ALTICE USA, INC., 10-K filed on 2/12/2021
Annual Report
v3.20.4
Document and Entity Information - USD ($)
12 Months Ended
Dec. 31, 2020
Feb. 05, 2021
Jun. 30, 2020
Document and Entity Information [Abstract]      
Title of 12(b) Security Class A Common Stock, par value $0.01 per share    
Entity Interactive Data Current Yes    
Entity File Number 001-38126    
Document Transition Report false    
Document Quarterly Report true    
Document Type 10-K    
Entity Central Index Key 0001702780    
Entity Registrant Name Altice USA, Inc.    
Document Fiscal Year Focus 2020    
Entity Filer Category Large Accelerated Filer    
Document Fiscal Period Focus FY    
Amendment Flag false    
Entity Emerging Growth Company false    
Entity Shell Company false    
Document Period End Date Dec. 31, 2020    
Entity Common Stock, Shares Outstanding   473,216,854  
Entity Current Reporting Status Yes    
Entity Voluntary Filers No    
Entity Well-known Seasoned Issuer Yes    
Entity Public Float     $ 7,109,567,296
Documents Incorporated by Reference Altice USA, Inc. intends to file with the Securities and Exchange Commission, not later than 120 days after the close of its fiscal year, a definitive proxy statement or an amendment to this report filed under cover of Form 10-K/A containing the information required to be disclosed under Part III of Form 10-K.    
Entity Small Business false    
Current Fiscal Year End Date --12-31    
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    
Trading Symbol ATUS    
Security Exchange Name NYSE    
ICFR Auditor Attestation Flag true    
v3.20.4
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Current Assets:    
Cash and cash equivalents $ 278,422 $ 701,898
Restricted cash 264 262
Accounts receivable, trade (less allowance for doubtful accounts of $25,198 and $14,683) 442,581 457,118
Prepaid expenses and other current assets 200,252 215,304
Amounts due from affiliates 4,262 6,774
Derivative contracts 50,785 0
Total current assets 976,566 1,381,356
Property, plant and equipment, net of accumulated depreciation of $6,431,843 and $5,276,921 5,805,996 5,753,401
Right-of-use operating lease assets 241,342 280,340
Investment securities pledged as collateral 2,250,854 1,931,697
Derivative contracts 4,774 25,207
Other assets 87,429 92,622
Amortizable intangibles, net of accumulated amortization of $4,409,312 and $3,670,679 2,781,116 3,481,109
Indefinite-lived cable television franchises 13,068,017 13,020,081
Goodwill 8,160,566 8,142,309
Assets 33,376,660 34,108,122
Current Liabilities:    
Accounts payable 795,576 799,618
Interest payable 252,060 385,655
Accrued employee related costs 142,116 111,337
Amounts due to affiliates 8,538 7,456
Deferred revenue 109,798 124,777
Debt 1,245,713 170,682
Other current liabilities 544,302 378,954
Liabilities, Current 3,098,103 1,978,479
Defined benefit plan obligations 30,700 57,190
Other liabilities 161,863 147,714
Deferred Income Tax Liabilities, Net 5,006,167 4,762,595
Liabilities under derivative contracts 523,150 255,666
Operating Lease, Liability, Noncurrent 257,424 269,062
Long-term Debt, Excluding Current Maturities 25,476,629 24,249,603
Total liabilities 34,554,036 31,720,309
Commitments and contingencies (Note 17)
Redeemable equity 25,763 108,551
Stockholders' Equity (Deficiency):    
Preferred stock, $.01 par value, 100,000,000 shares authorized, no shares issued and outstanding 0 0
Paid-in capital 0 2,039,918
Retained earnings (accumulated deficit) (985,641) 390,766
Total stockholders' equity before accumulated other comprehensive Income and non-controlling interest (980,810) 2,437,118
Treasury stock, at cost (6,629,415 and 10,457,772 Class A common shares at December 31, 2020 and 2019, respectively) 163,866 163,904
Accumulated other comprehensive income (loss) 3,646 (3,250)
Total Altice USA stockholders' equity (deficiency) (1,141,030) 2,269,964
Noncontrolling interests (62,109) 9,298
Total stockholders' equity (deficiency) (1,203,139) 2,279,262
Total liabilities and equity 33,376,660 34,108,122
Common Class A    
Stockholders' Equity (Deficiency):    
Common Stock, Value, Issued 2,972 4,572
Common Class B    
Stockholders' Equity (Deficiency):    
Common Stock, Value, Issued 1,859 1,862
Common Class C    
Stockholders' Equity (Deficiency):    
Common Stock, Value, Issued 0 0
CSC Holdings    
Current Assets:    
Cash and cash equivalents 277,938 697,741
Restricted cash 264 262
Accounts receivable, trade (less allowance for doubtful accounts of $25,198 and $14,683) 442,581 457,118
Prepaid expenses and other current assets 200,252 211,642
Amounts due from affiliates 4,262 6,774
Derivative contracts 50,785 0
Total current assets 976,082 1,373,537
Property, plant and equipment, net of accumulated depreciation of $6,431,843 and $5,276,921 5,805,996 5,753,401
Right-of-use operating lease assets 241,342 280,340
Investment securities pledged as collateral 2,250,854 1,931,697
Derivative contracts 4,774 25,207
Other assets 87,429 92,622
Amortizable intangibles, net of accumulated amortization of $4,409,312 and $3,670,679 2,781,116 3,481,109
Indefinite-lived cable television franchises 13,068,017 13,020,081
Goodwill 8,160,566 8,142,309
Assets 33,376,176 34,100,303
Current Liabilities:    
Accounts payable 795,576 799,618
Interest payable 252,060 385,655
Accrued employee related costs 142,116 111,337
Amounts due to affiliates 8,538 7,456
Deferred revenue 109,798 124,777
Debt 1,245,713 170,682
Other current liabilities 543,834 378,948
Liabilities, Current 3,097,635 1,978,473
Defined benefit plan obligations 30,700 57,190
Other liabilities 161,863 147,714
Deferred Income Tax Liabilities, Net 5,033,980 4,980,599
Liabilities under derivative contracts 523,150 255,666
Operating Lease, Liability, Noncurrent 257,424 269,062
Long-term Debt, Excluding Current Maturities 25,476,629 24,249,603
Total liabilities 34,581,381 31,938,307
Redeemable equity 25,763 108,551
Stockholders' Equity (Deficiency):    
Accumulated other comprehensive income (loss) 3,646 (3,250)
Noncontrolling interests (62,109) 9,298
Total liabilities and equity $ 33,376,176 $ 34,100,303
v3.20.4
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
ASSETS    
Property, plant and equipment, accumulated depreciation $ 6,431,843 $ 5,276,921
Amortizable intangible assets, accumulated amortization 4,409,312 3,670,679
Accounts receivable, trade allowance for doubtful accounts $ 25,198 $ 14,683
Stockholders' Equity (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 6,629,415 10,457,772
Common stock, shares outstanding (in shares) 476,469,575  
CSC Holdings    
ASSETS    
Property, plant and equipment, accumulated depreciation $ 5,276,921 $ 4,044,671
Amortizable intangible assets, accumulated amortization 4,409,312 3,670,679
Accounts receivable, trade allowance for doubtful accounts $ 14,683 $ 13,520
Common Class A    
Stockholders' Equity (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) 297,203,087 457,207,079
Common stock, shares outstanding (in shares) 290,573,672 446,749,307
Common Class B    
Stockholders' Equity (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 issued (in shares) 490,086,674 490,086,674
Treasury Stock, Shares, Acquired 0 0
Common stock, shares outstanding (in shares) 185,895,903 186,245,832
Common Class C    
Stockholders' Equity (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
v3.20.4
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Income Statement [Abstract]      
Revenue (including revenue from affiliates of $14,729, $3,974 and $2,575 respectively) (See Note 16) $ 9,894,642 $ 9,760,859 $ 9,566,608
Operating expenses:      
Programming and other direct costs (including charges from affiliates of $13,346, $11,580 and $7,261 respectively) (See Note 16) 3,340,442 3,300,528 3,173,076
Other operating expenses (including charges from affiliates of $11,869, $8,355 and $16,307 respectively) (See Note 16) 2,264,473 2,300,398 2,290,266
Restructuring and other expense 91,073 72,978 38,548
Depreciation and amortization (including impairments) 2,083,365 2,263,144 2,382,339
Total operating expenses 7,779,353 7,937,048 7,884,229
Operating income 2,115,289 1,823,811 1,682,379
Other income (expense):      
Interest expense (including interest expense to affiliates and related parties of $600 in 2018) (See Note 16) (1,352,535) (1,536,559) (1,556,282)
Interest income 2,194 5,709 10,856
Gain (loss) on investments and sale of affiliate interests, net 320,061 473,406 (250,877)
Gain (loss) on derivative contracts, net (178,264) (282,713) 218,848
Loss on interest rate swap contracts (78,606) (53,902) (61,697)
Loss on extinguishment of debt and write-off of deferred financing costs (250,489) (243,806) (48,804)
Other income (expense), net 5,577 1,183 (12,484)
Total other income (expense) (1,532,062) (1,636,682) (1,700,440)
Income (loss) before income taxes 583,227 187,129 (18,061)
Income Tax Expense (Benefit) (139,748) (47,190) 38,655
Net income 443,479 139,939 20,594
Net income attributable to noncontrolling interests (7,296) (1,003) (1,761)
Net income attributable to Altice USA, Inc. stockholders $ 436,183 $ 138,936 $ 18,833
Income per share:      
Basic income per share $ 0.75 $ 0.21 $ 0.03
Basic weighted average common shares (in thousands) 581,057 660,384 730,088
Diluted income per share $ 0.75 $ 0.21 $ 0.03
Diluted weighted average common shares (in thousands) 583,689 662,541 730,088
Cash dividends declared per common share $ 0 $ 0 $ 2.035
v3.20.4
CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Income Statement [Abstract]      
Revenue from affiliates $ 14,729 $ 3,974 $ 2,575
Programming and other direct costs from affiliates 13,346 11,580 7,261
Other operating expenses from affiliates 11,869 8,355 16,307
Interest expense to related parties and affiliates $ 0 0 600
Loss on extinguishment of debt and write-off of deferred financing costs related to affiliates and related parties   $ 0 $ 0
v3.20.4
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Dec. 31, 2020
Sep. 30, 2020
Jun. 30, 2020
Mar. 31, 2020
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Statement of Comprehensive Income [Abstract]                      
Net income $ 336,269 $ (2,729) $ 111,477 $ (1,538) $ 1,331 $ 77,396 $ 86,410 $ (25,198) $ 443,479 $ 139,939 $ 20,594
Defined benefit pension plans:                      
Unrecognized actuarial gain                   12,074 830
Applicable income taxes                   (3,644) (220)
Unrecognized gain arising during period, net of income taxes                 8,614 8,430 610
Applicable income taxes                   (24) 0
Amortization of actuarial losses included in other expense, net of tax                 0 65 0
Settlement loss included in other expense, net                   1,643 1,268
Applicable income taxes                   (441) (342)
Settlement loss included in other expense, net, net of income taxes                 449 1,202 926
Foreign currency translation adjustment                   (1,164) 967
Applicable income taxes                   0 (261)
Foreign currency translation adjustment, net of income taxes                 (2,167) (1,164) 706
Other comprehensive income                 6,896 8,533 2,242
Comprehensive income                 450,375 148,472 22,836
Comprehensive income attributable to noncontrolling interests                   (1,003) (1,761)
Comprehensive income attributable to Altice USA, Inc. stockholders                 $ 443,079 $ 147,469 $ 21,075
v3.20.4
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)
$ in Thousands
Total
Parent [Member]
Retained Earnings (Accumulated Deficit)
Treasury Stock [Member]
AOCI Attributable to Parent [Member]
Noncontrolling Interests
Additional Paid-in Capital [Member]
Treasury Stock, Common
Common Class A
Common Stock
Common Class B
Common Stock
Beginning balance at Dec. 31, 2017 $ 5,504,753 $ 5,503,214 $ 840,636   $ (10,022) $ 1,539 $ 4,665,229   $ 2,470 $ 4,901
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Net income attributable to Altice USA, Inc. stockholders 18,833 18,833 18,833              
Net income attributable to noncontrolling interests 1,761         1,761        
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Plan Amendments, Net Of Tax (1,536) (1,536)     (1,536)          
Foreign currency translation adjustment, net of income taxes 706 706     706          
APIC, Share-based Payment Arrangement, Increase for Cost Recognition 59,812 59,812         59,812      
Redeemable equity vested 169,452 169,452         169,452      
Change in redeemable equity (68,169) (68,169)         (68,169)      
Dividend payment (1,499,935) (1,499,935) (536,224)       (963,711)      
Class A shares acquired through share repurchase program and retired (500,000) (500,000) (499,720)           (280)  
Conversion of Class B to Class A shares                 2,771 (2,771)
Temporary Equity, Interest in Subsidiary Earnings 13,649 13,649 (73,578)   (1,840)   (61,769)      
Other changes to equity 859 859         859      
Ending balance at Dec. 31, 2018 3,680,236 3,670,941 251,830   (11,783) 9,295 3,423,803   4,961 2,130
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Proceeds from the sale of a noncontrolling interest in Lightpath, net of expenses 5,995 0       5,995 0      
Adoption of ASU No. 2018-02     2,163   (2,163)          
Net income attributable to Altice USA, Inc. stockholders 138,936 138,936 138,936              
Net income attributable to noncontrolling interests 1,003         1,003        
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Plan Amendments, Net Of Tax (9,697) (9,697)     (9,697)          
Foreign currency translation adjustment, net of income taxes (1,164) (1,164)     (1,164)          
APIC, Share-based Payment Arrangement, Increase for Cost Recognition 99,077 99,077         99,077      
Redeemable equity vested 187,966 187,966         187,966      
Change in redeemable equity (166,511) (166,511)         (166,511)      
Class A shares acquired through share repurchase program and retired (1,686,873) (1,686,873)         (1,686,146)   (727)  
Conversion of Class B to Class A shares                 268 (268)
Temporary Equity, Interest in Subsidiary Earnings (10,773) (10,773)         (10,768)   5  
Issuance of common shares pursuant to employee long term incentive plan 7,122 7,122   $ 42     7,099   (65)  
Stock Issued During Period Relating to Acquisition       (163,862)     (163,862)      
Ending balance at Dec. 31, 2019 2,279,262 2,269,964 390,766 (163,904) (3,250) 9,298 2,039,918   4,572 1,862
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Proceeds from the sale of a noncontrolling interest in Lightpath, net of expenses 1,000         1,000        
Net income attributable to Altice USA, Inc. stockholders 436,183 436,183 436,183              
Net income attributable to noncontrolling interests 7,296         7,296        
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Plan Amendments, Net Of Tax (9,063) (9,063)     (9,063)          
Foreign currency translation adjustment, net of income taxes (2,167) (2,167)     (2,167)          
APIC, Share-based Payment Arrangement, Increase for Cost Recognition 122,811 122,811         122,811      
Redeemable equity vested 96,918 96,918         96,918      
Change in redeemable equity (14,130) (14,130)         (14,130)      
Class A shares acquired through share repurchase program and retired (4,816,895) (4,816,895) 1,812,590       (3,002,693)   (1,612)  
Conversion of Class B to Class A shares                 3 (3)
Gain on sale of minority interest in subsidiary 650,270 741,471       91,201 741,471      
Issuance of common shares pursuant to employee long term incentive plan (15,752) (15,752)         (15,705) $ (38) (9)  
Ending balance at Dec. 31, 2020 (1,203,139) $ (1,141,030) $ (985,641) $ (163,866) $ 3,646 (62,109) $ 0   $ 2,972 $ 1,859
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders $ (12,498)         $ (12,498)        
v3.20.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Cash flows from operating activities:      
Net income $ 443,479 $ 139,939 $ 20,594
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization (including impairments) 2,083,365 2,263,144 2,382,339
Loss (gain) on investments and sale of affiliate interests, net (320,061) (473,406) 250,877
Loss (gain) on derivative contracts, net 178,264 282,713 (218,848)
Loss on extinguishment of debt and write-off of deferred financing costs 250,489 243,806 48,804
Amortization of deferred financing costs and discounts (premiums) on indebtedness 91,127 106,214 85,121
Share-based compensation expense 125,087 105,538 59,812
Deferred income taxes 75,512 14,931 (67,603)
Decrease in right-of-use asset 45,995 46,581 0
Provision for doubtful accounts 65,965 91,520 71,426
Payments for Other Operating Activities 34,079 18,558 12,117
Change in assets and liabilities, net of effects of acquisitions and dispositions:      
Accounts receivable, trade (50,747) (91,718) (144,079)
Prepaid expenses and other assets 8,330 (60,854) (10,643)
Amounts due from and due to affiliates 3,594 (7,857) 11,049
Accounts payable and accrued liabilities (118,388) (144,894) (118,176)
Deferred revenue (39,977) (10,384) 72,426
Liabilities related to interest rate swap contracts 104,051 30,338 53,101
Net cash provided by operating activities 2,980,164 2,554,169 2,508,317
Net Cash Provided by (Used in) Investing Activities [Abstract]      
Capital expenditures (1,073,955) (1,355,350) (1,153,589)
Payment for acquisitions, net of cash acquired (149,973) (172,269) (10,753)
Payments for (Proceeds from) Other Investing Activities 3,502 2,150 15,985
Net cash used in investing activities (1,220,426) (1,525,469) (1,148,357)
Cash flows from financing activities:      
Proceeds from long-term debt 8,019,648 9,160,229 5,555,268
Repayment of long-term debt (6,194,804) (8,159,914) (4,882,769)
Proceeds from collateralized indebtedness, net 0 93,000 516,513
Repayment of collateralized indebtedness and related derivative contracts, net 0 0 (516,513)
Principal payments on finance lease obligations (43,083) (8,980) (10,228)
Purchase of shares of Altice USA, Inc. Class A common stock, pursuant to a share repurchase program and Tender Offer (4,816,379) (1,686,873) (500,000)
Dividends to stockholders 0 0 (1,499,935)
Additions to deferred financing costs (48,523) (23,583) (28,468)
Proceeds from stock option exercises 14,348 3,209 0
Contributions from (distributions to) noncontrolling interests, net (12,498) 1,000 (5,995)
Other (4,947) (500) (30,859)
Net cash used in financing activities (2,181,045) (624,412) (1,390,996)
Net increase (decrease) in cash and cash equivalents excluding effect of exchange rate changes (421,307) 404,288 (31,036)
Effect of exchange rate changes on cash and cash equivalents (2,167) (1,166) (26)
Net increase (decrease) in cash and cash equivalents (423,474) 403,122 (31,062)
Cash, cash equivalents and restricted cash at beginning of year 702,160 299,038 330,100
Cash, cash equivalents and restricted cash at end of year 278,686 702,160 299,038
us-gaap_ProceedsFromMinorityShareholders $ 880,197 $ 0 $ 0
v3.20.4
CSC HOLDINGS - CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Current Assets:    
Cash and cash equivalents $ 278,422 $ 701,898
Restricted cash 264 262
Accounts receivable, trade (less allowance for doubtful accounts of $13,420 and $11,677) 442,581 457,118
Prepaid expenses and other current assets (including a prepayment to an affiliate of $19,563 in 2017) (See Note 14) 200,252 215,304
Amounts due from affiliates 4,262 6,774
Derivative contracts 50,785 0
Total current assets 976,566 1,381,356
Property, plant and equipment, net 5,805,996 5,753,401
Right-of-use operating lease assets 241,342 280,340
Investment securities pledged as collateral 2,250,854 1,931,697
Derivative contracts 4,774 25,207
Other assets 87,429 92,622
Amortizable intangible assets, net of accumulated amortization 2,781,116 3,481,109
Indefinite-lived cable television franchises 13,068,017 13,020,081
Goodwill 8,160,566 8,142,309
Total assets 33,376,660 34,108,122
Current Liabilities:    
Accounts payable 795,576 799,618
Interest payable 252,060 385,655
Accrued employee related costs 142,116 111,337
Amounts due to affiliates 8,538 7,456
Contract with Customer, Liability, Current 109,798 124,777
Debt 1,245,713 170,682
Other current liabilities 544,302 378,954
Total current liabilities 3,098,103 1,978,479
Long-term defined benefit plan obligations 30,700 57,190
Other liabilities 161,863 147,714
Operating Lease, Liability, Noncurrent 257,424 269,062
Deferred Income Tax Liabilities, Net 5,006,167 4,762,595
Liabilities under derivative contracts 523,150 255,666
Long-term Debt, Excluding Current Maturities 25,476,629 24,249,603
Total liabilities 34,554,036 31,720,309
Commitments and contingencies
Redeemable equity 25,763 108,551
Limited Liability Company (LLC) Members' Equity [Abstract]    
Accumulated other comprehensive income (loss) 3,646 (3,250)
Noncontrolling interests (62,109) 9,298
Total liabilities and equity 33,376,660 34,108,122
Customer Relationships [Member]    
Current Assets:    
Amortizable intangible assets, net of accumulated amortization 2,573,856 3,173,963
Other Intangible Assets [Member]    
Current Assets:    
Amortizable intangible assets, net of accumulated amortization 20,366 24,547
CSC Holdings    
Current Assets:    
Cash and cash equivalents 277,938 697,741
Restricted cash 264 262
Accounts receivable, trade (less allowance for doubtful accounts of $13,420 and $11,677) 442,581 457,118
Prepaid expenses and other current assets (including a prepayment to an affiliate of $19,563 in 2017) (See Note 14) 200,252 211,642
Amounts due from affiliates 4,262 6,774
Derivative contracts 50,785 0
Total current assets 976,082 1,373,537
Property, plant and equipment, net 5,805,996 5,753,401
Right-of-use operating lease assets 241,342 280,340
Investment securities pledged as collateral 2,250,854 1,931,697
Derivative contracts 4,774 25,207
Other assets 87,429 92,622
Amortizable intangible assets, net of accumulated amortization 2,781,116 3,481,109
Indefinite-lived cable television franchises 13,068,017 13,020,081
Goodwill 8,160,566 8,142,309
Total assets 33,376,176 34,100,303
Current Liabilities:    
Accounts payable 795,576 799,618
Interest payable 252,060 385,655
Accrued employee related costs 142,116 111,337
Amounts due to affiliates 8,538 7,456
Contract with Customer, Liability, Current 109,798 124,777
Debt 1,245,713 170,682
Other current liabilities 543,834 378,948
Total current liabilities 3,097,635 1,978,473
Long-term defined benefit plan obligations 30,700 57,190
Other liabilities 161,863 147,714
Operating Lease, Liability, Noncurrent 257,424 269,062
Deferred Income Tax Liabilities, Net 5,033,980 4,980,599
Liabilities under derivative contracts 523,150 255,666
Long-term Debt, Excluding Current Maturities 25,476,629 24,249,603
Total liabilities 34,581,381 31,938,307
Redeemable equity 25,763 108,551
Limited Liability Company (LLC) Members' Equity [Abstract]    
Member's equity (deficiency) (100 membership units issued and outstanding) (1,172,505) 2,047,397
Accumulated other comprehensive income (loss) 3,646 (3,250)
Total member's equity (deficiency) (1,168,859) 2,044,147
Noncontrolling interests (62,109) 9,298
Limited Liability Company (LLC) Members' Equity, Including Portion Attributable to Noncontrolling Interest (1,230,968) 2,053,445
Total liabilities and equity $ 33,376,176 $ 34,100,303
v3.20.4
CSC HOLDINGS - CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Accounts receivable, trade allowance for doubtful accounts $ 25,198 $ 14,683
Property, plant and equipment, accumulated depreciation 6,431,843 5,276,921
Amortizable intangible assets, accumulated amortization 4,409,312 3,670,679
Customer Relationships [Member]    
Amortizable intangible assets, accumulated amortization 3,478,742 2,843,561
Other Intangible Assets [Member]    
Amortizable intangible assets, accumulated amortization 36,381 28,634
CSC Holdings    
Accounts receivable, trade allowance for doubtful accounts 14,683 13,520
Property, plant and equipment, accumulated depreciation 5,276,921 4,044,671
Amortizable intangible assets, accumulated amortization $ 4,409,312 $ 3,670,679
Members' Equity 100 100
Common Unit, Outstanding 100 100
v3.20.4
CSC HOLDINGS - CONSOLIDATED STATEMENT OF OPERATIONS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Revenue (including revenue from affiliates of $2,205 and $1,086, respectively) (See Note 14) $ 9,894,642 $ 9,760,859 $ 9,566,608
Operating expenses:      
Programming and other direct costs (including charges from affiliates of $13,346, $11,580 and $7,261 respectively) (See Note 16) 3,340,442 3,300,528 3,173,076
Other operating expenses 2,264,473 2,300,398 2,290,266
Restructuring and other expense 91,073 72,978 38,548
Depreciation and amortization (including impairments) 2,083,365 2,263,144 2,382,339
Total operating expenses 7,779,353 7,937,048 7,884,229
Operating income 2,115,289 1,823,811 1,682,379
Other income (expense):      
Interest expense (1,352,535) (1,536,559) (1,556,282)
Interest income 2,194 5,709 10,856
Gain (loss) on investments and sale of affiliate interests, net 320,061 473,406 (250,877)
Loss on equity derivative contracts, net (178,264) (282,713) 218,848
Loss on interest rate swap contracts (78,606) (53,902) (61,697)
Loss on extinguishment of debt and write-off of deferred financing costs (250,489) (243,806) (48,804)
Other income, net 5,577 1,183 (12,484)
Total other income (expense) (1,532,062) (1,636,682) (1,700,440)
Income (loss) before income taxes 583,227 187,129 (18,061)
Income tax benefit (expense) (139,748) (47,190) 38,655
Net income 443,479 139,939 20,594
Net loss (income) attributable to noncontrolling interests (7,296) (1,003) (1,761)
Net income (loss) attributable to members (436,183) (138,936) (18,833)
CSC Holdings      
Revenue (including revenue from affiliates of $2,205 and $1,086, respectively) (See Note 14) 9,894,642 9,760,859 9,566,608
Operating expenses:      
Programming and other direct costs (including charges from affiliates of $13,346, $11,580 and $7,261 respectively) (See Note 16) 3,340,442 3,300,528 3,173,076
Other operating expenses 2,264,473 2,300,398 2,290,266
Restructuring and other expense 91,073 72,978 38,548
Depreciation and amortization (including impairments) 2,083,365 2,263,144 2,382,339
Total operating expenses 7,779,353 7,937,048 7,884,229
Operating income 2,115,289 1,823,811 1,682,379
Other income (expense):      
Interest expense (1,352,535) (1,455,302) (1,253,176)
Interest income 2,194 5,709 13,228
Gain (loss) on investments and sale of affiliate interests, net 319,515 473,406 (261,536)
Loss on equity derivative contracts, net (178,264) (282,713) 218,848
Loss on interest rate swap contracts (78,606) (53,902) (61,697)
Loss on extinguishment of debt and write-off of deferred financing costs (250,489) (228,130) (7,883)
Other income, net 5,577 1,181 (12,274)
Total other income (expense) (1,532,608) (1,539,751) (1,364,490)
Income (loss) before income taxes 582,681 284,060 317,889
Income tax benefit (expense) (126,843) (71,243) (57,563)
Net income 455,838 212,817 260,326
Net loss (income) attributable to noncontrolling interests (7,296) (1,003) (1,761)
Net income (loss) attributable to members $ 448,542 $ (211,814) $ (258,565)
v3.20.4
CSC HOLDINGS - CONSOLIDATED STATEMENT OF OPERATIONS (Parenthetical) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Income Statement [Abstract]      
Programming and other direct costs from affiliates $ 13,346 $ 11,580 $ 7,261
Related Party Transaction, Other Operating Expense 11,869 8,355 16,307
Revenue from affiliates $ 14,729 $ 3,974 $ 2,575
v3.20.4
CSC HOLDINGS - CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Net income $ 443,479 $ 139,939 $ 20,594
Defined benefit pension and postretirement plans:      
Unrecognized actuarial gain   12,074 830
Applicable income taxes   (3,644) (220)
Unrecognized gain arising during period, net of income taxes 8,614 8,430 610
Applicable income taxes   (24) 0
Amortization of actuarial losses included in other expense, net of tax 0 65 0
Settlement loss included in other expense, net   1,643 1,268
Applicable income taxes   (441) (342)
Settlement loss included in other expense, net, net of income taxes 449 1,202 926
Foreign currency translation adjustment   (1,164) 967
Applicable income taxes   0 (261)
Foreign currency translation adjustment, net of income taxes (2,167) (1,164) 706
Other comprehensive income 6,896 8,533 2,242
Comprehensive income 450,375 148,472 22,836
Comprehensive income attributable to noncontrolling interests   (1,003) (1,761)
Comprehensive income attributable to Altice USA, Inc. stockholders 443,079 147,469 21,075
CSC Holdings      
Net income 455,838 212,817 260,326
Defined benefit pension and postretirement plans:      
Unrecognized actuarial gain 11,710 12,074 830
Applicable income taxes (3,096) (3,644) (220)
Unrecognized gain arising during period, net of income taxes 8,614 8,430 610
Amortization of actuarial losses 0 89 0
Applicable income taxes 0 (24) 0
Amortization of actuarial losses included in other expense, net of tax 0 65 0
Settlement loss included in other expense, net 623 1,643 1,268
Applicable income taxes (174) (441) (342)
Settlement loss included in other expense, net, net of income taxes 449 1,202 926
Foreign currency translation adjustment (2,167) (1,164) 967
Applicable income taxes 0 0 (261)
Foreign currency translation adjustment, net of income taxes (2,167) (1,164) 706
Other comprehensive income 6,896 8,533 2,242
Comprehensive income 462,734 221,350 262,568
Comprehensive income attributable to noncontrolling interests (7,296) (1,003) (1,761)
Comprehensive income attributable to Altice USA, Inc. stockholders $ 455,438 $ 220,347 $ 260,807
v3.20.4
CSC HOLDINGS - CONSOLIDATED STATEMENT OF MEMBER'S EQUITY - USD ($)
$ in Thousands
Total
CSC Holdings
Retained Earnings
Member's Equity
Member's Equity
CSC Holdings
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss)
CSC Holdings
Total Member's Equity
Total Member's Equity
CSC Holdings
Noncontrolling Interests
Noncontrolling Interests
CSC Holdings
Members' Equity         $ 9,454,753            
Accumulated other comprehensive income (loss)             $ (10,022)        
Total member's equity (deficiency)                 $ 9,444,731    
Noncontrolling interests   $ 1,539                  
Limited Liability Company (LLC) Members' Equity, Including Portion Attributable to Noncontrolling Interest   9,446,270                  
Net income (loss) attributable to members $ (18,833) (258,565) $ (18,833)   (258,565)     $ (18,833) (258,565)    
Net Income (Loss) Attributable to Noncontrolling Interest 1,761 1,761               $ 1,761 $ 1,761
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Plan Amendments, Net Of Tax (1,536) 1,536       $ (1,536) 1,536 (1,536) 1,536    
Foreign currency translation adjustment, net of income taxes 706 706       706 706 706 706    
APIC, Share-based Payment Arrangement, Increase for Cost Recognition 59,812 59,812   $ 59,812 59,812     59,812 59,812    
Redeemable equity vested 169,452 169,452   169,452 169,452     169,452 169,452    
Adjustments to Additional Paid in Capital, Increase in Carrying Amount of Redeemable Preferred Stock 68,169 68,169   68,169 68,169     68,169 68,169    
Cash distributions to shareholders 1,499,935 3,058,747     3,058,747       3,058,747    
Proceeds from Contributions from Parent   50,000     50,000       (50,000)    
Distribution Made to Limited Liability Company (LLC) Member, Non-cash Distributions Paid   (3,058,747)                  
Temporary Equity, Interest in Subsidiary Earnings 13,649 (13,649) (73,578) (61,769) (11,809) (1,840) (1,840) 13,649 (13,649)    
Debt exchanged to subsidiary   (2,854,392)     (2,854,392)       (2,854,392)    
Proceeds from the sale of a noncontrolling interest in Lightpath, net of expenses 5,995 5,995   0       0   5,995 5,995
Other changes to equity 859     859       859      
Contributions from parent 0                    
Members' Equity         4,001,628            
Accumulated other comprehensive income (loss)             (11,783)        
Total member's equity (deficiency)                 3,989,845    
Noncontrolling interests   9,295                 9,295
Limited Liability Company (LLC) Members' Equity, Including Portion Attributable to Noncontrolling Interest   3,999,140                  
Adoption of ASU No. 2018-02     2,163     (2,163)          
Net income (loss) attributable to members (138,936) (211,814) (138,936)         (138,936) (211,814)    
Net Income (Loss) Attributable to Noncontrolling Interest 1,003 1,003               1,003 1,003
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders   1,000                 1,000
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Plan Amendments, Net Of Tax (9,697) (9,697)       (9,697) (9,697) (9,697) (9,697)    
Foreign currency translation adjustment, net of income taxes (1,164) (1,164)       (1,164) (1,164) (1,164) (1,164)    
APIC, Share-based Payment Arrangement, Increase for Cost Recognition 99,077 99,077   99,077 99,077     99,077 99,077    
Redeemable equity vested 187,966 187,967   187,966 187,967     187,966 187,967    
Adjustments to Additional Paid in Capital, Increase in Carrying Amount of Redeemable Preferred Stock 166,511 166,511   166,511 166,511     166,511 166,511    
Distribution Made to Limited Liability Company (LLC) Member, Non-cash Distributions Paid   2,279,472     2,279,472       2,279,472    
Temporary Equity, Interest in Subsidiary Earnings (10,773) 10,773   (10,768) 10,773     (10,773) 10,773    
Debt exchange between parent and subsidiary   (169,334)     (169,334)       (169,334)    
Proceeds from the sale of a noncontrolling interest in Lightpath, net of expenses 1,000                 1,000  
Issuance of common shares pursuant to employee long term incentive plan (7,122)     (7,099)       (7,122)      
Contributions from parent 151,455 151,455     151,455       (151,455)    
Retained earnings (accumulated deficit) 390,766                    
Member's equity (deficiency) (100 membership units issued and outstanding)   2,047,397                  
Members' Equity         2,047,397            
Accumulated other comprehensive income (loss) (3,250) (3,250)         (3,250)        
Total member's equity (deficiency)   2,044,147             2,044,147    
Noncontrolling interests 9,298 9,298                 9,298
Limited Liability Company (LLC) Members' Equity, Including Portion Attributable to Noncontrolling Interest   2,053,445                  
Adoption of ASU No. 2018-02         2,163   (2,163)        
Net income (loss) attributable to members (436,183) 448,542 $ (436,183)         (436,183) (448,542)    
Net Income (Loss) Attributable to Noncontrolling Interest 7,296 7,296               7,296 7,296
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders   12,498                 12,498
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Plan Amendments, Net Of Tax (9,063) (9,063)       (9,063) (9,063) (9,063) (9,063)    
Foreign currency translation adjustment, net of income taxes (2,167) (2,167)       $ (2,167) (2,167) (2,167) (2,167)    
APIC, Share-based Payment Arrangement, Increase for Cost Recognition 122,811 122,811   122,811 122,811     122,811 122,811    
Redeemable equity vested 96,918 96,918   96,918 96,918     96,918 96,918    
Adjustments to Additional Paid in Capital, Increase in Carrying Amount of Redeemable Preferred Stock 14,130 14,130   14,130 14,130     14,130 14,130    
Distribution Made to Limited Liability Company (LLC) Member, Non-cash Distributions Paid   4,794,408     4,794,408       4,794,408    
Issuance of common shares pursuant to employee long term incentive plan 15,752     15,705       15,752      
Gain on sale of minority interest in subsidiary 650,270 650,444   $ 741,471 741,645     $ 741,471 (741,645) $ 91,201 91,201
Contributions from parent   178,720     178,720            
Noncash distribution to parent                 178,720    
Retained earnings (accumulated deficit) (985,641)                    
Member's equity (deficiency) (100 membership units issued and outstanding)   (1,172,505)                  
Members' Equity         $ (1,172,505)            
Accumulated other comprehensive income (loss) 3,646 3,646         $ 3,646        
Total member's equity (deficiency)   (1,168,859)             $ (1,168,859)    
Noncontrolling interests $ (62,109) (62,109)                 $ (62,109)
Limited Liability Company (LLC) Members' Equity, Including Portion Attributable to Noncontrolling Interest   $ (1,230,968)