ALTICE USA, INC., 10-Q filed on 11/5/2021
Quarterly Report
v3.21.2
Document and Entity Information - shares
9 Months Ended
Sep. 30, 2021
Oct. 29, 2021
Document and Entity Information [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Sep. 30, 2021  
Document Transition Report false  
Entity File Number 001-38126  
Entity Interactive Data Current Yes  
Entity Registrant Name Altice USA, Inc.  
Entity Filer Category Large Accelerated Filer  
Document Fiscal Period Focus FY  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   454,653,611
Entity Current Reporting Status Yes  
Entity Small Business false  
Entity Tax Identification Number 38-3980194  
Entity Incorporation, State or Country Code DE  
Entity Address, Address Line One 1 Court Square West  
Entity Address, City or Town Long Island City,  
Entity Address, State or Province NY  
Entity Address, Postal Zip Code 11101  
City Area Code (516)  
Local Phone Number 803-2300  
Title of 12(b) Security Class A Common Stock, par value $0.01 per share  
Trading Symbol ATUS  
Security Exchange Name NYSE  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2021  
Amendment Flag false  
Entity Central Index Key 0001702780  
v3.21.2
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2021
Dec. 31, 2020
Current Assets:    
Cash and cash equivalents $ 232,452 $ 278,422
Restricted cash 264 264
Accounts receivable, trade (less allowance for doubtful accounts of $24,369 and $25,198) 434,011 442,581
Prepaid expenses and other current assets 170,555 200,252
Amounts due from affiliates 3,892 4,262
Derivative contracts 3,555 50,785
Total current assets 844,729 976,566
Property, plant and equipment, net of accumulated depreciation of $7,002,823 and $6,431,843 6,092,271 5,805,996
Right-of-use operating lease assets 227,059 241,342
Investment securities pledged as collateral 2,402,486 2,250,854
Derivative contracts 0 4,774
Other assets 81,928 87,429
Amortizable intangibles, net of accumulated amortization of $4,891,643 and $4,409,312 2,361,507 2,781,116
Indefinite-lived cable television franchises 13,216,355 13,068,017
Goodwill 8,206,365 8,160,566
Total assets 33,432,700 33,376,660
Current Liabilities:    
Accounts payable 892,694 795,576
Interest payable 237,068 252,060
Accrued employee related costs 125,492 142,116
Amounts due to affiliates 20,972 8,538
Deferred revenue 109,522 109,798
Debt 1,889,730 1,245,713
Other current liabilities 393,417 544,302
Total current liabilities 3,668,895 3,098,103
Other liabilities 146,743 192,563
Deferred tax liability 5,105,353 5,006,167
Liabilities under derivative contracts 518,246 523,150
Right-of-use operating lease liability 244,317 257,424
Long-term debt, net of current maturities 24,881,833 25,476,629
Total liabilities 34,565,387 34,554,036
Commitments and contingencies (Note 16)
Redeemable equity 0 25,763
Stockholders' Deficiency:    
Preferred stock, $0.01 par value, 100,000,000 shares authorized, no shares issued and outstanding 0 0
Paid-in capital 0 0
Accumulated deficit (1,100,497) (985,641)
Total stockholders' equity before accumulated other comprehensive Income and non-controlling interest (1,095,950) (980,810)
Treasury stock, at cost (21,748 and 6,629,415 Class A common shares at September 30, 2021 and December 31, 2020, respectively) 0 163,866
Accumulated other comprehensive income 9,421 3,646
Total Altice USA stockholders' deficiency (1,086,529) (1,141,030)
Noncontrolling interests (46,158) (62,109)
Total stockholders' deficiency (1,132,687) (1,203,139)
Total liabilities and stockholders' deficiency 33,432,700 33,376,660
Common Class A    
Stockholders' Deficiency:    
Common stock 2,689 2,972
Common Class B    
Stockholders' Deficiency:    
Common stock 1,858 1,859
Common Class C    
Stockholders' Deficiency:    
Common stock $ 0 $ 0
v3.21.2
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Thousands
9 Months Ended 12 Months Ended
Sep. 30, 2021
Dec. 31, 2020
Assets [Abstract]    
Property, plant and equipment, accumulated depreciation $ 7,002,823 $ 6,431,843
Amortizable intangible assets, accumulated amortization 4,891,643 4,409,312
Accounts receivable, trade allowance for doubtful accounts $ 24,369 $ 25,198
Stockholders' Deficiency:    
Preferred stock, par value (in dollars per share) $ 0.01 $ 0.01
Preferred stock, shares authorized (in shares) 100,000,000 100,000,000
Preferred stock, shares issued (in shares) 0 0
Preferred stock, shares outstanding (in shares) 0 0
Treasury Stock, Shares, Acquired 21,748 6,629,415
Common stock, shares outstanding (in shares) 454,653,279  
Restricted Investments, Noncurrent $ 2,402,486 $ 2,250,854
Cash and cash equivalents 232,452 278,422
Restricted cash 264 264
Derivative contracts 3,555 50,785
Amounts due from affiliates 3,892 4,262
Prepaid Expense and Other Assets, Current 170,555 200,252
Accounts receivable, trade (less allowance for doubtful accounts of $13,420 and $11,677) 434,011 442,581
Treasury Stock, Value 0 (163,866)
Accumulated other comprehensive income $ 9,421 $ 3,646
Common Class A    
Stockholders' Deficiency:    
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) 268,886,795 297,203,087
Common stock, shares outstanding (in shares) 268,865,047 290,573,672
Common Class B    
Stockholders' Deficiency:    
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 outstanding (in shares) 185,788,232 185,895,903
Common Class C    
Stockholders' Deficiency:    
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
v3.21.2
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Income Statement [Abstract]        
Revenue (including revenue from affiliates of $3,277, $4,188, $9,718 and $11,055 respectively) (See Note 15) $ 2,574,882 $ 2,433,986 $ 7,569,711 $ 7,359,221
Operating expenses:        
Programming and other direct costs (including charges from affiliates of $5,294, $3,621, $12,026 and $7,548, respectively) (See Note 15) 843,909 783,934 2,545,645 2,509,323
Other operating expenses (including charges from affiliates of $3,274, $2,413, $9,149 and $8,515, respectively) (See Note 15) 590,519 558,092 1,760,132 1,683,038
Restructuring and other expense 1,885 40,419 10,958 88,679
Depreciation and amortization (including impairments) 447,958 502,248 1,327,142 1,571,611
Total operating expenses 1,884,271 1,884,693 5,643,877 5,852,651
Operating income 690,611 549,293 1,925,834 1,506,570
Other income (expense):        
Interest expense (319,033) (322,618) (954,807) (1,038,854)
Interest income 32 164 123 1,974
Gain (loss) on investments and sale of affiliate interests, net (46,821) 314,177 151,651 56,301
Gain (loss) on derivative contracts related to change in the value of equity derivative contracts related to Comcast common stock 43,385 (261,597) (109,020) 26,203
Gain (loss) on interest rate swap contracts, net of a gain of $74,835 recorded in the nine months 2020 period in connection with the early termination of the swap agreements discussed below 5,521 (158) 59,600 (88,725)
Loss on extinguishment of debt and write-off of deferred financing costs 0 (250,489) (51,712) (250,489)
Other income, net 2,280 1,685 7,606 3,277
Total other income (expense) (314,636) (518,836) (896,559) (1,290,313)
Income before income taxes 375,975 30,457 1,029,275 216,257
Income tax expense (105,226) (33,186) (279,053) (109,047)
Net income (loss) 270,749 (2,729) 750,222 107,210
Net income attributable to noncontrolling interests (3,896) (1,966) (11,573) (1,499)
Net income (loss) attributable to Altice USA, Inc. stockholders $ 266,853 $ (4,695) $ 738,649 $ 105,711
Income (loss) per share:        
Basic income (loss) per share $ 0.59 $ (0.01) $ 1.61 $ 0.18
Basic weighted average common shares (in thousands) 454,049 571,031 460,023 593,262
Diluted income (loss) per share $ 0.58 $ (0.01) $ 1.59 $ 0.18
Diluted weighted average common shares (in thousands) 457,163 571,031 465,349 595,479
Cash dividends declared per common share   $ 0 $ 0 $ 0
v3.21.2
CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Income Statement [Abstract]        
Revenue from affiliates $ 3,277 $ 4,188 $ 9,718 $ 11,055
Programming and other direct costs from affiliates 5,294 3,621 12,026 7,548
Other operating expenses from affiliates $ 3,274 $ 2,413 $ 9,149 $ 8,515
v3.21.2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2021
Jun. 30, 2021
Mar. 31, 2021
Sep. 30, 2020
Jun. 30, 2020
Mar. 31, 2020
Sep. 30, 2021
Sep. 30, 2020
Statement of Comprehensive Income [Abstract]                
Net income (loss) $ 270,749     $ (2,729)     $ 750,222 $ 107,210
Defined benefit pension plans:                
Unrecognized actuarial gain (loss) (1,551)     5,183     9,984 (6,406)
Applicable income taxes 413     (1,374)     (2,657) 1,724
Unrecognized gain (loss) arising during period, net of income taxes (1,138)     3,809     7,327 (4,682)
Settlement loss (gain) included in other expense, net (522)     122     (1,917) 895
Applicable income taxes 139     (39)     512 (246)
Settlement loss (gain) included in other expense, net, net of income taxes (383)     83     (1,405) 649
Applicable income taxes 0     0     0 0
Foreign currency translation adjustment, net (619) $ (140) $ 619 (582) $ (517) $ (424) (140) (1,523)
Other comprehensive income (loss) (2,148)     3,310     5,774 (5,556)
Comprehensive income 268,601     581     755,996 101,654
Comprehensive income (loss) attributable to Altice USA, Inc. stockholders 264,705     (1,385)     744,423 100,155
Net loss (income) attributable to noncontrolling interests (3,896) $ (3,274) $ (4,403) (1,966) $ (213) $ 680 (11,573) (1,499)
Amortization of actuarial gains (11)     0     (11) 0
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss), Tax 3     0     3 0
Amortization of actuarial gains included in other expense, net of tax       0     (8) 0
Foreign currency translation adjustment $ (619)     $ (582)     $ (140) $ (1,523)
v3.21.2
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)
$ in Thousands
Total
Parent [Member]
Member's Deficiency
Accumulated Deficit
Treasury Stock
Accumulated Other Comprehensive Income
Noncontrolling Interests
Common Class A
Common Stock
Common Class B
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Accumulated deficit       $ 390,766          
Beginning balance at Dec. 31, 2019 $ 2,279,262 $ 2,269,964 $ 2,039,918   $ (163,904) $ (3,250) $ 9,298 $ 4,572 $ 1,862
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Net income (loss) attributable to Altice USA, Inc. stockholders (858)     (858)       (858)  
Net income attributable to noncontrolling interests 680           680    
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Plan Amendments, Net Of Tax 9,503 9,503       9,503      
Foreign currency translation adjustment, net (424) (424)       (424)      
APIC, Share-based Payment Arrangement, Increase for Cost Recognition 27,370 27,370 27,370            
Redeemable equity vested 29,479 29,479 29,479            
Adjustments to Additional Paid in Capital, Increase in Carrying Amount of Redeemable Preferred Stock 13,260 13,260 13,260            
Class A shares acquired through share repurchase program and retired (749,998) (749,998) (749,686)         (312)  
Stock Issued During Period, Value, New Issues 2,507 2,507 2,495   11     1  
Ending balance at Mar. 31, 2020 1,590,415 1,581,797 1,362,836   (163,893) (13,177) 8,618 4,261 1,862
Beginning balance at Dec. 31, 2019 2,279,262 2,269,964 2,039,918   (163,904) (3,250) 9,298 4,572 1,862
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Net income (loss) attributable to Altice USA, Inc. stockholders 105,711                
Net income attributable to noncontrolling interests (1,499)                
Foreign currency translation adjustment, net (1,523)                
Ending balance at Sep. 30, 2020 745,343 734,546 405,043   (163,867) (8,806) 10,797 3,839 1,860
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Accumulated deficit       389,908          
Beginning balance at Mar. 31, 2020 1,590,415 1,581,797 1,362,836   (163,893) (13,177) 8,618 4,261 1,862
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Net income (loss) attributable to Altice USA, Inc. stockholders 111,264     111,264       111,264 0
Net income attributable to noncontrolling interests (213)           (213)    
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Plan Amendments, Net Of Tax (1,576) (1,576)       (1,576)      
Foreign currency translation adjustment, net (517) (517)       (517)      
APIC, Share-based Payment Arrangement, Increase for Cost Recognition 33,683 33,683 33,683            
Redeemable equity vested 59,081 59,081 59,081            
Adjustments to Additional Paid in Capital, Increase in Carrying Amount of Redeemable Preferred Stock (8,764) (8,764) (8,764)            
Class A shares acquired through share repurchase program and retired (631,237) (631,237) (630,979)         (258)  
Stock Issued During Period, Value, New Issues 1,965 1,965 1,939   24     2  
Ending balance at Jun. 30, 2020 1,157,679 1,148,848 817,796   (163,869) (12,118) 8,831 4,005 1,862
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Accumulated deficit       501,172          
Net income (loss) attributable to Altice USA, Inc. stockholders (4,695)     (4,695)       (4,695) 0
Net income attributable to noncontrolling interests (1,966)           (1,966)    
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Plan Amendments, Net Of Tax (3,894) (3,894)       (3,894)      
Foreign currency translation adjustment, net (582) (582)       (582)      
APIC, Share-based Payment Arrangement, Increase for Cost Recognition 34,057 34,057 34,057            
Redeemable equity vested 5,219 5,219 5,219            
Adjustments to Additional Paid in Capital, Increase in Carrying Amount of Redeemable Preferred Stock (5,734) (5,734) (5,734)            
Class A shares acquired through share repurchase program and retired (448,853) (448,853) (448,684)         (169)  
Stock Issued During Period, Value, Conversion of Convertible Securities               2 (2)
Stock Issued During Period, Value, New Issues 2,392 2,392 2,389   2     1  
Ending balance at Sep. 30, 2020 745,343 734,546 405,043   (163,867) (8,806) 10,797 3,839 1,860
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Accumulated deficit       496,477          
Accumulated deficit (985,641)                
Beginning balance at Dec. 31, 2020 (1,203,139) (1,141,030) 0 (985,641) (163,866) 3,646 (62,109) 2,972 1,859
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Net income (loss) attributable to Altice USA, Inc. stockholders 274,136 274,136   274,136          
Net income attributable to noncontrolling interests (4,403)           (4,403)    
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Plan Amendments, Net Of Tax (6,356) (6,356)       6,356      
Foreign currency translation adjustment, net 619 619       619      
APIC, Share-based Payment Arrangement, Increase for Cost Recognition 27,964 27,964   27,964          
Redeemable equity vested 20,131 20,131   20,131          
Adjustments to Additional Paid in Capital, Increase in Carrying Amount of Redeemable Preferred Stock 2,528 2,528   2,528          
Class A shares acquired through share repurchase program and retired (522,673) (522,673)   (522,521)       (152)  
Conversion of Class B to Class A shares               1 (1)
Stock Issued During Period, Value, New Issues 2,044 2,044   2,037 6     1  
Other 58 (4,244)   (4,244)     4,302    
Ending balance at Mar. 31, 2021 (1,387,573) (1,334,169) 0 (1,185,610) (163,860) 10,621 (53,404) 2,822 1,858
Beginning balance at Dec. 31, 2020 (1,203,139) (1,141,030) 0 (985,641) (163,866) 3,646 (62,109) 2,972 1,859
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Net income (loss) attributable to Altice USA, Inc. stockholders 738,649                
Net income attributable to noncontrolling interests (11,573)                
Foreign currency translation adjustment, net (140)                
Class A shares acquired through share repurchase program and retired (804,928)                
Ending balance at Sep. 30, 2021 (1,132,687) (1,086,529) 0 (1,100,497) 0 9,421 (46,158) 2,689 1,858
Beginning balance at Mar. 31, 2021 (1,387,573) (1,334,169) 0 (1,185,610) (163,860) 10,621 (53,404) 2,822 1,858
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Net income (loss) attributable to Altice USA, Inc. stockholders 197,660 197,660   197,660          
Net income attributable to noncontrolling interests (3,274)           (3,274)    
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Plan Amendments, Net Of Tax (1,088) (1,088)       1,088      
Foreign currency translation adjustment, net (140) (140)       (140)      
APIC, Share-based Payment Arrangement, Increase for Cost Recognition 27,385 27,385   27,385          
Redeemable equity vested 3,618 3,618   3,618          
Adjustments to Additional Paid in Capital, Increase in Carrying Amount of Redeemable Preferred Stock (514) (514)   (514)          
Class A shares acquired through share repurchase program and retired (202,845) (202,845)   (202,787)       (58)  
Stock Issued During Period, Value, New Issues 8,885 8,885   (488) 9,365     8  
Retirement of Treasury Stock in connection with Neptune Acquisition       (154,436) 154,495     (59)  
Other 168 92   92     76    
Ending balance at Jun. 30, 2021 (1,348,994) (1,298,940) 0 (1,315,080) 0 11,569 (50,054) 2,713 1,858
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Net income (loss) attributable to Altice USA, Inc. stockholders 266,853 266,853   266,853          
Net income attributable to noncontrolling interests (3,896)           (3,896)    
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Plan Amendments, Net Of Tax 1,529 1,529       (1,529)      
Foreign currency translation adjustment, net (619) (619)       (619)      
APIC, Share-based Payment Arrangement, Increase for Cost Recognition 24,172 24,172   24,172          
Class A shares acquired through share repurchase program and retired (79,410) (79,410)   (79,384)       (26)  
Stock Issued During Period, Value, New Issues 2,958 2,958   2,956       2  
Other (14) (14)   (14)          
Ending balance at Sep. 30, 2021 (1,132,687) $ (1,086,529) $ 0 $ (1,100,497) $ 0 $ 9,421 $ (46,158) $ 2,689 $ 1,858
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Accumulated deficit $ (1,100,497)                
v3.21.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Cash flows from operating activities:    
Net income (loss) $ 750,222 $ 107,210
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization (including impairments) 1,327,142 1,571,611
Loss (gain) on investments and sale of affiliate interests, net (151,651) (56,301)
Gain (Loss) on Price Risk Derivative Instruments Not Designated as Hedging Instruments 109,020 (26,203)
Loss on extinguishment of debt and write-off of deferred financing costs 51,712 250,489
Amortization of deferred financing costs and discounts (premiums) on indebtedness 69,176 69,296
Share-based compensation expense 80,277 96,974
Deferred income taxes 97,046 66,983
Decrease in right-of-use assets 32,694 34,778
Provision for doubtful accounts 46,448 50,383
Other 1,434 30,466
Change in assets and liabilities, net of effects of acquisitions and dispositions:    
Accounts receivable, trade (35,077) 4,419
Prepaid expenses and other assets 33,381 (5,976)
Amounts due from and due to affiliates 12,804 3,377
Accounts payable and accrued liabilities (121,503) (132,216)
Deferred revenue (24,829) (14,908)
Liabilities related to interest rate swap contracts (100,817) 138,279
Net cash provided by operating activities 2,177,479 2,188,661
Cash flows from investing activities:    
Capital expenditures (845,067) (729,377)
Payment for acquisitions, net of cash acquired (340,444) (150,115)
Other, net (2,285) 4,827
Net cash used in investing activities (1,187,796) (874,665)
Cash flows from financing activities:    
Proceeds from long-term debt 3,310,000 6,197,046
Repayment of long-term debt (3,483,026) (5,374,522)
Proceeds from collateralized indebtedness and related derivative contracts, net 185,105 0
Principal payments on finance lease obligations (60,257) (24,692)
Purchase of shares of Altice USA Class A common stock, pursuant to a share repurchase program (804,928) (1,814,689)
Other 2,698 (13,451)
Net cash used in financing activities (1,035,513) (1,030,308)
Net increase (decrease) in cash and cash equivalents (45,830) 283,688
Effect of exchange rate changes on cash and cash equivalents (140) (1,523)
Net increase (decrease) in cash and cash equivalents (45,970) 282,165
Cash, cash equivalents and restricted cash at beginning of year 278,686 702,160
Cash, cash equivalents and restricted cash at end of period $ 232,716 $ 984,325
v3.21.2
CSC HOLDINGS - CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2021
Dec. 31, 2020
Current Assets:    
Cash and cash equivalents $ 232,452 $ 278,422
Restricted cash 264 264
Accounts receivable, trade (less allowance for doubtful accounts of $13,420 and $11,677) 434,011 442,581
Prepaid expenses and other current assets (including a prepayment to an affiliate of $19,563 in 2017) (See Note 14) 170,555 200,252
Amounts due from affiliates 3,892 4,262
Derivative contracts 3,555 50,785
Total current assets 844,729 976,566
Property, plant and equipment, net 6,092,271 5,805,996
Right-of-use operating lease assets 227,059 241,342
Investment securities pledged as collateral 2,402,486 2,250,854
Derivative contracts 0 4,774
Other assets 81,928 87,429
Amortizable intangible assets, net of accumulated amortization 2,361,507 2,781,116
Indefinite-lived cable television franchises 13,216,355 13,068,017
Goodwill 8,206,365 8,160,566
Total assets 33,432,700 33,376,660
Current Liabilities:    
Accounts payable 892,694 795,576
Interest payable 237,068 252,060
Accrued employee related costs 125,492 142,116
Amounts due to affiliates 20,972 8,538
Deferred revenue 109,522 109,798
Debt 1,889,730 1,245,713
Other current liabilities 393,417 544,302
Total current liabilities 3,668,895 3,098,103
Other liabilities 146,743 192,563
Deferred tax liability 5,105,353 5,006,167
Liabilities under derivative contracts 518,246 523,150
Right-of-use operating lease liability 244,317 257,424
Long-term debt, net of current maturities 24,881,833 25,476,629
Total liabilities 34,565,387 34,554,036
Commitments and contingencies (Note 16)
Redeemable equity 0 25,763
Limited Liability Company (LLC) Members' Equity [Abstract]    
Accumulated other comprehensive income (loss) 9,421 3,646
Noncontrolling interests (46,158) (62,109)
Total liabilities and stockholders' deficiency 33,432,700 33,376,660
CSC Holdings    
Current Assets:    
Cash and cash equivalents 229,895 277,938
Restricted cash 264 264
Accounts receivable, trade (less allowance for doubtful accounts of $13,420 and $11,677) 434,011 442,581
Prepaid expenses and other current assets (including a prepayment to an affiliate of $19,563 in 2017) (See Note 14) 170,555 200,252
Amounts due from affiliates 3,892 4,262
Derivative contracts 3,555  
Total current assets 842,172 976,082
Property, plant and equipment, net 6,092,271 5,805,996
Right-of-use operating lease assets 227,059 241,342
Investment securities pledged as collateral 2,402,486 2,250,854
Derivative contracts 0 4,774
Other assets 81,928 87,429
Amortizable intangible assets, net of accumulated amortization 2,361,507 2,781,116
Indefinite-lived cable television franchises 13,216,355 13,068,017
Goodwill 8,206,365 8,160,566
Total assets 33,430,143 33,376,176
Current Liabilities:    
Accounts payable 892,694 795,576
Interest payable 237,068 252,060
Accrued employee related costs 125,492 142,116
Amounts due to affiliates 20,972 8,538
Deferred revenue 109,522 109,798
Debt 1,889,730 1,245,713
Other current liabilities 393,417 543,834
Total current liabilities 3,668,895 3,097,635
Other liabilities 146,743 192,563
Deferred tax liability 5,121,419 5,033,980
Liabilities under derivative contracts 518,246 523,150
Right-of-use operating lease liability 244,317 257,424
Long-term debt, net of current maturities 24,881,833 25,476,629
Total liabilities 34,581,453 34,581,381
Redeemable equity 0 25,763
Limited Liability Company (LLC) Members' Equity [Abstract]    
Membership interest before accumulated comprehensive loss (1,114,573) (1,172,505)
Accumulated other comprehensive income (loss) 9,421 3,646
Membership equity before noncontrolling interest (1,105,152) (1,168,859)
Noncontrolling interests (46,158) (62,109)
Total Deficiency (1,151,310) (1,230,968)
Total liabilities and stockholders' deficiency $ 33,430,143 $ 33,376,176
v3.21.2
CSC HOLDINGS - CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($)
$ in Thousands
Sep. 30, 2021
Dec. 31, 2020
Accounts receivable, trade allowance for doubtful accounts $ 24,369 $ 25,198
Property, plant and equipment, accumulated depreciation 7,002,823 6,431,843
Amortizable intangible assets, accumulated amortization 4,891,643 4,409,312
CSC Holdings    
Accounts receivable, trade allowance for doubtful accounts 24,369 25,198
Property, plant and equipment, accumulated depreciation 7,002,823 6,431,843
Amortizable intangible assets, accumulated amortization $ 4,891,643 $ 4,409,312
Members' Equity 100 100
Common Unit, Outstanding 100 100
v3.21.2
CSC HOLDINGS - CONSOLIDATED STATEMENT OF OPERATIONS - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Revenue (including revenue from affiliates of $3,277, $4,188, $9,718 and $11,055 respectively) (See Note 15) $ 2,574,882 $ 2,433,986 $ 7,569,711 $ 7,359,221
Operating expenses:        
Programming and other direct costs (including charges from affiliates of $5,294, $3,621, $12,026 and $7,548, respectively) (See Note 15) 843,909 783,934 2,545,645 2,509,323
Other operating expenses (including charges from affiliates of $3,274, $2,413, $9,149 and $8,515, respectively) (See Note 15) 590,519 558,092 1,760,132 1,683,038
Restructuring and other expense 1,885 40,419 10,958 88,679
Depreciation and amortization (including impairments) 447,958 502,248 1,327,142 1,571,611
Total operating expenses 1,884,271 1,884,693 5,643,877 5,852,651
Operating income 690,611 549,293 1,925,834 1,506,570
Other income (expense):        
Interest expense (319,033) (322,618) (954,807) (1,038,854)
Interest income 32 164 123 1,974
Gain (loss) on investments and sale of affiliate interests, net (46,821) 314,177 151,651 56,301
Loss on equity derivative contracts, net 43,385 (261,597) (109,020) 26,203
Gain (loss) on interest rate swap contracts, net of a gain of $74,835 recorded in the nine months 2020 period in connection with the early termination of the swap agreements discussed below 5,521 (158) 59,600 (88,725)
Other income, net 2,280 1,685 7,606 3,277
Total other income (expense) (314,636) (518,836) (896,559) (1,290,313)
Income before income taxes 375,975 30,457 1,029,275 216,257
Income tax expense (105,226) (33,186) (279,053) (109,047)
Net income (loss) 270,749 (2,729) 750,222 107,210
Net loss (income) attributable to noncontrolling interests (3,896) (1,966) (11,573) (1,499)
Net income (loss) attributable to CSC Holdings, LLC sole member 266,853 (4,695) 738,649 105,711
Loss on extinguishment of debt and write-off of deferred financing costs 0 (250,489) (51,712) (250,489)
CSC Holdings        
Revenue (including revenue from affiliates of $3,277, $4,188, $9,718 and $11,055 respectively) (See Note 15) 2,574,882 2,433,986 7,569,711 7,359,221
Operating expenses:        
Programming and other direct costs (including charges from affiliates of $5,294, $3,621, $12,026 and $7,548, respectively) (See Note 15) 843,909 783,934 2,545,645 2,509,323
Other operating expenses (including charges from affiliates of $3,274, $2,413, $9,149 and $8,515, respectively) (See Note 15) 590,519 558,092 1,760,132 1,683,038
Restructuring and other expense 1,885 40,419 10,958 88,679
Depreciation and amortization (including impairments) 447,958 502,248 1,327,142 1,571,611
Total operating expenses 1,884,271 1,884,693 5,643,877 5,852,651
Operating income 690,611 549,293 1,925,834 1,506,570
Other income (expense):        
Interest expense (319,033) (322,618) (954,807) (1,038,854)
Interest income 32 164 123 1,974
Gain (loss) on investments and sale of affiliate interests, net (46,821) 313,978 151,651 55,755
Loss on equity derivative contracts, net 43,385 (261,597) (109,020) 26,203
Gain (loss) on interest rate swap contracts, net of a gain of $74,835 recorded in the nine months 2020 period in connection with the early termination of the swap agreements discussed below 5,521 (158) 59,600 (88,725)
Other income, net 2,280 1,685 7,606 3,277
Total other income (expense) (314,636) (519,035) (896,559) (1,290,859)
Income before income taxes 375,975 30,258 1,029,275 215,711
Income tax expense (105,226) (33,132) (276,756) (94,790)
Net income (loss) 270,749 (2,874) 752,519 120,921
Net loss (income) attributable to noncontrolling interests (3,896) (1,966) (11,573) (1,499)
Net income (loss) attributable to CSC Holdings, LLC sole member 266,853 (4,840) 740,946 119,422
Loss on extinguishment of debt and write-off of deferred financing costs $ 0 $ (250,489) $ (51,712) $ (250,489)
v3.21.2
CSC HOLDINGS - CONSOLIDATED STATEMENT OF OPERATIONS (Parenthetical) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Income Statement [Abstract]        
Revenue from affiliates $ 3,277 $ 4,188 $ 9,718 $ 11,055
Programming and other direct costs from affiliates 5,294 3,621 12,026 7,548
Related Party Transaction, Other Operating Expense $ 3,274 $ 2,413 $ 9,149 $ 8,515
v3.21.2
CSC HOLDINGS - CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Net income $ 270,749 $ (2,729) $ 750,222 $ 107,210
Defined benefit pension and postretirement plans:        
Unrecognized actuarial gain (loss) (1,551) 5,183 9,984 (6,406)
Applicable income taxes 413 (1,374) (2,657) 1,724
Unrecognized gain (loss) arising during period, net of income taxes (1,138) 3,809 7,327 (4,682)
Amortization of actuarial gains (11) 0 (11) 0
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss), Tax 3 0 3 0
Amortization of actuarial gains included in other expense, net of tax   0 (8) 0
Settlement loss (gain) included in other expense, net (522) 122 (1,917) 895
Applicable income taxes 139 (39) 512 (246)
Settlement loss (gain) included in other expense, net, net of income taxes (383) 83 (1,405) 649
Foreign currency translation adjustment (619) (582) (140) (1,523)
Applicable income taxes 0 0 0 0
Foreign currency translation adjustment, net (619) (582) (140) (1,523)
Other comprehensive income (loss) (2,148) 3,310 5,774 (5,556)
Comprehensive income 268,601 581 755,996 101,654
Net loss (income) attributable to noncontrolling interests (3,896) (1,966) (11,573) (1,499)
Comprehensive income (loss) attributable to Altice USA, Inc. stockholders 264,705 (1,385) 744,423 100,155
CSC Holdings        
Net income 270,749 (2,874) 752,519 120,921
Defined benefit pension and postretirement plans:        
Unrecognized actuarial gain (loss) (1,551) 5,183 9,984 (6,406)
Applicable income taxes 413 (1,374) (2,657) 1,724
Unrecognized gain (loss) arising during period, net of income taxes (1,138) 3,809 7,327 (4,682)
Amortization of actuarial gains (11) 0 (11) 0
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss), Tax 3 0 3 0
Amortization of actuarial gains included in other expense, net of tax (8) 0 (8) 0
Settlement loss (gain) included in other expense, net (522) 122 (1,917) 895
Applicable income taxes 139 (39) 512 (246)
Settlement loss (gain) included in other expense, net, net of income taxes (383) 83 (1,405) 649
Foreign currency translation adjustment (619) (582) (140) (1,523)
Applicable income taxes 0 0 0 0
Foreign currency translation adjustment, net (619) (582) (140) (1,523)
Other comprehensive income (loss) (2,148) 3,310 5,774 (5,556)
Comprehensive income 268,601 436 758,293 115,365
Net loss (income) attributable to noncontrolling interests (3,896) (1,966) (11,573) (1,499)
Comprehensive income (loss) attributable to Altice USA, Inc. stockholders $ 264,705 $ (1,530) $ 746,720 $ 113,866
v3.21.2
CSC HOLDINGS - CONSOLIDATED STATEMENT OF MEMBER'S EQUITY - USD ($)
$ in Thousands
Total
CSC Holdings
Total Member's Deficiency
Total Member's Deficiency
CSC Holdings
Noncontrolling Interests
Noncontrolling Interests
CSC Holdings
Member's Deficiency
Member's Deficiency
CSC Holdings
Accumulated Deficit
Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income
CSC Holdings
Accumulated deficit                 $ 390,766    
Member's Deficiency               $ 2,047,397      
Accumulated other comprehensive income                     $ (3,250)
Membership equity before noncontrolling interest       $ 2,044,147              
Noncontrolling interests   $ 9,298                  
Total Deficiency   2,053,445                  
Net income (loss) attributable to CSC Holdings, LLC sole member $ (858) 10,802   10,802       10,802 (858)    
Net Income (Loss) Attributable to Noncontrolling Interest (680) (680)     $ (680) $ (680)          
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Plan Amendments, Net Of Tax (9,503) (9,503) $ (9,503) (9,503)           $ (9,503) (9,503)
Foreign currency translation adjustment, net (424) (424) (424) (424)           (424) (424)
APIC, Share-based Payment Arrangement, Increase for Cost Recognition 27,370 27,370 27,370 27,370     $ 27,370 27,370      
Redeemable equity vested 29,479 29,479 29,479 29,479     29,479 29,479      
Adjustments to Additional Paid in Capital, Increase in Carrying Amount of Redeemable Preferred Stock 13,260 13,260 13,260 13,260     13,260 13,260      
Cash distributions to parent   (720,350)   (720,350)       (720,350)      
Non-cash distributions to parent   (150,602)           (150,602)      
Net income (loss) attributable to CSC Holdings, LLC sole member 105,711 119,422                  
Net Income (Loss) Attributable to Noncontrolling Interest 1,499 1,499                  
Foreign currency translation adjustment, net (1,523) (1,523)                  
Cash distributions to parent   (1,803,833)                  
Non-cash distributions to parent               (62,766)      
Distributions to parent 62,766                    
Accumulated deficit                 389,908    
Member's Deficiency               1,257,356      
Accumulated other comprehensive income                     (13,177)
Membership equity before noncontrolling interest       1,244,179