ALTICE USA, INC., 10-Q filed on 7/28/2021
Quarterly Report
v3.21.2
Document and Entity Information - shares
6 Months Ended
Jun. 30, 2021
Jul. 23, 2021
Document and Entity Information [Abstract]    
Title of 12(b) Security Class A Common Stock, par value $0.01 per share  
Entity Interactive Data Current Yes  
Entity File Number 001-38126  
Document Transition Report false  
Document Type 10-Q  
Entity Central Index Key 0001702780  
Entity Registrant Name Altice USA, Inc.  
Document Fiscal Year Focus 2021  
Entity Filer Category Large Accelerated Filer  
Document Fiscal Period Focus FY  
Amendment Flag false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Document Period End Date Jun. 30, 2021  
Entity Common Stock, Shares Outstanding   457,128,386
Entity Current Reporting Status Yes  
Entity Small Business false  
Current Fiscal Year End Date --12-31  
Entity Tax Identification Number 38-3980194  
Entity Incorporation, State or Country Code DE  
Entity Address, Address Line One 1 Court Square West  
Entity Address, City or Town Long Island City,  
Entity Address, State or Province NY  
Entity Address, Postal Zip Code 11101  
City Area Code (516)  
Local Phone Number 803-2300  
Trading Symbol ATUS  
Security Exchange Name NYSE  
Document Quarterly Report true  
v3.21.2
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2021
Dec. 31, 2020
Current Assets:    
Cash and cash equivalents $ 221,319 $ 278,422
Restricted cash 264 264
Accounts receivable, trade (less allowance for doubtful accounts of $24,910 and $25,198) 404,150 442,581
Prepaid expenses and other current assets 167,198 200,252
Amounts due from affiliates 3,669 4,262
Derivative contracts 3,967 50,785
Total current assets 800,567 976,566
Property, plant and equipment, net of accumulated depreciation of $6,784,318 and $6,431,843 6,023,087 5,805,996
Right-of-use operating lease assets 230,650 241,342
Investment securities pledged as collateral 2,449,308 2,250,854
Derivative contracts 0 4,774
Other assets 88,869 87,429
Amortizable intangibles, net of accumulated amortization of $4,736,420 and $4,409,312 2,516,702 2,781,116
Indefinite-lived cable television franchises 13,216,355 13,068,017
Goodwill 8,206,420 8,160,566
Total assets 33,531,958 33,376,660
Current Liabilities:    
Accounts payable 927,254 795,576
Interest payable 253,945 252,060
Accrued employee related costs 108,598 142,116
Amounts due to affiliates 14,450 8,538
Deferred revenue 129,979 109,798
Debt 1,296,745 1,245,713
Other current liabilities 364,260 544,302
Total current liabilities 3,095,231 3,098,103
Other liabilities 158,107 192,563
Deferred tax liability 5,107,632 5,006,167
Liabilities under derivative contracts 580,251 523,150
Right-of-use operating lease liability 247,408 257,424
Long-term debt, net of current maturities 25,692,323 25,476,629
Total liabilities 34,880,952 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 (1,315,080) (985,641)
Total stockholders' equity before accumulated other comprehensive Income and non-controlling interest (1,310,509) (980,810)
Treasury stock, at cost (25,655 and 6,629,415 Class A common shares at June 30, 2021 and December 31, 2020, respectively) 0 163,866
Accumulated other comprehensive income 11,569 3,646
Total Altice USA stockholders' deficiency (1,298,940) (1,141,030)
Noncontrolling interests (50,054) (62,109)
Total stockholders' deficiency (1,348,994) (1,203,139)
Total liabilities and stockholders' deficiency 33,531,958 33,376,660
Common Class A    
Stockholders' Deficiency:    
Common stock 2,713 2,972
Common Class B    
Stockholders' Deficiency:    
Common stock 1,858 1,859
Common Class C    
Stockholders' Deficiency:    
Common stock 0 0
CSC Holdings    
Current Assets:    
Cash and cash equivalents 221,107 277,938
Restricted cash 264 264
Accounts receivable, trade (less allowance for doubtful accounts of $24,910 and $25,198) 404,150 442,581
Prepaid expenses and other current assets 166,985 200,252
Amounts due from affiliates 3,669 4,262
Derivative contracts 3,967 50,785
Total current assets 800,142 976,082
Property, plant and equipment, net of accumulated depreciation of $6,784,318 and $6,431,843 6,023,087 5,805,996
Right-of-use operating lease assets 230,650 241,342
Investment securities pledged as collateral 2,449,308 2,250,854
Derivative contracts 0 4,774
Other assets 88,869 87,429
Amortizable intangibles, net of accumulated amortization of $4,736,420 and $4,409,312 2,516,702 2,781,116
Indefinite-lived cable television franchises 13,216,355 13,068,017
Goodwill 8,206,420 8,160,566
Total assets 33,531,533 33,376,176
Current Liabilities:    
Accounts payable 927,254 795,576
Interest payable 253,945 252,060
Accrued employee related costs 108,598 142,116
Amounts due to affiliates 14,450 8,538
Deferred revenue 129,979 109,798
Debt 1,296,745 1,245,713
Other current liabilities 364,246 543,834
Total current liabilities 3,095,217 3,097,635
Other liabilities 158,107 192,563
Deferred tax liability 5,123,697 5,033,980
Liabilities under derivative contracts 580,251 523,150
Right-of-use operating lease liability 247,408 257,424
Long-term debt, net of current maturities 25,692,323 25,476,629
Total liabilities 34,897,003 34,581,381
Redeemable equity 0 25,763
Stockholders' Deficiency:    
Accumulated other comprehensive income 11,569 3,646
Noncontrolling interests (50,054) (62,109)
Total liabilities and stockholders' deficiency $ 33,531,533 $ 33,376,176
v3.21.2
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2021
Dec. 31, 2020
Assets [Abstract]    
Property, plant and equipment, accumulated depreciation $ 6,784,318 $ 6,431,843
Amortizable intangible assets, accumulated amortization $ 4,736,420 4,409,312
Accounts receivable, trade allowance for doubtful accounts   $ 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 25,655  
Common stock, shares outstanding (in shares) 457,080,367  
Restricted Investments, Noncurrent $ 2,449,308 $ 2,250,854
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) 271,309,797 297,203,087
Common stock, shares outstanding (in shares) 271,284,142 290,573,672
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) 185,796,225 185,895,903
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 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Income Statement [Abstract]        
Revenue (including revenue from affiliates of $3,035, $3,379, $6,441 and $6,867 respectively) (See Note 15) $ 2,516,008 $ 2,474,979 $ 4,994,829 $ 4,925,235
Operating expenses:        
Programming and other direct costs (including charges from affiliates of $4,504, $1,738, $6,732 and $3,927, respectively) (See Note 15) 849,872 860,875 1,701,736 1,725,389
Other operating expenses (including charges from affiliates of $2,696, $2,161, $5,875 and $6,102, respectively) (See Note 15) 589,180 542,637 1,169,613 1,124,946
Restructuring and other expense 5,864 40,966 9,073 48,260
Depreciation and amortization (including impairments) 444,327 521,794 879,184 1,069,363
Total operating expenses 1,889,243 1,966,272 3,759,606 3,967,958
Operating income 626,765 508,707 1,235,223 957,277
Other income (expense):        
Interest expense (319,435) (351,025) (635,774) (716,236)
Interest income 64 151 91 1,810
Gain (loss) on investments and sale of affiliate interests, net 125,019 197,597 198,472 (257,876)
Gain (loss) on derivative contracts related to change in the value of equity derivative contracts related to Comcast common stock (98,840) (152,061) (152,405) 287,800
Gain (loss) on interest rate swap contracts, net of a gain of $74,835 recorded in the six months 2020 period in connection with the early termination of the swap agreements discussed below (21,574) (33,735) 54,079 (88,567)
Loss on extinguishment of debt and write-off of deferred financing costs (51,712) 0 (51,712) 0
Other income, net 2,467 669 5,326 1,592
Total other income (expense) (364,011) (338,404) (581,923) (771,477)
Income before income taxes 262,754 170,303 653,300 185,800
Income tax expense (61,820) (58,826) (173,827) (75,861)
Net income 200,934 111,477 479,473 109,939
Net loss (income) attributable to noncontrolling interests (3,274) (213) (7,677) 467
Net income attributable to Altice USA, Inc. stockholders $ 197,660 $ 111,264 $ 471,796 $ 110,406
Income per share:        
Basic income per share $ 0.43 $ 0.19 $ 1.02 $ 0.18
Basic weighted average common shares (in thousands) 456,955 587,587 463,060 604,500
Diluted income per share $ 0.43 $ 0.19 $ 1.00 $ 0.18
Diluted weighted average common shares (in thousands) 463,637 589,466 469,510 606,597
Cash dividends declared per common share   $ 0 $ 0 $ 0
v3.21.2
CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Income Statement [Abstract]        
Revenue from affiliates $ 3,035 $ 3,379 $ 6,441 $ 6,867
Programming and other direct costs from affiliates 4,504 1,738 6,732 3,927
Other operating expenses from affiliates $ 2,696 $ 2,161 $ 5,875 $ 6,102
v3.21.2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2021
Mar. 31, 2021
Jun. 30, 2020
Mar. 31, 2020
Jun. 30, 2021
Jun. 30, 2020
Statement of Comprehensive Income [Abstract]            
Net income $ 200,934   $ 111,477   $ 479,473 $ 109,939
Defined benefit pension plans:            
Unrecognized actuarial gain (loss) 2,139   1,880     (11,589)
Applicable income taxes (579)   (503)     3,096
Unrecognized gain (loss) arising during period, net of income taxes 1,560   1,377   8,466 (8,493)
Settlement loss (gain) included in other expense, net (647)   271     773
Applicable income taxes 175   (72)     (207)
Settlement loss (gain) included in other expense, net, net of income taxes (472)   199   (1,022) 566
Foreign currency translation adjustment (140)   (517)     (941)
Applicable income taxes 0   0     0
Foreign currency translation adjustment, net (140) $ 619 (517) $ (424) 479 (941)
Other comprehensive income (loss) 948   1,059   7,923 (8,868)
Comprehensive income 201,882   112,536   487,396 101,071
Comprehensive income attributable to Altice USA, Inc. stockholders 198,608   112,323   479,719 101,538
Net loss (income) attributable to noncontrolling interests $ (3,274) $ (4,403) $ (213) $ 680 $ (7,677) $ 467
v3.21.2
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)
$ in Thousands
Total
Parent [Member]
Member's Equity (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 attributable to Altice USA, Inc. stockholders (858)     (858)       (858) 0
Net loss (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 attributable to Altice USA, Inc. stockholders 110,406                
Net loss (income) attributable to noncontrolling interests 467                
Foreign currency translation adjustment, net (941)                
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       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 attributable to Altice USA, Inc. stockholders 111,264     111,264       111,264 0
Net loss (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  
Other             4,302    
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          
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 attributable to Altice USA, Inc. stockholders 274,136 274,136   274,136          
Net loss (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) 0 (4,244)          
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 attributable to Altice USA, Inc. stockholders 471,796                
Net loss (income) attributable to noncontrolling interests (7,677)                
Foreign currency translation adjustment, net 479                
Class A shares acquired through share repurchase program and retired (725,518)                
Ending balance at Jun. 30, 2021 (1,348,994)                
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 attributable to Altice USA, Inc. stockholders 197,660 197,660   197,660          
Net loss (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)                
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Accumulated deficit $ (1,315,080)                
v3.21.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Cash flows from operating activities:    
Net income $ 479,473 $ 109,939
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization (including impairments) 879,184 1,069,363
Loss (gain) on investments and sale of affiliate interests, net (198,472) 257,876
Gain (Loss) on Price Risk Derivative Instruments Not Designated as Hedging Instruments 152,405 (287,800)
Loss on extinguishment of debt and write-off of deferred financing costs 51,712 0
Amortization of deferred financing costs and discounts (premiums) on indebtedness 45,917 48,217
Share-based compensation expense 55,927 61,053
Deferred income taxes 98,769 51,105
Decrease in right-of-use assets 21,691 23,071
Provision for doubtful accounts 28,154 41,857
Other 4,344 3,156
Change in assets and liabilities, net of effects of acquisitions and dispositions:    
Accounts receivable, trade 13,078 27,522
Prepaid expenses and other assets 31,631 (5,577)
Amounts due from and due to affiliates 6,505 1,588
Accounts payable and accrued liabilities (117,467) (2,540)
Deferred revenue 5,782 (17,302)
Liabilities related to interest rate swap contracts (79,468) 148,013
Net cash provided by operating activities 1,479,165 1,529,541
Cash flows from investing activities:    
Capital expenditures (535,895) (527,805)
Payment for acquisitions, net of cash acquired (340,570) 0
Other, net (1,074) 1,925
Net cash used in investing activities (877,539) (525,880)
Cash flows from financing activities:    
Proceeds from long-term debt 3,160,000 1,925,000
Repayment of long-term debt (3,057,469) (277,114)
Proceeds from collateralized indebtedness and related derivative contracts, net 185,105 0
Repayment of collateralized indebtedness and related derivative contracts, net (185,105) 0
Principal payments on finance lease obligations (37,560) (11,935)
Purchase of shares of Altice USA Class A common stock, pursuant to a share repurchase program (725,518) (1,381,235)
Other 1,339 (7,191)
Net cash provided by (used in) financing activities (659,208) 247,525
Net increase (decrease) in cash and cash equivalents (57,582) 1,251,186
Effect of exchange rate changes on cash and cash equivalents 479 (940)
Net increase (decrease) in cash and cash equivalents (57,103) 1,250,246
Cash, cash equivalents and restricted cash at beginning of year 278,686 702,160
Cash, cash equivalents and restricted cash at end of period $ 221,583 $ 1,952,406
v3.21.2
CSC HOLDINGS - CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2021
Dec. 31, 2020
Current Assets:    
Cash and cash equivalents $ 221,319 $ 278,422
Restricted cash 264 264
Accounts receivable, trade (less allowance for doubtful accounts of $13,420 and $11,677) 404,150 442,581
Prepaid expenses and other current assets (including a prepayment to an affiliate of $19,563 in 2017) (See Note 14) 167,198 200,252
Amounts due from affiliates 3,669 4,262
Derivative contracts 3,967 50,785
Total current assets 800,567 976,566
Property, plant and equipment, net 6,023,087 5,805,996
Right-of-use operating lease assets 230,650 241,342
Investment securities pledged as collateral 2,449,308 2,250,854
Derivative contracts 0 4,774
Other assets 88,869 87,429
Amortizable intangible assets, net of accumulated amortization 2,516,702 2,781,116
Indefinite-lived cable television franchises 13,216,355 13,068,017
Goodwill 8,206,420 8,160,566
Total assets 33,531,958 33,376,660
Current Liabilities:    
Accounts payable 927,254 795,576
Interest payable 253,945 252,060
Accrued employee related costs 108,598 142,116
Amounts due to affiliates 14,450 8,538
Deferred revenue 129,979 109,798
Debt 1,296,745 1,245,713
Other current liabilities 364,260 544,302
Total current liabilities 3,095,231 3,098,103
Other liabilities 158,107 192,563
Deferred tax liability 5,107,632 5,006,167
Liabilities under derivative contracts 580,251 523,150
Right-of-use operating lease liability 247,408 257,424
Long-term debt, net of current maturities 25,692,323 25,476,629
Total liabilities 34,880,952 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) 11,569 3,646
Noncontrolling interests (50,054) (62,109)
Total liabilities and stockholders' deficiency 33,531,958 33,376,660
Customer Relationships [Member]    
Current Assets:    
Amortizable intangible assets, net of accumulated amortization 2,358,284 2,573,856
Other Intangible Assets [Member]    
Current Assets:    
Amortizable intangible assets, net of accumulated amortization 18,764 20,366
CSC Holdings    
Current Assets:    
Cash and cash equivalents 221,107 277,938
Restricted cash 264 264
Accounts receivable, trade (less allowance for doubtful accounts of $13,420 and $11,677) 404,150 442,581
Prepaid expenses and other current assets (including a prepayment to an affiliate of $19,563 in 2017) (See Note 14) 166,985 200,252
Amounts due from affiliates 3,669 4,262
Derivative contracts 3,967 50,785
Total current assets 800,142 976,082
Property, plant and equipment, net 6,023,087 5,805,996
Right-of-use operating lease assets 230,650 241,342
Investment securities pledged as collateral 2,449,308 2,250,854
Derivative contracts 0 4,774
Other assets 88,869 87,429
Amortizable intangible assets, net of accumulated amortization 2,516,702 2,781,116
Indefinite-lived cable television franchises 13,216,355 13,068,017
Goodwill 8,206,420 8,160,566
Total assets 33,531,533 33,376,176
Current Liabilities:    
Accounts payable 927,254 795,576
Interest payable 253,945 252,060
Accrued employee related costs 108,598 142,116
Amounts due to affiliates 14,450 8,538
Deferred revenue 129,979 109,798
Debt 1,296,745 1,245,713
Other current liabilities 364,246 543,834
Total current liabilities 3,095,217 3,097,635
Other liabilities 158,107 192,563
Deferred tax liability 5,123,697 5,033,980
Liabilities under derivative contracts 580,251 523,150
Right-of-use operating lease liability 247,408 257,424
Long-term debt, net of current maturities 25,692,323 25,476,629
Total liabilities 34,897,003 34,581,381
Redeemable equity 0 25,763
Limited Liability Company (LLC) Members' Equity [Abstract]    
Membership interest before accumulated comprehensive loss (1,326,985) (1,172,505)
Accumulated other comprehensive income (loss) 11,569 3,646
Membership equity before noncontrolling interest (1,315,416) (1,168,859)
Noncontrolling interests (50,054) (62,109)
Total Equity (Deficiency) (1,365,470) (1,230,968)
Total liabilities and stockholders' deficiency $ 33,531,533 $ 33,376,176
v3.21.2
CSC HOLDINGS - CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($)
$ in Thousands
Jun. 30, 2021
Dec. 31, 2020
Accounts receivable, trade allowance for doubtful accounts   $ 25,198
Property, plant and equipment, accumulated depreciation $ 6,784,318 6,431,843
Amortizable intangible assets, accumulated amortization 4,736,420 4,409,312
CSC Holdings    
Accounts receivable, trade allowance for doubtful accounts 24,910 25,198
Property, plant and equipment, accumulated depreciation 6,784,318 6,431,843
Amortizable intangible assets, accumulated amortization $ 4,736,420 $ 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 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Revenue (including revenue from affiliates of $3,035, $3,379, $6,441 and $6,867 respectively) (See Note 15) $ 2,516,008 $ 2,474,979 $ 4,994,829 $ 4,925,235
Operating expenses:        
Programming and other direct costs (including charges from affiliates of $4,504, $1,738, $6,732 and $3,927, respectively) (See Note 15) 849,872 860,875 1,701,736 1,725,389
Other operating expenses (including charges from affiliates of $2,696, $2,161, $5,875 and $6,102, respectively) (See Note 15) 589,180 542,637 1,169,613 1,124,946
Restructuring and other expense 5,864 40,966 9,073 48,260
Depreciation and amortization (including impairments) 444,327 521,794 879,184 1,069,363
Total operating expenses 1,889,243 1,966,272 3,759,606 3,967,958
Operating income 626,765 508,707 1,235,223 957,277
Other income (expense):        
Interest expense (319,435) (351,025) (635,774) (716,236)
Interest income 64 151 91 1,810
Gain (loss) on investments and sale of affiliate interests, net 125,019 197,597 198,472 (257,876)
Loss on equity derivative contracts, net (98,840) (152,061) (152,405) 287,800
Gain (loss) on interest rate swap contracts, net of a gain of $74,835 recorded in the six months 2020 period in connection with the early termination of the swap agreements discussed below (21,574) (33,735) 54,079 (88,567)
Other income, net 2,467 669 5,326 1,592
Total other income (expense) (364,011) (338,404) (581,923) (771,477)
Income before income taxes 262,754 170,303 653,300 185,800
Income tax expense (61,820) (58,826) (173,827) (75,861)
Net income 200,934 111,477 479,473 109,939
Net loss (income) attributable to noncontrolling interests (3,274) (213) (7,677) 467
Net income attributable to CSC Holdings, LLC sole member 197,660 111,264 471,796 110,406
Loss on extinguishment of debt and write-off of deferred financing costs (51,712) 0 (51,712) 0
CSC Holdings        
Revenue (including revenue from affiliates of $3,035, $3,379, $6,441 and $6,867 respectively) (See Note 15) 2,516,008 2,474,979 4,994,829 4,925,235
Operating expenses:        
Programming and other direct costs (including charges from affiliates of $4,504, $1,738, $6,732 and $3,927, respectively) (See Note 15) 849,872 860,875 1,701,736 1,725,389
Other operating expenses (including charges from affiliates of $2,696, $2,161, $5,875 and $6,102, respectively) (See Note 15) 589,180 542,637 1,169,613 1,124,946
Restructuring and other expense 5,864 40,966 9,073 48,260
Depreciation and amortization (including impairments) 444,327 521,794 879,184 1,069,363
Total operating expenses 1,889,243 1,966,272 3,759,606 3,967,958
Operating income 626,765 508,707 1,235,223 957,277
Other income (expense):        
Interest expense (319,435) (351,025) (635,774) (716,236)
Interest income 64 151 91 1,810
Gain (loss) on investments and sale of affiliate interests, net 125,019 197,596 198,472 (258,223)
Loss on equity derivative contracts, net (98,840) (152,061) (152,405) 287,800
Gain (loss) on interest rate swap contracts, net of a gain of $74,835 recorded in the six months 2020 period in connection with the early termination of the swap agreements discussed below (21,574) (33,735) 54,079 (88,567)
Other income, net 2,467 669 5,326 1,592
Total other income (expense) (364,011) (338,405) (581,923) (771,824)
Income before income taxes 262,754 170,302 653,300 185,453
Income tax expense (59,523) (56,629) (171,530) (61,658)
Net income 203,231 113,673 481,770 123,795
Net loss (income) attributable to noncontrolling interests (3,274) (213) (7,677) 467
Net income attributable to CSC Holdings, LLC sole member 199,957 113,460 474,093 124,262
Loss on extinguishment of debt and write-off of deferred financing costs $ (51,712) $ 0 $ (51,712) $ 0
v3.21.2
CSC HOLDINGS - CONSOLIDATED STATEMENT OF OPERATIONS (Parenthetical) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Income Statement [Abstract]        
Revenue from affiliates $ 3,035 $ 3,379 $ 6,441 $ 6,867
Programming and other direct costs from affiliates 4,504 1,738 6,732 3,927
Related Party Transaction, Other Operating Expense $ 2,696 $ 2,161 $ 5,875 $ 6,102
v3.21.2
CSC HOLDINGS - CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Net income $ 200,934 $ 111,477 $ 479,473 $ 109,939
Defined benefit pension and postretirement plans:        
Unrecognized actuarial gain (loss) 2,139 1,880   (11,589)
Applicable income taxes (579) (503)   3,096
Unrecognized gain (loss) arising during period, net of income taxes 1,560 1,377 8,466 (8,493)
Settlement loss (gain) included in other expense, net (647) 271   773
Applicable income taxes 175 (72)   (207)
Settlement loss (gain) included in other expense, net, net of income taxes (472) 199 (1,022) 566
Foreign currency translation adjustment (140) (517)   (941)
Applicable income taxes 0 0   0
Foreign currency translation adjustment, net (140) (517) 479 (941)
Other comprehensive income (loss) 948 1,059 7,923 (8,868)
Comprehensive income 201,882 112,536 487,396 101,071
Comprehensive income attributable to Altice USA, Inc. stockholders 198,608 112,323 479,719 101,538
Net loss (income) attributable to noncontrolling interests (3,274) (213) (7,677) 467
CSC Holdings        
Net income 203,231 113,673 481,770 123,795
Defined benefit pension and postretirement plans:        
Unrecognized actuarial gain (loss)   1,880 11,535 (11,589)
Applicable income taxes   (503) (3,069) 3,096
Unrecognized gain (loss) arising during period, net of income taxes 1,560 1,377 8,466 (8,493)
Settlement loss (gain) included in other expense, net   271 (1,395) 773
Applicable income taxes   (72) 373 (207)
Settlement loss (gain) included in other expense, net, net of income taxes (472) 199 (1,022) 566
Foreign currency translation adjustment   (517) 479 (941)
Applicable income taxes   0 0 0
Foreign currency translation adjustment, net (140) (517) 479 (941)
Other comprehensive income (loss) 948 1,059 7,923 (8,868)
Comprehensive income 204,179 114,732 489,693 114,927
Comprehensive income attributable to Altice USA, Inc. stockholders 200,905 114,519 482,016 115,394
Net loss (income) attributable to noncontrolling interests $ (3,274) $ (213) $ (7,677) $ 467
v3.21.2
CSC HOLDINGS - CONSOLIDATED STATEMENT OF MEMBER'S EQUITY - USD ($)
$ in Thousands
Total
CSC Holdings
Total Member's Equity (Deficiency)
Total Member's Equity (Deficiency)
CSC Holdings
Noncontrolling Interests
Noncontrolling Interests
CSC Holdings
Member's Equity (Deficiency)
Member's Equity (Deficiency)
CSC Holdings
Accumulated Deficit
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss)
CSC Holdings
Accumulated deficit                 $ 390,766    
Member's Equity (Deficiency)               $ 2,047,397      
Accumulated other comprehensive income                     $ (3,250)
Membership equity before noncontrolling interest       $ 2,044,147              
Noncontrolling interests   $ 9,298                  
Total Equity (Deficiency)   2,053,445                  
Net income 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 attributable to CSC Holdings, LLC sole member 110,406 124,262                  
Net Income (Loss) Attributable to Noncontrolling Interest (467) (467)                  
Foreign currency translation adjustment, net (941) (941)                  
Cash distributions to parent   (1,372,733)                  
Non-cash distributions to parent               (115,187)      
Distributions to parent 115,187                    
Accumulated deficit                 389,908    
Member's Equity (Deficiency)               1,257,356      
Accumulated other comprehensive income                     (13,177)
Membership equity before noncontrolling interest       1,244,179              
Noncontrolling interests   8,618                  
Total Equity (Deficiency)   1,252,797                  
Net income attributable to CSC Holdings, LLC sole member 111,264 113,460   113,460       113,460 111,264    
Net Income (Loss) Attributable to Noncontrolling Interest 213 213     213 213          
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Plan Amendments, Net Of Tax 1,576 1,576 1,576 1,576           1,576 1,576
Foreign currency translation adjustment, net (517) (517) (517) (517)           (517) (517)
APIC, Share-based Payment Arrangement, Increase for Cost Recognition 33,683 33,683 33,683 33,683     33,683 33,683      
Redeemable equity vested 59,081 59,081 59,081 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) (8,764)     $ (8,764) (8,764)      
Cash distributions to parent   (652,383)   (652,383)       (652,383)      
Intercompany settlement   35,415   35,415       35,415      
Accumulated deficit                 501,172    
Member's Equity (Deficiency)               837,848      
Accumulated other comprehensive income                     (12,118)
Membership equity before noncontrolling interest       825,730              
Noncontrolling interests   8,831                  
Total Equity (Deficiency)   834,561                  
Accumulated deficit (985,641)                    
Member's Equity (Deficiency)               (1,172,505)      
Accumulated other comprehensive income 3,646 3,646                 3,646
Membership equity before noncontrolling interest   (1,168,859)   (1,168,859)              
Noncontrolling interests (62,109) (62,109)       (62,109)          
Total Equity (Deficiency)   (1,230,968)                  
Membership interest before accumulated comprehensive loss   (1,172,505)                  
Net income attributable to CSC Holdings, LLC sole member 274,136 274,136 274,136 274,136       274,136 274,136    
Net Income (Loss) Attributable to Noncontrolling Interest 4,403 4,403     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 6,356           (6,356) 6,356
Foreign currency translation adjustment, net 619 619 619 619           619 619
APIC, Share-based Payment Arrangement, Increase for Cost Recognition 27,964 27,964 27,964 27,964       27,964 27,964    
Redeemable equity vested 20,131 20,131 20,131 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 2,528       2,528 2,528    
Cash distributions to parent   (501,000)   (501,000)       (501,000)      
Non-cash distributions to parent   (748)   (748)       (748)      
Stockholders' Equity, Other   246   (4,056)   4,302   (4,056)      
Net income attributable to CSC Holdings, LLC sole member 471,796 474,093                  
Net Income (Loss) Attributable to Noncontrolling Interest 7,677 7,677                  
Foreign currency translation adjustment, net 479 479                  
Cash distributions to parent   (685,478)                  
Non-cash distributions to parent               (20,408)      
Distributions to parent 20,408                    
Accumulated other comprehensive income                     10,621
Membership equity before noncontrolling interest       (1,342,929)              
Noncontrolling interests           (53,404)          
Total Equity (Deficiency)   (1,396,333)                  
Membership interest before accumulated comprehensive loss               (1,353,550)      
Net income attributable to CSC Holdings, LLC sole member 197,660 199,957 197,660 199,957       199,957 197,660    
Net Income (Loss) Attributable to Noncontrolling Interest 3,274 3,274     $ 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 1,088           (1,088) 1,088
Foreign currency translation adjustment, net (140) (140) (140)             $ (140)