ALTICE USA, INC., S-1/A filed on 5/21/2018
Securities Registration Statement
v3.8.0.1
Document and Entity Information
3 Months Ended
Mar. 31, 2018
Document and Entity Information [Abstract]  
Entity Registrant Name Altice USA, Inc.
Entity Central Index Key 0001702780
Entity Filer Category Non-accelerated Filer
Document Type S-1/A
Amendment Flag true
Document Period End Date Mar. 31, 2018
Amendment Description This prospectus is being furnished to shareholders of Altice N.V., in connection with the planned pro rata distribution by Altice N.V. to its shareholders of 495,366,932 shares consisting of a combination of Class B common stock, par value $0.01 per share, of Altice USA, Inc. and Class A common stock, par value $0.01 per share.
v3.8.0.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Current Assets:      
Cash and cash equivalents $ 1,427,651 $ 329,848 $ 486,792
Restricted cash 253 252 16,301
Accounts receivable, trade (less allowance for doubtful accounts of $13,420 and $11,677) 330,761 370,765 349,626
Prepaid expenses and other current assets (including a prepayment to an affiliate of $19,563 in 2017) (See Note 14) 142,366 130,425 102,219
Amounts due from affiliates 21,146 19,764 22,182
Investment securities pledged as collateral   0 741,515
Derivative contracts 9,211 52,545 352
Total current assets 1,931,388 903,599 1,718,987
Property, plant and equipment, net of accumulated depreciation of $2,599,579 and $1,039,297 5,819,544 6,023,826 6,597,635
Investment in affiliates   930 5,606
Investment securities pledged as collateral 1,467,781 1,720,357 741,515
Derivative contracts 63,343 0 10,604
Other assets 122,786 57,904  
Other assets (including a prepayment to an affiliate of $6,539 in 2017) (See Note 14)   56,974 58,806
Amortizable intangible assets, net of accumulated amortization 4,834,637 5,066,454 6,352,644
Indefinite-lived cable television franchises 13,020,081 13,020,081 13,020,081
Goodwill 8,019,849 8,019,861 7,992,700
Total assets 35,279,409 34,812,082 36,498,578
Current Liabilities:      
Accounts payable 725,625 795,128 705,672
Accrued liabilities:      
Interest 296,400 397,422 576,778
Employee related costs 104,824 147,727 232,864
Other accrued expenses 318,098 411,988 352,315
Amounts due to affiliates 11,078 10,998 127,363
Deferred revenue 122,395 111,197 101,794
Liabilities under derivative contracts 9,211 52,545 13,158
Collateralized indebtedness   0 622,332
Credit facility debt 53,900 42,650 33,150
Senior notes and debentures 1,042,143 507,744 926,045
Capital lease obligations 7,699 9,539 15,013
Notes payable 69,084 33,424 5,427
Total current liabilities 2,760,457 2,520,362 3,711,911
Defined benefit plan obligations 97,908 103,163 84,106
Notes payable to affiliates and related parties   0 1,750,000
Other liabilities 131,565 144,289 113,485
Deferred tax liability 4,729,578 4,769,286 7,971,500
Liabilities under derivative contracts 114,319 187,406 78,823
Collateralized indebtedness 1,351,271 1,349,474 663,737
Credit facility debt 5,636,102 4,600,873 3,411,640
Senior guaranteed notes   2,291,185 2,289,494
Senior notes and debentures   13,061,503 14,291,786
Capital lease obligations 11,869 12,441 13,142
Notes payable 34,003 32,478 8,299
Deficit investments in affiliates 12,891 3,579 0
Total liabilities 29,647,786 29,076,039 34,387,923
Commitments and contingencies
Redeemable equity 234,637 231,290 68,147
Stockholders' Equity:      
Preferred stock, $.01 par value, 100,000,000 shares authorized, no shares issued and outstanding at December 31, 2017 0 0 0
Paid-in capital 4,682,646 4,665,229 3,003,554
Retained earnings (accumulated deficit) 713,848 840,636 (963,312)
Total stockholders' equity before accumulated other comprehensive Income and non-controlling interest 5,403,865 5,513,236 2,040,242
Accumulated other comprehensive income (loss) (8,420) (10,022) 1,979
Total stockholders' equity 5,395,445 5,503,214 2,042,221
Noncontrolling interest 1,541 1,539 287
Total stockholders' equity 5,396,986 5,504,753 2,042,508
Total liabilities and stockholders' equity 35,279,409 34,812,082 36,498,578
Common Class A      
Stockholders' Equity:      
Common stock 2,470 2,470 0
Common Class B      
Stockholders' Equity:      
Common stock 4,901 4,901 0
Common Class C      
Stockholders' Equity:      
Common stock 0 0 0
Undesignated Common Stock      
Stockholders' Equity:      
Common stock   0 0
Customer relationships      
Current Assets:      
Amortizable intangible assets, net of accumulated amortization 4,367,742 4,561,863 5,345,608
Trade names      
Current Assets:      
Amortizable intangible assets, net of accumulated amortization 442,807 478,509 983,386
Amortizable intangible assets      
Current Assets:      
Amortizable intangible assets, net of accumulated amortization $ 24,088 $ 26,082 $ 23,650
v3.8.0.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Thousands
Mar. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Current Assets:      
Accounts receivable, trade allowance for doubtful accounts $ 10,481 $ 13,420 $ 11,677
Prepayment to affiliate included in prepaid expenses and other current assets 142,366 130,425 102,219
Property, plant and equipment, accumulated depreciation 2,983,696 2,599,579 1,039,297
Amortizable intangible assets, accumulated amortization $ 2,240,390 $ 2,008,573 $ 666,766
Stockholders' Equity:      
Preferred stock, par value (in dollars per share) $ 0.01 $ 0.01 $ 0.01
Preferred stock, shares authorized (in shares) 100,000,000 100,000,000 100,000,000
Preferred stock, shares issued (in shares) 0 0 0
Preferred stock, shares outstanding (in shares) 0 0 0
Common stock, par value (in dollars per share)   $ 0.01 $ 0.01
Common stock, shares authorized (in shares)     1,000
Common stock, shares issued (in shares)     100
Common stock, shares outstanding (in shares)     100
Common Class A      
Stockholders' Equity:      
Common stock, par value (in dollars per share) $ 0.01 $ 0.01  
Common stock, shares authorized (in shares) 4,000,000,000 4,000,000,000  
Common stock, shares issued (in shares) 246,982,292 246,982,292  
Common stock, shares outstanding (in shares) 246,982,292 246,982,292  
Common Class B      
Stockholders' Equity:      
Common stock, par value (in dollars per share) $ 0.01 $ 0.01  
Common stock, shares authorized (in shares) 1,000,000,000 1,000,000,000  
Common stock, shares issued (in shares) 490,086,674 490,086,674  
Common stock, shares outstanding (in shares) 490,086,674 490,086,674  
Common Class C      
Stockholders' Equity:      
Common stock, par value (in dollars per share) $ 0.01 $ 0.01  
Common stock, shares authorized (in shares) 4,000,000,000 4,000,000,000  
Common stock, shares issued (in shares) 0 0  
Common stock, shares outstanding (in shares) 0 0  
Customer relationships      
Current Assets:      
Amortizable intangible assets, accumulated amortization $ 1,603,142 $ 1,409,021 $ 580,276
Trade names      
Current Assets:      
Amortizable intangible assets, accumulated amortization 624,276 588,574 83,397
Amortizable intangible assets      
Current Assets:      
Amortizable intangible assets, accumulated amortization $ 12,972 $ 10,978 $ 3,093
v3.8.0.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Dec. 31, 2017
Dec. 31, 2016
Income Statement [Abstract]        
Revenue (including revenue from affiliates of $2,205 and $1,086, respectively) (See Note 14) $ 2,329,714 $ 2,302,259 $ 9,306,950 $ 6,017,212
Operating expenses:        
Programming and other direct costs (including charges from affiliates of $4,176 and $1,947, respectively) (See Note 14) 787,361 758,352 3,035,655 1,911,230
Other operating expenses (including charges from affiliates of $106,084 and $18,854, respectively) (See Note 14) 583,023 608,144 2,347,315 1,702,472
Restructuring and other expense 3,587 76,929 152,401 240,395
Depreciation and amortization (including impairments)     2,930,571 1,700,306
Total operating expenses 2,016,676 2,052,149 8,465,942 5,554,403
Operating income 313,038 250,110 841,008 462,809
Other income (expense):        
Interest expense (including interest expense to affiliates and related parties of $90,405 and $112,712, respectively) (See Note 14) (377,258) (433,294) (1,603,132) (1,456,541)
Interest income 3,103 232 1,921 13,811
Gain on investments, net (252,576) 131,658 237,354 141,896
Loss on derivative contracts, net 168,352 (71,044) (236,330) (53,696)
Gain (loss) on interest rate swap contracts (31,922) 2,342 5,482 (72,961)
Loss on extinguishment of debt and write-off of deferred financing costs (including $513,723 related to affiliates and related parties in 2017) (See Note 14) (4,705) 0 (600,240) (127,649)
Other income (expense), net (11,658) (2,100) (13,651) 1,186
Total other income (expense) (502,690) (372,206) (2,208,596) (1,553,954)
Loss before income taxes (189,652) (122,096) (1,367,588) (1,091,145)
Income tax benefit 60,703 45,908 2,862,352 259,666
Net income (loss) (128,949) (76,188) 1,494,764 (831,479)
Net loss (income) attributable to noncontrolling interests (2) (237) (1,587) (551)
Net income (loss) attributable to Altice USA, Inc. stockholders $ (128,951) $ (76,425) $ 1,493,177 $ (832,030)
Basic income (loss) per share (in dollars per share)     $ 2.15 $ (1.28)
Basic weighted average common shares (in thousands) (in shares)     696,055,000 649,525,000
Diluted income (loss) per share (in dollars per share)     $ 2.15 $ (1.28)
Diluted weighted average common shares (in thousands) (in shares)     696,055,000 649,525,000
Basic and diluted weighted average common shares outstanding (in shares) 737,069,000 649,525,000    
Cash dividends declared per common share (in dollars per share)     $ 1.29 $ 0.69
v3.8.0.1
CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Dec. 31, 2017
Dec. 31, 2016
Income Statement [Abstract]        
Revenue from affiliates $ 125 $ 141 $ 1,100 $ 1,086
Programming and other direct costs from affiliates 1,154 735 4,176 1,947
Other operating expenses from affiliates 7,994 7,298 33,140 18,854
Interest expense to related parties and affiliates $ 0 $ 47,588 90,405 112,712
Loss on extinguishment of debt and write-off of deferred financing costs (including $513,723 related to affiliates and related parties in 2017) (See Note 14)     $ 513,723 $ 0
v3.8.0.1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Mar. 31, 2018
Dec. 31, 2017
Sep. 30, 2017
Jun. 30, 2017
Mar. 31, 2017
Dec. 31, 2016
Sep. 30, 2016
Jun. 30, 2016
Mar. 31, 2016
Dec. 31, 2017
Dec. 31, 2016
Statement of Comprehensive Income [Abstract]                      
Net income (loss) $ (128,949) $ 2,243,325 $ (192,434) $ (479,939) $ (76,188) $ (236,049) $ (172,553) $ (282,129) $ (140,748) $ 1,494,764 $ (831,479)
Defined benefit pension plans:                      
Unrecognized actuarial gain (loss) 4,551       0         (18,632) 3,452
Applicable income taxes (1,228)       0         7,441 (1,381)
Unrecognized gain (loss) arising during period, net of income taxes 3,323       0         (11,191) 2,071
Curtailment loss, net of settlement losses of $1,845 for 2017 included in net periodic benefit cost 606       0         (1,350) (154)
Applicable income taxes (164)       0         540 62
Curtailment loss, net of settlement losses included in net periodic benefit cost, net of income taxes 442       0         (810) (92)
Other comprehensive gain (loss) 3,765       0         (12,001) 1,979
Comprehensive income (loss) (125,184)       (76,188)         1,482,763 (829,500)
Comprehensive income attributable to noncontrolling interests (2)       (237)         (1,587) (551)
Comprehensive Income (loss) attributable to Altice USA, Inc. stockholders $ (125,186)       $ (76,425)         $ 1,481,176 $ (830,051)
v3.8.0.1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Statement of Comprehensive Income [Abstract]    
Settlement loss (gain) related to pension plan $ 1,845 $ 0
v3.8.0.1
CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - USD ($)
$ in Thousands
Total
Organizational Transactions Prior to IPO
IPO
Total Stockholders' Equity
Total Stockholders' Equity
Organizational Transactions Prior to IPO
Total Stockholders' Equity
IPO
Paid-in Capital
Paid-in Capital
Organizational Transactions Prior to IPO
Paid-in Capital
IPO
Retained Earnings (Accumulated Deficit)
Accumulated Other Comprehensive Income
Non-controlling Interest
Common Class A
Common Stock
Common Class A
Common Stock
Organizational Transactions Prior to IPO
Common Class A
Common Stock
IPO
Common Class B
Common Stock
Common Class B
Common Stock
Organizational Transactions Prior to IPO
Altice Technical Services
Altice Technical Services
Total Stockholders' Equity
Altice Technical Services
Paid-in Capital
Altice Technical Services
Retained Earnings (Accumulated Deficit)
Ending balance at Dec. 31, 2015 $ 2,108,080     $ 2,108,080     $ 2,252,028     $ (143,948) $ 0 $ 0 $ 0                
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                          
Impact of change in accounting policy in connection with the adoption of ASU No. 2014-09 12,666     12,666           12,666                      
Balance at January 1, 2016, as adjusted 2,120,746     2,120,746     2,252,028     (131,282)                      
Beginning balance at Dec. 31, 2015 2,108,080     2,108,080     2,252,028     (143,948) 0 0 0                
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                          
Net income (loss) attributable to stockholders (832,030)     (832,030)           (832,030)                      
Noncontrolling interests acquired (264)                     (264)                  
Net income attributable to noncontrolling interests 551                     551                  
Pension liability adjustments, net of income taxes 1,979     1,979             1,979                    
Share-based compensation expense 14,368     14,368     14,368                            
Change in redeemable equity (68,148)     (68,148)     (68,148)                            
Contributions from stockholders 1,246,499     1,246,499     1,246,499                            
Distributions to stockholders/non-controlling interest (445,176)     (445,176)     (445,176)                            
Excess tax benefit on share-based awards 31     31     31                            
Tax impact related to the Newsday Holdings, LLC transactions 3,952     3,952     3,952                            
Ending balance (Scenario, Previously Reported) at Dec. 31, 2016 2,029,842                                        
Ending balance (Restatement Adjustment, Accounting Standards Update 2014-09) 12,666                                        
Ending balance at Dec. 31, 2016 2,042,508     2,042,221     3,003,554     (963,312) 1,979 287 0     $ 0          
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                          
Net income (loss) attributable to stockholders 1,493,177     1,493,177           1,493,177                      
Receivable from parent (50,000)     (50,000)     (50,000)                            
Net income attributable to noncontrolling interests 1,587                     1,587                  
Pension liability adjustments, net of income taxes (12,001)     (12,001)             (12,001)                    
Share-based compensation expense 57,430     57,430     57,430                            
Change in redeemable equity (163,142)     (163,142)     (163,142)                            
Contributions from stockholders 51,135     51,135     51,135                            
Distributions to stockholders/non-controlling interest (840,035)     (839,700)     (839,700)         (335)                  
Recognition of previously unrealized excess tax benefits related to share-based awards in connection with the adoption of ASU 2016-09 310,771     310,771           310,771                      
Issuance of common stock pursuant to IPO   $ 2,264,252 $ 349,071   $ 2,264,252 $ 349,071   $ 2,257,002 $ 348,950         $ 2,349 $ 121   $ 4,901        
Ending balance (Scenario, Previously Reported) at Dec. 31, 2017 5,495,840     5,494,301     4,642,128     854,824 (10,022) 1,539 2,470     4,901          
Ending balance (Restatement Adjustment)                                   $ (3,753) $ (3,753) $ 23,101 $ (26,854)
Ending balance (Restatement Adjustment, Accounting Standards Update 2014-09) 12,666     12,666           12,666                      
Ending balance at Dec. 31, 2017 5,504,753     5,503,214     4,665,229     840,636 (10,022) 1,539 2,470     4,901          
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                          
Net income (loss) attributable to stockholders (128,951)     (128,951)           (128,951)                      
Net income attributable to noncontrolling interests 2                     2                  
Pension liability adjustments, net of income taxes 3,765     3,765             3,765                    
Share-based compensation expense 21,623     21,623     21,623                            
Change in redeemable equity (3,347)     (3,347)     (3,347)                            
Other changes to equity (859)     (859)     (859)     0                      
Adoption of ASU No. 2018-02                   2,163 (2,163)                    
Ending balance at Mar. 31, 2018 $ 5,396,986     $ 5,395,445     $ 4,682,646     $ 713,848 $ (8,420) $ 1,541 $ 2,470     $ 4,901          
v3.8.0.1
CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Dec. 31, 2017
Dec. 31, 2016
Cash flows from operating activities:        
Net income (loss) $ (128,949) $ (76,188) $ 1,494,764 $ (831,479)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:        
Depreciation and amortization (including impairments) 642,705 608,724 2,930,571 1,700,306
Impairment of assets included in restructuring charges     0 2,445
Loss (gain) on investments and sale of affiliate interests, net 248,602 (131,658)    
Gain on sale of affiliate interests     0 (206)
Equity in net loss of affiliates 10,442 2,757 10,040 1,132
Gain on investments, net 252,576 (131,658) (237,354) (141,896)
Loss on derivative contracts, net (168,352) 71,044 236,330 53,696
Loss on extinguishment of debt and write-off of deferred financing costs 4,705 0 600,240 127,649
Amortization of deferred financing costs and discounts (premiums) on indebtedness 16,950 1,812 31,046 27,799
Settlement loss related to pension plan 606 0 1,845 3,298
Share-based compensation expense 21,623 7,848 57,430 14,368
Deferred income taxes (65,833) (52,184) (2,880,154) (263,989)
Excess tax benefit on share-based awards     0 (31)
Provision for doubtful accounts 13,500 15,694 74,183 53,249
Change in assets and liabilities, net of effects of acquisitions and dispositions:        
Accounts receivable, trade 25,207 34,707 (89,683) (58,760)
Other receivables (28,759) 0 (12,835) 9,413
Prepaid expenses and other assets 9,609 (10,113) (7,426) 56,395
Amounts due from and due to affiliates (1,465) (131,564) (34,326) 41,351
Accounts payable 11,297 147,999 73,888 (11,814)
Accrued liabilities (224,787) (253,707) (241,701) 312,871
Deferred revenue 11,929 11,257 12,310 9,835
Liabilities related to interest rate swap contracts 31,922 (2,342) (921) 78,823
Net cash provided by operating activities 430,952 244,086 2,018,247 1,184,455
Cash flows from investing activities:        
Payment for acquisition, net of cash acquired (28,940) (43,608) (46,703) (8,988,774)
Net proceeds from sale of affiliate interests (3,537) 0 0 13,825
Capital expenditures (257,615) (257,427) (951,349) (625,541)
Proceeds related to sale of equipment, including costs of disposal 965 596 9,743 5,885
Increase in other investments     (4,773) (4,608)
Settlement of put-call options     (97,410) 0
Additions to other intangible assets 0 (183) (1,707) (106)
Net cash used in investing activities (291,627) (301,172) (1,092,199) (9,599,319)
Cash flows from financing activities:        
Proceeds from credit facility debt 1,642,500 225,000 5,593,675 5,510,256
Repayment of credit facility debt (610,663) (183,288) (4,411,581) (9,133,543)
Proceeds from notes payable to affiliates and related parties     0 1,750,000
Issuance of senior notes 1,000,000 0 0 1,310,000
Proceeds from collateralized indebtedness 0 156,136 838,794 179,388
Repayment of collateralized indebtedness and related derivative contracts 0 (150,084) (831,059) (143,102)
Distributions to stockholders   (79,617) (919,317) (365,559)
Repayment of senior notes, including premiums and fees (1,057,019) 0 (1,729,400) 0
Proceeds from notes payable 6,812 0 33,733 0
Excess tax benefit on share-based awards     0 31
Principal payments on capital lease obligations (3,067) (4,207) (15,157) (18,837)
Additions to deferred financing costs (19,225) (1,290) (8,600) (203,712)
Proceeds from IPO, net of fees     349,071 0
Contributions from stockholders     1,135 1,246,499
Distributions to noncontrolling interests, net     (335) 0
Other (859) 0    
Net cash provided by (used in) financing activities 958,479 42,267 (1,099,041) 131,421
Net decrease in cash and cash equivalents 1,097,804 (14,819) (172,993) (8,283,443)
Cash, cash equivalents and restricted cash at beginning of year 330,100 503,093 503,093 8,786,536
Cash, cash equivalents and restricted cash at end of year $ 1,427,904 $ 488,274 $ 330,100 $ 503,093
v3.8.0.1
CVC - CONSOLIDATED BALANCE SHEETS
$ in Thousands
Dec. 31, 2015
USD ($)
Current Assets:  
Goodwill $ 2,040,402
Stockholders' Equity:  
Total stockholders' equity 2,108,080
Cablevision Systems Corporation And Subsidiaries  
Current Assets:  
Cash and cash equivalents 1,003,279
Restricted cash 1,600
Accounts receivable, trade (less allowance for doubtful accounts of $13,420 and $11,677) 266,383
Prepaid expenses and other current assets (including a prepayment to an affiliate of $19,563 in 2017) (See Note 14) 123,242
Amounts due from affiliates 767
Deferred tax asset 14,596
Investment securities pledged as collateral 455,386
Derivative contracts 10,333
Total current assets 1,875,586
Property, plant and equipment, net of accumulated depreciation of $2,599,579 and $1,039,297 3,017,015
Investment in affiliates 0
Investment securities pledged as collateral 756,596
Derivative contracts 72,075
Other assets (including a prepayment to an affiliate of $6,539 in 2017) (See Note 14) 32,920
Amortizable intangible assets, net of accumulated amortization 36,951
Trademarks and other indefinite-lived intangible assets 7,250
Goodwill 262,345
Deferred financing costs, net of accumulated amortization of $8,150 7,588
Total assets 6,800,174
Current Liabilities:  
Accounts payable 453,653
Accrued liabilities:  
Interest 119,005
Employee related costs 344,091
Other accrued expenses 169,899
Amounts due to affiliates 29,729
Deferred revenue 55,545
Liabilities under derivative contracts 2,706
Credit facility debt 562,898
Collateralized indebtedness 416,621
Senior notes and debentures 0
Capital lease obligations 20,350
Notes payable 13,267
Total current liabilities 2,187,764
Long-term defined benefit plan obligations 99,228
Other liabilities 165,768
Deferred tax liability 704,835
Credit facility debt 1,951,556
Collateralized indebtedness 774,703
Senior guaranteed notes 0
Senior notes and debentures 5,801,011
Capital lease obligations 25,616
Notes payable 1,277
Total liabilities 11,711,758
Commitments and contingencies
Stockholders' Equity:  
Preferred Stock, $.01 par value, 50,000,000 shares authorized, none issued 0
Paid-in capital 792,351
Retained earnings (accumulated deficit) (4,059,411)
Total stockholders' equity before accumulated other comprehensive Income and non-controlling interest (3,263,477)
Treasury stock, at cost (81,624,493 CNYG Class A common shares) (1,610,167)
Accumulated other comprehensive income (loss) (37,672)
Total stockholders' equity (4,911,316)
Noncontrolling interest (268)
Total stockholders' equity (4,911,584)
Total liabilities and stockholders' equity 6,800,174
Cablevision Systems Corporation And Subsidiaries | CNYG Class A Common Stock  
Stockholders' Equity:  
Common Stock 3,042
Cablevision Systems Corporation And Subsidiaries | CNYG Class B Common Stock  
Stockholders' Equity:  
Common Stock 541
Cablevision Systems Corporation And Subsidiaries | RMG Class A Common Stock  
Stockholders' Equity:  
Common Stock 0
Cablevision Systems Corporation And Subsidiaries | RMG Class B Common Stock  
Stockholders' Equity:  
Common Stock 0
Cablevision Systems Corporation And Subsidiaries | Customer relationships  
Current Assets:  
Amortizable intangible assets, net of accumulated amortization 11,636
Cablevision Systems Corporation And Subsidiaries | Amortizable intangible assets  
Current Assets:  
Amortizable intangible assets, net of accumulated amortization 25,315
Cable television franchises | Cablevision Systems Corporation And Subsidiaries  
Current Assets:  
Indefinite-lived cable television franchises $ 731,848
v3.8.0.1
CVC - CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical)
$ in Thousands
Dec. 31, 2015
USD ($)
$ / shares
shares
Cablevision Systems Corporation And Subsidiaries  
Current Assets:  
Accounts receivable, trade allowance for doubtful accounts | $ $ 6,039
Property, plant and equipment, accumulated depreciation | $ 9,625,348
Amortizable intangible assets, accumulated amortization | $ 60,310
Deferred financing costs, accumulated amortization | $ $ 8,150
Stockholders' Equity:  
Preferred stock, par value (in dollars per share) | $ / shares $ 0.01
Preferred stock, shares authorized (in shares) 50,000,000
Preferred stock, shares issued (in shares) 0
Cablevision Systems Corporation And Subsidiaries | Customer relationships  
Current Assets:  
Amortizable intangible assets, accumulated amortization | $ $ 27,778
Cablevision Systems Corporation And Subsidiaries | Amortizable intangible assets  
Current Assets:  
Amortizable intangible assets, accumulated amortization | $ $ 32,532
CNYG Class A Common Stock | Cablevision Systems Corporation And Subsidiaries  
Stockholders' Equity:  
Common stock, par value (in dollars per share) | $ / shares $ 0.01
Common stock, shares authorized (in shares) 800,000,000
Common stock, shares issued (in shares) 304,196,703
Common stock, shares outstanding (in shares) 222,572,210
Treasury stock (in shares) 81,624,493
CNYG Class B Common Stock | Cablevision Systems Corporation And Subsidiaries  
Stockholders' Equity:  
Common stock, par value (in dollars per share) | $ / shares $ 0.01
Common stock, shares authorized (in shares) 320,000,000
Common stock, shares issued (in shares) 54,137,673
Common stock, shares outstanding (in shares) 54,137,673
RMG Class A Common Stock | Cablevision Systems Corporation And Subsidiaries  
Stockholders' Equity:  
Common stock, par value (in dollars per share) | $ / shares $ 0.01
Common stock, shares authorized (in shares) 600,000,000
Common stock, shares issued (in shares) 0
RMG Class B Common Stock | Cablevision Systems Corporation And Subsidiaries  
Stockholders' Equity:  
Common stock, par value (in dollars per share) | $ / shares $ 0.01
Common stock, shares authorized (in shares) 160,000,000
Common stock, shares issued (in shares) 0
v3.8.0.1
CVC - CONSOLIDATED STATEMENT OF OPERATIONS - USD ($)
$ in Thousands
6 Months Ended 12 Months Ended
Jun. 20, 2016
Dec. 31, 2015
Cablevision Systems Corporation And Subsidiaries    
Revenue (including revenue from affiliates of $2,205 and $1,086, respectively) (See Note 14) $ 3,137,604 $ 6,545,545
Operating expenses:    
Programming and other direct costs (including charges from affiliates of $4,176 and $1,947, respectively) (See Note 14) 1,088,555 2,269,290
Other operating expenses (including charges from affiliates of $106,084 and $18,854, respectively) (See Note 14) 1,136,970 2,546,319
Restructuring and other expense 22,223 16,213
Depreciation and amortization (including impairments) 414,550 865,252
Total operating expenses 2,662,298 5,697,074
Operating income 475,306 848,471
Other income (expense):    
Interest expense (including interest expense to affiliates and related parties of $90,405 and $112,712, respectively) (See Note 14) (287,098) (585,764)
Interest income 1,590 925
Gain on investments, net 129,990 (30,208)
Loss on equity derivative contracts, net (36,283) 104,927
Loss on extinguishment of debt and write-off of deferred financing costs (including $513,723 related to affiliates and related parties in 2017) (See Note 14) 0 (1,735)
Other income, net 4,855 6,045
Total other income (expense) (186,946) (505,810)
Loss before income taxes 288,360 342,661
Income tax benefit (124,848) (154,872)
Income from continuing operations, net of income taxes 163,512 187,789
Income (loss) from discontinued operations, net of income taxes 0 (12,541)
Net income (loss) 163,512 175,248
Net loss (income) attributable to noncontrolling interests 236 201
Net income (loss) attributable to Altice USA, Inc. stockholders $ 163,748 $ 175,449
Basic income (loss) per share attributable to Cablevision Systems Corporation stockholder(s):    
Income from continuing operations, net of income taxes (in dollars per share) $ 0.60 $ 0.70
Income (loss) from discontinued operations, net of income taxes (in dollars per share) 0.00 (0.05)
Net income (in dollars per share) $ 0.60 $ 0.65
Basic weighted average common shares (in thousands) (in shares) 272,035,000 269,388,000
Diluted income (loss) per share attributable to Cablevision Systems Corporation stockholder(s):    
Income from continuing operations, net of income taxes (in dollars per share) $ 0.58 $ 0.68
Income (loss) from discontinued operations, net of income taxes (in dollars per share) 0.00 (0.05)
Net income (in dollars per share) $ 0.58 $ 0.63
Diluted weighted average common shares (in thousands) 280,199,000 276,339,000
Amounts attributable to Cablevision Systems Corporation stockholder(s):    
Income from continuing operations, net of income taxes $ 163,748 $ 187,990
Income (loss) from discontinued operations, net of income taxes 0 (12,541)
Net income (loss) attributable to Altice USA, Inc. stockholders $ 163,748 $ 175,449
Cash dividends declared per common share (in dollars per share) $ 0.00 $ 0.45
v3.8.0.1
CVC - CONSOLIDATED STATEMENT OF OPERATIONS (Parenthetical) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended 12 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Jun. 20, 2016
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Revenue from affiliates $ 125 $ 141   $ 1,100 $ 1,086  
Programming and other direct costs from affiliates 1,154 735   4,176 1,947  
Related Party Transaction, Other Operating Expense $ 7,994 $ 7,298   $ 33,140 $ 18,854  
Cablevision Systems Corporation And Subsidiaries            
Revenue from affiliates     $ 2,088     $ 5,343
Programming and other direct costs from affiliates     84,636     176,909
Related Party Transaction, Other Operating Expense     $ 2,182     $ 5,372
v3.8.0.1
CVC - CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Thousands
6 Months Ended 12 Months Ended
Jun. 20, 2016
Dec. 31, 2015
Cablevision Systems Corporation And Subsidiaries    
Net income $ 163,512 $ 175,248
Defined benefit pension and postretirement plans (see Note 13):    
Unrecognized actuarial gain 68 2,694
Applicable income taxes (28) (1,106)
Unrecognized gain (loss) arising during period, net of income taxes 40 1,588
Amortization of actuarial losses, net included in net periodic benefit cost 929 1,224
Applicable income taxes (388) (502)
Amortization of actuarial losses, net included in net periodic benefit cost, net of income taxes 541 722
Settlement income included in net periodic benefit cost 1,655 3,822
Applicable income taxes (679) (1,569)
Curtailment loss, net of settlement losses included in net periodic benefit cost, net of income taxes 976 2,253
Other comprehensive gain (loss) 1,557 4,563
Comprehensive income (loss) 165,069 179,811
Comprehensive income attributable to noncontrolling interests 236 201
Comprehensive Income (loss) attributable to Altice USA, Inc. stockholders $ 165,305 $ 180,012
v3.8.0.1
CVC - CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - USD ($)
$ in Thousands
Total
Paid-in Capital
Retained Earnings (Accumulated Deficit)
Accumulated Other Comprehensive Income
Total Stockholders' Equity (Deficiency)
Non-controlling Interest
Cablevision Systems Corporation And Subsidiaries
Cablevision Systems Corporation And Subsidiaries
Paid-in Capital
Cablevision Systems Corporation And Subsidiaries
Retained Earnings (Accumulated Deficit)
Cablevision Systems Corporation And Subsidiaries
Treasury Stock
Cablevision Systems Corporation And Subsidiaries
Accumulated Other Comprehensive Income
Cablevision Systems Corporation And Subsidiaries
Total Stockholders' Equity (Deficiency)
Cablevision Systems Corporation And Subsidiaries
Non-controlling Interest
CNYG Class A Common Stock
Cablevision Systems Corporation And Subsidiaries
Common Stock
CNYG Class B Common Stock
Cablevision Systems Corporation And Subsidiaries
Common Stock
Beginning balance at Dec. 31, 2014             $ (5,040,690) $ 823,103 $ (4,234,860) $ (1,591,021) $ (42,235) $ (5,041,469) $ 779 $ 3,003 $ 541
Increase (Decrease) in Stockholders' Equity [Roll Forward]                              
Net income (loss) attributable to stockholders             175,449   175,449     175,449      
Net income attributable to noncontrolling interests             (146)           (146)    
Pension and postretirement plan liability adjustments, net of income taxes             4,563       4,563 4,563      
Proceeds from exercise of options and issuance of restricted shares             18,687 18,648       18,687   39  
Recognition of equity-based stock compensation arrangements             60,817 60,817       60,817      
Treasury stock acquired from forfeiture and acquisition of restricted shares             (19,141) 5   (19,146)   (19,141)      
Excess tax benefit on share-based awards             5,694 5,694       5,694      
Dividends on CNYG Class A and CNYG Class B common stock             (124,752) (124,752)       (124,752)      
Adjustments to/Contributions from noncontrolling interests             7,935 8,836       8,836 (901)    
Ending balance at Dec. 31, 2015 $ 2,108,080 $ 2,252,028 $ (143,948) $ 0 $ 2,108,080 $ 0 (4,911,584) 792,351 (4,059,411) (1,610,167) (37,672) (4,911,316) (268) 3,042 541
Increase (Decrease) in Stockholders' Equity [Roll Forward]                              
Net income (loss) attributable to stockholders             163,748   163,748     163,748      
Net income attributable to noncontrolling interests             (236)           (236)    
Pension and postretirement plan liability adjustments, net of income taxes             1,557       1,557 1,557      
Proceeds from exercise of options and issuance of restricted shares             14,559 14,544       14,559   15  
Recognition of equity-based stock compensation arrangements             24,997 24,997       24,997      
Treasury stock acquired from forfeiture and acquisition of restricted shares             (41,469) 1   (41,470)   (41,469)      
Tax withholding associated with shares issued for equity-based compensation             (6,034) (6,030)       (6,034)   (4)  
Dividends on CNYG Class A and CNYG Class B common stock             (82) (82)       (82)      
Adjustments to/Contributions from noncontrolling interests             240           240    
Ending balance at Jun. 20, 2016             (4,754,140) 825,945 (3,895,663) (1,651,637) (36,115) (4,753,876) (264) 3,053 541
Beginning balance at Dec. 31, 2015 2,108,080 2,252,028 (143,948) 0 2,108,080 0 $ (4,911,584) $ 792,351 $ (4,059,411) $ (1,610,167) $ (37,672) $ (4,911,316) $ (268) $ 3,042 $ 541
Increase (Decrease) in Stockholders' Equity [Roll Forward]                              
Net income (loss) attributable to stockholders (832,030)   (832,030)   (832,030)                    
Recognition of equity-based stock compensation arrangements 14,368 14,368     14,368                    
Ending balance at Dec. 31, 2016 2,042,508 3,003,554 (963,312) 1,979 2,042,221 287                  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                              
Net income (loss) attributable to stockholders 1,493,177   1,493,177   1,493,177                    
Recognition of equity-based stock compensation arrangements 57,430 57,430     57,430                    
Ending balance at Dec. 31, 2017 5,504,753 4,665,229 840,636 (10,022) 5,503,214 1,539                  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                              
Net income (loss) attributable to stockholders (128,951)   (128,951)   (128,951)                    
Recognition of equity-based stock compensation arrangements 21,623 21,623     21,623                    
Ending balance at Mar. 31, 2018 $ 5,396,986 $ 4,682,646 $ 713,848 $ (8,420) $ 5,395,445 $ 1,541                  
v3.8.0.1
CVC - CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended 12 Months Ended
Jun. 20, 2016
Dec. 31, 2015
Cablevision Systems Corporation And Subsidiaries    
Cash flows from operating activities:    
Net income $ 163,512 $ 175,248
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Loss (income) from discontinued operations, net of income taxes 0 12,541
Depreciation and amortization (including impairments) 414,550 865,252
Loss (gain) on investments, net (129,990) 30,208
Loss (gain) on equity derivative contracts, net 36,283 (104,927)
Loss on extinguishment of debt and write-off of deferred financing costs 0 1,735
Amortization of deferred financing costs and discounts (premiums) on indebtedness 11,673 23,764
Share-based compensation expense 24,778 60,321
Settlement loss and amortization of actuarial losses related to pension and postretirement plans 2,584 5,046
Deferred income taxes 116,150 133,396
Provision for doubtful accounts 13,240 35,802
Excess tax benefit on share-based awards (82) (5,694)
Change in assets and liabilities, net of effects of acquisitions and dispositions:    
Accounts receivable, trade (18,162) (24,760)
Prepaid expenses and other assets (844) 38,860
Amounts due from and due to affiliates (5,082) 1,043
Accounts payable 36,147 6,896
Accrued liabilities (160,937) 1,200
Deferred revenue (9,726) 2,156
Net cash provided by operating activities 494,094 1,258,087
Cash flows from investing activities:    
Capital expenditures (330,131) (816,396)
Proceeds related to sale of equipment, including costs of disposal 1,106 4,407
Decrease (increase) in other investments 610 (7,779)
Additions to other intangible assets (1,709) (8,035)
Net cash used in investing activities (330,124) (827,803)
Cash flows from financing activities:    
Repayment of credit facility debt (14,953) (260,321)
Proceeds from collateralized indebtedness 337,149 774,703
Repayment of collateralized indebtedness and related derivative contracts (281,594) (639,237)
Repayment of notes payable (1,291) (2,458)
Proceeds from stock option exercises 14,411 18,727
Tax withholding associated with shares issued for equity-based awards (6,034)  
Dividend distributions to common stockholders (4,066) (125,170)
Principal payments on capital lease obligations (11,552) (20,250)
Deemed repurchases of restricted stock (41,469) (19,141)
Additions to deferred financing costs   (250)
Payment for purchase of noncontrolling interest   (8,300)
Contributions from noncontrolling interests, net 240  
Distributions to noncontrolling interests, net   (901)
Excess tax benefit on share-based awards 82 5,694
Net cash provided by (used in) financing activities (9,077) (276,904)
Net increase in cash and cash equivalents from continuing operations 154,893 153,380
Cash flows of discontinued operations:    
Net cash used in operating activities (21,000) (484)
Net cash provided by (used in) investing activities   (30)
Net increase (decrease) in cash and cash equivalents from discontinued operations (21,000) (514)
Cash and cash equivalents at beginning of period 1,003,279 850,413
Cash and cash equivalents at end of year $ 1,137,172 $ 1,003,279