XML 32 R22.htm IDEA: XBRL DOCUMENT
v3.22.1

DEBT | 3 Months Ended
--- | ---
Mar. 31, 2022
Debt Disclosure [Abstract] |
DEBT | DEBT The following table provides details of the Company's outstanding debt:
|  |  |  | Interest Rate |  | March 31, 2022 |  | December 31, 2021
Date Issued |  | Maturity Date |  |  | Principal Amount |  | Carrying Amount (a) |  | Principal Amount |  | Carrying Amount (a)
CSC Holdings Senior Notes: |  |  |  |  |  |  |  |  |  |
September 27, 2012 |  | September 15, 2022 |  | 5.875 | % |  | $ | 649,024 |  |  | $ | 639,996 |  |  | $ | 649,024 |  |  | $ | 635,310 |
May 23, 2014 |  | June 1, 2024 |  | 5.250 | % |  | 750,000 |  |  | 714,781 |  |  | 750,000 |  |  | 711,137 |
October 18, 2018 |  | April 1, 2028 |  | 7.500 | % |  | 4,118 |  |  | 4,113 |  |  | 4,118 |  |  | 4,113 |
November 27, 2018 |  | April 1, 2028 |  | 7.500 | % |  | 1,045,882 |  |  | 1,044,622 |  |  | 1,045,882 |  |  | 1,044,582 |
July 10 and October 7, 2019 |  | January 15, 2030 |  | 5.750 | % |  | 2,250,000 |  |  | 2,282,054 |  |  | 2,250,000 |  |  | 2,282,875 |
June 16 and August 17, 2020 |  | December 1, 2030 |  | 4.625 | % |  | 2,325,000 |  |  | 2,365,965 |  |  | 2,325,000 |  |  | 2,366,886 |
May 13, 2021 |  | November 15, 2031 |  | 5.000 | % |  | 500,000 |  |  | 498,269 |  |  | 500,000 |  |  | 498,234 |
|  |  |  |  |  | 7,524,024 |  |  | 7,549,800 |  |  | 7,524,024 |  |  | 7,543,137 |
CSC Holdings Senior Guaranteed Notes: |  |  |  |  |  |  |  |  |  |
September 23, 2016 |  | April 15, 2027 |  | 5.500 | % |  | 1,310,000 |  |  | 1,306,649 |  |  | 1,310,000 |  |  | 1,306,508 |
January 29, 2018 |  | February 1, 2028 |  | 5.375 | % |  | 1,000,000 |  |  | 994,459 |  |  | 1,000,000 |  |  | 994,262 |
January 24, 2019 |  | February 1, 2029 |  | 6.500 | % |  | 1,750,000 |  |  | 1,747,579 |  |  | 1,750,000 |  |  | 1,747,511 |
June 16, 2020 |  | December 1, 2030 |  | 4.125 | % |  | 1,100,000 |  |  | 1,095,770 |  |  | 1,100,000 |  |  | 1,095,672 |
August 17, 2020 |  | February 15, 2031 |  | 3.375 | % |  | 1,000,000 |  |  | 997,040 |  |  | 1,000,000 |  |  | 996,970 |
May 13, 2021 |  | November 15, 2031 |  | 4.500 | % |  | 1,500,000 |  |  | 1,494,815 |  |  | 1,500,000 |  |  | 1,494,710 |
|  |  |  |  |  | 7,660,000 |  |  | 7,636,312 |  |  | 7,660,000 |  |  | 7,635,633 |
CSC Holdings Restricted Group Credit Facility: |  |  |  |  |  |  |  |  |  |
Revolving Credit Facility |  | January 31, 2024 (c) |  | 2.647 | % | (b) | 740,000 |  |  | 734,574 |  |  | 900,000 |  |  | 893,864 |
Term Loan B |  | July 17, 2025 |  | 2.647 | % |  | 2,857,500 |  |  | 2,849,508 |  |  | 2,865,000 |  |  | 2,856,421 |
Incremental Term Loan B-3 |  | January 15, 2026 |  | 2.647 | % |  | 1,236,750 |  |  | 1,233,418 |  |  | 1,239,938 |  |  | 1,236,394 |
Incremental Term Loan B-5 |  | April 15, 2027 |  | 2.897 | % |  | 2,940,000 |  |  | 2,923,069 |  |  | 2,947,500 |  |  | 2,929,813 |
|  |  |  |  |  | 7,774,250 |  |  | 7,740,569 |  |  | 7,952,438 |  |  | 7,916,492 |
Lightpath Senior Notes: |  |  |  |  |  |  |  |  |  |
September 29, 2020 |  | September 15, 2028 |  | 5.625 | % |  | 415,000 |  |  | 407,342 |  |  | 415,000 |  |  | 407,104 |
Lightpath Senior Secured Notes: |  |  |  |  |  |  |  |  |  |
September 29, 2020 |  | September 15, 2027 |  | 3.875 | % |  | 450,000 |  |  | 442,057 |  |  | 450,000 |  |  | 441,739 |
Lightpath Term Loan |  | November 30, 2027 |  | 3.750 | % |  | 592,500 |  |  | 578,195 |  |  | 594,000 |  |  | 579,119 |
Lightpath Revolving Credit Facility |  | November 30, 2025 |  | (d) |  | — |  |  | — |  |  | — |  |  | — |
|  |  |  |  |  | 1,457,500 |  |  | 1,427,594 |  |  | 1,459,000 |  |  | 1,427,962 |
Collateralized indebtedness (see Note 9) | 1,759,017 |  |  | 1,716,600 |  |  | 1,759,017 |  |  | 1,706,997 |
Finance lease obligations | 237,082 |  |  | 237,082 |  |  | 218,735 |  |  | 218,735 |
Notes payable and supply chain financing (e) | 132,874 |  |  | 132,874 |  |  | 97,804 |  |  | 97,804 |
|  |  |  |  |  | 26,544,747 |  |  | 26,440,831 |  |  | 26,671,018 |  |  | 26,546,760 |
Less: current portion of credit facility debt | (78,750) |  |  | (78,750) |  |  | (78,750) |  |  | (78,750) |
Less: current portion of senior notes | (649,024) |  |  | (639,996) |  |  | (649,024) |  |  | (635,310) |
Less: current portion of finance lease obligations | (121,201) |  |  | (121,201) |  |  | (109,204) |  |  | (109,204) |
Less: current portion of notes payable and supply chain financing | (129,466) |  |  | (129,466) |  |  | (94,049) |  |  | (94,049) |
|  |  |  |  |  | (978,441) |  |  | (969,413) |  |  | (931,027) |  |  | (917,313) |
Long-term debt | $ | 25,566,306 |  |  | $ | 25,471,418 |  |  | $ | 25,739,991 |  |  | $ | 25,629,447 |
(a)The carrying amount is net of the unamortized deferred financing costs and/or discounts/premiums and with respect to certain notes, a fair value adjustment resulting from the Cequel and Cablevision acquisitions. (b)At March 31, 2022, $133,706 of the revolving credit facility was restricted for certain letters of credit issued on behalf of the Company and $1,601,294 of the facility was undrawn and available, subject to covenant limitations. (c)The revolving credit facility of an aggregate principal amount of $2,475,000 is priced at LIBOR plus 2.25%. (d)There were no borrowings outstanding under the Lightpath Revolving Credit Facility which provides for commitments in an aggregate principal amount of $100,000. Borrowings bear interest at a rate per annum equal to the adjusted LIBOR rate or the alternate base rate, as applicable, plus the applicable margin, where the applicable margin is (i) with respect to any alternate base rate loan, 2.25% per annum and (ii) with respect to any eurodollar loan, 3.25% per annum. (e)Includes $124,968 related to supply chain financing agreements that are required to be repaid within one year from the date of the respective agreement. For financing purposes, the Company has two debt silos: CSC Holdings and Lightpath. The CSC Holdings silo is structured as a restricted group (the "Restricted Group") and an unrestricted group, which includes certain designated subsidiaries and investments (the "Unrestricted Group"). The Restricted Group is comprised of CSC Holdings and substantially all of its wholly-owned operating subsidiaries excluding Cablevision Lightpath LLC ("Lightpath"), a 50.01% owned subsidiary of the Company, which became an unrestricted subsidiary in September 2020. These Restricted Group subsidiaries are subject to the covenants and restrictions of the credit facility and indentures governing the notes issued by CSC Holdings. The Lightpath silo includes all of its operating subsidiaries which are subject to the covenants and restrictions of the credit facility and indentures governing the notes issued by Lightpath. Both CSC Holdings and Lightpath's credit facilities agreements contain certain customary representations and warranties, affirmative covenants and events of default (including, among others, an event of default upon a change of control). If an event of default occurs, the lenders under the credit facilities will be entitled to take various actions, including the acceleration of amounts due under the credit facilities and all actions permitted to be taken by a secured creditor. As of March 31, 2022, CSC Holdings and Cablevision Lightpath were in compliance with applicable financial covenants under their respective credit facilities and with applicable financial covenants under each respective indenture by which the senior guaranteed notes, senior secured notes and senior notes were issued. Summary of Debt Maturities The future maturities of debt payable by the Company under its various debt obligations outstanding as of March 31, 2022, including notes payable and collateralized indebtedness (see Note 9), but excluding finance lease obligations, are as follows:
2022 |  |  |  |  |  | $ | 810,706 |
2023 |  |  |  |  |  | 1,867,882 |
2024 |  |  |  |  |  | 1,568,889 |
2025 |  |  |  |  |  | 2,823,750 |
2026 |  |  |  |  |  | 1,224,938 |
Thereafter |  |  |  |  |  | 18,011,500 |

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (h) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (g) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1E -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (i) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 + Details
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration