, 2015 2014 2013 Currency swaps $ 4,848 $ 2,311 $ — Interest rate swap — — 104 Change in fair value of derivatives $ 4,848 $ 2,311 $ 104 |
RESTRUCTURING COSTS (Tables)
RESTRUCTURING COSTS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | Segment Reorganization Plan 2014 Initiatives Employee Termination Costs Other Exit Costs Total Employee Termination Costs Other Exit Costs Total Grand Total Balance, December 31, 2013 $ 2,671 $ 631 3,302 $ — $ — $ — $ 3,302 Costs incurred — — — 10,033 383 10,416 10,416 Cash paid (2,671 ) (82 ) (2,753 ) (8,648 ) (206 ) (8,854 ) (11,607 ) Accrual reversal — (560 ) (560 ) — — — (560 ) Foreign currency movements — 11 11 — (4 ) (4 ) 7 Balance, December 31, 2014 $ — $ — $ — $ 1,385 $ 173 $ 1,558 $ 1,558 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 — — — 1,897 — 1,897 1,897 Cash paid (1,037 ) (172 ) (1,209 ) (1,213 ) — (1,213 ) (2,422 ) Accrual reversal (183 ) — (183 ) — — — (183 ) Foreign currency movements (64 ) (1 ) (65 ) (4 ) — (4 ) (69 ) Other (1) (101 ) — (101 ) (222 ) — (222 ) (323 ) Balance, December 31, 2015 $ — $ — $ — $ 458 $ — $ 458 $ 458 |
Schedule of Restructuring and Related Costs [Table Text Block] | A summary of restructuring charges for the years ended December 31, 2015 , 2014 and 2013 by operating segment is as follows: For The Year Ending December 31, 2015 2014 Employee Termination Costs Other Exit Costs Accrual Reversal Total Employee Termination Costs Other Exit Costs Accrual Reversal Total Bulgaria $ — $ — $ — $ — $ 3,312 $ 80 $ — $ 3,392 Czech Republic — — — — 1,861 — — 1,861 Romania 1,897 — (183 ) 1,714 4,149 — — 4,149 Slovak Republic — — — — 429 23 (560 ) (108 ) Slovenia — — — — 282 — — 282 Corporate — — — — — 280 — 280 Total restructuring costs $ 1,897 $ — $ (183 ) $ 1,714 $ 10,033 $ 383 $ (560 ) $ 9,856 For The Year Ending December 31, 2013 Employee Termination Costs Other Exit Costs Accrual Reversal Total Bulgaria $ 447 $ — $ — $ 447 Croatia 95 — — 95 Czech Republic 2,316 68 — 2,384 Romania 1,610 2 — 1,612 Slovak Republic 1,943 630 — 2,573 Slovenia 996 — — 996 Corporate 10,308 97 — 10,405 Total restructuring costs $ 17,715 $ 797 $ — $ 18,512 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income (Loss) before Income Tax, Domestic and Foreign | The Netherlands and non-Netherlands components of loss from continuing operations before income taxes are: For The Year Ending December 31, 2015 2014 2013 Domestic $ (73,132 ) $ (117,247 ) $ (80,885 ) Foreign (29,668 ) (35,576 ) (213,542 ) Total $ (102,800 ) $ (152,823 ) $ (294,427 ) |
Schedule Of Income Tax Expense From Continuing And Discontinued Operations [Table Text Block] | Total tax credit for the years ended December 31, 2015 , 2014 and 2013 was allocated as follows: For The Year Ending December 31, 2015 2014 2013 Income tax credit from continuing operations $ 515 $ 1,358 $ 17,993 Income tax credit / (provision) from discontinued operations 91 1,987 (968 ) Total tax credit $ 606 $ 3,345 $ 17,025 |
Schedule of Components of Income Tax Expense (Benefit) | The Netherlands and non-Netherlands components of the credit for income taxes from continuing operations consist of: For The Year Ending December 31, 2015 2014 2013 Current income tax (expense) / credit: Domestic $ — $ — $ 57 Foreign (550 ) (558 ) (34 ) (550 ) (558 ) 23 Deferred tax credit: Domestic — — 165 Foreign 1,065 1,916 17,805 1,065 1,916 17,970 Credit for income taxes $ 515 $ 1,358 $ 17,993 |
Schedule of Effective Income Tax Rate Reconciliation | The following is a reconciliation of income taxes, calculated at statutory Netherlands rates, to the credit for income taxes included in the accompanying Consolidated Statements of Operations for the years ended December 31, 2015 , 2014 and 2013 : For The Year Ending December 31, 2015 2014 2013 Income taxes at Netherlands rates (25%) $ 25,689 $ 38,193 $ 73,594 Jurisdictional differences in tax rates (17,462 ) (12,965 ) (13,231 ) Tax effect of goodwill impairment — — (4,979 ) Losses expired (4,009 ) (4,899 ) (7,439 ) Change in valuation allowance 3,614 (7,012 ) (23,123 ) Non-deductible expenses (1,859 ) (5,624 ) (7,538 ) Other (5,458 ) (6,335 ) 709 Credit for income taxes $ 515 $ 1,358 $ 17,993 |
Schedule of Deferred Tax Assets and Liabilities | The following table shows the significant components included in deferred income taxes as at December 31, 2015 and 2014 : December 31, 2015 December 31, 2014 Assets: Tax benefit of loss carry-forwards and other tax credits $ 111,526 $ 114,858 Programming rights 4,052 15,158 Property, plant and equipment 4,427 7,533 Accrued expenses 4,544 3,922 Other 1,718 12,718 Gross deferred tax assets 126,267 154,189 Valuation allowance (109,481 ) (124,263 ) Net deferred tax assets $ 16,786 $ 29,926 Liabilities: Broadcast licenses, trademarks and customer relationships $ 24,897 $ 29,620 Property, plant and equipment 173 177 Programming rights 7,082 16,325 Other 75 2,870 Total deferred tax liabilities 32,227 48,992 Net deferred income tax liability $ 15,441 $ 19,066 |
Schedule of Deferred Tax Assets and Liabilities Balance Sheet Location | : December 31, 2015 December 31, 2014 Assets: Tax benefit of loss carry-forwards and other tax credits $ 111,526 $ 114,858 Programming rights 4,052 15,158 Property, plant and equipment 4,427 7,533 Accrued expenses 4,544 3,922 Other 1,718 12,718 Gross deferred tax assets 126,267 154,189 Valuation allowance (109,481 ) (124,263 ) Net deferred tax assets $ 16,786 $ 29,926 Liabilities: Broadcast licenses, trademarks and customer relationships $ 24,897 $ 29,620 Property, plant and equipment 173 177 Programming rights 7,082 16,325 Other 75 2,870 Total deferred tax liabilities 32,227 48,992 Net deferred income tax liability $ 15,441 $ 19,066 Deferred tax is recognized on the consolidated balance sheet as follows: December 31, 2015 December 31, 2014 Net current deferred tax assets $ 10,425 $ 8,127 Net non-current deferred tax assets 124 456 10,549 8,583 Net current deferred tax liabilities — 279 Net non-current deferred tax liabilities 25,990 27,370 25,990 27,649 Net deferred income tax liability $ 15,441 $ 19,066 |
Summary of Valuation Allowance | During 2015 , we had the following movements on valuation allowances: Balance at December 31, 2014 $ 124,263 Created during the period 13,709 Utilized (10,631 ) Released due to changes in future profitability (6,692 ) Foreign exchange (11,168 ) Balance at December 31, 2015 $ 109,481 |
Summary of Operating Loss Carryforwards | As of December 31, 2015 we had operating loss carry-forwards that will expire in the following periods: 2016 2017 2018 2019 2020-35 Indefinite Bulgaria $ — $ — $ — $ — $ 11,021 $ — Croatia 1,488 — — — — — Czech Republic — 48 19,520 — — — The Netherlands 6,991 28,082 26,680 59,315 259,740 — Romania — — — 15,756 14,493 — Slovak Republic 5,938 5,938 — — — — Slovenia — — — — — 22,047 United Kingdom — — — — — 1,698 Total $ 14,417 $ 34,068 $ 46,200 $ 75,071 $ 285,254 $ 23,745 |
Summary of Income Tax Contingencies | ce. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follow |
Schedule of Income Tax Examinations by Tax Jurisdiction | Our subsidiaries file income tax returns in The Netherlands and various other tax jurisdictions. As at December 31, 2015 , our subsidiaries are generally no longer subject to income tax examinations for years before: Tax Jurisdiction Year Bulgaria 2010 Croatia 2011 Czech Republic 2011 The Netherlands 2013 Romania 2014 Slovak Republic 2010 Slovenia 2008 United Kingdom 2014 |
INTEREST EXPENSE (Tables)
INTEREST EXPENSE (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Interest Expense [Abstract] | |
Schedule of Interest Expense | Interest expense comprised the following for the years ended December 31, 2015 , 2014 and 2013 : For The Year Ending December 31, 2015 2014 2013 Interest on Senior Debt and other financing arrangements $ 114,730 $ 104,570 $ 100,320 Amortization of capitalized debt issuance costs 15,484 18,297 4,101 Amortization of debt issuance discount and premium, net 41,230 19,138 7,288 Total interest expense $ 171,444 $ 142,005 $ 111,709 |
OTHER NON-OPERATING EXPENSE (Ta
OTHER NON-OPERATING EXPENSE (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Nonoperating Income (Expense) [Table Text Block] | 17. OTHER NON-OPERATING INCOME / EXPENSE Other non-operating income / expense comprised the following for the years ended December 31, 2015 , 2014 and 2013 : For The Year Ending December 31, 2015 2014 2013 Interest income $ 440 $ 294 $ 496 Foreign currency exchange (loss) / gain, net (13,481 ) (12,767 ) 20,187 Change in fair value of derivatives (Note 14) 4,848 2,311 104 Other (expense) / income, net (17,746 ) 267 (373 ) Total other non-operating (expense) / income $ (25,939 ) $ (9,895 ) $ 20,414 |
STOCK-BASED COMPENSATION (Table
STOCK-BASED COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | The weighted average assumptions used in the Black-Scholes model for grants made in the year ending December 31, 2015 were as follows: For The Year Ending December 31, 2015 Risk-free interest rate 1.86 % Expected term (years) 6.25 Expected volatility 75.18 % Dividend yield 0 % Weighted-average fair value $ 1.54 |
Schedule of Stock-Based Compensation Charged | For The Year Ending December 31, 2015 2014 2013 Selling, general and administrative expenses $ 2,439 $ 1,344 $ 4,197 Restructuring costs (Note 15) — — 1,919 Total stock-based compensation charge $ 2,439 $ 1,344 $ 6,116 |
Schedule of Stock Option Activity | A summary of option activity for the year ended December 31, 2015 is presented below: Shares Weighted Average Exercise Price per Share Weighted Average Remaining Contractual Term (years) Aggregate Intrinsic Value Outstanding at December 31, 2014 155,000 $ 29.88 0.92 $ — Granted 1,600,000 2.29 Forfeited (20,000 ) 23.12 Expired (69,000 ) 28.23 Outstanding at December 31, 2015 1,666,000 $ 3.53 9.07 $ 640 Vested or expected to vest 1,666,000 3.53 9.07 640 Exercisable at December 31, 2015 66,000 $ 33.66 0.42 $ — |
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range | |
Schedule of Restricted Stock Unit Activity | The following table summarizes information about unvested RSUs as at December 31, 2015 : Number of Shares / Units Weighted-Average Grant Date Fair Value Unvested at December 31, 2014 1,367,234 $ 3.06 Granted 1,661,430 2.56 Vested (465,136 ) 3.16 Forfeited (8,931 ) 3.85 Unvested at December 31, 2015 2,554,597 $ 2.72 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 12 Months Ended |
Dec. 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 Year Ending December 31, 2015 2014 2013 Loss from continuing operations $ (102,285 ) $ (151,465 ) $ (276,434 ) Net loss attributable to noncontrolling interests 671 4,468 3,882 Less: preferred dividend paid in kind (Note 12) (17,272 ) (16,036 ) (7,890 ) Loss from continuing operations available to common shareholders, net of noncontrolling interest (118,886 ) (163,033 ) (280,442 ) Loss from discontinued operations, net of tax (Note 3) (13,287 ) (80,431 ) (5,099 ) Net loss attributable to CME Ltd. available to common shareholders - Basic $ (132,173 ) $ (243,464 ) $ (285,541 ) Effect of dilutive securities Preferred dividend paid in kind — — — Net loss attributable to CME Ltd. available to common shareholders - Diluted $ (132,173 ) $ (243,464 ) $ (285,541 ) Weighted average outstanding shares of common stock - Basic (1) 146,866 146,509 125,723 Dilutive effect of employee stock options and RSUs — — — Weighted average outstanding shares of common stock - Diluted 146,866 146,509 125,723 Net loss per share: Continuing operations - Basic $ (0.81 ) $ (1.11 ) $ (2.23 ) Continuing operations - Diluted (0.81 ) (1.11 ) (2.23 ) Discontinued operations - Basic (0.09 ) (0.55 ) (0.04 ) Discontinued operations - Diluted (0.09 ) (0.55 ) (0.04 ) Net loss attributable to CME Ltd. - Basic (0.90 ) (1.66 ) (2.27 ) Net loss attributable to CME Ltd. - Diluted (0.90 ) (1.66 ) (2.27 ) (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, 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 the common stock. |
SEGMENT DATA (Tables)
SEGMENT DATA (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Schedule of Revenue by Major Customers by Reporting Segments | Below are tables showing our net revenues, OIBDA, total assets, capital expenditures and long-lived assets for our continuing operations by segment for the years ended December 31, 2015 , 2014 and 2013 for consolidated statements of operations and comprehensive income data and consolidated statements of cash flow data; and as at December 31, 2015 and 2014 for consolidated balance sheet data. Net revenues: For The Year Ending December 31, 2015 2014 2013 Bulgaria $ 73,090 $ 87,078 $ 87,448 Croatia 55,912 62,026 61,864 Czech Republic 182,636 202,779 174,939 Romania 157,578 178,614 162,305 Slovak Republic 84,434 90,556 82,404 Slovenia 54,233 61,370 66,656 Intersegment revenues (1) (2,042 ) (1,630 ) (2,482 ) Total net revenues $ 605,841 $ 680,793 $ 633,134 (1) Reflects revenues earned from the sale of content to other country segments in CME Ltd. All other revenues are third party revenues. |
Schedule of Segment Reporting Information, by Segment | OIBDA: For The Year Ending December 31, 2015 2014 2013 Bulgaria $ 15,479 $ 9,367 $ 13,391 Croatia 7,880 7,835 8,258 Czech Republic 71,697 61,964 (9,604 ) Romania 41,176 37,259 2,454 Slovak Republic 10,585 4,586 (19,859 ) Slovenia 6,057 5,331 9,254 Elimination (229 ) (16 ) (46 ) Total operating segments 152,645 126,326 3,848 Corporate (29,830 ) (30,880 ) (52,253 ) Total OIBDA $ 122,815 $ 95,446 (48,405 ) |
Reconciliation of Other Significant Reconciling Items from Segments to Consolidated | Reconciliation to consolidated statements of operations and comprehensive income: For The Year Ending December 31, 2015 2014 2013 Total OIBDA: $ 122,815 $ 95,446 $ (48,405 ) Depreciation of property, plant and equipment (27,943 ) (32,836 ) (37,175 ) Amortization of broadcast licenses and other intangibles (12,271 ) (12,348 ) (14,761 ) Impairment charge — — (79,676 ) Other items (1) 11,982 (11,982 ) — Operating income / (loss) 94,583 38,280 (180,017 ) Interest expense (Note 16) (171,444 ) (142,005 ) (111,709 ) Loss on extinguishment of debt — (39,203 ) (23,115 ) Non-operating (expense) / income, net (Note 17) (25,939 ) (9,895 ) 20,414 Credit for income taxes 515 1,358 17,993 Loss from continuing operations $ (102,285 ) $ (151,465 ) $ (276,434 ) |
Reconciliation of Assets from Segment to Consolidated | Total assets (1) : December 31, 2015 December 31, 2014 Bulgaria $ 134,418 $ 141,055 Croatia 52,306 58,000 Czech Republic 746,269 803,361 Romania 261,984 297,256 Slovak Republic 121,122 134,544 Slovenia 70,911 78,403 Total operating segments 1,387,010 1,512,619 Corporate 67,191 76,875 Assets held for sale — 29,866 Total assets $ 1,454,201 $ 1,619,360 (1) Segment assets exclude any intercompany balances. |
Segment Reporting Capital Expenditure | Capital Expenditures: For The Year Ending December 31, 2015 2014 2013 Bulgaria $ 3,517 $ 2,627 $ 2,798 Croatia 3,215 2,701 2,574 Czech Republic 10,982 9,139 7,727 Romania 5,794 4,686 5,194 Slovak Republic 2,921 2,240 1,590 Slovenia 3,197 3,502 4,018 Total operating segments 29,626 24,895 23,901 Corporate 3,891 3,790 6,217 Total capital expenditures $ 33,517 $ 28,685 $ 30,118 |
Schedule of Disclosure on Geographic Areas, Long-Lived Assets in Individual Foreign Countries by Country [Table Text Block] | Long-lived assets (1) : December 31, 2015 December 31, 2014 Bulgaria $ 5,602 $ 4,187 Croatia 5,497 5,579 Czech Republic 39,907 40,940 Romania 20,873 22,110 Slovak Republic 15,606 17,374 Slovenia 15,082 16,647 Total operating segments 102,567 106,837 Corporate 5,955 7,498 Total long-lived assets $ 108,522 $ 114,335 (1) Reflects property, plant and equipment. Revenue by type: For The Year Ending December 31, 2015 2014 2013 Television advertising $ 505,498 $ 565,601 $ 528,778 Carriage fees and subscriptions 73,058 80,487 58,990 Other 27,285 34,705 45,366 Total net revenues $ 605,841 $ 680,793 $ 633,134 |
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area | Revenue by type: For The Year Ending December 31, 2015 2014 2013 Television advertising $ 505,498 $ 565,601 $ 528,778 Carriage fees and subscriptions 73,058 80,487 58,990 Other 27,285 34,705 45,366 Total net revenues $ 605,841 $ 680,793 $ 633,134 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases | At December 31, 2015 , we had total commitments of US$ $144.9 million ( December 31, 2014 : US$ 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 Digital transmission obligations Operating leases Capital expenditures 2016 $ 74,226 $ 18,322 $ 3,473 $ 420 2017 35,123 6,691 2,221 — 2018 22,882 3,200 1,617 — 2019 8,812 10,374 746 — 2020 1,327 312 330 — 2021 and thereafter 2,525 566 1,149 — Total $ 144,895 $ 39,465 $ 9,536 $ 420 |
RELATED PARTY TRANSACTIONS (Ta
RELATED PARTY TRANSACTIONS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Time Warner [Member] | |
Related Party Transaction [Line Items] | |
Schedule of Related Party Transactions | For The Year Ending December 31, 2015 2014 2013 Net revenues $ 198 $ 59 $ 119 Cost of revenues 32,497 20,713 58,636 Interest expense 127,970 61,887 — December 31, 2015 December 31, 2014 Programming liabilities $ 14,583 $ 24,980 Other accounts payable and accrued liabilities 53 150 Accounts receivable, gross — 197 Long-term debt and other financing arrangements (1) 334,114 269,862 Accrued interest payable (2) 5,781 4,763 Other non-current liabilities (3) 31,895 10,299 |
QUARTERLY FINANCIAL DATA (Table
QUARTERLY FINANCIAL DATA (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Data [Abstract] | |
Schedule of Quarterly Financial Information | Selected quarterly financial data for the years ended December 31, 2015 and 2014 is as follows: For the Year Ended December 31, 2015 First Quarter (Unaudited) Second Quarter (Unaudited) Third Quarter (Unaudited) Fourth Quarter (Unaudited) Consolidated Statements of Operations and Comprehensive Income Data: Net revenues $ 126,133 $ 166,834 $ 117,322 $ 195,552 Cost of revenues 98,828 101,229 85,832 116,654 Operating (loss) / income (17,239 ) 36,441 28,853 46,528 (Loss) / income from continuing operations (70,243 ) (11,669 ) (21,510 ) 1,137 (Loss) / income from discontinued operations, net of tax (3,288 ) 2,684 (265 ) (12,418 ) Net loss (73,531 ) (8,985 ) (21,775 ) (11,281 ) Net loss attributable to CME Ltd. (73,274 ) (8,678 ) (21,522 ) (11,427 ) Net loss per share: Basic EPS $ (0.53 ) $ (0.09 ) $ (0.18 ) $ (0.11 ) Effect of dilutive securities — — — — Diluted EPS $ (0.53 ) $ (0.09 ) $ (0.18 ) $ (0.11 ) For the Year Ended December 31, 2014 First Quarter (Unaudited) Second Quarter (Unaudited) Third Quarter (Unaudited) Fourth Quarter (Unaudited) Consolidated Statements of Operations and Comprehensive Income Data: Net revenues $ 140,705 $ 192,811 $ 131,081 $ 216,196 Cost of revenues 119,579 125,514 105,823 138,125 Operating (loss) / income (14,682 ) 22,687 (8,023 ) 38,298 Loss from continuing operations (41,000 ) (41,352 ) (51,308 ) (17,805 ) Loss from discontinued operations, net of tax (7,633 ) (11,154 ) (1,174 ) (60,470 ) Net loss (48,633 ) (52,506 ) (52,482 ) (78,275 ) Net loss attributable to CME Ltd. (47,916 ) (52,437 ) (52,138 ) (74,937 ) Net loss per share: Basic EPS $ (0.35 ) $ (0.39 ) $ (0.38 ) $ (0.54 ) Effect of dilutive securities — — — — Diluted EPS $ (0.35 ) $ (0.39 ) $ (0.38 ) $ (0.54 ) |
GUARANTOR AND NON-GUARANTOR F55
GUARANTOR AND NON-GUARANTOR FINANCIAL INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Guarantor and Non-Guarantor Financial Information [Abstract] | |
Schedule of Condensed Balance Sheet [Table Text Block] | The following tables present condensed consolidating financial information relating to the Guarantor Subsidiaries as at December 31, 2015 and 2014 , and for the years ended December 31, 2015 , 2014 and 2013 : Condensed Consolidating Balance Sheets as at December 31, 2015 Parent Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS Current assets Cash and cash equivalents $ 9,273 $ 118 $ 52,288 $ — $ 61,679 Accounts receivable, net — — 167,427 — 167,427 Program rights, net — — 85,972 — 85,972 Other current assets 681 1,680 40,845 — 43,206 Intercompany current assets 10,612 1,788 27,300 (39,700 ) — Total current assets 20,566 3,586 373,832 (39,700 ) 358,284 Non-current assets Investments in subsidiaries 204,531 1,266,585 — (1,471,116 ) — Property, plant and equipment, net — — 108,522 — 108,522 Program rights, net — — 169,073 — 169,073 Goodwill — — 622,243 — 622,243 Broadcast licenses and other intangible assets, net — — 151,162 — 151,162 Other non-current assets 40,844 2,445 1,628 — 44,917 Intercompany non-current assets 1,055,286 34,894 558,518 (1,648,698 ) — Total non-current assets 1,300,661 1,303,924 1,611,146 (3,119,814 ) 1,095,917 Total assets $ 1,321,227 $ 1,307,510 $ 1,984,978 $ (3,159,514 ) $ 1,454,201 LIABILITIES AND EQUITY Current liabilities Accounts payable and accrued liabilities $ 2,622 $ 242 $ 131,841 $ — $ 134,705 Current portion of long-term debt and other financing arrangements — — 1,155 — 1,155 Other current liabilities 650 247 9,551 — 10,448 Intercompany current liabilities 5,194 31,635 2,871 (39,700 ) — Total current liabilities 8,466 32,124 145,418 (39,700 ) 146,308 Non-current liabilities Long-term debt and other financing arrangements 919,812 — 2,493 — 922,305 Other non-current liabilities 39,596 — 26,153 — 65,749 Intercompany non-current liabilities 34,895 1,194,226 419,577 (1,648,698 ) — Total non-current liabilities 994,303 1,194,226 448,223 (1,648,698 ) 988,054 Temporary equity 241,198 — — — 241,198 Total CME Ltd. shareholders’ equity 77,260 81,160 1,389,956 (1,471,116 ) 77,260 Noncontrolling interests — — 1,381 — 1,381 Total equity 77,260 81,160 1,391,337 (1,471,116 ) 78,641 Total liabilities and equity $ 1,321,227 $ 1,307,510 $ 1,984,978 $ (3,159,514 ) $ 1,454,201 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 |
Schedule of Condensed Income Statement [Table Text Block] | Condensed Consolidating Statements of Operations and Comprehensive Income for the year ended December 31, 2015 Parent Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net revenues $ — $ — $ 605,841 $ — $ 605,841 Cost of revenues — — 402,543 — 402,543 Selling, general and administrative expenses 18,916 485 87,600 — 107,001 Restructuring costs — — 1,714 — 1,714 Operating (loss) / income (18,916 ) (485 ) 113,984 — 94,583 Interest expense (174,257 ) (106,821 ) (15,307 ) 124,941 (171,444 ) Non-operating income / (expense), net 97,480 (19,627 ) 21,149 (124,941 ) (25,939 ) (Loss) / income from continuing operations before tax and (loss) / income from investment in subsidiaries (95,693 ) (126,933 ) 119,826 — (102,800 ) Credit / (provision) for income taxes — 16,007 (15,492 ) — 515 (Loss) / income from continuing operations before (loss) / income from investment in subsidiaries (95,693 ) (110,926 ) 104,334 — (102,285 ) (Loss) / income from investment in subsidiaries (19,208 ) 92,772 — (73,564 ) — (Loss) / income from continuing operations (114,901 ) (18,154 ) 104,334 (73,564 ) (102,285 ) Loss from discontinued operations, net of tax — (1,054 ) (12,233 ) — (13,287 ) Net (loss) / income (114,901 ) (19,208 ) 92,101 (73,564 ) (115,572 ) Net loss attributable to noncontrolling interests — — 671 — 671 Net (loss) / income attributable to CME Ltd. $ (114,901 ) $ (19,208 ) $ 92,772 $ (73,564 ) $ (114,901 ) Net (loss) / income $ (114,901 ) $ (19,208 ) $ 92,101 $ (73,564 ) $ (115,572 ) Other comprehensive (loss) / income (91,936 ) 13,065 (139,966 ) 128,284 (90,553 ) Comprehensive loss (206,837 ) (6,143 ) (47,865 ) 54,720 (206,125 ) Comprehensive income attributable to noncontrolling interests — — (712 ) — (712 ) Comprehensive loss attributable to CME Ltd. $ (206,837 ) $ (6,143 ) $ (48,577 ) $ 54,720 $ (206,837 ) Condensed Consolidating Statements of Operations and Comprehensive Income for the year ended December 31, 2014 Parent Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net revenues $ — $ — $ 680,793 $ — $ 680,793 Cost of revenues — — 489,041 — 489,041 Selling, general and administrative expenses 19,026 804 123,786 — 143,616 Restructuring costs — — 9,856 — 9,856 Operating (loss) / income (19,026 ) (804 ) 58,110 — 38,280 Interest expense (138,480 ) (137,891 ) (31,226 ) 165,592 (142,005 ) Loss on extinguishment of debt (24,161 ) — (15,042 ) — (39,203 ) Non-operating income / (expense), net 144,257 21,778 (10,338 ) (165,592 ) (9,895 ) (Loss) / income from continuing operations before tax and loss from investment in subsidiaries (37,410 ) (116,917 ) 1,504 — (152,823 ) Credit / (provision) for income taxes — 12,170 (10,812 ) — 1,358 Loss from continuing operations before loss from investment in subsidiaries (37,410 ) (104,747 ) (9,308 ) — (151,465 ) Loss on investment in subsidiaries (190,018 ) (85,271 ) — 275,289 — Loss from continuing operations (227,428 ) (190,018 ) (9,308 ) 275,289 (151,465 ) Loss from discontinued operations, net of tax — — (80,431 ) — (80,431 ) Net loss (227,428 ) (190,018 ) (89,739 ) 275,289 (231,896 ) Net loss attributable to noncontrolling interests — — 4,468 — 4,468 Net loss attributable to CME Ltd. $ (227,428 ) $ (190,018 ) $ (85,271 ) $ 275,289 $ (227,428 ) Net loss $ (227,428 ) $ (190,018 ) $ (89,739 ) $ 275,289 $ (231,896 ) Other comprehensive loss (157,780 ) (315,291 ) (150,841 ) 467,095 (156,817 ) Comprehensive loss (385,208 ) (505,309 ) (240,580 ) 742,384 (388,713 ) Comprehensive loss attributable to noncontrolling interests — — 3,505 — 3,505 Comprehensive loss attributable to CME Ltd. $ (385,208 ) $ (505,309 ) $ (237,075 ) $ 742,384 $ (385,208 ) Condensed Consolidating Statements of Operations and Comprehensive Income for the year ended December 31, 2013 Parent Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net revenues $ — $ — $ 633,134 $ — $ 633,134 Cost of revenues — — 578,570 — 578,570 Selling, general and administrative expenses 33,905 5 102,483 — 136,393 Restructuring costs 2,422 24 16,066 — 18,512 Impairment charge — — 79,676 — 79,676 Operating loss (36,327 ) (29 ) (143,661 ) — (180,017 ) Interest expense (88,102 ) (124,100 ) (43,537 ) 144,030 (111,709 ) Loss on extinguishment of debt (23,115 ) — — — (23,115 ) Non-operating income / (expense), net 167,318 15,449 (18,323 ) (144,030 ) 20,414 Income / (loss) from continuing operations before tax and loss from investment in subsidiaries 19,774 (108,680 ) (205,521 ) — (294,427 ) Credit for income taxes — 9,510 8,483 — 17,993 Income / (loss) from continuing operations before loss from investment in subsidiaries 19,774 (99,170 ) (197,038 ) — (276,434 ) Loss on investment in subsidiaries (297,425 ) (198,255 ) — 495,680 — Loss from continuing operations (277,651 ) (297,425 ) (197,038 ) 495,680 (276,434 ) Loss from discontinued operations, net of tax — — (5,099 ) — (5,099 ) Net loss (277,651 ) (297,425 ) (202,137 ) 495,680 (281,533 ) Net loss attributable to noncontrolling interests — — 3,882 — 3,882 Net loss attributable to CME Ltd. $ (277,651 ) $ (297,425 ) $ (198,255 ) $ 495,680 $ (277,651 ) Net loss $ (277,651 ) $ (297,425 ) $ (202,137 ) $ 495,680 $ (281,533 ) Other comprehensive loss (57,979 ) (74,385 ) (5,428 ) 79,592 (58,200 ) Comprehensive loss (335,630 ) (371,810 ) (207,565 ) 575,272 (339,733 ) Comprehensive loss attributable to noncontrolling interests — — 4,103 — 4,103 Comprehensive loss attributable to CME Ltd. $ (335,630 ) $ (371,810 ) $ (203,462 ) $ 575,272 $ (335,630 ) |
Schedule of Condensed Cash Flow Statement [Table Text Block] | Condensed Consolidating Statements of Cash Flows for the year ended December 31, 2015 Parent Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net cash generated from / (used in) continuing operating activities $ 46,196 $ (84,922 ) $ 130,622 $ (6,019 ) $ 85,877 CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of property, plant and equipment — — (33,517 ) — (33,517 ) Disposal of property, plant and equipment — — 3,091 — 3,091 Intercompany investing receipts 380,319 110,377 7,780 (498,476 ) — Intercompany investing payments (396,003 ) (53,127 ) (303,763 ) 752,893 — Net cash (used in) / provided by continuing investing activities $ (15,684 ) $ 57,250 $ (326,409 ) $ 254,417 $ (30,426 ) CASH FLOWS FROM FINANCING ACTIVITIES: Repayments of Senior Debt (261,034 ) — — — (261,034 ) Debt transactions costs (1,541 ) — — — (1,541 ) Issuance of Senior Debt 253,051 — — — 253,051 Payment of credit facilities and capital leases (26,117 ) — (1,248 ) — (27,365 ) Settlement of forward currency swaps 7,983 — — — 7,983 Intercompany financing receipts 22,707 132,090 328,783 (483,580 ) — Intercompany financing payments (16,901 ) (108,093 ) (110,188 ) 235,182 — Net cash (used in) / provided by continuing financing activities $ (21,852 ) $ 23,997 $ 217,347 $ (248,398 ) $ (28,906 ) Net cash used in discontinued operations - operating activities — — (3,019 ) — (3,019 ) Net cash provided by discontinued operations - investing activities — 3,779 2,819 — 6,598 Net cash used in discontinued operations - financing activities — — (76 ) — (76 ) Impact of exchange rate fluctuations on cash and cash equivalents — (2,917 ) 250 — (2,667 ) Net increase / (decrease) in cash and cash equivalents $ 8,660 $ (2,813 ) $ 21,534 $ — $ 27,381 CASH AND CASH EQUIVALENTS, beginning of period 613 2,931 30,754 — 34,298 CASH AND CASH EQUIVALENTS, end of period $ 9,273 $ 118 $ 52,288 $ — $ 61,679 Condensed Consolidating Statements of Cash Flows for the year ended December 31, 2014 Parent Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net cash generated from / (used in) continuing operating activities $ 67,171 $ (132,570 ) $ 157 $ — $ (65,242 ) CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of property, plant and equipment — — (28,685 ) — (28,685 ) Disposal of property, plant and equipment — — 137 — 137 Intercompany investing receipts 703,941 356,217 — (1,060,158 ) — Intercompany investing payments (900,009 ) (418,504 ) (260,529 ) 1,579,042 — Net cash used in continuing investing activities $ (196,068 ) $ (62,287 ) $ (289,077 ) $ 518,884 $ (28,548 ) CASH FLOWS FROM FINANCING ACTIVITIES: Repayments of Senior Debt (400,673 ) — (312,246 ) — (712,919 ) Debt transactions costs (12,396 ) — (1,810 ) — (14,206 ) Issuance of Senior Debt 550,421 — — — 550,421 Proceeds from credit facilities 25,000 — — — 25,000 Payment of credit facilities and capital leases — — (1,080 ) — (1,080 ) Issuance of common stock 191,825 — — — 191,825 Other — — (46 ) — (46 ) Intercompany financing receipts — 634,862 720,248 (1,355,110 ) — Intercompany financing payments (243,778 ) (443,412 ) (149,036 ) 836,226 — Net cash provided by continuing financing activities $ 110,399 $ 191,450 $ 256,030 $ (518,884 ) $ 38,995 Net cash used in discontinued operations - operating activities (350 ) — (1,058 ) — (1,408 ) Net cash used in discontinued operations - investing activities — — (228 ) — (228 ) Net cash used in discontinued operations - financing activities — — (942 ) — (942 ) Impact of exchange rate fluctuations on cash and cash equivalents — 916 (11,567 ) — (10,651 ) Net decrease in cash and cash equivalents $ (18,848 ) $ (2,491 ) $ (46,685 ) $ — $ (68,024 ) CASH AND CASH EQUIVALENTS, beginning of period 19,461 5,422 77,439 — 102,322 CASH AND CASH EQUIVALENTS, end of period $ 613 $ 2,931 $ 30,754 $ — $ 34,298 Condensed Consolidating Statements of Cash Flows for the year ended December 31, 2013 Parent Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net cash (used in) / generated from continuing operating activities $ (80,304 ) 288,651 (269,417 ) — (61,070 ) CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of property, plant and equipment — — (30,118 ) — (30,118 ) Disposal of property, plant and equipment — — 283 — 283 Intercompany investing receipts 609,801 9,323 — (619,124 ) — Intercompany investing payments (580,533 ) (266,355 ) — 846,888 — Net cash provided by / (used in) continuing investing activities $ 29,268 $ (257,032 ) $ (29,835 ) $ 227,764 $ (29,835 ) CASH FLOWS FROM FINANCING ACTIVITIES: Repayments of Senior Debt (310,322 ) — — — (310,322 ) Debt transactions costs (785 ) — — — (785 ) Change in restricted cash 20,467 — 138 — 20,605 Proceeds from credit facilities — — 40 — 40 Payment of credit facilities and capital leases — — (1,648 ) — (1,648 ) Issuance of common stock 157,116 — — — 157,116 Issuance of preferred stock 200,000 — — — 200,000 Equity issuance costs (5,410 ) — — — (5,410 ) Other 59 — (411 ) — (352 ) Intercompany financing receipts — 580,533 266,355 (846,888 ) — Intercompany financing payments — (609,801 ) (9,323 ) 619,124 — Net cash provided by / (used in) continuing financing activities $ 61,125 $ (29,268 ) $ 255,151 $ (227,764 ) $ 59,244 Net cash used in discontinued operations - operating activities — — (1,952 ) — (1,952 ) Net cash used in discontinued operations - investing activities — — (301 ) — (301 ) Net cash provided by discontinued operations - financing activities — — 77 — 77 Impact of exchange rate fluctuations on cash and cash equivalents — 235 (619 ) — (384 ) Net increase / (decrease) in cash and cash equivalents $ 10,089 $ 2,586 $ (46,896 ) $ — $ (34,221 ) CASH AND CASH EQUIVALENTS, beginning of period 9,372 2,836 124,335 — 136,543 CASH AND CASH EQUIVALENTS, end of period $ 19,461 $ 5,422 $ 77,439 $ — $ 102,322 |
ORGANIZATION AND BUSINESS (Deta
ORGANIZATION AND BUSINESS (Details) | 12 Months Ended |
Dec. 31, 2015channelsoperatingsegments | |
Product Information [Line Items] | |
Number of Television Channels Within Broadcast Segment | 36 |
Operating Segments [Member] | |
Product Information [Line Items] | |
Number of Operating Segments | operatingsegments | 6 |
BULGARIA | |
Product Information [Line Items] | |
Noncontrolling Interest, Ownership Percentage by Parent | 94.00% |
BULGARIA | Other Channel Member [Member] | |
Product Information [Line Items] | |
Number of Television Channels Within Broadcast Segment | 5 |
BULGARIA | General Enterainment Channel [Member] | |
Product Information [Line Items] | |
Number of Television Channels Within Broadcast Segment | 1 |
CROATIA | |
Product Information [Line Items] | |
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% |
CROATIA | Other Channel Member [Member] | |
Product Information [Line Items] | |
Number of Television Channels Within Broadcast Segment | 3 |
CROATIA | General Enterainment Channel [Member] | |
Product Information [Line Items] | |
Number of Television Channels Within Broadcast Segment | 1 |
CZECH REPUBLIC | |
Product Information [Line Items] | |
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% |
CZECH REPUBLIC | Other Channel Member [Member] | |
Product Information [Line Items] | |
Number of Television Channels Within Broadcast Segment | 7 |
CZECH REPUBLIC | General Enterainment Channel [Member] | |
Product Information [Line Items] | |
Number of Television Channels Within Broadcast Segment | 1 |
ROMANIA | |
Product Information [Line Items] | |
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% |
ROMANIA | Other Channel Member [Member] | |
Product Information [Line Items] | |
Number of Television Channels Within Broadcast Segment | 8 |
ROMANIA | General Enterainment Channel [Member] | |
Product Information [Line Items] | |
Number of Television Channels Within Broadcast Segment | 1 |
Slovak Republic [Member] | |
Product Information [Line Items] | |
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% |
Slovak Republic [Member] | Other Channel Member [Member] | |
Product Information [Line Items] | |
Number of Television Channels Within Broadcast Segment | 3 |
Slovak Republic [Member] | General Enterainment Channel [Member] | |
Product Information [Line Items] | |
Number of Television Channels Within Broadcast Segment | 1 |
Slovenia [Member] | |
Product Information [Line Items] | |
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% |
Slovenia [Member] | Other Channel Member [Member] | |
Product Information [Line Items] | |
Number of Television Channels Within Broadcast Segment | 3 |
Slovenia [Member] | General Enterainment Channel [Member] | |
Product Information [Line Items] | |
Number of Television Channels Within Broadcast Segment | 2 |
BASIS OF PRESENTATION AND SIG57
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES Property, Plant and Equipment (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Building [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 25 years |
Machinery, fixtures and equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 4 years |
Machinery, fixtures and equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 8 years |
Other equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 3 years |
Other equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 8 years |
Software licenses [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 3 years |
Software licenses [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 5 years |
BASIS OF PRESENTATION AND SIG58
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES Other (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015USD ($)operatingsegments | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Accounting Policies [Line Items] | |||
Other Comprehensive Income (Loss) on Retranslation of Intercompany Loans of a Longterm Investment Nature | $ (89) | $ (164.4) | $ (16.4) |
Advertising Barter Transactions, Advertising Barter Revenue | 1.5 | 1.5 | 2.2 |
Advertising Expense | $ 3 | $ 3.7 | $ 6 |
Operating Segments [Member] | |||
Accounting Policies [Line Items] | |||
Number of Operating Segments | operatingsegments | 6 |
DISCONTINUED OPERATIONS AND A59
DISCONTINUED OPERATIONS AND ASSETS HELD FOR SALE Discontinued entities (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||
Long Lived Assets Held-for-sale [Line Items] | |||||||||||||
Discontinued Operation, Tax Effect of Discontinued Operation | $ 91 | $ 1,987 | $ (968) | ||||||||||
Discontinued Operation, Income (Loss) from Discontinued Operation During Phase-out Period, Net of Tax | (13,287) | (80,431) | (5,099) | ||||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | $ (12,418) | $ (265) | $ 2,684 | $ (3,288) | $ (60,470) | $ (1,174) | $ (11,154) | $ (7,633) | (13,287) | (80,431) | (5,099) | ||
Discontinued Operations [Member] | |||||||||||||
Long Lived Assets Held-for-sale [Line Items] | |||||||||||||
Disposal Group, Including Discontinued Operation, Revenue | 7,285 | 50,191 | 57,900 | ||||||||||
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax | (1,990) | (17,893) | (4,131) | ||||||||||
Discontinued Operation, Tax Effect of Discontinued Operation | 91 | 1,987 | (968) | ||||||||||
Discontinued Operation, Income (Loss) from Discontinued Operation During Phase-out Period, Net of Tax | (1,899) | (15,906) | (5,099) | ||||||||||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | (11,388) | [1] | (64,525) | [1] | 0 | ||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | (13,287) | (80,431) | $ (5,099) | ||||||||||
ROMANIA | |||||||||||||
Long Lived Assets Held-for-sale [Line Items] | |||||||||||||
Disposal Group, Not Discontinued Operations, Gain (Loss) on Disposal | 14,600 | ||||||||||||
BULGARIA | |||||||||||||
Long Lived Assets Held-for-sale [Line Items] | |||||||||||||
Disposal Group, Not Discontinued Operations, Gain (Loss) on Disposal | 3,300 | ||||||||||||
Discontinued Operations [Member] | |||||||||||||
Long Lived Assets Held-for-sale [Line Items] | |||||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (7,700) | $ (3,100) | |||||||||||
Loss On Sale Due To Accumulated Losses Attributable To Noncontrolling Interest | $ 3,700 | ||||||||||||
[1] | (1) Amount includes realized gains / losses on completed disposal transactions in 2015 and 2014, and losses related to fair value adjustments required to measure our assets held for sale at fair value less costs to sell for businesses classified as discontinued operations in 2014. For the year ended December 31, 2015, the amount includes losses related to the reclassification of the cumulative translation adjustment into net income of US$ 7.7 million and the reclassification of accumulated losses attributable to noncontrolling interest of US$ 3.7 million. For the year ended December 31, 2014, the amount includes losses related to the reclassification of the cumulative translation adjustment into net income of US$ 3.1 million. |
DISCONTINUED OPERATIONS AND A60
DISCONTINUED OPERATIONS AND ASSETS HELD FOR SALE Income statement (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||
Credit / (provision) for income taxes | $ 91 | $ 1,987 | $ (968) | ||||||||||
Loss from discontinued operations, net of taxes, before loss on sale | (13,287) | (80,431) | (5,099) | ||||||||||
Loss from discontinued operations, net of tax (Note 3) | $ (12,418) | $ (265) | $ 2,684 | $ (3,288) | $ (60,470) | $ (1,174) | $ (11,154) | $ (7,633) | (13,287) | (80,431) | (5,099) | ||
Discontinued Operations [Member] | |||||||||||||
Net revenues | 7,285 | 50,191 | 57,900 | ||||||||||
Loss from discontinued operations before income taxes and loss on sale | (1,990) | (17,893) | (4,131) | ||||||||||
Credit / (provision) for income taxes | 91 | 1,987 | (968) | ||||||||||
Loss from discontinued operations, net of taxes, before loss on sale | (1,899) | (15,906) | (5,099) | ||||||||||
Loss on sale of divested businesses, net of tax (1) | (11,388) | [1] | (64,525) | [1] | 0 | ||||||||
Loss from discontinued operations, net of tax (Note 3) | (13,287) | $ (80,431) | $ (5,099) | ||||||||||
ROMANIA | |||||||||||||
Disposal Group, Not Discontinued Operations, Gain (Loss) on Disposal | 14,600 | ||||||||||||
BULGARIA | |||||||||||||
Disposal Group, Not Discontinued Operations, Gain (Loss) on Disposal | $ 3,300 | ||||||||||||
[1] | (1) Amount includes realized gains / losses on completed disposal transactions in 2015 and 2014, and losses related to fair value adjustments required to measure our assets held for sale at fair value less costs to sell for businesses classified as discontinued operations in 2014. For the year ended December 31, 2015, the amount includes losses related to the reclassification of the cumulative translation adjustment into net income of US$ 7.7 million and the reclassification of accumulated losses attributable to noncontrolling interest of US$ 3.7 million. For the year ended December 31, 2014, the amount includes losses related to the reclassification of the cumulative translation adjustment into net income of US$ 3.1 million. |
GOODWILL AND INTANGIBLE ASSET61
GOODWILL AND INTANGIBLE ASSETS Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Goodwill [Roll Forward] | ||||
Goodwill, Gross Beginning Balance | $ 1,154,464 | $ 1,255,936 | ||
Accumulated Impairment Losses, Beginning Balance | (473,066) | (473,066) | ||
Goodwill, Net Beginning Balance | 622,243 | 681,398 | $ 782,870 | |
Goodwill, Other Changes | [1] | (2,842) | ||
Impairment Charge | 36,213 | |||
Foreign Currency | (59,155) | (98,630) | ||
Accumulated Impairment Losses, Ending Balance | (473,066) | (473,066) | (473,066) | |
Goodwill, Gross Ending Balance | 1,095,309 | 1,154,464 | 1,255,936 | |
BULGARIA | ||||
Goodwill [Roll Forward] | ||||
Goodwill, Gross Beginning Balance | 175,494 | 179,609 | ||
Accumulated Impairment Losses, Beginning Balance | (144,639) | (144,639) | ||
Goodwill, Net Beginning Balance | 27,726 | 30,855 | 34,970 | |
Impairment Charge | 16,813 | |||
Foreign Currency | (3,129) | (4,115) | ||
Accumulated Impairment Losses, Ending Balance | (144,639) | (144,639) | (144,639) | |
Goodwill, Gross Ending Balance | 172,365 | 175,494 | 179,609 | |
CROATIA | ||||
Goodwill [Roll Forward] | ||||
Goodwill, Gross Beginning Balance | 11,065 | 11,149 | ||
Accumulated Impairment Losses, Beginning Balance | (10,454) | (10,454) | ||
Goodwill, Net Beginning Balance | 551 | 611 | 695 | |
Foreign Currency | (60) | (84) | ||
Accumulated Impairment Losses, Ending Balance | (10,454) | (10,454) | (10,454) | |
Goodwill, Gross Ending Balance | 11,005 | 11,065 | 11,149 | |
CZECH REPUBLIC | ||||
Goodwill [Roll Forward] | ||||
Goodwill, Gross Beginning Balance | 800,640 | 876,447 | ||
Accumulated Impairment Losses, Beginning Balance | (287,545) | (287,545) | ||
Goodwill, Net Beginning Balance | 471,946 | 513,095 | 588,902 | |
Foreign Currency | (41,149) | (75,807) | ||
Accumulated Impairment Losses, Ending Balance | (287,545) | (287,545) | (287,545) | |
Goodwill, Gross Ending Balance | 759,491 | 800,640 | 876,447 | |
ROMANIA | ||||
Goodwill [Roll Forward] | ||||
Goodwill, Gross Beginning Balance | 94,777 | 109,028 | ||
Accumulated Impairment Losses, Beginning Balance | (11,028) | (11,028) | ||
Goodwill, Net Beginning Balance | 74,415 | 83,749 | 98,000 | |
Goodwill, Other Changes | [1] | (2,842) | ||
Foreign Currency | (9,334) | (11,409) | ||
Accumulated Impairment Losses, Ending Balance | (11,028) | (11,028) | (11,028) | |
Goodwill, Gross Ending Balance | 85,443 | 94,777 | 109,028 | |
Slovak Republic [Member] | ||||
Goodwill [Roll Forward] | ||||
Goodwill, Gross Beginning Balance | 53,088 | 60,303 | ||
Accumulated Impairment Losses, Beginning Balance | 0 | 0 | ||
Goodwill, Net Beginning Balance | 47,605 | 53,088 | 60,303 | |
Foreign Currency | (5,483) | (7,215) | ||
Accumulated Impairment Losses, Ending Balance | 0 | 0 | 0 | |
Goodwill, Gross Ending Balance | 47,605 | 53,088 | 60,303 | |
Slovenia [Member] | ||||
Goodwill [Roll Forward] | ||||
Goodwill, Gross Beginning Balance | 19,400 | 19,400 | ||
Accumulated Impairment Losses, Beginning Balance | (19,400) | (19,400) | ||
Goodwill, Net Beginning Balance | 0 | 0 | 0 | |
Impairment Charge | 19,400 | |||
Foreign Currency | 0 | 0 | ||
Accumulated Impairment Losses, Ending Balance | (19,400) | (19,400) | (19,400) | |
Goodwill, Gross Ending Balance | $ 19,400 | $ 19,400 | $ 19,400 | |
[1] | 1) Amount represents the goodwill allocated to businesses held-for-sale based on their fair value relative to the fair value of the reporting unit's continuing operations. Bulgaria Croatia Czech Republic Romania Slovak Republic Slovenia TotalGross Balance, December 31, 2014$175,494 $11,065 $800,640 $94,777 $53,088 $19,400 $1,154,464Accumulated impairment losses(144,639) (10,454) (287,545) (11,028) — (19,400) (473,066)Balance, December 31, 201430,855 611 513,095 83,749 53,088 — 681,398Foreign currency(3,129) (60) (41,149) (9,334) (5,483) — (59,155)Balance, December 31, 201527,726 551 471,946 74,415 47,605 — 622,243Accumulated impairment losses(144,639) (10,454) (287,545) (11,028) — (19,400) (473,066)Gross Balance, December 31, 2015$172,365 $11,005 $759,491 $85,443 $47,605 $19,400 $1,095,309 |
GOODWILL AND INTANGIBLE ASSET62
GOODWILL AND INTANGIBLE ASSETS Intangibles Net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2013 | Dec. 31, 2014 | |
Finite-Lived Intangible Assets, Gross | $ 330,920 | $ 370,417 | |
Finite-Lived Intangible Assets, Accumulated Amortization | 179,758 | 187,039 | |
Intangible Asset [Roll Forward] | |||
Finite Lived Intangible Asset Net Beginning Balance | 183,378 | ||
Finite Lived Intangible Asset Net Ending Balance | 151,162 | ||
Other Intangible Assets [Member] | |||
Finite-Lived Intangible Assets, Gross | 2,138 | 3,877 | |
Finite-Lived Intangible Assets, Accumulated Amortization | 1,859 | 3,431 | |
Intangible Asset [Roll Forward] | |||
Finite Lived Intangible Asset Net Beginning Balance | 446 | ||
Finite Lived Intangible Asset Net Ending Balance | 279 | ||
Customer Relationships [Member] | |||
Finite-Lived Intangible Assets, Gross | 53,120 | 59,011 | |
Finite-Lived Intangible Assets, Accumulated Amortization | 49,672 | 51,858 | |
Intangible Asset [Roll Forward] | |||
Finite Lived Intangible Asset Net Beginning Balance | 7,153 | ||
Impairment of Intangible Assets, Finite-lived | $ 23,608 | ||
Finite Lived Intangible Asset Net Ending Balance | 3,448 | ||
Trademarks [Member] | |||
Finite-Lived Intangible Assets, Gross | 614 | 0 | |
Finite-Lived Intangible Assets, Accumulated Amortization | 614 | 0 | |
Intangible Asset [Roll Forward] | |||
Finite Lived Intangible Asset Net Beginning Balance | 0 | ||
Finite Lived Intangible Asset Net Ending Balance | 0 | ||
Operating and Broadcast Rights [Member] | |||
Finite-Lived Intangible Assets, Gross | 191,860 | 209,279 | |
Finite-Lived Intangible Assets, Accumulated Amortization | 127,613 | $ 131,750 | |
Intangible Asset [Roll Forward] | |||
Finite Lived Intangible Asset Net Beginning Balance | 77,529 | ||
Impairment of Intangible Assets, Finite-lived | $ 7,596 | ||
Finite Lived Intangible Asset Net Ending Balance | $ 64,247 |
GOODWILL AND INTANGIBLE ASSET63
GOODWILL AND INTANGIBLE ASSETS Intangibles Gross (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Gross value | $ 330,920 | $ 370,417 |
Accumulated amortization | (179,758) | (187,039) |
Net book value of amortized intangible assets | $ 151,162 | $ 183,378 |
GOODWILL AND INTANGIBLE ASSET64
GOODWILL AND INTANGIBLE ASSETS Estimated Expense (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2,016 | $ 8,227 |
2,017 | 8,013 |
2,018 | 7,828 |
2,019 | 7,375 |
2,020 | $ 7,150 |
GOODWILL AND INTANGIBLE ASSET65
GOODWILL AND INTANGIBLE ASSETS Impairment (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2013USD ($) | |
Schedule of Impaired Intangible Assets Including Goodwill [Line Items] | |
Goodwill, Impairment Loss | $ 36,213 |
Goodwill and Intangible Asset Impairment | 79,676 |
BULGARIA | |
Schedule of Impaired Intangible Assets Including Goodwill [Line Items] | |
Goodwill, Impairment Loss | 16,813 |
Goodwill and Intangible Asset Impairment | 52,680 |
Slovenia [Member] | |
Schedule of Impaired Intangible Assets Including Goodwill [Line Items] | |
Goodwill, Impairment Loss | 19,400 |
Goodwill and Intangible Asset Impairment | 26,996 |
Trademarks [Member] | |
Schedule of Impaired Intangible Assets Including Goodwill [Line Items] | |
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 12,259 |
Trademarks [Member] | BULGARIA | |
Schedule of Impaired Intangible Assets Including Goodwill [Line Items] | |
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 12,259 |
Trademarks [Member] | Slovenia [Member] | |
Schedule of Impaired Intangible Assets Including Goodwill [Line Items] | |
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 0 |
Broadcast licenses | |
Schedule of Impaired Intangible Assets Including Goodwill [Line Items] | |
Impairment of Intangible Assets, Finite-lived | 7,596 |
Broadcast licenses | BULGARIA | |
Schedule of Impaired Intangible Assets Including Goodwill [Line Items] | |
Impairment of Intangible Assets, Finite-lived | 0 |
Broadcast licenses | Slovenia [Member] | |
Schedule of Impaired Intangible Assets Including Goodwill [Line Items] | |
Impairment of Intangible Assets, Finite-lived | 7,596 |
Customer Relationships [Member] | |
Schedule of Impaired Intangible Assets Including Goodwill [Line Items] | |
Impairment of Intangible Assets, Finite-lived | 23,608 |
Customer Relationships [Member] | BULGARIA | |
Schedule of Impaired Intangible Assets Including Goodwill [Line Items] | |
Impairment of Intangible Assets, Finite-lived | 23,608 |
Customer Relationships [Member] | Slovenia [Member] | |
Schedule of Impaired Intangible Assets Including Goodwill [Line Items] | |
Impairment of Intangible Assets, Finite-lived | $ 0 |
LONG-TERM DEBT AND OTHER FINA66
LONG-TERM DEBT AND OTHER FINANCING ARRANGEMENTS Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | |
Debt Disclosure [Abstract] | |||
Long-term Debt, Fair Value | $ 1,123,119 | $ 1,103,298 | |
Long-term Debt, Current and Noncurrent [Abstract] | |||
Carrying Value of Senior Debt | 919,812 | 867,367 | |
Other credit facilities and capital leases | 3,648 | 6,732 | |
Total long-term debt and other financing arrangements | 923,460 | 874,099 | |
Less: current maturities | (1,155) | (252,859) | |
Long-term debt and other financing arrangements | 922,305 | $ 621,240 | |
Long-term Debt, Fiscal Year Maturity [Abstract] | |||
2,015 | 0 | ||
2,016 | [1] | 813,744 | |
2,017 | 0 | ||
2,018 | 256,210 | ||
2,019 | 0 | ||
2020 and thereafter | 0 | ||
Total senior debt and credit facilities | 1,069,954 | ||
Less: net discount | 150,142 | ||
Carrying amount of senior debt and credit facilities | $ 919,812 | ||
[1] | 2016$—2017 (1)813,7442018—2019256,2102020—2021 and thereafter—Total senior debt and credit facilities1,069,954Less: net discount(150,142)Carrying amount of senior debt and credit facilities$919,812(1) On February, 19, 2016, we entered into an agreement for the EUR 468.8 million (approximately US$ 510.4 million) 2021 Euro Term Loan, the proceeds of which will be drawn on or about April 7, 2016 and be applied to repay the 2017 Term Loan and redeem and discharge the 2017 PIK Notes, which we expect will be completed on or about April 8, 2016. Also on February 19, 2016, we agreed to extend the maturity date of the 2018 Euro Term Loan to November 1, 2018, reduce the interest cost of amounts drawn on the 2021 Revolving Credit Facility as our leverage ratio improves, and extend the maturity date of the 2021 Revolving Credit Facility at the current borrowing capacity until January 1, 2018 and with a borrowing capacity US$ 50.0 million from January 1, 2018 to the maturity date on February 19, 2021, with effect from the drawing of the 2021 Euro Term Loan (see Note 26, "Subsequent Events" |
LONG-TERM DEBT AND OTHER FINA67
LONG-TERM DEBT AND OTHER FINANCING ARRANGEMENTS Financing Transactions (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | May. 02, 2014 | ||
Debt Instrument [Line Items] | |||||
Loss on extinguishment of debt | $ 0 | $ (39,203) | $ (23,115) | ||
2017 PIK Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Original Principal Amount | $ 400,000 | ||||
Debt Instrument, Face Amount | [1] | $ 502,504 | |||
Stated interest rate | 15.00% | ||||
2018 Warrants [Member] | |||||
Debt Instrument [Line Items] | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 1 | ||||
Common Class A [Member] | 2018 Warrants [Member] | |||||
Debt Instrument [Line Items] | |||||
Class of Warrant or Right, Outstanding | 114,000,000 | ||||
Common Class A [Member] | 2018 Warrants [Member] | Time Warner and TW Investor [Member] | |||||
Debt Instrument [Line Items] | |||||
Class of Warrant or Right, Outstanding | 100,926,996 | ||||
[1] | (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 represents the fair value ascribed to the Unit Warrants (see Note 13, "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. |
LONG-TERM DEBT AND OTHER FINA68
LONG-TERM DEBT AND OTHER FINANCING ARRANGEMENTS Senior Debt (Details) $ / shares in Units, € in Millions | Feb. 19, 2016USD ($) | Jun. 30, 2016USD ($) | Dec. 31, 2015USD ($)timesshares | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Jan. 01, 2018USD ($) | Feb. 19, 2016EUR (€) | Dec. 31, 2015EUR (€)timesshares | Nov. 14, 2014 | May. 02, 2014USD ($)$ / sharesshares | ||
Debt Instrument [Line Items] | ||||||||||||
Carrying Value of Senior Debt | $ 919,812,000 | $ 867,367,000 | ||||||||||
Long-term Debt, Fair Value | 1,123,119,000 | 1,103,298,000 | ||||||||||
Loss on extinguishment of debt | 0 | (39,203,000) | $ (23,115,000) | |||||||||
Financial Covenant, Net Leverage | 5 | |||||||||||
Repayments of Debt and Capital Lease Obligations | $ 27,365,000 | 1,080,000 | $ 1,648,000 | |||||||||
Guarantee fee, Interest Rate, Base Rate for Calculation | 8.50% | |||||||||||
2015 Convertible Notes [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Carrying Value of Senior Debt | $ 0 | 251,669,000 | ||||||||||
Long-term Debt, Fair Value | 0 | 260,922,000 | ||||||||||
2021 Revolving Credit Facility [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 115,000,000 | |||||||||||
Debt Instrument, Face Amount | 0 | |||||||||||
Debt Instrument, Unamortized Discount | 0 | |||||||||||
Carrying Value of Senior Debt | 0 | 25,000,000 | ||||||||||
Debt Instrument, Convertible, Carrying Amount of Equity Component | [1] | 50,596,000 | ||||||||||
Long-term Debt, Fair Value | 0 | 25,000,000 | ||||||||||
Repayments of Debt and Capital Lease Obligations | $ 26,100,000 | |||||||||||
2021 Revolving Credit Facility [Member] | Alternative Base Rate [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 8.00% | |||||||||||
2021 Revolving Credit Facility [Member] | Base Rate [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 9.00% | |||||||||||
Stated interest rate | 1.00% | 1.00% | ||||||||||
2018 Euro Term Loan [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Face Amount | $ 273,046,000 | € 250.8 | ||||||||||
Debt Instrument, Unamortized Discount | 0 | |||||||||||
Carrying Value of Senior Debt | 273,046,000 | 304,496,000 | ||||||||||
Debt Instrument, Convertible, Carrying Amount of Equity Component | 0 | |||||||||||
Long-term Debt, Fair Value | 273,046,000 | 304,496,000 | ||||||||||
Long-term Debt, Weighted Average Interest Rate | 1.50% | |||||||||||
2019 Euro Term Loan [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Face Amount | 256,210,000 | € 235.3 | ||||||||||
Debt Instrument, Unamortized Discount | 0 | |||||||||||
Carrying Value of Senior Debt | 256,210,000 | 0 | ||||||||||
Debt Instrument, Convertible, Carrying Amount of Equity Component | 0 | |||||||||||
Long-term Debt, Fair Value | $ 256,210,000 | 0 | ||||||||||
Long-term Debt, Weighted Average Interest Rate | 1.50% | |||||||||||
2017 PIK Notes [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Original Principal Amount | $ 400,000,000 | |||||||||||
Threshold Stock Ownership for Change in Ownership Trigger, Percentage | 35.00% | |||||||||||
Debt Instrument, Face Amount | [2] | $ 502,504,000 | ||||||||||
Debt Instrument, Unamortized Discount | [2] | (139,833,000) | ||||||||||
Carrying Value of Senior Debt | 362,671,000 | [2] | 265,629,000 | |||||||||
Debt Instrument, Convertible, Carrying Amount of Equity Component | [2] | 178,626,000 | ||||||||||
Long-term Debt, Fair Value | $ 552,338,000 | 476,957,000 | ||||||||||
Debt Instrument, Redemption Price, Percentage | 100.00% | |||||||||||
Stated interest rate | 15.00% | 15.00% | ||||||||||
2017 Term Loan [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Original Principal Amount | $ 30,000,000 | |||||||||||
Debt Instrument, Face Amount | [1],[3] | 38,194,000 | ||||||||||
Debt Instrument, Unamortized Discount | [1],[3] | (10,309,000) | ||||||||||
Carrying Value of Senior Debt | 27,885,000 | [1],[3] | 20,573,000 | |||||||||
Debt Instrument, Convertible, Carrying Amount of Equity Component | [1],[3] | 13,199,000 | ||||||||||
Long-term Debt, Fair Value | $ 41,525,000 | $ 35,923,000 | ||||||||||
Stated interest rate | 15.00% | 15.00% | ||||||||||
Senior Debt and Credit Facilities [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Face Amount | $ 1,069,954,000 | |||||||||||
Debt Instrument, Unamortized Discount | (150,142,000) | |||||||||||
Carrying Value of Senior Debt | $ 919,812,000 | |||||||||||
CME NV and CME BV [Member] | 2021 Revolving Credit Facility [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Outstanding Shares Pledged, Percentage | 100.00% | 100.00% | ||||||||||
CME NV and CME BV [Member] | 2017 Euro Term Loan [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Outstanding Shares Pledged, Percentage | 100.00% | 100.00% | ||||||||||
CME NV and CME BV [Member] | 2017 PIK Notes [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Outstanding Shares Pledged, Percentage | 100.00% | 100.00% | ||||||||||
CME NV and CME BV [Member] | 2017 Term Loan [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Outstanding Shares Pledged, Percentage | 100.00% | 100.00% | ||||||||||
Scenario, change of control [Member] | 2017 PIK Notes [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Redemption Price, Percentage | 101.00% | |||||||||||
2018 Warrants [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 1 | |||||||||||
Common Class A [Member] | 2018 Warrants [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Class of Warrant or Right, Outstanding | shares | 114,000,000 | |||||||||||
Common Class A [Member] | Time Warner and TW Investor [Member] | 2018 Warrants [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Class of Warrant or Right, Outstanding | shares | 100,926,996 | 100,926,996 | ||||||||||
Minimum [Member] | 2021 Revolving Credit Facility [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stated interest rate | 7.00% | 7.00% | ||||||||||
Minimum [Member] | 2018 Euro Term Loan [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.10% | |||||||||||
Minimum [Member] | 2019 Euro Term Loan [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.10% | |||||||||||
Maximum [Member] | 2018 Euro Term Loan [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.90% | |||||||||||
Maximum [Member] | 2019 Euro Term Loan [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.90% | |||||||||||
Less than [Member] | Issuer and Restricted Subsidiary [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Coverage Ratio | times | 2 | 2 | ||||||||||
Subsequent Event [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Loss on extinguishment of debt | $ (149,900,000) | |||||||||||
Subsequent Event [Member] | 2021 Revolving Credit Facility [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 50,000,000 | $ 50,000,000 | ||||||||||
Subsequent Event [Member] | 2021 Euro Term Loan [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Face Amount | $ 510,400,000 | € 468.8 | ||||||||||
Subsequent Event [Member] | Minimum [Member] | 2021 Euro Term Loan [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.10% | |||||||||||
Guarantee fee, Interest Rate, Base Rate for Calculation | 7.00% | |||||||||||
Subsequent Event [Member] | Maximum [Member] | 2021 Euro Term Loan [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.90% | |||||||||||
Guarantee fee, Interest Rate, Base Rate for Calculation | 10.50% | |||||||||||
[1] | (3) The equity component of the 2017 Term Loan and 2021 Revolving Credit Facility represents the fair value ascribed to the Initial Warrants (as described in Note 13, "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 2021 Revolving Credit Facility, which is being amortized on a straight-line basis over the life of the 2021 Revolving Credit Facility. | |||||||||||
[2] | (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 represents the fair value ascribed to the Unit Warrants (see Note 13, "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. | |||||||||||
[3] | (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. |
LONG-TERM DEBT AND OTHER FINA69
LONG-TERM DEBT AND OTHER FINANCING ARRANGEMENTS Convertible Notes (Details) $ in Thousands, € in Millions | Dec. 31, 2015USD ($) | Dec. 31, 2015EUR (€) | Dec. 31, 2014USD ($) | ||
Debt Instrument [Line Items] | |||||
Senior Notes | $ 919,812 | $ 867,367 | |||
2015 Convertible Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Senior Notes | $ 0 | 251,669 | |||
2017 PIK Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Stated interest rate | 15.00% | 15.00% | |||
Debt Instrument, Face Amount | [1] | $ 502,504 | |||
Debt Instrument, Unamortized Discount | [1] | 139,833 | |||
Senior Notes | 362,671 | [1] | 265,629 | ||
Debt Instrument, Convertible, Carrying Amount of Equity Component | [1] | $ 178,626 | |||
2017 Term Loan [Member] | |||||
Debt Instrument [Line Items] | |||||
Stated interest rate | 15.00% | 15.00% | |||
Debt Instrument, Face Amount | [2],[3] | $ 38,194 | |||
Debt Instrument, Unamortized Discount | [2],[3] | 10,309 | |||
Senior Notes | 27,885 | [2],[3] | 20,573 | ||
Debt Instrument, Convertible, Carrying Amount of Equity Component | [2],[3] | 13,199 | |||
2018 Euro Term Loan [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Face Amount | 273,046 | € 250.8 | |||
Debt Instrument, Unamortized Discount | 0 | ||||
Senior Notes | 273,046 | 304,496 | |||
Debt Instrument, Convertible, Carrying Amount of Equity Component | 0 | ||||
2019 Euro Term Loan [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Face Amount | 256,210 | € 235.3 | |||
Debt Instrument, Unamortized Discount | 0 | ||||
Senior Notes | 256,210 | 0 | |||
Debt Instrument, Convertible, Carrying Amount of Equity Component | 0 | ||||
2021 Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Face Amount | 0 | ||||
Debt Instrument, Unamortized Discount | 0 | ||||
Senior Notes | 0 | $ 25,000 | |||
Debt Instrument, Convertible, Carrying Amount of Equity Component | [3] | $ 50,596 | |||
[1] | (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 represents the fair value ascribed to the Unit Warrants (see Note 13, "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] | (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] | (3) The equity component of the 2017 Term Loan and 2021 Revolving Credit Facility represents the fair value ascribed to the Initial Warrants (as described in Note 13, "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 2021 Revolving Credit Facility, which is being amortized on a straight-line basis over the life of the 2021 Revolving Credit Facility. |
LONG-TERM DEBT AND OTHER FINA70
LONG-TERM DEBT AND OTHER FINANCING ARRANGEMENTS Convertiable Notes Tables (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Debt Instrument Rollforward [Roll Forward] | |||
Net Carrying Value, Beginning Balance | $ 867,367 | ||
Amortization of Debt Discount (Premium) | 41,230 | $ 19,138 | $ 7,288 |
Net Carrying Value, Ending Balance | 919,812 | 867,367 | |
2015 Convertible Notes [Member] | |||
Debt Instrument Rollforward [Roll Forward] | |||
Net Carrying Value, Beginning Balance | 251,669 | ||
Net Carrying Value, Ending Balance | $ 0 | $ 251,669 |
LONG-TERM DEBT AND OTHER FINA71
LONG-TERM DEBT AND OTHER FINANCING ARRANGEMENTS Fixed Rate Note Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Debt Instrument [Line Items] | |||
Loss on extinguishment of debt | $ 0 | $ (39,203) | $ (23,115) |
Senior Notes | $ 919,812 | $ 867,367 |
LONG-TERM DEBT AND OTHER FINA72
LONG-TERM DEBT AND OTHER FINANCING ARRANGEMENTS Indenture Covenants (Details) | Dec. 31, 2015times |
Less than [Member] | Issuer and Restricted Subsidiary [Member] | |
Indenture Convenants [Line Items] | |
Coverage Ratio | 2 |
LONG-TERM DEBT AND OTHER FINA73
LONG-TERM DEBT AND OTHER FINANCING ARRANGEMENTS Credit Facility (Details) $ in Thousands, RON in Millions, CZK in Millions | 12 Months Ended | ||||
Dec. 31, 2015CZK | Dec. 31, 2015USD ($) | Dec. 31, 2015RON | Dec. 31, 2014USD ($) | ||
Line of Credit Facility [Line Items] | |||||
Credit facilities | [1],[2],[3] | $ 0 | $ 3,100 | ||
Capital leases | 3,648 | 3,632 | |||
Total credit facilites and capital leases | 3,648 | 6,732 | |||
Less current maturities | (1,155) | (1,190) | |||
Total non current credit facilites an capital leasesd Capital Leases | 2,493 | 5,542 | |||
Long-term Debt | 923,460 | 874,099 | |||
BMG Bank Mendes Gans [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Credit facilities | 0 | 0 | |||
Line of credit facility cash pooling arrangment deposit | 19,600 | $ 10,500 | |||
Ceska Sporitelna [Member] | Subsidiaries [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | ||||
Ceska Sporitelna [Member] | CET 21 [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Credit facilities | CZK | CZK 0 | ||||
Line of Credit Facility, Maximum Borrowing Capacity | CZK 825 | 33,200 | |||
Pro TV [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 4,800 | RON 20 | |||
Pro TV [Member] | Subsidiaries [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 2.25% | 2.25% | 2.25% | ||
UniCredit Bank S.A. [Member] | Pro TV [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Credit facilities | $ 2,200 | RON 8.9 | |||
2021 Revolving Credit Facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | 115,000 | ||||
Debt Instrument, Face Amount | $ 0 | ||||
2021 Revolving Credit Facility [Member] | CME NV and CME BV [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Outstanding Shares Pledged, Percentage | 100.00% | 100.00% | 100.00% | ||
Alternative Base Rate [Member] | 2021 Revolving Credit Facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | 8.00% | ||||
Base Rate [Member] | 2021 Revolving Credit Facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | 9.00% | ||||
Debt Instrument, Interest Rate, Stated Percentage | 1.00% | 1.00% | 1.00% | ||
[1] | As at December 31, 2015 and December 31, 2014, there were no drawings outstanding under a CZK 825.0 million (approximately US$ 33.2 million) factoring framework agreement with Factoring Ceska Sporitelna (“FCS”). Under this facility up to CZK 825.0 million (approximately US$ 33.2 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 outstandi | ||||
[2] | As at December 31, 2015 there were RON 8.9 million (approximately US$ 2.2 million) of receivables factored under a RON 20.0 million (approximately US$ 4.8 million) factoring framework agreement with UniCredit Bank S.A. entered into in the fourth quarter of 2015. Under this facility, receivables from certain customers may be factored on a non-recourse basis. The facility bears interest at 2.3% for the period that receivables are factored and outstandin | ||||
[3] | 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 December 31, 2015, we had deposits of US$ 19.6 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 po |
LONG-TERM DEBT AND OTHER FINA74
LONG-TERM DEBT AND OTHER FINANCING ARRANGEMENTS Capital Lease (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Capital Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2,015 | $ 1,228 |
2,016 | 1,112 |
2,017 | 859 |
2,018 | 512 |
2,019 | 73 |
2020 and thereafter | 0 |
Total undiscounted payments | 3,784 |
Less: amount representing interest | (136) |
Present value of net minimum lease payments | $ 3,648 |
Subsidiaries [Member] | Pro TV [Member] | |
Debt Instrument, Interest Rate, Stated Percentage | 2.25% |
PROGRAM RIGHTS (Details)
PROGRAM RIGHTS (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Less: current portion of acquired program rights | $ (85,972) | $ (99,358) |
Program rights, net | 169,073 | 207,264 |
Acquired Program Rights [Member] | ||
Acquired program rights, net of amortization | 179,632 | 217,183 |
Less: current portion of acquired program rights | (85,972) | (99,358) |
Program rights, net | 93,660 | 117,825 |
Produced Program Rights [Member] | ||
Program rights, net | 75,413 | 89,439 |
Produced Program Rights [Member] | Feature Films [Member] | ||
Produced program rights – Feature Films: | ||
Released, net of amortization | 1,298 | 4,553 |
Completed and not released | 0 | 558 |
Produced Program Rights [Member] | Television Programs [Member] | ||
Produced program rights – Television Programs: | ||
Released, net of amortization | 56,125 | 60,691 |
Completed and not released | 3,500 | 7,370 |
In production | 13,783 | 15,786 |
Development and pre-production | $ 707 | $ 481 |
ACCOUNTS RECEIVABLE (Details)
ACCOUNTS RECEIVABLE (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unrelated customers | $ 176,628 | $ 186,404 | |
Less: allowance for bad debts and credit notes | (9,201) | (10,692) | |
Related parties | 0 | 197 | |
Less: allowance for bad debts and credit notes | 0 | (43) | |
Total accounts receivable | 167,427 | 175,866 | |
Provision for Doubtful Accounts | $ 2,100 | $ 4,200 | $ 3,700 |
OTHER ASSETS (Details)
OTHER ASSETS (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Current: | ||
Prepaid acquired programming | $ 22,761 | $ 19,162 |
Other prepaid expenses | 6,941 | 5,627 |
Deferred tax | 10,425 | 8,127 |
VAT recoverable | 733 | 835 |
Income taxes recoverable | 249 | 135 |
Other | 2,097 | 1,595 |
Total other current assets | 43,206 | 35,481 |
Non-current: | ||
Capitalized debt costs | 40,844 | 55,472 |
Deferred tax | 124 | 456 |
Other | 3,949 | 2,188 |
Total other non-current assets | $ 44,917 | $ 58,116 |
PROPERTY, PLANT AND EQUIPMENT78
PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, total cost | $ 347,711 | $ 372,194 | |||
Less: accumulated depreciation | (239,189) | (257,859) | |||
Total net book value | 108,522 | [1] | 114,335 | [1] | $ 142,907 |
Assets held under capital leases (included in the above) | |||||
Assets held under capital leases (included in the above) | 8,451 | 7,568 | |||
Less: accumulated depreciation | (3,556) | (2,760) | |||
Total net book value | 4,895 | 4,808 | |||
Depreciation of property, plant and equipment | 27,943 | 32,836 | $ 37,175 | ||
Land and buildings [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, total cost | 92,237 | 103,248 | |||
Assets held under capital leases (included in the above) | |||||
Assets held under capital leases (included in the above) | 3,805 | 4,243 | |||
Machinery, fixtures and equipment [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, total cost | 164,503 | 172,929 | |||
Assets held under capital leases (included in the above) | |||||
Assets held under capital leases (included in the above) | 4,646 | 3,325 | |||
Other equipment [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, total cost | 32,314 | 36,516 | |||
Software licenses [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, total cost | 55,656 | 56,176 | |||
Construction in progress [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, total cost | $ 3,001 | $ 3,325 | |||
[1] | Reflects property, plant and equipment. |
PROPERTY, PLANT AND EQUIPMENT R
PROPERTY, PLANT AND EQUIPMENT Rollforward (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | |||
Movement in Property, Plant and Equipment [Roll Forward] | ||||
Opening balance | $ 114,335 | [1] | $ 142,907 | |
Additions | 34,523 | 27,860 | ||
Disposals | (290) | (25) | ||
Depreciation | (27,943) | (32,836) | ||
Foreign currency movements | (10,810) | (16,572) | ||
Other (1) | [2] | (1,293) | (6,999) | |
Ending balance | [1] | $ 108,522 | $ 114,335 | |
[1] | Reflects property, plant and equipment. | |||
[2] | (1) Other is comprised of property, plant and equipment which were classified as assets held for sale and subsequently sold in the fourth quarter of 2015 (see Note 3, "Discontinued Operations and Assets Held for Sale") |
ACCOUNTS PAYABLE AND ACCRUED 80
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Accounts Payable and Accrued Liabilities [Abstract] | ||
Accounts payable and accrued expenses | $ 54,526 | $ 55,564 |
Related party accounts payable | 53 | 43 |
Programming liabilities | 24,901 | 42,828 |
Related party programming liabilities | 14,583 | 24,980 |
Duties and other taxes payable | 12,856 | 23,341 |
Accrued staff costs | 20,709 | 21,168 |
Accrued interest payable | 914 | 1,958 |
Accrued interest payable (2) | 477 | 173 |
Income taxes payable | 249 | 460 |
Accrued legal contingencies and professional fees | 1,744 | 3,004 |
Authors’ rights | 2,516 | 4,434 |
Other accrued liabilities | 1,177 | 1,271 |
Total accounts payable and accrued liabilities | $ 134,705 | $ 179,224 |
OTHER LIABILITIES (Details)
OTHER LIABILITIES (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Guarantee fee, Interest Rate, Base Rate for Calculation | 8.50% | |||
Accrued Interest, Related Parties, Noncurrent | [1] | $ 977 | $ 846 | |
Current: | ||||
Deferred revenue | 7,546 | 4,938 | ||
Deferred tax | 0 | 279 | ||
Derivative Liability, Current | 650 | 0 | ||
Restructuring provision | 458 | 1,558 | $ 3,302 | |
Legal provisions | 1,520 | 995 | ||
Other | 274 | 42 | ||
Total other current liabilities | 10,448 | 7,812 | ||
Non-current: | ||||
Deferred tax | 25,990 | 27,370 | ||
Related party programming liabilities | 0 | 316 | ||
Programming liabilities | 0 | 1,699 | ||
Commitment Fee Payable, Related Parties, Noncurrent | [2] | 9,240 | 9,136 | |
Guarantee Fee Payable, Related Parties, Noncurrent | [3] | 22,655 | 1,163 | |
Other | 1,583 | 1,366 | ||
Other non-current liabilities (Note 11) | 65,749 | 46,485 | ||
Time Warner [Member] | ||||
Non-current: | ||||
Accrued interest (3) | [1] | 5,304 | 4,589 | |
Related party accrued interest (3) | [1] | 5,304 | 4,589 | |
Other non-current liabilities (Note 11) | [4] | $ 31,895 | $ 10,299 | |
[1] | Represents interest on the 2017 PIK Notes and the 2017 Term Loan, which we may pay in kind or in cash on a semi-annual basis in arrears by adding such accrued interest to the principal amount of the underlying instrument. | |||
[2] | (1) Represents the commitment fee payable to Time Warner in respect of its obligation under a commitment letter dated November 14, 2014 (the “2015 Refinancing Commitment Letter”) between Time Warner and CME whereby Time Warner agreed to provide or assist with arranging a loan facility to repay the 2015 Convertible Notes at maturity. The commitment fee is payable by November 1, 2019, the maturity date of the 2019 Euro Term Loan, or earlier if the repayment of the 2019 Euro Term Loan is accelerated. The commitment fee bears interest at 8.5% per annum and such interest 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. | |||
[3] | (2) Represents the fee payable to Time Warner for Time Warner's guarantees of the 2018 Euro Term Loan and the 2019 Euro Term Loan. The guarantee fee is calculated based on the amounts outstanding on the 2018 Euro Term Loan and the 2019 Euro Term Loan, each calculated on a per annum basis equal to 8.5% minus the rate of interest paid by CME to the lenders under the 2018 Euro Term Loan and the 2019 Euro Term Loan, respectively. The guarantee fee is payable, in cash or in kind on a semi-annual basis in arrears on each May 1 and November 1. We have elected to pay the guarantee fee in kind to date. Amounts of the guarantee fee paid in kind bear interest at the Guarantee Fee Rate, which is payable, in cash or in kind, in arrears on each May 1 and November 1. | |||
[4] | (3) Amount represents the commitment fee payable to Time Warner in connection with the 2015 Refinancing Commitment Letter, as well as the accrued fee payable to Time Warner for guaranteeing the 2018 Euro Term Loan and the 2019 Euro Term Loan. See Note 5, "Long-term Debt and Other Financing Arrangements". |
CONVERTIBLE REDEEMABLE PREFER82
CONVERTIBLE REDEEMABLE PREFERRED SHARES (Details) - USD ($) $ / shares in Units, $ in Thousands | Jun. 25, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Temporary Equity [Line Items] | ||||
Temporary equity | $ 241,198 | $ 223,926 | ||
Accretion on Series B Convertible Redeemable Preferred Stock | $ 17,272 | $ 16,036 | $ 7,890 | |
Series B Preferred Stock [Member] | ||||
Temporary Equity [Line Items] | ||||
Preferred Stock, Par or Stated Value Per Share | $ 0.08 | $ 0.08 | $ 0.08 | |
Preferred Stock, Shares Outstanding | 200,000 | 200,000 | ||
Sale of Stock, Price Per Share | $ 1,000 | |||
Preferred Stock, Conversion Basis | 2.42 | |||
Series B Preferred Stock [Member] | 1 - 3 years [Member] | ||||
Temporary Equity [Line Items] | ||||
Preferred Stock, Dividend Rate, Percentage | 7.50% | |||
Series B Preferred Stock [Member] | 4 - 5 years [Member] | ||||
Temporary Equity [Line Items] | ||||
Preferred Stock, Dividend Rate, Percentage | 3.75% | |||
T W Investor [Member] | ||||
Temporary Equity [Line Items] | ||||
Convertible Preferred Stock, Shares Issued upon Conversion | 99,500,000 | |||
Ownership Percentage Related Party | 45.20% | |||
Time Warner [Member] | ||||
Temporary Equity [Line Items] | ||||
Ownership Percentage Related Party | 49.40% | |||
Maximum [Member] | Time Warner [Member] | Common Class A [Member] | ||||
Temporary Equity [Line Items] | ||||
Ownership Percentage Related Party | 49.90% |
EQUITY (Details)
EQUITY (Details) | 12 Months Ended | ||
Dec. 31, 2015vote / sharesshares | Dec. 31, 2014shares | May. 02, 2014$ / sharesshares | |
Class of Stock [Line Items] | |||
Number of shares of Class B common stock to Class A common stock | 1 | ||
T W Investor [Member] | |||
Class of Stock [Line Items] | |||
Convertible Preferred Stock, Shares Issued upon Conversion | 11,211,449 | ||
Ownership percentage, related party | 45.20% | ||
Time Warner [Member] | |||
Class of Stock [Line Items] | |||
Ownership percentage, related party | 49.40% | ||
Beneficial Ownership Interest Total Voting Power Percentage | 49.40% | ||
Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
Preferred stock, shares authorized | 5,000,000 | 5,000,000 | |
Series A Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
Preferred Stock, Vote Per Share of Common Stock | vote / shares | 1 | ||
Preferred Stock, Shares Outstanding | 1 | 1 | |
Series A Preferred Stock [Member] | T W Investor [Member] | |||
Class of Stock [Line Items] | |||
Preferred stock, shares issued | 1 | 1 | |
Preferred Stock, Shares Outstanding | 1 | 1 | |
Common Class A [Member] | |||
Class of Stock [Line Items] | |||
Preferred Stock, Vote Per Share of Common Stock | vote / shares | 1 | ||
Common stock, shares authorized | 440,000,000 | 440,000,000 | |
Common stock, shares outstanding | 135,800,000 | 135,300,000 | |
Series B Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
Preferred stock, shares issued | 200,000 | ||
Convertible Preferred Stock, Estimated Common Stock Issued in Future Conversion | 103,100,000 | ||
Preferred Stock, Shares Outstanding | 200,000 | 200,000 | |
Common Class B [Member] | |||
Class of Stock [Line Items] | |||
Preferred Stock, Vote Per Share of Common Stock | vote / shares | 10 | ||
Common stock, shares authorized | 15,000,000 | 15,000,000 | |
Common stock, shares outstanding | 0 | 0 | |
Maximum [Member] | Common Class A [Member] | Time Warner [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 | $ / shares | $ 1 | ||
2018 Warrants [Member] | Common Class A [Member] | |||
Class of Stock [Line Items] | |||
Class of Warrant or Right, Outstanding | 114,000,000 | ||
2018 Warrants [Member] | Common Class A [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 |
FINANCIAL INSTRUMENTS AND FAI84
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Details) € in Millions | May. 02, 2014USD ($) | Nov. 13, 2015USD ($) | Dec. 21, 2015USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 03, 2015USD ($) | Jul. 02, 2015USD ($) | Mar. 11, 2015USD ($) | May. 02, 2014EUR (€) |
Fair Value, By Balance Sheet Grouping Disclosure Information [Line Items] | ||||||||||
Accumulated other comprehensive loss | $ (242,409,000) | $ (169,609,000) | ||||||||
Derivative Instruments, Loss Recognized in Other Comprehensive Income (Loss), Effective Portion | (839,000) | (581,000) | $ 0 | |||||||
Change in fair value of derivatives | 4,848,000 | 2,311,000 | 104,000 | |||||||
Foreign Exchange Forward [Member] | ||||||||||
Fair Value, By Balance Sheet Grouping Disclosure Information [Line Items] | ||||||||||
Derivative, Number of Instruments Held | 2 | 2 | ||||||||
Currency Swap [Member] | ||||||||||
Fair Value, By Balance Sheet Grouping Disclosure Information [Line Items] | ||||||||||
Investment Foreign Currency, Contract, Amount Purchased | € | € 290.2 | |||||||||
Investment Foreign Currency, Contract, Amount Sold | $ 400,000,000 | |||||||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 2,311,000 | 0 | ||||||||
Currency Swap [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||||||
Fair Value, By Balance Sheet Grouping Disclosure Information [Line Items] | ||||||||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 4,848,000 | |||||||||
Forward Contracts [Member] | ||||||||||
Fair Value, By Balance Sheet Grouping Disclosure Information [Line Items] | ||||||||||
Derivative, Notional Amount | $ 49,517,000 | $ 261,000,000 | $ 76,900,000 | |||||||
Derivative Instruments Not Designated as Hedging Instruments, Gain | $ 8,000,000 | |||||||||
Unrealized loss on derivatives | $ 2,500,000 | 700,000 | ||||||||
Derivative, Gain on Derivative | $ 2,300,000 | |||||||||
Interest rate swap [Member] | ||||||||||
Fair Value, By Balance Sheet Grouping Disclosure Information [Line Items] | ||||||||||
Accumulated other comprehensive loss | (1,420,000) | (581,000) | ||||||||
Derivative Instruments, Loss Recognized in Other Comprehensive Income (Loss), Effective Portion | (1,418,000) | |||||||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 0 | $ 0 | $ 104,000 | |||||||
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 | $ 579,000 |
RESTRUCTURING COSTS (Details)
RESTRUCTURING COSTS (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015USD ($)operatingsegments | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | ||
Restructuring Reserve [Roll Forward] | ||||
Balance, December 31, 2013 | $ 1,558 | $ 3,302 | ||
Costs incurred | 1,897 | 10,416 | ||
Foreign currency movements | (69) | 7 | ||
Cash paid | (2,422) | (11,607) | ||
Accrual reversal | (183) | (560) | ||
Foreign currency movements | (69) | 7 | ||
Balance, December 31, 2015 | 458 | 1,558 | $ 3,302 | |
Restructuring Charges | 1,714 | 9,856 | 18,512 | |
Employee Severance [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Charges | 1,897 | 10,033 | 17,715 | |
Other Restructuring [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Charges | 0 | 383 | 797 | |
Accrual reversal [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve, Accrual Adjustment | $ (183) | (560) | 0 | |
Total operating segments [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Number of Operating Segments | operatingsegments | 6 | |||
BULGARIA | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Charges | $ 0 | 3,392 | 447 | |
BULGARIA | Employee Severance [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Charges | 0 | 3,312 | 447 | |
BULGARIA | Other Restructuring [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Charges | 0 | 80 | 0 | |
BULGARIA | Accrual reversal [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve, Accrual Adjustment | 0 | 0 | 0 | |
CROATIA | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Charges | 95 | |||
CROATIA | Employee Severance [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Charges | 95 | |||
CROATIA | Other Restructuring [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Charges | 0 | |||
CROATIA | Accrual reversal [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve, Accrual Adjustment | 0 | |||
CZECH REPUBLIC | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Charges | 0 | 1,861 | 2,384 | |
CZECH REPUBLIC | Employee Severance [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Charges | 0 | 1,861 | 2,316 | |
CZECH REPUBLIC | Other Restructuring [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Charges | 0 | 0 | 68 | |
CZECH REPUBLIC | Accrual reversal [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve, Accrual Adjustment | 0 | 0 | 0 | |
ROMANIA | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Charges | 1,714 | 4,149 | 1,612 | |
ROMANIA | Employee Severance [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Charges | 1,897 | 4,149 | 1,610 | |
ROMANIA | Other Restructuring [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Charges | 0 | 0 | 2 | |
ROMANIA | Accrual reversal [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve, Accrual Adjustment | (183) | 0 | 0 | |
Slovak Republic [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Charges | 0 | (108) | 2,573 | |
Slovak Republic [Member] | Employee Severance [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Charges | 0 | 429 | 1,943 | |
Slovak Republic [Member] | Other Restructuring [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Charges | 0 | 23 | 630 | |
Slovak Republic [Member] | Accrual reversal [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve, Accrual Adjustment | 0 | (560) | 0 | |
Slovenia [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Charges | 0 | 282 | 996 | |
Slovenia [Member] | Employee Severance [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Charges | 0 | 282 | 996 | |
Slovenia [Member] | Other Restructuring [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Charges | 0 | 0 | 0 | |
Slovenia [Member] | Accrual reversal [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve, Accrual Adjustment | 0 | 0 | 0 | |
Corporate [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Charges | 0 | 280 | 10,405 | |
Corporate [Member] | Employee Severance [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Charges | 0 | 0 | 10,308 | |
Corporate [Member] | Other Restructuring [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Charges | 0 | 280 | 97 | |
Corporate [Member] | Accrual reversal [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve, Accrual Adjustment | 0 | 0 | 0 | |
2014 Initiatives [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Balance, December 31, 2013 | 1,558 | 0 | ||
Costs incurred | 0 | 10,416 | ||
Foreign currency movements | (65) | (4) | ||
Cash paid | (1,209) | (8,854) | ||
Accrual reversal | (183) | |||
Foreign currency movements | (65) | (4) | ||
Balance, December 31, 2015 | 0 | 1,558 | 0 | |
2014 Initiatives [Member] | Employee Severance [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Balance, December 31, 2013 | 1,385 | 0 | ||
Costs incurred | 0 | 10,033 | ||
Foreign currency movements | (64) | 0 | ||
Cash paid | (1,037) | (8,648) | ||
Accrual reversal | (183) | |||
Foreign currency movements | (64) | 0 | ||
Balance, December 31, 2015 | 0 | 1,385 | 0 | |
2014 Initiatives [Member] | Other Restructuring [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Balance, December 31, 2013 | 173 | 0 | ||
Costs incurred | 0 | 383 | ||
Foreign currency movements | (1) | (4) | ||
Cash paid | (172) | (206) | ||
Accrual reversal | 0 | |||
Foreign currency movements | (1) | (4) | ||
Balance, December 31, 2015 | 0 | 173 | 0 | |
2015 Initiatives [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Balance, December 31, 2013 | 0 | |||
Costs incurred | 1,897 | |||
Foreign currency movements | (4) | |||
Cash paid | (1,213) | |||
Accrual reversal | 0 | |||
Foreign currency movements | (4) | |||
Balance, December 31, 2015 | 458 | 0 | ||
2015 Initiatives [Member] | Employee Severance [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Balance, December 31, 2013 | 0 | |||
Costs incurred | 1,897 | |||
Foreign currency movements | (4) | |||
Cash paid | (1,213) | |||
Accrual reversal | 0 | |||
Foreign currency movements | (4) | |||
Balance, December 31, 2015 | 458 | 0 | ||
2015 Initiatives [Member] | Other Restructuring [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Balance, December 31, 2013 | 0 | |||
Costs incurred | 0 | |||
Foreign currency movements | 0 | |||
Cash paid | 0 | |||
Accrual reversal | 0 | |||
Foreign currency movements | 0 | |||
Balance, December 31, 2015 | 0 | 0 | ||
Segment Reorganization [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Balance, December 31, 2013 | 0 | 3,302 | ||
Costs incurred | 0 | |||
Foreign currency movements | 11 | |||
Cash paid | (2,753) | |||
Accrual reversal | (560) | |||
Foreign currency movements | 11 | |||
Balance, December 31, 2015 | 0 | 3,302 | ||
Segment Reorganization [Member] | Employee Severance [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Balance, December 31, 2013 | 0 | 2,671 | ||
Costs incurred | 0 | |||
Foreign currency movements | 0 | |||
Cash paid | (2,671) | |||
Accrual reversal | 0 | |||
Foreign currency movements | 0 | |||
Balance, December 31, 2015 | 0 | 2,671 | ||
Segment Reorganization [Member] | Other Restructuring [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Balance, December 31, 2013 | 0 | 631 | ||
Costs incurred | 0 | |||
Foreign currency movements | 11 | |||
Cash paid | (82) | |||
Accrual reversal | (560) | |||
Foreign currency movements | 11 | |||
Balance, December 31, 2015 | $ 0 | $ 631 | ||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Accrual reversal | [1] | (323) | ||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | 2014 Initiatives [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Accrual reversal | [1] | (101) | ||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | 2014 Initiatives [Member] | Employee Severance [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Accrual reversal | [1] | (101) | ||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | 2014 Initiatives [Member] | Other Restructuring [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Accrual reversal | 0 | |||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | 2015 Initiatives [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Accrual reversal | [1] | (222) | ||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | 2015 Initiatives [Member] | Employee Severance [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Accrual reversal | [1] | (222) | ||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | 2015 Initiatives [Member] | Other Restructuring [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Accrual reversal | $ 0 | |||
[1] | Other is comprised of restructuring costs which were classified as liabilities held for sale and subsequently sold in the fourth quarter of 2015 (see Note 3, "Discontinued Operations and Assets Held for Sale"). |
INCOME TAXES Income Loss Before
INCOME TAXES Income Loss Before Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Domestic | $ (73,132) | $ (117,247) | $ (80,885) |
Foreign | (29,668) | (35,576) | (213,542) |
Loss before tax | $ (102,800) | $ (152,823) | $ (294,427) |
INCOME TAXES Expense Benefit (D
INCOME TAXES Expense Benefit (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Current income tax (expense) / credit: | |||
Domestic | $ 0 | $ 0 | $ 57 |
Foreign | (550) | (558) | (34) |
Total | (550) | (558) | 23 |
Deferred tax credit: | |||
Domestic | 0 | 0 | 165 |
Foreign | 1,065 | 1,916 | 17,805 |
Total | 1,065 | 1,916 | 17,970 |
Credit for income taxes | 515 | 1,358 | 17,993 |
Discontinued Operation, Tax Effect of Discontinued Operation | 91 | 1,987 | (968) |
Total tax credit | $ 606 | $ 3,345 | $ 17,025 |
INCOME TAXES Effective Rate Rec
INCOME TAXES Effective Rate Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract] | |||
Income taxes at Netherlands rates (25%) | $ 25,689 | $ 38,193 | $ 73,594 |
Jurisdictional differences in tax rates | (17,462) | (12,965) | (13,231) |
Tax effect of goodwill impairment | 0 | 0 | (4,979) |
Losses expired | (4,009) | (4,899) | (7,439) |
Change in valuation allowance | 3,614 | (7,012) | (23,123) |
Non-deductible expenses | (1,859) | (5,624) | (7,538) |
Other | (5,458) | (6,335) | 709 |
Credit for income taxes | $ 515 | $ 1,358 | $ 17,993 |
INCOME TAXES Deferred Tax Asset
INCOME TAXES Deferred Tax Assets And Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Assets: | ||
Tax benefit of loss carry-forwards and other tax credits | $ 111,526 | $ 114,858 |
Programming rights | 4,052 | 15,158 |
Property, plant and equipment | 4,427 | 7,533 |
Accrued expenses | 4,544 | 3,922 |
Other | 1,718 | 12,718 |
Gross deferred tax assets | 126,267 | 154,189 |
Valuation allowance | (109,481) | (124,263) |
Net deferred tax assets | 16,786 | 29,926 |
Liabilities: | ||
Broadcast licenses, trademarks and customer relationships | 24,897 | 29,620 |
Property, plant and equipment | 173 | 177 |
Programming rights | 7,082 | 16,325 |
Other | 75 | 2,870 |
Total deferred tax liabilities | 32,227 | 48,992 |
Net deferred income tax liability | 15,441 | 19,066 |
Components of Deferred Tax Assets and Liabilities [Abstract] | ||
Net current deferred tax liabilities | 0 | 279 |
Net non-current deferred tax liabilities | 25,990 | 27,370 |
Assets [Member] | ||
Liabilities: | ||
Net deferred income tax liability | 10,549 | 8,583 |
Components of Deferred Tax Assets and Liabilities [Abstract] | ||
Net current deferred tax assets | 10,425 | 8,127 |
Net non-current deferred tax assets | 124 | 456 |
Liabilities, Total [Member] | ||
Components of Deferred Tax Assets and Liabilities [Abstract] | ||
Net current deferred tax liabilities | 0 | 279 |
Net non-current deferred tax liabilities | 25,990 | 27,370 |
Deferred Tax Liabilities, Net | 25,990 | 27,649 |
Valuation Allowance of Deferred Tax Assets [Member] | ||
Assets: | ||
Valuation allowance | (109,481) | $ (124,263) |
Components of Deferred Tax Assets and Liabilities [Abstract] | ||
Released due to changes in future profitability | $ (6,692) |
INCOME TAXES Valuation Allowanc
INCOME TAXES Valuation Allowances (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Valuation Allowance [Line Items] | |
Balance at December 31, 2014 | $ 124,263 |
Balance at December 31, 2015 | 109,481 |
Valuation Allowance of Deferred Tax Assets [Member] | |
Valuation Allowance [Line Items] | |
Valuation Allowance, Reserve Reversal | 11,520 |
Balance at December 31, 2014 | 124,263 |
Created during the period | 13,709 |
Released due to changes in future profitability | (6,692) |
Utilized | (10,631) |
Foreign exchange | (11,168) |
Balance at December 31, 2015 | $ 109,481 |
INCOME TAXES Operating Loss Car
INCOME TAXES Operating Loss Carryforward (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Operating Loss Carryforwards [Line Items] | ||
Undistributed Earnings of Foreign Subsidiaries | $ 0 | $ 0 |
Year 2016 [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards | 14,417,000 | |
Year 2017 [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards | 34,068,000 | |
Year 2018 [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards | 46,200,000 | |
Year 2019 [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards | 75,071,000 | |
Year 2020 Through 2035 [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards | 285,254,000 | |
Thereafter [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards | 23,745,000 | |
BULGARIA | Year 2016 [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards | 0 | |
BULGARIA | Year 2017 [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards | 0 | |
BULGARIA | Year 2018 [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards | 0 | |
BULGARIA | Year 2019 [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards | 0 | |
BULGARIA | Year 2020 Through 2035 [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards | 11,021,000 | |
BULGARIA | Thereafter [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards | 0 | |
CROATIA | Year 2016 [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards | 1,488,000 | |
CROATIA | Year 2017 [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards | 0 | |
CROATIA | Year 2018 [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards | 0 | |
CROATIA | Year 2019 [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards | 0 | |
CROATIA | Year 2020 Through 2035 [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards | 0 | |
CROATIA | Thereafter [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards | 0 | |
CZECH REPUBLIC | Year 2016 [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards | 0 | |
CZECH REPUBLIC | Year 2017 [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards | 48,000 | |
CZECH REPUBLIC | Year 2018 [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards | 19,520,000 | |
CZECH REPUBLIC | Year 2019 [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards | 0 | |
CZECH REPUBLIC | Year 2020 Through 2035 [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards | 0 | |
CZECH REPUBLIC | Thereafter [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards | 0 | |
NETHERLANDS | Year 2016 [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards | 6,991,000 | |
NETHERLANDS | Year 2017 [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards | 28,082,000 | |
NETHERLANDS | Year 2018 [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards | 26,680,000 | |
NETHERLANDS | Year 2019 [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards | 59,315,000 | |
NETHERLANDS | Year 2020 Through 2035 [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards | 259,740,000 | |
NETHERLANDS | Thereafter [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards | 0 | |
ROMANIA | Year 2016 [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards | 0 | |
ROMANIA | Year 2017 [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards | 0 | |
ROMANIA | Year 2018 [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards | 0 | |
ROMANIA | Year 2019 [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards | 15,756,000 | |
ROMANIA | Year 2020 Through 2035 [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards | 14,493,000 | |
ROMANIA | Thereafter [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards | 0 | |
SLOVAKIA | Year 2016 [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards | 5,938,000 | |
SLOVAKIA | Year 2017 [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards | 5,938,000 | |
SLOVAKIA | Year 2018 [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards | 0 | |
SLOVAKIA | Year 2019 [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards | 0 | |
SLOVAKIA | Year 2020 Through 2035 [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards | 0 | |
SLOVAKIA | Thereafter [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards | 0 | |
Slovenia [Member] | Year 2016 [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards | 0 | |
Slovenia [Member] | Year 2017 [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards | 0 | |
Slovenia [Member] | Year 2018 [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards | 0 | |
Slovenia [Member] | Year 2019 [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards | 0 | |
Slovenia [Member] | Year 2020 Through 2035 [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards | 0 | |
Slovenia [Member] | Thereafter [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards | 22,047,000 | |
UNITED KINGDOM | Year 2016 [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards | 0 | |
UNITED KINGDOM | Year 2017 [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards | 0 | |
UNITED KINGDOM | Year 2018 [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards | 0 | |
UNITED KINGDOM | Year 2019 [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards | 0 | |
UNITED KINGDOM | Year 2020 Through 2035 [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards | 0 | |
UNITED KINGDOM | Thereafter [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards | $ 1,698,000 | |
Minimum [Member] | UNITED KINGDOM | ||
Operating Loss Carryforwards [Line Items] | ||
Income Tax Examination, Year under Examination | 2,014 | |
Minimum [Member] | Slovenia [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Income Tax Examination, Year under Examination | 2,008 | |
Minimum [Member] | SLOVAKIA | ||
Operating Loss Carryforwards [Line Items] | ||
Income Tax Examination, Year under Examination | 2,010 | |
Minimum [Member] | ROMANIA | ||
Operating Loss Carryforwards [Line Items] | ||
Income Tax Examination, Year under Examination | 2,014 | |
Minimum [Member] | NETHERLANDS | ||
Operating Loss Carryforwards [Line Items] | ||
Income Tax Examination, Year under Examination | 2,013 | |
Minimum [Member] | CZECH REPUBLIC | ||
Operating Loss Carryforwards [Line Items] | ||
Income Tax Examination, Year under Examination | 2,011 | |
Minimum [Member] | CROATIA | ||
Operating Loss Carryforwards [Line Items] | ||
Income Tax Examination, Year under Examination | 2,011 | |
Minimum [Member] | BULGARIA | ||
Operating Loss Carryforwards [Line Items] | ||
Income Tax Examination, Year under Examination | 2,010 |
INCOME TAXES Unrocognized Tax B
INCOME TAXES Unrocognized Tax Benefits (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Unrecognized tax benefits, beginning balance | $ 53,000 | $ 108,000 | $ 112,000 |
Increases for tax positions taken during a prior period | 51,000 | ||
Increases for tax positions taken during the current period | 20,000 | ||
Decreases resulting from the expiry of the statute of limitations | (53,000) | (51,000) | |
Decreases resulting from the expiry of the statute of limitations | (4,000) | (75,000) | |
Unrecognized tax benefits, ending balance | 0 | 53,000 | 108,000 |
Accrued interest and penalties | 0 | 0 | $ 0 |
Undistributed Earnings of Foreign Subsidiaries | $ 0 | $ 0 |
INCOME TAXES Jurisdictions (Det
INCOME TAXES Jurisdictions (Details) - Minimum [Member] | 12 Months Ended |
Dec. 31, 2015 | |
BULGARIA | |
Income Tax Examination, Year under Examination | 2,010 |
CROATIA | |
Income Tax Examination, Year under Examination | 2,011 |
CZECH REPUBLIC | |
Income Tax Examination, Year under Examination | 2,011 |
THE NETHERLANDS [Member] | |
Income Tax Examination, Year under Examination | 2,013 |
ROMANIA | |
Income Tax Examination, Year under Examination | 2,014 |
Slovak Republic [Member] | |
Income Tax Examination, Year under Examination | 2,010 |
Slovenia [Member] | |
Income Tax Examination, Year under Examination | 2,008 |
UNITED KINGDOM [Member] | |
Income Tax Examination, Year under Examination | 2,014 |
INTEREST EXPENSE (Details)
INTEREST EXPENSE (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Interest Paid | $ 18,457 | $ 76,154 | $ 108,344 |
Interest expense, debt | 114,730 | 104,570 | 100,320 |
Amortization of capitalized debt issuance costs | 15,484 | 18,297 | 4,101 |
Amortization of debt issuance discount and premium, net | 41,230 | 19,138 | 7,288 |
Total interest expense | $ 171,444 | $ 142,005 | $ 111,709 |
OTHER NON-OPERATING EXPENSE (De
OTHER NON-OPERATING EXPENSE (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Investment Income, Interest | $ 440 | $ 294 | $ 496 |
Foreign Currency Transaction Gain (Loss), before Tax | (13,481) | (12,767) | 20,187 |
Gain (Loss) on Derivative Instruments, Net, Pretax | 4,848 | 2,311 | 104 |
Non-operating income / (expense), net | (17,746) | 267 | (373) |
Nonoperating Income (Expense) | (25,939) | $ (9,895) | $ 20,414 |
BULGARIA | |||
Disposal Group, Not Discontinued Operations, Gain (Loss) on Disposal | 3,300 | ||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | $ 11,300 |
STOCK-BASED COMPENSATION Operat
STOCK-BASED COMPENSATION Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation charged | $ 2,439 | $ 1,344 | $ 6,116 |
Selling, General and Administrative Expenses [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation charged | 2,439 | 1,344 | 4,197 |
Restructuring Charges [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation charged | $ 0 | $ 0 | $ 1,919 |
STOCK-BASED COMPENSATION Stock
STOCK-BASED COMPENSATION Stock Options Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of Shares Authorized | 6,000,000 | |||
Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.86% | |||
Shares: | ||||
Outstanding at beginning of year | 155,000 | 390,500 | 2,219,625 | |
Granted | 1,600,000 | 0 | 0 | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 2.29 | $ 0 | $ 0 | |
Exchanged | 0 | 0 | (1,618,000) | [1] |
Forfeited | (20,000) | (114,500) | (136,125) | |
Expired | (69,000) | (121,000) | (75,000) | |
Outstanding at end of year | 1,666,000 | 155,000 | 390,500 | |
Vested or expected to vest | 1,666,000 | |||
Exercisable at end of period | 66,000 | |||
Weighted Average Exercise Price per Share: | ||||
Outstanding at beginning of period | $ 29.88 | $ 27.26 | $ 31.51 | |
Exchanged | 0 | 0 | 31.54 | [1] |
Forfeited | 23.12 | 30.87 | 33.36 | |
Expired | 28.23 | 20.48 | 49.71 | |
Oustanding at end of period | 3.53 | $ 29.88 | $ 27.26 | |
Vested or expected to vest | 3.53 | |||
Exercisable at end of period | $ 33.66 | |||
Weighted Average Remaining Contractual Term (years), outstanding | 9 years 25 days | 11 months 3 days | ||
Weighted Average Remaining Contractual Term (years), Vested or expected to vest | 9 years 25 days | |||
Weighted Average Remaining Contractual Term (years), exercisable | 5 months 3 days | |||
Aggregate Intrinsic Value, outstanding | $ 640 | $ 0 | ||
Aggregate Intrinsic Value, Vested or expected to vest | 640 | |||
Aggregate Intrinsic Value, exercisable | $ 0 | |||
Maximum life of issued options | 10 years | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 2,100 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 3 years 5 months | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 6 years 3 months 1 day | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 75.18% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value [Table Text Block] | 1.54 | |||
Restricted Stock Units (RSUs) [Member] | ||||
Weighted Average Exercise Price per Share: | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 3,800 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 8 months 8 days | |||
Minimum [Member] | Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period | 1 year | |||
Minimum [Member] | Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period | 1 year | |||
Maximum [Member] | Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period | 4 years | |||
Maximum [Member] | Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period | 4 years | |||
[1] | Options tendered in exchange for restricted stock units pursuant to an employee option exchange program completed in 2013. |
STOCK-BASED COMPENSATION Restri
STOCK-BASED COMPENSATION Restricted Stock Units (Details) - Restricted Stock Units (RSUs) [Member] $ / shares in Units, $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($)$ / sharesshares | |
Number of Shares/Units: | |
Unvested at December 31, 2014 | shares | 1,367,234 |
Granted | shares | 1,661,430 |
Vested | shares | (465,136) |
Forfeited | shares | (8,931) |
Unvested at December 31, 2015 | shares | 2,554,597 |
Weighted-Average Grant Date Fair Value: | |
Unvested at December 31, 2014 | $ / shares | $ 3.06 |
Granted | $ / shares | 2.56 |
Vested | $ / shares | 3.16 |
Forfeited | $ / shares | 3.85 |
Unvested at December 31, 2015 | $ / shares | $ 2.72 |
Intrinsic value | $ | $ 6.9 |
Unrecognized compensation expense | $ | $ 3.8 |
Compensation cost not yet recognized, period for recognition | 2 years 8 months 8 days |
Minimum [Member] | |
Weighted-Average Grant Date Fair Value: | |
Award vesting period | 1 year |
Maximum [Member] | |
Weighted-Average Grant Date Fair Value: | |
Award vesting period | 4 years |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | $ 1,137 | $ (21,510) | $ (11,669) | $ (70,243) | $ (17,805) | $ (51,308) | $ (41,352) | $ (41,000) | $ (102,285) | $ (151,465) | $ (276,434) | |
Net Income (Loss) Attributable to Noncontrolling Interest | (671) | (4,468) | (3,882) | |||||||||
Preferred Stock Dividends and Other Adjustments | (17,272) | (16,036) | (7,890) | |||||||||
Income Loss From Continuing Operations Available to Common Shareholders, Net of Noncontrolling Interest, Basic | (118,886) | (163,033) | (280,442) | |||||||||
Loss from discontinued operations, net of tax (Note 3) | $ (12,418) | $ (265) | $ 2,684 | $ (3,288) | $ (60,470) | $ (1,174) | $ (11,154) | $ (7,633) | (13,287) | (80,431) | (5,099) | |
Net Income (Loss) Available to Common Stockholders, Basic | (132,173) | (243,464) | (285,541) | |||||||||
Other Preferred Stock Dividends and Adjustments | 0 | 0 | 0 | |||||||||
Net Income (Loss) Available to Common Stockholders, Diluted | $ (132,173) | $ (243,464) | $ (285,541) | |||||||||
Weighted average outstanding shares of common stock - basic (in shares) | [1] | 146,866,000 | 146,509,000 | 125,723,000 | ||||||||
Dilutive effect of employee stock options and RSUs (in shares) | 0 | 0 | 0 | |||||||||
Weighted average outstanding shares of common stock - diluted (in shares) | 146,866,000 | 146,509,000 | 125,723,000 | |||||||||
Net loss per share: | ||||||||||||
Continuing operations - Basic (in dollars per share) | $ (0.81) | $ (1.11) | $ (2.23) | |||||||||
Continuing operations - Diluted (in dollars per share) | (0.81) | (1.11) | (2.23) | |||||||||
Discontinued operations – Basic (in dollars per share) | (0.09) | (0.55) | (0.04) | |||||||||
Discontinued operations - Diluted (in dollars per share) | (0.09) | (0.55) | (0.04) | |||||||||
Earnings Per Share, Basic | $ (0.11) | $ (0.18) | $ (0.09) | $ (0.53) | $ (0.54) | $ (0.38) | $ (0.39) | $ (0.35) | (0.90) | (1.66) | (2.27) | |
Diluted (in dollars per share) | $ (0.11) | $ (0.18) | $ (0.09) | $ (0.53) | $ (0.54) | $ (0.38) | $ (0.39) | $ (0.35) | $ (0.90) | $ (1.66) | $ (2.27) | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 3,221,575 | 1,324,920 | ||||||||||
T W Investor [Member] | ||||||||||||
Net loss per share: | ||||||||||||
Convertible Preferred Stock, Shares Issued upon Conversion | 11,211,449 | 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, 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 the common stock. |
SEGMENT DATA Net Revenue and OI
SEGMENT DATA Net Revenue and OIBDA (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Dec. 31, 2015USD ($)operatingsegments | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | ||
Segment Reporting Information [Line Items] | ||||||||||||
Net revenues | $ 195,552 | $ 117,322 | $ 166,834 | $ 126,133 | $ 216,196 | $ 131,081 | $ 192,811 | $ 140,705 | $ 605,841 | $ 680,793 | $ 633,134 | |
Total OIBDA: | 122,815 | 95,446 | (48,405) | |||||||||
BULGARIA | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net revenues | 73,090 | 87,078 | 87,448 | |||||||||
Total OIBDA: | 15,479 | 9,367 | 13,391 | |||||||||
CROATIA | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net revenues | 55,912 | 62,026 | 61,864 | |||||||||
Total OIBDA: | 7,880 | 7,835 | 8,258 | |||||||||
CZECH REPUBLIC | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net revenues | 182,636 | 202,779 | 174,939 | |||||||||
Total OIBDA: | 71,697 | 61,964 | (9,604) | |||||||||
ROMANIA | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net revenues | 157,578 | 178,614 | 162,305 | |||||||||
Total OIBDA: | 41,176 | 37,259 | 2,454 | |||||||||
Slovak Republic [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net revenues | 84,434 | 90,556 | 82,404 | |||||||||
Total OIBDA: | 10,585 | 4,586 | (19,859) | |||||||||
Slovenia [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net revenues | 54,233 | 61,370 | 66,656 | |||||||||
Total OIBDA: | $ 6,057 | 5,331 | 9,254 | |||||||||
Total operating segments [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Number of Operating Segments | operatingsegments | 6 | |||||||||||
Total OIBDA: | $ 152,645 | 126,326 | 3,848 | |||||||||
Corporate [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Total OIBDA: | (29,830) | (30,880) | (52,253) | |||||||||
Intersegment Eliminations [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net revenues | [1] | (2,042) | (1,630) | (2,482) | ||||||||
Total OIBDA: | $ (229) | $ (16) | $ (46) | |||||||||
[1] | Reflects revenues earned from the sale of content to other country segments in CME Ltd. All other revenues are third party revenues. |
SEGMENT DATA Reconciliation (De
SEGMENT DATA Reconciliation (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||
Segment Reporting [Abstract] | |||||||||||||
Total OIBDA: | $ 122,815 | $ 95,446 | $ (48,405) | ||||||||||
Depreciation of property, plant and equipment | (27,943) | (32,836) | (37,175) | ||||||||||
Amortization of broadcast licenses and other intangibles | (12,271) | (12,348) | (14,761) | ||||||||||
Impairment charge | 0 | 0 | (79,676) | ||||||||||
Other Items | 11,982 | [1] | (11,982) | [1] | 0 | ||||||||
Operating income / (loss) | $ 46,528 | $ 28,853 | $ 36,441 | $ (17,239) | $ 38,298 | $ (8,023) | $ 22,687 | $ (14,682) | 94,583 | 38,280 | (180,017) | ||
Interest Expense | (171,444) | (142,005) | (111,709) | ||||||||||
Loss on extinguishment of debt | 0 | (39,203) | (23,115) | ||||||||||
Nonoperating Income (Expense) | (25,939) | (9,895) | 20,414 | ||||||||||
Credit / (provision) for income taxes | 515 | 1,358 | 17,993 | ||||||||||
Loss from continuing operations | $ 1,137 | $ (21,510) | $ (11,669) | $ (70,243) | $ (17,805) | $ (51,308) | $ (41,352) | $ (41,000) | $ (102,285) | $ (151,465) | $ (276,434) | ||
[1] | (1) Other items consists solely of the charges related to tax audits of our Romanian operations, which were accrued in the fourth quarter of 2014 and fully released in the third quarter of 2015 (see Note 22, "Commitments and Contingencies") |
SEGMENT DATA Total Assets (Deta
SEGMENT DATA Total Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||
Assets | [1] | $ 1,454,201 | $ 1,619,360 |
Assets held for sale | [1] | 0 | 29,866 |
BULGARIA | |||
Segment Reporting Information [Line Items] | |||
Assets | [1] | 134,418 | 141,055 |
CROATIA | |||
Segment Reporting Information [Line Items] | |||
Assets | [1] | 52,306 | 58,000 |
CZECH REPUBLIC | |||
Segment Reporting Information [Line Items] | |||
Assets | [1] | 746,269 | 803,361 |
ROMANIA | |||
Segment Reporting Information [Line Items] | |||
Assets | [1] | 261,984 | 297,256 |
Slovak Republic [Member] | |||
Segment Reporting Information [Line Items] | |||
Assets | [1] | 121,122 | 134,544 |
Slovenia [Member] | |||
Segment Reporting Information [Line Items] | |||
Assets | [1] | 70,911 | 78,403 |
Total operating segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Assets | [1] | 1,387,010 | 1,512,619 |
Corporate [Member] | |||
Segment Reporting Information [Line Items] | |||
Assets | [1] | $ 67,191 | $ 76,875 |
[1] | Segment assets exclude any intercompany balances. |
SEGMENT DATA Capital Expenditur
SEGMENT DATA Capital Expenditure (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||
Capital expenditures | $ 33,517 | $ 28,685 | $ 30,118 |
BULGARIA | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | 3,517 | 2,627 | 2,798 |
CROATIA | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | 3,215 | 2,701 | 2,574 |
CZECH REPUBLIC | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | 10,982 | 9,139 | 7,727 |
ROMANIA | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | 5,794 | 4,686 | 5,194 |
Slovak Republic [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | 2,921 | 2,240 | 1,590 |
Slovenia [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | 3,197 | 3,502 | 4,018 |
Total operating segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | 29,626 | 24,895 | 23,901 |
Corporate [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | $ 3,891 | $ 3,790 | $ 6,217 |
SEGMENT DATA Long Lived Assets
SEGMENT DATA Long Lived Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||
Segment Reporting Information [Line Items] | ||||||
Assets | [1] | $ 1,454,201 | $ 1,619,360 | |||
Long-lived assets | 108,522 | [2] | 114,335 | [2] | $ 142,907 | |
BULGARIA | ||||||
Segment Reporting Information [Line Items] | ||||||
Assets | [1] | 134,418 | 141,055 | |||
Long-lived assets | [2] | 5,602 | 4,187 | |||
CROATIA | ||||||
Segment Reporting Information [Line Items] | ||||||
Assets | [1] | 52,306 | 58,000 | |||
Long-lived assets | [2] | 5,497 | 5,579 | |||
CZECH REPUBLIC | ||||||
Segment Reporting Information [Line Items] | ||||||
Assets | [1] | 746,269 | 803,361 | |||
Long-lived assets | [2] | 39,907 | 40,940 | |||
ROMANIA | ||||||
Segment Reporting Information [Line Items] | ||||||
Assets | [1] | 261,984 | 297,256 | |||
Long-lived assets | [2] | 20,873 | 22,110 | |||
Slovak Republic [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Assets | [1] | 121,122 | 134,544 | |||
Long-lived assets | [2] | 15,606 | 17,374 | |||
Slovenia [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Assets | [1] | 70,911 | 78,403 | |||
Long-lived assets | [2] | 15,082 | 16,647 | |||
Total operating segments [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Assets | [1] | 1,387,010 | 1,512,619 | |||
Long-lived assets | [2] | 102,567 | 106,837 | |||
Corporate [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Assets | [1] | 67,191 | 76,875 | |||
Long-lived assets | [2] | $ 5,955 | $ 7,498 | |||
[1] | Segment assets exclude any intercompany balances. | |||||
[2] | Reflects property, plant and equipment. |
SEGMENT DATA Revenues (Details)
SEGMENT DATA Revenues (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting [Abstract] | |||||||||||
Television advertising | $ 505,498 | $ 565,601 | $ 528,778 | ||||||||
Carriage fees and subscriptions | 73,058 | 80,487 | 58,990 | ||||||||
Other | 27,285 | 34,705 | 45,366 | ||||||||
Total net revenues | $ 195,552 | $ 117,322 | $ 166,834 | $ 126,133 | $ 216,196 | $ 131,081 | $ 192,811 | $ 140,705 | $ 605,841 | $ 680,793 | $ 633,134 |
COMMITMENTS AND CONTINGENCIES O
COMMITMENTS AND CONTINGENCIES Operating Lease Payments (Details) $ in Thousands, RON in Millions, CZK in Millions | Dec. 31, 2015CZK | Dec. 31, 2015USD ($) | Dec. 31, 2015RON | Dec. 31, 2014CZK | Dec. 31, 2014USD ($) |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||||
2,015 | $ 3,473 | ||||
2,016 | 2,221 | ||||
2,017 | 1,617 | ||||
2,018 | 746 | ||||
2,019 | 330 | ||||
2020 and thereafter | 1,149 | ||||
Total | 9,536 | ||||
Purchase Commitment [Member] | |||||
Long-term Purchase Commitment [Line Items] | |||||
2,015 | 74,226 | ||||
2,016 | 35,123 | ||||
2,017 | 22,882 | ||||
2,018 | 8,812 | ||||
2,019 | 1,327 | ||||
2020 and thereafter | 2,525 | ||||
Total | 144,895 | $ 177,800 | |||
Transmission Service Agreement [Member] | |||||
Long-term Purchase Commitment [Line Items] | |||||
2,015 | 18,322 | ||||
2,016 | 6,691 | ||||
2,017 | 3,200 | ||||
2,018 | 10,374 | ||||
2,019 | 312 | ||||
2020 and thereafter | 566 | ||||
Total | 39,465 | ||||
Machinery and Equipment [Member] | |||||
Long-term Purchase Commitment [Line Items] | |||||
2,015 | 420 | ||||
2,016 | 0 | ||||
2,017 | 0 | ||||
2,018 | 0 | ||||
2,019 | 0 | ||||
2020 and thereafter | 0 | ||||
Total | 420 | ||||
Pro TV [Member] | |||||
Long-term Purchase Commitment [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | 4,800 | RON 20 | |||
Factoring Agreement [Member] | CZECH REPUBLIC | |||||
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||||
Receivables Pledged As Collateral Related To Factoring Agreement | CZK 478.9 | 19,300 | CZK 509.3 | $ 20,500 | |
Factoring Agreement [Member] | ROMANIA | |||||
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||||
Receivables Pledged As Collateral Related To Factoring Agreement | $ 4,700 | RON 19.3 |
COMMITMENTS AND CONTINGENCIES P
COMMITMENTS AND CONTINGENCIES Programming Rights Agreements and Other Commitments (Details) $ in Thousands, CZK in Millions | 12 Months Ended | ||||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2015CZK | Dec. 31, 2015USD ($) | |
Long-term Purchase Commitment [Line Items] | |||||
Rent expense | $ 7,800 | $ 10,000 | $ 12,600 | ||
Purchase Commitment [Member] | |||||
Long-term Purchase Commitment [Line Items] | |||||
Unrecorded Unconditional Purchase Obligation, Due in Rolling Year Two | $ 35,123 | ||||
Total commitments | $ 177,800 | 144,895 | |||
CET 21 [Member] | |||||
Long-term Purchase Commitment [Line Items] | |||||
Line of credit, maximum borrowing capacity | CZK 825 | $ 33,200 | |||
BULGARIA | |||||
Long-term Purchase Commitment [Line Items] | |||||
Noncontrolling Interest, Ownership Percentage by Parent | 94.00% | 94.00% | |||
BULGARIA | Scenario, Adjustment [Member] | Btv Group [Member] | |||||
Long-term Purchase Commitment [Line Items] | |||||
Noncontrolling Interest, Ownership Percentage by Parent | 90.00% | 90.00% |
COMMITMENTS AND CONTINGENCIES L
COMMITMENTS AND CONTINGENCIES Litigation (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2015 | |
Maximum [Member] | ||
Restricted Net Assets as a Percentage of Total Assets | 25.00% | |
Dividends Restrictions [Member] | Minimum [Member] | ||
Dividends Reserve Requirement Restriction Portion Of Annual Net Profits | 5.00% | |
Dividends Reserve Requirement Restriction Portion Of Registered Company Capital | 5.00% | |
Dividends Restrictions [Member] | Maximum [Member] | ||
Dividends Reserve Requirement Restriction Portion Of Registered Company Capital | 25.00% | |
Unfavorable Regulatory Action [Member] | ||
Loss Contingency, Loss in Period | $ 18.2 | $ 12 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Related Party Transaction [Line Items] | ||||
Related party programming liabilities | $ 14,583 | $ 24,980 | ||
Related party accounts payable | 53 | 43 | ||
Related parties | 0 | 197 | ||
Accrued interest payable (2) | 477 | 173 | ||
Other non-current liabilities (Note 11) | $ 65,749 | 46,485 | ||
Time Warner [Member] | ||||
Related Party Transaction [Line Items] | ||||
Ownership percentage, related party | 49.40% | |||
Net revenues | $ 198 | 59 | $ 119 | |
Cost of revenues | 32,497 | 20,713 | 58,636 | |
Interest expense | 127,970 | 61,887 | $ 0 | |
Related party programming liabilities | 14,583 | 24,980 | ||
Related party accounts payable | 53 | 150 | ||
Related parties | 0 | 197 | ||
Long-term debt and other financing arrangements (1) | [1] | 334,114 | 269,862 | |
Accrued interest payable (2) | [2] | 5,781 | 4,763 | |
Other non-current liabilities (Note 11) | [3] | $ 31,895 | $ 10,299 | |
[1] | December 31, 2015 December 31, 2014Programming liabilities$14,583 $24,980Other accounts payable and accrued liabilities53 150Accounts receivable, gross— 197Long-term debt and other financing arrangements (1)334,114 269,862Accrued interest payable (2)5,781 4,763Other non-current liabilities (3)31,895 10,299(1) Amount represents the principal amount outstanding of the 2017 PIK Notes held by Time Warner and the amounts outstanding on the 2017 Term Loan and 2021 Revolving Credit Facility, if drawn, less respective issuance discounts, plus interest for which we made an election to pay in kind. | |||
[2] | (2) Amount represents the accrued interest on the principal amount of the outstanding 2017 PIK Notes held by Time Warner, which is payable in kind in arrears until November 15, 2015, and on the outstanding balance of the 2017 Term Loan and the 2021 Revolving Credit Facility, if drawn. | |||
[3] | (3) Amount represents the commitment fee payable to Time Warner in connection with the 2015 Refinancing Commitment Letter, as well as the accrued fee payable to Time Warner for guaranteeing the 2018 Euro Term Loan and the 2019 Euro Term Loan. See Note 5, "Long-term Debt and Other Financing Arrangements". |
QUARTERLY FINANCIAL DATA (Detai
QUARTERLY FINANCIAL DATA (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Quarterly Financial Data [Abstract] | |||||||||||
Net revenues | $ 195,552 | $ 117,322 | $ 166,834 | $ 126,133 | $ 216,196 | $ 131,081 | $ 192,811 | $ 140,705 | $ 605,841 | $ 680,793 | $ 633,134 |
Cost of revenues | 116,654 | 85,832 | 101,229 | 98,828 | 138,125 | 105,823 | 125,514 | 119,579 | 402,543 | 489,041 | 578,570 |
Operating (loss) / income | 46,528 | 28,853 | 36,441 | (17,239) | 38,298 | (8,023) | 22,687 | (14,682) | 94,583 | 38,280 | (180,017) |
Net loss | 1,137 | (21,510) | (11,669) | (70,243) | (17,805) | (51,308) | (41,352) | (41,000) | (102,285) | (151,465) | (276,434) |
Loss from discontinued operations, net of tax (Note 3) | (12,418) | (265) | 2,684 | (3,288) | (60,470) | (1,174) | (11,154) | (7,633) | (13,287) | (80,431) | (5,099) |
Net loss | (11,281) | (21,775) | (8,985) | (73,531) | (78,275) | (52,482) | (52,506) | (48,633) | (115,572) | (231,896) | (281,533) |
Net loss attributable to CME Ltd. | $ (11,427) | $ (21,522) | $ (8,678) | $ (73,274) | $ (74,937) | $ (52,138) | $ (52,437) | $ (47,916) | $ (114,901) | $ (227,428) | $ (277,651) |
Net loss per share: | |||||||||||
Basic EPS (in dollars per share) | $ (0.11) | $ (0.18) | $ (0.09) | $ (0.53) | $ (0.54) | $ (0.38) | $ (0.39) | $ (0.35) | $ (0.90) | $ (1.66) | $ (2.27) |
Effect of dilutive securities (in dollars per share) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Diluted (in dollars per share) | $ (0.11) | $ (0.18) | $ (0.09) | $ (0.53) | $ (0.54) | $ (0.38) | $ (0.39) | $ (0.35) | $ (0.90) | $ (1.66) | $ (2.27) |
GUARANTOR AND NON-GUARANTOR 111
GUARANTOR AND NON-GUARANTOR FINANCIAL INFORMATION Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
ASSETS | |||||||
Cash and cash equivalents | $ 61,679 | $ 34,298 | $ 102,322 | $ 136,543 | |||
Accounts receivable, net | 167,427 | 175,866 | |||||
Program rights, net | 85,972 | 99,358 | |||||
Other current assets | 43,206 | 35,481 | |||||
Assets held for sale | [1] | 0 | 29,866 | ||||
Intercompany current assets | 0 | 0 | |||||
Total current assets | 358,284 | 374,869 | |||||
Investments in subsidiaries | 0 | 0 | |||||
Property, plant and equipment, net (Note 9) | 108,522 | [2] | 114,335 | [2] | 142,907 | ||
Program rights, net | 169,073 | 207,264 | |||||
Goodwill | 622,243 | 681,398 | 782,870 | ||||
Total broadcast licenses and other intangible assets, net | 151,162 | 183,378 | |||||
Other non-current assets | 44,917 | 58,116 | |||||
Intercompany non-current assets | 0 | 0 | |||||
Total non-current assets | 1,095,917 | 1,244,491 | |||||
Current liabilities | |||||||
Accounts payable and accrued liabilities | 134,705 | 179,224 | |||||
Current portion of long-term debt and other financing arrangements | 1,155 | 252,859 | |||||
Other current liabilities | 10,448 | 7,812 | |||||
Disposal Group, Including Discontinued Operation, Liabilities | 0 | 10,632 | |||||
Intercompany current liabilities | 0 | 0 | |||||
Total current liabilities | 146,308 | 450,527 | |||||
Non-current liabilities | |||||||
Long-term debt and other financing arrangements | 922,305 | 621,240 | |||||
Other non-current liabilities | 65,749 | 46,485 | |||||
Intercompany non-current liabilities | 0 | 0 | |||||
Total non-current liabilities | 988,054 | 667,725 | |||||
Temporary equity | 241,198 | 223,926 | |||||
Total CME Ltd. shareholders’ equity | 77,260 | 279,794 | |||||
Noncontrolling interests | 1,381 | (2,612) | |||||
Assets | [1] | 1,454,201 | 1,619,360 | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 78,641 | 277,182 | 441,001 | 631,267 | |||
Liabilities and Equity | $ 1,454,201 | 1,619,360 | |||||
Central European Media Enterprises N.V. [Member] | |||||||
Condensed Financial Statements, Captions [Line Items] | |||||||
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% | ||||||
Parent Company [Member] | |||||||
ASSETS | |||||||
Cash and cash equivalents | $ 9,273 | 613 | 19,461 | 9,372 | |||
Accounts receivable, net | 0 | 0 | |||||
Program rights, net | 0 | 0 | |||||
Other current assets | 681 | 1,007 | |||||
Assets held for sale | 0 | ||||||
Intercompany current assets | 10,612 | 12,582 | |||||
Total current assets | 20,566 | 14,202 | |||||
Investments in subsidiaries | 204,531 | 110,186 | |||||
Property, plant and equipment, net (Note 9) | 0 | 0 | |||||
Program rights, net | 0 | 0 | |||||
Goodwill | 0 | 0 | |||||
Total broadcast licenses and other intangible assets, net | 0 | 0 | |||||
Other non-current assets | 40,844 | 55,471 | |||||
Intercompany non-current assets | 1,055,286 | 1,252,708 | |||||
Total non-current assets | 1,300,661 | 1,418,365 | |||||
Current liabilities | |||||||
Accounts payable and accrued liabilities | 2,622 | 5,109 | |||||
Current portion of long-term debt and other financing arrangements | 0 | 251,669 | |||||
Other current liabilities | 650 | 271 | |||||
Disposal Group, Including Discontinued Operation, Liabilities | 0 | ||||||
Intercompany current liabilities | 5,194 | 7,003 | |||||
Total current liabilities | 8,466 | 264,052 | |||||
Non-current liabilities | |||||||
Long-term debt and other financing arrangements | 919,812 | 615,698 | |||||
Other non-current liabilities | 39,596 | 16,315 | |||||
Intercompany non-current liabilities | 34,895 | 32,782 | |||||
Total non-current liabilities | 994,303 | 664,795 | |||||
Temporary equity | 241,198 | 223,926 | |||||
Total CME Ltd. shareholders’ equity | 77,260 | 279,794 | |||||
Noncontrolling interests | 0 | 0 | |||||
Assets | 1,321,227 | 1,432,567 | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 77,260 | 279,794 | |||||
Liabilities and Equity | 1,321,227 | 1,432,567 | |||||
Guarantor Subsidiaries [Member] | |||||||
ASSETS | |||||||
Cash and cash equivalents | 118 | 2,931 | 5,422 | 2,836 | |||
Accounts receivable, net | 0 | 0 | |||||
Program rights, net | 0 | 0 | |||||
Other current assets | 1,680 | 346 | |||||
Assets held for sale | 0 | ||||||
Intercompany current assets | 1,788 | 14,333 | |||||
Total current assets | 3,586 | 17,610 | |||||
Investments in subsidiaries | 1,266,585 | 1,516,707 | |||||
Property, plant and equipment, net (Note 9) | 0 | 0 | |||||
Program rights, net | 0 | 0 | |||||
Goodwill | 0 | 0 | |||||
Total broadcast licenses and other intangible assets, net | 0 | 0 | |||||
Other non-current assets | 2,445 | 0 | |||||
Intercompany non-current assets | 34,894 | 32,781 | |||||
Total non-current assets | 1,303,924 | 1,549,488 | |||||
Current liabilities | |||||||
Accounts payable and accrued liabilities | 242 | 286 | |||||
Current portion of long-term debt and other financing arrangements | 0 | 0 | |||||
Other current liabilities | 247 | 0 | |||||
Disposal Group, Including Discontinued Operation, Liabilities | 0 | ||||||
Intercompany current liabilities | 31,635 | 35,151 | |||||
Total current liabilities | 32,124 | 35,437 | |||||
Non-current liabilities | |||||||
Long-term debt and other financing arrangements | 0 | 0 | |||||
Other non-current liabilities | 0 | 482 | |||||
Intercompany non-current liabilities | 1,194,226 | 1,392,535 | |||||
Total non-current liabilities | 1,194,226 | 1,393,017 | |||||
Temporary equity | 0 | 0 | |||||
Total CME Ltd. shareholders’ equity | 81,160 | 138,644 | |||||
Noncontrolling interests | 0 | 0 | |||||
Assets | 1,307,510 | 1,567,098 | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 81,160 | 138,644 | |||||
Liabilities and Equity | 1,307,510 | 1,567,098 | |||||
Non-Guarantor Subsidiaries [Member] | |||||||
ASSETS | |||||||
Cash and cash equivalents | 52,288 | 30,754 | 77,439 | 124,335 | |||
Accounts receivable, net | 167,427 | 175,866 | |||||
Program rights, net | 85,972 | 99,358 | |||||
Other current assets | 40,845 | 34,128 | |||||
Assets held for sale | 29,866 | ||||||
Intercompany current assets | 27,300 | 17,492 | |||||
Total current assets | 373,832 | 387,464 | |||||
Investments in subsidiaries | 0 | 0 | |||||
Property, plant and equipment, net (Note 9) | 108,522 | 114,335 | |||||
Program rights, net | 169,073 | 207,264 | |||||
Goodwill | 622,243 | 681,398 | |||||
Total broadcast licenses and other intangible assets, net | 151,162 | 183,378 | |||||
Other non-current assets | 1,628 | 2,645 | |||||
Intercompany non-current assets | 558,518 | 291,589 | |||||
Total non-current assets | 1,611,146 | 1,480,609 | |||||
Current liabilities | |||||||
Accounts payable and accrued liabilities | 131,841 | 173,829 | |||||
Current portion of long-term debt and other financing arrangements | 1,155 | 1,190 | |||||
Other current liabilities | 9,551 | 7,541 | |||||
Disposal Group, Including Discontinued Operation, Liabilities | 10,632 | ||||||
Intercompany current liabilities | 2,871 | 2,253 | |||||
Total current liabilities | 145,418 | 195,445 | |||||
Non-current liabilities | |||||||
Long-term debt and other financing arrangements | 2,493 | 5,542 | |||||
Other non-current liabilities | 26,153 | 29,688 | |||||
Intercompany non-current liabilities | 419,577 | 151,761 | |||||
Total non-current liabilities | 448,223 | 186,991 | |||||
Temporary equity | 0 | 0 | |||||
Total CME Ltd. shareholders’ equity | 1,389,956 | 1,488,249 | |||||
Noncontrolling interests | 1,381 | (2,612) | |||||
Assets | 1,984,978 | 1,868,073 | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 1,391,337 | 1,485,637 | |||||
Liabilities and Equity | 1,984,978 | 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 | ||||||
Intercompany current assets | (39,700) | (44,407) | |||||
Total current assets | (39,700) | (44,407) | |||||
Investments in subsidiaries | (1,471,116) | (1,626,893) | |||||
Property, plant and equipment, net (Note 9) | 0 | 0 | |||||
Program rights, net | 0 | 0 | |||||
Goodwill | 0 | 0 | |||||
Total broadcast licenses and other intangible assets, net | 0 | 0 | |||||
Other non-current assets | 0 | 0 | |||||
Intercompany non-current assets | (1,648,698) | (1,577,078) | |||||
Total non-current assets | (3,119,814) | (3,203,971) | |||||
Current liabilities | |||||||
Accounts payable and accrued liabilities | 0 | 0 | |||||
Current portion of long-term debt and other financing arrangements | 0 | 0 | |||||
Other current liabilities | 0 | 0 | |||||
Disposal Group, Including Discontinued Operation, Liabilities | 0 | ||||||
Intercompany current liabilities | (39,700) | (44,407) | |||||
Total current liabilities | (39,700) | (44,407) | |||||
Non-current liabilities | |||||||
Long-term debt and other financing arrangements | 0 | 0 | |||||
Other non-current liabilities | 0 | 0 | |||||
Intercompany non-current liabilities | (1,648,698) | (1,577,078) | |||||
Total non-current liabilities | (1,648,698) | (1,577,078) | |||||
Temporary equity | 0 | 0 | |||||
Total CME Ltd. shareholders’ equity | (1,471,116) | (1,626,893) | |||||
Noncontrolling interests | 0 | 0 | |||||
Assets | (3,159,514) | (3,248,378) | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (1,471,116) | (1,626,893) | |||||
Liabilities and Equity | $ (3,159,514) | $ (3,248,378) | |||||
[1] | Segment assets exclude any intercompany balances. | ||||||
[2] | Reflects property, plant and equipment. |
GUARANTOR AND NON-GUARANTOR 112
GUARANTOR AND NON-GUARANTOR FINANCIAL INFORMATION Income statement (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net revenues | $ 195,552 | $ 117,322 | $ 166,834 | $ 126,133 | $ 216,196 | $ 131,081 | $ 192,811 | $ 140,705 | $ 605,841 | $ 680,793 | $ 633,134 |
Cost of revenues | 116,654 | 85,832 | 101,229 | 98,828 | 138,125 | 105,823 | 125,514 | 119,579 | 402,543 | 489,041 | 578,570 |
Selling, general and administrative expenses | 107,001 | 143,616 | 136,393 | ||||||||
Restructuring Charges | 1,714 | 9,856 | 18,512 | ||||||||
Impairment charge (Note 4) | 0 | 0 | 79,676 | ||||||||
Operating (loss) / income | 46,528 | 28,853 | 36,441 | (17,239) | 38,298 | (8,023) | 22,687 | (14,682) | 94,583 | 38,280 | (180,017) |
Interest Expense | (171,444) | (142,005) | (111,709) | ||||||||
Loss on extinguishment of debt | 0 | (39,203) | (23,115) | ||||||||
Nonoperating Income (Expense) | (25,939) | (9,895) | 20,414 | ||||||||
Loss before tax | (102,800) | (152,823) | (294,427) | ||||||||
Credit / (provision) for income taxes | 515 | 1,358 | 17,993 | ||||||||
Income / (Loss) From Continuing Operations Before Equity Method Investments And Noncontrolling Interest | (102,285) | (151,465) | (276,434) | ||||||||
Income (Loss) from Equity Method Investments | 0 | 0 | 0 | ||||||||
Loss from continuing operations | 1,137 | (21,510) | (11,669) | (70,243) | (17,805) | (51,308) | (41,352) | (41,000) | (102,285) | (151,465) | (276,434) |
Loss from discontinued operations, net of taxes, before loss on sale | (13,287) | (80,431) | (5,099) | ||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (11,281) | (21,775) | (8,985) | (73,531) | (78,275) | (52,482) | (52,506) | (48,633) | (115,572) | (231,896) | (281,533) |
Net Income (Loss) Attributable to Noncontrolling Interest | 671 | 4,468 | 3,882 | ||||||||
Net Income (Loss) Attributable to Parent | $ (11,427) | $ (21,522) | $ (8,678) | $ (73,274) | $ (74,937) | $ (52,138) | $ (52,437) | $ (47,916) | (114,901) | (227,428) | (277,651) |
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | (712) | 3,505 | 4,103 | ||||||||
Other Comprehensive Income (Loss), Net of Tax | (90,553) | (156,817) | (58,200) | ||||||||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | (206,125) | (388,713) | (339,733) | ||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | (206,837) | (385,208) | (335,630) | ||||||||
Parent Company [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net revenues | 0 | 0 | 0 | ||||||||
Cost of revenues | 0 | 0 | 0 | ||||||||
Selling, general and administrative expenses | 18,916 | 19,026 | 33,905 | ||||||||
Restructuring Charges | 0 | 0 | 2,422 | ||||||||
Impairment charge (Note 4) | 0 | ||||||||||
Operating (loss) / income | (18,916) | (19,026) | (36,327) | ||||||||
Interest Expense | (174,257) | (138,480) | (88,102) | ||||||||
Loss on extinguishment of debt | (24,161) | (23,115) | |||||||||
Nonoperating Income (Expense) | 97,480 | 144,257 | 167,318 | ||||||||
Loss before tax | (95,693) | (37,410) | 19,774 | ||||||||
Credit / (provision) for income taxes | 0 | 0 | 0 | ||||||||
Income / (Loss) From Continuing Operations Before Equity Method Investments And Noncontrolling Interest | (95,693) | (37,410) | 19,774 | ||||||||
Income (Loss) from Equity Method Investments | (19,208) | (190,018) | (297,425) | ||||||||
Loss from continuing operations | (114,901) | (227,428) | (277,651) | ||||||||
Loss from discontinued operations, net of taxes, before loss on sale | 0 | 0 | 0 | ||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (114,901) | (227,428) | (277,651) | ||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | 0 | 0 | 0 | ||||||||
Net Income (Loss) Attributable to Parent | (114,901) | (227,428) | (277,651) | ||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | 0 | 0 | 0 | ||||||||
Other Comprehensive Income (Loss), Net of Tax | (91,936) | (157,780) | (57,979) | ||||||||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | (206,837) | (385,208) | (335,630) | ||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | (206,837) | (385,208) | (335,630) | ||||||||
Guarantor Subsidiaries [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net revenues | 0 | 0 | 0 | ||||||||
Cost of revenues | 0 | 0 | 0 | ||||||||
Selling, general and administrative expenses | 485 | 804 | 5 | ||||||||
Restructuring Charges | 0 | 0 | 24 | ||||||||
Impairment charge (Note 4) | 0 | ||||||||||
Operating (loss) / income | (485) | (804) | (29) | ||||||||
Interest Expense | (106,821) | (137,891) | (124,100) | ||||||||
Loss on extinguishment of debt | 0 | 0 | |||||||||
Nonoperating Income (Expense) | (19,627) | 21,778 | 15,449 | ||||||||
Loss before tax | (126,933) | (116,917) | (108,680) | ||||||||
Credit / (provision) for income taxes | 16,007 | 12,170 | 9,510 | ||||||||
Income / (Loss) From Continuing Operations Before Equity Method Investments And Noncontrolling Interest | (110,926) | (104,747) | (99,170) | ||||||||
Income (Loss) from Equity Method Investments | 92,772 | (85,271) | (198,255) | ||||||||
Loss from continuing operations | (18,154) | (190,018) | (297,425) | ||||||||
Loss from discontinued operations, net of taxes, before loss on sale | (1,054) | 0 | 0 | ||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (19,208) | (190,018) | (297,425) | ||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | 0 | 0 | 0 | ||||||||
Net Income (Loss) Attributable to Parent | (19,208) | (190,018) | (297,425) | ||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | 0 | 0 | 0 | ||||||||
Other Comprehensive Income (Loss), Net of Tax | 13,065 | (315,291) | (74,385) | ||||||||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | (6,143) | (505,309) | (371,810) | ||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | (6,143) | (505,309) | (371,810) | ||||||||
Non-Guarantor Subsidiaries [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net revenues | 605,841 | 680,793 | 633,134 | ||||||||
Cost of revenues | 402,543 | 489,041 | 578,570 | ||||||||
Selling, general and administrative expenses | 87,600 | 123,786 | 102,483 | ||||||||
Restructuring Charges | 1,714 | 9,856 | 16,066 | ||||||||
Impairment charge (Note 4) | 79,676 | ||||||||||
Operating (loss) / income | 113,984 | 58,110 | (143,661) | ||||||||
Interest Expense | (15,307) | (31,226) | (43,537) | ||||||||
Loss on extinguishment of debt | (15,042) | 0 | |||||||||
Nonoperating Income (Expense) | 21,149 | (10,338) | (18,323) | ||||||||
Loss before tax | 119,826 | 1,504 | (205,521) | ||||||||
Credit / (provision) for income taxes | (15,492) | (10,812) | 8,483 | ||||||||
Income / (Loss) From Continuing Operations Before Equity Method Investments And Noncontrolling Interest | 104,334 | (9,308) | (197,038) | ||||||||
Income (Loss) from Equity Method Investments | 0 | 0 | 0 | ||||||||
Loss from continuing operations | 104,334 | (9,308) | (197,038) | ||||||||
Loss from discontinued operations, net of taxes, before loss on sale | (12,233) | (80,431) | (5,099) | ||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 92,101 | (89,739) | (202,137) | ||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | 671 | 4,468 | 3,882 | ||||||||
Net Income (Loss) Attributable to Parent | 92,772 | (85,271) | (198,255) | ||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | (712) | 3,505 | 4,103 | ||||||||
Other Comprehensive Income (Loss), Net of Tax | (139,966) | (150,841) | (5,428) | ||||||||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | (47,865) | (240,580) | (207,565) | ||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | (48,577) | (237,075) | (203,462) | ||||||||
Consolidation, Eliminations [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net revenues | 0 | 0 | 0 | ||||||||
Cost of revenues | 0 | 0 | 0 | ||||||||
Selling, general and administrative expenses | 0 | 0 | 0 | ||||||||
Restructuring Charges | 0 | 0 | 0 | ||||||||
Impairment charge (Note 4) | 0 | ||||||||||
Operating (loss) / income | 0 | 0 | 0 | ||||||||
Interest Expense | 124,941 | 165,592 | 144,030 | ||||||||
Loss on extinguishment of debt | 0 | 0 | |||||||||
Nonoperating Income (Expense) | (124,941) | (165,592) | (144,030) | ||||||||
Loss before tax | 0 | 0 | 0 | ||||||||
Credit / (provision) for income taxes | 0 | 0 | 0 | ||||||||
Income / (Loss) From Continuing Operations Before Equity Method Investments And Noncontrolling Interest | 0 | 0 | 0 | ||||||||
Income (Loss) from Equity Method Investments | (73,564) | 275,289 | 495,680 | ||||||||
Loss from continuing operations | (73,564) | 275,289 | 495,680 | ||||||||
Loss from discontinued operations, net of taxes, before loss on sale | 0 | 0 | 0 | ||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (73,564) | 275,289 | 495,680 | ||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | 0 | 0 | 0 | ||||||||
Net Income (Loss) Attributable to Parent | (73,564) | 275,289 | 495,680 | ||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | 0 | 0 | 0 | ||||||||
Other Comprehensive Income (Loss), Net of Tax | 128,284 | 467,095 | 79,592 | ||||||||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 54,720 | 742,384 | 575,272 | ||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $ 54,720 | $ 742,384 | $ 575,272 |
GUARANTOR AND NON-GUARANTOR 113
GUARANTOR AND NON-GUARANTOR FINANCIAL INFORMATION Cash flows (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Condensed Financial Statements, Captions [Line Items] | ||||
Net cash generated from / (used in) continuing operating activities | $ 85,877 | $ (65,242) | $ (61,070) | |
CASH FLOWS FROM INVESTING ACTIVITIES [Abstract] | ||||
Purchase of property, plant and equipment | (33,517) | (28,685) | (30,118) | |
Disposal of property, plant and equipment | 3,091 | 137 | 283 | |
Proceeds From Intercompany Investing Activities | 0 | 0 | ||
Payments for Intercompany Investing Activities | 0 | 0 | 0 | |
Proceeds From (Payments For) Intercompany Investing Activities | 0 | |||
Net cash used in continuing investing activities | (30,426) | (28,548) | (29,835) | |
CASH FLOWS FROM FINANCING ACTIVITIES [Abstract] | ||||
Repayments of Senior Debt | (261,034) | (712,919) | (310,322) | |
Debt transactions costs | (1,541) | (14,206) | (785) | |
Issuance of debt | 253,051 | 550,421 | 0 | |
Change in restricted cash | 0 | 0 | 20,605 | |
Proceeds from credit facilities | 0 | 25,000 | 40 | |
Payment of credit facilities and capital leases | (27,365) | (1,080) | (1,648) | |
Issuance of common stock | 0 | 191,825 | 157,116 | |
Settlement of forward currency swaps | 7,983 | 0 | 0 | |
Issuance of preferred stock | 0 | 0 | 200,000 | |
Equity issuance costs | 0 | 0 | (5,410) | |
Other | 0 | (46) | (352) | |
Proceeds From Intercompany Financing Activities | 0 | 0 | 0 | |
Payments For Intercompany Financing Activities | 0 | 0 | 0 | |
Net cash (used in) / provided by continuing financing activities | (28,906) | 38,995 | 59,244 | |
Net cash used in discontinued operations - operating activities | (3,019) | (1,408) | (1,952) | |
Net cash provided by / (used in) discontinued operations - investing activities | 6,598 | (228) | (301) | |
Net cash (used in) / provided by discontinued operations - financing activities | (76) | (942) | 77 | |
Impact of exchange rate fluctuations on cash and cash equivalents | (2,667) | (10,651) | (384) | |
Net increase / (decrease) in cash and cash equivalents | 27,381 | (68,024) | (34,221) | |
Cash and cash equivalents | 61,679 | 34,298 | 102,322 | $ 136,543 |
Parent Company [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net cash generated from / (used in) continuing operating activities | 46,196 | 67,171 | (80,304) | |
CASH FLOWS FROM INVESTING ACTIVITIES [Abstract] | ||||
Purchase of property, plant and equipment | 0 | 0 | 0 | |
Disposal of property, plant and equipment | 0 | 0 | 0 | |
Proceeds From Intercompany Investing Activities | 380,319 | 703,941 | ||
Payments for Intercompany Investing Activities | (396,003) | (900,009) | (580,533) | |
Proceeds From (Payments For) Intercompany Investing Activities | 609,801 | |||
Net cash used in continuing investing activities | (15,684) | (196,068) | 29,268 | |
CASH FLOWS FROM FINANCING ACTIVITIES [Abstract] | ||||
Repayments of Senior Debt | (261,034) | (400,673) | (310,322) | |
Debt transactions costs | (1,541) | (12,396) | (785) | |
Issuance of debt | 253,051 | 550,421 | ||
Change in restricted cash | 20,467 | |||
Proceeds from credit facilities | 25,000 | 0 | ||
Payment of credit facilities and capital leases | (26,117) | 0 | 0 | |
Issuance of common stock | 191,825 | 157,116 | ||
Settlement of forward currency swaps | 7,983 | |||
Issuance of preferred stock | 200,000 | |||
Equity issuance costs | (5,410) | |||
Other | 0 | 59 | ||
Proceeds From Intercompany Financing Activities | 22,707 | 0 | 0 | |
Payments For Intercompany Financing Activities | (16,901) | (243,778) | 0 | |
Net cash (used in) / provided by continuing financing activities | (21,852) | 110,399 | 61,125 | |
Net cash used in discontinued operations - operating activities | 0 | (350) | 0 | |
Net cash provided by / (used in) discontinued operations - investing activities | 0 | 0 | 0 | |
Net cash (used in) / provided by discontinued operations - financing activities | 0 | 0 | 0 | |
Impact of exchange rate fluctuations on cash and cash equivalents | 0 | 0 | 0 | |
Net increase / (decrease) in cash and cash equivalents | 8,660 | (18,848) | 10,089 | |
Cash and cash equivalents | 9,273 | 613 | 19,461 | 9,372 |
Guarantor Subsidiaries [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net cash generated from / (used in) continuing operating activities | (84,922) | (132,570) | 288,651 | |
CASH FLOWS FROM INVESTING ACTIVITIES [Abstract] | ||||
Purchase of property, plant and equipment | 0 | 0 | 0 | |
Disposal of property, plant and equipment | 0 | 0 | 0 | |
Proceeds From Intercompany Investing Activities | 110,377 | 356,217 | ||
Payments for Intercompany Investing Activities | (53,127) | (418,504) | (266,355) | |
Proceeds From (Payments For) Intercompany Investing Activities | 9,323 | |||
Net cash used in continuing investing activities | 57,250 | (62,287) | (257,032) | |
CASH FLOWS FROM FINANCING ACTIVITIES [Abstract] | ||||
Repayments of Senior Debt | 0 | 0 | 0 | |
Debt transactions costs | 0 | 0 | 0 | |
Issuance of debt | 0 | 0 | ||
Change in restricted cash | 0 | |||
Proceeds from credit facilities | 0 | 0 | ||
Payment of credit facilities and capital leases | 0 | 0 | 0 | |
Issuance of common stock | 0 | 0 | ||
Settlement of forward currency swaps | 0 | |||
Issuance of preferred stock | 0 | |||
Equity issuance costs | 0 | |||
Other | 0 | 0 | ||
Proceeds From Intercompany Financing Activities | 132,090 | 634,862 | 580,533 | |
Payments For Intercompany Financing Activities | (108,093) | (443,412) | (609,801) | |
Net cash (used in) / provided by continuing financing activities | 23,997 | 191,450 | (29,268) | |
Net cash used in discontinued operations - operating activities | 0 | 0 | 0 | |
Net cash provided by / (used in) discontinued operations - investing activities | 3,779 | 0 | 0 | |
Net cash (used in) / provided by discontinued operations - financing activities | 0 | 0 | 0 | |
Impact of exchange rate fluctuations on cash and cash equivalents | (2,917) | 916 | 235 | |
Net increase / (decrease) in cash and cash equivalents | (2,813) | (2,491) | 2,586 | |
Cash and cash equivalents | 118 | 2,931 | 5,422 | 2,836 |
Non-Guarantor Subsidiaries [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net cash generated from / (used in) continuing operating activities | 130,622 | 157 | (269,417) | |
CASH FLOWS FROM INVESTING ACTIVITIES [Abstract] | ||||
Purchase of property, plant and equipment | (33,517) | (28,685) | (30,118) | |
Disposal of property, plant and equipment | 3,091 | 137 | 283 | |
Proceeds From Intercompany Investing Activities | 7,780 | 0 | ||
Payments for Intercompany Investing Activities | (303,763) | (260,529) | 0 | |
Proceeds From (Payments For) Intercompany Investing Activities | 0 | |||
Net cash used in continuing investing activities | (326,409) | (289,077) | (29,835) | |
CASH FLOWS FROM FINANCING ACTIVITIES [Abstract] | ||||
Repayments of Senior Debt | 0 | (312,246) | 0 | |
Debt transactions costs | 0 | (1,810) | 0 | |
Issuance of debt | 0 | 0 | ||
Change in restricted cash | 138 | |||
Proceeds from credit facilities | 0 | 40 | ||
Payment of credit facilities and capital leases | (1,248) | (1,080) | (1,648) | |
Issuance of common stock | 0 | 0 | ||
Settlement of forward currency swaps | 0 | |||
Issuance of preferred stock | 0 | |||
Equity issuance costs | 0 | |||
Other | (46) | (411) | ||
Proceeds From Intercompany Financing Activities | 328,783 | 720,248 | 266,355 | |
Payments For Intercompany Financing Activities | (110,188) | (149,036) | (9,323) | |
Net cash (used in) / provided by continuing financing activities | 217,347 | 256,030 | 255,151 | |
Net cash used in discontinued operations - operating activities | (3,019) | (1,058) | (1,952) | |
Net cash provided by / (used in) discontinued operations - investing activities | 2,819 | (228) | (301) | |
Net cash (used in) / provided by discontinued operations - financing activities | (76) | (942) | 77 | |
Impact of exchange rate fluctuations on cash and cash equivalents | 250 | (11,567) | (619) | |
Net increase / (decrease) in cash and cash equivalents | 21,534 | (46,685) | (46,896) | |
Cash and cash equivalents | 52,288 | 30,754 | 77,439 | 124,335 |
Consolidation, Eliminations [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net cash generated from / (used in) continuing operating activities | (6,019) | 0 | 0 | |
CASH FLOWS FROM INVESTING ACTIVITIES [Abstract] | ||||
Purchase of property, plant and equipment | 0 | 0 | 0 | |
Disposal of property, plant and equipment | 0 | 0 | 0 | |
Proceeds From Intercompany Investing Activities | (498,476) | (1,060,158) | ||
Payments for Intercompany Investing Activities | 752,893 | 1,579,042 | 846,888 | |
Proceeds From (Payments For) Intercompany Investing Activities | (619,124) | |||
Net cash used in continuing investing activities | 254,417 | 518,884 | 227,764 | |
CASH FLOWS FROM FINANCING ACTIVITIES [Abstract] | ||||
Repayments of Senior Debt | 0 | 0 | 0 | |
Debt transactions costs | 0 | 0 | 0 | |
Issuance of debt | 0 | 0 | ||
Change in restricted cash | 0 | |||
Proceeds from credit facilities | 0 | 0 | ||
Payment of credit facilities and capital leases | 0 | 0 | 0 | |
Issuance of common stock | 0 | 0 | ||
Settlement of forward currency swaps | 0 | |||
Issuance of preferred stock | 0 | |||
Equity issuance costs | 0 | |||
Other | 0 | 0 | ||
Proceeds From Intercompany Financing Activities | (483,580) | (1,355,110) | (846,888) | |
Payments For Intercompany Financing Activities | 235,182 | 836,226 | 619,124 | |
Net cash (used in) / provided by continuing financing activities | (248,398) | (518,884) | (227,764) | |
Net cash used in discontinued operations - operating activities | 0 | 0 | 0 | |
Net cash provided by / (used in) discontinued operations - investing activities | 0 | 0 | 0 | |
Net cash (used in) / provided by discontinued operations - financing activities | 0 | 0 | 0 | |
Impact of exchange rate fluctuations on cash and cash equivalents | 0 | 0 | 0 | |
Net increase / (decrease) in cash and cash equivalents | 0 | 0 | 0 | |
Cash and cash equivalents | $ 0 | $ 0 | $ 0 | $ 0 |
GUARANTOR AND NON-GUARANTOR 114
GUARANTOR AND NON-GUARANTOR FINANCIAL INFORMATION Other details (Details) | Dec. 31, 2015 | Dec. 31, 2014 |
CME Media Enterprises B.V. [Member] | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% | |
Central European Media Enterprises N.V. [Member] | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% |
SUBSEQUENT EVENTS Refinancing (
SUBSEQUENT EVENTS Refinancing (Details) € in Millions | Feb. 19, 2016USD ($) | Jun. 30, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Jan. 01, 2018USD ($) | Feb. 19, 2016EUR (€) |
Subsequent Event [Line Items] | |||||||
Guarantee fee, Interest Rate, Base Rate for Calculation | 8.50% | ||||||
Loss on extinguishment of debt | $ 0 | $ 39,203,000 | $ 23,115,000 | ||||
Subsequent Event [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Loss on extinguishment of debt | $ 149,900,000 | ||||||
2021 Revolving Credit Facility [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Debt Instrument, Face Amount | 0 | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 115,000,000 | ||||||
2021 Revolving Credit Facility [Member] | Subsequent Event [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 50,000,000 | $ 50,000,000 | |||||
2021 Euro Term Loan [Member] | Subsequent Event [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Debt Instrument, Face Amount | $ 510,400,000 | € 468.8 | |||||
Maximum [Member] | 2021 Euro Term Loan [Member] | Subsequent Event [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 1.90% | ||||||
Guarantee fee, Interest Rate, Base Rate for Calculation | 10.50% | ||||||
Minimum [Member] | 2021 Euro Term Loan [Member] | Subsequent Event [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 1.10% | ||||||
Guarantee fee, Interest Rate, Base Rate for Calculation | 7.00% |
Uncategorized Items - cetv-2015
Label | Element | Value |
Customer Relationships [Member] | Maximum [Member] | ||
Finite-Lived Intangible Asset, Useful Life | us-gaap_FiniteLivedIntangibleAssetUsefulLife | 15 years |
Customer Relationships [Member] | Minimum [Member] | ||
Finite-Lived Intangible Asset, Useful Life | us-gaap_FiniteLivedIntangibleAssetUsefulLife | 5 years |
Trademarks [Member] | ||
Indefinite-Lived Intangible Assets (Excluding Goodwill) | us-gaap_IndefiniteLivedIntangibleAssetsExcludingGoodwill | $ 98,250,000 |
Indefinite-Lived Intangible Assets (Excluding Goodwill) | us-gaap_IndefiniteLivedIntangibleAssetsExcludingGoodwill | $ 83,188,000 |